£10 Minimum Wage

It's certainly going to put childcare costs up, most workers in the sector earn much less than that.

Rent controls would be better. The problem is housing costs are out of control. People need government top ups to pay them! It's such a high percentage of someone's salary.
Rent control first:

Socialism never works for anyone.

Minimum wage is great unless you are a one man business.

Labour also wants to end zero hour contracts. It will mean many more people on zero hours - just not contracts.

SME's are the reason tax credits were invented or can certainly be used to maximum effect by supporting the business by paying some of its wage bill instead of the large companies using it to pay lower than a living wage.

Labour are offering to give SME's a business rate's and corporation tax cut and reducing the tax report thingy (brain fail today) from being quarterly to annually.

So if your business qualified as an SME I think Labour would be the way to go personally

Socialism should work for everyone not just the rich which is how its been used for decades.

Thank you Honey x

LightYears

No I wouldn't say that's good, that profit has to pay for replacement/upgraded equipment, employee training. £9k isn't enough.

You have to remember the Government tax profits. Less profits, less tax, less services.

Big companies can afford to automate. You will see more automatic checkouts, more automated warehouse picking, more on-line shopping. Small businesses will end up going bust or retreating to the internet - so no employees - no rates.

Where I live at the start of the year the town had 4 bank branches - by July we will have 1.

Our business is fucked and so are most of our customers as can't seem to pass on increases in wages. We'd always paid above minimum wage but with the constant large increases it's nearly caught us up.

Also at 10 minimum that has to also push up supervisors and managers.

Currently turnover 775,000 per year. Profit last year was £17,000 - down from £75,000 year before. Costs keep going up. (Net profit)

This year will be about 12,000 if we keep it tight - increased wages 13,000 - .25 to keep above living wage - increased pension, increased rates - we are trying to rise prices and reduce costs but not a lot to cut.

We are also a B2B supplier A some point in the chain all these increases need to be passed onto the consumer and inflation will rise thus reducing the increased wages affect on living standards - or if businesses can't afford to run unemployment.

Kurskall's good then, still in the black.
Ham not at the expense of the workers, because without them you're fcuked.

LightYears

We employ 3 people, 40 hrs a week. Businesse profit is £21k under the new system I would expect our profit to be £9k.

See, that sounds much less combative than it did earlier, I honestly thought you were having a pop at her. Sorry.

To see how much profit you're still making or will it be in the minus . I mean surely you've worked this out already as you're so sure your company will fold.

Still haven't offered a reasonable explanation for wanting to know Light?

Sounds like you're having a tantrum in the playground.

Still no sign of profits before and after increase.

And Heratnumber7 just got promoted to my all time favourite poster

Shut up Light. You're being ridiculous.

LightYears

What will it prove if cry does?

The problem is lots of big companies, that can afford to pay more, take advantage of the minimum wage by only ever paying that, and they ruin it for everyone.

That's exactly right unicorn

Cry me a river. Still haven't offered up profits before and after increase, funny that.

Draylon yes! - My fantasy manifesto would have a low pay commission and high rent commission and allow individuals to invest in local authority controlled social housing. Basically if you had a house that you want to rent out you can either do it through the private (but regulated) rental sector or lease it to the council

" Actually we'll go with Light's plan and fold all the business that can only afford to pay £8.50 and hour that'll fix the economy....hooray. "

Don't worry the state will now pay you benefits and just increase the taxes on the remaining businesses and people who work in them to pay for that. How does this story end?

A minimum wage of £10 is probably too high - The provisionsal ASHE data (Annual Survey of Hours and Earnings) suggest that 40% of workers earn under £10.40 so it will affect a lot of people. In addition it is too low to lift people with high housing costs and families out of universal credit so will not make them better off.

The idea of the Low Pay Commission was to look at the evidence and see what minimum wage level you could have without causing unemployment. If you go back further you had wages councils which allowed firms and worker representatives to look at particular industries and decide the same thing. But sadly we are not in an era of evidence based policy anymore

Actually we'll go with Light's plan and fold all the business that can only afford to pay £8.50 and hour that'll fix the economy....hooray.