Concerns have been mounting about the impact of the introduction of the National Living Wage (NLW) in April next year, with companies such as Next and Whitbread warning that they will have to put up prices to compensate for higher wage rates. We continue to think that the aggregate impact on employment and inflation will be fairly small. (See our Q3 UK Consumer Analyst, “Is the National Minimum Wage a game changer?”, 11th August). But there are certainly some sectors and regions which are set to be disproportionately affected.
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