Is the UK labour market at a crossroads? This latest ONS labour market statistics, covering November 2022, show a mixed picture 17 January 2023 by Hannah Slaughter This morning’s labour market statistics, covering November 2022, show a mixed picture. On the one hand, high levels of vacancies and low unemployment mean that the labour market remains tight. But there are early signs that this may not last much longer – vacancies have fallen markedly over the past few months, while redundancies are … Continued READ MORE
Tax Five bad ways to hand out £4 billion a year 12 January 2023 by Adam Corlett Taxes are going up, in large part due to big policy choices like the upcoming rise in the Corporation Tax rate and the prolonged freezing of various tax thresholds. Yet it’s always possible that further tax rises will be needed sooner or later, perhaps to support struggling public services, or to raise funds to allow … Continued READ MORE
Why the distribution of income matters for growth Social mobility up the ladder of opportunity matters. But there is also an important link between income distribution and economic growth 3 January 2023 by David Willetts There is a Conservative argument that what matters is absolute levels of income and wealth. Worries about how it is distributed are for Socialists. Conservatives should just get on with growing the total size of the cake. This view is one strand of conservatism. But there are also good Conservative reasons why this won’t do … Continued READ MORE
Welfare System collision The interaction of Universal Credit and Child Benefit withdrawal is creating a mess 3 January 2023 by Gavin Kelly If there is anyone out there still harbouring the quaint idea that it’s the super-rich who face the highest marginal tax rates in the land, they should think again. There are various contenders for that dubious prize but we can now announce a clear winner: the small but fast-growing group of families receiving Universal Credit … Continued READ MORE
Ventures WorkerTech newsletter: December 2022 The latest update from Resolution Ventures 21 December 2022 by Emma Selinger As we come to the end of the year we’ve been reflecting on our achievements in 2022, so in this edition you’ll find our top 10 WorkerTech highlights of the year. Do you have a WorkerTech idea that you’re developing for 2023? Book in a time to chat in January to see how we can … Continued READ MORE
Labour market Understanding the labour market context behind the current strikes 13 December 2022 by Louise Murphy The backdrop to this morning’s labour market statistics is recent strikes: around 40,000 rail workers are striking today and later in the week, and nurses and Royal Mail staff (among others) are set to strike later this month. Today’s data helps us understand the labour market context behind these strikes – workers are feeling the … Continued READ MORE
Ventures WorkerTech newsletter: November 2022 The latest update from Resolution Ventures 30 November 2022 by Emma Selinger It was great to see so many of you at our WorkerTech meetup last Monday. If you didn’t make it then don’t worry! This month I’m sharing what our WorkerTech community brought to the evening, and pointing you to some further organisations, projects and research. We’ll be hosting more WorkerTech meetups in the future, and … Continued READ MORE
Labour market· Pay Pay growth gap adds to staffing crisis in the public sector 15 November 2022 by Greg Thwaites Today’s labour market data show real pay falling fast in the private sector, and even faster in the public sector. Public sector vacancies have hit a new record, while vacancies in the private sector continue to recede gently from recent record highs. As the Chancellor prepares to announce a new round of tight public spending … Continued READ MORE
Labour market· Pay Five take-aways from the 2022 ASHE release: a bad year for pay growth, but good news on pay inequality 27 October 2022 by Nye Cominetti and Charlie McCurdy The ONS published their annual release from the Annual Survey of Hours and Earnings (ASHE) on October 26th. It’s not the timeliest data – it was collected from a survey of employers all the way back in April, and we already know from other data sources how pay has evolved through to July and August. … Continued READ MORE
Ventures WorkerTech newsletter: October 2022 The latest update from Resolution Ventures 27 October 2022 by Emma Selinger This month we’re focusing on some great events open to our readers during the remainder of 2022. Register now for Impact investing in technology to address skills and employment challenges 💸 Tuesday 15th November, 10 – 11am: Impact investing in technology to address skills and employment challenges, in partnership with Ufi VocTech Trust. An opportunity to hear about … Continued READ MORE
Pay Low unemployment belies a labour market in poor health 11 October 2022 by Greg Thwaites Today’s labour market data showed unemployment hitting its lowest rate since 1974. On the face of it, this is cause for celebration. But a shrinking labour force, not a rise in employment, drove the fall in unemployment, and this is a cause for concern. A record number of working-age people are now inactive due to … Continued READ MORE
Welfare A cut to benefits would batter millions of households Liz Truss’s threats of a real-terms cut would ramp up inequality and hamper growth 10 October 2022 by Lalitha Try The chancellor’s mini-budget has spooked the markets, stoked a rise in interest rates, and now caused a full-blown and very public cabinet row over whether to cut benefits for millions of working-age families. Some ministers are urging the prime minister to press ahead with the cut and end Britain’s “Benefit Street culture”, while others have spoken out … Continued READ MORE
Economy 2030 Britain needs to get serious about an economic strategy towards a more prosperous, fairer, greener 2030s – can you help? Call for policy ideas to help Britain become a fairer, greener, more prosperous nation 6 October 2022 by Emily Fry and Greg Thwaites The UK’s cost-of-living crisis – with rocketing food and energy prices – is making everyone poorer, and is particularly harmful to low-to-middle income households. But this recent crisis isn’t isolated, because the Britain that confronts it suffers from a toxic combination of high inequality and protracted slow growth. The UK also has great strengths … Continued READ MORE
Ventures WorkerTech newsletter: September 2022 The latest update from Resolution Ventures 30 September 2022 by Emma Selinger Last week, the day before the not-so-mini budget, the Living Wage Foundation announced the new real Living Wage. In a year of unprecendented inflation due to soaring energy prices, we have also seen a significant rise in the real Living Wage both in and outside of London. This month we’re taking a closer look at … Continued READ MORE
Living standards Liz Truss’s energy plan will disproportionately benefit the wealthiest households By 2024, support for the wealthiest tenth of households will far exceed the level of support for those living in poverty 17 September 2022 by Adam Corlett Britain’s looming living standards catastrophe was the big question hanging – unanswered – over the Conservative Party leadership race this summer, with both candidates refusing to be drawn on how exactly they’d tackle soaring energy bills. But Liz Truss provided an emphatic answer on just her second full day in office by announcing a new Energy … Continued READ MORE
Labour market Britain’s pay squeeze continues as sickness shrinks the workforce 13 September 2022 by Greg Thwaites Today’s labour market data show both the supply of and demand for labour falling. On demand, vacancies continued to fall from recent peaks, while the employment rate ticked down. Don’t be fooled by the fall in the unemployment rate, even to a record low. This is because the fall in unemployed was driven by fewer … Continued READ MORE
Intergenerational Centre The system has worked for Boomers at every stage of their lives If Tories do not wish to be seen as a party for older people, they must give the younger generation a break on housing and wages 2 September 2022 by David Willetts Lucy Burton’s powerful article last week on the wealth of many of our pensioners was absolutely right. Their incomes are higher. Their wealth is greater. The state is being reshaped around services and payments for them. Many pensioners challenge her by saying that what they get now is a fair return after they have paid in during … Continued READ MORE
WorkerTech newsletter: August 2022 The latest update from Resolution Ventures 31 August 2022 by Emma Selinger From postmen to parking attendants, drivers to dockworkers – many industries have been affected by strikes this summer over a variety of disputes about maintaining pay in the face of surging inflation. Strikes are a very visible and powerful way for workers to take collective action, but they aren’t the only means of bringing about … Continued READ MORE
Economy 2030· Incomes· Living standards· Prices & consumption Politicians need to talk about how we can lower bills by using less energy as a winter crisis looms France and the Netherlands have produced guidance to cut domestic energy use under respective ‘energy sobriety’ and ‘dial it down’ programmes 24 August 2022 by Jonathan Marshall The size of our energy bills is due to two things – how much energy costs, and how much of it we use. The first of these, for good reason, is front-page news at the moment. Wholesale gas prices are reaching new highs on an almost daily basis, pushing cost of heating and lighting our … Continued READ MORE
Labour market The labour market is making history for the wrong reasons 16 August 2022 by Nye Cominetti and Hannah Slaughter The backdrop to today’s labour market data has been discussion around the increasingly concerning picture for the winter, with expectations of future increases in the energy price cap continuing to ratchet upwards. But today’s data reminds us that when it comes to pay at least, workers are already facing very tough conditions, even before the … Continued READ MORE
Ventures WorkerTech newsletter: July 2022 The latest update from Resolution Ventures 29 July 2022 by Emma Selinger You’ve probably noticed that workplace benefits have recently gone from the ordinary (additional holiday, volunteering days, cycle to work scheme) to the extraordinary (pawternity leave, unlimited holiday, international football tournaments). But often forgotten among these perks are pensions. While unglamorous in comparison to some benefits, pension savings can make a seriously significant difference to living standards in later life. Yesterday the Resolution … Continued READ MORE
Labour market Feeling poor and working more – again 19 July 2022 by Greg Thwaites Today’s labour market data tell us a bit more about how the labour market is responding to high inflation and the cost of living shock. We see some things we would expect, some things which may be surprising, and much that remains unresolved. Real wages fall at the fastest rate on record The most eye-popping … Continued READ MORE
Straight talking on tax cuts 14 July 2022 by Torsten Bell The Conservative Party got rid of Boris Johnson because once too often he just wasn’t straight with them or the public. But the danger now is that the leadership election that is meant to help the Party and country move on fails the very same straight-talking test, given the sheer scale of tax cut promises … Continued READ MORE
Intergenerational Centre How Britain became a gerontocracy The pensions boost is further proof that Britain is run for the benefit of the older generation — paid for by the young, writes David Willetts 29 June 2022 by David Willetts Last week’s announcement of the return of the triple lock for pensions makes it clear where real political power lies in Britain. Pensioners are promised a 10 per cent increase next year, matching inflation, while basic pay is rising at just 4 per cent. This is the latest example of a deep-seated trend: our country … Continued READ MORE
Labour market A tight labour market, but early signs of cooling 14 June 2022 by Nye Cominetti This morning’s labour market statistics from the ONS showed a familiar picture of a tight labour market alongside a deepening real wage squeeze. But there are also some signs of a turning point, with wider economic weakness at the start of 2022 potentially feeding into softening labour demand. A now familiar picture of a tight … Continued READ MORE
