18 September 2014

A letter calling for a faster rise in the minimum wage has been signed by several prominent business leaders and CEOs. 



The open letter was authored by Alan Buckle, the former KPMG chief, who Ed Miliband has hired to investigate how to restore the value of the minimum wage. The support for the letter is expected to give a boost to Labour ahead of their party conference.



The letter stated, “Now, as the economy recovers, we believe the minimum wage should rise faster than it has in the recent past. A stronger minimum wage will benefit businesses, improve public finances, and help tackle low pay. The economy is growing again. But we must ensure that all employees are benefiting from the recovery – especially the lowest paid in society who find it hardest to make ends meet.”



Signatories include Sir George Bain, the former chair of the Low Pay Commission; Chris Britton, founder and partner at B&B Investment Partners and former chief executive, Findus Group; Jeremy Bennett, chief executive officer for Europe, Middle East and Africa at Nomura Holdings; Sir Ian Cheshire, chief executive, Kingfisher; Iain Ferguson, chairman, Stobart Group; Steve Marshall, executive chairman, Balfour Beatty; Kevin Mcgrath, chairman, M&M Property Asset Management; Robert Stephenson-Padron, managing director, Penrose Care; and Craig Wilson, managing director, Hewlett Packard Enterprise Services, UK.



Frances O’Grady, general secretary of the TUC commented, “There’s an overwhelming consensus forming that the time is now right for a much bigger increase in the minimum wage. It’s not only workers and their families who need it, getting money back into people’s pockets will give businesses the customers they need for sustained growth.

“We’re calling on everyone who is feeling the squeeze to join our Britain Needs a Pay Rise national march and rally in London next month (18 October). We will be demanding an increase to the minimum wage and a fairer share in the growing economy for workers who have suffered the biggest fall in real wages since the 1920s.”



More information on the Britain Needs a Pay rise march and rally that will take place in London on 18 October 2014 can be found at: www.britainneedsapayrise.org