Labour market· Skills Apprenticeships have a starring role in the government’s technical education reforms. But are they delivering? 8 December 2018 by Kathleen Henehan Rarely a headline-grabber in the broadsheets (or indeed, the tabloids), yesterday’s speech on technical education by the Education Secretary offered a welcome respite from the mind-numbing livestream of Brexit-related updates. The central premise of Damian Hinds’ speech – that the UK’s technical education system should offer young people clear routes into specialist, well-paid careers – … Continued READ MORE
Unlucky millennials, and why we’re better than the French Top of the Charts 7 December 2018 Afternoon all, Enough of the gloom – it’s time for a bit of national pride. Yes things are messy in Westminster, but we shouldn’t let this damage our national psyche – after all the REAL lesson of this week is that we’re better than the French*. Here are three reasons why. 1) Yes … Continued READ MORE
Wealth & assets· Housing· Intergenerational Centre The Bank of Mum and Dad pays out at least three times in life 4 December 2018 by Torsten Bell Times change, Britain changes, and it doesn’t stop changing just because we’re all naturally obsessed by Brexit. Our need to understand and respond to those changes is as big as ever – and nowhere is that more true than in the growing importance in our society of wealth, which has risen from three times our … Continued READ MORE
Living standards· Productivity & industrial strategy· Pay· Economic growth Decoupling wages and recoupling living standards Top of the Charts 30 November 2018 Afternoon all, This week saw several major studies on the economic impacts of Brexit end games. Obviously you shouldn’t read them all, partly because you’ve got lives to lead, but also because it’s blindingly obvious what they say. And anyway who needs to bother with the serious business of weighing up the economic cost of a … Continued READ MORE
Sex-starved youths and savings-starved pensioners. Top of the Charts 16 November 2018 Afternoon all, So the UK’s live broadcast episode of “Deal or No Deal” is in full swing and I’m sure we all feel very proud of ourselves. The only good news is that Noel Edmonds hasn’t yet made an appearance, although we’re not exactly short of badly dressed men from a time long past wandering … Continued READ MORE
Shame, Zombies and Die Hard Top of the Charts 2 November 2018 Afternoon all, Good lord we’ve had (almost) an entire week without Brexit chat. Yes, it’s cost us £55bn via a giveaway Budget to make it happen – but frankly that feels like money well spent (especially the £1.7bn going back into Universal Credit). Our gratitude to the Chancellor has however been severely tested. No, not … Continued READ MORE
Budgets & fiscal events· Labour market· Low pay Never mind the end of austerity, what about the end of low pay? 2 November 2018 by Conor D’Arcy While post-Budget debates on austerity and tax cuts rumble on, one clear living standards win on Monday was an increase in the National Living Wage (NLW). But beyond announcing the rate for next year, the government also used the Budget to set out a bold new aspiration that could have major implications: ending low pay. … Continued READ MORE
Budgets & fiscal events· Public spending· Economy and public finances The Budget marks a very significant easing – but not an end of austerity 30 October 2018 by Torsten Bell Marriages require compromise. So we shouldn’t be surprised that the reluctant political marriage between Theresa May and Phillip Hammond has delivered a compromise Budget. Caught between the Prime Ministers promise to “end austerity”, the wish to see debt falling, and the reality of the parliamentary arithmetic making significant tax rises difficult the Chancellor has taken … Continued READ MORE
Budgets & fiscal events· Economy and public finances· Tax The Chancellor may have one arm tied behind his back, but there are still tax levers he can pull 21 October 2018 by Adam Corlett How can a government with a tenuous majority, an intra-party feud and Brexit uncertainty find the money to ‘end austerity’ on top of more than £20 billion a year it has promised for the NHS? The safe bet is that it won’t find anywhere near all of it in the Budget. This can – like … Continued READ MORE
Labour market Angry tweets, hungry millennials and useless entrepreneurs Top of the Charts 19 October 2018 Afternoon all, I think Theresa May might have good reason for feeling miffed as we head into the weekend. We’ve had a triple whammy of pretty good economic news – the fastest rising pay packets since the financial crisis, lowest borrowing in over a decade and lower than expected inflation. And what gratitude does … Continued READ MORE
Welfare The have-docs vs. the have-yachts, and good news for rich idiots Top of the Charts 12 October 2018 Afternoon all, We start with a warning about turning on the radio – whenever I’ve risked it this week I’ve kept hearing the words John Major and poll tax. It’s like the 1990s all over again. Even Noel Gallagher seems to have re-emerged from some Brit-pop time machine and Brexit definitely has a mid-90s vibe … Continued READ MORE
Budgets & fiscal events· Public spending· Economy and public finances The OBR on Brexit: known-unknowns and unknown-unknowns cast shadow over the Budget 11 October 2018 by James Smith As if Philip Hammond’s job over the next few weeks wasn’t tough enough already, the Office for Budget Responsibility (OBR) this morning has published its thinking on how Brexit will make his life harder for many years to come. Already charged with “ending austerity” (which, as Torsten pointed out last week, is a stretch to … Continued READ MORE
Public spending· Tax· Intergenerational Centre· Political parties and elections Britain is set to replace the era of austerity with a new era of tax rises 7 October 2018 by David Willetts The main message that has united both main party conferences over the last fortnight is that the era of austerity is over. For Labour that means more spending on new things – from universal childcare to a mass programme of nationalisation. And for many Conservatives it means a return to what they love doing best … Continued READ MORE
Economy and public finances Good firms, loyal partners and a Chinese spy-thriller Top of the Charts 5 October 2018 Morning all, It’s back to business as usual at TOTC. And we are very perky indeed here at Resolution Foundation HQ. Reason for perk 1: conference season is not only over but it involved Abba – as most things worth doing in life do. Reason for perk 2: apparently so is austerity* Reason for perk … Continued READ MORE
Public spending· Economy and public finances The end of austerity? Not so much 3 October 2018 by Torsten Bell and Resolution Foundation Analysis The Prime Minister made a big bold statement today. No, not that she likes to dance to Abba (who doesn’t) but that she was “ending austerity”. Announcing the end of austerity is sensible politics. After all who, apart from a few fringe think-tanks, says they want more austerity in of itself? There are also signs … Continued READ MORE
Budgets & fiscal events· Public spending· Economy and public finances· Tax Is there enough fuel in the fiscal tank for another duty freeze? 3 October 2018 by Matthew Whittaker After eight years of freezes, it had started to look like successive governments’ cancellation of the annual RPI-linked uprating of fuel duty had run out of road. After all, it’s already costing the government around £9 billion a year, and that cost will grow with each passing year. But we now know that the Chancellor … Continued READ MORE
Labour market· Migration MAC to the future 18 September 2018 by Stephen Clarke This morning the Migration Advisory Committee (MAC) released the final report in its year-long (plus) investigation into EU migration. The report is arguably the most comprehensive assessment of how migration has affected the UK over the past two decades, dealing with topics as diverse as the labour market, housing, public finances and subjective wellbeing. In … Continued READ MORE
Labour market Lehman Brothers Anniversary special: The cause of, and lessons from, Britain’s pay squeeze Top of the Charts 14 September 2018 Afternoon all, Top of the Charts is in a reflective mood this week – what with tomorrow marking the 10th anniversary of the collapse of Lehman Brothers. So, instead of the normal selection of pieces, I’ve written a long read on both what caused the unprecedented post-crash pay squeeze that we are still living with … Continued READ MORE
Labour market Full employment: we’re half way there 22 August 2018 by Stephen Clarke In early 2014 the then Chancellor, George Osborne committed to ‘fight for full employment’. At the time the employment rate (for those aged 16 – 64) was 72.9 per cent and the unemployment rate (for those over 16) 6.4 per cent. The Chancellor didn’t commit to a specific figure, but his goal was to have … Continued READ MORE
History lessons as May joins Macron in Brexit Love Island Top of the Charts 3 August 2018 Morning all, Britain faces some big challenges – but I bring news of significant progress. Love Island is over, fini, terminado. Praise be – it’s destroyed both productivity and conversation quality in RF towers. But don’t worry if you like nothing better than Brits flying off to awkwardly stay with people they hardly know in … Continued READ MORE
Incomes· Prices & consumption Guest blog: When the ONS changes its mind, economic policy and political reputation are on the line 30 July 2018 by Dan Corry and Peter Kenway In these ‘post-expert’ times, it’s worth remembering that good policy rests on good evidence. Our fiscal and monetary institutions don’t just set policy with reference to economic theory, but in relation to what’s going on in the economy. So – as we heard earlier this week – when history gets re-written in a way that … Continued READ MORE
Economy and public finances Heatwaves, grannies and capitalism Top of the Charts 27 July 2018 Afternoon all, I don’t want to worry you – but I’m pretty sure this is what the end of days would look like. Tonight the moon is going to turn the colour of blood – which apparently we’re all meant to think is fun, rather than a sign of impending doom… And if that wasn’t … Continued READ MORE
Firms· Productivity & industrial strategy· Economy and public finances· Economic growth Time to concentrate on our capitalism 26 July 2018 by Torsten Bell and Daniel Tomlinson Our politicians are anxious. And not just because no-one has a decent poll lead or idea where Brexit will end up. No, some are finding the time to get anxious about other things too, including the state of capitalism in the UK. The angst isn’t limited to the left either, with Michael Gove becoming a … Continued READ MORE
Public spending· Economy and public finances We’re all social democrats now 17 July 2018 by Torsten Bell It’s Super Tuesday on the fiscal policy front. Try not to get too excited. Today a lucky world gains not only the Office for Budget Responsibility’s Fiscal Sustainability Report (the ‘FSR’ looks ages over the next 50 years to ask: ‘how bust are we if we carry on as we are’) but also the Treasury’s … Continued READ MORE
Burning injustices special edition Top of the Charts 13 July 2018 Morning all, Never mind a week, two minutes is a long time in politics these days. And two years is an eternity, so for Theresa May simply to have reached her second anniversary of taking up residence in Downing Street today is something of a triumph. Her speech on the steps of Downing Street the … Continued READ MORE
