National Insurance contributions explained | IFS Taxlab
National Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise just under £170 billion in 2024–25 – around a sixth of all tax revenue. They are paid by employees and the self-employed on their earnings, and by employers on the earnings of those they employ. Up to a certain threshold, earnings are free of NICs.
IFS | Institute for Fiscal Studies
Welcome to IFS. The Institute for Fiscal Studies (IFS) is the UK’s leading independent economics research institute. Our world-class research helps policymakers – and those who hold them accountable – understand the impact that policy decisions have on individuals, households and businesses. More about us.
The UK education system preserves inequality – new report
Sep 13, 2022 · However, our new comprehensive study, published as part of the Institute for Fiscal Studies Deaton Review of Inequalities, shows that education in the UK is not tackling inequality. Instead, children from poorer backgrounds do worse throughout the education system. The report assesses existing evidence using a range of different datasets.
Income and wealth inequality explained in 5 charts
Nov 9, 2022 · It argues that wealth is an increasingly important driver of economic divides in the UK today, with likely implications for social mobility. Here are 5 charts that explain what we have found. 1. Income inequality in the UK increased substantially over the 1980s but has been more stable in recent decades. Since 1961, the evolution of disposable ...
Your household's income : Where do you fit in?
Aug 22, 2022 · 2. Your household income and housing costs. Please now enter your net household income and the period over which you have calculated it. First, you will need to add together the incomes of yourself, your partner and anyone else who lives with you, after deducting income tax and national insurance. In addition to wage or salary income, don't ...
Where does the government get its money? - Institute for Fiscal …
In 2023–24, total UK government revenue is forecast to be £1.06 trillion, or 41% of gross domestic product (GDP). The primary source of revenue is taxation, which is forecast to raise £950 billion in 2023–24, or 37% of GDP – equivalent to around £17,200 for each adult living in the UK. A little over £100 billion of government revenue ...
The future of the state pension | Institute for Fiscal Studies
Dec 13, 2023 · Compared with increasing the state pension in line with average earnings, we project that the triple lock could reasonably be expected to cost anywhere between an additional £5 billion and £40 billion per year in 2050 in today’s terms, equivalent to between 0.2% and 1.6% of national income.
What does the government spend money on? - Institute for Fiscal …
In 2022–23, government spending was almost £1,200 billion, or around 45% of GDP. Health spending is a growing share of the total. The government spends huge amounts of money each year on our behalf. In 2022–23, UK government spending was almost £1,200 billion, or around £17,000 per person. This was equivalent to around 45% of GDP.
Living standards, poverty and inequality in the UK
How have incomes changed over time? We measure household income by adding up different sources of income such as earnings from employment or self-employment, benefits, pension income and interest from savings, and then deducting taxes (income tax, National Insurance contributions, and local taxes, e.g. council tax).. We adjust incomes with inflation to show real incomes in 2022-23 prices and ...
Living standards, poverty and inequality in the UK: 2021
Jul 8, 2021 · The proportion of poor households behind on their household bills rose from 15% in 2018–19 to 22% in April–May 2020, compared with a much smaller rise from 5% to 6% for households not in poverty pre-pandemic. By March 2021, the proportion of those in poor households behind on their bills remained higher, at 20%, than it was pre-pandemic.