The minimum wage has gone up by 50p, to £12.71 per hour for over-21s.

Workers aged 18 to 20 will see an 85p increase to £10.85 per hour, while under-18s and apprentices will now get 45p more to make £8 an hour.

A new survey by the British Chambers of Commerce has revealed 90pc of Norfolk firms are feeling the pressure of rising labour costs, significantly higher than the 73pc national average.

In Norfolk, 90pc of businesses say rising staff costs are the biggest price pressure they face, as the minimum wage goes up today (Image: Supplied)

The quarterly economic survey heard from more than 4,500 businesses across the UK between February 9 and March 9 – ahead of the minimum wage increases and employment rights reforms coming into effect this month, and largely before the full impact of the Middle East conflict started being felt.

In Norfolk, 96pc of the businesses were SMEs with fewer than 250 employees.

Around half of firms (49pc) said they expect their turnover to improve in the next 12 months. Meanwhile, 52pc of businesses cited utilities as a cost pressure, but this was before the recent energy price shocks following the US-Israel war with Iran.

Business rates remain a concern for 55pc of firms in Norfolk - up from 40pc in Q4 last year.

Nearly a third (31pc) of Norfolk businesses say they have scaled back their investment plans.

Jack Weaver, chief operating officer at Norfolk Chambers of Commerce, said: “Even before this new conflict in the Middle East, business sentiment remained fragile and stuck with persistently low growth.

Jack Weaver, chief operating officer at Norfolk Chambers of Commerce (Image: Supplied)

“Most SMEs continue to report no improvement in investment and cash flow. Sentiment remains largely unchanged since the 2024 Budget, which saw a permanent increase in the labour costs.

“Businesses face a fresh wave of employer costs and burdens from this month, causing further pressure and uncertainty.

“But the Iran conflict is now the major factor that could derail fragile progress. We are already seeing early impacts, with firms reporting rising energy and shipping costs, echoing the initial stages of previous global shocks.”

© Eastern Daily Press