Based on these figures from the citizens income trust
The cost of implementing the unconditional basic income is £609 billion
51 million adults aged over 16 to be paid £11,375 every year = £580 billion
11 million children aged 0-15 to be paid £2,650 every year = £29 billion
The money to pay the unconditional basic income can be raised like this
Abolishing current benefits system = £204 billion
Abolish personal tax allowance and pay 50% tax on first £10,000 in income = £170 billion
Raise income tax from 20% to 50% = £232 billion
Abolishing housing benefit = £25 billion
Total raised = £631 billion
Total spent = £609 billion
Paying every adult £11,375 a year and every child £2650 a year in unconditional basic income, no strings attached, SAVES the UK taxpayer £22 billion a year.
Enough to treble the UK transport budget!
Any individual currently earning less than £29,000 a year will be financially better off
Any couple earning less than £59,000 a year will be financially better off
As a society we will thrive.