Almost half of households do not see benefits of economic growth, report says
Summary
Almost half of households in Britain live in areas where economic growth is not improving their quality of life, with the north of England, Midlands, and Wales having less spending power than average. Meanwhile, London and the South East have higher spending power, showing a clear North-South divide in wealth and living standards.Key Facts
- 46% of UK households (about 12.5 million) live in regions where economic growth does not increase spending power.
- Spending power measures income left after taxes and housing costs, adjusted for household size.
- The North East, North West, and Yorkshire & the Humber regions have spending power significantly below the national average.
- The South East has spending power 9% above the average, with London also above average.
- Within regions like London, there are wide differences; for example, Richmond’s disposable income is almost double that of nearby Hammersmith and Fulham.
- Scotland and the South West are exceptions, with spending power slightly above the national average due to lower housing costs and smaller households.
- The report suggests that devolution (shifting power from national to local governments) should allow local areas to keep more revenue and have more control over resources.
- Success should be measured by whether economic growth improves prosperity and opportunities, not just by growth numbers.
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