The champagne charlies of the CBI are choking on their caviar because they cannot afford to pay a living wage. They said exactly exactly the same about the minimum wage. If the minimum wage was brought in, industry would be ruined. They would all be begging in the streets. They aren't
Fortunately for them directors can vote themselves massive bonuses so the poor dears won't starve :-)
Notoriously in the nineteenth century employers 'proved' to their satisfaction that cutting working hours to ten hours a day would lead to ruination. Each time they pull this stunt it has less credibility.
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