Higher minimum wage will boost economy of cities – Smith Institute

Report calls on metro mayors and local authorities to drive living wage take-upA small rise in the minimum wage in Britain’s main city regions would encourage employers to deploy workers more productively and help boost local economies by more than £1bn, says a thinktank.According to the study, by the Smith Institute, employers need the spur of a higher minimum wage to shake them out of a spiral of low productivity and low growth that depresses company revenues and has trapped about 2 million workers on the current minimum wage of £7.38 an hour, or £7.83 for those aged 25 years or older. Continue reading…
Via: Higher minimum wage will boost economy of cities – Smith Institute