UK’s £155bn tax relief bill costs more than health, transport, justice, home and foreign office budgets combined

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Public Finances and the Economy

  The estimated overall spending on tax reliefs increased to a record £155bn in the last financial year (2017-18), according to Resolution Foundation analysis of the annual HMRC Principal Tax Relief Statistics published today (Tuesday). Adam Corlett, Senior Economic Analyst at the Resolution Foundation, said: “Spending on tax reliefs has grown to a record £155bn … Continued

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Government right to put people’s earning power at the heart of its industrial strategy

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Public Finances and the Economy

  Commenting on the publication of the government’s Industrial Strategy White Paper today, Resolution Foundation Executive Chair David Willetts said: “Given the grim outlook for living standards we heard at the Budget last week, today’s White Paper has the right focus on improving the nation’s productivity, and with it people’s earning power. “A key new … Continued

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Family finances hit by biggest ever productivity growth downgrade

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Public Finances and the Economy

Chancellor makes housing a welcome centrepiece of his Budget The Chancellor has delivered the first post-election giveaway Budget this century despite a grim outlook for the economy and public finances, driven by the Office for Budget Responsibility’s biggest ever productivity downgrade. That downgrade has huge implications for family finances over the remainder of the parliament, … Continued

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Young and middle income mortgage holders will feel biggest short-term pressure on mortgage costs

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Public Finances and the Economy

Barely one in ten families are at risk of an overnight effect of today’s rate rise through higher mortgage costs, with young and middle income mortgage owners facing the biggest cost increases, the Resolution Foundation said today in response to the Bank’s decision to raise interest rates by 0.25ppts. The Foundation’s analysis finds that the … Continued

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‘No deal’ Brexit tariffs could mean millions of households facing price rises of over £500 a year

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Public Finances and the Economy

  Exiting the EU without a trade deal and reverting to WTO ‘most-favoured nation’ (MFN) tariffs with the EU would lead to significant price rises across a range of goods, with low-income households facing the biggest cost pressures. This is according to a new joint-report published today (Tuesday) by the Resolution Foundation and the UK … Continued

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Welcome inflation fall but poorest households are experiencing the biggest price pressures

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Public Finances and the Economy

  Welcome inflation fall but poorest households are experiencing the biggest price pressures The poorest households have experienced higher inflation than the richest households since the start of the year, the Resolution Foundation said today (Tuesday) in response to the latest inflation figures, which saw CPIH fall to 2.6 per cent in June. New Resolution … Continued

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