Thread by @IPPR

🚨 Revealed – Lockdown measures are protecting landlords, banks and lenders more than the families they are meant to benefit

Our new report shows the poorest are unfairly shouldering the greatest economic risk (thread) bit.ly/IPPRrent

Economists @L__Macfarlane, @oeufling & @shreyagnanda warn that UK inequalities will widen as a result of lockdown measures

Families in upper pay brackets are more able to work from home and are likely to be spending less and saving more… bit.ly/IPPRrent

...meanwhile low-income families are more likely to be furloughed and will be gradually racking up further debt

Those in the second lowest income bracket may be adding an average £12 a week to their existing debts bit.ly/IPPRrent

Current measures effectively protect landlords and lenders from the economic impact of the virus, while poorer households bear the brunt

Without further action, lockdown will widen inequality across the UK bit.ly/IPPRrent

If families emerge from the crisis less able to spend because their debts are higher, it will take longer for the economy to recover

To ensure the economic risks are shared more evenly, we urge policymakers to:

As we emerge from this crisis, it will be critically important to rebuild a fairer economy

The paper also proposes longer-term policies including - higher taxes on wealth, land ownership or excess profits; rent controls; and write-downs of debts built up during the crisis

We must not repeat the mistakes of previous crises, by asking those least able to weather the crisis to make the greatest sacrifices.

The economic risks and costs of the shutdown should be shared fairly across society ⚖️
ippr.org/research/publi…