What is MIS?
What is MIS?
MIS is based on detailed research with groups of members of the public specifying what items need to be included in a minimum household budget. The groups are informed by expert knowledge where needed, for example on nutritional standards. The results show how much households need in a weekly budget and how much they need to earn in order to achieve this disposable income.
The original MIS study published in 2008 produced detailed budgets for a range of households with and without children and of working age and pension age. Every July, we produce a new report, updating these budgets, as well as updating our Minimum Income Calculator which allows them to be calculated for 107 household types.
The annual updates take account of inflation and changes in the tax and benefit system. In addition, every two years, new research considers whether the basket of items used to calculate the budgets needs revision in light of changes in society. This involves a light-touch ‘review’ of existing budgets, asking groups of members of the public if the lists need to change. But every four years for each household type, we ‘rebase’ the calculations by asking the groups to construct new budgets from a blank sheet.
These full rebases of the budget are carried out on an alternating basis:
- In 2012, we rebased budgets for families with children, as well as reviewing those of households without children.
- In 2014, we rebased budgets for households without children, as well as reviewing those for families with children.
- In 2016, as in 2012, we rebased budgets for families with children and reviewed those for households without children.