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Benefit Payouts Will Exceed Income Tax Revenue

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The stark evidence of the growing imbalance between what the Government raises and what it spends is likely to intensify the political row over the public finances and may strengthen calls for cuts in spending.

Treasury figures show that welfare payments will exceed income tax receipts by almost £25 billion. Normally, income tax receipts comfortably cover the benefits bill.

In 2008/09, gross income tax receipts were £152.5 billion. In the same year, social security benefits cost the Exchequer £150.1 billion.

In 2009/10, the Treasury is expecting to take in £140.5 billion in gross income tax receipts. Social security benefits are projected to be £164.7 billion.

The disparity between tax revenue and welfare costs was identified by Andrew Brough, a fund manager at Schroder Investment Management, who suggested that the amount of money spent on social protection could soon exceed that raised from both income tax and national insurance.

http://www.telegraph.co.uk/news/uknews/565...ax-revenue.html

That's incredible. Even last year for almost every pound paid in income tax by a working person, there was some scrubber taking a pound out! :o

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That's incredible. Even last year for almost every pound paid in income tax by a working person, there was some scrubber taking a pound out! :o

not a problem, your government can just increase income taxes by another 5p ;)

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not a problem, your government can just increase income taxes by another 5p ;)

That's daft, just borrow it!

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This really brings out the Uber Tory in me. We need to immediately slash all benefits.

That said, I am not sure how without causing riots.

But seriously there are too many on invalidity benefits, dole and people receiving child benefit and free bus passes who clearly don't need them.

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Great.

If only Britain was a republic

banana.jpg

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Yes, all the economists round the world are agreed that it's the right thing to do! ;)

I think we should borrow a little extra, just in case, you know, we might have a few more million asylum seekers pop in. It would be rude not to.

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Dont you see ... benefits are labours biggest investment .. they are investing in those votes.. NOW ... its reals help and the RIGHT thing to do ..

I see, well I knew there would be a reason.

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I see, well I knew there would be a reason.

Its Nu Labours latest weapon .. Make any daft statement .. tag 'Its the right thing to do' .. you dont have to give any other justifcation for it after that .. it then becomes the 'RIGHT' thing even if it is not ... much like baptising the heathen ..

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That's daft, just borrow it!

no. higher income taxes are definately the way forward, of course MPs non taxed expenses would have to rise to cover their shortfall but higher taxes are definately the right thing to do

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Its Nu Labours latest weapon .. Make any daft statement .. tag 'Its the right thing to do' .. you dont have to give any other justifcation for it after that .. it then becomes the 'RIGHT' thing even if it is not ... much like baptising the heathen ..

Yes, I am off to cr@p on the carpet at the local town hall, because its the right thing to do.

Perhaps we'll soon see this as a legal defence in murder trials

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But isn't this just a reflection of what should happen in a fully socialist society? More and more people depending on the state and a diminishing private earnings proportion?

Consider the Cuban system. We become more like it every day.

Viva la revolucion.

TFH

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Guest Parry
Great.

If only Britain was a republic

banana.jpg

It is Laura. Well nearly. It just doesn't have any bananas.

This is all about to come to an end.

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Guest Parry
Benefit claimers use their tax payers money paying taxes...so the same money goes around in circles. ;)

Well that's good then. :)

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But isn't this just a reflection of what should happen in a fully socialist society? More and more people depending on the state and a diminishing private earnings proportion?

.....

Its a reflection of an ageing population. More pensioners, less working - the "demographic timebomb".

Hardly news.

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Its Nu Labours latest weapon .. Make any daft statement .. tag 'Its the right thing to do' .. you dont have to give any other justifcation for it after that .. it then becomes the 'RIGHT' thing even if it is not ... much like baptising the heathen ..

....Hard working families

This is what gets me, 160bn is enough to pay almost everyone job seekers allowance, or shared rent in a nice flat. Where does the rest go?

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Its a reflection of an ageing population. More pensioners, less working - the "demographic timebomb".

Hardly news.

True, very true. Yes, a bit of a shocker, had to come around sometime.

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