You are forgetting the significant increase in the costs for any businesses employing any staff. "Growth at any cost" yet those who would be the main drivers for such growth are having their existing cost base increased plus discouraged form growing their workforce ...Their sole achievement thus far is to piss off middle income parents that have children who need small school settings.
Personally I do agree with their increase of minimum and living wages but it's the NI increases that will be the main issue for business.
Ian