According to the budget documentation the government spends about £450 billion per year, much of this is raised through taxation and the rest through borrowing. Some of this is wasted and some is spent on projects which do not benefit the nation and currently £42Bn remains un-collected.
Based on the TGI plan and the Specific action plan, the following expenditure as a percentage of TGI is planned:
1) Repayment of Interest on Government debt = 5% (Currently 4.71%)
2) Repayment of Debt = 7.5% (Currently 0%)
3) Savings for Growth = 5% (Currently 0%)
4) Welfare = 25% (Currently 35.25%)
5) Health = 17.5% (Currently 18.97%)
6) Education = 15% (Currently 13.32%)
7) Defence = 5% (Currently 6.05%)
8) Public Order = 6% (Currently 4.57%)
9) Housing & environment = 4% (Currently 3.76%)
10) Integrated Transport = 6% (Currently 3.9%)
11) Industry & Employment = 4% (Currently 3.23%)
At all time TGI will = Total Expenditure
1) Increasing the number of staff at HMRC to increase the amount of TAX collected to investigate fraud/tax avoidance schemes and recover Covid related fraud.
2) Removal of tax on all bank and building society accounts where total interest is less than the personal allowance.
3) Merge PAYE/NI and increase number of TAX inspectors to ensure everyone pays the correct tax
4) Change Corporation tax to focus on Turnover and not profit.
5) Phasing out of inheritance tax on estates worth less that £5M
6) Phasing out of stamp duty from house purchases of less than £750,000