Economic News

UK Family Income Disparities WorsenThe latest data from the UK's Office for National Statistics on May 2nd shows that, after inflation adjustment, the median disposable income of UK households remained at £36,700 for the fiscal year 2024 (from April 2023 to March 2024), returning to the pre - pandemic level. However, the wealth gap continues to widen. The median income of the poorest one - fifth of households decreased by 2.6% to £16,800, 4.9% lower than before the pandemic.

May 13, 2025, 3:44 pm EDT

UK Family Income Disparities Worsen

 

The latest data from the UK's Office for National Statistics on May 2nd shows that, after inflation adjustment, the median disposable income of UK households remained at £36,700 for the fiscal year 2024 (from April 2023 to March 2024), returning to the pre - pandemic level. However, the wealth gap continues to widen. The median income of the poorest one - fifth of households decreased by 2.6% to £16,800, 4.9% lower than before the pandemic. The income of the richest one - fifth of households dropped by 1.6% to £71,100, 5.8% lower than the pre - pandemic level. The income of retired households remained stable, with the median increasing slightly by 0.2%. The median income of non - retired households rose by 1.7%, but was still 0.1% lower than before the pandemic.

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The government's cash benefits increased by 7.4%, helping the total income share of low - income groups rise to 12.5%. Nevertheless, the termination of energy subsidies has intensified the pressure on the grassroots. In the past decade (2015 - 2024), the median income increased by 0.8% annually, while the average income remained almost stagnant, increasing by only 0.1% per year. This reflects that the trend of wealth concentration at the top has slowed down, but the uneven distribution has deepened.

 

The situation of UK household incomes reveals a complex picture. While the overall median disposable income has recovered, the disparities between different groups are a cause for concern. The government needs to take more effective measures to address this issue and promote more equitable income distribution in society.