Rising inflation will reduce Chancellor’s borrowing windfall from rapid pandemic recovery

  The UK is set for its biggest ever current-year economic growth upgrade next week as a result of a smaller-than-forecast pandemic hit, and a faster-than-expected pandemic recovery, but rising inflation will squeeze both the Chancellor’s borrowing windfall and family budgets this autumn, according to new research published today (Tuesday) by the Resolution Foundation. The … Continued

Government right to prioritise low-income families in Heat and Buildings Strategy, but still risks falling short of target to halve home carbon emissions by 2035

Responding to the Government’s Heating and Building Strategy, Jonny Marshall, Senior Economist at the Resolution Foundation, said: “The Government has rightly made good on its Manifesto commitment of funding to reduce carbon emissions from people’s homes, and to prioritise low-income families and those in social housing for support in making homes more energy efficient. “The … Continued

Record hiring surge proves welcome relief amid cost of living crunch

The record hiring surge in the UK jobs market is providing welcome relief amid a turbulent cost of living crunch this autumn. But big questions hang over the sustainability of pay growth through the winter, the Resolution Foundation said in response to the latest labour market figures. The latest data showed another record increase in … Continued

PM embraces need for a new post-Brexit, post-Covid economic strategy, but has nothing to say about what that should be beyond lower migration

Commenting on the Prime Minister’s speech at the Conservative Party conference today, in which he began to set out his vision for a new economic strategy to tackle the issues of low wages, poor skills provision and weak productivity that dog the UK economy, Torsten Bell, Chief Executive of the Resolution Foundation, said: “The Prime … Continued

‘Rishinomics’ is rooted in the Treasury view but with a new Californian twist

Commenting on Chancellor Rishi Sunak’s speech to the Conservative Party conference 2021, Lord Willetts, President of the Resolution Foundation, said: “The Chancellor’s speech was short and didn’t have much new policy, but nevertheless we learnt a lot about his approach to UK’s post-Covid, post-Brexit economy. “‘Rishinomics’ – rooted in the Treasury view but with a new Californian … Continued

Costs of Net Zero transition for low-and-middle income households must be addressed, rather than used to derail decarbonisation

The decade ahead needs to combine ‘a double acceleration’ of the UK’s transition to a low carbon economy, with steps to prevent it widening inequalities by loading costs onto lower-income households, while the benefits flow to better-off households, according to new Resolution Foundation research published today (Thursday). The Carbon Crunch – a joint report by … Continued

Four in ten households on Universal Credit face 13 per cent rise in energy bills in same month as their income is cut by £20 a week

The Government must do more to protect low-and-middle-income households from rising energy bills, with families on Universal Credit (UC) four times as likely as the wider population to be on pre-payment meters and therefore face higher energy bill hikes in October, the Resolution Foundation said today (Monday). The Foundation notes that 4.4 million households on … Continued

Low earners have lost their ‘job satisfaction premium’ over higher paid staff amid rising stress and falling levels of control

Huge changes in the world of work over the past 30 years have led to people having a greater attachment to their work, but also rising levels of stress and falling levels of control, which has coincided with low earners losing their ‘job satisfaction premium’ over higher paid colleagues, according to new Resolution Foundation research … Continued

Universal Credit claimants take home as little as £2.24 for every extra hour worked – highlighting how hard it is to work their way out of a huge living standards loss this Autumn

The six million Universal Credit claimants set for a £1,000 annual income loss from this October are unlikely to make up the shortfall given the scale of extra pay or hours needed to offset the £20 a week cut, the Resolution Foundation said today (Monday). The Foundation says that the 63 per cent taper rate … Continued

PM pushes Conservatives away from low taxes and towards the NHS – but big fairness questions remain

The Prime Minister effectively announced a mini-Budget and Spending Review yesterday, in which he fundamentally redirected the Conservative Party away from low taxes and towards an NHS-dominated state. However, the detail of his plans risk failing some major tests of fairness, according to the Resolution Foundation’s overnight analysis of yesterday’s social care announcement. Manifesto-breaking tax … Continued

Government sets out biggest tax rises in a generation to fund an NHS-dominated state

Social care problems and deep unfairness of National Insurance rises are only partially addressed

The Prime Minister has announced a flawed but badly needed £14bn tax rise – taking total tax increases over the past six months to £36bn a year by the middle of the parliament – to fund a major investment in the NHS, and offer more protection to those with assets from the costs of social … Continued

Chancellor should avoid the biggest overnight benefit cut in history and the biggest state pension increase in 30 years

The Chancellor faces a series of tough economic choices this Autumn – including whether to press ahead with the biggest increase in the state pension in a generation while delivering the biggest overnight benefit cut in history by cutting Universal Credit (UC) by £20 a week – according to new Resolution Foundation research published today … Continued

Stamp duty holiday not the main cause of house price boom

While many have suggested the stamp duty holiday was the main force behind the pandemic-defying rise in house prices across the past year, new Resolution Foundation research published today (Saturday) suggests its role has been overstated, with other factors playing an equal, if not more important, role. The Foundation’s quarterly Housing Outlook examines the recent … Continued

Reopening leads to record hiring and vacancies

Employment continued to rise in July, with payrolled employment levels now up 182,000 on the month, and with hiring at a record level – a welcome sign that the labour market recovery is continuing, the Resolution Foundation said today (Tuesday) in response to the latest HMRC data. Record vacancies were met with record hiring, with … Continued

Higher-wage areas experienced significantly larger job falls during the pandemic than lower-wage areas

Higher-wage areas of the UK have experienced significantly larger job falls during the pandemic than lower-wage areas, according to new Resolution Foundation research published today (Thursday). Levelling up and down Britain – the latest report for The Economy 2030 Inquiry – a collaboration between the Resolution Foundation and the Centre for Economic Performance at the … Continued

Hike in energy prices will disproportionately affect low-income families

Today’s announcement of a hike in the energy price cap is bad news for low-income families across the UK, many of whom are still suffering from the economic impact of the Covid-19 crisis. With over one-in-five families on Universal Credit already falling behind on essential bills, low-income families face a perfect storm of higher prices … Continued

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