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Tory London mayor hopeful says basic income would be used for 'lots of drugs'

Shaun Bailey tells London Assembly the universally-paid sum would be misused by citizens
The Conservative candidate for London mayor, Shaun Bailey, has been criticised for arguing people paid a universal basic income (UBI) would blow the money on “lots of drugs”.
Liberal Democrats and Green party on the London Assembly have been pushing for a trial of the UBI scheme, in which the state would grant all citizens a set sum of money on a regular basis, regardless of economic status.
However, speaking to the Assembly’s economy committee on Tuesday, Bailey said the idea needed to take “human condition” into account.
He said: “I’ve been a youth worker for over 20 years. I know some people would absolutely fly if you gave them a lump sum to deal with every week. I know some people who would buy lots of drugs. So where is the care in this, where is the care for the person? How do you get past just universally giving people money?”
Bailey also questioned whether it could “drive prices up for basic goods when we know people could just buy them because the money’s there”. He added he was “concerned about work incentive” and a UBI was not clearly defined.
Also in the hearing was Simon Duffy, the founder of the Centre for Welfare Reform thinktank, who told Bailey it was an “extraordinary claim”. He said: “I’m sure the people spending most of the money are not the poor – they’re the well-off. It’s your City traders and their cocaine habits. Where’s the love for them?”
The Labour MP Wes Streeting said Bailey’s comments had “shown his utter contempt for hard-pressed families”. He said: “He has proven once again that he does not share London’s values.”
The comments are the latest in a series of controversial remarks by the Tory candidate that have made headlines during the campaign. Last week, he was criticised for an interview with the Sun in which he said teenage mothers pushed people who “do the right thing” down the housing ladder. He has also suggested that homeless Londoners could save up a £5,000 deposit for a mortgage.
Labour has called for the Crown Prosecution Service to investigate his publication of leaflets headed with fake City Hall insignia, accusing them of employing a “fraudulent device” to gain undue influence, as described by the 1983 Representation of the People Act.
Bailey, trailing in the polls, is preparing to face the incumbent London mayor, Sadiq Khan, in leadership elections on 6 May. Khan has previously expressed that the UK should explore ideas like UBI, saying last year that it “is gaining support around the world and would ensure everybody can at least survive.”
A spokesperson for Bailey’s campaign said: “Shaun Bailey has over twenty years of experience as a youth worker. He’s been homeless and he’s been out of work. So Shaun won’t take any lectures from career politicians on what life is like for those struggling to get on.
“Instead of scoring political points, Shaun Bailey is focused on building a city where every resident in every community can thrive – and he’s using his two decades of experience as a youth worker to deliver a fresh start for London.”
source: Lucy Campbell
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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