Former Lloyds TSB boss Sir Victor Blank told ITV News the 19p increase to the minimum wage is a "small step but very positive."
He said: "[It's] terrific that it's gone up and so it should. One of the biggest problems I think we have is the growing division between the levels of pay of senior executives and the average level of pay.
"If you look at the figures over the last 15 years, they've just grown apart massively and I think it's quite worrisome and I think it's quite wrong."
More top news
Donald Trump has given himself a "10 out of 10" for the response to the widespread hurricane devastation Puerto Rico suffered.
Police in Los Angeles have opened an investigation after another sexual assault allegation was made involving Harvey Weinstein.
The cost of childcare for young children has increased up to seven times faster than wages over the past few years, a new study reveals.