Goerge Osborne’s national living wage comes into force this week. It is small step in the right direction but does not herald a tall-wage economySummer 2020: straight after a general election that has delivered his party an upset slim majority, new chancellor John McDonnell delivers a enormous rise in the minimum wage over each of the next five years so that the lowest-paid workers from Tyneside to the Wirral are much better off.
You can imagine the likely reaction. Conservatives decry the Marxist opposite. Economists tut approximately the innumerate driving a coach and horses through the established independent process for setting the minimum wage. The business lobby move puce with anger approximately what this will do to company bottom lines. The rightwing press runs memoir after memoir approximately the care homes and local councils going bust thanks to the hazardous socialist in Number 11.
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Source: theguardian.com