TOOL · GROSS COST

How much would a basic income cost in United Kingdom?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Country

Adult population 56,596,211child population 11,929,789year 2023World Bank WDI

Monthly amount per adult

Monthly amount per child

GROSS ANNUAL COST

600,587 million

in GBP£600,586,612,800

Equal to 21.8% of reference GDP

Population covered: 68,526,000 people

Adults: 56,596,211 × £800 × 12 = £543,323,625,600

Children: 11,929,789 × £400 × 12 = £57,262,987,200

£543,323,625,600 + £57,262,987,200 = £600,586,612,800

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $3,420,796,653,789 · World Bank WDI

Currency GBP · exchange rate 0.8045 GBP/USD (2023)

Converted cost $746,497,910,509 for the GDP share.