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In September 2023, Joseph Rowntree Foundation calculated that a single adult in the UK in 2023 needs at least £29,500 a year to have an acceptable standard of living, up from £25,000 in 2022. Two partners with two children would need £50,000, compared to £44,500 in 2022. 29% of the UK population – which works out to 19.2 million people ...
1.2 Net average monthly salary (adjusted for living costs in PPP) 1.3 Gross average monthly salaries 2 European and transcontinental countries by monthly average wage
The Independent Parliamentary Standards Authority confirms that MPs pay will increase by 2.9% from April 2023, taking their salary from £84,144 to £86,584. [27] 2023 West Lancashire by-election: Labour hold the seat with a 62.3% vote share, and an increase of 10.3%. Ashley Dalton is the new MP. [28]
Working age benefits in England and Wales, such as Universal Credit, to increase by 6.7% from April 2024 in line with the September 2023 rate of inflation. [19] State pensions to increase by 8.5% from April 2024, in line with average earnings. [19] Local Housing Allowance to be unfrozen and increased to 30% of average rents from April 2024. [19]
21 June – UK inflation figures for May 2023 show it remained higher than expected, at 8.7%. [447] 22 June The Bank of England raises the official bank rate from 4.5% to 5%, the 13th consecutive rise, and a greater increase than economists had expected. [448] The RMT announces three fresh days of strike action for 20, 22 and 29 July. [449] 23 June
Accompanying this shift has been a massive rise in remuneration. In 2019, the Office for Students reported that the average basic salary for a university vice chancellor rose ahead of inflation, from £245,000 a year to £253,000 a year, with five heads earning more than £500,000 with benefits and severance payments included. [72] [73]
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The average salary of Manchester's MBA graduates after three years is US$116,100 – the 12th highest of European business schools. [25] Historic rankings, such as the Forbes survey, which lists business schools on their "return on investment" via a survey of alumni salaries, put Manchester 2nd in the UK and 5th in the world. [26]