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The introduction of the National Living Wage has not resulted in job cuts, according to the Resolution Foundation.

The Office for National Statistics (ONS) estimated around 60,000 jobs would be cut across the UK as a direct result of the National Living Wage by 2020. But the Resolution Foundation said employers had opted for increasing their prices, or accepting reduced profits.

It is the first report on the impact of the National Living Wage, which was introduced in April and is compulsory for all employees over the age of 25.

More than a third (36%) of the 500 businesses surveyed by the Resolution Foundation said they had raise their prices to compensate for the higher wage bill, while 29% said they'd reduced profits.

Since its introduction, some reports have suggested that employers have sought to reduce things like breaks, overtime and holiday pay. Just 8% said they had done so.

Following the UK's decision to leave the European Union, the think tank said a Brexit could create huge uncertainty surrounding pay policies in the coming months and years.