Conservative Party (UK) others. Until 1999, Conservatives opposed the creation of a national minimum wage, as they believed it would cost jobs, and businesses would be reluctant to start business in the UK from fear of high labour costs. However the party have since pledged support and in the July 2015 budget, Chancellor George Osborne announced a national living wage of £9/hour, to be introduced by 2020, for those aged 25 and over. The National Minimum Wage in 2012 was £6.19 for over-21 year olds, so the proposed rises in National Living Wage by 2020 will represent a significantly higher pay for many.
Minimum wage in the United States past nine years. The purchasing power of the federal minimum wage has fluctuated. Since 1984, the purchasing power of the federal minimum wage has decreased. Measured in real terms (adjusted for inflation) using 1984 dollars, the real minimum wage was $3.35 in 1984, $2.33 in 1994, $1.84 in 2004, and $1.46 in 2014. If the minimum wage had been raised to $10.10 in 2014, that would have equated to $4.40 in 1984 dollars. This would have been equal to a 31% increase in purchasing power, despite the nominal value of the minimum wage increasing by 216% in the same time