The Chancellor has used a cumulative £68bn borrowing windfall to significantly ease – but not end – austerity for the UK’s public services and deliver a welcome boost to low-income families on Universal Credit. Tough times still lie ahead however, the Resolution Foundation says in its analysis of the Budget today. The Foundation says that … Continued

In response to today’s ASHE data release from the ONS that showed real pay recovering in 2018, Stephen Clarke, Senior Economic Analyst at the Resolution Foundation said: “Following the squeeze of 2017, real pay growth returned in 2018. After inflation, typical weekly wages for all employees grew by 0.3 percent in the year to April. … Continued

Lower borrowing windfall could make Chancellor’s ‘mission impossible’ next Monday ‘just about plausible’ ‘Ending austerity’ will require £31bn of additional spending by 2022-23. However, a record borrowing forecast upgrade from the Office for Budget Responsibility (OBR) will significantly ease –  though not solve – the Chancellor’s challenge next Monday, according to the Resolution Foundation’s pre-Budget … Continued

Inflation falling to 2.4 per cent in September brings mixed news for working families – stronger growth in their pay packets but a confirmation that the fourth year of the benefit freeze will bring significant living standards reductions for lower-income families, the Resolution Foundation said today (Wednesday) in response to the latest ONS inflation figures. The … Continued

Nominal pay growth grew by 3.1 per cent in three months to August this year, the strongest pay growth since January 2009, the Resolution Foundation said today (Tuesday) in response to the latest labour market statistics. The Foundation says that Britain’s tightening labour market – with unemployment at a 43-year low of 4 per cent … Continued

Commenting on reports that the government is going to delay the final phase of the rollout of Universal Credit, and make reforms to its design – such as rolling on several benefit payments temporarily –Torsten Bell, Director of the Resolution Foundation, said: “Delaying the mandatory movement of people onto Universal Credit is a sensible step. … Continued

Three in four workers experience fluctuating pay packets, with low paid workers most exposed to big downward changes in their monthly take-home pay, according to groundbreaking new research published today (Monday) by the Resolution Foundation. Irregular payments examines anonymised month to month data from seven million Lloyds Banking Group bank accounts to reveal for the … Continued

Chancellor has one last chance to end the benefit freeze in his Autumn Budget Next week’s inflation figures are set to confirm that austerity is continuing for millions of low-income families, with the average lower income couple with kids on course for a further cash loss of £210 next year as a result of the … Continued

If the slow pace of Britain’s post-crisis pay growth were to continue indefinitely it will take until 2099 for real wages today to double in value – compared to the pre-crisis average when wages doubled every 29 years – according to a new Resolution Foundation report published today (Tuesday). Count the pennies – funded by the … Continued

The trade-off for Britain experiencing the sharpest real pay fall of any major advanced economy in the immediate wake of the financial crisis was a smaller than expected rise in unemployment that helped save up to 800,000 jobs. This is according to a new Resolution Foundation report, funded by the Nuffield Foundation, to be published … Continued

Commenting on the government’s latest plans for a new post-Brexit migration system, briefed today (Tuesday) by the Prime Minister and Home Secretary, Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: “The government’s proposed post-Brexit migration system will mark a major shift in our labour market, and could fundamentally change how many industries operate. “Low-paying … Continued

Commenting on the latest ONS life expectancy estimates published today (Tuesday), David Willetts, Executive Chair of the Resolution Foundation, said: “Rising life expectancy has been one of the biggest boons to our living standards over the last century. “Getting to the bottom of why this long-term improvement has stalled – particularly as we still lag behind … Continued

Commenting on the latest ONS figures today (Wednesday) on house prices and the Prime Minister’s speech at the National Housing Federation, Dan Tomlinson, Policy Analyst at the Resolution Foundation, said: “The UK’s housing market shows some signs of cooling, with growth in the house price index slowing to its lowest level since 2013. But we should be cautious … Continued

The recommendations of the Migration Advisory Committee (MAC) report would, if accepted, effectively end low-skilled migration, and be the biggest change to the UK labour market in a generation, the Resolution Foundation said today (Tuesday). The Foundation’s welcomes the recommendations of the MAC report, which provides a much-needed evidence-based blueprint for a post-Brexit migration policy. … Continued

Britain has seen a tepid pay recovery emerge in recent months, with strengthening but still very weak wage growth, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. Latest figures show employment growth ground to a halt in May-July this year, with a 55,000 fall in unemployment more than … Continued

The government must get the final phase of Universal Credit (UC) right this Autumn if it’s to reboot the reputation of its flagship welfare reform programme and support millions of low income families, according to a new report published today by the Resolution Foundation. The benefits of moving focuses on the final, and in many … Continued

The wealth gap between households has widened since the financial crisis within many parts of the country including Wales, the East Midlands and Yorkshire and the Humber, according to new analysis published today (Saturday) by the Resolution Foundation. Wealth – which includes property, pensions, financial assets and possessions – is a major factor in living … Continued

Entrepreneurs’ Relief is expensive, ineffective, and regressive – and the government should scrap it as it looks for ways to fund its £20bn NHS pledge, according to new analysis published today (Wednesday) by the Resolution Foundation. Entrepreneurs’ Relief, which was introduced by the Labour government in April 2008, allows people selling companies to pay half … Continued

People in the poorest third of households have accounted for over half of the increase in employment since the start of the financial crisis, according to new analysis published today (Wednesday) by the Resolution Foundation. The analysis, which looks at how close Britain is to full employment, shows that of the 2.1 million increase in … Continued

Responding to the latest ONS inflation figures today (Wednesday), showing that CPI inflation rose to 2.5 per cent in June, Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: “Although inflation ticked up this month this was driven by changes in relatively erratic items, such as computer games and energy prices. “Strip away these … Continued

Unemployment falls to a forty-three year low but pay growth remains stubbornly weak pay growth the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market figures. Unemployment dropped to 4 per cent, driven by falls for those under 24, who accounted for almost two-thirds of the decline since March. The number … Continued

Commenting on the Bank of England’s decision today (Thursday) to raise interest rates from 0.5 to 0.75 per cent, Matt Whittaker, Deputy Director of the Resolution Foundation, said: “The Bank’s unanimous decision to raise interest rates reflects its view that, while current economic growth is relatively weak by historic standards, this is as good as … Continued

Mixed signals on the labour market – with strong pay growth for job movers countered by muted pay growth for those sticking with their employer – provides the backdrop to the Bank of England’s big decision on interest rates later today, according to the Resolution Foundation’s latest quarterly Earnings Outlook published today (Thursday). The Earnings … Continued

Britain’s weak post-crisis living standards recovery went into reverse last year for the poorest 30 per cent of families, as incomes fell in the bottom third fell by between £50 and £150, according to the Resolution Foundation’s flagship annual Living Standards Audit published today (Tuesday). To establish recent trends in household living standards, the Audit … Continued

Responding to the latest ONS inflation figures today (Wednesday), showed that CPIH inflation remained at 2.3 per cent in June, Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: “As the impact of the Brexit vote on the pound – and consequently on the price of imported goods – continues to unwind, headline inflation … Continued