US EditionUK Minister Says Universal Basic Income May Be Needed for AI
- The UK Government is discussing universal basic income as a measure to support workers affected by artificial intelligence job displacement, according to Investment Minister Jason Stockwood.
- Public opinion shows that 46% of Britons support some form of UBI, reflecting growing public interest in financial safety nets as AI advances.
- The Institute for Fiscal Studies estimates that a UBI could cost over £200 billion annually, necessitating significant tax increases to finance it.
21 Articles
21 Articles
AI and jobs: the case against universal basic income
Adam Smith attributed the ability of one man to do the work of many to the ‘invention of a great number of machines which facilitate and abridge labour’. Writing at the dawn of the Industrial Revolution, Smith witnessed one of the most profound reorganisations of human capital in history: the transition to mechanised production. The only comparable shift was humanity’s earlier move from nomadic hunter‑gathering to settled agriculture during the …
Advances in AI have the potential to widen wealth inequality, fueling calls for a universal basic income. AI leaders such as Elon Musk and Sam Altman have called for the introduction of a universal basic income.
Universal basic income could be used to mitigate the consequences of AI-related job losses in the UK, a system in which individuals receive regular paymentsAs AI continues to wreak havoc on jobs around the world, there may be a soft solution in the UK. According to Jason Stockwood, Minister of Investment, the country could consider the introduction of a universal basic income (Universal Basic Income, UBI) to protect...
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