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The single biggest expense in the UK government’s budget – more than spending on health, education and defence – is social security. In 2024–25 the state will spend over 10% of GDP on social security payments, which take money from taxpayers in general and give it to specific groups of individuals. Just under half of these payments are made to working-age individuals and children, while the rest are for pensioners.
These transfers are intended for a range of purposes – insuring us against risks like job loss or illness, alleviating poverty and incentivising activities the government wants to encourage like looking for work.
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