Londoners have £311 available to spend after paying for bills and essentials each month, according a report yesterday by financial services group Scottish Friendly.
This amounts to 10 per cent of average London pay, an increase on the first three months of the year, when disposable income was at 9.1 per cent of income.
Across the UK, average disposable income is currently £236, up to 9.9 per cent of pay from 9.7 per cent of pay in the first three months of the year. This time last year, the average amount of spare cash was 8.2 per cent of pay.
“It remains to be seen if this quarter’s slow growth in disposable income marks a trend for the rest of the year,” said Calum Bennie, savings expert at Scottish Friendly.
“However, together with uncertainty over the General Election result and possibly spending on one-off items like holidays, this has had an adverse effect on the level of savings and investments in the UK.”
Scotland has the highest disposable income as a percentage of total pay, at 11.1 per cent, which translates to £256.