Highest ever disposable income for British households: data

LONDON, Jan. 10 (Xinhua) -- Household disposable income in Britain in 2017 reached 27,300 pounds (36,850 U.S. dollars), a 2.3 percent rise over 2016, the Office for National Statistics (ONS) said Wednesday.

New data from ONS said it amounted to 600 pounds extra (810 U.S. dollars) on the previous year. It is also 1,600 pounds (2,160 U.S. dollars) higher than the pre-economic downturn level in 2007-2008.

ONS said while the average income of the poorest fifth has risen by 15 percent since 2007-2008, the disposable income of the richest fifth is only £200 0.4 percent, or 200 pounds (270 U.S.dollars) above its pre-downturn level.

The richest fifth of households had disposable incomes that were around five times that of the poorest fifth (65,500 pounds and 12,700 pounds per year, respectively).

Glenn Everett, head of well-being and inequalities at ONS said: "Households have more disposable income than at any time previously. However, compared with their pre-downturn levels the incomes of the poorest households have risen nearly two thousand pounds but the incomes of the richest are only now slightly higher. Overall, income inequality has slowly fallen over the last decade."

On average, households paid 11,351 U.S. dollars in direct taxes, equivalent to 19.2 percent of their gross income.

The richest fifth of households paid on average 28,900 U.S. dollars in direct taxes, mainly income tax. ONS said this corresponds to 23.2 percent of their gross income. Enditem