How much tax money does the UK government raise and spend?
Source: BBC
The next two biggest earners are VAT, which is paid on many purchases, and National Insurance (NI), which is another tax levied on people's earnings.The OBR has forecast that VAT will raise £203 billion in 2024/25.However, the government said it expected to raise, external £2.2bn less from NI this year - about £168bn - after the rate of National Insurance was cut from 12% to 10% in January. The tax categories…
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