IFS Profile picture
IFS
News, reports and events from the Institute for Fiscal Studies (IFS), the leading independent research institute on economics and public policy
15 Jun 20
#COVID19 means the geography of vulnerabilities in England has shifted away from traditional North–South or urban–rural divides.

Policymakers at different levels will need to coordinate their response.

New research funded by @NuffieldFound: ifs.org.uk/inequality/the…
There is a ‘patchwork’ of vulnerability to the #coronavirus crisis across England. But some local authorities do look vulnerable in multiple ways.

There are nine local authorities where public health, local jobs and families are all more vulnerable to the crisis than average.
Vulnerabilities to the #COVID19 crisis do not always overlap geographically.

Areas where residents look particularly vulnerable to the health effects aren't in general those likely to be hit hardest by job losses. Areas with more children at risk tend to be different again.
Read 4 tweets
6 Apr 20
The lockdown in response to the #coronavirus pandemic has effectively shut down many sectors of the economy.

These shut-downs will affect the youngest and lowest paid workers, and women, the most.

Our new research: ifs.org.uk/publications/1…
The lockdown is likely to hit younger workers the hardest.

At the start of the #coronavirus pandemic, employees aged under 25 were about two and a half times as likely to work in a sector that is now shut down as other employees.
In the short run, many young people will have the cushion of the earnings of parents or other household members during the #coronavirus pandemic.

But the long-run effects of sector shut-downs on their career prospects are could be severe.
Read 5 tweets
21 Nov 19
Looking for independent analysis of the #LabourManifesto?

🔍 Get initial reaction from IFS researchers on our election website, funded by @NuffieldFound.

ifs.org.uk/election/2019/…
All 3 main parties have now announced plans for corporation tax rates.

In the short term these plans could raise £20bn (Lab) / £8bn (LD) / £6bn (Con) a year relative to pre-election plans to cut the rate to 17%.

In the longer term, lower investment would reduce these figures.
The #LabourManifesto includes plans for an £80bn increase in day-to-day spending by 2023/24, along with an additional £55bn of investment spending each year.

This would mean a marked expansion in the size of the state and would represent a sharp break with the recent past.
Read 7 tweets
15 Nov 19
Labour and the Conservatives both plan to take the minimum wage to a historical high and give the UK one of the highest minimum wages among developed countries.

New #GE2019 analysis, funded by @NuffieldFound: ifs.org.uk/election/2019/…
@NuffieldFound Labour’s policy would mean nearly 30% of private sector employees’ wages would be set directly from Whitehall, while Conservative policy would set 20% of private sector wages.
@NuffieldFound Under Labour policy, 49% of employees aged 21–24, 82% of those aged 18–20 and 94% of those aged 16–17 would be affected by the minimum wage.

There are particular risks to having very high minimum wages for young employees, as many may struggle to find employment at those wages.
Read 6 tweets
13 Nov 19
A decade of funding cuts and reforms have radically reshaped English councils’ revenues and spending, with potentially significant implications for the future.

Today, we've published our first annual report on English #localgov funding: ifs.org.uk/publications/1…
Cuts have been larger in poorer parts of the country.

The most deprived tenth of councils cut spending per person by 31% (or £432 per person) between 2009–10 and 2019–20.

The least deprived tenth of councils had to make cuts of only 16% (or £134 per person).
The local government funding system still redistributes from less deprived to more deprived areas – but less so than a decade ago.

The next government will need to take a decision on whether to entrench or undo this change.
Read 8 tweets
24 Apr 19
#UniversalCredit means three-quarters of adults entitled to means-tested benefits see a change in their entitlements.

1.6 million people will see their benefits increase over £1,000 per year. 1.9 million will lose £1,000 per year.

Read more: ifs.org.uk/publications/1…
Who's likely to see their entitlements fall under #UniversalCredit?

🔻 Workless households, those with substantial financial assets, the self-employed and working owner-occupiers.

Who's likely to gain?

🔺 Those in working households who rent.
#UniversalCredit integrates benefits, which inevitably creates winners and losers.

But the biggest losses experienced as a result of the switch are mostly down to a small number of specific choices the government has made in how the system treats four particular groups.
Read 4 tweets
13 Aug 18
The @ONS has released new analysis of the impact of the UK's #ageing population today.

So how is wealth used in retirement and how is it passed down? Here’s what IFS Associate Director Rowena Crawford found in a recent report ifs.org.uk/publications/1… (1/6)
We find that working age individuals expect to draw on many sources for money in #retirement, not just state and private pensions (2/6)
On current trends, two-fifths of home owners at age 50 would be expected to move house before they die. Few currently move for financial reasons, but on average wealth is released when people move (3/6)
Read 6 tweets