PwC Says Almost Half of UK Households See No Benefit From Economic Growth

PwC said 12.5 million UK households, or 46%, live in areas where economic growth has not translated into better living standards, according to BBC. The consultancy found a stark North-South divide in spending power, with every region in the north of England, the Midlands and Wales below the national average, while London and the South East were above it. Households in the north east of England had spending power 6.6% below the national average, or £1,542 less a year, while Yorkshire and the Humber were worst off at £1,917 below. By contrast, the South East was 9% above average, equal to £2,154 more a year, and Richmond had the highest average annual disposable income in London at £35,448, almost double the £18,384 in neighbouring Hammersmith and Fulham. PwC said the measure reflects income after taxes and housing costs, adjusted for household size and makeup.