Calculations

Government spending in 2008 was 587 / 1413 8 * 100 % = 41% of GDP.

The 2006 UK total assets were £8270 billion increasing by about 6% per year. So 2007 assets would be £8766 billion and 2008 assets would be £9292 billion.

GDP in 2008 was 1413 / 9292 * 100% = 15 % of Total UK Assets.

Government spending in 2008 was 578 / 9292 * 100% = 6.3% of total UK assets.

If the average benefit was £5000 per year for each of the 60 600 000 UK population, the cost would be £303 billion.

However, Pensions (99.8) + Education (76.7) + Welfare (90.2) = £266.7 billion, are better controlled by individuals using Benefit, and should be deducted from Government spending.

If the wealth tax was the same 2% as the current EU target inflation rate, then its take would be:

£9292 000 000 000 * 0.02 = £186 billion.

The VAT requirement for a balanced budget (£billion) is Benefit cost (303) + Government spending (578 – 266.7) – wealth tax (186) = £428.3 billion.

The average VAT rate needs to be: 428.3 / 1413 *100% = 30%.