Monday 18 January 2021

A standard recovery?

The outlook for living standards, poverty and inequality

2020 was tough for household living standards, even with unprecedented support to increase benefits and pay wages through the Job Retention Scheme. While the start of 2021 looks grim, a swift vaccine roll-out holds out the promise of an economic recovery to come. But this unprecedented crisis may be followed by an abnormal recovery for families. As GDP bounces back, unemployment will rise. The Government also plans to phase out support in the spring, including by pressing ahead with welfare cuts.

Where will this leave household incomes as we emerge from the pandemic? How will removing £20 a week from Universal Credit impact inequality and poverty in the UK? And what will make the most difference in raising living standards in the coming years?

Alongside the publication of its annual set piece Living Standards Outlook, the Resolution Foundation is hosting an interactive webinar to debate and answer these questions. We will hear from Chris Giles, Economics Editor at the Financial Times, and Dr Ruth Patrick on how policy can support living standards in the years ahead. Viewers will be able to submit questions to the panel before and during the event.