Business
Fact check: Wage claim confuses mean and median incomes from different years
A widely shared claim on social media said that the median wage was £24,769 in 2008 and £29,600 by 2025. Meanwhile, the claim continued, inflation has increased prices by 70.51% since 2008, meaning that a £24,769 wage would have become £42,231 if it had kept up with inflation.
Evaluation
The claim does not have any sources attached to it, but it seems likely the post is comparing very different figures.
The person posting appears to have cited a figure for mean income – not median – from 2004/05 instead of 2008, with a median household income figure – not mean wage – from 2019 rather than 2025.
The facts
Where does the claim of a £24,769 median wage in 2008 come from?
The poster claimed that the median wage was £24,769 in 2008, without giving a source. It is not clear where this figure was obtained from.
It is possible that the user took this figure from a Wikipedia article which somewhat misleadingly cites a report from the Institute for Fiscal Studies (IFS).
The Wikipedia article correctly lists the £24,769 figure as the mean, rather than the median which the social media poster claimed. But the Wikipedia article also says that the figure is “2008 data”.
This is correct insofar as the IFS report was released in 2008. However, the Wikipedia article does not make it clear that the figure is actually from the 2004/05 fiscal year, not from 2008.
The mean is the average number in a data set, whereas the median is the middle value when the set is in numerical order.
The figures used by the IFS were taken from the 2004/05 survey of personal incomes (SPI) from HM Revenue and Customs (HMRC). In its report the IFS updated the figures to present them in the equivalent 2007/08 prices.Where does the claim of a £29,600 mean wage in 2025 come from?
The poster also claimed without a source that the median wage is £29,600 in 2025. Again it is not clear where this figure has been found.
The number matches the Office for National Statistics median household income figure for 2019, making that one potential source for the claim. However, median household income is not the same as median wage.
A Google search found that the number also matches an unsourced figure on a jobs website which claims that the “average salary in the UK (2025)” is £29,600. However, apart from updating the year, this page has not been changed since 2020 when it also listed the “average salary in the UK (2020)” as the same – £29,600.
Owing to the timing it is possible that this website has taken its “average salary” figure from 2019’s household income. The oldest archived version of the page is from April 9 2020, while the ONS’s median household income figure was released just a month earlier on March 5.
What would the £24,769 income be worth in 2004/05?
The IFS’s report does not appear to reveal its exact method for calculating the change in wage value between 2004/05 and 2007/08.
It simply cites “authors’ calculations based on SPI 2004–05”. That is a reference to the Survey of Personal Incomes (SPI) from that year which the PA news agency has been unable to find.
However, the report says that the basic tax allowance of £4,745 in 2004/05 would have been worth £5,140 in 2007/08 prices.
This suggests an increase in prices by approximately 8.32% which – allowing for rounding errors – appears close to the 8.45% change in Consumer Prices Index (CPI) between 2005 and 2008.
This would mean that an income worth £24,769 in 2007/08 prices would have been worth around £22,866 – again allowing for rounding errors – in 2004/05.
What would have happened if salaries had kept up with inflation since 2004/05?
Because the income stated is from 2004/05, not 2008 as claimed, the inflation rate since 2008 is not relevant.
Between 2005 and 2024 – the last full year for which data is available – prices increased by around 71.45% according to the CPI measurement. This implies that the mean income in 2004/05 (£22,866) would be around £39,202 in 2024 if it had kept up with inflation – again allowing for rounding errors.
If comparing CPI figures from March 2005 – the last month of the 2004/05 fiscal year – with the most recent CPI figure in June 2025, inflation has seen prices rise by 79.23%. That would mean the mean salary from 2004/05 would be around £40,981 had it kept up with inflation.
Median income in 2004/05 was £16,400. If that income had kept pace with price increases of 71.45% it would be worth £28,117. At the 79.23% inflation rate it would be worth £29,393.
What are mean and median incomes today?
According to HMRC data, median income before tax was £28,400 in 2023 – the latest year for which an SPI survey has been published. This figure is for individuals, not for households.
The mean income in the same year was £40,400.
What is the difference between median and mean?
Both median and mean are two different ways of measuring the average.
The mean is arrived at by adding every value together in a dataset and then dividing it by the number of entries in that dataset.
For instance, if calculating mean income, you add together the income of every person in the dataset, whether that be £20,000 per year or £200,000 per year, and then divide that figure by the number of people whose income you have measured.
The median is very different. To measure the median you line up all the values in a dataset in ascending order and choose the entry exactly in the middle. The benefit of this approach is that it cannot be skewed by a small number of really high earners at the top.
In a way it can be seen as the difference between calculating the average amount that people earn (mean) or calculating what the average person earns (median).
Links
ONS – Average household income, UK: financial year ending 2019 (archived)
Average Salary and Wage in the UK (archived from 2025 and 2020)
IFS- Racing away? Income inequality and the evolution of high incomes (archived)
Gov.uk – Personal Income Statistics Tables 3.1 to 3.11, 3.16 and 3.17 for the tax year 2022 to 2023 (archived, see Table 3.1 and Table 3.2 for relevant data)
Business
Petrol and diesel prices may rise if Middle East crisis persists, says RBI Governor Sanjay Malhotra – The Times of India
Reserve Bank Governor Sanjay Malhotra has said the government may eventually have to raise petrol and diesel prices if the ongoing Middle East crisis continues for a prolonged period, PTI reported on Wednesday.Speaking at a conference in Switzerland on Tuesday, Malhotra said the disruption in oil and gas supplies due to the conflict and blockade of the Strait of Hormuz has begun impacting India, which remains heavily dependent on energy and fertiliser imports.Referring to the crisis, the RBI governor said if it continues for a longer duration, it is a “matter of time that the government will actually pass on some of these price increases”.The government has so far not increased retail petrol and diesel prices despite the conflict in West Asia that began on February 28.Malhotra also said the government has remained fiscally prudent and continues on the path of fiscal consolidation.The comments come amid rising pressure on India’s external sector due to elevated crude oil prices and a weakening rupee, which has slipped below the 95 mark against the US dollar.Prime Minister Narendra Modi had earlier called for measures such as reducing fuel consumption and lowering edible oil usage to help conserve foreign exchange reserves.As global crude oil prices surge amid the prolonged Middle East conflict and disruptions around the Strait of Hormuz, India has so far avoided major increases in petrol and diesel prices, choosing instead to absorb the pressure through state-run oil marketing companies (OMCs), tax adjustments and supply management measures.The Centre has repeatedly asserted that there is no fuel shortage in the country and no plan to introduce rationing of petrol, diesel or LPG despite disruptions in global energy shipments linked to the Iran conflict and the Strait of Hormuz crisis.“There is no need to panic. There are sufficient supplies. There is no rationing in place. It’s not going to happen,” Oil Secretary Neeraj Mittal said recently at the CII Annual Business Summit.Officials said India currently maintains around 60 days of fuel stocks and nearly 45 days of LPG inventories despite continuing volatility in global energy markets.
OMC losses mount as crude prices surge
The government’s decision to hold retail fuel prices steady despite rising international crude rates has increased pressure on state-run oil companies.According to official discussions reviewed during recent government briefings, OMCs are estimated to be losing between Rs 1,000 crore and Rs 1,200 crore every day because of elevated crude prices and unchanged pump rates.Under-recoveries are estimated to have approached nearly Rs 2 lakh crore during the first quarter of 2026.The current crisis intensified after shipping movement through the Strait of Hormuz — a key global oil transit route handling nearly one-fifth of global crude flows — came under severe disruption during the Iran conflict.Brent crude prices surged above $110 per barrel during the latest phase of the crisis, sharply increasing import costs for major oil-consuming countries like India. India imports nearly 90 per cent of its crude oil requirements, making the economy highly vulnerable to global energy price shocks.
Govt focuses on supply stability, inflation control
The Centre has simultaneously attempted to prevent inflationary shocks and avoid panic in domestic fuel markets.Officials said India has increased procurement from alternate suppliers and secured additional energy cargoes to maintain uninterrupted supplies.“We have procured from other sources. We have procured from other countries. We have increased procurement from existing countries and that has kept us going in terms of supply management in the short run,” Mittal said.The government has also absorbed part of the global price shock through excise duty adjustments on petrol and diesel. Officials estimate the revenue impact of fuel-related tax reductions at nearly Rs 1.6 lakh crore.Prime Minister Narendra Modi on Sunday (May 10) urged citizens to conserve fuel, reduce unnecessary imports and avoid wasteful consumption as rising oil prices increase pressure on India’s import bill and foreign exchange reserves. The Prime Minister also encouraged greater use of public transport, carpooling, electric vehicles and work-from-home arrangements wherever possible. The government has described these as precautionary steps rather than emergency restrictions.
Pressure likely to continue
Fuel prices remain among the most politically sensitive economic issues in India because increases in petrol and diesel rates directly affect transport costs, food prices and household budgets.While the Centre has so far avoided large retail fuel price increases, analysts say prolonged suppression of prices could further strain OMC finances if crude prices remain elevated for a longer period.
Containers at the Port of Oakland in Oakland, California, US, on Thursday, March 26, 2026.
David Paul Morris | Bloomberg | Getty Images
Months after the Supreme Court ruled some tariffs were unconstitutional, the first round of tariff refunds has begun flowing in.
Oshkosh Corporation CFO Matt Field confirmed to CNBC that the company has started receiving tariff refunds as of Tuesday.
“Following acceptance of our initial filing, we have begun receiving payments on our tariff refund claims, representing an initial portion of our total claims submitted,” Field said.
The company has not yet verified its total refund amount, Field added.
Basic Fun, the company behind Care Bears and Tonka trucks, also told CNBC it began receiving tariff refunds on Tuesday.
CEO Jay Foreman said the refunds so far have only represented 5% of the company’s total claim on its early invoices.
“We will utilize the refund dollars to help support our 2026 cash flow and invest in our team. This is the toughest time of the year for toy companies,” Foreman said in a statement. “We’ll also be announcing to our staff that we will be increasing salaries to help offset cost of living increase, announcing promotions and larger merit increases. We are reinvesting the funds in our business and people.”
Logistics companies UPS, FedEx and DHL have previously said that they will file for tariff refunds on behalf of their customers, requiring no further action from them. The first phase of tariff refunds only covers requests for entries that CBP finalized within the past 80 days, though that process could take months to reach customers.
The U.S. Customs and Border Protection said in a court filing that it anticipated paying refunds of $35.46 billion on 8.3 million shipments, as of Monday morning.
In February, the Supreme Court invalidated President Donald Trump‘s tariffs imposed under the International Emergency Economic Powers Act of 1977. In the months that followed, companies began filing for tariff refunds in a portal, called the Consolidated Administration and Processing of Entries.
In a radio interview with WABC on Tuesday morning, Trump called the tariff refund situation “crazy.”
“In theory, you have to pay the tariffs back. We’ll fight that,” Trump said. “We were taking in fortunes from people that hate us, countries and companies that hate us.”
A cyber security expert says deleting chat history could lead to a lack of accountability if things go wrong.
Source link
Army officer among five soldiers martyred, 7 terrorists killed in Balochistan operation
Overworked AI Agents Turn Marxist, Researchers Find
Petrol and diesel prices may rise if Middle East crisis persists, says RBI Governor Sanjay Malhotra – The Times of India
-
Tech5 days agoA new frontier: Identity stack evolves for agentic systems | Computer Weekly
-
Tech5 days ago‘Orbs,’ ‘Saucers,’ and ‘Flashes’ on the Moon: Pentagon Drops New UFO Files
-
Tech5 days agoNick Bostrom Has a Plan for Humanity’s ‘Big Retirement’
-
Fashion5 days agoNew orders in German manufacturing up 5% MoM in Mar 2026: Destatis
-
Business1 week agoIndia among most resilient large EMs, better placed for future global shocks; policy reforms & strong buffers help: Moody’s – The Times of India
-
Tech6 days agoWhat Microsoft Executives Really Thought About OpenAI in 2018
-
Sports5 days agoShaheen Afridi achieves landmark feat during opening Test against Bangladesh
-
Tech6 days agoThe Canvas Hack Is a New Kind of Ransomware Debacle