Universal Credit has passed its first Coronavirus crisis test – but tougher challenges lie ahead

Three in four new claimants surveyed were satisfied with how their UC claim was handled

Universal Credit (UC) has passed its first test of the crisis by coping with an unprecedented surge in demand, but tougher challenges lie ahead in protecting family incomes and helping people back into work, according to a major new report published today (Wednesday). The report, supported by The Standard Life Foundation, considers how UC has … Continued

Top 1 per cent received a sixth of the nation’s income pre-crisis, due to hidden rise of capital gains

The top 0.1 per cent’s income share is 44 per cent bigger than previously thought

The Top 1 per cent received a far greater, and faster growing, share of the nation’s income pre-crisis than previously thought, if capital gains are included in official statistics, according to major new research published today (Thursday). The research – a collaboration between the Resolution Foundation, LSE and CAGE Research Centre at the University of … Continued

Britain’s jobs crisis bites as employee jobs fall by 450,000 and vacancies dry up at record rates

Response to ONS labour market statistics May 2020

The number of employees fell by 450,000 in April, while vacancies crashed by around 50 per cent, giving an early indication of the scale of the jobs crisis Britain is currently experiencing, the Resolution Foundation said today (Tuesday) in response to the latest ONS figures published this morning. Flash estimates from HMRC’s PAYE real-time information … Continued

Nearly a third of lower-paid employees have lost jobs or been furloughed, compared to less than one-in-ten top earners

30 per cent of Britain’s lowest-paid employees have either been furloughed or lost their jobs altogether, according to a new Resolution Foundation report published today (Saturday). The report, The effects of the coronavirus crisis on workers, based on a survey of 6,005 UK adults and supported by the Health Foundation, examines how the current economic … Continued

Chancellor right to extend and reform the Job Retention Scheme

The Chancellor has made the right call in announcing a four-month extension to the Job Retention Scheme, opening it up to ‘partial furloughing’, and asking firms to contribute to the scheme instead of reducing support for workers, the Resolution Foundation said today (Tuesday). Torsten Bell, Chief Executive at the Resolution Foundation, said: “The Job Retention … Continued

Ending the Job Retention Scheme too soon risks a second surge in unemployment

RF calls for scheme to be extended to partial furloughs, with employers contributing to furloughed workers’ wages

The Government should reject calls for a rapid ending of its Job Retention Scheme (JRS), and instead set out plans for a gradual phasing out, with the timing dependent on the lifting of lockdown restrictions, according to new Resolution Foundation research published today (Tuesday). The report – Getting Britain working (safely) again – says the … Continued

Corona crisis could increase youth unemployment by 600,000 this year – and scar young people’s prospects for far longer

The current economic crisis risks pushing an additional 600,000 18-24-year-olds into unemployment in the coming year – and causing long-term damage to their pay and job prospects unless major new support is provided ­– according to new Resolution Foundation research published today (Wednesday). With evidence from previous recessions showing that young people who’ve just left … Continued

Government faces dash for cash as it seeks to raise £225 billion over four months

Response to HM Treasury’s announcement of its financing remit

The Government is seeking to raise £225 billion over the four months from April to July through issuing gilts, highlighting the stark nature of the Government’s financing needs amid the current crisis, the Resolution Foundation said today (Thursday) in response to new a HM Treasury announcement on gilt issuance and the ONS’ public finances data … Continued

Record high employment in February, and record numbers of new Universal Credit applications in March show the difference a few weeks has made

Over 1.7 million individuals have begun Universal Credit claims since the Government advised against all but essential contact and travel in March – just weeks after the country recorded a new record–high employment rate – the Resolution Foundation said today (Tuesday) in response to the latest labour market figures and new Universal Credit claimant numbers released this morning. The latest data on the UK … Continued

Private renters are at the heart of growing housing pressures

Families living in private rented accommodation are more exposed to the current economic shock than homeowners, and could face big rent shortfalls if they lose their jobs despite welcome government support, according to the Resolution Foundation’s latest Housing Outlook published today (Thursday). The Housing Outlook examines the impact of the current economic shock on families … Continued

Government must get Universal Credit ‘battle ready’ for the UK’s unemployment crisis

The Government must get Universal Credit ‘battle ready’ for the UK’s growing unemployment crisis by encouraging more people to claim, extending eligibility to more middle-income households, getting more advance payments out to those who desperately need them, and publishing real time data on what support is getting through, according to a new Resolution Foundation briefing … Continued

Chancellor spends £10 billion to fill self-employment gap in his crisis response, but warns National Insurance rises are to come

New measures announced by the Chancellor today (Thursday) will provide significant grants to the self-employed, going beyond the estimated 1.7 million self-employed workers who face major income losses as a result of the government’s lockdown, but exclude those on high incomes or who own their own firm, the Resolution Foundation says. The Chancellor’s announcement of … Continued

Britain went into this crisis with falling incomes for low and middle income households

Response to Households Below Average Income (HBAI) statistics

Typical UK household incomes stagnated last year and living standards for low income households are lower than they were in 2014-15, the Resolution Foundation said today (Thursday) in response to the latest Households Below Average Income (HBAI) statistics. Median incomes were unchanged in 2018-19 after housing costs are taken into account, leaving them below the level seen … Continued

Compensation for workers losing their jobs or having hours cut is needed alongside action on the self-employed

The Chancellor should build on last Friday’s welcome and ambitious job support package with fresh measures to support both self-employed workers and employees who are still not getting the help they need, the Resolution Foundation said today (Wednesday). In a new briefing note – Next steps for supporting family incomes – the Foundation considers who … Continued

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