The Chancellor Sajid Javid, speaking at the Conservative party conference, has pledged to raise the National Living Wage from the current hourly rate of £8.21, to £10.50 by 2024.

It is also proposed that the age of those eligible will be lowered to include workers aged 21; at present it stands at 25.

Although this is seen as a positive development, the Federation of Small Businesses (FSB) do fear that it could hinder small businesses where profit margins are tight, for example in the care and retail sector. Time will tell.

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