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These experimental Statistics have been produced as users from the Combined Authority Liaison Group expressed interest in exploring lower level (unpublished) sub-components in more detail to better understand what constitutes actual disposable income.
As well as these lower level components, we have produced estimates of disposable income less the transactions that are imputed and unobserved by households at a combined authority level. At a UK level, data are available on a quarterly basis in the ‘alternative measures of UK households’ income and saving’ release.
To calculate gross disposable household income (GDHI), we have to work through the allocation of primary income account and secondary distribution of income account of the households’ sector, adding up all the resources and subtracting all the uses from the two accounts. To calculate GDHI on a cash basis, we exclude the imputed resources and uses in the allocation of primary income account and secondary distribution of income account.
These estimates are produced at current prices, which means the effect of inflation has not been removed. There are 11 transactions that are included in the national accounts calculation of GDHI but excluded from the cash measure of GDHI. These are:
- B.2g (resource): Gross operating surplus
- D.12 (resource): Employers’ social contributions
- P.119 (resource): Financial intermediation services indirectly measured (FISIM) on deposits. (This component is included within property income and not separately identifiable)
- D.442 (resource): Property income payable on pension entitlements
- D.4432 (resource): Investment income attributable to collective investment fund shareholders – retained earnings
- P.119 (use): Financial intermediation services indirectly measured (FISIM) on loans. (This component is included within property income and not separately identifiable)
- D.612 (resource): Employers’ imputed social contributions
- D.72 (resource): Non-life insurance claims
- D.611 (use): Employers’ actual social contributions
- D.612 (use): Employers’ imputed social contributions
- D.614 (use): Households’ social contribution supplements
Within the national accounts, there are accounting identities, which mean that the values of some of the above transactions net to zero:
employers’ social contributions (D.12r) is equal and opposite to the sum of Employers’ actual social contributions (D.611u) and Employers’ imputed social contributions (D.612u)
income payable on pension entitlements (D.442r) is equal and opposite to Households’ social contributions supplements (D.614u)
Therefore, only the removal of the following six transactions explains the differences between GDHI on a cash basis and a national accounts basis:
- B.2g (resource): Gross operating surplus
- P.119 (resource): Financial intermediation services indirectly measured (FISIM) on deposits
- D.4432 (resource): Investment income attributable to collective investment fund shareholders – retained earnings
- P.119 (use): Financial intermediation service indirectly measured (FISIM) on loans
- D.612 (resource): Employers’ imputed social contributions
- D.72 (resource): Non-life insurance claims
Because we are unable to separate out the financial intermediation services indirectly measured this differs from the UK Methodology.
For a more detailed description of sub components, please see the Regional Accounts methodology guide.
For further information, please contact regional.accounts@ons.gov.uk.