Residents of Birmingham have one of the lowest average income tax bills in the 海角视频, paying an average of 拢3,520 per year.
The average annual income tax contribution of workers in Birmingham is 20 per cent lower than the 海角视频 average of 拢4,398, according to city accountancy firm UHY Hacker Young.
Malcolm Winston, partner at UHY Hacker Young, said: 鈥淏irmingham鈥檚 personal wealth and tax bills are much lower than those in places like London and the South East, a legacy of the huge changes the local economy has undergone thanks to the decline of traditional industries.聽
鈥淚t has a lot of catching up to do, but there is a lot of potential in the city. Birmingham鈥檚 manufacturing industries remain an important source of exports and foreign investment for the 海角视频, while hosting one of the Government鈥檚 new Enterprise Zones will also help attract private investment and jobs to the city, boosting wealth.聽
鈥淭he Government has announced some major infrastructure projects to benefit the Midlands like High Speed 2, but these will take a long time to bring tangible benefits. More action is needed now.鈥澛犫淧lans to cut its long-term costs could be achieved by decentralising more of its functions to regional hubs like Birmingham.鈥澛
The research showed that the 海角视频 is reliant on a handful of wealthy towns for income tax revenue.
Mr Winston added: 鈥淏irmingham is heading in the right direction, but it has a long way to go before it is in the same bracket as London and its leafy suburbs.鈥滺owever, UHY Hacker Young鈥檚 report revealed that when total tax payments by area are considered, Birmingham contributes the sixth highest bill in the 海角视频, with residents paying a total of 拢1,430million in the last financial year. This is behind London (拢33,700million), Manchester (拢4,410million), Liverpool (拢2,190million), Leeds (拢1,490million), and Edinburgh (拢1,450million).Solihull is 26th with a 拢556million bill, followed by Dudley in 35th with 拢461million and Stratford-upon-Avon and Warwick with 拢440million in 40th place.
