http://www.jrf.org.uk/sites/files/jrf/Minimum-income-standards-Summary.pdfWhat do you think is reasonable?What would you first of all forgo as prices rise?
George Knox ● 4127d3 Comments
Yes, its still a very meagre wage to run a small apartment for a couple in London.
Gerry Tan ● 4126d
The numbers in the JRF document seems pretty suspect as the increase in wages required for single people doesn't seem to have accounted for the changes in income tax between 2008 and 2014.In 2008 the net income from a wage of £13450 would have been £10199 (see ListentoTaxman.com for tax tables and calculator)In 2014 the net income from the wage of £16284 that JRF says is the minimum required is £14027.The JRF document says that wage increase of 25% is required between 2008 and 2014 but the change in net wages over the period means that the person would receive 37% more - so rather than being worse off the person is much better off and now only pays 13% tax on their wage.
Chris Martin ● 4126d
I think its unreasonable to have to survive on £16,000 in London - its impossible imo.I'd forgo landline phone, eating out, cars and holidays abroad.Joseph Rowntree Foundation article is food for thought - thanks for posting.
Gerry Tan ● 4127d