How would it affect me?
How transition would affect individuals depends critically on the path that is chosen. Its implications for a wide range of families, and the distributional impact on the whole population, would need to be extensively modelled so that the chosen path is one that does no harm to the poorest.
But to get a sense of what an established stewardship economy might be like, let us indulge in a thought experiment. Suppose stewardship is introduced overnight into the UK, leaving the current tax-benefit system in place and government spending unchanged:
As a very rough approximation take the value of the home that you own; divide this by 20 to give an approximate annual market rent of the whole property and divide this by three to give you an approximate annual market rent of the land. So if you own a home currently valued at £180,000, your annual stewardship fee would be, very approximately, £3000 – less in areas of low land value where land makes up a smaller proportion of the value, and more in areas of high land value. It would be zero if you were renting.
How much would the Universal Income be?
Taking land values at 2007 levels, stewardship fees would total around £180 billion per year (The What Supplement: Annex A). Distributed on an equal per capita basis this would provide about £56 per week (approximately £2900 per person per year); or alternatively it could provide £50 per week for children , £40 per week for adults of working age and £100 per week for the over-65s (The What Supplement: Annex B). That would be in addition to existing benefits.