As the NLW is not applicable to workers under 25, there is of course the alternative option for companies to reduce their wage bill through recruiting younger staff, although this could be counter-productive and negative to your business in the longer-term.

In respect of all the above options, pharmacy owners would be wise to ensure that their decisions are compliant with employment law.

However, as the government itself has highlighted, and in doing so has demonstrated that it appreciates the commercial impact of the NLW on businesses, other financial policies could reduce this impact on pharmacy owners.

For instance, in April the government will also increase the National Insurance Contributions Employment Allowance from £2,000 to £3,000 per annum. Further, corporation tax will be reduced to 19 per cent in 2017, and to 18 per cent in 2020, and there will be reforms to the Annual Investment Allowance.