Monday, June 19, 2006
Category:
Finance News
There is still a huge gap between the richest and poorest UK citizens, new figures have shown.
According to the Office for National Statistics (ONS), in 2004/05, the income of the richest fifth of households in the UK was approximately 16 times higher than that of the poorest fifth.
With taxes and benefits taken into account, this ratio fell to four to one, which demonstrates that the gap has not narrowed since the previous years.
The tax system in the UK benefits pensioners, the figures found, as they pay less in tax than they gain in benefits, while single adult households with children and couples with three or more children also profit overall.
However, some households are required to pay more in tax than they receive in benefits, demonstrating the considerably different effects of the tax regime on various groups in the UK.
Homeowner loans may prove beneficial for households with financial difficulties, although it is essential to carefully evaluate affordability before deciding to take out a loan.
It is also advised to shop around for the best available homeowner loans deal on the market, as this could result in significant savings.
