Average household annual income in UK
The office of National statistics regularly release a number of very specific figures regarding UK income and one which proves very interesting is that of the average household annual income in 2006/07. The information shows that the top fifth of the households (by income) in the UK have an income which is 15 times that of the bottom fifth. In real terms this equates to an average of £14,000 a year for the bottom fifth of UK households against nearly £73,000 for the top fifth with a UK average of just over £30,000.
While this information is now one year out of date, as we await the new figures, it perfectly illustrates the massive difference in wealth across the UK. While the credit crunch will have impacted upon the average income of the top fifth households in the UK it will also have impacted upon those at the lower end of the scale, who depend on benefits and sporadic income streams to survive.
The problem for the government is the fact that the cost of living has moved higher at a rate which is faster than the growth in income streams. While those at the "top of the tree" have a cushion against what they earn and what they need, this is not something readily available to those at the lower end of the scale.
Why is Mervyn King talking down the UK currency?
As we have covered over the last couple of days, Mervyn King, the Gov of the Bank of England, has been very active in talking down the value of sterling on the worldwide currency markets. Initially there were both positive and negative comments from the Bank of England but over the last 24 hours there is no doubt that Mervyn King has turned more negative on the UK currency than ever before.
Stock Market Regulator Admits Defeat In HBOS Case
The Financial Services Authority is rumoured to have wound down the case into alleged market abuse with regards to the sudden and dramatic fall in the price of HBOS shares back in March. Those who may recall the incident will be aware that a number of rumours were circulating the market causing mayhem and confusion among investors. These rumours were later found to be false and the FSA began pro...Read More
Is inflation really a problem?
As we see UK inflation rise to 3.4% in March it is easy to assume that inflation is set to become a major problem for the UK government and the UK economy. However, the vast majority of the increase in March has been attributed to a rise in the cost of fuel and the knock-on effect this has to the cost of food, goods and services. So what can the UK government do to reduce the pressure on inflation...Read More
Branded or unbranded goods, how much can you save?
For many years there has been an argument as to how much you can really save by acquiring unbranded products against the more highly priced branded goods. While there is obviously a difference in quality, in the food sector many people believe this difference has reduced over the years and is not as pronounced as it once was. So how much could you save on your shopping bill for example by acquirin...Read More
Join our Webchat: "A nation in denial?" 3rd July at 3pm
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Now more than ever is the time to think long term when it comes to managing your money, yet it seems as a nation we're short-sighted. The saving message is gradually getting through, but almost half of us are still not saving adequately and those that do save are saving more for the short term.
Women are th...