The Chancellor is expected to confirm in tomorrow’s budget that from 2014, most taxpayers, will get a detailed breakdown of what their taxes were spent on.
The Treasury has supplied some examples and most taxpayers will probably be very surprised.
Take someone on an average income of £25,200. Their total income tax bill is £5,702 which will have been divided up into the following payments:
- £1903 towards the nation’s welfare payments
- £963 on health
- £743 spent on education
- £363 covering debt interes
- £329 for spending on our armed forces
- £28 towards our EU membership