New Government household income figures

The Government released just before Easter new data on living standards based on household incomes in the financial year 2019/20. They say that a couple with two children under 14 needed £40,000 after tax household income to have an average standard of living whereas a single adult needed only £19,200. A couple with two children they say needs more than twice as much after tax income to have the same standard of living as a couple with no children. Tax and the Family pointed out that as a result they pay higher rate tax and start to lose their child benefit.

To read Tax and the Family’s response, click here.

To read the Government report, click here.