HALF of British businesses would have willingly paid a higher minimum wage than the £3.60 an hour set by the government.

The latest quarterly survey by The Chartered Institute of Management Accountants asked financial controllers and directors at what level the minimum wage should be set. The surprising response from 48 per cent of those questioned was £4 or higher, the same level as the TUC was demanding. The survey found that 62 per cent of respondents - who varied from financial controllers of small businesses to directors of some of Britain's biggest companies - backed a minimum wage, and many said the introduction would make little difference to their businesses as they were already paying higher rates. And as the debate about the single European currency gathers pace, 82 per cent of CIMA members said they expect the UK to join within five years. In fact seven out of ten businesses are already making plans to join monetary union.

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