This release presents analysis on the effects of taxes and benefits on UK household income, extending the analysis presented in Household disposable income and inequality in the UK: financial year ending 2017 to include indirect taxes and benefits-in-kind.
This analysis is based on the Office for National Statistics’s (ONS’s) Living Costs and Food Survey.
In the financial year ending 2017, the average income of the richest fifth of households before taxes and benefits was £88,800 per year, 12 times greater than that of the poorest fifth (£7,400 per year).
Gross domestic product (GDP) per head grew by 0.5% in real terms in Quarter 1 (Jan to Mar) 2018 compared with the same quarter a year ago.
Net national disposable income (NNDI) per head – which takes account of the depreciation of assets and the UK’s foreign income balance – fell by 0.3% compared with the same quarter a year ago, but increased by 0.6 percentage points since the last quarter.
Real household disposable income (RHDI) per head increased by 1.4%, its highest increase on an annual basis since Quarter 4 (Oct to Dec) 2015.
Average annual incomes, taxes and benefits, and household characteristics of retired and non-retired households in the UK. Data for financial years, by quintile and decile groups, country and region and tenure type.
This article describes the results of analysis of the financial capability measures contained in the 2010 to 2012 Wealth and Assets Survey, many of which were asked for the first time in this wave. It has been written by Andrea Finney and David Hayes of the University of Bristol’s Personal Finance Research Centre to follow the style of an Office for National Statistics statistical bulletin