Lots of talk of forcing up the minimum wage and this is a good idea in some ways. It may reduce employment but frankly as we can see from GDP and tax returns the UK acquiring millions of new low wage workers is almost economically meaningless and indeed upsets the locals and reduces investment and innovation.
It also reduces wages slightly at the bottom and indeed in certain professions has reduced wages and productivity – hairdressing. Whilst of course getting a handmade coffee and a handmade sarnie is nice it does seem very 19th century to have so many outlets making basic food products in the slowest most Labour intensive manner.
The better solution is a Basic Income which although technically reducing the minimum wage to 0 actually would encourage better employment practices, arts and innovation – through giving people real choice to work and not undertake dangerous tasks etc.
The idiocy of raising minimum wage is that in the UK as currently structured on a giant property and debt bubble is this will just feed through into higher rents eventually. It is not the worst thing but as it has near full support from Tories and Labour you know it’s wrong! [Call to Lack Of Authority Argument Alert]