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Minimum wage is UK’s ‘most successful economic policy in a generation’ (www.theguardian.com)

submitted 8 months ago by [email protected] to c/[email protected]

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The minimum wage has driven up the pay of millions of Britain’s lowest earners by £6,000 a year, making it the single most successful economic policy in a generation, according to a leading thinktank.

Since its introduction in 1999 by Tony Blair’s first Labour administration the policy has secured cross-party agreement, and should be seen as the basis for further improvements in the welfare of low wage workers, the Resolution Foundation said.

The minimum wage will increase on Monday 1 April as it rises from £10.42 to £11.44, in the third-highest annual change in its history – a rise of 9.8% in cash terms and 7.8% above inflation.

In a study released to mark 25 years since the policy’s introduction, the foundation said workers would have been £6,000 a year worse off since 1999 if their pay had only risen in line with average wages rather than the increases recommended by the independent Low Pay Commission.

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[–] byroon 5 points 8 months ago

Worth remembering that it wasn't always a free-for-all before minimum wage was introduced. I think there was a mechanism to set minimum wages by industry, which got dismantled by thatcher (not sure on specifics but pretty sure there was some mechanism to set minimum wages).