Trethi a refeniw

Effects of taxes and benefits on UK household income: financial year ending 2024

Beth sydd yn y bwletin?

• In financial year ending (FYE) 2024: Median equivalised household income in the UK before taxes and benefits was £38,900, increasing to £41,900 after taxes and benefits.
• The richest fifth of people's mean equivalised household income before taxes and benefits (£116,600) was 12.2 times larger than the poorest fifth (£9,600); however, this gap reduced to 3.3 times larger (£85,100 and £25,700, respectively) after all taxes and benefits.
• Original income inequality (before taxes and benefits) was 47.6% as measured by the Gini coefficient, and reduced by 20.8 percentage points to 26.8% for final income inequality (after taxes and benefits), highlighting the redistributive effect of taxes and benefits.