Household income rises to record high
The average household income in Britain has risen to a record high, representing the fastest growth in a decade, official statistics reveal.
Brits are taking home £473 a week which is £800 a year more than recorded in 2013 and 2014, according to statistics from the Department for Work and Pensions.
The number of people classed as bringing in a relative low income (less than £284 per week) has also fallen by 300,000 since 2010, helped by an improving labour market and the protection of pensioner, disability and carers’ benefits, the government said.
The number of children in relative low income households has fallen by 100,000 since 2009 to 2010, while the number of children living in a workless household is down by 449,000 since 2010.
Income inequality – the gap between the richest and the poorest – is also down since 2009 to 2010 levels.
And in separate statistics out today, pensioner incomes have continued to rise in real terms to £297 per week, after deduction of direct taxes and housing costs.
Work and pensions secretary, Stephen Crabb said: “Today’s figures are a sign of a strong economy – one that is benefitting people across the UK.
“Relative low income is down by 300,000 since 2010, household incomes are rising and the number of people in work is at a record high.
“There is of course still more to do and that’s why our Life Chances strategy will look at the root causes of poverty whether that’s worklessness, debt or addiction, family break down or educational attainment. It’s only by doing this that we can truly tackle poverty and ensure everyone succeeds in life.”