The laissez-faire economic model has proved a total dud. A proper industrial strategy is needed,starting with better help for a foundation industry – steelLast week should have been a honorable one for George Osborne. The first day of April marked the day when the ”national living wage” came into force. The plan was championed by the chancellor in his 2015 summer budget when he said it was time to “give Britain a pay rise”.
Unfortunately for the chancellor, the 50p an hour increase in the pay floor for workers over 25 was completely overshadowed by the existential threat to the steel industry posed by Tatas decision to sell its UK plants.
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Source: theguardian.com