The Minimum Income Standard is the income that people need in order to reach a minimum socially acceptable standard of living in the United Kingdom today, based on what members of the public think. Requirements for each household type specify how much they need to spend and what they need to earn in order to reach this standard.
A minimum standard of living in Britain today includes, but is more than just, food, clothes and shelter. It is about having what you need in order to have the opportunities and choices necessary to participate in society.
A Minimum Income Standard in the United Kingdom is an ongoing programme of research to define what level of income is needed to allow a minimum acceptable standard of living in the UK today.
Real household actual income per head increased by £21 (0.5 per cent) in the third quarter of 2012, compared with the second quarter of 2012, to its highest level since the fourth quarter of 2010
Real household actual expenditure per head was virtually unchanged falling by £9 (0.2 per cent) in the third quarter of 2012, compared with the second quarter of 2012
The household saving ratio increased by 0.3 percentage points to 7.7 per cent in the third quarter of 2012. Gross household saving was £21.2 billion in the same quarter, up from £20.3 billion in the second quarter of 2012
In Q3 2012, household spending (adjusted for inflation) grew by 0.4 per cent (£874 million), Olympic and Paralympic ticket sales and car purchases were the main contributions to growth.
In Q3 2012 the volume measure increased by 0.4 per cent, meaning it was 4.8 per cent below the peak of pre recession spending in Q4 2007
The current price value of household spending (inflation included) shows how much UK households spent. In Q3 2012 the current price value of household spending increased by 0.8 per cent on the quarter, meaning it was 10.5 per cent higher than Q4 2007
In Q3 2012, the value of UK household spending per head, in current price terms, was £3,840, an increase of 0.6 per cent on the quarter, £241 higher than in Q4 2007