Unprecedented Government support has helped firms to increase their cash holdings during the current crisis, but further support will be needed in the Budget to ensure they can drive Britain’s recovery, according to new Resolution Foundation research published today (Wednesday). On firm ground? – the first of four Recovery Plan papers to be published by … Continued

Over three-in-ten people who have started claiming Universal Credit (UC) during the pandemic have either acquired new debts, or seen their existing debts grow, as the crisis enters its eleventh month, according to new Resolution Foundation research published today (Sunday). The debts that divide us – which includes analysis of a detailed online YouGov survey, … Continued

The Government looks set to fall far short of its Manifesto commitment on house building, with developers having built fewer than 100,000 homes during the first three quarters of 2020, and the sector facing headwinds in the coming year too, according to new Resolution Foundation research published today (Wednesday). Housing Outlook Q1 2021 examines the … Continued

Press release from the Resolution Foundation 4 million employees were furloughed in November and December Managing transition out of the furlough scheme will be key to keeping down unemployment The number of employees on the Coronavirus Job Retention Scheme (JRS) increased by 1.7 million between the end of October and mid-November to 4.1 million, according … Continued

Commenting on the public sector finance figures for December 2020, which saw borrowing of £34.1 billion – the highest December since monthly records began in 1993 – and the third-highest borrowing in any month, Charlie McCurdy, Researcher at the Resolution Foundation, said: “The fiscal cost of the Covid-19 crisis, nine months in, has pushed the … Continued

Commenting on the Department for Education’s Further Education white paper published this morning, Kathleen Henehan, Senior Research and Policy Analyst, said: “With unemployment rising, particularly among young people and those in lower-paid roles, now is the right time to ensure workers can boost their skills and gain new qualifications – and today’s announcement is a … Continued

The coming year is set to mark the peak of the pandemic-induced living standards downturn for households, especially those on lower incomes, even as the economy enjoys a vaccine-induced recovery, according to new Resolution Foundation research published today (Monday). While debate around the current economic crisis and recovery tends to focus on GDP, the annual Living … Continued

Commenting on the latest ONS GDP data for November 2020, which showed that the economic shrank by 2.6 per cent as England entered its second lockdown, leaving the economy 8.5 per cent below its pre-pandemic level, James Smith, Research Director of the Resolution Foundation, said:  “The sharp GDP fall in November as England entered its second … Continued

The extra cost of food, energy, and entertaining, distracting and home-schooling children has meant that low-income families with children are twice as likely to have increased, rather than reduced, their spending during the pandemic so far, according to new research published today (Monday). Pandemic Pressures – a collaboration between the Resolution Foundation and the Nuffield Foundation-funded … Continued

The ONS’ main data on wealth misses almost £800 billion of assets held by the wealthiest 1 per cent of households and correcting for this oversight means UK wealth inequality is higher than previously thought, according to new Resolution Foundation research published today (Sunday). The Missing Billions examines the scale and distribution of wealth across … Continued

Around 1 in 12 workers from Black, Asian and Minority Ethnic (BAME) backgrounds work in the hospitality sector, but many of these workers face significant pay penalties compared to White British men, according to new Resolution Foundation research published today (Thursday). Ethnic minorities in the hospitality sector, authored by Sharon Mai, explores the experiences of … Continued

Press release from the Resolution Foundation Embargo – 00.01hrs Wednesday 23rd December 2020   Wealth gaps between different ethnic groups in Britain are large and likely to persist Stark gaps in the amount of wealth held by different ethnic groups in Britain – which have had a serious impact on the financial resilience of households … Continued

Public sector workers affected by the pay freeze next year already face a pay penalty compared to private sector workers in similar roles, while those exempt from the freeze enjoy a pay premium, according to the Resolution Foundation’s latest Earnings Outlook. The latest Earnings Outlook examines the pay of the 2.6 million public sector workers … Continued

Commenting on the Chancellor’s announcement today (Thursday) that the Job Retention Scheme and business loans schemes will be extended into April, Torsten Bell, Chief Executive of the Resolution Foundation, said: “With public health restrictions continuing well into 2021, the Chancellor is right to extend furloughing and business support into April. The job of policy is … Continued

Migrant workers accounted for 60 per cent of net employment growth between 1996 and 2019, but the number of migrant workers is now falling, highlighting the scale of change in store when the UK’s post-Brexit immigration regime comes into effect on 1st January, according to new Resolution Foundation research published today (Thursday). The report Home … Continued

The labour market continued to deteriorate in the run-up to the second national lockdown in November, with 370,000 redundancies taking place in August to October, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. The latest data, which covers the period running up to the second national lockdown and … Continued

The Government should use the Job Retention Scheme (JRS) to encourage more workers to self-isolate at home – a key part of the Government’s strategy to fight Covid-19 that the current sick pay regime is failing to support – new Resolution Foundation research published today (Wednesday) will urge. The report – Time Out – explores … Continued

Real household disposable income (RHDI) is set to grow by just 1 per cent – or £220 – per person over the whole of the current parliament, which would make it the second worst parliament for living standards since records began in 1955, according to new Resolution Foundation analysis published today (Sunday). The Foundation’s analysis … Continued

The Covid crisis is on track to reduce average pay packets by £1,200 a year by 2025 compared to pre-pandemic forecasts and prolong Britain’s 15-year squeeze on household incomes, according to the Resolution Foundation’s overnight analysis published today (Thursday). Here Today, Gone Tomorrow shows that the Covid crisis is causing immense damage to the public … Continued

The Government’s £12,000 per household response to the Covid crisis will send Government spending as a share of the economy towards World War II levels (56 per cent), the Resolution Foundation said today (Wednesday) in response to the Chancellor’s Spending Review. Despite the Office for Budget Responsibility’s (OBR’s) growth forecasts improving since July, it still … Continued

Commenting on the announcement of the new Restart Scheme today (Tuesday) on the eve of the Spending Review, Nye Cominetti, Senior Economist at the Resolution Foundation, said: “The Chancellor is right to put in place help for those out of work for long periods as they often struggle most in periods of high unemployment. The … Continued

The Chancellor is set to unveil his Spending Review against an economic outlook shaped by the long-term scarring effect of Covid – including a GDP hit lasting into the middle of the decade worth £1,000 for every adult in Britain, according to new research published today (Saturday) by the Resolution Foundation. The Covid state examines … Continued

Three-in-ten working age adults who have faced a sustained income hit during the pandemic are now unable to afford some basic household costs such as heating and fresh fruit and vegetables, as the persistence of the crisis exacerbates divides in how low- and high-income households are coping financially, according to new Resolution Foundation research published … Continued

The Government should introduce a new Health and Social Care Levy, alongside a Pandemic Profits Levy and the biggest reform of wealth taxation in a generation, as part of a £40 billion plan to repair the public finances post-Covid and meet the wider challenges facing Britain over the next decade, according to a major new … Continued

The Resolution Foundation has brought together leading charitable foundations, social investors and businesses to launch The Workertech Partnership – the UK’s first-ever innovation programme to support social entrepreneurs and start-ups focused on improving conditions and career paths for workers locked in low-paid and precarious employment. The £1.3 million partnership opens today (Tuesday) for applications from … Continued