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Tuesday, September 09, 2014

Sharp increase in Minimum Income Standard

Figures from the Joseph Rowntree Foundation claim the Minimum Income Standard ( MIS) ( the amount of money required to pay for what is perceived as a basic reasonable standard ) has risen sharply since it was first calculated in 2008.
  • A single parent with one child now needs to earn £27,000 up from £12,800 in 2008.
  • A couple with two children now need to each earn £20,220 up from £13,900 in 2008.
  • A single person now needs to earn £16,200 up from £13,500 in 2008.
The sharp rise is due to inflation in basic goods and services, changes in tax thresholds, and rise in rents.

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