Richard Branson calls for universal basic income because robots are taking people's jobs

'Obviously AI is a challenge to the world in that there’s a possibility that it will take a lot of jobs away,' Virgin founder says

Benjamin Kentish
Tuesday 10 October 2017 17:31 BST
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Richard Branson has previously said a universal basic income could boost people's self-esteem
Richard Branson has previously said a universal basic income could boost people's self-esteem

Richard Branson has backed the introduction of a universal basic income and said it is crucial to tackling the rise of artificial intelligence (AI).

The billionaire said it could help protect people whose jobs will be lost as a result of new technology.

Support for a universal basic income has grown in recent months and a number of countries have launched trials of the idea.

Among them is Finland, where Mr Branson was speaking at the Nordic Business Forum.

Asked about the policy, which involves the state giving citizens a minimum amount of money each month regardless of their employment status, the Virgin founder said he thought it was an important element in preparing for increased automation in many industries.

He told the Business Insider website: “Basic income is going to be all the more important. If a lot more wealth is created by AI, the least that the country should be able to do is that a lot of that wealth that is created by AI goes back into making sure that everybody has a safety net.”

“Obviously AI is a challenge to the world in that there’s a possibility that it will take a lot of jobs away… It’s up to all of us to be entrepreneurially minded enough to create those new jobs.”

What is Finland's universal basic income scheme?

Mr Branson has previously joined other entrepreneurs, including Mark Zuckerberg and Elon Musk, in backing calls for a universal basic income.

In August he said he had discussed the idea with global figures leaders including Kofi Annan, Desmond Tutu and Jimmy Carter.

At the time he said: “What I took away from the talks was the sense of self-esteem that universal basic income could provide to people. The hope is that policies like these can help people struggling just to survive and allow them to get on their feet, be entrepreneurial and be more creative.”

Finland is currently trialling a scheme in which it is giving 2,000 citizens €560 (£473) every month for two years.

Initial research suggests the people receiving the money report reduced stress, a greater incentive to find work and more time to pursue business ideas.

However, some trade unions in the country have said the policy is too expensive.

“We think it takes social policy in the wrong direction,” said Ilkka Kaukoranta, chief economist of the Central Organisation of Finnish Trade Unions (SAK), which represents almost 1 million workers.

Germany is also in the process of trialling a universal basic income, as is the US state of Hawaii and the Canadian province of Ontario, among others.

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