Beware the minimum pay hikes that put everything out of balance
You can have too much of a good thing. Somebody should mention this to Sajid Javid, the UK’s new chancellor of the exchequer. This week he announced an increase in the minimum wage to two-thirds of the median wage, bringing it to about £10.50 per hour.
His plans are to come to fruition in 2024, assuming there are no unforeseen events in British politics in the interim. The US House of Representatives has the same deadline in mind for a plan to raise the federal minimum wage from $7.25 to $15. After the 2020 election, they may get their way.