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

4 million employees were furloughed in November and December

Press release from the Resolution Foundation 4 million employees were furloughed in November and December Managing transition out of the furlough scheme will be key to keeping down unemployment The number of employees on the Coronavirus Job Retention Scheme (JRS) increased by 1.7 million between the end of October and mid-November to 4.1 million, according … Continued

Now is the right time to ensure workers can boost their skills and gain new qualifications

Commenting on the Department for Education’s Further Education white paper published this morning, Kathleen Henehan, Senior Research and Policy Analyst, said: “With unemployment rising, particularly among young people and those in lower-paid roles, now is the right time to ensure workers can boost their skills and gain new qualifications – and today’s announcement is a … Continued

Living standards hit from Covid-19 crisis is ahead, rather than behind us

Crunch UC call could help define parliament by levelling up living standards, or pushing up poverty

The coming year is set to mark the peak of the pandemic-induced living standards downturn for households, especially those on lower incomes, even as the economy enjoys a vaccine-induced recovery, according to new Resolution Foundation research published today (Monday). While debate around the current economic crisis and recovery tends to focus on GDP, the annual Living … Continued

Extra costs of food, energy and remote learning piled financial pressure on low-income families during lockdown

The extra cost of food, energy, and entertaining, distracting and home-schooling children has meant that low-income families with children are twice as likely to have increased, rather than reduced, their spending during the pandemic so far, according to new research published today (Monday). Pandemic Pressures – a collaboration between the Resolution Foundation and the Nuffield Foundation-funded … Continued

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