Universal Basic Income
The Labour Party is considering backing the idea of a universal basic income – a radical transformation of the welfare state that would ditch means-tested benefits in favour of a flat-rate payment. John McDonnell, the shadow chancellor, is developing policies of a “new economics”.
McDonnell has said the new policy research “makes an interesting case for a universal and unconditional payment to all, which could prepare our country for any revolution in jobs and technology to come – it is an idea Labour will be closely looking at over the next few years”.
A universal basic income (UBI) would be paid to everyone, whether or not they were in work.
As explained by BASIC INCOME UK, universal basic income will
- help us rethink how & why we work
- contribute to better working conditions
- downsize bureaucracy
- make benefit fraud obsolete
- help reducing inequalities
- will provide a more secure and substantial safety net for all people
- contribute to less working hours and better distribution of jobs
- reward unpaid contributions
- strengthen our Democracy
- ensure a fair redistribution of technological advancement
- will end extreme financial poverty
Reforms to the Money and Finance System would be essential to deliver an economy that is right for all people and planet.
Video Source: basicincome2013.eu
