Oil industry improves Aberdeen incomes

The strength of the oil industry in Aberdeen has lead to the fastest increase in disposable income in the UK.

Residents of Aberdeen have enjoyed the fastest increase in gross disposable income of any UK city in the past five years, UHY Hacker Young, an accounting group, as revealed.

Glasgow and Dundee were also in the top five UK cities for highest disposable household income, thought to be because Scotland suffered a smaller fall in household employment rates than the rest of Britain.

Disposable household income jumped by 24.7 per cent in Aberdeen, from £13,669 in 2004, to £17,039 at the end of 2009.

Marc Waterman, partner at UHY Hacker Young, said that Aberdeen has benefited from having some of the oil industry leaders based in the region.

"Although London still has the greatest disposable income in the UK, Aberdeen is catching up fast," he said.

"If oil prices remain at their current rate of over $90 a barrel, this momentum is likely to continue," Mr Waterman added.