Universal Credit claimants take home as little as £2.24 for every extra hour worked – highlighting how hard it is to work their way out of a huge living standards loss this Autumn

The six million Universal Credit claimants set for a £1,000 annual income loss from this October are unlikely to make up the shortfall given the scale of extra pay or hours needed to offset the £20 a week cut, the Resolution Foundation said today (Monday). The Foundation says that the 63 per cent taper rate … Continued

PM pushes Conservatives away from low taxes and towards the NHS – but big fairness questions remain

The Prime Minister effectively announced a mini-Budget and Spending Review yesterday, in which he fundamentally redirected the Conservative Party away from low taxes and towards an NHS-dominated state. However, the detail of his plans risk failing some major tests of fairness, according to the Resolution Foundation’s overnight analysis of yesterday’s social care announcement. Manifesto-breaking tax … Continued

Government sets out biggest tax rises in a generation to fund an NHS-dominated state

Social care problems and deep unfairness of National Insurance rises are only partially addressed

The Prime Minister has announced a flawed but badly needed £14bn tax rise – taking total tax increases over the past six months to £36bn a year by the middle of the parliament – to fund a major investment in the NHS, and offer more protection to those with assets from the costs of social … Continued

Chancellor should avoid the biggest overnight benefit cut in history and the biggest state pension increase in 30 years

The Chancellor faces a series of tough economic choices this Autumn – including whether to press ahead with the biggest increase in the state pension in a generation while delivering the biggest overnight benefit cut in history by cutting Universal Credit (UC) by £20 a week – according to new Resolution Foundation research published today … Continued

Stamp duty holiday not the main cause of house price boom

While many have suggested the stamp duty holiday was the main force behind the pandemic-defying rise in house prices across the past year, new Resolution Foundation research published today (Saturday) suggests its role has been overstated, with other factors playing an equal, if not more important, role. The Foundation’s quarterly Housing Outlook examines the recent … Continued

Reopening leads to record hiring and vacancies

Employment continued to rise in July, with payrolled employment levels now up 182,000 on the month, and with hiring at a record level – a welcome sign that the labour market recovery is continuing, the Resolution Foundation said today (Tuesday) in response to the latest HMRC data. Record vacancies were met with record hiring, with … Continued

Higher-wage areas experienced significantly larger job falls during the pandemic than lower-wage areas

Higher-wage areas of the UK have experienced significantly larger job falls during the pandemic than lower-wage areas, according to new Resolution Foundation research published today (Thursday). Levelling up and down Britain – the latest report for The Economy 2030 Inquiry – a collaboration between the Resolution Foundation and the Centre for Economic Performance at the … Continued

Hike in energy prices will disproportionately affect low-income families

Today’s announcement of a hike in the energy price cap is bad news for low-income families across the UK, many of whom are still suffering from the economic impact of the Covid-19 crisis. With over one-in-five families on Universal Credit already falling behind on essential bills, low-income families face a perfect storm of higher prices … Continued

Staycation summer to cut UK’s £30.5bn ‘tourism trade deficit’ – with Wales, Devon, Cornwall and Cumbria set to benefit most

Press release from the Resolution Foundation The boom in ‘staycation’ holidays this Summer will provide some much-needed respite for the UK’s travel and hospitality sectors, with areas such as West Wales, Devon, Cornwall and the Lake District benefitting most – but cities such as London and Manchester losing out – according to new research published … Continued

Cutting Universal Credit at a time when families will already be facing rising inflation and higher unemployment is bad economics, and bad politics

The Resolution Foundation response to the Government’s announcement today that they are going ahead with the £20 a week cut to Universal Credit from this October Torsten Bell, Chief Executive of the Resolution Foundation, said: “The decision to cut Universal Credit by £20 a week this October will cut the incomes of the poorest families … Continued

2.4 million employees still furloughed after May reopening – with older workers being ‘parked’ on furlough

The number of employees on the Coronavirus Job Retention Scheme (JRS) fell rapidly during May as the economy reopened, but far more people remain furloughed than previous official data has suggested, while older workers are disproportionately likely to remain ‘parked’ on furlough for long periods, the Resolution Foundation said today (Thursday) in response to the … Continued

Older workers most likely to be left parked on furlough during reopening

Over one-in-four workers aged 55-64 who were fully furloughed during the recent lockdown remained so in May despite the reopening of the economy, and now face a higher risk of unemployment as the furlough scheme is phased out from today (Thursday), according to new Resolution Foundation research. The Foundation’s annual Living Standards Audit 2021 examines … Continued

Millennials face the highest lifetime costs of their first-time properties, despite historically low interest rates

The costs of buying a typical first-time property with a mortgage have risen by two-thirds over the past half-century, with those born in the late 1980s experiencing the highest costs of all, as falling interest payments have failed to offset rapidly rising house prices, according to new Resolution Foundation research published today (Saturday). The report … Continued

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