National Insurance contributions explained | IFS Taxlab
National Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise just under £170 billion in 2024–25 – around a sixth of all tax revenue. They are paid by employees and the self-employed on their earnings, and by employers on the earnings of those they employ. Up to a certain threshold, earnings are free of NICs.
IFS | Institute for Fiscal Studies
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Income and wealth inequality explained in 5 charts
Nov 9, 2022 · Here are 5 charts that explain what we have found. 1. Income inequality in the UK increased substantially over the 1980s but has been more stable in recent decades. Since 1961, the evolution of disposable household income [1] inequality in the UK can be divided broadly into four phases, illustrated by Figure 1.
Where does the government get its money? - Institute for Fiscal …
In 2023–24, total UK government revenue is forecast to be £1.06 trillion, or 41% of gross domestic product (GDP). The primary source of revenue is taxation, which is forecast to raise £950 billion in 2023–24, or 37% of GDP – equivalent to around £17,200 for each adult living in the UK. A little over £100 billion of government revenue ...
The UK education system preserves inequality – new report
Sep 13, 2022 · However, our new comprehensive study, published as part of the Institute for Fiscal Studies Deaton Review of Inequalities, shows that education in the UK is not tackling inequality. Instead, children from poorer backgrounds do worse throughout the education system. The report assesses existing evidence using a range of different datasets.
Living standards, poverty and inequality in the UK: 2022
Jul 14, 2022 · It increased from 27% in 2013–14 to 31% in 2019–20, the same level as in 2007–08. This means that low-income families with children slipped further behind those on average incomes during the recovery from the Great Recession. In 2019–20, 4.3 million children were in relative income poverty, compared with 3.7 million in 2013–14.
Living standards, poverty and inequality in the UK: 2023
Jul 13, 2023 · Living standards and inequality. 1. Average (median) disposable household income before deducting housing costs rose by 0.5% in 2021–22, but remained 1.2% lower than its pre-pandemic level. The relatively muted increase in 2021–22 reflected a 4.8% rebound in nominal incomes being largely offset by a sharp rise in inflation.
What does the government spend money on? - Institute for Fiscal …
In 2022–23, government spending was almost £1,200 billion, or around 45% of GDP. Health spending is a growing share of the total. The government spends huge amounts of money each year on our behalf. In 2022–23, UK government spending was almost £1,200 billion, or around £17,000 per person. This was equivalent to around 45% of GDP.
Living standards, poverty and inequality in the UK
Jul 25, 2024 · Living standards, poverty and inequality in the UK: 2020. report. This report examines how living standards – most commonly measured by households’ incomes – were changing in the UK up to approximately the eve of the current COVID-19 crisis, using the latest official household income data covering years up to 2018–19.
The future of the state pension | Institute for Fiscal Studies
Dec 13, 2023 · Compared with increasing the state pension in line with average earnings, we project that the triple lock could reasonably be expected to cost anywhere between an additional £5 billion and £40 billion per year in 2050 in today’s terms, equivalent to between 0.2% and 1.6% of national income.