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I think in the Netherlands they have something like that in place
https://www.undutchables.nl/working-en-living-in-the-netherlands/working-for-undutchables/collective-labour-agreement-(cao)
Strong, sensible rules protecting the rights of workers and setting a minimum per-hour figure would do so, unless I'm missing your point?
i.e. if you have to pay everyone the same, regardless of country of origin, then yes - there's a motivation for those nationalities whose economies are in worse shape than ours to come to apply for jobs, but there's no motivation for employers to favour a foreign national over a UK national.
That doesn't get round the issue of UK nationals simply not wanting those jobs, of course.