I went to a really interesting economics seminar at RBS to day, says Phil Harris of Harris & Co accountants Northampton. There were some really interesting facts and figures, some of which explain why the Government seems unable to reduce the gap between what it spends and what it gets in in taxes each year, despite four years of so called "austerity".
In fact, one in three working households pay £4600 a year in taxes, but receive back £5000 a year in benefits. The figures mean that they are putting no money into the system to pay for their children"s education, or for their healthcare or for their old age pension. With so many people taking more out of the system than they are putting in, it is not surprising that the budget deficit stubbornly refuses to come down and the shortfall gets added on to the nation"s balloning debt mountain.