Tuesday 8 July 2008

Minimum Income Standards UK

The Joseph Rowntree Foundation, a fine think tank, has brought out a report which estimates the amount of money people need per week to live (not survive, live). A minimum income standard is defined by the respondents to the survey: 'A minimum standard of living in Britain today includes, but is more
than just, food, clothes and shelter. It is about having what you need
in order to have the opportunities and choices necessary to participate
in society'. Which is all that social inclusion is about.

The amounts are frightening, especially when you consider that the housing costs included are rent rather than the huge mortgages many young people have these days. A pensioner couple needs 201.49 GBP per week excluding rent (apparently pensioners who get pensions credit reach this level); a couple with 2 children needs 557.03 GBP per week (excluding rent!), including a whacking 187 GBP for childcare. That's an astronomical amount, and probably far from the highest amount you could pay for childcare.

The rent amounts are between 64 and 69 quid for these two groups. The former may not have a mortgage, many of the latter probably do, and how much are the mortgage repayments on an average 100 k home? Of which there are not that many any more.

Terrifying!

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