AXA: Middle Britain needs £62,000 a year

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AXA: Middle Britain needs £62,000 a year

Wed 18th Jun 2008

Families need £62,000 a year to live as typical "middle Britons", a report from the AXA financial task force claims.

One in three Britons consider themselves part of Middle Britain according to a YouGov poll cited by AXA, but the analysis shows that only 20 per cent of all homes really fall into the category.

And despite increases in earnings, AXA notes a Transact report that debt advice centres in so-called Middle Britain areas have seen increases of inquiries by up to 500 per cent, including people with salaries as high as £70,000.

To be Middle Britain, a household must earn £62,000 a year, own its home and two or more cars and live in London, the South East or East of England, according to AXA's findings.

Steve Folkard of the AXA task force said that inflation prevented Middle Britain households from increasing their spending, despite their disposable income rising.

Restaurant and hotel group Whitbread has warned that consumer spending in a worsening economy could hinder revenue growth.

The Times reported that its pub restaurants, "a barometer for the financial health of middle Britain", had like-for-like sales up by a "modest" 3.6 per cent for the 13 weeks to May 29.

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