Resolution Foundation Podcasts

Devolution is essential to both tackle economic inequality across England and drive national economic growth. Significant change has already occurred, with metro mayors and combined authorities taking control over significant areas from transport to housing in areas covering large swathes of the country. But we have not seen fiscal devolution, as responsibility for how money is spent has not been coupled with significant powers over how, and how much, money is raised. What should the next phase of devolution be? How should it connect to wider question of the UK’s economic strategy? Is there real appetite for genuine fiscal devolution? And are we ready for the major political and economic trade-offs that would bring? The Resolution Foundation is hosting an in-person and interactive webinar – as part of The Economy 2030 Inquiry, funded by the Nuffield Foundation – to debate and answer these questions. Following a presentation of the key highlights from new Inquiry-commissioned research by Centre for Cities, we

The Chancellor has two just two more fiscal events in which to prepare the economic pitch for the upcoming General Election. The backdrop is a challenging and uncertain economic environment, alongside huge pressure on both public services and finances. With the Prime Minister making a virtue of the need to take tough decisions, the Chancellor will trying to both prepare his party for the coming election and the country, struggling with sluggish growth, for the decades ahead. What is the outlook for the UK economy as inflation falls but interest rates remain high? Will the Office for Budget Responsibility’s latest economic forecasts ease or tighten the pressure on the public finances? What decisions will the Chancellor take on tax and benefits, public and private investment and wider economic reform – and are those decisions the right ones? And what will the Autumn Statement tell us about the government’s economic pitch in the General Election? The Resolution Foundation is hosting an in-person and interactive

Britain faces a simply huge infrastructure challenge. As well as decarbonising our homes, we need to modernise our water, energy and transport networks, replacing basic infrastructure that often dates back to the Victorian era. Achieving this is likely to require major investment, regulatory reform and new institutions to drive forward change, as well as a strong will to stay the course. And Britain’s recent record is somewhat chequered… How big is our Britain’s infrastructure challenge? How can public institutions support private sector investment? How important are new regulations, regulators and wider institutions in rebuilding Britain? And what barriers are we going to need to overcome? The Resolution Foundation is hosting an in-person and interactive webinar – as part of The Economy 2030 Inquiry, in partnership with the Centre for Economic Performance at the LSE, and funded by the Nuffield Foundation – to debate and answer these questions. Following a presentation of the key highlights from new Inquiry-c

Britain urgently needs to boost its economic growth. But while there are many routes to doing so, most ultimately come down to people boosting national prosperity – and to do this they need the right skills for the challenges and opportunities that lie ahead. But Britain’s record on skills is chequered – its often world leading universities are politically unfashionable, routes into good work for non-graduates are limited, and too many employers have foregone their role in skilling our workforce. How can we ensure growing sectors of the economy have enough tertiary-educated workers? How can we improve outcomes for those who don’t go to university? Can we ever make apprenticeships work at scale? And how can we ensure that Britain’s skills policy is driving better pay, progression and GDP growth? The Resolution Foundation is hosting an in-person and interactive webinar – as part of The Economy 2030 Inquiry, in partnership with the Centre for Economic Performance at the LSE, and funded by the Nuffield Foundation

Britain’s macroeconomic policy that the Treasury and Bank of England have got used to is crisis management – from a financial crash to a global pandemic and a huge inflation spike. Both have adopted new approaches to supporting the economy, going far beyond textbook cuts to interest rates. Today the legacy is higher levels of debt, amid huge uncertainties about the future path of interest rates. But Britain’s macroeconomic policy framework – from the Chancellor’s fiscal rules to the Bank’s inflation target – remain largely unchanged this century. Do today’s higher interest rates mean monetary policy makers have more scope to support the economy in a downturn? Or if a world of ultra-low interest rates returns, what does it mean for monetary policy effectiveness and inflation targeting? Can the Treasury repeat the likes of furlough or caps on energy prices when the next crisis hits? And would it take to meet both main parties’ commitment to see debt falling as a share of GDP – to fix the fiscal roof when the ec

The last few years have not been easy times for any advanced economies. The UK, US, and Eurozone have all buffeted by major economic shocks, most recently by the most significant inflation surge in four decades. But while there are many common themes – huge inflation pressures, rising interest rates, tight labour markets and weak GDP growth – the drivers and evolution of these trends vary from country to country. The UK currently has higher inflation than seen across the Atlantic, and some expect it to see interest rates remain higher for longer too. Why has inflation risen and fallen at different scales and speeds in different countries – and on different sides of the Atlantic? What does that tell us about who is most, and least, likely to experience a ‘soft landing’ from recent interest rate hikes? And what might this mean for elections expected in the US and UK next autumn? The Resolution Foundation is hosting an in-person and interactive webinar – in partnership with leading US think-thank The Brookings I

Advanced economies across the world have been buffeted by acute shocks crises like the Covid-19 pandemic and war in Ukraine, at the same time as they are grappling with longer-term challenges like deindustrialisation, the rise of AI and globalisation. Labour markets across a range of countries have experienced persistent wage stagnation, the rise of insecure work, and growing calls for ‘good jobs’. These shocks and challenges may be shared in nature but nations are developing different policy responses. Good jobs is a key pillar of Biden’s economic strategy, underpinned by the Inflation Reduction Act. But the UK lacks a good jobs strategy of its own, or indeed a wider economic strategy to tackle its twin challenges of low growth and high inequality. What would a good jobs strategy in Britain look like? How would it stretch across trade, labour market, net zero, tax and benefit, and industrial policy? And what can we learn from current debates in the US about how to build a Good Jobs economy? These are key que

Change is accelerating, or so we are told. But while the world is changing, it’s far less clear that Britain’s economy is. In fact we’re seeing less industrial change, as some sectors grow and others shrink, than has been the case for decades. Fewer workers are moving jobs. This matters because, while many of us are ambivalent about change, such economic dynamism has historically been a big driver of productivity – and pay – growth. What has happened to the pace of economic change – for workers, firms and the economy as a whole? How much does this matter? Can policy makers help to foster a more dynamic economy? And what should be done to deal with the disruption that a more dynamic economy could bring? The Resolution Foundation is hosting an in-person and interactive webinar – as part of The Economy 2030 Inquiry, funded by the Nuffield Foundation – to debate and answer these questions. Following a presentation of the key highlights from new research on how to encourage more dynamism, we will hear from leading

Losing your job in Britain can be a very expensive business. Low and flat rate benefits leave many workers facing huge income falls if they face a period out of work. This gives them a strong incentive to take a new job quickly – but not necessarily the best fit for their talents. And it discourages people from taking the risk of moving to a new job if they don’t know how it will work out. This is a problem for the worker, given moving jobs is a key way to secure a pay rise, and for all of us, holding back productivity growth that a more dynamic labour market supports. How big is the problem of low job mobility in Britain, and how does it stunt pay and productivity growth? To what extent does the benefit system help or hinder workers’ ability and willingness to move jobs, and how well does it protect workers’ living standards when they experience unemployment? What would an effective earnings insurance system actually look like? And how much might it cost? The Resolution Foundation is hosting an in-person and

Greater Manchester has long been centre-stage in visions of a more geographically equal country – from the Northern Powerhouse to levelling up. But the rhetoric has outpaced the reality: productivity and wages across the city region remain 10 and 4 per cent below the national average. What it would take for Greater Manchester to become a much richer city – and who would benefit from such a transformation – is a central theme of the Economy 2030 Inquiry, a major project by the Resolution Foundation and LSE into what a new economic strategy for the UK might look like. Britain as a whole, not just the city itself, need a more successful Greater Manchester. But that will require significant change – on everything from housing and transport to how land is used and the jobs people do. What would a more productive Greater Manchester look like? Is there a plausible strategy for the city to reach that point – and how does it differ from what is currently in train? What difference will recent public transport improveme

The West Midlands has played a pivotal role in British history as a manufacturing hub, driving innovation and economic growth which led to dramatic improvements in people’s living standards. But its city region has struggled to maintain this role over recent decades, and productivity is now 11 per cent below the national average. Both Britain as a whole, and the region itself, need a more successful Birmingham, and successful cities and towns across the wider region. But that will require significant change – on everything from transport and jobs, to how many people live there and where they live. What would a more productive West Midlands look like? Is there a plausible strategy for the region – and Birmingham in particular – to reach that point, and how does it differ from the current policy approach? What difference could the planned expansion of public transport make? Should housing continue to be prioritised in city centre land use decisions? And how should we expect success – and change – to impact diff

Adam Smith was a leading political economy thinker of the Scottish enlightenment in the mid-late 18th century. But as the “Father of Capitalism” his pioneering work on free market economics has influenced politicians, philosophers and economists throughout the 19th, 20th and 21st centuries too. But modern Britain – as well as other advanced economies – is struggling with economic stagnation. Many people are questioning the central tenants of capitalism that Smith championed – from free trade and globalisation to regulation and the role of the state – and whether they can deliver the living standards growth that people need. What lessons can we learn from Adam Smith on the economic challenges facing Britain today? To mark the 300th anniversary of the birth of Adam Smith, the Resolution Foundation is co-hosting an event with the Society of Professional Economists to discuss what his work can teach us about the economic challenges of Britain today. We will be joined by one of the leading experts on Adam Smith, M

There is overwhelming evidence that Britain’s social contract is under strain. Young people today aren’t enjoying big generational living standards improvements, and are struggling to match lifecycle milestones that previous cohorts enjoyed, like a secure job and a home that they own. These problems are widely recognised – but that doesn’t mean that solutions are widely supported. Do different age groups acknowledge the specific issues that young generations face? How do family ties with younger generations influence older adults’ beliefs, support for targeted policies and voting behaviour? And what does all this mean for political parties’ strategies, given their increasingly age-concentrated voter bases? 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 a new collaborative project between the Resolution Foundation and Nuffield College, Oxford, we will hear from leading experts on the key issues

The cost of living crisis has not only dragged on longer than anyone hoped, it has evolved. As the focus has moved from energy bills to food prices, alongside rising rent and mortgage costs, the impact on different groups has changed. It will change further in the run in to a 2024 general election, with significant uncertainty about how far unemployment might rise and whether inflation will remain stubbornly high. How has the cost of living crisis evolved over the past 18 months? How have different households been affected? What is the outlook for household finances in the run up to the next election, and which issues are likely to move centre stage? And how will this affect British politics in that pre-election year? The Resolution Foundation is hosting an in-person and online event to debate and answer these questions. Following a presentation of the key highlights from our latest Living Standards Outlook, we will hear from leading experts on what the prolonged living standards squeeze means for households

Nationally set minimum standards – from the minimum wage to holiday pay – make a real difference to the quality of low-paid work. But these reforms can only go so far. Many problems in the world of work are concentrated in specific sectors, from social care to logistics. And even when problems are shared – such as a lack of training – the answers to address them may be different. While the UK has not seen innovation in labour market institutions for decades, other countries with similar labour markets – from New Zealand to the US – have begun exploring new routes to improving the quality of work. Are there challenges with areas of lower-paid or lower-quality work that cannot be addressed by national regulations? To what extent do unions and potential new labour market institutions covering specific sectors offer routes to better work? What can we learn from other similar countries – from Ireland to New Zealand – that have done more experimentation? And what route should the UK take to delivering a good work a

Britain has experienced a 30-year wealth boom, driven by record low interest rates, causing unprecedented levels of intergenerational inequality. But this has now been brought to an abrupt end, with the Bank of England embarking on the tightest rate-raising cycle since the early 90s – causing mortgage costs to rise, house prices to fall and pension valuations to crater. What are the wider economic effects of rising rates and falling asset prices? To what extent might the pinch being felt by middle-aged mortgagors be offset by gains for young perspective first-time buyers and older generations reliant on savings? And with the long-term outlook for interest rates uncertain, should policymakers take action to mitigate the social consequences of Britain’s changing wealth landscape? The Resolution Foundation is hosting an in-person and interactive webinar – as part of our ongoing wealth across Britain project, in partnership with the abrdn Financial Fairness Trust – to debate and answer these questions. Following

Britain is stagnating. Productivity growth is flatlining, workers today are earning the same wages as their predecessors in 2007, and living standards growth had slowed to a crawl even before today’s cost of living crisis. So we need a clear strategy for returning to rising, and widely shared, prosperity. Against that backdrop, it is important to understand what a return to growth will, and will not deliver. Some doubt that a return to growth is possible, while others question if it is even desirable – arguing that productivity growth doesn’t raise the wages of ordinary workers. Beyond growth, the roles of policies to redistribute (including through the benefits system) or predistribute (with a more equal sharing of rewards from the labour market) are hotly debated. Does productivity growth boost ordinary workers’ pay packets? Would a return to rising wages help reduce inequality or drive it higher? Should policy makers focus on raising employment rates and the minimum wage, or on changes to the benefit syste

Professor Silvana Tenreyro has been an External Member of the Bank of England’s Monetary Policy Committee (MPC) since July 2017. In her final speech as an MPC member, she will look back on some of the key events during her tenure. In a space of less than three years, the UK economy has been subject to two once-in-a-generation shocks, the pandemic with its aftereffects and the large increase in energy prices stemming from the war in Ukraine, which have increased inflation well above its 2 per cent target. She will discuss the UK’s inflation targeting framework, and what policymakers can do to ensure its credibility in the face of such large inflationary shocks. The speech will focus on different aspects of policymaking and credibility: including the role of inflation expectations; central bank models and forecasts; and policy communications. Silvana will also discuss where her views have evolved over her six years on the MPC. She will touch on differentiating between temporary and persistent influences on infl

Britain’s tax take has risen to a 70 year high. And while the pre-election clamour for tax cuts is growing, higher debt payments, struggling public services and tight fiscal rules mean taxes are just as likely to go up as down. But this rising quantity of tax revenue has not been matched by a rising quality of tax policy. The system is a mess, with frequent fudges rather than reform, resulting in businesses unsure how their profits will be taxed. Some people are paying much higher tax rates than others with similar income levels. Our tax system is deepening, rather than helping resolve, some of the biggest challenges the UK faces – from housing to net zero. This needs to change if Britain’s taxes are to be fit for the decade ahead. Should we expect higher taxes to last? Can higher taxes be better taxes – and what are the priorities for reform? How much difference could this make to the twin challenges of raising growth and reducing inequality? And do we need to rebalance our priorities between taxing labour,

Britain is in relative decline, as productivity and wages stagnate. This reflects a decade of shocks but also a longer lasting problem – Britain has spent recent decades living off its past rather than investing in its future. In both public and private investment the UK consistently lags behind its international peers, leaving British workers with less kit to work with, and fewer British firms competing at the cutting edge. Ensuring firms want to invest, and making sure they are able to do so, is therefore fundamental to our hopes of an economic revival. Both main parties recognise this task, but their focus on changes to corporation tax or promises of a more stable period of government are unlikely to deliver the scale of change required. Why are so many firms reluctant to invest in their, and Britain’s, future? Are firms held back because returns on investment are low, or because finance is unavailable? What reforms – from corporate governance to pensions, taxation and planning – might move the dial? And i