Recent data from the Office for National Statistics (ONS) shows how London’s thriving economy, which generates a £26.5 billion surplus, subsidises Britain’s less well-off regions.
Those in London, the South East and the East of England all generate more in tax revenues than they receive in public spending, with Londoners providing a £3,070 surplus per head. By contrast, spending exceeded tax revenues by £5,440 per head in Northern Ireland and by £3,820 in the North East. Scotland ran a deficit of £2,830 a head.
Despite the tax revenues generated by London, the South East and the east of England, overall the UK ran a deficit of just over £72 billion in 2015-16, or £1,100 per head, the ONS said.
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If you would like to discuss any aspect of your tax affairs, please get in touch with Alan Ford or your usual Beavis Morgan Partner. Our experts at Beavis Morgan will guide you through the tax maze and help you with bespoke solutions.