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.