Home Money The Financial Incomes and Losses of Brits in 2021

The Financial Incomes and Losses of Brits in 2021

by Louise W. Rice

Most of the UK population no longer supports leaving the EU. Moreover, residents of the country consider Brexit a failure, as evidenced by the results of a survey by Savanta ComRes. Now 52% of respondents consider the decision to leave the EU as a mistake. Another 26% of those surveyed believe that Brexit has had unfortunate consequences for the country. A survey was conducted at the end of September. The opinions of two thousand people were taken into account. The company estimated the accuracy of the results at 95%.

Whatever figures different surveys provide, the most effective criteria for evaluating the well-being of the country is the financial state of regular citizens. How much do they earn, how much do they spend on online casinos for real money, and other issues — read below.

Wages in the UK in 2021

The official minimum wage in England at the beginning of 2021 is €1,524.52 (about £1,314) or £8.71 per hour (excluding taxes). In general, after paying off the income tax (10%), a regular employee will get 1170 pounds per month. With such a salary, you can rent a room on the outskirts of the city, buy food, and make small savings.

The leading position in terms of earnings in 2021 belongs to doctors, lawyers, and financial workers who have reached a high professional level. Their average annual income is £60,000. If you have your own business, this figure grows significantly. Teachers’ salaries in England are around £30,000.

Running your own business is a great option. In this case, even for not very highly profitable specialists, like a plumber or a taxi driver, earnings will reach the level of lawyers and doctors working for the state. Office workers have an average annual salary of £22,000. So, they earn up to £1,400 a month. If this is London, then the earnings will be about £32,000 without tax deductions.

Now, let’s look at the level of average salaries in 2021 by profession:

  • Civil engineers expect to receive £1,800 a month;
  • IT graduate in England has a salary like a civil engineer — £1,800;
  • Social workers receive 1863 pounds;
  • Young mathematicians in England earn around £1906;
  • Nursing care in England pays £2,058;
  • a British dentist will receive 2643 pounds.

The UK Treasury already said that the freeze on public sector wage growth will end next year, pointing to “a robust economic recovery and encouraging signs in the labor market.” Meanwhile, most employees involved in the public sector didn’t have any surcharges to their wages due to the pandemic.

Main Expenses

Housing costs represent a large share of the household budget and the largest expense for many individuals and families. They include such expenses as rent, gas, electricity, water, furniture, or renovation costs. In the UK, families spend an average of 26% of gross after-tax income on housing payments.

On average, the English family spends £60.6 per week to buy food for cooking at home. This relatively low cost is facilitated by the large discount supermarkets in England, which increases competition, leading to lower prices. Prices in UK cafés and restaurants are relatively high. For those who order a 3-course meal for two at an inexpensive restaurant, the average bill is £50.

For UK residents, free healthcare is provided through the National Health Service (NHS). Also, there is an opportunity to take out private health insurance, which avoids long waiting times for specialists and provides access to better medical equipment. However, there are additional costs for some services:

  • Dental treatment costs, which range from £22.70 for emergency care and up to £269.30 for Band 3 treatment;
  • The standard prescription charge for drugs is £9.

The cost of a tram or bus pass is: for 7 days — 19.43 pounds, and for a month — 74.05. Taxi travel in England is expensive. For example, to get downtown from Heathrow Airport, you will need to pay 70.6 pounds.

Studying in the UK is not cheap. Due to the huge demand for British higher education, it is always paid. On average, the cost of training is from 9,000 to 13,000 pounds per year, but it can go up to 35,000. Payment is made either for the year or for the term in advance, but always before the start of the semester. Also, keep in mind that the university will probably ask you to make a deposit and pay the registration fee in order to register and keep your seat.

Britain’s economy will suffer more from Brexit than from COVID-19

According to Richard Hughes, head of the British Bureau of Fiscal Responsibility, Brexit’s long-term consequences for the UK economy will be more catastrophic than those caused by the COVID-19 pandemic. He told this in an interview with the BBC. According to him, Brexit will cut the state’s GDP by 4%, while Covid-19 only by 2%.

Some analysts think that the current troubles with the supply of raw materials and goods in the UK were caused by both Brexit and the pandemic. However, these troubles have emerged after the shortage of truck drivers, which caused recent disruptions in the supply of goods to both business owners and consumers. The bureau also believes that all these problems will lead to a record increase in the cost of living in the country over the past 30 years amid rising inflation to 5%.

While Sunak intends to tightly control the day-to-day spending of various government departments due to the country’s huge budget deficit, he is also expected to announce a three-year spending plan to boost investment in public transport and vocational training.

Such an increase in spending is likely to be made possible by the update of the UK economic growth forecasts, which will give the government more room for maneuvers.

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