Does earning more than £60k a year make you rich especially in London?

[Payinglotsoftax]

Labour has said that as part of their manifesto they will target earners over £60k for higher taxes. My personal view is that Jeremy Corbyn targeting those earning more than £60k a year will target some families without a high standard of living particularly in London and the south east. AIBU?

Yes have you seen the average wage?!

I think you need to come out of the land privilege and realise how little the average person lives on even in London !

I think even in London £60k has to be considered high.

Correction £70k - less relevant to my family already but still seems like a figure for a family with one parent working and 2-3children in London/SE may not be living particularly extravagantly.

If you're earning £60k in London and under 40 you'd be lucky to be on the housing ladder. Rents are so high people can't save for a deposit. People I know on that salary in London are either renting or living in a small flat. Not exactly rich.

Is london though aren't you taxed already with stamp duty and higher rents mortgages? Is disposable income of £70k family in London a lot higher than say £45k in north east?

£45k is a lot of money too!!! Average earnings are £22k in UK and £32k in London.

@nobackchat a not very nice 3 bedroom flat is at least £2k pcm to rent in my bit of London. A nicer 3 bed terrace would be closer to £3k.

Your take home on £70k would be about £4k.

Not exactly rich.....

Not rich, no. But comfortable. Particularly if you already owned property.

DP and I earn over that jointly but still can't buy a house, so a huge amount goes on rent.

£60k is comfortable middle class, hilarious that that's thought to be rich.

That's a take home of £3.5k a month. Take out £1000 for mortgage, £500 on household bills and car, that's only really £500 a week. You'd be squeezed to pay two lots of school fees on that.

Why a 3 bed though wit? We have 2 dc and live in a 2 bed house. Our mortgage payments are very low. A 3 bed would be crazy. So cut your cloth accordingly?

I honestly don't think you can be considered "rich" living in most places in the uk. I think it's appalling they wish to target people at this level and tax them more. A family living anywhere on 60k isn't rich. Just another reason not to vote labour. If one was needed.

£60k in the north is a small fortune.

£60k in London gives you a take home of around £3200 - depending on NI, pension contributions etc.

Unless you have inherited a home you will be paying around £2000 in rent/mortgage (if you can get one) for a 2 bed terrace in Zone 2 or a 3 bed in Zone 3. If you go further out your commuting and childcare costs escalate. So £1200 a month over for council tax, utilities, food, clothes etc.

You can seenwhy no Londoners in work will be voting for JC.

@fourtothefloor of course people should cut their cloth accordingly but I think it's a bit ridiculous to say that someone who can only comfortably afford to rent a two bed is actually rich, which is what JC is suggesting when he talks about rich people earning £70k a year. You might be rich in parts of the country but not in London.

Ha ha ha ha ha at the thought that over £60k is rich!!!! It so isn't.

Did he actually say "the rich" out of interest?

As a family of five on a similar income it is not rich! We're in greater London and once rent and bills are paid there's not much left, we've been saving for years for a deposit to buy and are still a fair way off. I wouldn't even consider it comfortable in my opinion to be honest.

Single person on 60k maybe, but not to support a family on.

Yes that's rich. I live in London. I'm in my late 30s. Neither dp or I earn anywhere near that. We could never dream of earning that in our jobs.

McDonnell did when explaining JC's position on Radio 4 I believe. As shadow chancellor you would hope that is an accurate reflection

It's interesting that Corbyn then thinks MPs are rich because they earn well over 60k. It's no surprise his own party hate him too.

The problem is that it's all relative isn't It? As a PP said in the North you'd be doing very well, in London not so much. We are in the south West and it's about average earnings in our area.

I heard a guy on the radio say, "apparently I'm a high earner and yet there seem to be an inordinate amount of people with better cars than me..."

I think it's laughable for London. Perhaps it's a lot of money for one person but for a family trying to save for a home, it's hardly rich.

Yes, I know people get by on much, much less, myself included. To me, 'rich' is six figures.

Comfortable not rich. 60 or 70k looks a lot as an individual wage but not if you are part of a single income household. Earning that amount already attracts higher tax for a portion of it.

Referring to anyone except the top 1% as rich is too emotive and bound to get people's backs up, but people are mighty self interested when it comes to tax. Many European countries have a 45% tax rate kicking in at a vastly lower income than in the UK without living costs being much different.

No, it's nothing. After tax especially. We couldn't manage and we,aren't in London.
But you don't need to listen to corbyn he's unelectable.

Ha ha ha ha ha at the thought that over £60k is rich!!!! It so isn't.

It's probably because it's almost 3x the national average and almost double the average for London.