Government will need to find better targeted support than Winter Fuel Payments to help the 7.7 million households suffering from fuel stress

7.7 million households in England are at risk of fuel stress this winter, including the majority of families with children. The Government will therefore need to do more to support vulnerable households who are no longer eligible for Winter Fuel Payments (WFP) and those who never have been, according to new research published by the … Continued

Inheritance Tax, Capital Gains Tax and employer National Insurance reforms pass ‘triple tax test’ and raise over £20 billion towards avoiding damaging cuts to public services

Reforms to Inheritance Tax (IHT), Capital Gains Tax (CGT) and employer National Insurance (NI) could raise over £20 billion a year, and still pass a ’triple tax test’ of improving tax efficiency, ensuring that tax rises fall on those with the broadest shoulders and not break manifesto commitments, according to new Resolution Foundation research published … Continued

Majority of living standards growth over the Parliament is due to come in this year alone

Without action from Government 400,000 more children could fall below the poverty line

Real median household incomes are projected to grow by a healthy 3 per cent this year. But on current economic forecasts and policy assumptions, this recovery is set to peter out, with incomes forecast to grow by just 2 per cent in total over the next five years, highlighting why the Government needs to beat … Continued

Further deterioration in the public finances underlines fiscal challenges for the Autumn Budget

Higher-than-expected spending and somewhat weaker receipts have left government borrowing £4.7 billion higher than expected by the OBR, just four months into the 2024-25 financial year, underlining the difficult choices facing the Government at the Autumn Budget, the Resolution Foundation said today (Wednesday). The latest ONS data showed that borrowing was £3.1 billion in July … Continued

15-16-year olds are more likely to be receiving a disability benefit than adults under the age of 52 – but one-in-four suddenly stop claiming as they approach adulthood

The number of children aged under 16 who have a disability has increased by almost half a million over the past decade, and disability is most prevalent among older children. But around one-in-four who claim disability benefits then stop as they approach adulthood, causing a major income shock at a critical stage of their lives, … Continued

Pay growth slows (slowly) as jobs market cools down

RF warns official data is under-estimating UK’s real level of employment

Real pay growth is slowing amid further signs that the labour market is cooling, while new Resolution Foundation analysis shows that while official data is under-estimating the UK’s real level of employment and blind-siding policy makers in the process, it said today (Tuesday). The latest ONS data shows that real average weekly earnings growth has … Continued

Regional employment and wage gaps have narrowed, but inequalities prove deeply entrenched as child poverty gaps widen further

Progress has been made in narrowing some geographic economic gaps, but the same areas have tended to either lag behind or prosper that did so thirty years ago, and spatial disparities in child poverty have widened since 2014-15 – according to new Resolution Foundation analysis published today (Tuesday). The report, Uneven ground, uses a range … Continued

Higher prices for renewables at auction are a necessary sticking plaster – but not a long-term solution

Commenting on the Government’s announced budget for the 6th Allocation round of the Contracts for Difference scheme, Jonny Marshall, Senior Economist at the Resolution Foundation, said: “The failure of the last renewable energy auction has forced ministers to offer higher prices in the next one. While this is a necessary sticking plaster, future auctions should … Continued

Boosting housing targets is welcome, but more may be needed to deliver enough urgently needed affordable homes

Cara Pacitti, Senior Economist at the Resolution Foundation, said: “Bolstering mandatory housing targets for local authorities is a welcome step that should go some way to helping the Government meet its ambitious target of 1.5 million new homes over the Parliament. “However, planning reform alone is unlikely to deliver all the affordable homes we so … Continued

Up to £35 billion in additional spending pressures this year wipes out headroom, creating difficult choices for Autumn Budget

The Chancellor this afternoon unveiled a £35 billion laundry list of spending pressures for 2024-25 – more than enough to wipe out existing headroom against getting debt falling in five years’ time – leaving her tough choices for the Autumn Budget if she is to increase growth and bring down debt, the Resolution Foundation said … Continued

Worse than expected government borrowing serves as a reminder to the new Chancellor of the fiscal challenges ahead

Higher spending has left government borrowing £3.2 billion higher than the OBR’s last forecast three months into the new financial year, highlighting the scale of the fiscal challenge facing the new Chancellor ahead of her first Budget this Autumn, the Resolution Foundation said today (Friday). The latest ONS data showed that borrowing was £14.5 billion … Continued

UK wage growth still too hot to handle for the Bank of England

Real wages are growing at their fastest rate outside of the pandemic in over a decade. This is welcome news for workers, but less so for monetary policy makers looking for signs of inflationary pressures, the Resolution Foundation said today (Thursday). The latest ONS labour market statistics show that wage growth has been resilient amid … Continued

Economic growth is rightly at the heart of new government’s legislative programme – but tough decisions lie ahead on reforms to the workplace, housing market and electricity grid

 Boosting economic growth rightly lies at the heart of the new Government’s legislative agenda, with at least a dozen of the 40 Bills announced in the King’s Speech centred around that welcome objective. But bold ambition must be matched with careful implementation if the Government is to deliver its economic reform agenda successfully, the Resolution … Continued

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