The personal income and wealth levels in the United Kingdom Essay

The personal income and wealth levels in the unify Kingdom - Essay ExampleThe sequel of personal incomes and wealth have gained centre focus especially in the aftermath of the global economical crisis that highlighted unethical practices in use by top business executives. This report will try to explore these claims in light of statistical info so that these claims can be substantiated with a solid background. supervise personal income and wealth levels is necessary around the world in order to classify the income disparity betwixt the top and bottom earners in society. This also helps to define the local meagreness indices as it provides the amount of battalion living below the poverty line. The wealth of a country can also be defined using a detailed measure of personal incomes and wealth because such a measure is amend than using the gross domestic product (GDP) per capita which is seen as rough measure only. A number of different methods are usually utilised in order to describe personal income and wealth including Individual incomes forwards tax Income distribution as per age classifications Income distribution as per regions Income distribution as per job types spotlight tax household income Wealth levels Sources of income. A number of other measures may also be condition such as the disposable income depending on the statistical availability of such data. However, such measures are by and large more supported in the North American domain which is unlike current practice in the European domain. Given that this report will be concerned with personal income and wealth levels in the United Kingdom, so data put forwardion and statistical classification will be limited to its geographic domains. By presenting the statistical objects of personal income and wealth related above, this report will try to classify the level of poverty and income disparity in the United Kingdom. 3. Data Collection Methodology A number of different sources strain i nformation relating to personal income and wealth levels but most of these sources are unreliable. In the United Kingdom, the real sources to extract such information are the Office for National Statistics (ONS) and Her Majestys Revenue and Customs (HRMC). These sources take in information from tax collection levels as well as other estimates and measurements which tend to lend them an way of credibility that is unchallengeable. For the purposes of this report the information that has been collected, analysed and displayed has been derived solely from ONS and HRMC. This information is freely available online on the official portals of both(prenominal) official websites. Furthermore, this information is presented in these domains with appropriate noise removal and smoothing which tends to enhance the quality of data universe employed. Information relating to personal income and wealth is extensive making it hard to classify and manipulate so data extraction has been limited to th e post 1990 period alone. The global economic crisis lies in the wake of the early xx first century ensuring that the information extracted is relevant and appropriate. 4. Data Presentation When the United Kingdom is compared to other nations, it becomes piddle that the United Kingdom is a wealthy country. Within the United Kingdom there are no people who live on less than four pounds a day worth of income. The global poverty line was used at $1 per day (Sachs, 2005) which was revised in 2008 by the World savings bank which raised its level to $1.25 per day (Ravallion et al., 2009). When these figures are compared to each other it becomes