Crystal balls vs rear-view mirrors

The UK labour market after coronavirus

by

Summary Sudden and significant hits to the UK labour market in recent weeks have shown that this will be a jobs recession. The focus has rightly been on how to respond to the huge numbers of people losing work, but policy makers and pundits are also beginning to ask what this crisis could mean for … Continued

The economic effects of coronavirus in the UK

Utilising timely economic indicators

by

Summary This is the second edition of our roundup of timely indicators of the impact of coronavirus which aims to plug the gap left by traditional measures of economic activity which are not timely enough to capture these effects. This analysis will be updated weekly, as new data becomes available. New data in recent days … Continued

No work, no pay

Supporting unemployed people through coronavirus

by

This recession is a labour market recession, with the public health response to coronavirus swiftly shutting down employment-heavy sectors of the economy. Although the Government has rightly committed billions of pounds to support employers, encourage retention and bail out the self-employed, it is inevitable that unemployment will rise. For those who lose their job or … Continued

Earnings Outlook Q4 2019

How should minimum wage policy respond to the current economic crisis?

by

Usually in the Earnings Outlook we summarise the latest developments in pay and employment and use these to look forwards, with the trends moving slowly enough that the lag in our data is not too much of a problem. But with so much having changed so quickly, our normal indicators now serve as a guide … Continued

Helicopters on standby?

With rates at all-time lows, the Bank of England needs a different playbook for this crisis

by

With a big recession on the way, the Bank of England’s Monetary Policy Committee would normally be unveiling measures to support the economy today, and this piece would be discussing what they’ve done. But we are not in normal times. Instead, the Bank of England does not have the option of cutting rates in the … Continued

Safeguarding governments’ financial health during coronavirus

What can policymakers learn from past viral outbreaks?

by

In the wake of the coronavirus outbreak, governments have taken unprecedented steps to protect the health of their citizens and support their economies. They now need to take extraordinary steps to safeguard their own financial health through what could be a protracted period of economic disruption necessary to contain and eradicate the virus. This paper … Continued

Next steps to support family incomes in the face of the coronavirus crisis

by

The Government has set out an unprecedented package of support for family incomes, including paying 80 per cent of the wages of employees who currently have no work, via its Coronavirus Job Retention Scheme. Delivering that scheme should be the top priority, given its crucial role in preventing a very steep rise in unemployment and … Continued

Doing what it takes

Protecting firms and families from the economic impact of coronavirus

by

The coronavirus health crisis is now a full-blown economic crisis, and one that may last for much more than a few months. Firms will go bust and unemployment will rise. The majority of this economic damage will be driven not by the direct impact of coronavirus itself, but by the necessary measures – such as social distancing – that we put in place to respond to it.

Loading
No more publications found