Why private investment is vital for businesses who are embracing progressive working and living standards

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180,000 workers set to receive a 2.8% pay increase as companies adhere to the real living wage

Jenny Tooth, CEO of the UK Business Angels Association discusses why private investment is vital for the businesses who are embracing progressive working and living standards

Many employers around the UK have voluntarily adhered to the real Living Wage, with their workers set to receive a 2.8% pay rise this week. This increase in wage comes at a pivotal time for many households who are suffering against the rise in living costs. It is undeniable that initiatives such as this are brilliant in supporting the 14 million Brits who sit on the poverty line, however, it is important to question how viable these schemes are for SMEs.

Jenny Tooth, CEO of the UK Business Angels Association is of the opinion:

‘It is great that companies within the UK have signed up to the living wage charter and are taking a stance towards better living conditions for their employees. While this a step in the right direction for a world leading economy, it places an unprecedented amount of pressure on small businesses who want to give their employees a better condition of living. Start-ups and small businesses around the UK who may have signed up to this initiative deserve progressive private sector investment that can aid them in ensuring their workforce can thrive. This highlights that private investment is vital in generating security and growth potential for businesses who are reflecting progressive working and living standards for their employees.