The relationship between the Basic Living Standard Wage (BLSW) and the monthly prices or values attributed to Essentials or the combinations that make that value thereof, MUST always remain static, for a Fair & Balanced Society to function and for the True Economy underpinned by the Basic Living Standard to work.
Setting the exact value of the Basic Living Standard Wage, versus the End of Month value of any Essential Cost is not the most challenging issue to be faced.
In today’s terms, the Minimum Wage would have to rise or the current prices would have to fall to meet the requirement of the change either way.
Because of the emotional ties that we have to the perceived value of the £Pound ($Dollar etc), it will be practical to use another form of nomenclature or currency in order to establish the Basic Living Standard and Basis Living Standard Wage at least on a temporary basis.
Quality of life for everyone should never hinge on one name!