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This article was first published by the Institute for Fiscal Studies and was jointly written by Paul Johnson.  It is republished with kind permission of the IFS. The government has started to send out information on how tax revenue is spent to individuals who pay income tax or National Insurance contributions. It has broken down spending into a number of categories. The biggest of these is “welfare”, which represents a quarter of total spending. State pensions also appear as a separate category, accounting for 12% of spending. In this observation we look at what counts as pension and welfare spending, and […]
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