Where Exactly Does Your Tax Money Go

 

So I guess I should be doing a blog about the budget but there really wasn’t much in it that you wouldn’t already know about, so I thought I’d share something I saw in an accounting magazine the other day which I thought was interesting.

You can check this out yourself at http://wheredoesmymoneygo.org/ click on The Daily Bread then move the slider to how much you earn and it tells you where every penny of tax you pay gets spent.

Apparently the average full time UK worker pays £11,019 of tax per year or £30.18 a day.

Of that £30.18 the NHS receives the biggest portion at £7.36, that’s a lot more than the premiums for a private scheme would cost the average person.

Pensioners get £5.12 of the average tax payer’s daily wages which represents by far the biggest cost in the Social Security budget.  By comparison the sick & disabled get £2.10, families & children get £1.31 and unemployed people get 53p.

£2.56 goes on paying interest on the UK’s spiralling debt.

£1.93 goes on education.

 

Average Joe then pays £1.03 to top level government which is more than goes to front line services that only get 72p for transport, 27p for police and a meager 2p for fire services.

Other interesting beneficiaries are:

  • Defence £2.06
  • Overseas Aid 38p
  • Environment 29p
  • Sports & recreation 9p
  • Prisons 28p
  • Courts 40p
  • Media 23p !?!? – and the fire service only get 2p

Which still leaves £3.50 that goes to a multitude of other places such as Health & Safety, Research, Community Admin and the EU.

Interesting.

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