Minimum Income Standard for London – latest figures
The Minimum Income Standard (MIS) London report for 2019 shows that 41% of Londoners cannot afford a basic decent standard of living. MIS is 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 about essential goods and services, and those which enable genuine participation in society.
The findings in the latest report, which were compiled before Covid-19 and echo data in London’s Poverty Profile show that four in 10 Londoners (41%) have an income below what is needed for a decent socially acceptable living standard. The report also reveals how a basic standard of living in London is up to 58% more expensive than in other urban areas of the UK.
“London continues to experience higher costs of living than the rest of the UK which affects poverty in the city. The overwhelming majority of additional costs are a result of the higher cost of housing, childcare and transport in the city. Private rents continue to exert a greater burden on households in London than they do in urban areas outside of London. Childcare costs continue to increase at a faster rate in London than in urban areas of the UK outside London. MIS shines a light on what is needed for a minimum living standard and where the pressures on living standards are. This insight will be as important as ever following Covid-19. As we emerge from the crisis we can work together to ensure all Londoners can afford a decent standard of living, and build a fairer London for all.”