Tax & Debt for UK reduced to household budget?
Discussion
Start here as a rough guide
http://www.debtbombshell.com/
And more figures
http://www.ukpublicspending.co.uk/uk_national_debt
http://www.debtbombshell.com/
And more figures
http://www.ukpublicspending.co.uk/uk_national_debt
On a government level (not local) in 2011:
Income: £58,900
Spending: £71,100
Added to revolving mortgage: £12,200
Value of House: £33,700
Mortgage outstanding at end of period: £94,000
Obviously the last bit is where the comparison breaks down. Government sets it's own income and expenditure. The problem for a country is that, unlike an individual, income and spending are intertwined.
Income: £58,900
Spending: £71,100
Added to revolving mortgage: £12,200
Value of House: £33,700
Mortgage outstanding at end of period: £94,000
Obviously the last bit is where the comparison breaks down. Government sets it's own income and expenditure. The problem for a country is that, unlike an individual, income and spending are intertwined.
It is difficult to get up to date precise numbers but:
Assumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
Assumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
ralphrj said:
It is difficult to get up to date precise numbers but:
Assumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
Thank you for that. BrilliantAssumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
ralphrj said:
It is difficult to get up to date precise numbers but:
Assumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
You might also want to account for the £5 trillion unfunded liability in respect of state pendions and public sector final salary schemes earned to date to be paid in the future....!!Assumptions
1. There are 25 million households in the UK. source: 2001 census extrapolated to now
2. The budget for 2012-13 is for £592 billion of public sector current receipts. source: 2012-13 budget
3. The budget for 2012-13 is for £683 billion of total managed expenditure. However, this figure is reduced by £28 billion following the one-off transfer of assets from the Royal Mail pension plan. Therefore, the true figure is £711 billion. source: 2012-13 budget
4. The total net debt (excluding financial interventions) was £1,022.5 billion as at the end of 2011-12. source: ONS public sector finances bulletin march 2012
Therefore, equating goverment income, expenditure and debt into the average UK household
Household credit card balance brought forward £40,900
Household income £23,680
Household expenditure £28,440
Household deficit £4,760
Household credit card balance carried forward £45,660
another interesting point to be made is that each statistical household pays as much (roughly) in tax than the total gross average national salary for an adult in full time work.
And still the poor say that the rich do not pay enough tax, we are subsidising the hell out of you, without mega contributors, the sums REALLY wouldn't add up.....
And still the poor say that the rich do not pay enough tax, we are subsidising the hell out of you, without mega contributors, the sums REALLY wouldn't add up.....
12gauge said:
Interesting - what's the background / explanation to this chart?
Sidicks
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