Over the last decade and a half, the difference in pay between the lowest paid decile of workers in London with that of the rest of the country has shrunk. This means we should consider introducing...
Amy Robinson's insight:
A minimum wage for just London. Makes sense as the living costs are much higher in the capital, and projected benefits (in the paragraph below and in the article) look promising. The thought of a living wage has been floating around, but for a whole country. By having a higher minimum wage in London it will not affect the employment levels in the rest of the UK, but will bring London's employment back to equilibrium as firms may have been earning supernormal profits. Furthermore, it will hopefully prevent further strike action from workers such as tube workers that went on strike earlier this year. However, this causes further divisions in already unsettled UK regions, with London seeing most of the economic gains. Also, it may lead to government failure if it causes a disproportionate change in unemployment than increases in overall income and income taxes. The law of unintended consequences may take action, as cost increases in the capital may result in firms shutting down and being unable to do business or run businesses in the North, resulting in further unemployment.
"In a recent research project for the Centre for London think-tank, we estimated that a London-wide minimum wage could be introduced at a level of £6.75 now and be economically equivalent – that is, have the same impact on low paid sectors – to the current UK-wide minimum wage of £6.31. This would increase the income from employment for around 175,000 London workers by up to £800 a year. The exchequer would benefit from increased payroll taxes and reductions in in-work benefit payments of around £61m."
The GuardianSamsung, Philips and Panasonic hit with record £1.2bn cartel fineThe GuardianThe European commission has imposed the largest cartel fine in its history, imposing a €1.47bn (£1.2bn) penalty on seven firms including Philips, Samsung SDI ...
The European commission has imposed the largest cartel fine in its history, imposing a €1.47bn (£1.2bn) penalty on seven firms including Philips, Samsung SDI and Panasonic for fixing the price of the now outmoded cathode ray tubes used in televisions and computer monitors.The companies fixed prices, shared markets, restricted output and allocated customers between themselves, on a worldwide basis.
Chunghwa, LG Electronics, Philips and Samsung SDI
Chunghwa, which blew the whistle, escaped a fine while others were given reductions in their penalties in exchange for co-operation.
Two useful articles about the news that Morrisons have a £176m pre-tax loss for the year to February 2, and the strong impact that their plans to compete hard with the discount retailers has had on the stock market value of Tesco and Sainsburys. We often cite the UK supermarket.
Working families could get a childcare subsidy of up to £2,000 per child by 2015, under new government proposals. (#Econ2 #Econ4 Supply Side Policy: More support for Childcare.
Amy Robinson's insight:
Econ 3 Supply side policy Allows more labour market flexibility, along with the possibility of empowering women more and changing perceptions that women will work less due to child care decreasing wage differentials and discrimination due to gender.
Japanese electronics firm Panasonic announces it will pay its staff working in China a premium to compensate them for high levels of pollution. (“@Keysonomics: AS Econ. Costs of pollution and negative externalities?
Thinktank puts a figure on the annual cost of the gap between rich and poor and calls for politicians to act (RT @MsLadyPhyll: “@uhequality: Inequality 'costs Britain £39bn a year' http://t.co/vh6xOuOIt2...
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