Belfast Telegraph

Wednesday 16 April 2014

Belfast boasts seventh fastest rise in disposable income in the UK

Belfast has enjoyed the seventh fastest disposable income rise - almost 20% - in the UK in recent years, accountants said today.

Aberdeen, boosted by the strength of its oil industry, topped the list of towns and cities with an increase in disposable household income from 2004 to 2009.

Glasgow and Dundee also came in the top five, with London in second place.

The average disposable household income after outgoings like tax, mortgage payments and pension contributions rose by nearly 25% in Aberdeen over the five-year period, when the latest figures could be obtained.

In 2004 people living in the Aberdeen area had £13,669 left over - and this figure has leapt by 24.65% over five years to £17,039.

London came in second place in terms of percentage change but had the highest disposable income overall.

The capital saw a 22.13% jump over the same period, with households pocketing an average of £19,658 in 2009, compared with £16,096 five years earlier.

Belfast saw its average disposable income rise from £12,057 to £14,383, a jump of 19.29%.

No other town or city in Northern Ireland featured in the top 50.

Accounting group UHY Hacker Young, which carried out the research, said Aberdeen's success was buoyed by a "booming oil industry".

Partner Marc Waterman said: "London has been seen as streets ahead of all the other UK towns and cities for growth in disposable household income, but these figures show that the gap is closing."

Mr Waterman said Aberdeen, known as the Granite City, has benefited from persistently high oil prices.

The study was based on data obtained from the Office for National Statistics.