Our new report with the Centre for Research in Social Policy at Loughborough University shows that 4 in 10 Londoners cannot meet a socially acceptable minimum standard of living.
The new Minimum Income Standard London report details the income that people need in order to achieve a minimum socially acceptable standard of living in the UK today. It is based on what members of the public think are essential goods and services, and those which enable genuine participation in society.
The report provides an updated cost of a minimum budget, required for a minimum standard of living, in Inner and Outer London. The research also calculated the difference in a minimum household budget between the capital and elsewhere in the UK. The update is based on what is happening to rents, public transport, childcare costs and wages.
It shows:
- 4 in every 10 Londoners (41%) have an income below what is needed to reach a minimum socially acceptable standard of living. This is higher than the 29% below this level in the UK as a whole.
- Many of the costs associated with providing a minimum budget in the capital are like those in other towns and cities in the UK, but in key areas, the additional cost of living in London remains substantially above that in the rest of the UK. This is most evident in relation to housing, childcare and transport. These additional costs mean that a minimum standard of living in London costs between 15% and 60% more.
The full report and findings can be found here.