UK trade agreement with India could be a bigger, but riskier, deal than the defunct US agreement

The UK’s pivot towards closer trade ties with the Indo-Pacific region, and particularly its trade agreement with India, could deliver big economic benefits eventually comparable in scale to the now defunct US trade deal, but it also carries far more uncertainty and risk, according to new Resolution Foundation research published today (Wednesday). A presage to … Continued

Pay packets across Britain are shrinking for the third time in decade

Real wages officially began to fall in November, and the current period of shrinking pay packets is likely to get worse before it starts to ease in the second half of 2022, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. Real regular average weekly earnings wages fell by … Continued

Economic change facing workers has been slowing for decades, reducing damaging job losses but also leading to fewer big pay rises

2020s set for renewed job churn in response to Covid, Brexit and the net zero transition

Decades of declining change in the UK labour market has reduced the risk of damaging job losses, but also limited opportunities for pay-enhancing job moves, according to new research published today (Thursday) by the Resolution Foundation for The Economy 2030 Inquiry. Changing jobs? – co-written by the Resolution Foundation and the Centre for Economic Performance … Continued

2022 set to be the ‘year of the squeeze’ as wages stall and families face a £1,200 hit from next April as energy bills and taxes rise

2022 is set to the ‘year of the squeeze’, with real wages set to be no higher next Christmas than today, and families face a typical income hit of around £1,200 a year from April as a result of tax rises and soaring energy bills, according to new Resolution Foundation research published today (Wednesday). The Foundation’s latest … Continued

Pandemic risks worsening social mobility as two-in-five young people from poorer households left work during the first year of the crisis

The Covid economic crisis risks worsening social mobility in Britain over the coming decade, as young people from less affluent backgrounds were more than twice as likely to have left work during the first 12 months of the pandemic than those from richer households, and face wage scarring as a result, according to new research … Continued

Chancellor’s Omicron support package offers badly needed help for firms, but totally ignores workers facing income falls

The Chancellor’s £1 billion support package announced today (Tuesday) rightly provides targeted support to firms affected by the economic hit from Omicron, but does nothing to help the many thousands of workers who will also be affected, and suffer a huge income hit over Christmas and into next year as a result, the Resolution Foundation … Continued

The Great British £3 trillion wealth windfall is unequal, unearned and untaxed

Inflation-busting house price growth over the past 20 years has delivered an unearned, unequal and untaxed £3 trillion capital gains windfall in Britain, with those aged 60 and over the biggest winners from this one-off ‘property lottery’, according to new Resolution Foundation research published today (Thursday). The report Home county – in partnership with abrdn … Continued

Radical policy reboot required to deliver PM’s promise to “turn generation rent into generation buy”

Four-in-five (80 per cent) non-home owning 25-34-years-olds completely lack the required savings and earnings levels to be able to buy a typical first-time buyer home in their region, although windfalls, major lifestyle compromises or pooling resources with a partner does bring them closer to owning, according to new Resolution Foundation research published today (Thursday). The … Continued

Record job moves has helped prevent a post-furlough labour market shock

The end of the furlough scheme in October has not sparked fresh a labour market shock as many had feared, with payrolled employment continuing to rise, vacancy levels hitting a fresh high, and seven-in-eight recently furloughed workers returning to work, the Resolution Foundation said in response to the latest ONS data today (Tuesday). The Foundation … Continued

Misdiagnosis of Britain’s productivity problems are distracting policymakers from tackling the investment and leadership weaknesses holding firms back

A focus on the UK’s least productive firms risks distracting policy makers from the economy-wide under-performance on investment and management that is holding British businesses back as we enter a decade of major economic change, according to a new report for The Economy 2030 Inquiry published today (Monday). Business Time – co-written by the Resolution … Continued

Government publicly ‘naming and shaming’ firms breaking labour market rules has some effect, but must be higher profile and complemented by tougher enforcement and larger fines

Publicly naming businesses using exploitative practices or underpaying workers encourages other firms to comply with labour market rules – but tougher financial penalties and better detection of those breaking the law are still essential, according to new research published today (Tuesday) by the Resolution Foundation. The report No shame, no gain? – part of the … Continued

Budget benefit boost extends Universal Credit support to families on up to £37,700, but poverty levels will rise by 120,000

The impact of welcome changes to Universal Credit (UC) announced in the Budget last week will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new … Continued

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