Household income in London far exceeds that of any other region in the UK. At £900 per week, London’s gross weekly household income is 15 per cent higher than the next highest region. Despite this, the costs to each household are also higher in the capital. Londoners pay a greater amount of their income in tax and national insurance than the UK average as well as footing a higher bill for housing and everyday necessities. All of which leaves London households less well off than the headline figures suggest.
This chapter, authored by Richard Walker in the GLA Intelligence Unit, begins with an analysis of income at both individual and household level, before discussing the distribution and sources of income. This is followed by a look at wealth and borrowing and finally, focuses on expenditure including an insight to the cost of housing in London, compared with other regions in the UK.
See other reports from this Focus on London series.
This interactive presentation finds the answer to the question, who really is better off, an average London or UK household? This analysis takes into account available data from all types of income and expenditure. Click on the link to access.