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
Russia sells reserve gold for first time in 25 years to fund Ukraine war deficit: Report – The Times of India
Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.
Three-month waiver on bank guarantees, credit letters covers rice, seafood, pharmaceuticals among other commodities
Increased sourcing from the US reduces reliance on the Strait of Hormuz — a narrow maritime corridor through which a substantial proportion of global oil trade passes and which remains vulnerable to geopolitical tensions. Photo: Reuters
ISLAMABAD:
The Ministry of Commerce has approved a temporary exemption from financial instruments, including bank guarantees and letters of credit, for exports to Iran, the Central Asian Republics and Azerbaijan via Iran’s land route, it emerged on Saturday.
The development arose from a March 24 notification by the Ministry of Commerce received by The Express Tribune.
The exemption, issued under the Import and Export Control Act 1950, waived the requirement under Paragraph 3 of the Export Policy Order 2022, which mandates that all exports from Pakistan be made in compliance with Foreign Exchange Rules, regulations, and procedures notified by the State Bank of Pakistan (SBP).
The concession will remain effective for three months, from March 24 to June 21. The ministry stated that the federal government had taken the step to facilitate exporters and enhance regional trade.
Read: Local exports hit by ‘triple threat’
Under the exemption, rice may be exported to the Central Asian Republics and Azerbaijan through Iran’s land route. Exports of the following commodities to Iran via land route were also permitted: rice (milled), seafood, potatoes, meat, onions, maize, citrus, banana, tomato, frozen chicken, pharmaceuticals and tents.
However, the exemption from financial instruments, according to the notification, would be subject to the submission of an undertaking by the exporter that the export proceeds would be submitted within the stipulated time period.
Commerce Minister Jam Kamal Khan said Pakistan would now be able to export rice to Central Asia and Azerbaijan via Iran, adding that removing barriers to pharmaceutical exports was the government’s top priority.
He added that trade through Iran would significantly reduce exporters’ costs and time, and that increasing exports would steer the country towards economic stability.
Read More: Attack on Iran jolts Pakistan’s economy
The Ministry of Commerce said it was utilising all resources to enhance regional connectivity and increase trade volume, adding that the measure would strengthen trade links in the region.
A week ago, Pakistan’s Ambassador to Iran, Mudassir Tipu, said bilateral and transit trade between the two countries remained operational despite ongoing regional tensions.
The envoy expressed gratitude to the Iranian government for extending “full facilitation” to Pakistan’s trade, including transit trade through Iran during “challenging times”.
He added that land border crossings between Pakistan and Iran were functioning “optimally”, with green channels at multiple routes ensuring swift movement of goods on both sides. Further, Tipu said that Pakistan was extending maximum cooperation to Tehran to ensure trade flows remain unaffected by the evolving situation.
Business
Noida International Airport inauguration: Delhi-NCR gets new airport – all you need to know – The Times of India
NEW DELHI: Prime Minister Narendra Modi on Saturday inaugurated Phase I of the Noida International Airport at Jewar in Uttar Pradesh, marking a significant milestone in India’s expanding aviation infrastructure.PM Modi was accompanied by Uttar Pradesh chief minister Yogi Adityanath and Governor Anandiben Patel.
Developed at an investment of around Rs 11,200 crore under a Public–Private Partnership (PPP) model, the project is expected to enhance both regional and international connectivity for the National Capital Region (NCR).The airport is being positioned as a key addition to India’s aviation network, aimed at easing pressure on existing infrastructure while supporting the country’s ambition of becoming a global aviation hub.
Second international gateway for Delhi NCR
Noida International Airport has been developed as the second international gateway for Delhi NCR, complementing the existing Indira Gandhi International Airport, which currently handles the majority of the region’s air traffic.
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With rising passenger demand and capacity constraints at IGI Airport, the new facility is expected to play a crucial role in distributing traffic more efficiently.Together, the two airports will function as an integrated aviation system, helping reduce congestion, improve connectivity, and enhance the region’s standing among leading global aviation hubs.
Phase I capacity and future expansion plans
Phase I of the airport is designed to handle 12 million passengers per annum (MPPA), providing immediate relief to the region’s growing air travel demand.The project has been planned with scalability in mind, with provisions to expand capacity to 70 million passengers annually in subsequent phases. This long-term vision reflects the government’s strategy to future-proof infrastructure and accommodate sustained growth in air travel.
Modern infrastructure and all-weather operations
The airport features a 3,900-metre runway capable of handling wide-body aircraft, making it suitable for both domestic and international long-haul operations.
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Equipped with advanced navigation systems such as the Instrument Landing System (ILS) and modern airfield lighting, the facility is designed to support efficient, all-weather, round-the-clock operations. These features ensure operational reliability even under challenging weather conditions.
Cargo hub and logistics ecosystem
In addition to passenger services, the airport includes a comprehensive cargo ecosystem aimed at strengthening logistics and trade.The Multi-Modal Cargo Hub comprises an Integrated Cargo Terminal and dedicated logistics zones, with an initial handling capacity of over 2.5 lakh metric tonnes annually. This capacity is expected to expand significantly to around 18 lakh metric tonnes in the future, positioning the airport as a major cargo and logistics centre in North India.
Dedicated MRO facility to enhance efficiency
A key component of the airport’s infrastructure is a 40-acre Maintenance, Repair and Overhaul (MRO) facility.This dedicated facility is expected to improve operational efficiency by enabling airlines to service and maintain aircraft locally, reducing turnaround times and operational costs. It also strengthens India’s capabilities in aviation maintenance services.
Sustainability and future-ready design
Noida International Airport has been designed as a sustainable and future-ready infrastructure project, with a focus on achieving net-zero emissions.The project incorporates energy-efficient systems and environmentally responsible practices, aligning with India’s broader climate goals. The airport’s development reflects a growing emphasis on green infrastructure in large-scale projects.
Architecture inspired by Indian heritage
Blending modern infrastructure with cultural aesthetics, the airport’s architectural design draws inspiration from traditional Indian elements such as ghats and havelis.This approach aims to create a distinctive identity for the airport while offering passengers a sense of place rooted in Indian heritage.
Strategic location and multi-modal connectivity
Strategically located along the Yamuna Expressway in Gautam Buddha Nagar district, the airport is planned as a multi-modal transport hub.It will feature seamless integration with road, rail, metro and regional transit systems, ensuring smooth connectivity for passengers and cargo. This connectivity is expected to significantly improve accessibility for travellers across Delhi NCR and neighbouring regions.
Boost to India’s aviation ambitions
The inauguration of Phase I of Noida International Airport is being seen as a major step in strengthening India’s aviation ecosystem.By expanding capacity, improving connectivity, and integrating modern infrastructure with sustainability, the project is expected to play a key role in positioning Delhi NCR as a major global aviation hub while supporting economic growth and regional development
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