Britain’s cost of living crisis was created by privatisation, which turned essentials into profit centres — universal basic services offer a
From an economic perspective, privatisation has been both a triumph and a disaster, depending on which end of the telescope you are viewing it from. Research highlights that in the 25 years following privatisation, water bills have risen by 40 percent in real terms for essentially the same service. Since the rail industry was privatised, some rail fares have increased by more than 200 percent in real terms, while season tickets have increased between 55 and 80 percent. And speaking of public transport, deregulation of bus services outside of London has seen fares increase by 35 percent and services butchered, creating a social disaster in places. At the same time, the various former nationalised industries have paid out at least £193 billion in dividends to shareholders, with the privatised water companies paying out £83 billion alone. And on top of all this, food prices roughly doubled between 1990 and 2020, and continue to outstrip inflation — food producers are not immune to increased energy costs and the like — while wages, in real terms, have largely been stagnant for the best part of 20 years. Put simply, life’s basics have become eye-wateringly expensive while at the same time, people’s pay has flatlined. And when you have a service-based, consumerist economy that depends on people having disposable income, this presents a huge problem and is an often overlooked factor in the decline of our high streets and town centres. It is no surprise that people search out cheap stuff on the internet, and the use of apps like Vinted continue to grow. Sometimes, big ideas are needed to solve big problems. And what we’re talking about with the cost of living crisis is a big problem. So what is the big idea to address it? While there has been talk about universal basic income — and it should come as no surprise that some of the tech bros have embraced the idea — you wonder if the scale of the challenge would make universal basic income unaffordable, while to some, the concept may come across as feeling a little undignified. Of course, putting money into people’s pockets is no bad thing. But there is another way, there is an alternative: make life’s basics more affordable and more efficient, in the form of universal basic services.
1st April 2026















