Reply to post: Re: Great idea, pity

Universal basic income is a great idea, which is also why it won't happen

PapaD

Re: Great idea, pity

Current welfare costs in the UK are about £253 billion a year - that's where most of this comes from - the universal income, set at £150 for pensioners, £100 for working age adults and £50 per child, would cost around 49% of the UK's income from tax. The current welfare provisions cost about 33%, so it would be more expensive - however the majority of that 315billion that it would cost would actually get spent and would circulate back to the government, increasing the annual tax income by some.

You could reduce the UBI cost to around the same as the current welfare provisions by reducing the amount - this is why people suggest that the amount would need to be calculated based on the current economy - the richer the country was, the more would be paid to everyone

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