Almost twice as many business owners have frozen their own pay compared with those that have decided to freeze the salaries of their workers, according to a poll commissioned by Santander Business Banking.
The survey of 300 owners of businesses with a turnover of less than £1m found that 59 per cent had foregone a pay rise last year compared with 33 per cent that had kept their employees’ pay the same.
A further 28 per cent said they had cut their own pay while 7 per cent said they had sold or refinanced personal assets to help the business. Only 19 per cent did not implement any cost- saving measures. About a quarter chose not to update machinery or vehicles and 41 per cent renegotiated deals or changed suppliers to save costs.
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The survey of 300 owners of businesses with a turnover of less than £1m found that 59 per cent had foregone a pay rise last year compared with 33 per cent that had kept their employees’ pay the same.
A further 28 per cent said they had cut their own pay while 7 per cent said they had sold or refinanced personal assets to help the business. Only 19 per cent did not implement any cost- saving measures. About a quarter chose not to update machinery or vehicles and 41 per cent renegotiated deals or changed suppliers to save costs.
Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
Source : http://www.ft.com/cms/s/0/cb2a4ed4-0cfe-11df-a2dc-00144feabdc0.html
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