Pervasiveness of universal basic income initially quite restricted by yen (8)
I believe the answer is:
ubiquity
'pervasiveness' is the definition.
(I've seen this in another clue)
'universal basic income initially quite restricted by yen' is the wordplay.
'initially' says to take the initial letters.
'restricted' means to remove the last letter (restricted can mean limited or reduced).
'by' says to put letters next to each other.
'yen' becomes 'y' (resembles the symbol for the currency of Japan).
The first letters of 'universal basic income' is 'ubi'.
'quite' with its last letter taken away is 'quit'.
'ubi'+'quit'+'y'='UBIQUITY'
'of' acts as a link.
(Other definitions for ubiquity that I've seen before include "Omnipresence" , "Universality" , "State of being widespread or everywhere" , "Existence everywhere at the same time" , "appearing everywhere" .)