Osborne backs rise in minimum wage Watch

MostUncivilised
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http://www.theguardian.com/society/2...-rise-7-pounds

My political views are well known, I dislike the present government immensely.

But I must give credit where credit is due; this is good policy-making. I tip my hat to George Osborne.

Though I must say, it does beg the question, what are the fundamental values of the Conservative Party? Are they classical liberals or not?
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illegaltobepoor
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(Original post by MostUncivilised)
http://www.theguardian.com/society/2...-rise-7-pounds

My political views are well known, I dislike the present government immensely.

But I must give credit where credit is due; this is good policy-making. I tip my hat to George Osborne.

Though I must say, it does beg the question, what are the fundamental values of the Conservative Party? Are they classical liberals or not?
Well you would because rise in min-wage supports bigger government.
It means more tax for the treasury.

But the down side is this. It means lower paid workers will be priced out of a job. The poor will have to take self employed jobs and live below government set living standards or be a workfare slave.

But whatever floats your boat.
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MostUncivilised
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(Original post by illegaltobepoor)
But the down side is this. It means lower paid workers will be priced out of a job
Your understanding of economics is superficial, to say the least.

Exactly the same arguments were made when the minimum wage was introduced, and not only did none of the doomsday predictions come true, unemployment actually went down.

Well you would because rise in min-wage supports bigger government.
It means more tax for the treasury.
How much more tax? Specifically?

If you think the revenue implications would be weighing more heavily than macroeconomic cosiderations in the mind of Treasury officials, you are merely demonstrating your poor understanding of economics (once again!)
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blue n white army
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Good policy. This and the lowering of the benefits being handed out will make it less likely that people will be better off on benefits than in some low paid work.

More money in tax revenue too so jobs a good'un.
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Moosferatu
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I like it a lot. But what's the catch?
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tengentoppa
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Seems like a good idea.
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redferry
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You can be right wing and roll with this. Japan is the classic example, instead of benefits they have low unemployment and a living wage.
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Martyn*
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Probably it is because the elections are coming up and they need to be seen as the party in touch.
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meenu89
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(Original post by Martyn*)
Probably it is because the elections are coming up and they need to be seen as the party in touch.
Enjoy the extra money in your pay packet, knowing that it was thanks to Osborne.
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JayReg
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To those that support it, why not raise it to ~£20 and hour? (or any figure you deem too high)
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ICPT
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(Original post by JayReg)
To those that support it, why not raise it to ~£20 and hour? (or any figure you deem too high)
It isn't that simple, its about using objective analysis of the labour market (data) along with economic models to determine the utility maximizing level.
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ICPT
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(Original post by MostUncivilised)
http://www.theguardian.com/society/2...-rise-7-poundsMy political views are well known, I dislike the present government immensely.But I must give credit where credit is due; this is good policy-making. I tip my hat to George Osborne.Though I must say, it does beg the question, what are the fundamental values of the Conservative Party? Are they classical liberals or not?
Politicians don't have ideologies, they have voters.
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Mourinho<3
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(Original post by Martyn*)
Probably it is because the elections are coming up and they need to be seen as the party in touch.
So if the Tories don't do it then they are the party for rich toffs only, if they do it is for evil purposes as well.

With such a view-dammed if they do, dammed if they don't, no party in your eyes can be popular.

I have expressed my criticisms of the Tories enough times on here but give them credit-they have seen the economy improve and haven't forgotten, when looking at this case in isolation, about the people who need help the most.

I have a lot of problems with the Conservatives-but you have to give them credit when it is deserved. The economy is much safer in their hands than Labour in my view, and they have adressed one of the bigger issues-the cost of living crisis-if not the biggest issue in politics today.

(Original post by MostUncivilised)
http://www.theguardian.com/society/2...-rise-7-pounds

My political views are well known, I dislike the present government immensely.

But I must give credit where credit is due; this is good policy-making. I tip my hat to George Osborne.

Though I must say, it does beg the question, what are the fundamental values of the Conservative Party? Are they classical liberals or not?
The above is what I am trying to say really-I would rep it for this reason but can't again.
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Fizzel
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Over at the Guardian they are dismissing it as a Tory bribe. Rather amusing when the Tories offer them something they want it's a bribe but Labour? It's such a silly narrative, the Tories only do it to win votes but Labour do it because...they care?

Osborne has got it right. The economy is recovering nicely, now is the time to spread that to workers, it the right timing rather than when the Lib dems wanted it. It's only 70p but it works out to over £1200 for most workers per year. That's pretty substantial and actually puts money in people's pockets direct from their employer to spend as they choose or need.


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JayReg
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(Original post by ICPT)
It isn't that simple, its about using objective analysis of the labour market (data) along with economic models to determine the utility maximizing level.
So why not leave it to the Low Pay Commission and not make it political.
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ICPT
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(Original post by JayReg)
So why not leave it to the Low Pay Commission and not make it political.
Not democratic mate.
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Stalin
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(Original post by meenu89)
Enjoy the extra money in your pay packet, knowing that it was thanks to Osborne.
Too right! Enjoy the extra 69p per hour whilst the bankers receive their millions. Is the government not merciful?

"We're all in this together."

:toofunny:

I hope Milolband ups the ante and pledges to raise the minimum wage to £9 per hour - guaranteed landslide victory if he does.
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ICPT
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(Original post by Stalin)
Too right! Enjoy the extra 69p per hour whilst the bankers receive their millions. Is the government not merciful? "We're all in this together." :toofunny:I hope Milolband ups the ante and pledges to raise the minimum wage to £9 per hour - guaranteed landslide victory if he does.
The bankers earning less won't make other people earn more.
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MostUncivilised
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(Original post by JayReg)
To those that support it, why not raise it to ~£20 and hour? (or any figure you deem too high)
I throw it right back at you; why not reduce it to zero?

There is clearly an optimum level that would provide a reasonable wage to unskilled workers whilst not adversely affecting employment.

Do you oppose minimum wage on principle? And if so, how do you respond to the fact that all of the predictions of doom made by those opposed to the minimum wage when it was introduced were proved to be wrong?
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MostUncivilised
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(Original post by ICPT)
It isn't that simple, its about using objective analysis of the labour market (data) along with economic models to determine the utility maximizing level.
A good point well made.

When analysing the marginal utility of the additional 69 pence in the pockets of workers versus putting it in the pockets of shareholders, it is of greater benefit to put it in the pockets of workers as they will spend it back into the economy, rather than hoarding it in offshore bank accounts.
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