£10K for everyone aged under 55 - Economics of a Universal Basic Income

One of the big ideas of the time is the notion of a Universal Basic Income (UBI). In this case, the Royal Society for the Arts (RSA) is proposing that the government should offer each under 55 year old a £10,000 basic income, but in accepting it, any individual concerned would lose their tax allowances.

It's an interesting idea, largely because it challenges our notions of the purposes of benefit, and the role of the State. There's also the question about whether it's affordable or not.  I can see both benefits and drawbacks and haven't made my mind up as to whether it's a good thing or not yet.