The only people who apply the minimum wage will be those companies which have to present audited accounts. The small farmers will pay the labourers as before; take it or leave it. If our village is anything to go by, there is a surplus of 'labour', if you can call it that.
Undoubtedly there will be a rise in the cost of living. Supermarkets and the bigger stores will have to pay their workers more, and will factor that into their prices. Beer prices will rise, but then they tend to anyway.