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.

Read more on the Minimum Income Standard in 2014

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