Universal Basic Income

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

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