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The UK’s transition towards a net zero economy requires a complete overhaul of our power sector. We don’t just need electricity generation that has been decarbonised, but a huge amount more of it as we switch away from heating our homes with gas and powering our cars with petrol. This will require a huge step up in investment – we must raise wind turbines, build nuclear power stations and expand the national grid. And that investment will need to be paid for.
How big is the investment required to decarbonise our energy systems? What will it cost – and how will that cost vary depending on the choices we make and the interest rates markets charge? How big is the impact on household bills likely to be? And what will it take to ensure the costs and benefits are spread fairly across society?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from new research on how the power sector can be decarbonised in a fair and efficacious way, we will hear from leading experts on how they think the UK can rise to this challenge.
Read the report: https://www.resolutionfoundation.org/publications/electric-dreams/
View the event slides: https://www.resolutionfoundation.org/events/powering-britain/
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Universal Credit, announced back in 2010 and introduced in 2013, will be fully rolled out by whoever wins the next election. The benefit has been on a rollercoaster over those years – with the IT underpinning it causing major teething problems, and later success in processing unprecedented numbers of claims during the pandemic. In the long years since Universal Credit was planned, both the system and Britain have changed a lot. So now is the time to step back and review the system the next government will inherit.
How has the eventual form Universal Credit has taken differed from the system of legacy benefits it replaced? Has Britain changed since 2010 and how has that affected Universal Credit – including which groups the benefit supports? Who wins and loses from the switch, and how has that been shaped by wider cuts to social security in recent years? And what comes next, for Universal Credit and Britain’s social security system more broadly?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from new research assessing the rollout of Universal Credit so far, we will hear from leading experts on what the future of social security in the UK might look like.
Read the report: https://www.resolutionfoundation.org/publications/in-credit/
View the event slides: https://www.resolutionfoundation.org/events/in-credit/
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The combination of high house prices and stagnating incomes over recent decades, coupled with the decline of social housing, mean that millions more of us are private renters. And they are renting for longer too. Private rents have risen swiftly in the wake of the pandemic. What happens next matters hugely for millions of families, and yet the drivers of private rental costs are poorly understood with a range of explanations being proposed for the post-pandemic surge.
To what extent has landlords selling up driven the recent rise in rental prices? Or are other factors – such as earnings growth or higher interest rates – more significant? What should we expect the future to hold for rents? And what does this mean for renters, landlords, and policymakers?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from new research on what is driving recent trends in private sector rent levels, we will hear from leading experts on the short and longer-term outlook.
Read the report: https://www.resolutionfoundation.org/publications/through-the-roof/
View the event slides: https://www.resolutionfoundation.org/events/building-pressure/
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The introduction of the minimum wage back in April 1999 was a controversial policy choice, with businesses warning that it would lead to widespread job losses. But 25 years on, it has proved to be a great policy success that has been built on by several governments. Raising the legal wage floor has significantly reduced low pay and inequality, without any substantial employment effects. With the minimum wage on track to reach its target of two-thirds of median hourly earnings this year, virtually eliminating hourly low pay in Britain, it’s time to reflect on the successes of this approach and aims for the future.
How has the UK labour market changed since the introduction of the minimum wage? Why has it been able to evolve into a far higher wage floor than originally intended? What’s next for the minimum wage – or should the priority for change now move elsewhere? And what lessons can be learnt from the way the minimum wage was introduced and the role the Low Pay Commission has played over the past quarter-century for designing policy in future?
The Resolution Foundation is hosting an in-person and interactive webinar to mark the 25th anniversary of the introduction of the minimum wage. Following a presentation on the impact of the minimum wage on the labour market, we will hear from leading experts on what’s next for the minimum wage and lessons for other policy areas.
Read the report: https://www.resolutionfoundation.org/publications/labour-market-outlook-q2-2024/
View the event slides: https://www.resolutionfoundation.org/events/setting-a-high-bar/
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Wages today are no higher than they were before the financial crisis, and England’s biggest cities beyond London all have productivity levels below the national average. Britain needs a new economic strategy to lift itself out of stagnation.
In many ways, Bristol reflects the challenges facing the country as a whole. It has long been a hub for high-value aerospace manufacturing and also has considerable strengths in services, including education, creative industries and green technology. But it also faces considerable challenges – from poor public transport to high housing costs – that limits growth and reduces living standards. Harnessing the city’s many strengths will be critical to meeting the economic challenges of the coming years, but Bristol won’t truly thrive unless all its citizens benefit from growth and investment.
The Budget on 6th March was the Government’s last chance to shape the economic agenda before the next election – and rise to the challenge of boosting prosperity.
What should a new national economic strategy for Britain include? How will economic change affect the jobs we do, the places we live and the businesses we work for? What are the prospects for cities like Bristol in rising to these daunting but reachable challenges? And has the Budget helped or hindered Britain’s economic prospects?
The Resolution Foundation is hosting this event in collaboration with Bristol Ideas and Business West to debate Britain’s future economic strategy, building on the analysis of The Economy 2030 Inquiry – a three-year collaboration between the Resolution Foundation and the LSE, funded by the Nuffield Foundation. We will be joined by leading experts from policy and business in the region to discuss how different areas of the UK – particularly in Bristol and the South West – can secure widely shared prosperity.
View the event slides here: https://www.resolutionfoundation.org/events/boosting-prosperity-in-britain/
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Book launch for The Longevity Imperative by Professor Andrew J Scott
Britain, along with many other countries, is getting older and living longer. This demographic shift has huge health, economic and societal impacts, but too often the debate is limited to the fiscal costs of an ageing society, and pressures on the NHS. Instead we need to take a broader view of the changes this will bring, and the changes we can shape so that people live not just longer lives, but happier and healthier ones too.
What has happened to life expectancy, what is likely to happen and what constitutes the longevity imperative? What are the economic consequences of this in terms of the public finances, productivity and the labour market? What can we do to age better? And how might this change how we live our longer lives?
The Resolution Foundation is hosting an in-person and interactive webinar to mark the new launch of Andrew Scott’s new book The Longevity Imperative, and to debate and answer these questions.
View the event slides here: https://www.resolutionfoundation.org/events/living-life-to-the-full/
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The upcoming Spring Budget may be the last big fiscal event before the General Election, one of few chances for the government to set the terms of the economic debate. And with the government trailing heavily in the polls, and the economy entering a mild recession at the end of last year, the pressure is on to make it a game-changing Budget economically and electorally. But the Chancellor will also have to confront real trade-offs if he’s deliver a Budget that works for both the next six months, and the five years after that.
How big are the Chancellor’s tax cuts? Do they change the big picture of the government’s wider tax raising plans? What is the outlook for public services after the election? Where does the government plan to take the social security system, as it copes with rising numbers of us being sick or disabled? And will any of this make any difference to who forms the next government, and what they’re able to do?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from the Resolution Foundation’s overnight analysis of Spring Budget 2024, we’ll hear from leading experts on what the Budget means for the election, and the economy.
Read the overnight analysis: https://www.resolutionfoundation.org/publications/back-for-more/
View the event slides: https://www.resolutionfoundation.org/events/game-changer/
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Nottingham is in many ways a microcosm of this national challenge. It has become a hub for creative industries in the East Midlands, serving as the headquarters for major firms like Games Workshop, as well as global giants like Boots and e.on. The city’s many strengths – including the world-class university and services firms – must be harnessed to meet the economic challenges of the coming years. But it also has high levels of deprivation, and won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment.
What should a new national economic strategy for Britain include? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Nottingham, regions like the East Midlands, and nations like Britain to be able to rise to these challenges?
The Resolution Foundation is hosting this event with the Institute for Policy and Engagement at the University of Nottingham to debate Britain’s future economic strategy, building on the analysis of The Economy 2030 Inquiry – a three-year collaboration between the Resolution Foundation and the LSE, funded by the Nuffield Foundation. We will be joined by leading experts from policy and business in the region to discuss how different areas of the UK – particularly Nottingham and the wider East Midlands region – can secure widely shared prosperity.
View the event slides: https://www.resolutionfoundation.org/events/ending-stagnation-nottingham/
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The rising prevalence of mental health problems among young people over recent decades is becoming increasingly concerning. While evidently distressing for the young people and their families, periods of poor mental health can also have significant detrimental impacts on their education and job prospects. Increasing support provided in schools and universities has gone some way to address this – but gaps remain, particularly in colleges and workplaces, while young people who want to return to education once their health has improved can often struggle.
How has the prevalence of mental health problems in young people changed in recent years? Which cohorts in particular are most likely to experience declines in mental health? How can periods of poor mental health affect young people’s education and labour market outcomes? And what support should policymakers put in place to help young people into good-quality jobs?
The Resolution Foundation – as part of the Young people’s future health inquiry, in partnership with The Health Foundation– is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from the final report for this project, which draws on the experiences of young people shared in our focus groups, we will hear from leading experts.
Read the report: https://www.resolutionfoundation.org/publications/weve-only-just-begun/
View the event slides: https://www.resolutionfoundation.org/events/healthy-starts/
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An election is coming, and therefore so are tax cuts in the Budget on 6th March. But the size of those tax cuts are dependent on the amount of fiscal room for manoeuvre the Chancellor has. And their shape will reflect where his political and economic priorities lie. Plus tax cuts come in a context of tax rises already announced, and spending cuts pencilled in for after the election.
Has the economic outlook changed over recent months? How much fiscal wriggle room might the Chancellor get from the Office for Budget for Responsibility? Should the priority be announcing tax cuts, or scrapping planned spending cuts? And will Budget ’24 make the slightest bit of difference to the election to come?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from the Foundation’s Budget preview, we will hear from leading experts on what’s likely to be in it and where that leaves the election, and the outlook for whoever has to govern after it.
Read the report: https://www.resolutionfoundation.org/publications/the-election-budget/
View the event slides: https://www.resolutionfoundation.org/events/tax-cuts-today-spending-cuts-tomorrow/
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Britain is an open economy, and has become more open over recent decades – despite the impact of Brexit and ‘slowbalisation’. But the quantity and type of goods and services we trade isn’t the only thing that has shifted. So has what we consume and where we work. All of these shifts affect our exposure to trade, from its day to day flows to occasional sudden shocks. Yet we pay next to no attention to these issues, which are critical to our living standards.
How has globalisation changed the country’s exposure to the gains, and risks, from trade? Who is most affected, and how much does it matter for their living standards? How does trade affect us as consumers, and as workers? And what might the impact of future trade shocks be?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from new research on how changing trade patterns have affected our living standards, we will hear from leading experts on what this means for workers, firms and policy makers.
Read the report: https://www.resolutionfoundation.org/publications/decent-exposure/
View the event slides: https://www.resolutionfoundation.org/events/trading-standards/
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British households aren’t saving enough. Pensions auto-enrolment has got far more of us saving for retirement, but too many of us are not on track for a comfortable old age. More immediately, too few of us have access to rainy-day pots to help us through an unexpected shock. Traditional approaches to encourage people to build up this kind of savings, focused on tax incentives, haven’t worked. And there are tensions not only between saving more for retirement or to boost financial resilience today, but also with consumption that has been squeezed badly during the cost of living crisis.
How do we manage the trade-offs between saving and consumption? Can we save more for our pensions, without leaving people with even less rainy day savings? And what lessons can we learn from approaches that have worked and led to Brits saving more?
The Resolution Foundation – in partnership with the abrdn Financial Fairness Trust – hosted an in-person and interactive webinar to debate and answer these questions. Following a presentation that outlines the Foundation’s recommendations for building a cohesive savings system, we heard from leading experts on the issue of savings and financial resilience in the UK.
Read the report: https://www.resolutionfoundation.org/publications/precautionary-tales/
View the event slides: https://www.resolutionfoundation.org/events/saving-for-today-and-tomorrow/
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In recent decades age has replaced class as one of the key determinants of a voter’s values and voting behaviour. But these trends never sit still, especially as issues – from Europe to the environment, and the economy – rise and fall in terms of their electoral salience. We know that the next election will be very different to the last election. But the issue terrain on which the election will be fought, and what that means for different types of voters, is still up for grabs.
What issues are most salient for different age cohorts, and how might it have changed since the last election? To what extent do other voter characteristics like income, education status and housing tenure play a role, both in how people vote, and whether they vote at all? And what might be the generational battle lines in the coming General Election?
The Resolution Foundation hosted an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from new research on intergenerational voting intentions, we heard from leading experts on how these issues might play out during the election year.
Read the report: https://www.resolutionfoundation.org/publications/poll-position/
View the event slides: https://www.resolutionfoundation.org/events/new-age-or-age-old-appeal/
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The worst of the cost of living crisis appears to be behind us, with inflation more than halving since its peak. But 2024 may not be plain sailing economically, and it certainly won’t be politically with an election in store. While wages are at last growing faster than prices, economic growth has flatlined while taxes, and housing costs, are rising. Meanwhile, the outlook for the public finances is unstable, as politicians try to tempt voters with tax and spending commitments in the run up to the election. With the economy set to be the key election battleground for the first time since 2015, how households feel about their financial prospects, and that of the country as a whole, will matter hugely.
How is the cost-of-living crisis likely to evolve in 2024? What economic challenges and opportunities – for households, businesses and the country – can we expect in the year ahead? What role will the economy play in the coming general election – and what aspects of it will different parties want to focus on?
The Resolution Foundation is hosting an in-person and online event to debate and answer these questions. We will hear from a leading panel of experts on what will shape British politics and economics in the year ahead, before an interactive audience Q&A.
Read the report: https://www.resolutionfoundation.org/publications/from-merry-christmas-to-a-messy-new-year/
View the event slides: https://www.resolutionfoundation.org/events/turning-a-corner/
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Inflation is down, but Britain’s cost-of-living crisis is still very much with us. The legacy of previous price rises for energy and food are now combining with a new pressure: housing. Private rents are rising at their fastest rate in over a decade, while the impact of higher interest rates is still feeding through into mortgages. But there is a glimmer of hope in pay packets, which are growing again in real terms after another painful squeeze.
How are the twin trends of rising housing costs and rebounding pay being felt? How much variation do these averages hide – and is it the same people seeing their rents surge and pay rise? Are renters or those with a mortgage being harder hit? And what does this all mean for the next stage of the cost-of-living crisis?
The Resolution Foundation is hosting an in-person and interactive webinar to debate and answer these questions. Following a presentation of the key highlights from our latest cost-of-living survey, we will hear from leading experts on how Britain’s latest living standards crunch is evolving.
Read the report: https://www.resolutionfoundation.org/publications/pressure-on-pay-prices-and-properties/
View the event slides: https://www.resolutionfoundation.org/events/rising-rents-and-rebounding-wages/
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The goal of a new economic strategy is not a somewhat richer, somewhat fairer, version of the UK’s stagnant status quo, but a more enduring shift in direction; economic change will have to be embraced and steered. And yet despite popular claims that change is speeding up, it is slowing down; the reallocation of labour between sectors is at its lowest level in over 90 years.
Panel discussion on 'Steering economic change' at the final report conference for The Economy 2030 Inquiry.
Speakers:
Gregory Thwaites, Research Director at the Resolution FoundationMartin Wolf, Chief Economics Commentator at the Financial TimesProfessor David Edgerton, Professor of History at King’s College LondonStephanie Flanders, Head of Bloomberg EconomicsLord David Willetts, President of the Resolution Foundation (Chair)Read the report: https://economy2030.resolutionfoundation.org/reports/ending-stagnation/
View the event slides: https://www.resolutionfoundation.org/events/ending-stagnation/
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Leader of the Opposition, Keir Starmer MP, in conversation with Zanny Minton Beddoes, Editor-in-Chief of The Economist, at the final report conference for The Economy 2030 Inquiry.
The UK has great strengths, but is a decade and a half into a period of stagnation. The combination of slow growth and high inequality is proving toxic for low- and middle-income Britain. The result is a country falling behind its peers, where taxes, rather than wages, are rising, and living standards were under strain long before the cost of living crisis struck. The task facing the UK is to embark on a new path.
A new economic strategy for Britain must leverage rather than downplay its strengths, confront rather than ignore its weaknesses, face-up to rather than wish-away trade-offs, and align rather than silo agendas stretching from industrial policy to tax reform and the net zero transition.
Over the past three years, the Resolution Foundation has been collaborating with the Centre for Economic Performance at the LSE on The Economy 2030 Inquiry, funded by the Nuffield Foundation, to investigate, understand and confront these economic challenges. The project culminated in a major new book and conference – Ending Stagnation – where we set out and discussed Britain’s path to a fairer and more prosperous future.
Read the report: https://economy2030.resolutionfoundation.org/reports/ending-stagnation/
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For poorer and middle-income families today, it is not just low growth but also the skewed way in which it is shared, that produces stagnation. Indeed, low growth and high inequality means typical households in Britain are 9 per cent poorer than their French counterparts, while our low-income families are 27 per cent poorer.
Panel discussion on 'Getting inequality down' at the final report conference of The Economy 2030 Inquiry.
Speakers:
Lindsay Judge, Research Director at the Resolution FoundationMark Drakeford, First Minister of WalesChristina McAnea, General Secretary of UNISONAndy Haldane, Chief Executive of the Royal Society of ArtsGavin Kelly, Chair of the Resolution Foundation (Chair)Read the report: https://economy2030.resolutionfoundation.org/reports/ending-stagnation/
View the event slides: https://www.resolutionfoundation.org/events/ending-stagnation/
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The UK has many strengths, from world-class universities and creative industries to high employment. But having grown more quickly than most advanced economies from the 1990s to the mid-2000s, the UK has been in relative decline ever since: the average productivity gap with France, Germany and the US doubled, to 18 per cent, between 2008 and 2022.
Panel discussion on 'Getting growth up' at the final report conference of The Economy 2030 Inquiry.
Speakers:
Emily Fry, Economist at the Resolution FoundationDr Swati Dhingra, Associate Professor of Economics at CEP LSETom Riordan, Chief Executive of Leeds City CouncilDame Sharon White, Chair of the John Lewis PartnershipProfessor Diane Coyle, Director of the Bennett Institute for Public Policy at Cambridge UniversityDr Anna Valero, Distinguished Policy Fellow at CEP LSE (Chair)Read the report: https://economy2030.resolutionfoundation.org/reports/ending-stagnation/
View the event slides: https://www.resolutionfoundation.org/events/ending-stagnation/
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Chancellor of the Exchequer, Jeremy Hunt MP, in conversation with Zanny Minton Beddoes, Editor-in-Chief of The Economist, at the final report conference for The Economy 2030 Inquiry.
The UK has great strengths, but is a decade and a half into a period of stagnation. The combination of slow growth and high inequality is proving toxic for low- and middle-income Britain. The result is a country falling behind its peers, where taxes, rather than wages, are rising, and living standards were under strain long before the cost of living crisis struck. The task facing the UK is to embark on a new path.
A new economic strategy for Britain must leverage rather than downplay its strengths, confront rather than ignore its weaknesses, face-up to rather than wish-away trade-offs, and align rather than silo agendas stretching from industrial policy to tax reform and the net zero transition.
Over the past three years, the Resolution Foundation has been collaborating with the Centre for Economic Performance at the LSE on The Economy 2030 Inquiry, funded by the Nuffield Foundation, to investigate, understand and confront these economic challenges. The project culminated in a major new book and conference – Ending Stagnation – where we set out and discussed Britain’s path to a fairer and more prosperous future.
Read the report: https://economy2030.resolutionfoundation.org/reports/ending-stagnation/
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