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Many businesses have said they will have to pass higher wage costs onto customers.
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Back at it; this is a standard minimum price - although in this case it's a wage floor, not a price floor. However, yesterday saw the minimum wage rise by 50p per hour to £12.71 for workers aged 21 and over, for 18 to 20 year olds it's now £10.85 and under 18s and apprentices will get £8 per hour.
The introduction of a minimum wage was feared because intuitively it should cost jobs, but there's relatively little evidence of this. However, perhaps this is because of the level at which it was initially set and many now think that it's starting to bite with some businesses suggesting that it is now costing jobs.