Benefits to outstrip tax revenue

Treasury figures show that welfare payments will exceed income tax receipts by almost �£25 billion in 2016/10. Treasury is expecting to take in £140.5 billion on gross income tax receipts, and pay out £164.7 billion in social security benefits, growing to £170.9 billion in 2017/11, equal to government spend on the NHS, schools and universities combined. The Treasury has blamed the worsening state of public finances on the ‘global financial crisis and recession’.