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While this information is now one year out of date, as we await the new figures, it perfectly illustrates the massive difference in wealth across the UK.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.
Blockbuster goes into administration
14/11/2013 Another well known high street provider has announced today that it is set to shut 72 out of its 264 stores throughout the UK, and cut 452 jobs after confirming earlier in the week it was going into administration. The troubled DVD rental chain Blockbuster is one of the many high street stores that have come under pressure from its online competitors and supermarkets. This is the...Read More
UK house prices expected to rise in short-term
The Royal Institution of Chartered Surveyors (RICS) has today issued a report which suggests that while property prices are still falling across UK, the rate of decline has reduced markedly. There is a belief that UK property prices will actually start to rise in the short-term although part of this may be due to a lack of housing stock for sale in the UK.
The report shows that only...
Crime Down But Credit Card Fraud Flying High
It seems as though the UK criminal fraternity have moved high tech with news that overall crime numbers are down but credit card fraud is still growing strongly. While the above statement will surprise many it is no surprise to the experts who have seen credit card crime mushroom over the last few years. So why is credit card crime growing?
One of the main reasons why credit card...
Equitable Life saga continues
A report by the UK government has today cast doubt on the level of compensation which could be paid out to those who lost money in the Equitable Life collapse some years ago. A figure in the region of £400 million to £500 million has been suggested as a basis for compensation payments to begin next year although campaigners believe that they are due in excess of 10 times this amount! Equitabl...Read More
66pc of People looking to buy property in the next 12 Months
Two in three people are looking to buy new property over the course of the next twelve months; of which 25pc are would be first time buyers. This is great news for the UK property market, after years of price and demand decline. There has been no secret about the fact that the economic downturn which started in 2008 has affected almost everything we do. People socialise less often, are saving...Read More