The UK’s wealth gaps have grown to over £1.2 million

Soaring levels of wealth across the UK, coupled with high levels of wealth inequality, mean that the wealth gap between the top and middle tenth of households in the UK has grown to a record £1.2 million per adult, according to new Resolution Foundation analysis published today (Wednesday). Arrears Fears, the Foundation’s third annual wealth … Continued

1.3 million families – including one-in-twelve poor families – have no savings to cope with rising cost pressures or unexpected expenses

1.3 million families across Britain had no savings prior to the pandemic – including one-in-twelve of the poorest tenth of households – with a third admitting they would have to rely on friends and families for help in the case of an unexpected expense, according to new Resolution Foundation research to be published later this … Continued

Britain must get serious about its toxic combination of low growth and high inequality that has left typical families £8,800 poorer than their counterparts in comparable countries

Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households. But a new economic strategy aiming to address this failure needs to be serious about the scale of change required, and go … Continued

Low levels of worker power holding down wages by almost £100 a week

Low levels of worker power – after four decades of falling trade union membership – are likely to be holding wage levels down by as much as £100 a week for the average worker, according to new Resolution Foundation research published today. Power plays – the 29th report for The Economy 2030 Inquiry, a collaboration … Continued

Fifteen years of income stagnation have left families brutally exposed to the current cost-of-living crisis

Real typical household disposable income growth for working age families has slumped to just 0.7 per cent a year in the 15 years leading up to the Covid-19 pandemic, leaving households, particularly those in rented accommodation and with young children, brutally exposed to the current cost-of-living crisis, according to new research published today (Monday) by … Continued

Boosting Britain’s cities holds the key to ‘levelling up’ the country, but will require change on a scale not currently being imagined

Britain is beset by persistent economic gaps between different parts of the country, and addressing them requires investment in its major cities on a scale not currently being contemplated, according to new joint Resolution Foundation / LSE research for the Economy 2030 Inquiry, funded by the Nuffield Foundation. Incomes Outcomes – published today (Monday) – … Continued

Net Zero won’t repeat the job destruction of deindustrialisation – but it will mean significant change for 1.3 million workers in emissions-intensive jobs

The UK’s decarbonisation drive will involve major change across the economy, particularly for the 1.3 million workers in carbon-intensive ‘brown’ jobs who will need to adapt to cleaner technologies and processes, but it will not destroy jobs in the way that episodes of structural change have done in the past, according to new Resolution Foundation … Continued

Decline of early parenthood behind youth worklessness tumbling by over a quarter since mid-1990s

Increased long-term worklessness among young men risks putting progress into reverse

The share of young people who are workless has fallen by over a quarter since the mid-1990s, when it was a major social and economic problem, but this decline is predominantly down to falling inactivity among young women, with inactivity among young men now rising, according to new research published today (Monday) by the Resolution … Continued

Britain’s pandemic recovery has reduced employment and house price gaps, but left outer London behind

The Covid-19 pandemic and its aftermath has slightly reduced employment and house price gaps across Britain, but hasn’t reduced wider economic divides, while ethnically diverse areas of outer London are at risk of falling behind, according to new Resolution Foundation research published today (Saturday). Right where you left me – the 23rd report for The … Continued

New housing support scheme will help a limited number onto the housing ladder, but addressing its design flaws could end up with significant costs to the exchequer

Commenting on the Government’s plans to provide further support to prospective homeowners on low-incomes by extending their entitlement to benefits, Lindsay Judge, Research Director at the Resolution Foundation, said: “The Prime Minister has identified an anomaly within our benefits system, where renters are treated significantly more generously than homeowners on identical incomes. 5.4 million renters … Continued

‘Levelling up’ means giving people more reasons to visit their town or city centre – and more chances to move to other places

A meaningful ‘levelling up’ agenda cannot be limited to new tech hubs and hanging baskets on high streets, and should focus instead on improving town centres, connectivity and the quality of low-skilled jobs, according to new Resolution Foundation research published today (Tuesday). All over the place – the 22nd report for The Economy 2030 Inquiry, … Continued

Britain has emerged from the pandemic with a baby business boom rather than zombie firms – but with no upturn in investment

British businesses have emerged from the pandemic with higher cash reserves and, rather than being plagued with zombie firms, the corporate sector has been rejuvenated with high rates of firm creation. The UK must now use this moment to turn around its poor record on productivity and investment, according to new research from the Resolution … Continued

Chancellor almost doubles cost-of-living support with two-thirds of fresh cash going to the poorest half of households

The Chancellor’s new £15 billion package of energy bill support almost doubles that announced earlier in the year and rightly fills the gap they left by prioritising those hit hardest by the cost-of-living crisis, the Resolution Foundation said today (Thursday). Today’s package, which included a doubling of the universal Energy Bill Support Scheme to £400, … Continued

One-off payments targeted at poorer households and worth up to £15 billion are needed to stop rising energy bills putting millions of families into destitution this winter

The sheer scale of the cost-of-living crisis this winter will require unprecedented, targeted Government support of up to £15 billion, and is best delivered through one-off payments via the benefits system, according to a new Resolution Foundation briefing published today (Wednesday). Pressure points examines how rising energy bills will deepen the cost-of-living crisis this winter, … Continued

Britain close to ‘eliminating’ low pay but must now confront wider challenges of inadequate hours, insecure work, and invasive self-employment

The share of low-paid employees has fallen to a record low and is on track to be ‘eliminated’ by 2024, but Britain must now turn to tackling the new frontiers of low pay in the 2020s – including inadequate hours, insecure work and the spread of low-earning self-employment, according to new research published today (Wednesday). … Continued

A £2,800 energy price cap could push almost ten million families in England into fuel stress – unless the Government provides further support

Raising the energy price cap to around £2,800 in October could mean 9.6 million families across England falling into fuel stress this winter, the Resolution Foundation said today (Tuesday) in response to the latest Ofgem announcement. Following news that the Chief Executive of Ofgem has written to the Chancellor to say that the energy price … Continued

Net zero could play key role in driving growth and ‘levelling-up’ the country, but is not a silver bullet for the UK’s lack of an economic strategy

A net zero investment plan that leverages the UK’s existing economic strengths could help to drive growth and ‘level up’ the country as the benefits would be concentrated in lower-productivity areas of the UK outside London and the South East, according to new research from the LSE and Resolution Foundation published today (Monday). Growing clean … Continued

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