He told BBC Radio 4's Today programme: "The mood amongst employers and those who invest in this country is the darkest I have ever seen." Tina McKenzie, from the Federation of Small Businesses, said: "Sharply rising employment costs, alongside other increasing costs of doing business, are already chilling hiring intentions. "Even steeper increases after the coming April hike would have priced many more young people out of jobs." But Unison, which represents NHS and other public service workers, said competitive wages were needed to "keep and attract the staff". "Young, low-paid workers are likely to spend the extra cash where they live, helping their local economies."

Source: The Times February 18, 2026 14:57 UTC