Budget 2018: How does the government collect and spend our money?

The government raises and spends just under £800bn a year.

The government raises and spends just under £800bn a year.

Such a big number is hard to picture, but for that money you could buy Tesco 40 times over, or Manchester United 200 times.

It is the job of the chancellor of the exchequer to oversee the collection and distribution of those funds.

Philip Hammond will lay out his plans on Monday, 29 October when he presents the Budget for the financial year which starts in April 2019.

His biggest money earner is income tax,...
source: BBC

2018-10-23 07:47
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