Wholesale gas prices at last feed through to lower energy bills, but consumers still face bills up 80 per cent up on pre-crisis levels this year

Ofgem’s announcement today that the energy price cap will fall to £2,074 on 1 July still leaves bills far higher than they were pre-crisis, but marks the welcome moment when falling wholesale gas prices start to benefit consumers, the Resolution Foundation said today (Thursday). The latest price cap is a decrease of over £1,000 since … Continued

The Bank of England is nearing the end of its rate-rising cycle, but two-thirds of Britain’s mortgage-rising pain is still to come

The Bank looks set to have almost finished the sharpest interest rate tightening cycle since the 1980s, but the switch from variable to longer fixed-rate mortgages has delayed the impact on households, with two-thirds of the eventual £12 billion increase in annual mortgage costs still to be passed on, according to new research published today … Continued

Middle-aged borrowed to cope with the cost-of-living crisis, while young have turned to friends and family, and lower-income households to food banks

Different coping mechanisms are being used by different groups to get through the cost-of-living crisis, with middle-aged people running up debts, young people turning to friends and family, and poorer people resorting to more extreme measures like eating less and visiting food banks, according to new analysis published today (Thursday) by the Resolution Foundation. The … Continued

Time to make workers’ rights a reality with new ‘super-complaints’ plus a doubling of inspectors and fines

The UK’s fragmented, weak and under-resourced system for enforcing labour market rights costs workers billions a year and a radical overhaul is needed, according to new Resolution Foundation research published today (Tuesday). Enforce for good – the final report of a four-year project on labour market enforcement, supported by Unbound Philanthropy – examines the scale … Continued

Young return to work but old and sick do not

The UK workforce expanded in the three months to February, driven by young people leaving full-time education and moving into work, but the longer-term problem of rising ill-health continues to worsen, the Resolution Foundation said in response to the latest ONS labour market statistics today (Tuesday). The UK workforce continued to expand in recent months, … Continued

Tax threshold freeze has almost tripled in size since its initial costings, with next year’s freeze set to net £12 billion

The size of the UK’s ‘stealth tax’ threshold freeze over six years has almost trebled to £25 billion, compared to the £9 billion forecast when it was originally announced in the 2021 Budget, and later extended, according to new Resolution Foundation analysis published today (Saturday). Happy new tax year, 2023! examines the personal tax and benefit … Continued

1.7 million workers set to benefit in full from near 10 per cent rise in the National Living Wage

NLW has almost doubled real pay growth for Britain’s lowest earners

Around 1.7 million workers are set to directly benefit when the National Living Wage (NLW) rises by 9.7 per cent to £10.42 an hour on 1st April, with new analysis showing that the NLW has almost doubled real pay growth for Britain’s lowest earners, the Resolution Foundation says today (Friday). The 92p rise in the … Continued

Family incomes were protected over the course of the pandemic – but have fallen sharply since

Unprecedented government support helped to ensure that typical disposable incomes didn’t fall over the course of the pandemic, and actually rose for poor families, in marked contrast to the biggest income squeeze in a generation that Britain is currently living through, the Resolution Foundation said today (Thursday) in response to the latest Households Below Average … Continued

Budget succeeds in boosting employment but leaves household incomes stagnant, as citizens pay higher taxes to see many services cut

The Chancellor announced an impressively broad suite of policies to encourage more people into work, but Britain’s economy remains stuck in a deep funk – with people supported into work but getting poorer, and paying more tax but seeing public services cut, the Resolution Foundation said today (Thursday) in its overnight analysis. The Foundation’s Budget … Continued

Chancellor succeeds in boosting employment but not investment against a better, but still bad, economic outlook

Faced with an economic outlook that has improved in the short term but remains weak, the Chancellor today (Wednesday) delivered a major policy package that is likely to be more successful at getting Britain working than investing, the Resolution Foundation said in its response to Budget 2023. Following energy price falls, the OBR has significantly … Continued

Signs of a partial ‘return to work’ and slowing pay growth bring glimmers of good news ahead of the Budget

The jobs market has remained resilient in the face of rising interest rates and the cost-of-living crisis, with unemployment stable and wage inflation moving closer to a range the Bank of England can live with, said the Resolution Foundation in response to today’s labour market statistics release. Demand for workers appears stable, with vacancies falling … Continued

Borrowing boost means Chancellor’s Budget will deliver fresh cost-of-living support, but he faces tough choices on resolving strikes, raising employment, and reforming tax

The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth … Continued

No more press releases found