Lord Stuart Rose, the former chairman of Marks & Spencer and a Conservative peer, told a select committee of MPs that leaving the EU would push up wages for low paid workers and that wasn't necessarily a good thing.
Asked "On immigration and impact on wages, if free movement were to end following Brexit is it not reasonable to suppose that we could see increases in wages for low skilled workers in the UK just off the back of the economic impact of free movement on wages?" by Labour MP, Wes Streeting, he responded:
Well, if you're short of labour the price will frankly go up. So yes, but that's not necessarily a good thing.Lord Rose has a personal net worth of around £34m and was paid £1.13m a year as chief executive of Marks & Spencer.