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Labour's John McDonnell has declared he is "deeply interested in the concept" of paying every British person a basic income.

The Shadow Chancellor made the remarks at the World Economic Forum in Davos, where he gave a speech telling the global elite to be more ethical and pay their taxes.

Universal Basic Income has been backed by millionaire Elon Musk as a way of preventing huge inequality when jobs are taken by robots.

"We're considering it, we've got a working group," Mr McDonnell said. "And that will bring forward reports for consultation.

"We're encouraging wherever possible experiments as well as pilots. We'll be learning from the pilots that have already.

(Image: TASS)

"I know in Scotland, there's a big interest in launching pilots there.

"There's a big debate around basic income or basic services and we'll encourage that debate."

He added "real exploitation" of "cleaners on two or three jobs" had created a precarious situation of "insecure work".

And displacement of jobs due to robots was already happening, Mr McDonnell said.

(Image: Getty)

He added: "Having a basic income would give people security, but also even in transitional phases in their life, would give them security as well.

"So I think it is worth examining.

"We'll bring forward our proposals, hopefully there will be more pilots on that. But I am, yeah, I am deeply interested in the concept".

Mr McDonnell also faced tough questions on Venezuela's collapse - but claimed the country simply "took a wrong turn".

The socialist country faces food shortages and street protests prompted by an economic crisis.

Yet its social policies "would have been successful if they had actually mobilised the oil resources to invest in the long-term," Mr McDonnell claimed.

(Image: REUTERS)

He added: "They should have learned the lessons of the UK, we squandered our oil resources as well, we allowed private profit to take the benefits of that."

He also claimed Venezuela's was "not a particularly effective path and not a socialist path".

The Tory government has already crushed calls for a Universal Basic Income to protect Brits against the rise of the robots.

Work and Pensions Secretary David Gauke said it is a "hand-out not a hand-up" and a "retreat from the future".