Liz Truss’s energy plan will disproportionately benefit the wealthiest households

By 2024, support for the wealthiest tenth of households will far exceed the level of support for those living in poverty

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Britain’s looming living standards catastrophe was the big question hanging – unanswered – over the Conservative Party leadership race this summer, with both candidates refusing to be drawn on how exactly they’d tackle soaring energy bills. But Liz Truss provided an emphatic answer on just her second full day in office by announcing a new Energy … Continued

The system has worked for Boomers at every stage of their lives

If Tories do not wish to be seen as a party for older people, they must give the younger generation a break on housing and wages

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Lucy Burton’s powerful article last week on the wealth of many of our pensioners was absolutely right. Their incomes are higher. Their wealth is greater. The state is being reshaped around services and payments for them. Many pensioners challenge her by saying that what they get now is a fair return after they have paid in during … Continued

WorkerTech newsletter: August 2022

The latest update from Resolution Ventures

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From postmen to parking attendants, drivers to dockworkers – many industries have been affected by strikes this summer over a variety of disputes about maintaining pay in the face of surging inflation. Strikes are a very visible and powerful way for workers to take collective action, but they aren’t the only means of bringing about … Continued

Politicians need to talk about how we can lower bills by using less energy as a winter crisis looms

France and the Netherlands have produced guidance to cut domestic energy use under respective ‘energy sobriety’ and ‘dial it down’ programmes

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The size of our energy bills is due to two things – how much energy costs, and how much of it we use. The first of these, for good reason, is front-page news at the moment. Wholesale gas prices are reaching new highs on an almost daily basis, pushing cost of heating and lighting our … Continued

The labour market is making history for the wrong reasons

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The backdrop to today’s labour market data has been discussion around the increasingly concerning picture for the winter, with expectations of future increases in the energy price cap continuing to ratchet upwards. But today’s data reminds us that when it comes to pay at least, workers are already facing very tough conditions, even before the … Continued

Ventures

WorkerTech newsletter: July 2022

The latest update from Resolution Ventures

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You’ve probably noticed that workplace benefits have recently gone from the ordinary (additional holiday, volunteering days, cycle to work scheme) to the extraordinary (pawternity leave, unlimited holiday, international football tournaments). But often forgotten among these perks are pensions. While unglamorous in comparison to some benefits, pension savings can make a seriously significant difference to living standards in later life. Yesterday the Resolution … Continued

Feeling poor and working more – again

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Today’s labour market data tell us a bit more about how the labour market is responding to high inflation and the cost of living shock. We see some things we would expect, some things which may be surprising, and much that remains unresolved. Real wages fall at the fastest rate on record The most eye-popping … Continued

Straight talking on tax cuts

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The Conservative Party got rid of Boris Johnson because once too often he just wasn’t straight with them or the public. But the danger now is that the leadership election that is meant to help the Party and country move on fails the very same straight-talking test, given the sheer scale of tax cut promises … Continued

How Britain became a gerontocracy

The pensions boost is further proof that Britain is run for the benefit of the older generation — paid for by the young, writes David Willetts

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Last week’s announcement of the return of the triple lock for pensions makes it clear where real political power lies in Britain. Pensioners are promised a 10 per cent increase next year, matching inflation, while basic pay is rising at just 4 per cent. This is the latest example of a deep-seated trend: our country … Continued

WorkerTech newsletter: May 2022

The latest update from Resolution Ventures

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It’s that time of year again – Bethnal Green Ventures (BGV) are on the lookout for a new cohort of ambitious founders to join their Tech for Good programme. Each year, we partner with BGV to back WorkerTech ventures to join the cohort. In this edition I’ve put together a suite of tips and tools to … Continued

Ventures

From platforms to promotions – event summary 

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The way young people enter the job market from education can have a marked effect on their future prospects. Economic crises are a particularly tough time to start a career, and while the Job Retention Scheme prevented mass unemployment during the pandemic, young people still face huge challenges in terms of rising insecurity and finding … Continued

Energy prices: Why now is the time to act to help millions of families facing fuel bill catastrophe

A benefits boost and insulation drive are needed

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The first day of April saw the largest overnight jump in energy bills in living memory, pushing up the cost of gas and electricity for 22 million families by more than 50 per cent. Despite this not having sunk in yet – households are only one bill into this new reality at most – we … Continued

The cost of living crisis is going to hurt

To tackle it, we will also need to address the stagnation which has bedevilled the UK economy for years

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Britain is at last stepping out of the pandemic that has dominated the last two years – only to step straight into a huge cost of living crisis that will be the defining economic feature of what remains of this parliament. The lives of those at risk from the unfolding nightmare in Ukraine are our … Continued

Ventures

WorkerTech newsletter: April 2022

The latest update from Resolution Ventures

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The World Economic Forum predicts that 40% of new job opportunities will be created in the care sector by 2023. While this presents a significant opportunity for workers to transition from other shrinking sectors, we need to make sure that the jobs available are good ones with fair pay and conditions. In this edition of the … Continued

Ventures

WorkerTech newsletter: March 2022

The latest update from Resolution Ventures

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Thanks to Well_Lab, a collaboration between Wellcome Trust and Brink, yesterday I joined experts in work, employment, health and wellbeing at a round table to share ideas on what works and what doesn’t to improve worker wellbeing. While no one had a one-size-fits all answer, it was inspiring to hear of so many initiatives to support people experiencing wellbeing issues at … Continued

Ventures

Resolution Ventures invests in Ikigai Data

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We’re pleased to welcome Ikigai Data to Resolution Ventures’ social investment portfolio as part of the Workertech Partnership. The Workertech Partnership is backing a new wave of innovators who will harness technology to improve the pay, prospects, power, and progression of low-paid workers. Ikigai Data is a careers data and insights company that works with … Continued

Labour market tight, household budgets tighter

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Tuesday’s labour market data showed that many of the trends of recent months remain in play. The labour market tightened further, participation continued to disappoint and real pay packets kept falling, while nominal pay growth hasn’t yet shown clear signs of accelerating.  The labour market is tight The labour market is now very tight on … Continued

Good headline news on NEETs hides a worrying rise in economically inactive young men

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This morning the ONS published the latest figures outlining the number of young people who are not in education, employment or training (NEET). Overall 692,000 16-24-year-olds (10.2 per cent), including 642,000 18-24-year-olds (12 per cent), found themselves NEET at the end of last year. On the surface, this is worth celebrating: the number and proportion … Continued

Economy 2030

Forget all you’ve heard about working life in modern Britain. It’s wrong

The myths perpetrated about modern employment have left us perilously ill prepared for true economic change

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Economic change is speeding up. Technology means that industries are shrinking and growing faster than ever. The young change jobs incessantly while firms fire at will, ending the “job for life” enjoyed by previous generations. Everyone moves around the country for work these days, vacating poorer parts of Britain and hollowing out communities. All of … Continued

Inflation will hit low and middle-income families hardest

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This year is not being kind to the reputation of Britain’s institutions. Two months in, the police are already questioning the country’s elected — and unelected — leaders. But the cost-of-living catastrophe that will dominate 2022 will turn the heat on to our economic institutions. They are unlikely to emerge unscathed. Prices rose 5.5 per … Continued

If fewer workers migrate to Britain, our own will need greater mobility

Migration policy can complement an economic strategy, but it can’t stand in for one.

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One of the main benefits often cited of leaving the European Union was that the UK regained control of its borders, with the Prime Minister arguing that bringing in a more controlled migration regime would be key to enabling the UK to become a high wage economy. Others fear that the shift to a new, … Continued

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