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Secured Loans > Disposable incomes rose faster in the Scottish Borders than in Central London

Disposable incomes rose faster in the Scottish Borders than in Central London

5th June 2015 | Published by Evolution Money

People living in the Scottish Borders saw the greatest rise in disposable income during 2013, according to figures recently released by the Office for National Statistics.

Gross disposable income is defined by the ONS as money left over after taxes, mortgages, rent and pension contributions have been deducted.

Incomes have risen most in rural areas around the UK, says the ONS, particularly in Scotland. The Scottish Borders, the Western Isles and West Cumbria saw the fastest growth. Disposable household income rose in the Scottish Borders by 5.2 per cent and by 5.1 per cent in both the Western Isles and West Cumbria.

Bradford and Hull also saw an increase in gross disposable household income, rising by 4.2 per cent and 3.8 per cent, respectively.

The richest residents in the UK remain in Central London, however. People living in the London Borough of Westminster have the most disposable income, an average of £43,577 per person. In fact, residents in the four richest London boroughs of Kensington and Chelsea, Westminster, Camden and City of London have disposable incomes twice as large as the average UK resident, which is £17,559. Whilst disposable income didn’t rise as much in Fulham and Hammersmith or Kensington and Chelsea, as it did in the Scottish Borders, it still rose by 3.7 per cent.

In contrast, household disposable incomes actually fell in many urban areas of the UK. Areas in north east London, such as Redbridge and Waltham Forest, were particularly hit, seeing GDHIs fall by as much as 3.8 per cent.

Manchester, Enfield, Luton, York and South Nottinghamshire also saw disposable incomes drop by more than three per cent during 2013.

The area in Britain with the lowest level of disposable income is Leicester, with just £11,739, a quarter of the amount residents in Westminster have.

Category: Money
This post was written by Evolution Money
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