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Living wage will hit big retailers, says Moody's

Ratings agency Moody's has warned that the new living wage could lead to big problems for retailers as they will be forced to hand pay rises to hundreds of thousands of low-paid workers. it said the plans to introduce the pay increase, which will lift the minimum wage by about 44% to more than £9 an hour by 2020, could challenge the biggest retailers, particularly large supermarket chains. Moody's calculated that profits at Tesco and Morrisons could be cut by 7% and 10% respectively within two years.

 

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