Homeless people to be given cash in first major UK trial to reduce poverty

Homeless people to be given cash in first major UK trial to reduce poverty

“Researchers are conducting the UK’s first major scientific trials to establish whether giving homeless people cash is a more effective way of reducing poverty than traditional forms of help.

Poverty campaigners have long believed that cash transfers are the most cost-effective way of helping people, but most studies have examined schemes in developing countries.

The new study, funded by the government and carried out by King’s College London (KCL) and the homelessness charity Greater Change, will recruit 360 people in England and Wales. Half will continue to get help from frontline charities. The other half will get additional help from Greater Change, whose support workers will discuss their financial problems then pay for items such as rent deposits, outstanding debts, work equipment, white goods, furniture or new clothes. They do not make direct transfers to avoid benefits being stopped due to a cash influx.’

To read the full article, click here.

Canada’s National Advisory Council on Poverty has recommended basic income

Canada’s National Advisory Council on Poverty has recommended basic income

Photo by Jason Hafso via Unsplash

  • In chapter 5 of its annual report, Canada’s National Advisory Council on Poverty recommended that Canada implement a basic income.
  • Quote: “The Council proposes that the federal government should work across governments to introduce a basic income floor, indexed to the cost of living, that would provide adequate resources (above Canada’s Official Poverty Line) for people to be able to meet their basic needs, thrive and make choices with dignity.”

To read the report, click here.

The burnout economy: poverty and mental health: Summary report

The burnout economy: poverty and mental health: Summary report

Social protection schemes should be implemented to
the fullest extent possible, without excessive targeting or
conditionalities. Universal basic income schemes should be
seriously considered, and pilots carefully evaluated, given their
role in providing economic security and predictability.

Read the full two-page summary report by clicking here.

From Poverty to Hedge Fund Manager to Basic Income Advocate

From Poverty to Hedge Fund Manager to Basic Income Advocate

Darryl Finkton, Jr. is a hedge fund manager turned community organizer. Raised in a poor black family in Indianapolis, Indiana, Darryl went on to graduate from Harvard College and Oxford University, where he studied as a Rhodes Scholar. In his new book End Poverty. Make Trillions, Darryl shares how he rose from rags to riches and searched for a way to end poverty. In 2021 he left his job as a hedge fund partner to promote the adoption of a universal basic income to end poverty in the U.S. with the help of venture dollars via his EPMT (End Poverty. Make Trillions.) fund, and then came up with a proposal to ensure everyone has an opportunity to generate wealth.

He calls his proposal “The Seed Money Act”. It would establish an unconditional, permanent, regular grant to every US household, set to an amount that’s equal to the federal poverty guidelines. “For example, for a single-person household in 2020, the amount would’ve been $1,063.33 per month.” Darryl also helped found a pilot basic income project in which recipients tell their own stories on a YouTube channel, Basic Income Works. He says “I want that program to be about the participants so I don’t want to promote the details of the pilot, just provide a platform for people to tell their stories.”

New Report on Tackling Poverty in the UK Published by Basic Income Conversation

New Report on Tackling Poverty in the UK Published by Basic Income Conversation

The Basic Income Conversation is an initiative, powered by Compass, to promote the idea of a universal basic income in the UK. The report can be accessed here.

This is the report summary:

“This report examines the distributive impacts of three UBI schemes which raise the income floor to different heights and are broadly designed to provide a potential pathway to attainment of the Minimum Income Standard, MIS. The first is a starter scheme to provide an entry payment; the second an intermediate scheme and the third a full MIS payment to which increases in less generous schemes can be aimed over time. We use microsimulation of data from the Family Resources Survey to outline the static distributive impacts and costs of the schemes. 

Our key finding is that a modest, fiscally neutral, scheme has the capacity to cut child poverty to an historic low, below the low point achieved in the 1970s, thus achieve more than the anti-poverty interventions of the New Labour Governments from 2000. Even a modest scheme would significantly improve the living standards and life chances of millions of people and, despite the claims made by some critics of UBI, would be both feasible and affordable. This helps to answer the central practical criticism of introducing a basic income, that the payment levels are either too small to make much difference or too generous to be affordable.”