To bring parity or income equality to all, isn’t to ensure that everyone is being paid the same to do the same job. It is to ensure that the lowest paid are able to function self-sufficiently, without any kind of additional support.
Attempting to define what the UBW would be in today’s terms is of course possible. But the rate that it would be, would be higher than any business leader or politician would be prepared to consider. Because they would see that wage being in terms of what the financial or price levels in the UK at the present time now are.
They would also assume that in order to accommodate such a change, they would then be forced to raise the prices of everything, so that their own margins and way of operating remain relative on par – and in real terms just the same.
This is why the price correction (rather than reset) that we have already discussed is an essential part of the mix. So that the way that we price and value goods and services – or rather the way we allow them to be priced and valued, is brought back to a correct level in monetary terms (where prices are no longer ludicrously inflated).
Once the price correction has been implemented and legislated for as it should be, we then have the technical and policy devices in place to ensure the regulatory measures exist that move the focus of all transactions away from the bottom line, to being about the quality of the experience that every transaction provides.
It is at this stage that the rate for UBW can be set, based proportionally against the cost of a Basic Living Standard, relative to true cost and the amount that must be earned by the lowest paid for the equivalent of a full working week.
The aim of the economy should always be to provide all of the goods and services that the people and businesses that operate within it need. Its aim should never be focused primarily on what people want, and it should certainly never be driven by the whims of just the selfish few.
To ensure that the UBW can not only exist, but then be maintained, it will be essential that certain goods and services have their pricing levels corrected and then maintained. These ‘essential’ goods and services should be provided and supplied by entire supply chains that operate within the exact same set of rules.
Suppliers of these essential goods should always have the option to provide the same offerings in a more ‘luxurious’ form, but this process itself should never come at the cost of the quality or experience of what they offer to end users in the essential form.
As envy or seeking to make others envious is a critical driver of the problems that we already face, no supplier should only be able to focus solely on the production or supply of luxurious goods or services, if indeed an essential form of those goods or services exists.
The provision of essential goods and services that are accessible to everyone must always come first.