4 ms·

Please enlighten me on how people and countries differ in the basic concepts of having income, outgoings, and debts

• growse 4y ago
  For example, people don't tend to own their own currency. I'm sure you can think of other differences.
  • 88 4y ago
    Does that mean the UK doesn’t have income, outgoings and debts?
    • darrenf 4y ago
      It's much too reductive a framing, IMO. Public sector spending is not, majorly, an "outgoing" of "the UK" in any reasonably comparable way to an individual's spend - rather, public sector money generally funds services within the UK which employ individuals who a) pay income taxes directly b) spend their income in other parts of the economy, where VAT/corporation tax/etc feed back to HMRC, and companies profit and grow. It's really nothing like an "I've spent £5 on a beer and now that fiver is gone forever" outgoing, in scale or effect.