Radical policy reboot required to deliver PM’s promise to “turn generation rent into generation buy”

Four-in-five (80 per cent) non-home owning 25-34-years-olds completely lack the required savings and earnings levels to be able to buy a typical first-time buyer home in their region, although windfalls, major lifestyle compromises or pooling resources with a partner does bring them closer to owning, according to new Resolution Foundation research published today (Thursday). The … Continued

Record job moves has helped prevent a post-furlough labour market shock

The end of the furlough scheme in October has not sparked fresh a labour market shock as many had feared, with payrolled employment continuing to rise, vacancy levels hitting a fresh high, and seven-in-eight recently furloughed workers returning to work, the Resolution Foundation said in response to the latest ONS data today (Tuesday). The Foundation … Continued

Misdiagnosis of Britain’s productivity problems are distracting policymakers from tackling the investment and leadership weaknesses holding firms back

A focus on the UK’s least productive firms risks distracting policy makers from the economy-wide under-performance on investment and management that is holding British businesses back as we enter a decade of major economic change, according to a new report for The Economy 2030 Inquiry published today (Monday). Business Time – co-written by the Resolution … Continued

Government publicly ‘naming and shaming’ firms breaking labour market rules has some effect, but must be higher profile and complemented by tougher enforcement and larger fines

Publicly naming businesses using exploitative practices or underpaying workers encourages other firms to comply with labour market rules – but tougher financial penalties and better detection of those breaking the law are still essential, according to new research published today (Tuesday) by the Resolution Foundation. The report No shame, no gain? – part of the … Continued

Budget benefit boost extends Universal Credit support to families on up to £37,700, but poverty levels will rise by 120,000

The impact of welcome changes to Universal Credit (UC) announced in the Budget last week will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new … Continued

Chancellor delivers a ‘Boris Budget’ – spending half of a £141 billion borrowing windfall to raise public spending and soften, but far from tackle, cost of living crunch

A major upgrade to growth and the public finances gave the Chancellor a £141 billion lower cumulative borrowing windfall (from 2022-23 to 2025-26), 46 per cent of which he used to raise public service spending and soften the cost of living crunch for low-income working families with a welcome £3 billion boost to Universal Credit … Continued

Second half of the pandemic has seen the generational jobs gap close, but the generational wealth gaps widen

Young adults have experienced a stronger labour market recovery in the second year of the Covid-19 pandemic compared with older workers, but the wealth gaps between age cohorts have increased, according to new research published today (Thursday) by the Resolution Foundation. The Intergenerational Audit 2021 – funded by the Nuffield Foundation and part of the … Continued

Rising inflation will reduce Chancellor’s borrowing windfall from rapid pandemic recovery

  The UK is set for its biggest ever current-year economic growth upgrade next week as a result of a smaller-than-forecast pandemic hit, and a faster-than-expected pandemic recovery, but rising inflation will squeeze both the Chancellor’s borrowing windfall and family budgets this autumn, according to new research published today (Tuesday) by the Resolution Foundation. The … Continued

Government right to prioritise low-income families in Heat and Buildings Strategy, but still risks falling short of target to halve home carbon emissions by 2035

Responding to the Government’s Heating and Building Strategy, Jonny Marshall, Senior Economist at the Resolution Foundation, said: “The Government has rightly made good on its Manifesto commitment of funding to reduce carbon emissions from people’s homes, and to prioritise low-income families and those in social housing for support in making homes more energy efficient. “The … Continued

Record hiring surge proves welcome relief amid cost of living crunch

The record hiring surge in the UK jobs market is providing welcome relief amid a turbulent cost of living crunch this autumn. But big questions hang over the sustainability of pay growth through the winter, the Resolution Foundation said in response to the latest labour market figures. The latest data showed another record increase in … Continued

PM embraces need for a new post-Brexit, post-Covid economic strategy, but has nothing to say about what that should be beyond lower migration

Commenting on the Prime Minister’s speech at the Conservative Party conference today, in which he began to set out his vision for a new economic strategy to tackle the issues of low wages, poor skills provision and weak productivity that dog the UK economy, Torsten Bell, Chief Executive of the Resolution Foundation, said: “The Prime … Continued

‘Rishinomics’ is rooted in the Treasury view but with a new Californian twist

Commenting on Chancellor Rishi Sunak’s speech to the Conservative Party conference 2021, Lord Willetts, President of the Resolution Foundation, said: “The Chancellor’s speech was short and didn’t have much new policy, but nevertheless we learnt a lot about his approach to UK’s post-Covid, post-Brexit economy. “‘Rishinomics’ – rooted in the Treasury view but with a new Californian … Continued

Costs of Net Zero transition for low-and-middle income households must be addressed, rather than used to derail decarbonisation

The decade ahead needs to combine ‘a double acceleration’ of the UK’s transition to a low carbon economy, with steps to prevent it widening inequalities by loading costs onto lower-income households, while the benefits flow to better-off households, according to new Resolution Foundation research published today (Thursday). The Carbon Crunch – a joint report by … Continued

Four in ten households on Universal Credit face 13 per cent rise in energy bills in same month as their income is cut by £20 a week

The Government must do more to protect low-and-middle-income households from rising energy bills, with families on Universal Credit (UC) four times as likely as the wider population to be on pre-payment meters and therefore face higher energy bill hikes in October, the Resolution Foundation said today (Monday). The Foundation notes that 4.4 million households on … Continued

Low earners have lost their ‘job satisfaction premium’ over higher paid staff amid rising stress and falling levels of control

Huge changes in the world of work over the past 30 years have led to people having a greater attachment to their work, but also rising levels of stress and falling levels of control, which has coincided with low earners losing their ‘job satisfaction premium’ over higher paid colleagues, according to new Resolution Foundation research … Continued

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