A minimum income standard for London 2019

2020-04-28T10:12:24Z (GMT) by Matt Padley
The Minimum Income Standard (MIS) is based on detailed discussions with members of the public about goods and services households need to reach a socially acceptable standard of living, which covers essentials and enables participation in society. This report provides an update of the cost of a minimum budget, needed for a minimum standard of living, for four core households in Inner and Outer London comparing these with the rest of the UK. The update is based on price increases between 2018 and 2019, along with available data concerning childcare, transport and housing costs in the capital. Overall • 4 in every 10 Londoners (41%) have an income below what is needed for a minimum standard of living, a significantly greater proportion than in the UK as a whole. This means that 3.57 million Londoners are living in households with inadequate income. • Although many of the costs of meeting a minimum standard of living in London are similar to other towns and cities in the UK, a minimum budget in the capital costs between 15% and 58% more than in the rest of the UK depending on household composition. Much of this difference continues to be accounted for by the higher costs of housing, childcare and transport in the capital.