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New Government, new challenges?

 

Labour has returned to power in Westminster for the first time in 14 years. The new Government has a big mandate for change, but faces a momentous task in delivering that change, let alone making it a success.

Our series of general election briefings and events provides the context and backdrop to many of the big economic challenges and opportunities facing the new Government – from public spending decisions and trade-offs, to raising economic growth, social security and health-related benefits, tax, the labour market, housing, and more.

 

 


Hard times

This briefing note is part of the Resolution Foundation’s ‘Need to Know Election 2024’ series and examines how income growth, poverty and inequality have changed over the last Parliament and since 2010.

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Old age tendencies

In this Spotlight we look at the impact of spending, tax and benefit decisions taken since 2010 through the lens of intergenerational fairness.

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Job done?

In this briefing note, we assess the labour market legacy the next government stands to inherit, the likely policy challenges over the rest of the 2020s, and what the two main parties are offering in their manifestos.

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Under strain

We investigate trends in working-age disability and incapacity benefits, asking what really sits behind the numbers that are understandably causing concern in Britain today.

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Home truths

The housing offers from both main parties for the 2024 general election are similar in many respects, suggesting that the ‘penny has dropped’ when it comes to boosting housing supply, supporting would-be homeowners, and improving the energy efficiency of our country’s housing stock.

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The economic battle lines of the general election

The manifestos are out; the serious wonk business can begin.

If you haven’t had a chance to digest the fine detail of the parties’ manifestos, you’re in luck. We had a go for you.

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Growing for gold?

Analysing the tax and spend package of the 2024 Labour Manifesto

In launching its manifesto, the Labour Party put the emphasis on efforts to boost growth.

But more eye-catching were promises of some of the biggest changes to the labour market in a generation, with the aim of improving the quality of work.

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Ratchets, retrenchment and reform

The social security system since 2010

Spending on social security as a share of GDP has risen slightly since the financial crisis, but the system in Great Britain has undergone profound change over the same time.

How the social security system has changed over the last fourteen years? And how has this impacted the people that rely on its support?

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The narrow path to NICs cuts

Analysing the tax and spend package of the 2024 Conservative Manifesto

The strategy here was clear: treble down on National Insurance (NI) rate cuts.

But only a small dose of bad economic news would be required for a future Conservative government to fall foul of the fiscal rules, and need to return to the drawing board.

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Life in the slow lane

Assessing the UK’s economic and trade performance since 2010

The UK grew faster than other G7 economies in the first quarter of 2024 but, stepping back, our overall record on GDP growth since 2010 puts us at third in the G7.

Looking forward, with another employment boom not on the cards, the UK will need higher investment to drive growth in productivity and GDP per person.

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Hiding in plain sight

Reviewing the Government’s record on taxes, and anticipating challenges ahead

With the general election campaign in full swing, taxes are a frequent source of debate.

Has the Conservative government raised people’s taxes or lowered them? How different are the parties’ stated policy plans? And what is likely to happen in the next parliament?

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An inherited problem

What would happen if Inheritance Tax was reduced, or abolished?

Calls for cutting or abolishing Inheritance Tax (IHT) are frequent, given the tax’s unpopularity – despite the fact that only a small minority of people will ever be likely to pay it.

We’ve put such a policy in context by setting out some of the key facts about IHT.

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Debt dramas

Putting the public finances in context ahead of the election

The public finances have already emerged as a key issue in this election.

We’ve taken a step back to ask how we got to where we are today, discuss where the public finances might be heading, and consider what this means for whoever forms the next government.

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Under triple lock and key

What would a ‘triple-lock-plus’ policy look like?

The Conservative Party has announced that, if re-elected, it intends to increase the personal allowance for pensioners in line with the triple lock – a policy which has been referred to as ‘triple lock plus’, or the ‘quadruple lock’.

We’ve had a look at the costs and impacts of such a policy, and how it sits against the backdrop of the approaches taken to the Income Tax personal allowance under previous Conservative Chancellors.

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The economic arguments for the General Election

Over the course of the general election, the leaders of the two main political parties will be setting out their economic arguments for why voters should choose them.

We’ve picked out the six key charts which explain the basis of the arguments that Rishi Sunak and Keir Starmer will be making. Take a look and decide which you think is more convincing.

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Join the conversation

Join us for the launch events for our major election briefings, to be published throughout June.

We’ll be discussing the changes that have taken place over the course of this government, and the challenges that are likely to shape the next.

Register for our election events
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