Since its introduction in 1999 the minimum wage has raised the pay of some of the lowest earners in Britain. Now, as might be expected in tough economic times, growth in its value has gone into reverse. The recent announcement that the minimum wage will rise by 11 pence to £6.19 in October 2012 marks a third successive real terms decline.
This raises the question of what role the minimum wage can play in raising living standards in the years ahead. What have we learned from our experience in the past 13 years? How well designed is the minimum wage for the challenges we now face? The Resolution Foundation would like to invite you to the launch of a new paper by Professor Alan Manning, Head of Economics at the London School of Economics (LSE), looking at where we go next with the minimum wage. There will be responses from Jon Cruddas MP and John Philpott, Chief Economic Adviser at the Chartered Institute of Personnel and Development (CIPD).
This event is the second in a series of Resolution Foundation debates exploring solutions to the current living standards crisis, ahead of the final report of the Commission on Living Standards, to be published this Autumn. Look out for invites to further seminars on inequality, debt and growth and tax credits.