£10,000 proposed to everyone under 55 in the UK

£10,000 proposed to everyone under 55 in the UK
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We're all aware of the current economic downturn and the uncertain times ahead with Brexit. According to the Royal Society for the encouragement of the Arts, Manufacturers and Commerce, the government should give £10,000 to every citizen under 55. 

The money is believed to help citizens get through the 2020's with the money helping to support people with job changes and would be paid in two £5,000 payments over two years. Anthony Painter, director of the RSA's Action and Research Centre, said: "The simple fact is that too many households are highly vulnerable to a shock in a decade of disruption, with storm clouds on the horizon if automation, Brexit and an ageing population are mismanaged.

"Without a real change in our thinking, neither tweaks to the welfare state nor getting people into work alone, when the link between hard work and fair pay has broken, will help working people meet the challenges ahead."

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The proposed Universal Basic Opportunity Fund (UBOF), would cost around £14.5 billion a year, and would be funded by either a “modest increase” in taxes on top earners or through levies on large corporations, to create a British sovereign wealth fund. 

The report recommends the government borrows £200 billion while interest rates are “historically low” to establish the fund, which would be “potentially able to pay itself back through economic growth engendered by investment in human capability”.