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04.10.2023

The Cost of Living in the UK: What You Need to Know

Navigating the cost of living in the UK can be a complex endeavour. According to a report by the Josh Rowntree Foundation, £29,500 a year is considered the minimum acceptable income for a one-person household to make ends meet. For a married couple with two children, the bar is set significantly higher at £50,000 annually.

However, achieving a comfortable life in the UK demands an even greater income—£49,700 for a childless couple and a substantial £67,554 for a couple with two children. To put it in perspective, this equates to approximately 700,000 rubles per month, even after accounting for tax deductions. It's important to note that prices in the UK are on the rise, with food costs alone soaring by 28.4% from August 2021 to August 2023.

Interestingly, the financial aspirations of Russians appear more modest. According to a recent survey by the recruiting resource SuperJob, a monthly income of 200,000 rubles is considered sufficient for happiness for the average citizen of the Russian Federation. Muscovites, however, have slightly higher expectations, with 265,000 rubles being their perceived benchmark.

The minimum acceptable standard of income reflects British society's collective perspective on what it takes to maintain a baseline acceptable quality of life. It encompasses not only essential expenses like food, housing, and clothing but also factors in other fundamental needs required for normal societal functioning—essentially, a no-frills budget.

For households in the UK, the most pressing challenge remains the escalating cost of fuel, with an average increase of 29.7% between 2022 and 2023. Concurrently, the consumer price index has surged by approximately 19% over the same period, further complicating the financial landscape for many.

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