If more money is going to UK workers than more money is paid in UK taxes or spent in the UK economy. Right now, the UK workers get as small as amount as possible whilst the profits is extracted to shareholders who are either:

• mostly outside the UK, (no UK tax or spending)
• are pension pots where the UK tax is lower and the money is tied up for a long time before being spent, or
• are UK investors, who again pay less tax (investment is taxed less than employment income) and wealthy people spend less of their money on things than poorer people

Yes it would cost more in the short term but lead to long term growth.

That’s just from an economic point of view, not mentioning human dignity, helping the poorest, reducing inequality, etc.