Borough market is 2,500th ‘real’ Living Wage employer – The London Economic

Borough market is 2,500th ‘real’ Living Wage employer

By Joe Mellor, Deputy Editor

One of the Britain’s most famous markets has become the 2,500th ‘real” living wage employer, a whole two pounds twenty pence more than the Chancellor’s version of the living wage.

The 11th century market, has decided to increase how much they pay their staff to a level which means workers should be able to sustain themselves to a reasonable level in the capital.

The market, which is 1,002-years-old, decision has been hailed by Living Wage Foundation Director Katherine Chapman. She said: “We are thrilled to reach the target of 2,500 accredited Living Wage employers.

“This is a wonderful milestone for the Living Wage campaign and I hope it’s the start of other such iconic markets and eventually their traders signing up as Living Wage employers.

“As an accredited employer, Borough Market joins other household names like Ikea, Nationwide and Oliver Bonas as well as local butchers, bakers and candlestick makers across the UK.”

Osborne’s national living wage has come under criticism for not being at a high enough rate for people to be able to survive, especially with rents spiralling across the country.

Living Wage workers in London get £9.40 an hour while those outside the capital pocket £8.25.

Living Wage employers report 80% increases in productivity, reduced sick days and staff turnover, and a huge boost to workers’ morale.

The rate is calculated by taking into account housing, travel, healthy food and extras like kids’ birthday presents.

The Chancellor’s living wage is only £7.20 an hour and it is claimed it is simply a re-branded legal minimum.

Borough Market Trustees chairman Donald Hyslop said: “For a business to be truly sustainable, it is imperative that it respects and nurtures the talents of its staff, and one of the key elements of that is paying them a fair wage.

“As trustees, we are responsible for ensuring that this historic market continues to thrive long into the future, and we believe that this accreditation is an important step.”

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