London is too expensive

London is too expensive

20 March 2017 in Debt and Financial Wellbeing.

London is too expensive

New research from Loughborough University, launched at City Hall, shows that 41% of Londoners have less income than they need for what the public regard as a decent standard of living – that is one that allows them to meet their basic needs and participate in society at a minimum level.

This is significantly higher than the 30% that fall below the standard in the UK as a whole. This represents 3.5 million Londoners, an increase of 400,000 since 2010/11.

Download the report, funded by Trust for London, here.

Tell the Mayor, government and employers to help make living in London more affordable by sharing this video!

Do you earn enough to have a decent standard of living in London? Find out with our calculator.

The single biggest change since the last Minimum Income Standard London report is the increased cost of private renting, especially for properties at the cheaper end of the market, which have increased four times as much as in the rest of the UK. This means that although single working-age adults in the rest of the UK have benefitted from the substantial pay boost of the National Living Wage (since its introduction in 2016), singles in London are actually less able to afford a decent standard of living than previously. Families who cannot access social housing, and have to rent privately, have also seen their situation worsen over the last two years.

Capital Mass is hugely grateful to Trust for London, for their partnership as together we seek inclusion for all in London.

If you’d like to explore ways in which your parish can make life more affordable and livable then please do contact us.

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