An explanation of the positive and negative effects of the national minimum wage for employees, businesses and the economy as a whole outlining To what extent it is advantageous

What are the positive and negative effects of the national minimum wage for employees, businesses and the economy as a whole? To what extent it is advantageous? The minimum wage was introduced in 1999and at that time was set at £3.60. In this portfolio piece I will look at the effects it has had and finally draw my conclusions as to whether it is a good law to have. The national minimum wage is an important …

…U.K industries more efficient so in the long we could see an expansion in aggregate supply and a boost to economic growth. It is an advantage to the U.K. as it also encourages businesses to improve which has a knock on effect, which creates social improvement as well. I feel it has been a success so far as it raises living standards and benefits the low paid which are the aims of government.