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This paper from the National Institute of Economic and Social Research shows how the introduction of the National Minimum Wage (NMW) in 1999 affected low-paying companies in the UK.
It finds that:
on introduction, the NMW increased average labour costs for low-paying companies
companies may have adjusted to the increases in labour costs as a result of the NMW by raising labour productivity and by reducing profitability
the NMW has not changed average employment or investment rates for these companies
the NMW has not had a detrimental impact on firm outcomes since the financial crisis and the recession of 2008