Investment Minister Jason Stockwood has suggested that the United Kingdom could implement a universal basic income scheme to protect workers whose jobs are being displaced by artificial intelligence. The Labour peer's remarks come amid growing concerns about AI's disruptive impact on Britain's labour market and economy.
Government Considering UBI as AI Disruption Accelerates
Lord Stockwood revealed that people within government are "definitely talking about" the potential need for universal basic income as artificial intelligence transforms industries across the country. The minister emphasised that "bumpy" societal changes caused by AI implementation would require "some sort of concessionary arrangement with jobs that go immediately."
Research Reveals UK Particularly Vulnerable to AI Job Losses
Stockwood's comments coincide with recent research from investment bank Morgan Stanley showing that the UK is losing more jobs than it is creating because of artificial intelligence. The study indicates Britain is being hit harder by AI disruption than other major economies, raising urgent questions about workforce protection and economic stability.
The minister told the Financial Times: "Undoubtedly we're going to have to think really carefully about how we soft-land those industries that go away, so some sort of [universal basic income], some sort of lifelong mechanism as well so people can retrain."
Warnings Mount About AI's Employment Impact
Concerns about artificial intelligence's effect on employment have been escalating across political and business circles. This month, London Mayor Sadiq Khan warned that AI could destroy swathes of jobs in the capital and potentially "usher in a new era of mass unemployment."
Last week at the World Economic Forum in Davos, Jamie Dimon, chief executive of US bank JP Morgan, cautioned that governments and businesses must intervene to assist workers displaced by technology or risk civil unrest. These warnings highlight the growing consensus that proactive measures are needed to address AI's labour market consequences.
Stockwood's Background and Policy Priorities
The technology entrepreneur, who assumed his ministerial position in September, has held senior roles at prominent companies including Lastminute.com, Travelocity and Match.com. He oversaw the $490 million sale of online insurance broker Simply Business to US insurer Travelers in 2017 and later purchased a stake in his hometown football club, Grimsby Town FC.
Stockwood explained that part of his motivation for joining government was to help ensure Britain's workforce is adequately prepared for rapid technological change. While he has previously advocated for a wealth tax in the UK, the minister told the Financial Times he hasn't recently repeated those calls.
However, he added significant commentary about tax responsibility: "If you make your money and the first thing you do is you speak to a tax adviser to ask: 'Where can we pay the lowest tax?' we don't want those people in this country, I'd suggest, because you're not committed to your communities and the long-term success in this country."
Ministerial Context and Predecessor
Stockwood succeeded Poppy Gustafsson as investment minister, who previously served as chief executive of cybersecurity firm Darktrace before stepping down after less than a year in the position. The ministerial role focuses on attracting investment and managing economic transitions in the face of technological change.
Universal basic income remains outside official government policy, but Stockwood's acknowledgment of internal discussions suggests the concept is gaining traction as policymakers grapple with artificial intelligence's transformative effects on employment patterns and economic structures across the United Kingdom.
