How do we fund a universal basic income?

A universal basic income is the radical idea that every person receives regular payments by the state to guarantee a minimum standard of living.

Proponents of a universal basic income cite studies done across the world as to the positive benefits of the idea. Better public health, higher education, a safety net that allows people to otherwise take risks, as well as reduce the administrative overheads of means tested welfare.

Critics of the scheme suggest that it would lead to reduction in motivation to partake in the workforce (which has so far not been borne out through trials), or that it is simply too expensive compared to means-tested welfare.

This calculator exists to let you determine for yourself if you think a universal basic income is affordable. It includes government spending for the UK, and lets you set a value for UBI as well as income tax bands to try and balance the budget. Of course, caveats apply, as other levers for raising tax revenue are not considered, nor is any other changes in government spending. But figure out for yourself if UBI is affordable!

Loading...