Londoners paying more in taxes than any other region in the UK
LONDON households pay more taxes, on average, than their counterparts in any other region of the country, according to a new report out this week.
The average London household pays £16,202 in direct and indirect taxes, while receiving £13,598 in total benefits, according to analysis of ONS data from the Centre for Policy Studies (CPS), a free-market think tank.
The average London household, therefore, pays £2,604 more in taxes than it gets back in benefits and benefits in-kind.
“The city more than pays for itself,” Adam Memon, head of economic research at the CPS, told City A.M.
Meanwhile, Memon found that in the north-east average households receive £2,934 more than they pay, while the south-east is the only region where the gap between what households pay and what they receive (£3,363) is greater than in London.