Major UK investors join push for retail giants to pay workers ‘real living wage’

The real living wage – which is voluntarily paid by more than 15,000 UK businesses – stands at £13.85 an hour in London, and £12.60 in the rest of the UK. Photograph: Ian West/PA

Major investors including Axa and Scottish Widows are backing shareholder resolutions pressing retailers Next, Marks & Spencer and JD Sports to increase pay for thousands of workers.

More than 100 individuals and eight institutional investors, which manage over £1tn in assets, are backing an effort to encourage companies to pay a “real living wage”, which is designed to ensure workers can cover necessary household costs.