National Insurance contributions explained | IFS Taxlab
WEBNational 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.
IFS | Institute for Fiscal Studies
WEBIFS is the UK’s leading independent economics research institute. We analyse and inform economic and policy decisions with academic rigour and absolute independence.
Where does the government get its money? - Institute for Fiscal …
WEBMost UK government revenue is from tax. In 2023–24, total UK government revenue is forecast to be £1.06 trillion, or 41% of gross domestic product Gross domestic product (GDP) is a measure of an economy’s size. It is the monetary value of all market production in a particular area (usually a country) in a given period (usually a year).
Your household's income : Where do you fit in?
WEBAug 22, 2022 · The income that a household needs to attain a given standard of living depends on its size and composition. So, to compare your household income with that of the rest of the population, we first need to know the number of adults and dependent children living in your household.
Living standards, poverty and inequality in the UK
WEBJul 25, 2024 · How have incomes changed over time? We measure household income by adding up different sources of income such as earnings from employment or self-employment, benefits, pension income and interest from savings, and then deducting taxes (income tax, National Insurance contributions, and local taxes, e.g. council tax).. We adjust incomes with inflation to show real incomes in 2022-23 prices and ...
What does the government spend money on? - Institute for Fiscal …
WEBHealth spending is growing. The major trend of the past 70 years has been a steady increase in the share of national income devoted to government spending on health and a corresponding decrease in the share of national income devoted to defence.
Income and wealth inequality explained in 5 charts
WEBNov 9, 2022 · The IFS Deaton Review of Inequalities trends in income and wealth inequalities chapter documents how economic inequalities have changed over the last sixty years, and how experiences have varied for different groups.. The chapter emphasises the need to look not only at traditional measures of income inequality, but also at the role of wealth relative to income.
The future of the state pension | Institute for Fiscal Studies
WEBDec 13, 2023 · Executive summary. In this major report of the Pensions Review, led by the Institute for Fiscal Studies in partnership with the abrdn Financial Fairness Trust, we consider the role of the state pension in the UK pension system, analyse the key challenges for future generations of pensioners and set out …
The UK education system preserves inequality – new report
WEBSep 13, 2022 · Your education has a huge effect on your life chances. As well as being likely to lead to better wages, higher levels of education are linked with better health, wealth and even happiness.It should be a way for children from deprived backgrounds to …
Reports - Institute for Fiscal Studies
WEBReports draw on our expertise and original research findings to take an in-depth look at issues relevant to government policy.