Almost four minutes to afford a sausage roll
ECONOMISTS have worked out how long someone in Portsmouth has to work for to buy a sausage roll.
The Greggs sausage roll index has been created to compare living standards across the country.
Statistics show show it takes approximately three minutes and 53 seconds for a Portsmouth resident to afford the savoury snack.
It ranks 39th in the table, with London taking the least time, two minutes and 58 seconds, and Lichfield having the highest figure, four minutes and 54 seconds.
Economist John Hawksworth, who created the index, said despite its jovial nature, it highlights a stark economic divide.
He said: ‘In part the analysis is a bit of fun with the sausage roll standing in for the Big Mac as a standardised product to compare purchasing power across different places.
‘But it does also make the serious point that there are very large variations in income levels across our towns and cities.
‘These local earnings gaps are driven by variations in productivity across places that reflect deep-seated disparities in education, opportunity and infrastructure across the country.
The model is similar to the Big Mac index, created by the Economist.
Areas in the south east have varied rankings.
Basingstoke is the ninth most affluent location, taking three minutes and 22 seconds, with Southampton finishing in 20th (three minutes and 36 seconds), Winchester in 24th (three minutes and 39 seconds), Brighton in 31st (three minutes and 47 seconds), and Chichester in 66th (four minutes and 15 seconds).
Commission by InvestingReviews.co.uk, the index uses Greggs sausage roll prices, typically costing £1.05, local median hourly pay estimates for those who work 30 hours a week, from the Office for National Statistics (ONS), which are then adjusted to 2022 ONS pay growth estimates over the last three months.
Simon Jones, CEO of InvestingReviews.co.uk, said the government has to respond to the cost of living crisis, amid the levelling-up white paper.
He added: ‘Amid all the government’s talk of levelling up, a great divide still exists across Great Britain today with Greggs customers in some parts typically having to work 65 per cent longer than Londoners just to be able to afford a sausage roll.’