Welfare A cut to benefits would batter millions of households Liz Truss’s threats of a real-terms cut would ramp up inequality and hamper growth 10 October 2022 by Lalitha Try The chancellor’s mini-budget has spooked the markets, stoked a rise in interest rates, and now caused a full-blown and very public cabinet row over whether to cut benefits for millions of working-age families. Some ministers are urging the prime minister to press ahead with the cut and end Britain’s “Benefit Street culture”, while others have spoken out … Continued READ MORE
The Rise of the Robots, Rents and Mortgage Rates Top of the Charts 7 October 2022 Afternoon all, I generally thank my lucky stars that I get paid to keep up with economic and political developments. It’s a massive privilege. But it’s also impossible right now. Another week of ups and downs in the gilt market is translating into the real world: interest rates on some fixed rate mortgages are hitting … Continued READ MORE
Economy 2030 Britain needs to get serious about an economic strategy towards a more prosperous, fairer, greener 2030s – can you help? Call for policy ideas to help Britain become a fairer, greener, more prosperous nation 6 October 2022 by Emily Fry and Greg Thwaites The UK’s cost-of-living crisis – with rocketing food and energy prices – is making everyone poorer, and is particularly harmful to low-to-middle income households. But this recent crisis isn’t isolated, because the Britain that confronts it suffers from a toxic combination of high inequality and protracted slow growth. The UK also has great strengths … Continued READ MORE
Ventures WorkerTech newsletter: September 2022 The latest update from Resolution Ventures 30 September 2022 by Emma Selinger Last week, the day before the not-so-mini budget, the Living Wage Foundation announced the new real Living Wage. In a year of unprecendented inflation due to soaring energy prices, we have also seen a significant rise in the real Living Wage both in and outside of London. This month we’re taking a closer look at … Continued READ MORE
Counting the cost of tax cuts, bailouts and queues Top of the Charts 30 September 2022 Afternoon all, I hope you’re all holding it together amidst a truly chaotic week. Appreciate it’s hard to keep up and you’re probably already saturated with reading things about the madness, so we’re aiming to provide some light relief with reads that don’t cover floundering pension funds or rising interest rates (though this is a good … Continued READ MORE
Blowing the budget special Top of the Charts 24 September 2022 Morning all, Apologies that TOTC is late – even later than I warned last week. If it’s any consolation I’m being punished by an involuntary couple of hours triathloning this morning, which us just what you want after a 24-hour stint number crunching the Chancellor’s massive statement yesterday. Hopefully I won’t sink quite as fast … Continued READ MORE
Living standards 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 17 September 2022 by Adam Corlett 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 READ MORE
Charting the UK’s monarch-by-monarch economic growth story Top of the Charts 16 September 2022 Afternoon all, Sorry to leave your inboxes empty last Friday, but rightly the focus very much wasn’t on economic policy. The missing TOTCs would have covered the new Prime Minister’s very large Energy Price Guarantee, the full Resolution analysis of which is belatedly now out for the keen among you. The unprecedented running together of … Continued READ MORE
New Prime Minister special Top of the Charts 2 September 2022 Afternoon all, This weekend marks the end of several eras. Most importantly for the nation the school holidays, as the joys of combining work and the school run return. Selfishly I’m more focused on another era coming to a close – the one called ‘youth’ (my twin and I turn 40 on Sunday). The only … Continued READ MORE
Intergenerational Centre 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 2 September 2022 by David Willetts 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 READ MORE
WorkerTech newsletter: August 2022 The latest update from Resolution Ventures 31 August 2022 by Emma Selinger 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 READ MORE
Political presumptions, horrible histories – and an energy emergency Top of the Charts 26 August 2022 Afternoon all, It’s good to be back after a very pleasant few weeks in the Alps. Walking steeply rising paths has been much-needed relief from looking at charts of ever more steeply rising energy prices. And it’s good to see you’ve all really been pulling your fingers out while I was away – truly impressive … Continued READ MORE
Economy 2030· Incomes· Living standards· Prices & consumption 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 24 August 2022 by Jonathan Marshall 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 READ MORE
Labour market The labour market is making history for the wrong reasons 16 August 2022 by Nye Cominetti and Hannah Slaughter 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 READ MORE
Ventures WorkerTech newsletter: July 2022 The latest update from Resolution Ventures 29 July 2022 by Emma Selinger 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 READ MORE
Faulty factories and a speaking Starmer Top of the Charts 29 July 2022 Afternoon all, I’m down in Cornwall for a wedding so train strikes are rather dominating the updates on who has/hasn’t made it. It’s like a (lower than normal consequence) game of Russian roulette, but that’s preferable to being back in Westminster watching ministers manufacture outrage at the shock news that workers might not love … Continued READ MORE
Catching up with the English, and overtaking the Yanks Top of the Charts 22 July 2022 Afternoon all, Today is a good day, because today is a sweat-free day. And it’s been a good week if you’re Rishi Sunak or Liz Truss – or at least it probably feels like it has, given that Tory MPs have given them the golden tickets into the run-off to be our next Prime Minister. … Continued READ MORE
Labour market Feeling poor and working more – again 19 July 2022 by Greg Thwaites 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 READ MORE
Five lessons for the Conservative leadership candidates Top of the Charts 15 July 2022 Afternoon all, How huge should tax cuts be is the one and only big debate in the Conservative leadership contest so far. No, wait a second, there’s also the one about who can use which toilet. So that’s the big challenges facing the country sorted… But the contest still has almost two months to run … Continued READ MORE
How to tempt Tory votes and budding businesses Top of the Charts 8 July 2022 Afternoon all, Well that wasn’t the week I was expecting. In so many ways. I briefly thought the importance of policy/decision taking continuity lay behind my seven year old’s surprisingly strong view this morning that Boris Johnson must stay as PM until a successor’s in place. But detailed probing about his constitutional opinions revealed a … Continued READ MORE
Try your hand at levelling up the country Top of the Charts 1 July 2022 Afternoon all, Another great week for persuading the kids that politics is a serious business. Putin’s advising the PM to drink less to reduce his weight, and (presumably?) the PM’s wishing his MPs would drink less to reduce their resignation rates. Basically, British politicians should keep their hands off other people’s bodies, and Russian leaders … Continued READ MORE
Intergenerational Centre 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 29 June 2022 by David Willetts 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 READ MORE
The long struggle to count people, properties and prices properly Top of the Charts 24 June 2022 Afternoon all, Nature is healing. Just as flora and fauna nature returned to Chernobyl after the nuclear disaster, so the Lib Dems are re-emerging in the South West after their 2015 meltdown. The scale of the swing towards them yesterday in Tiverton is obviously a by-election special, but it reflects a wider trend of the region swinging … Continued READ MORE
Putting the heat on housing, and pouring cold water on levelling up Top of the Charts 17 June 2022 Afternoon all, The thing about 2022 is it always surprises you. This time last year no-one saw double digit inflation and rapid rate rises coming, and I for one did not see the PM’s ethics advisor resigning over… tariffs on Chinese steel. But you live and learn. Maybe for some people consistency with WTO rules really … Continued READ MORE
Labour market A tight labour market, but early signs of cooling 14 June 2022 by Nye Cominetti This morning’s labour market statistics from the ONS showed a familiar picture of a tight labour market alongside a deepening real wage squeeze. But there are also some signs of a turning point, with wider economic weakness at the start of 2022 potentially feeding into softening labour demand. A now familiar picture of a tight … Continued READ MORE
