Money for nothing: Is universal basic income a good idea?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 9 June 2023
⏱️ 53 minutes
🧾️ Download transcript
Summary
Paying everyone a set amount every month as a baseline level of income has intrigued economists and central bank geeks for years.
Supporters say it has the power to improve physical and mental health and the economy and society, but critics say it's the start of a slippery slope to state dependency and control.
A new proposed trial for 30 people in the UK to get £1,600 a month has put the topic back on the agenda.
So is universal basic income a good or bad idea? Georgie Frost, Lee Boyce and Simon Lambert discuss it on this podcast episode.
Also on this week's show:
Why aren't our energy bills lower if wholesale prices have plummeted?
What can you do if you are caught in the mortgage storm?
And finally, which UK shares have done best and worst this year, so far?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Simon Lambert today is Lee Boyce. |
| 0:07.3 | And coming up, money for nothing. Is that the way you do it? |
| 0:10.7 | Will a universal basic income leave the economy in dire straits? |
| 0:15.7 | Also today, energy costs have fallen almost 50% in a year. So why are our bills so high? We tell you how to stop |
| 0:22.7 | the new interest rate storm, adding hundreds to your monthly mortgage repayments, and we take |
| 0:28.3 | stock of the Futsi winners so far in 2023. Don't be getting stuck today with all the latest |
| 0:33.9 | breaking money news. Just go to this ismoney.co.uk or download the app. |
| 0:39.5 | Don't forget, you can stay on top of what's going on in the markets by tuning in to the |
| 0:43.1 | Digest and Invest podcast by Itoro. Go to your regular podcast platform and listen on the go. |
| 0:47.8 | Digest and Invest by Itoro, the podcast for those interested in trading and investing. |
| 0:51.8 | But first, 30 people in England will be paid £1,600 in government cash every month for two years, |
| 0:59.9 | for doing absolutely nothing. |
| 1:01.8 | That's right. |
| 1:02.3 | They don't have to do any work for it. |
| 1:04.0 | There'll be no means testing, anything like that. |
| 1:06.2 | That's if a universal basic income trial goes ahead. |
| 1:09.2 | So could automatically giving all citizens the same |
| 1:12.8 | amount of cash cut poverty and reduce the cost to the taxpayers of running a complicated |
| 1:18.0 | benefit system. That's what the trial is wanting to take a look at. Or could it backfire |
| 1:23.7 | and leave us all worse off and disincentivise individuals to work. Welcome to you both. Simon Lambert. |
| 1:31.3 | First of all, universal basic income. What exactly is it? A little potted history, if you would. |
| 1:39.0 | This is an idea straight out of left field economics whereby you pay everybody not just 30 people on a trial but |
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