CBI cheers on as inflation erodes value of minimum wage

Even with this year’s increase in the adult rate, the minimum wage will be lower in real terms than it was in 2004, according to new research by the Resolution Foundation. Inflation has outstripped both minimum wage growth and median income growth in recent years, leading to substantially declining income for workers. The FT reports the delight of the well heeled CBI business lobby group at this sorry situation: “Retailers, care homes, hospitality and other consumer-facing businesses are experiencing particularly tough conditions, so it’s good that the LPC listened to the CBI’s advice and made sure its recommendations preserve jobs and support the fragile recovery.” http://www.ft.com/cms/s/0/e8b2f1ee-87dc-11e1-8a47-00144feab49a.html#axzz1sGoZoZ56