My first full-time job was one of those Youth Training Schemes in 1991, because it was the only way I could get full-time employment. It was legalised slavery. It paid £30 a week for a 40 hour working week, at a time when the shop workers in Budgens got £3.50 an hour at 18.
Renting a room would have cost at least £40, so yes, if I'd been able to get 4x the cost of accommodation (a quarter of one's salary), that would have been amazing! Thankfully things improved, but not for many years.
I'm glad your £5 came with full board! The coffee and cheesecake must have been pretty amazing.
It would be absolutely fascinating to see how society changed if your proposals were pushed through.