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The Latest Breaking News from Resolution Foundation

Carmaker shares slide after Trump’s 25% tariff; British Steel proposes closing Scunthorpe blast furnaces – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Some disabled people could lose £10k a year in benefits by end of decade

Experts say planned cuts will deliver series of ‘painful income shocks’ for many

The Guardian - UK

Minister defending Labour’s £5bn benefits cuts admits he couldn’t live on £70 a week

Hitting back at left-wing Labour critics of the government, Torsten Bell accuses them of ‘defending a Tory system’

The Independent UK

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Ethnic minority families spend more on housing but live in worse conditions, report says

The report found Arab and Black adults were ‘at the sharp end of Britain’s housing crisis’

The Independent UK

UK data chief calls for more cash to lift response rates amid faulty jobs survey

Office for National Statistics boss Sir Ian Diamond told MPs that he is ‘super hopeful’ about its work to improve the labour force survey.

Evening Standard

Who is Torsten Bell? The new pensions minister pegged as Britain's future chancellor

From being one half of Britain’s most influential political twin duo, to his role in the infamous ‘EdStone’, Emma Loffhagen reports on Torsten Bell, the former think tank director promoted to pensions minister

Evening Standard

Give working parents help with childcare and commuting costs, UK thinktank says

Child poverty plan must address the 70% of families with at least one parent in work, Resolution Foundation says

The Guardian - UK

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Rachel Reeves spending review ‘set to be next big challenge’ for government as growth flatlines

Rachel Reeves has ordered a line-by-line review of spending, with departments ordered to find savings of 5 per cent of their budgets

The Independent UK

Reeves faces spending wrangles and a search for growth in 2025

Rachel Reeves faces an unenviable situation as the new year begins.

The Independent UK

Trump’s tariff plan would hit UK trade as hard as Brexit, think tank warns

The Resolution Foundation said small firms have seen their exports to the EU fall by a third, with 20,000 companies having stopped exporting to the continent altogether since Brexit

The Independent UK

Trump tariffs could hit UK goods trade as hard as Brexit, says think tank

The Resolution Foundation urged the Government to pursue an EU-focused trade policy, despite the threat of tariffs from the US.

Evening Standard

Overhaul of official workforce data may take another two years, ONS admits

It said it is now ‘unlikely’ it will be able to introduce a revamped version of its Labour Force Survey in mid-2025.

The Independent UK

Wealth gap between younger and older households has shrunk – report

Much of the ‘wealth boom’ remains to be passed on down the generations in the form of inheritances and gifts, the Resolution Foundation said.

Evening Standard

ONS may have ‘lost’ a million workers from job figures since pandemic

Resolution Foundation says figures are ‘overly pessimistic’ as people in work are less likely to answer survey

The Guardian - UK

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Evening Standard

Almost a million workers ‘lost’ by unreliable official data, claims think tank

The Resolution Foundation said the ONS has underestimated growth in employment by 930,000 workers since 2019.

Evening Standard

Chancellor seeks to calm markets amid jitters after Budget borrowing spree

The Budget increased state spending by almost £70 billion per year funded by increased taxes and borrowing.

Evening Standard

Reeves admits NI hike could hit pay rises while markets react to borrowing spree

Chancellor Rachel Reeves insisted she had no alternative but to raise taxes in her first Budget.

The Guardian - UK

Reeves’s £40bn tax rises will boost growth ‘sustainably’, says IMF

Rare intervention comes as Resolution Foundation says UK will remain ‘stagnation nation’ despite push to invest

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The Independent UK

Lower pay rises likely due to Budget tax increases, Rachel Reeves admits

The Chancellor acknowledged her decision to raise national insurance contributions for employers could affect wage growth for workers.

Evening Standard

Minimum wage to rise 6.7% as Chancellor plots path to ‘genuine living wage’

Wages will rise for 3.5 million workers, but the Low Pay Commission warned businesses were beginning to struggle with large increases.

The Independent UK

Staggering cost of Britain’s Brexit divorce revealed – and there’s billions more to pay EU

Exclusive: Starmer urged to reverse the damage done by Brexit by pursuing closer ties with Europe after vast costs of leaving bloc revealed

The Independent UK

Starmer has already ruled out biggest benefit to UK from his EU reset, think tank warns

PM has repeatedly talked up his push to rebuild ties with the bloc after years of acrimony under successive Tory governments

The Guardian - UK

Starmer urged to help households as energy bills rise by £149 a year

Resolution Foundation research shows 7.7m households likely to struggle to heat homes this winter

The Guardian - UK

Warning over rise in children on disability benefits in England and Wales

Resolution Foundation points to growth in claims for conditions such as autism and says adulthood brings financial cliff edge

The Independent UK

Rachel Reeves could raise £10bn in wealth taxes, Resolution Foundation says

The chancellor could find the cash to fund Labour’s plans for power, including inflation-busting pay hikes for public sector workers, by levying taxes on unearned wealth

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