It's not fantastic, it's just that the UK is a very unequal country with an expensive property market. 50k gives a comfortable middle-class lifestyle outside London.
If you weren't paying those taxes, how much would you have to pay simply for equivalent health/education/unemployment insurance/pensions cover?
But even using 26.5k (average), we are at close to 30% on taxes on income alone) http://www.listentotaxman.com/26500?