We've all wondered just how our wage evaporates faster than liquid.
In news that is hardly surprising, it's because it turns out London is ridiculously expensive to live in.
In fact, there are only two places in the entire city that you could survive on the mimimum wage (£6.70) which is £2.45 lower than the London Living Wage.
That adds up to just £268 a week, if you worked full time.
Taking into account housing prices, and the £58.60 cost of a zones 1-6 weekly travelcard, council tax payments, national insurance and groceries the only two places you could live in are Bexley and Oprington (zone 6).
For your working efforts you could get a single room in a flatshare in Bexley for around £101pw, or a small studio for £127.
Out in Oprington you can get a single room in a flatshare for around £102pw or small studio flat/bedsit for between £127 and £167pw.
And that's if you don't have a family in tow, which if you did you'd have to fit the whole gang in that room/bedsit.
Put simply, it's completely ridiculous and it doesn't look like things are going to get better anytime soon.
The London Poverty Profile report says:
The new ‘national living wage’ will be set at £7.20 from April 2016, rising to £9 an hour by 2020. Even this higher amount in 2020 is below the 2014 London Living Wage of £9.15.
Thanks, Dave.
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