Minimum wage increase good for the economy?

Altering taxes will not solve the UK's economic problems. An increase in wages could help to better the British economy. Minimum wage should be raised to spur on economic growth and strengthen UK finances, according to an independent think tank. Steve Coulter, an associate fellow of the Social Market Foundation said: "The Government should set out a strategy to significantly increase the national minimum wage over the medium term in order to encourage firms to upgrade the skills of their workforces, boost productivity and reduce 'low-road' employers' dependence on state wage subsidies like the working tax credit". He added that changing the tax ...