As I explained earlier, the pay rises boost the local economy, keeping businesses open, keeping people in employment, earning money and not relying on benefits.
With the rising cost of living, unless people get a rise in wages in line with inflation, there will be pubs, cafes, restaurants, bakers etc closing and the subsequent loss of jobs in companies that supply these businesses.
Trickle down economics does not work.
If the hedge fund manager or the CEO gets more money, it buys them a new sports car, yacht, or is hidden in an offshore account. When a worker gets more money, it means a chippy tea on a Friday night, a meal out, or a new "little black dress etc.
Eat out to help out, or the £100 spend local gimmicks were an attempt to stave off job losses.
A further below inflation pay settlement (cut) will once again stymie the economy resulting in more local businesses closing and more people losing their jobs.