Analysis and action on living standards
As Britain prepares to head to the polls on 4th July, keep up to date with all of our Election 2024 reports, events and analysis.
Read the final report of The Economy 2030 Inquiry now to learn how the toxic combination of slow growth and high inequality strained the living standards of low- and middle-income Britain, well before the cost of living crisis struck. It is time to embark on a new path. The Final Report of The Economy 2030 Inquiry sets out what such a path – a serious attempt to end Britain’s relative decline – looks like.
The Resolution Foundation is an independent think-tank focused on improving living standards for those on low-to-middle incomes. We work across a wide range of economic and social policy, combining our core purpose with a commitment to analytical rigour.
This briefing note is part of the Resolution Foundation’s ‘Need to Know Election 2024’ series and examines how income growth, poverty and inequality have changed over the last Parliament and since 2010. At the General Election, living standards growth should be on the agenda for any party wishing to form the next government. This is because income growth since 2009-10 has been particularly low, with typical non-pensioner household incomes growing by just £1,900, or £140 per year.
The UK labour market has transformed almost beyond recognition since the government changed hands in 2010 – from skyrocketing employment during the 2010s, to a pandemic that has arguably had more of a lasting impact on the labour market than any other area of economic policy, and all against the backdrop of a historic wage stagnation. In this briefing note, we assess the labour market legacy the next government stands to inherit, the likely policy challenges over the rest of the 2020s, and what the two main parties are offering in their manifestos.
The Resolution Foundation calculates the real Living Wage – a voluntary hourly pay rate that is based on what families need to get by. The current national rate is:
Resolution Ventures exists to back innovative start-ups seeking to change the world of work for the better and early-stage ventures seeking to improve the prospects of low-to-middle income Britain.
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