Reply to post: Re: "a £50/£100/£150 UBI would cost £28bn annually"

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

Anonymous Coward
Anonymous Coward

Re: "a £50/£100/£150 UBI would cost £28bn annually"

A quick back of the envelope calculation. Assume

- everyone gets UBI

- everyone gets the *lowest* amount of £50 per week,

- 52 weeks per year,

- Population of England of 55 million (65 million for the UK).

That comes to £143 billion annually (assuming a billion is a thousand million) for England (£169 billion for the UK). If one assumes that everyone get the middle amount (£100 per week) then the estimate of £28 billion is at least an order of magnitude too small.

What am I missing? Is the £28 billion how much more this will cost than all the current benefit schemes that it proposes to replace? I'm not even in the UK, but I find these number fascinating.

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