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How a VAT could tax the rich and pay for universal basic income

The Congressional Budget Office just projected a series of $1 trillion budget deficits—as far as the eye can see. Narrowing that deficit will require not only spending reductions and economic growth but also new taxes. One solution that I’ve laid out in a new Hamilton Project paper, "Raising Revenue with a Progressive Value-Added Tax,” is…

       




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To lead in a complex world, cities need to get back to basics

To adapt to the growing leadership demands of a world in flux, cities need a strong grasp of the fundamentals of urban governance and finance—and an understanding of how to improve them. Since launching The Project a little more than a year ago, the world has changed in dramatic ways. Yet with power balances in…

       




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Money for nothing: Why a universal basic income is a step too far


The idea of a universal basic income (UBI) is certainly an intriguing one, and has been gaining traction. Swiss voters just turned it down. But it is still alive in Finland, in the Netherlands, in Alaska, in Oakland, CA, and in parts of Canada. 

Advocates of a UBI include Charles Murray on the right and Anthony Atkinson on the left. This surprising alliance alone makes it interesting, and it is a reasonable response to a growing pool of Americans made jobless by the march of technology and a safety net that is overly complex and bureaucratic. A comprehensive and excellent analysis in The Economist points out that while fears about technological unemployment have previously proved misleading, “the past is not always a good guide to the future.”

Hurting the poor

Robert Greenstein argues, however, that a UBI would actually hurt the poor by reallocating support up the income scale. His logic is inescapable: either we have to spend additional trillions providing income grants to all Americans or we have to limit assistance to those who need it most. 

One option is to provide unconditional payments along the lines of a UBI, but to phase it out as income rises. Libertarians like this approach since it gets rid of bureaucracies and leaves the poor free to spend the money on whatever they choose, rather than providing specific funds for particular needs. Liberals fear that such unconditional assistance would be unpopular and would be an easy target for elimination in the face of budget pressures. Right now most of our social programs are conditional. With the exception of the aged and the disabled, assistance is tied to work or to the consumption of necessities such as food, housing, or medical care, and our two largest means-tested programs are Food Stamps and the Earned Income Tax Credit.

The case for paternalism

Liberals have been less willing to openly acknowledge that a little paternalism in social policy may not be such a bad thing. In fact, progressives and libertarians alike are loath to admit that many of the poor and jobless are lacking more than just cash. They may be addicted to drugs or alcohol, suffer from mental health issues, have criminal records, or have difficulty functioning in a complex society. Money may be needed but money by itself does not cure such ills. 

A humane and wealthy society should provide the disadvantaged with adequate services and support. But there is nothing wrong with making assistance conditional on individuals fulfilling some obligation whether it is work, training, getting treatment, or living in a supportive but supervised environment.

In the end, the biggest problem with a universal basic income may not be its costs or its distributive implications, but the flawed assumption that money cures all ills.  

Image Source: © Tom Polansek / Reuters
      
 
 




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How a VAT could tax the rich and pay for universal basic income

The Congressional Budget Office just projected a series of $1 trillion budget deficits—as far as the eye can see. Narrowing that deficit will require not only spending reductions and economic growth but also new taxes. One solution that I’ve laid out in a new Hamilton Project paper, "Raising Revenue with a Progressive Value-Added Tax,” is…

       




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These basic black leggings are made from recycled water bottles

Your favorite clothing item just got even better. These new leggings from Girlfriend Collective tick all the boxes when it comes to eco-friendly and ethical production.




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Everyone is ignoring the most interesting result from Finland's basic income experiment

Giving out money revealed something that flew in the face of a common American philosophy.




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Meet Pact, maker of the greatest organic cotton basics

This is where your next pair of underwear needs to come from.




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Learn basic bike repair with these 9 DIY videos

Keeping your bike in tip-top shape means regular maintenance, preventative measures, and the occasional on-the-road quick fix.





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Lesko: The COVID-19 pandemic has basically been a gift to Amazon

Tim Lesko of Granite Investment Advisors says it's hard to imagine a better backdrop for Amazon, with the surge in online sales during the virus outbreak, and as for Apple, expectations weren't very high for iPhone sales this year, even before the pandemic.




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Warren Buffett says the economy will overcome coronavirus: 'Nothing can basically stop America'

Warren Buffett said he is optimistic that the U.S. economy will re-emerge even after being dealt a body blow by the coronavirus pandemic.




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Op-Ed: Advisors need to help clients get back to basics during this volatility

While financial advisors must continue being proactive in helping clients maintain financial well-being during the coronavirus pandemic and downturn, the most effective advisors are managing their clients' emotional well-being, as well.





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Universal basic income seems to improve employment and well-being

Finland’s two-year test of universal basic income has concluded that it doesn't seem to disincentivise working, and improves recipients’ mental and financial well-being




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Kuldeep Yadav: Was lacking in basics last season

India spinner Kuldeep Yadav says he was "lacking in the basics" last season owing to playing one too many games, leading to an IPL that could have been better than how it turned out. He said he didn't plan enough last time and having learned his lesson, the chinaman bowler was "100 percent sure of success" in IPL 2020 whose fate hangs in balance because of the COVID-19 pandemic. "I was fully prepared for this IPL 2020 and I had planned a lot. I was 100 percent sure that this IPL would be a success," Kuldeep was quoted as saying in Kolkata Knight Riders website. Asked about last season, Kuldeep spoke about why he struggled to get going.

"When I came into IPL, I didn't give myself enough time to train. The biggest learning from 2019 was that I did not plan for the season. "There was a lot of cricket in 2019, especially international cricket. I joined the team just three days before the IPL started. So the planning wasn't good. The involvement wasn't good either. And that is very important," he said. "I don't think the last IPL was all that bad for me. I bowled very well. But a leg-spinner's success is based on the number of wickets he picks. I didn't manage to pick many wickets, but my economy was good." The lack of wickets dented his confidence, the spinner said. "When you don't pick wickets your confidence drops a bit. Then there was a game where I went for a lot of runs. So my confidence level dropped," Kuldeep admitted.

"I was lacking in the basics. Playing a lot of cricket affects your basics. "If you are in regular touch with your coach then your basics won't be affected." He heaped praise on former KKR captain Gautam Gambhir and bowling consultant Wasim Akram, saying they had a "big influence" on his career in his early years at the Knight Riders. "Gauti bhai (Gambhir) had a huge influence on me from the start of my stint at KKR. He always spoke to me a lot. Not only during the time he was at KKR, but even after that, over these last two years," Kuldeep said.

"He always kept me motivated. When you get that kind of confidence from your captain, it becomes a huge plus point for any player. It helps you remain confident, and that translates into good performances." The chinaman bowler said former Pakistan captain Akram helped him more with the mental aspect of the game. "Wasim sir used to like me a lot too. He didn't speak much about bowling, but he prepared me a lot in terms of mentally taking on the game. "He prepared me to take on different situations in different ways, and taught me how to react when batsmen put you under pressure," said Kuldeep. "When he was at KKR, I used to sit with him and pick his brain a lot. I used to sit next to him in the dugout during matches and ask questions about real-time situations."

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Mumbai: 73 Palghar villages give up their land in return for basic amenities

After months of stiff resistance to the high-speed train, villagers in Palghar finally took the bullet for their community. In return for their land, the bullet train authorities have not only promised the residents of 73 hamlets handsome compensation, but will also give them long-pending basic facilities, such as hospitals, schools and water supply.

This is the first time the authorities are using such a tactic to acquire land for government projects. Since June, the villagers have rebuffed all attempts to persuade them to get on board with the project, despite promises of hefty compensation. But when the authorities decided to ask individual land owners what they wanted, most of them demanded basic facilities that would benefit the entire community, which they had long been deprived of.


Authorities built a medical centre and school in pre-fabricated pods

Basic needs met
The locals' needs were simple enough - hospitals, schools, water - and easy to address. The National High Speed Railway Corporation Limited (NHSRCL) used shipping containers and train coaches set up the first two requirements at a cost of just R5 lakh per container, and around R4 lakh per year for salaries. The team is also looking at providing schools. The existing school at Dahanu is being upgraded, and the NHSRCL will ensure that it is staffed.

At Virathan Khurd, a medical facility was built in one of these pre-fabricated pods. At Silte village, the dilapidated health centre is being upgraded and converted into a permanent hospital. Dahanu's civic body will supply doctors and nurses who will visit the villages twice a week.

"Another health centre will be set up in a container at Silte. We are also planning to deploy a mobile health unit once a week in every village with the help of the local  civic body," said Dhananjay Kumar, NHSRCL spokesperson.

On Saturday, Railway Board chairman Ashwani Lohani will visit the villages to inaugurate the facilities. As for the water supply, the authorities will explore the possibility of tapping groundwater. If it is not feasible, then alternative arrangements will be made, said sources.

Everyone wins
This novel approach to appeasing project-affected people (PAPs) was born out of equal parts necessity and empathy. The Mumbai-Ahmedabad bullet train project requires a total of 350 hectares of land in Maharashtra alone, and the lion's share of this land is in Palghar (221 ha). Of the 104 affected villages in the state, 73 are in Palghar tehsil. The resistance from these villagers threatened to derail the project from its 2022 deadline.

"The village sarpanchs have now authorised only a select set of people whose land is actually affected, and only they and the representatives of the sarpanch's office can deal with the land issues. No outsiders are allowed to deal with the NHSRCL teams," said Kumar.

"During conversations with the villagers and the sarpanch, they showed us a new road and other developmental projects for which the authorities had taken land from them. They said that despite these new projects, their village's condition had not improved. They lamented that they did not even have a hospital, and they had to travel far for medical attention," said the official.

"Our teams held extended discussions with the locals and made a list of all their requirements. We prioritised their needs and fixed them one by one, after which the villagers realised that we were serious about their welfare," he added.

All this is in addition to the compensation to be given to the land owners. "We are giving compensation at five times the value of the land, and an additional 25 per cent of the value to those who have willingly consented to the land acquisition in Maharashtra and Gujarat," said Kumar.

Sarpanchspeak
Speaking to mid-day, Dilip Bhoir, sarpanch of Silte village, confirmed: "The bullet train officials have indeed been working for our welfare. We gave them a list of our needs, and accordingly, they are upgrading the medical units. We have strictly told them not to get in touch with anybody except the affected land owners. This way, there will be no political interference or unnecessary activism."

Also Read: NHRCL: Mumbai-Ahmedabad bullet train fares likely between Rs 250 and Rs 3000

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates





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COVID-19: Devoleena Bhattacharjee adopts two families, will take care of their basic needs

A lot of Bollywood and Television celebrities came forward to contribute to the PM-CARES Fund and did their best to help people financially. Bigg Boss fame Devoleena Bhattacharjee has done something beyond. She not only contributed to the fund but has now adopted two families and will be looking after their needs and necessities amid the Coronavirus outbreak.

Taking to Twitter, one of the fan-clubs of the actor even thanked her for this wonderful gesture and move that should inspire everyone. And in case you also happen to be a fan of the actress, this tweet is for you:

Have a look right here:

To shed some more light, these two families are the families of the wage workers since these are the people that are affected the most during this lockdown. Their earnings have gone for a toss and so has their livelihood. And in case you forgot, she and her fans also helped a pregnant lady reach the hospital on time during this lockdown period. Way to go!

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

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Deaf-mute protesters fighting for basic rights lathi-charged by police

For the past five years more than 16 lakh speech and hearing-impaired people from across the state have been fighting for their basic rights, but the government seems to be completely oblivious of their concerns. So much so, that when thousands of them gathered outside the state social welfare department on Monday to get a response on their 16-point charter of demands, cops resorted to lathi-charge, which they claim was a 'mild' one.

Manoj Patwari, president of the State Level Association for the Deaf, which had organised the protest, said, "We have been demanding our rights for the past five years. There are schools only till Std VII for deaf and mute people, limiting the scope of education. They do not have designated colleges either. Even job opportunities are limited as compared to those for the visually impaired and other physically disabled people. The certificates given are also bogus."

Speaking through interpreter Atiya Hajee, some of the injured protesters said, "We arrived at the spot around 9 am, and had given time to the department till 2 pm to respond. The cops had barricaded us the way animals are kept in a zoo. When one of us tried to get up, he fell on a barricade and accidentally hurt a police officer. Without even understanding the situation, the cops started beating us with rods."

Senior Inspector M M Mujawar of Bund Garden police station said, "One of them had climbed onto a platform of the administration building and was trying to provoke the agitators through sign language. We were just hitting on the ground with lathis to scare them away. We didn't hurt anyone." He added, "One of the protesters asked the others to go towards the cops. Suddenly about 2,000 of them came forward. That is when we resorted to mild lathi-charge. To bring the situation under control, we had detained some of them, but they were later released." MNS Chief Raj Thackeray, who rushed to Pune, said, "I condemn the incident. The cops who provoked other officers and ordered such action should be punished. It's bad that no one from the government visited the spot."

Member of parliament and NCP leader Supriya Sule, who also visited the spot, said, "This is highly condemnable. The protesters should get their basic rights under the Constitution." Meanwhile, Minister of State for Social Justice Dilip Kamble spoke to the protesters over phone and asked them to withdraw the agitation. He asked five of them to go to Mumbai. However, the agitators have decided to continue with the protest till their demands are met.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates





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Homeless People in UK are Denied Basic Healthcare Services

Homeless people living in the United Kingdom are denied primary access to UK health services, reveals a new study published in the iBritish Journal of General Practice/i.




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Babies Understand Grammar Basics

At 8 months, babies were found to understand and master the grammar basics of their mother tongue, stated new research. Functors are frequently encountered




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Canada Exports of Basic Chemicals

Exports of (bop) - Basic Chemicals in Canada increased to 545.30 CAD Million in March from 512.60 CAD Million in February of 2020. Exports of (bop) - Basic Chemicals in Canada averaged 441.79 CAD Million from 1988 until 2020, reaching an all time high of 1007.30 CAD Million in June of 2007 and a record low of 160.90 CAD Million in November of 1991. This page includes a chart with historical data for Canada Exports of (bop) - Basic Chemicals.




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Canada Exports Basic Chemicals And Industrial Chemical Products

Exports (Bop) - Basic Chemicals And Industrial Chemical Products in Canada decreased to 1423.40 CAD Million in March from 1587.20 CAD Million in February of 2020. Exports (Bop) - Basic Chemicals And Industrial Che in Canada averaged 1114.09 CAD Million from 1988 until 2020, reaching an all time high of 2146.90 CAD Million in July of 2008 and a record low of 287.30 CAD Million in December of 1989. This page includes a chart with historical data for Canada Exports of (bop) - Basic Chemicals And Industrial.




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Canada Exports Basic&Industrial Chemical, Plastic Products

Exports (Bop) - Basic&Industrial Chemical, Plastic Products in Canada decreased to 2611.80 CAD Million in March from 2750.50 CAD Million in February of 2020. Exports (Bop) - Basic&Industrial Chemical, Plastic in Canada averaged 1988.89 CAD Million from 1988 until 2020, reaching an all time high of 3322.70 CAD Million in July of 2008 and a record low of 492 CAD Million in December of 1989. This page includes a chart with historical data for Canada Exports of (bop) - Basic&industrial Chemical, Pla.




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Canada Imports Plastic&Rubber Basic Products (Except Resins)

Imports (Bop) - Plastic&Rubber Basic Products (Except Resins) in Canada increased to 367.10 CAD Million in March from 338.50 CAD Million in February of 2020. Imports (Bop) - Plastic&Rubber Basic Products (Exc in Canada averaged 291.79 CAD Million from 1988 until 2020, reaching an all time high of 431.50 CAD Million in January of 2016 and a record low of 113.10 CAD Million in July of 1988. This page includes a chart with historical data for Canada Imports of (bop) - Plastic&rubber Basic Products.




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Why would a universal credit be better than a basic income for Finland?

In Finland, as elsewhere, income taxation and the withdrawal of benefits reduce the pay-off for individuals who go from benefits to work.




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Basic income or a single tapering rule? Incentives, inclusiveness and affordability compared for the case of Finland

This paper compares Finland’s benefit system with two benefit reform scenarios: a uniform benefit for all ("basic income") and a universal tapering rule ("universal credit").




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Italy Imports: Manufacture Of Basic Iron & Steel & Of Ferro-Alloys

Imports: Manufacture Of Basic Iron & Steel & Of Ferro-Alloys in Italy increased to 1226.33 EUR Million in January from 856.55 EUR Million in December of 2019. Imports: Manufacture Of Basic Iron & Steel & Of Fe in Italy averaged 834.02 EUR Million from 1991 until 2020, reaching an all time high of 2156.30 EUR Million in September of 2008 and a record low of 90.60 EUR Million in August of 1991. This page includes a chart with historical data for Italy Imports of Manufacture of Basic Iron & Steel & Of.




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Italy Imports of Basic Chemicals

Imports of Manufacture of Basic Chemicals in Italy increased to 2986.21 EUR Million in January from 2222.94 EUR Million in December of 2019. Imports of Manufacture of Basic Chemicals in Italy averaged 1997.30 EUR Million from 1991 until 2020, reaching an all time high of 3955.20 EUR Million in May of 2007 and a record low of 281.80 EUR Million in August of 1991. This page includes a chart with historical data for Italy Imports of Manufacture of Basic Chemicals.




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Robots To Eat All The Jobs? Hackers, Policy Wonks Collaborate On A Basic Income Createathon This Weekend

In the face of rising U.S. income inequality and concerns about job loss to automation, some of Silicon Valley’s best-known names including Y Combinator’s Sam Altman have spoken up in favor of a universal basic income that would give people a baseline standard of living in an economy that may not be able to produce […]




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Louis Smith goes back to basics for a gritty shoot revealing the punishing nature of sport

He is a triple Olympic medallist for gymnastics - but new heartthrob Louis Smith has warned against underestimating the sport




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Design your resume with a basic font and cover letter to land a job

Hiring managers spend merely six seconds on each resume.According to resume experts, HR professionals don’t read resumes that are without a cover letter. From the recruiter’s perspective, the key details a resume should have are the applicant’s work experience, achievements, education and skills.According to Indeed, the resume should be built with font size between 10 and 12 points.A resume is the first round of an interview process, and most applicants are unfortunately rejected at this stage.Hence, crafting a good resume and cover letter is the first essential step to land a job. From a recruiter’s perspective, it should include the applicant’s work experience, achievements, education and skills.What are the ‘Keywords’According to the employment search platform Indeed, a well-crafted resume




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Xbox lead Phil Spencer says the industry will start to see the impacts of coronavirus in early 2021, as some crucial aspects of video game production have 'basically stopped'

The video game industry has enjoyed record profits amid the spread of the coronavirus, as millions of people sheltering in place turn to gaming for entertainment.Huge game releases like "Animal Crossing: New Horizons" and "DOOM Eternal" enjoyed larger than expected launches, and upcoming games like "The Last of Us: Part II" and "Cyberpunk 2077" have brewed excitement.Moreover, new game consoles like Sony's PlayStation and Microsoft's Xbox are expected this holiday season. But the game industry is bound to see an impact from coronavirus — just not yet. "Through the summer, early fall? I feel pretty good about those games," Xbox head Phil Spencer told Business Insider in an interview. "Games that were targeting a year from now or beyond? There'll be some impact, but they'll be able to react."Visit




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Scarlett Johansson says she's 'basically made a career out of being second choice' 

'Since a very young age, I've been rejected constantly,' said Scarlett, who topped Forbes' list of top-earning Hollywood actresses last year.




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MAFS' Jessika Power breaks her silence after gatecrashing the Logies with co-star Ines Basic

Jessika Power and Ines Basic were the most controversial stars at this year's Logies.




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MAFS' Ines Basic and Elizabeth Sobinoff come face-to-face at Logies

Ines Basic stole Elizabeth Sobinoff's 'husband' Sam Ball on Married At First Sight. 




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Bachelor star Keira Maguire SLAMS MAFS' Jessika Power and Ines Basic for gatecrashing the Logies

The Bachelor's Keira Maguire has sparked a feud with Jessika Power and Ines Basic, after the Married At First Sight 'bad girls' gatecrashed the Logie Awards on Sunday. 




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Logies 2019: MAFS' Jessika Power and Ines Basic gatecrash the ceremony

It may have failed to win any awards, but Married At First Sight was the talk of the Logies on the Gold Coast on Sunday night. 




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MAFS' Ines Basic recycles Logies 'shirt dress' while stepping out in LA

Ines Basic flew to Los Angeles this week with a group of fashion influencers for the launch of Booby Tape, a brand of breast lift tape.




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Former MAFS villain Ines Basic announces return to reality TV

She's arguably one of the biggest villains to ever grace Australian reality television. 




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Princess Anne insists younger royals should go 'back to basics' in Vanity Fair interview

The Princess Royal, 69, told Vanity Fair that she is a 'fuddy-duddy' who puts value in the tried and tested approach to philanthropy, while younger royals want 'new ways' of doing things.




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Coronavirus UK: An anonymous Championship manager says he fears most for youngsters on basic wages

In the Championship, things are not always simple. Players are under pressure from the public to take cuts, but it's not easy, as the discrepancy between what lads earn at this level can be huge.




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NASSER HUSSAIN: Back to the basics pays off for Joe Root... as England show signs of promise

NASSER HUSSAIN: The real challenges will come with India next winter and Australia the following one, but this comfortable 3-1 series win represents the green shoots of recovery for Joe Root's England.




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DOMINIC SANDBROOK: My plan to save the BBC? A cheap licence for the basics

DOMINIC SANDBROOKE: This week, as Culture Secretary Nicky Morgan launches a 'consultation' to discuss the licence fee, the BBC's future genuinely seems more uncertain than ever before.




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Basic income 'unsustainable' despite mental health benefits

2,000 unemployed people were given a €560 (£490) handout every month in a two-year trial, but Finland's PM Sanna Marin (pictured) does not plan to introduce such an income.




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Angela Merkel will approve so many side agreements the UK will leave with 'basically a Brexit deal'

Julian Reichelt, editor-in-chief of Germany's most popular newspaper Bild, predicted agreements amounting to 'basically a deal'. He said the Chancellor would be 'giving in but not giving in'.




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5 Seconds of Summer struggle to understand basic 'Aussie slang' in internet challenge video

All four members of the Australian band 5 Seconds of Summer (5SOS) grew-up Down Under. 




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Back to basics for fancy Dan: Biggar and Co. face toughest test in Dublin as Wales take on Ireland 

Wales and their fly-half might have been the fancy Dans last week against Italy, but it will be back to basics for Biggar & Co in Dublin on Saturday.




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AI researcher had to remove basic grammar tools to get software to understand Donald Trump

The developers of a speech recognition bot assigned to analyze the public statements of politicians hit a major stumbling block when it tried to make sense of Donald Trump.




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Struggling to go beyond the basics


Sikkim leads the nation in per-student expenditure by quite some distance, but bureaucratic hurdles to progress common elsewhere are to be found here too. Himanshu Upadhyaya reports.




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SBI Cuts Benchmark Lending Rate by 15 Basic Points, New Special Deposit Scheme For Senior Citizens

Under this new product, an additional 30 basis points premium will be payable for senior citizen's retail term deposits with "5 Years & above" tenor only.