16 Sept 2014

UK GDP per capita 2013

The latest CIA World Factbook estimate of UK GDP per capita per year, which is for 2013, says it is $37,300, which is just over £23,000. This means that if all the income in the UK were shared out equally there would be over £23,000 a year for every man, woman and child in the land, or over £92,000 a year for a family of four. 
Public spending in 2013 was $1.112 trillion or £686.36 billion.  That's about half of GDP, which was $2.387 trillion*. Thus, people could all be taxed at 50% to generate enough for current public spending (without the need for any austerity cuts) and still have £11,500 each a year to live on. 
*GDP 'purchasing power parity'

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