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UK Retail Market Sector Takes a Battering

United KingdomThere was only a few surprises in the UK’s Budget Statement read out in the House of Commons on Wednesday, however the Chancellor of the Exchequer did save his trump card the end, and this was his announcement that all UK workers would be guaranteed of earning a National Living Wage by 2020 which was being set at £9 per hour for the over 25’s.

It has been mentioned many times in the past that the UK’s Working Tax Credit system was being abused by some companies, who pay their workers only the minimum wage safe in the knowledge that those workers could then top up their income via Working Tax Credits.

This did of course enable those companies to keep their wage bills as low as possible whilst always ensuring their employees were still able to make ends meet thanks to those in work benefits.

However, the Chancellor has been aware of the huge financial cost to the UK Tax Payer in regards to the ever growing bill of Working Tax Credits and as such he announced that not only was those benefits not being increased in value for 4 years he was also going to force all companies to pay their workers over the age of 25 from 2020 at the very least £9 per hour.

That would then see the Working Tax Credit Bill being reduced year on year, but would force companies to increase their wage bill to take into account the new minimum wage.

Whilst many employees were celebrating this new there was the instant effect it caused in which millions of Pounds as wiped off the share values of some of the UK’s biggest retailers, as with the increased wage bill profits will of course be hit.

All of the bigger and more well known companies in the UK’s Retailing Market Sector took an instant hit with their share values diving, however when such a budget change occurs that situation is of course going to open up a world of trading opportunities for Binary Options traders.

With that in mind it may be worth your while placing some Binary Options trades in the coming days and week on UK Retailers, as their respective share values are likely to be volatile in the very near future whilst the long term effect of the minimum wage changes are absorbed and reviewed.

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