Anthony Painter discusses the state of 21st century economic insecurity and why work alone is not enough to keep it at bay.
Economic insecurity is one of the major forces shaping the country and the wider world. It is impossible to understand transformative events such as the global recession, austerity and Brexit without appreciating the ways in which volatility has become a defining feature of many of our lives – including those of us that had in the past enjoyed stability and upwards mobility.
Economic insecurity isn’t just about finances or the jobs that people have, although those are important dimensions of it. It is as much a sociological, psychological and health phenomenon as it is an economic one: and public policy and the welfare state have a critical role to play in understanding and addressing it. As part of the ‘People’ strand of our strategy, our work on economic insecurity explores key questions including:
- The links between economic insecurity and key areas of public services, including housing, health and the welfare state
- The transformations needed to our public service and welfare settlements to promote economic security, for example universal basic income
- How inclusive growth can deliver economic security