Saturday, July 20, 2024

UK Regions Experience Growth in Disposable Income

UK Regions Experience Growth in Disposable Income

The latest figures from plus a little more. The supermarket’s income tracker, As family financial strains begin to lessen, reveal the first increase in disposable income to have occurred in September in the West Midlands, Wales, and Northern Ireland in the previous two years.

The average family’s disposable income increased by 5 Pounds per week to 103 Pound in Q3, making Northern Ireland the third fastest-growing region in the UK. In Wales and the West Midlands, families’ disposable income grew year over year in the third quarter, rising from 169 to 179 pounds and from 173 to 174 pounds, respectively.

All UK regions saw an increase in household disposable incomes during the quarter, with the exception of the South West. This increase was mostly caused by robust employment growth and pay increases that are anticipated to soon outpace inflation.

The average weekly amount that UK households had to spend on themselves after taxes and necessities rose by 5 points 2 percent to £221 in Q3 from £208 in Q2.

The UK has come a long way, but the gap between the capital and the rest of the country is still very much visible. London households’ disposable income increased by 7.3% to £292 per week on average in Q3.

The difference in disposable income between high- and low-income households is also clear; in September, 40% of households in the UK had less money after taxes than they needed to pay for bills and necessities. In September, there was a £75 weekly shortfall for the lowest-income families, representing a 25% drop in disposable income from the prior year.

Asda is helping families get through this trying time by bringing in new products and reducing costs so that customers always get more value when they shop.

More than 600 popular items, including fresh meat, bread, pasta, and pantry essentials, are now cheaper at the grocery store thanks to recent investments totaling £44 million.

Today, over five million customers use Asda’s popular Rewards app, which gives users the chance to earn pounds instead of points every time they complete a milestone mission or buy a specific product. Customers can reduce their grocery bills by over £200 million by using the money they have earned in their Cashpots. not.

About The Income Tracker

The widely recognized Asda Income Tracker, an independent measure of disposable income that shows how much money families have left over after covering all necessary expenses and taxes, is compiled by Cebr (Centre for Economics & Business Research).

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