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The Latest Breaking News from The Resolution Foundation

Income tax likely to go up if national insurance scrapped, Hunt suggests

Labour says chancellor’s ambition to eventually abolish NI would cost £46bn a year, and party questions how move would be paid for

The Guardian - UK

UK ‘fiscally offside’ by up to £60bn, Citi fears; house prices rise again – as it happened

Rolling coverage of the latest economic and financial news, as economist warns OBR productivity forecasts are much too optimistic

The Guardian - UK

Chancellor to raise UK government borrowing to fund budget measures – OBR

Office for Budget Responsibility says national insurance and tax cuts will be paid for by average £8bn-a-year borrowing to 2028-29

The Guardian - UK

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The Guardian view on young people’s mental health: this decline must be reversed

Editorial: Warnings about benefits will not solve the interlinked problems of worklessness and worsening mental health

The Guardian - UK

UK's Gen Z Too Sick To Work Due To 'Mental Health' Reasons Is 'Harming The Economy'

The study also highlights how mental health issues can even force young adults into lower-paid jobs or unemployment.

International Business Times UK

Most Britons say poor people deserve support. So what do Sunak’s Tories do? Cut, cut, cut

Slashing benefits will push even more people into poverty. Neither Labour nor Conservative voters want it, says Guardian columnist Polly Toynbee

The Guardian - UK

Jeremy Hunt’s budget giveaway ‘will act as sweet filling in tax sandwich’

Thinktank says juicy cuts this year follow far bigger increases in 2023 and precede planned ‘chunky rises’

The Guardian - UK

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More than 11 million Britons have less than £1,000 in savings

Resolution Foundation calls for auto-enrolment into saving schemes, as millions have no ‘rainy day’ fund

The Guardian - UK

London outpacing other UK cities on services exports, report says

Capital accounts for almost half of sector’s exports and action needed elsewhere, says Resolution Foundation

The Guardian - UK

Reported £19 Billion Surge in Mortgage Costs as Fixed-Rate Deals Near-Expiry

Around 1.5 million households are anticipated to have increased mortgage costs due to the housing crisis as the period of fixed-rate deals is ending.

International Business Times UK

Jeremy Hunt unsure if government can afford more tax cuts

‘I don’t yet know if I can’, says chancellor when asked about pre-election tax giveaway talked up by PM

The Independent UK

Rishi Sunak tax cuts won’t ease burden, economists warn, as national insurance rate drops

The Institute for Fiscal Studies says personal taxes are rising despite much-hyped Tory tax cuts

The Independent UK

UK homeowners face £19bn rise in mortgage costs as fixed-rate deals expire

Up to 1.5m households expected to face sharp increase this year, with inflation and tax rises also denting spending power

The Guardian - UK

Rishi Sunak has little to celebrate as cost of living crisis enters a new phase

The inflation shock may be fading but 13 years of Conservative-led governments haven’t

The Guardian - UK

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The Independent UK

Cost of living emergency ‘evolving’ as failures to tackle housing crisis ‘starting to bite’, say experts

‘The crushing vice is now really housing,’ warns Citizens Advice as new report outlines ongoing hardships facing households

The Guardian - UK

Falling UK inflation will ease pressure for high pay awards, says thinktank

Strong growth in earnings has been driven by increases in cost of living, says Resolution Foundation

The Guardian - UK

Tuesday briefing: Why Labour is following the Conservatives’ lead, from Thatcher to Hunt

In today’s newsletter: Keir Starmer has praised the former prime minister, while Rachel Reeves promises to follow the chancellor’s public spending plans. What does that tell us about what the next government will look like?

The Guardian - UK

The broken state of UK economy is clear; Hunt and Starmer’s solutions are less so

Resolution Foundation report underlines lack of progress by Tories but Labour proposals seem woolly

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The Guardian - UK

Britain has been in a 15-year economic slump. This is our route out of it

Ours is the most unequal major economy in Europe, with poorer workers losing out most, says Torsten Bell, chief executive of the Resolution Foundation

The Guardian - UK

Jeremy Hunt blames Brexit for sparking half-decade of instability

Chancellor says vote led to ‘incredibly challenging time’ as he defends tax cuts paid for by public sector austerity

Fortune

Britain’s snail-pace growth has set U.K. households back by $10,500 as peers in France and Germany pull away

Growing income inequality, depressed productivity and underinvestment are among the causes hurting British workers and households.

The Guardian - UK

British workers missing out on £10,700 a year as living standards fall

Report by Resolution Foundation and LSE calls for economic strategy rethink after 15 years of relative decline

The Guardian - UK

Keir Starmer: Labour ‘won’t turn on spending taps’ if it wins election

Labour leader to warn that Britain is in worst economic state for over 50 years and spending will need to be constrained

The Guardian - UK

UK households to be £1,900 poorer by end of this parliament, say economists

Warning comes after Resolution Foundation finds autumn statement favours richest 20% of earners

The Guardian - UK

UK facing ‘elevated’ recession risks as new orders fall; Nissan’s EV boost in Sunderland; Turkey hikes rates – as it happened

Latest PMI survey shows a marginal return to growth for UK companies, but falling orders raises recession risk

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