What Is The Impact Of Minimum Wage On A Recent Company Formation

Since the credit crunch hit, there has been overwhelming pressure on the government to come up with a robust strategy to get the UK on the road financial recovery. While the government has made a commitment to help small businesses in the UK, implementing several tax strategies and the Late Payment Charter, many small business owners feel that they have not done enough to secure the future of small enterprise in the UK.

Last month saw the implementation of the Government’s increased minimum wage initiative. The new legislation will see the national minimum wage rise from £4.83 an hour to £5.80.

According to the government’s Business Secretary Lord Peter Mandelson, the introduction of an increased minimum wage will not only go a long way in protecting workers rights; it will also help sustain economic growth and support the future of small enterprise in the UK.

As we have seen at both the Labour and Conservative party conferences, it seems most politicians agree that small enterprise will play a pivotal role in bringing the UK out of recession.