PEOPLE living in Warrington have seen one of the biggest increases in their disposable income compared to most other major towns or cities in the UK according to a new report.
Research by UHY Hacker Young Manchester has revealed Warrington’s household disposable income has risen by more than £2,000 over the last five years since the credit crunch.
The town ranks in the top eight towns and cities alongside Aberdeen, Brighton, Belfast and Gillingham and Medway, Blackpool, Plymouth and London.
“Warrington’s households are now on average £2055 better off than before the recession, following an increase in disposable household income from £13,366 to £15,421,” explained Mike Wasinski, Managing Partner of the Manchester office for UHY Hacker Young.
The accountancy firm looked at the growth in average household disposable income, (the money a household has left to spend or save after taxes and mortgages or rents) in the UK’s top forty towns and cities.
“The average household disposable income for the UK’s top forty towns and cities has risen by just £1,761 over the same period to £14,068,” said Mr Wasinski.
“We believe the rise in towns like Warrington has largely been driven by a substantial reduction in mortgage costs as a result of the Bank of England’s interest rate policy, as well as a reduction in housing rents.”
Mr Wasinski went on to say that as real wages have stagnated few people feel better off but that the historically low interest rates have bailed out the finances of many households.
This news comes at the same time as it was also revealed the most economically deprived areas bounce back the fastest from recession.
“Many North West towns normally come near the top of the bad news tables for personal insolvencies and economic stagnation. So it’s great to see these more deprived areas delivering the fastest growth in the UK,” added Mr Wasinski.
“They are experiencing a well-deserved recovery in their fortunes. Wages in those areas had finally become so competitive, both for unskilled and skilled labour that they have attracted in new jobs and new economic growth.”
Warrington's dramatic rise in disposable income
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Gary Skentelbery
Experienced journalist for more than 40 years. Managing Director of magazine publishing group with three in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Chair of Warrington Healthwatch Director Warrington Chamber of Commerce Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.
