Household debt Consumer debt in the UK is down 10%. The bad news? Utility bill arrears are up Britons have been borrowing less since Covid, but people on lower incomes are falling behind on the rent 3 March 2024 by Torsten Bell It’s important to worry about the right things. Interest rates are up, sparking worries about our debts – in my case, the mortgage. Consumer debt (credit cards, overdrafts and personal loans) is surging, we’re told. But the truth is, consumer debt levels are down. New Resolution Foundation research shows them at their lowest since at least … Continued READ MORE
Brexit & trade Britain’s post-Brexit trade patterns are finally emerging in the data 28 February 2024 by Emily Fry The impact of Brexit on trade in the first two years after leaving the EU was complicated by global events: first the pandemic, and then the spike in energy prices. This means the 2023 data – the third year of trade post-Brexit – is the first real opportunity to see what’s going on. At first … Continued READ MORE
Budgets & fiscal events· Public spending Cutting back on the investment and delivery of public services is not what the economy needs – or what the electorate wants 27 February 2024 by James Smith and Tara Goatley The Government’s current plans for post-election cuts to public spending look undeliverable given rising prices and increasing demand on services. As discussed below, plans to cap day-to-day spending increases at 1 per cent (after allowing for inflation) imply very big cuts to departments not covered by existing spending commitments. This is particularly worrying given pre-existing … Continued READ MORE
Labour market enforcement· Labour market Government names and shames 500 firms for illegally under-paying staff – but will it dissuade others from flouting the law? 20 February 2024 by Hannah Slaughter Today the Department for Business and Trade published a list of more than 500 employers who have underpaid the minimum wage, in the latest ‘naming round’ that publicises firms that break the law. Among the list are household names such as Greggs, easyJet, Hamleys and River Island, as well as smaller local businesses from across … Continued READ MORE
Labour market A deep dive into the latest labour market statistics 13 February 2024 by Hannah Slaughter Today marks an important milestone for labour market wonks. After being deprived of a full labour market release since early autumn due to data issues around one of the ONS’ core surveys, this morning we got (almost) the full set of labour market data up to the end of 2023. The release sheds light on … Continued READ MORE
Ventures WorkerTech newsletter: January 2024 The latest update from Resolution Ventures 31 January 2024 by Emma Selinger ‘Why is a think tank investing in startups?’ is a question I hear a lot. This month I’m bringing you some insights from the ‘thinking’ part of Resolution Foundation to try and answer this. One of our most recent research-focused newsletters does a great job of showing how research shapes our investment priorities, while also … Continued READ MORE
Housing Housing is at the heart of the financial squeeze families are facing In spite of rising wages and falling inflation, many households feel worse off than before 19 January 2024 by Felicia Odamtten We’re more than two years into the cost of living crisis, and some politicians are cheering its end off the back of falling inflation. However, given that more families say their finances have got worse, not better in recent months, these politicians risk looking out of touch. Indeed, according to the Resolution Foundation, the average … Continued READ MORE
Ventures WorkerTech newsletter: December 2023 The latest update from Resolution Ventures 19 December 2023 by Emma Selinger As we come to the end of the year we’ve been reflecting on our work in 2023, so in this edition you’ll find our highlights of the year. Do you have a WorkerTech idea that you’re developing for 2024? Book in a time to speak to us in January to see how we can work … Continued READ MORE
Economy 2030· Tax Tax reliefs should remain a focus of tax reform 7 December 2023 by Adam Corlett It may not be exactly what is on your Christmas present wishlist, but this week has brought two exciting goodies. First, and most importantly, the Economy 2030 Inquiry’s final report – Ending Stagnation; and, second, HMRC’s annual update of tax relief statistics. This blog takes a look at the overlap between the two, with a … Continued READ MORE
Ventures WorkerTech newsletter: November 2023 The latest update from Resolution Ventures 30 November 2023 by Emma Selinger Last week we hosted our first WorkerTech Conference bringing together startup founders, investors, policymakers, unions, and researchers all interested in how tech can improve low-paid and precarious work. More details on the day are in this newsletter, and a link to re-watch the sessions if you weren’t able to join us. Since then, we’ve been busy spreading the … Continued READ MORE
Tax The coming tax reshuffle: winners and losers 20 November 2023 by Torsten Bell and Adam Corlett and Lalitha Try Last week, the Prime Minister carried out a major Cabinet reshuffle, aiming for a political reset as the election run-in builds up steam. This week, the Chancellor is doing his bit towards the same goal, with a major tax reshuffle – adding tax cuts to the tax rises already in train – on the cards … Continued READ MORE
Incomes· Intergenerational Centre Flat pay, little wealth and a shrinking safety net. Whatever happened to the millennials? What does the Intergenerational Audit say about UK Millennials 13 November 2023 by Molly Broome Recently, there’s been good news for millennials from across the pond where the latest data suggests their living standards are catching up with (and on some measures surpassing) previous generations. Unfortunately, the same can’t be said for British millennials. It’s now been five years since the Resolution Foundation’s Intergenerational Commission first laid out the state … Continued READ MORE
Incomes· Pay Falling pay, divergent data and a bulging middle. 2 November 2023 by Nye Cominetti The ONS has published its 2023 Annual Survey of Hours and Earnings (ASHE), taken in April this year. ASHE is a big survey of employers that provides a detailed picture of employee pay across different places, jobs, and types of workers. It’s also the only data we get on hourly pay. So what does this … Continued READ MORE
Ventures WorkerTech newsletter: October 2023 The latest update from Resolution Ventures 31 October 2023 by Emma Selinger As promised in last month’s newsletter, we have three more investments to announce. We’re excited to welcome these three companies and their brilliant founding teams to our portfolio: 🍽️ Slinger – a platform for hospitality workers to find shifts at a time and place that suits them, and that are guaranteed to pay at least … Continued READ MORE
Living standards· Labour market Good work across the UK’s nations, regions and industries The 11th Annual NERI Dónal Nevin Lecture 19 October 2023 by Torsten Bell The 11th Annual NERI Dónal Nevin Lecture in association with the School of Social Sciences, Education and Social Work at Queen’s University Belfast took place on Monday 16 October, 2023 from 11am – 1pm. The venue was the Canada Room (and Council Chamber), Lanyon Building, Queen’s University Belfast. Torsten Bell, Chief Executive of the Resolution … Continued READ MORE
Labour market Flying blind? The case of the missing employment data 17 October 2023 by Nye Cominetti Every month the ONS releases lots of data on the condition of the UK labour market – including information about employment, jobs, pay, and vacancies. But for the first time (that we are aware of), today’s statistics were released without the data that comes from the ONS’s Labour Force Survey (LFS) – the source for … Continued READ MORE
Living standards What does it take to reduce poverty? Lessons from the 21st Century so far 2 October 2023 by Torsten Bell Torsten Bell, Chief Executive of Resolution Foundation, delivered the 2023 Annual Challenge Poverty Week Lecture. The lecture is hosted by The Poverty Alliance, Scotland’s network of organisations and individuals working together to end poverty, and Scottish Poverty Inequality Reduction Unit (SPIRU). Catch up on the presentation below for an insight into the state of British living standards, … Continued READ MORE
Ventures WorkerTech newsletter: September 2023 The latest update from Resolution Ventures 30 September 2023 by Louise Marston It’s been a busy summer here at Resolution Ventures. We’ve been pleased to complete four investments (more on those below and next month), and are looking forward to our first-ever Workertech conference in November. Sign up now to join us for a day of exploration and discussion on the future of better work. As always, … Continued READ MORE
Labour market The labour market is cooling but pay growth remains strong New ONS labour market statistics show the biggest employment fall on record outside of a recession 12 September 2023 by Hannah Slaughter This morning’s labour market statistics show that the labour market is starting to cool, with the biggest employment fall on record outside of a recession. But this is not yet feeding through into wages, which grew at record high rates. And while wage growth impacts both workers and (indirectly) the wider economy, this month’s pay … Continued READ MORE
Ventures WorkerTech newsletter: August 2023 The latest update from Resolution Ventures 31 August 2023 by Emma Selinger Last month I announced the date for our first-ever WorkerTech Conference on 21st November, and over 100 of you have registered to attend in person already. We now have even more brilliant speakers confirmed, including Claudine Adeyemi, CEO of Earlybird, Emma Back, Founder of Equal Care Coop, and Jeegar Kakkad, Director of Future of Britain Policy at Tony … Continued READ MORE
Labour market Short-term pay pain eases, but long-term legacy leaves scars 15 August 2023 by Charlie McCurdy Today’s labour market stats offer a glimmer of good news when it comes to pay: real wages in June were higher than a year ago for the first time in 18 months, offering a welcome respite for workers in Britain. But this welcome news for workers won’t be shared by policy makers at the Bank … Continued READ MORE
Labour Market Outlook· Labour market Real-term public sector pay falls are fuelling the recent strikes… but what lies ahead? 15 August 2023 by Nye Cominetti Across the past year, 3.9 million working days have been lost to industrial action– more days than at any point since the 1980s. The Resolution Foundation’s Labour Market Outlook, published today, takes a look at why these strikes are happening… and, crucially, at what’s happening to public sector pay, and how this has fuelled the … Continued READ MORE
Ventures WorkerTech newsletter: July 2023 The latest update from Resolution Ventures 31 July 2023 by Emma Selinger Are you free on 21st November? I’d love you to join us at our first-ever WorkerTech Conference in central London. We’ll be exploring the relationship between impact investors and start-ups, and examining how mission-driven organisations – in collaboration with foundations, researchers, unions and businesses – can use data and technology to benefit low-paid workers and … Continued READ MORE
Covid-19 The Kickstart scheme: reflections three years on 25 July 2023 by Louise Murphy Three years on from the advent of the Kickstart scheme – the Government’s employment programme which created jobs for young people aged 16-24 during the Covid-19 pandemic – the Department for Work and Pensions (DWP) has published a process evaluation report looking at the effectiveness of the scheme. Of course, the labour market looks very … Continued READ MORE
Housing Five things you need to know about the state of English housing 14 July 2023 by Cara Pacitti Housing has been centre-stage in recent years, whether during the ‘stay at home’ orders of the pandemic, high energy prices that put pressure on the ability of many to heat their homes, or high rental asking prices and rising interest rates now feeding through into mortgage costs. Yesterday, new data releases from the Department for … Continued READ MORE
