References in Harvard Style Assignment Task: Individual Report You should answer the question in report form with introduction, main body and conclusion. The chancellor said employers would be forced to pay staff a minimum of £7.20 an hour from next April 2016, and raise wages by 6% a year on average to around £9 an hour by the end of the year 2020. 1. How this changes in the minimum wage, could possibly affect the unemployment rate? 2. What will be the macroeconomic effects, of minimum wage change in the economy?