Pay every adult an Unconditional Basic Income of £11,375 a year.
Responsible department: Department for Work and Pensions
How we propose to fund this unconditional basic income. The fully costed figures.
Scrap current welfare and pensions budget raises £6375 per UK adult.
Scrap the tax free personal allowance and raise income tax to 50% raises at least another £5000 per UK adult.
Then pay every UK adult a tax free unconditional basic income of £11375 a year instead and it also means anyone who takes additional paid work will always be better off, solving the “benefits trap” problem.
It is also possible to replace income tax with the land valuation tax while raising the same amount in tax revenue.
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