A poverty line is a limit indicating the minimum income, which is possible to live on without living in poverty. There are two kinds of poverty, absolute and relative poverty.
Absolute poverty defined as income so low that even the most basic human needs cannot be met. That is, the core need for shelter and clothes, clean drinking water and food cannot be reach. Absolute poverty limit typically used in low-income countries where fulfillment of these requirements is not a matter of course.
Relative poverty is a variable concept that changes depending on where in the world one is. Relative poverty refers both to the difference in prosperity from country to country and differences between social groups within the individual countries. As a rule, relative poverty measured as the percentage of the population, which has a lower income than a fixed percentage of the median income, i.e., the income where half of the population has a higher income and have a lower income.
Britain's economy is one of the most globalized economies in the world. In recent years, Britain has had higher growth rates than most other Western economies. Growth was 1.8 percent in 2016 of GDP, which is slightly lower than in previous years. The economy has been resilient after the referendum on leaving the EU, despite expectations of a sharp slowdown. However, the uncertainty about the economy is high. So far private consumption has been relatively stable, but private consumption is expected to decline as a result of declining real wage growth. The British pound has fallen sharply after the Brexit vote, which has weakened the purchasing power of British consumers and caused inflation to rise from about 0.5 pct. in June 2016 to approx. 2.7 pct. in April 2017.
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