As we are all being bombarded with feedback from Gordon Brown’s last budget, we thought it may be interesting to actually detail how much tax is raised by the UK government, and where it all goes.
Using figures released by HM Treasury for the 2006/07 tax year, the total spend by the government was some £587 billion. The figure was raised from a number of different areas which included :-
While all of us will have come across the term “inflation†on many occasions, how many of us actually realise what kind of effect it can have on our lives, our savings, and our spare cash?
The UK Inflation figure has long been associated with what is called the Retail Price Index (RPI), which is basically an index which tracks the cost of an “average†basket of goods to see how prices are changing.Â
The term annuity is most common in the pensions and insurance industry and refers to a payment term which has no final date.
Real life example :-
Prior to the recent changes in pension regulations, everybody was forced to buy an annuity at their chosen retirement date, or at the very latest, age 75.
