We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
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
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookies | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution