I’m not really a fan of setting minimum wages tbh, for the simple reason that it gives a benchmark for the bottom feeder companies to aim down to.
It’s probably an overly simplistic view but I reckon that you get the staff you deserve, so pay a few quid an hour less than nearby competitors and you get the unemployable wrecking your equipment, insurance costs force you into bankruptcy and hey presto another crappy employer taken out of the pool.