Ministers admit workers' rights overhaul could cost business £5BILLION a year and lead to price rises and job cuts - as MPs brace to vote on new laws TODAY

Ministers have admitted that Labour's workers' rights overhaul could cost businesses £5billion a year. The so-called 'impact assessment' for the Employments Rights Bill has been released ahead of a debate and vote by MPs later It is the first time the government has produced any estimated costs for the controversial measures There have been warnings that the Employment Rights Bill championed by Angela Rayner and Jonathan Reynolds will result in a 'tsunami of flawed regulation' Businesses are to be warned that Labour's workers' rights overhaul will mean more strikes and hinder investment The legislation will also hand more power to trade unions, making it far easier for them to stage walkouts by scrapping years of anti-strike legislation introduced by the Tories. The document also warned that reforms to day one rights, 'particularly the strengthening of protections against dismissal could also make employers less willing to hire workers'. The new legislation will hand new powers to trade unions and make walkouts more likely, businesses will be told Chief executives of every FTSE 100 company will receive a letter from shadow business secretary Kevin Hollinrake alerting them to years of uncertainty from lengthy consultations for the proposals A spokesman for the Department for Business and Trade said: 'This government is unashamedly pro-worker and pro-business, and we have engaged extensively with businesses and unions on this legislation and will continue to do so.