Commenting on the latest ONS GDP figures for August, James Smith, Research Director at the Resolution Foundation, said: “Disappointing growth figures for August confirm that Britain was never on course for a V-shaped recovery. “With further restrictions coming this Autumn, the Chancellor is setting out fresh economic support this afternoon. This should include local furloughing … Continued

Hopes of a V-shaped recovery have given way to the reality of a U-shaped crisis, with young adults and young pensioners most likely to have stopped working during the pandemic, according to the Resolution Foundation’s annual Intergenerational Audit published today (Thursday). The report – supported by the Nuffield Foundation – offers the first comprehensive assessment … Continued

Commenting on the Migration Advisory Committee’s report published this morning, Kathleen Henehan, Senior Economist at the Resolution Foundation, said: “Today’s MAC report is the latest reminder of the damage caused by appalling pay and conditions in the care sector. Expanding our social care workforce could help our covid rsponse, provide vital employment opportunities for those … Continued

The Chancellor’s Job Support Scheme (JSS) will help stem but not halt the sharp rise in unemployment this Autumn, but avoidable design flaws will reduce its impact, the Resolution Foundation said in response to the Winter Economic Plan today (Thursday). With public restrictions being ramped up, the Chancellor is right to have announced fresh emergency … Continued

The covid crisis means the UK’s two million minimum wage workers are set to receive the smallest pay increase since 2010  – of around 15p – next April, but the economic shock does not mean the Government should abandon its pledge to abolish low pay by the middle of the decade, according to the Resolution … Continued

Commenting on the Chancellor’s announcement today (Wednesday) that he has cancelled an Autumn Budget and will instead set out a Winter Economic Plan tomorrow, Torsten Bell, Chief Executive of the Resolution Foundation, said: “With the Prime Minister having ramped up restrictions to control the spread of the virus, it’s right that the Chancellor now shifts … Continued

Commenting on the Government announcement today (Tuesday) of new public health restrictions to curb the rise in covid-19 infections, Torsten Bell, Chief Executive of the Resolution Foundation, said: “Phasing in restrictions to control the virus, while simultaneously phasing out support for firms and workers, isn’t a sustainable approach to the difficult months ahead. A new … Continued

The number of furloughed workers has almost halved from its early May peak of 8.9 million to 4.8 million in late July, but hard-hit sectors like hospitality and leisure are still hugely reliant on the Job Retention Scheme (JRS) that is due to end in just six weeks’ time, the Resolution Foundation said today (Friday) … Continued

Unemployment rose sharply even before the start of the winding down of the Coronavirus Job Retention Scheme (JRS) from August, with young people at the centre of Britain’s mounting jobs crisis, the Resolution Foundation said today (Tuesday) in response to the latest ONS data. The headline unemployment picked up in the three months to July … Continued

Commenting on the latest GDP figures for July published today (Friday), which shows that month-on-month growth was 6.6 per cent, but that monthly GDP was still 11.7 per cent down on pre-pandemic levels, James Smith Research Director at the Resolution Foundation, said: “The UK economy continued to rebound over the Summer as lockdown restrictions eased. … Continued

Commenting on the Treasury Committee’s second interim report of its inquiry into the Economic Impact of Coronavirus, which sets a wide range policy recommendations for the Chancellor ahead of his upcoming Budget, Torsten Bell, Chief Executive of the Resolution Foundation, said: “This authoritative account of the economic impact of coronavirus should be required reading for … Continued

The £71.5 billion worth of crisis income support this year, delivered via the Job Retention Scheme (JRS), Self-Employment Income Support Scheme (SEISS) and boost to Universal Credit (UC), has been evenly shared across generations, with workers in their early 30s and late 40s receiving the most support of all, according to new research published today … Continued

Commenting on the Government announcement today (Thursday) that it will pay £13 a day to workers losing earnings because they are asked to self-isolate in high Covid-risk areas if they are already in receipt of Working Tax Credit and Universal Credit, Karl Handscomb, Senior Economist at the Resolution Foundation, said: “Today’s announcement is a welcome … Continued

Despite the economy growing by 8.7 per cent in June, far and away the largest monthly rise on record, the 22.2 per cent fall for the first half of the year as a whole (-20.4 per cent for Q2 on its own) is by far the weakest for any six-month period on record, and is … Continued

Hopes that the labour market would bounce-back in July in response to the lifting of lockdown restrictions are dampened by the further loss of 114,000 people from payrolls last month, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics.  Today’s data shows a mixed picture as the recovery enters a new phase. Hiring has restarted from a near stop earlier in … Continued

Although the Bank of England today upgraded its forecasts for GDP significantly, its projections still suggest the UK has experienced one of the largest economic hits among rich countries, the Resolution Foundation said today (Thursday) in response to the Bank’s Monetary Policy Report. The Bank notes that in its central case – in which a … Continued

Widespread reports that nine million workers are currently furloughed are wide of the mark, with over half of such workers already likely to have returned to work, according to new Resolution Foundation research published to coincide with the beginning of the phase-out of the Job Retention Scheme (JRS) today (Saturday). Today marks a big shift … Continued

Gender differences in the amount of paid and unpaid work people do have shrunk over the past four decades, while the gap between low- and high-income households has grown to create a new ‘working time inequality’, according to a major new report published today (Tuesday) by the Resolution Foundation. The time of our lives, supported … Continued

Commenting on the Chancellor’s Autumn Spending Review announcement today, Torsten Bell, Chief Executive of the Resolution Foundation, said: “The Chancellor has today set out what looks like a technical announcement about the process for the Autumn Spending Review. But what he has really done is give himself more flexibility to reduce the size of public … Continued

Commenting on the latest public sector finances, which showed that the Government borrowed £127.9 billion between April and June this year – in one quarter more than twice the level of borrowing over the whole of the previous year – Charlie McCurdy, Economist at the Resolution Foundation, said: “This crisis is continuing to take its … Continued

The covid-induced crisis has caused typical working-age household incomes to fall 4.5 per cent between the pre-crisis period and May this year, despite the critical policy support that has cushioned the shock for millions of households, according to the Resolution Foundation’s Living Standards Audit published today (Tuesday). The Living Standards Audit 2020 considers the position … Continued