Radical policy changes during Covid-19 crisis should prompt rethink about Britain’s welfare state

Radical changes to the UK’s social security safety net during the pandemic should prompt a wider public debate about its successes and failures, and how Britain’s post-pandemic welfare system can be further improved, according to a new Resolution Foundation report published today (Thursday). With the crisis prompting the Government to introduce radical new policies, such … Continued

UK households suffered Covid-19 income losses greater than those seen in France or Germany – and have taken on more debt in response

UK households are far more likely to have experienced a severe income shock during the Covid-19 crisis than their French and German counterparts, and are more likely to have taken on additional debt in response, according to a new report published today (Wednesday) by the Resolution Foundation. The report After Shocks – supported by JPMorgan … Continued

The UK has a 6.2 million ‘Covid employment gap’ to fill

The UK has a 6.2 million ‘Covid employment gap’ of lower employment and furloughed employees who need to get back to work, highlighting the scale of the economic task ahead of us, the Resolution Foundation said today in response to the latest ONS labour market statistics today (Tuesday). The latest data showed a labour market … Continued

Ground-breaking new Inquiry will help post-pandemic Britain successfully navigate a decade of unprecedented economic change

The 2020s will see the UK experience unprecedented economic change – driven by the triple shocks of the Covid-19 pandemic, Brexit and the transition to a Net Zero future – but the country lacks a plan to successfully navigate the decade ahead. This is the challenge posed in a ground-breaking new collaboration between the Resolution … Continued

4.7 million people were on furlough at the end of February

In response to today’s new HMRC figures on the Coronavirus Job Retention Scheme (JRS), which show that 4.7 million workers were furloughed (either fully or partially) at the end of February this year, Daniel Tomlinson, Senior Economist at the Resolution Foundation, said: “4.7 million employees were furloughed at the end of last month, showing just … Continued

Half of workers experienced a real-terms pay cut last year, despite official data suggesting fastest pay growth in nearly two decades

Sharp pay deterioration among younger workers risks longer-term scarring

Pay growth was far weaker and more volatile last year than official headline data suggests, with half of workers experiencing a year-on-year real-terms pay cut last Autumn, according to the Resolution Foundation’s latest quarterly Earnings Outlook published today (Monday). The latest Outlook examines what has really happened to pay packets during the pandemic last year, … Continued

Chancellor lays down a big spend today and tax tomorrow Budget – but he may have more to do

Parliament set to be second worst for living standards on record

The Chancellor made the right judgement in yesterday’s bigger than expected Budget, by supporting the recovery in the next two years before turning to raising taxes in the middle of the decade – but he may have more work to do in order to plug gaps in support, tackle the living standards scarring from the … Continued

Firms benefit most from Chancellor’s £67bn short-term giveaway, but bear brunt of largest tax rises since the 90s

Chancellor gambles that stagnating household incomes won’t hold back the recovery, and cuts spending on public services

Businesses were at the centre of the Chancellor’s welcome £67bn extension of economic support over the next two years, but are also being asked to contribute most to bring the public finances into balance by the middle of this decade, with the largest rise in corporation tax for half a century, the Resolution Foundation said … Continued

Freezing tax thresholds could raise £6bn a year – while protecting lower-income households that have borne brunt of Covid crisis

Freezing the personal tax allowance at £12,500, and the higher rate threshold at £50,000, for the remainder of the parliament would raise £6bn a year by 2024-25, while protecting lower-income households that have been hardest hit by the crisis, the Resolution Foundation says today. With the Chancellor set to signal his commitment to balancing the … Continued

£100 billion Budget stimulus needed to boost Britain’s economic recovery

The Chancellor should combine a £30 billion extension of emergency Covid support with £70 billion of additional stimulus as part of a £100 billion Budget package to boost Britain’s economic recovery, according to a major new report published today (Thursday) by the Resolution Foundation. How to throw good money after good assesses the latest economic … Continued

Rising unemployment is taking a huge toll on young people, even as firms are learning to live with lockdown

  Firms are learning to live with lockdown restrictions, with payrolled employment actually increasing by 83,000 in January, but the crisis is taking its toll as young workers, who should be a priority for Government support, the Resolution Foundation said (today) in response to the latest labour market statistics. The Job Retention Scheme (JRS), currently estimated to … Continued

Firm insolvencies have fallen and cash reserves risen during the crisis – but targeted support still needed

Unprecedented Government support has helped firms to increase their cash holdings during the current crisis, but further support will be needed in the Budget to ensure they can drive Britain’s recovery, according to new Resolution Foundation research published today (Wednesday). On firm ground? – the first of four Recovery Plan papers to be published by … Continued

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