Path to greater national prosperity runs through Britain’s ‘twin second cities’ – but levelling up rhetoric belies a lack of seriousness about the scale of change needed

Britain’s ‘twin second cities’ can and must lie at the centre of national efforts to restart growth – but that means avoiding wishful thinking about the scale of change required, being distracted by Birmingham’s immediate financial struggles, or complacent in the face of Manchester’s nascent success, according to major new Resolution Foundation research published today … Continued

Biggest employment fall outside of a recession on record shows that rising interest rates are making their mark on the jobs market

The biggest employment fall (down 207,000) outside of a recession on record offers the clearest sign yet that rising interest rates are cooling the labour market, but the recent pay spike will cause a headache for the Government by increasing the cost of the Triple Lock, the Resolution Foundation said today (Tuesday). The latest labour … Continued

Election run-in set to be marked by further living standards stagnation, despite improving economic backdrop and £90 billion savings income boost

Typical working-age households are on track for a year of income stagnation in the run-up to the next election, and poorer families are set for further income falls, as tax rises, the end of cost-of-living payments and higher housing costs offset an improving economic outlook, according to new Resolution Foundation research published today (Wednesday). The … Continued

Britain needs innovative new labour market reforms to drive better working conditions – starting with a better deal for care workers

Major reforms are needed to tackle low standards, unsafe working conditions and minimal progression opportunities that affect too many of Britain’s 34 million workers – and the focus should be on innovative new sector-specific ‘Good Work Agreements’, according to major new Resolution Foundation research published today (Monday). Innovation Nation – the 41st report from The … Continued

Falling energy price cap will be cold comfort for over seven million families who will face higher bills this winter

The Ofgem energy price cap will fall to £1,923 from October for a typical household, but over one-in-three households across England – 7.2 million in total – will face higher bills this winter than last, highlighting the urgency of further government support for hard-pressed families, the Resolution Foundation said today (Friday). The Foundation notes that … Continued

Over one-in-three households across England will pay higher energy bills this winter than last winter – including almost half of poor families

Over one-in-three (35 per cent) English households – equivalent to 7.2 million households – will see higher energy bills this winter than they did last winter, including almost half (47 per cent) of those in the poorest tenth of households, according to new Resolution Foundation research published today (Thursday). Gotta get through this examines how … Continued

Pay growth accelerates to end 18 month wage squeeze – but 15 year stagnation has left average earnings £230 a week lower than their pre-financial crisis trend

Real wages in June were higher than a year ago for the first time in 18 months – ending yet another painful pay squeeze across Britain. However, with unemployment rising and vacancies falling, the Bank will hope that pay rises will also start to cool in the coming months, the Resolution Foundation said today. The … Continued

Real-term pay falls fuel strikes – but increased public sector vacancies mean the Government must follow private-sector trends when it comes to pay

3.9 million working days have been lost to industrial action in the past year – more days than at any point since the 1980s – with many of the strikes fuelled by the fact that highly-unionised public sector workers have experienced average real terms pay falls of over 9 per cent since 2021, the Resolution … Continued

Higher tax receipts drive better than expected borrowing, but high net debt highlights weakened state of public finances

Higher tax receipts, and lower borrowing by local authorities, mean that borrowing in June was lower than expected, but government net debt hitting 100 per cent of GDP first time since 1961 illustrates the tough economic inheritance for whoever wins the next General Election, the Resolution Foundation said today. Borrowing in June was £18.5 billion … Continued

Chunky inflation rate fall eases pressure on mortgages and pay packets

The joint second largest fall in inflation since the start of the century in June – exceeding market expectations – will ease the pressure on further interest rate rises, and has ended the UK’s 18-month period of falling real wages, the Resolution Foundation said today (Wednesday). CPI inflation fell from 8.7 per cent in May … Continued

Sticky inflation means mortgage rate hikes are more likely to stay

Worrying inflation data will reinforce market expectations that the Bank will need to raise interest rates higher and for longer, which are driving the increase in mortgage rates, the Resolution Foundation said today (Wednesday). Inflation data in May was once again above market expectations. Headline CPI was 8.7 per cent, well above market expectations of … Continued

Britain needs a new twin-track trade strategy that protects high-value manufacturing while seeking out new markets for its world-leading services firms

The UK’s initial post-Brexit trade plan must be replaced with a far more ambitious strategy to protect Britain’s vulnerable high-value manufacturing firms – reliant on being part of European supply chains – while pioneering a new approach to trade negotiations to capitalise on its strengths as a global services superpower, according to major new research … Continued

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