The following article by economist Guy Standing was published in January last year. Guy is an economic advisor to our Shadow Chancellor, John McDonnell MP.
'The 20th century income distribution system has broken down irretrievably. Globalisation, technological change and the move to flexible labour markets has channelled more and more income to rentiers – those owning financial, physical or so-called intellectual property – while real wages stagnate. The income of the precariat is falling and becoming more volatile. And chronic insecurity will not be overcome by minimum wage laws, tax credits, means-tested benefits or workfare. In short, a basic income is becoming a political imperative.'