Labour’s plan to hike the minimum wage to £10 per hour could put increasing numbers of workers at risk of losing their jobs to robots, an economic think tank has suggested.
Well, yes. But that’s going to happen anyway. All that will change is the speed at which it will happen.
Much more important is that a high minimum wage will stop some to much of the experimentation needed to produce jobs once the robots are taking some of them.
This is the most pernicious effect I’m afraid. It increases the costs of trying to do new things with that newly abundant – but still expensive – labour.