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While this information is now one year out of date, as we await the new figures, it perfectly illustrates the massive difference in wealth across the UK.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.
Optimism on UK unemployment
Today's unemployment figures showed 2.469 million people were jobless in the UK last month which is a significant improvement on expectations. However, while there is some room for positive sentiment after the release of these figures there are still many people who believe the economy will still struggle for at least another 12 months and unemployment could still top 3 million.
The IMF warns the UK to pay down debt
Over the last few months we have seen a significant parting of the ways between the International Monetary Fund (IMF) and the UK government. Even though an IMF statement just a few days ago suggested that the UK government was getting to grips with the economy and the UK was better placed than many to recover, a report produced after a staff mission to Britain in May has cast further doubt on the...Read More
Is it time to install a water meter?
Even though water meters have become more and more popular with the water companies over the last few years, there has been a general feeling that it is not in the best interests of customers to install such devices. However, do you really know how much water you use in your home and what it is costing you?
The next few years will see a variety of green taxes introduced to the UK co...
Car scrappage allowance could become a goldmine
It has been revealed that only days after the UK government announced an allowance programme for those scrapping older cars there are a significant number of loopholes in the proposals. Apparently, cars which are no longer roadworthy and effectively "off road" can still be traded in with the owners receiving upwards of £1000 for the vehicle.
There are concerns that the allowance be...
The Autumn Statement- what does it mean for me?
03/12/2014 Today, at 12:30, Chancellor of the Exchequer George Osborne delivered his Autumn Statement. He presented us with the growth and borrowing forecasts, as well as new policies and measures that will be felt throughout the country. Here at financialadvice.co.uk we live tweeted the whole thing, and below we have covered some of the main points, and how they may affect you and your family...Read More