Universal basic income set for first trial in England
Proactive Investors
Published Jun 05, 2023 11:43
Universal basic income set for first trial in England
Proactive Investors - A universal basic income will be trialled in England for the first time, with thirty people set to be paid £1,600 per month over a two-year period regardless of personal circumstances.
Researcher Autonomy is seeking funding for the pilot scheme, which “has the potential to simplify the welfare system and tackle poverty in Britain,” project lead Cleo Goodman said.
People will be drawn from central Jarrow, in north-east England, and East Finchley, in north London to participate, with the scheme testing the effects of basic salary being paid to everyone regardless of wealth or job.
A basic income will be “a crucial part of securing livelihoods in the future,” Autonomy research director Will Stronge said, “with the decades ahead set to be full of economic shocks due to climate change and new forms of automation”.
£1.15mln would be needed to fund the basic income payments, Autonomy said, with roughly £500,000 extra required for the costs of the research and administration.
“We’re hopeful that this plan will result in the first-ever basic income pilots in England,” Goodman, who founded Autonomy’s Basic Income Conversation programme, added.
“No one should ever be facing poverty, having to choose between heating and eating, in one of the wealthiest countries in the world.”
Questions have been raised over the prospect of a universal basic income, however, with critics arguing the payments would be extremely costly and could potentially fuel inflation.
The University of North Carolina also highlighted concerns over labour market participation and the prospect of wasting money on already-wealthy people in a 2021 report.
Read more on Proactive Investors UK
Disclaimer
Get The App
Written By: Proactive Investors
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.