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Is the Minimum Wage one of the most successful UK economic policies?

27th March 2024

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The Resolution Foundation has released a study to mark the 25th anniversary of the National Minimum Wage - now called the National Living Wage - and concludes that it's one of the most successful economic policies in a generation.

Their research suggests that as the minimum wage rises from £10.42 to £11.44, it has increased the pay of the poorest workers by £6,000 more than would have been the case if they'd have simply kept pace with average earnings growth, reducing pay inequality. The Guardian reports about this research here.

NEW research!

The minimum wage is the single most successful economic policy in a generation.

Since it was introduced in 1999, it's boosted the wages of millions of Britain’s lowest earners by £6,000 a year.

Read now https://t.co/GfhfS0vb1g pic.twitter.com/3UznQS0uiS
— Resolution Foundation (@resfoundation) March 27, 2024

🎂 Happy 25th birthday to the minimum wage!

Analysis released today shows how the policy boosted the wages of millions by £6,000 a year.

Read it now https://t.co/GfhfS0uDbI pic.twitter.com/VG1Ezqxz7n
— Resolution Foundation (@resfoundation) March 27, 2024

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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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