... British Retail Consortium predict that an increase in the minimum wage will cause massive job losses and they are proven wrong," said TUC chief Brendan Barber. The Transport & General Workers Union (T&G) argued that there needed to be a "bold rise" - to at least £6 an hour - in the national minimum wage in order to battle poverty and inequality. "Retail is one of the lowest paying sectors yet Tesco, for example, has reported £2.35bn profit, 17% higher than last year," said T&G general secretary Tony Woodley. "Companies can afford a rise, and workers deserve it." Commentary: Governments influence prices through floors and ceilings, this influence affects supply, demand, and sometimes both. One example of this influence, the minimum wage, is set for political or social reasons. Minimum wages increase the equilibrium wages; this increase in price creates a surplus in labor. The increase in the minimum wage causes ...

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