Innocuous5 Jul 2021 21:20
Not harmful - or offensive
Source : https://researchbriefings.files.parliament.uk/documents/CBP-8513/CBP-8513.pdf
Summary
UK government raises over £820 billion a year in receipts – income from
taxes and other sources – equivalent to around 37% of national
income, as measured by GDP. The majority are from three main sources:
income tax, National Insurance contributions (NICs) and value added tax
(VAT). Together these raise over £470 billion.
Recent trends
Between 2007/08 and 2009/10 receipts fell by around 1% of GDP,
following the financial crisis and recession of 2008 and 2009. Receipts
have since increased and have exceeded 37% of GDP for the past four
years. Receipts were last consistently above this level in the mid-1980s.
Receipts from VAT and NICs are larger in 2019/20, relative to the size of
the economy now than they were in 1999/00. Income tax and
corporation tax receipts are relatively smaller than they were in 1999/00.
Since the late 1990s receipts from stamp duty on property transactions,
capital gains tax and council tax have all grown noticeably faster than
the economy. Fuel duties and tobacco duties have declined.
Coronavirus: impact on 2020/21 receipts
The coronavirus pandemic is having a significant effect on receipts.
Receipts have fallen as there has been less economic activity and
because the Government has given tax breaks to support the economy.
In November 2020, the Office for Budget Responsibility (OBR) forecast
that receipts could be around 7% lower in 2020/21 compared with
2019/20, a fall which is almost exactly in line with the economy
Don't sound too bad - but .. variant mayhem in "Have I got Flu's for you" - coming soon to an Autumn near you LOL
- credit PL75 - AVCT warrior and Doh - my hero.
Mad ? yeah - but NANO ... The TECH ...
OK - - Message - IF you are weathering a Spiked / high Tide etc Storm - just HOLD.
GLA
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