Monetary policy· Macroeconomic policy Macroeconomic Policy Outlook: Q3 2022 10 October 2022 by Jack Leslie and Krishan Shah and James Smith …it is affected by compositional effects related to the pandemic, including from the furlough scheme which added around 1 percentage point to wage growth in Q1 2022. Total pay growth… READ MORE
Monetary policy· Macroeconomic policy What goes down must come up The Bank of England becomes the first major central bank to raise rates but impact will be small with fiscal policy key to Omicron response 16 December 2021 by Jack Leslie and James Smith …recent months has been very positive with the success of the Government’s furlough scheme limiting the impact of the pandemic in terms of rising overall unemployment. Unemployment has repeatedly surprised… READ MORE
Covid-19· Labour market The new wave The economic policy response to Omicron 15 December 2021 by Torsten Bell and Jack Leslie …those furloughed continuing to receive 80 per cent of previous earnings, that would imply a cost of around £1.4 billion a month against a backdrop £46 billion of furlough spending… READ MORE
Economic growth· Macroeconomic policy Macroeconomic Policy Outlook Q4 2020 28 December 2020 by James Smith and Torsten Bell and Karl Handscomb and Jack Leslie and Cara Pacitti and Nye Cominetti …should be accompanied by grants focused on them, rather than paid to all business rate payers. The extension of the furlough scheme until April means that while unemployment will continue… READ MORE
Economy and public finances· Macroeconomic policy Macroeconomic Policy Outlook Q3 2020 21 September 2020 by James Smith and Jack Leslie …labour with employment falling less than output. In the OBR’s central scenario, 15 per cent of workers flow from furlough into unemployment when the JRS closes. Because those sectors worst… READ MORE
Covid-19 The economic effects of coronavirus in the UK Utilising timely economic indicators 14 May 2020 by Jack Leslie and Charlie McCurdy …the self-employed scheme. The Office for Budget Responsibility (OBR) estimate that the JRS will ultimately lead to £58 billion of government borrowing. But without the JRS many of those furloughed… READ MORE