Does the minimum wage cost jobs?
IFS Zooms In: The Economy · Institute for Fiscal Studies
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Show Notes
The UK minimum wage is one of the biggest economic policy changes of the past few decades. Introduced in 1999 at £3.60 an hour, it’s now over £12 and it shapes pay for a large share of the workforce. But what has it done to jobs? And if firms pay higher wages, where does the money come from - higher prices, lower profits, or higher productivity?
In this episode, Helen is joined by Eduin Latimer (IFS) and Professor Alan Manning (LSE) to unpack what we do and don’t know about the minimum wage. We look at the evidence on employment effects, the knock-on impacts on pay compression, and whether the current minimum wage is set too high. Finally, we look ahead to the government’s ambitions, including faster rises for younger workers, and the trade-offs involved.
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