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The Latest Breaking News from Resolution Foundation

Think tank: millions more face absolute poverty amid terrifying fall in income

More than three million are expected to fall into absolute poverty in ‘worst two-year change on record’.

The Independent UK

Monday briefing: Five ways to tackle the energy bill crisis

In today’s newsletter: In the face of historic hikes, how do plans from key actors stack up?

The Guardian - UK

Boris Johnson says next PM will ‘plainly’ have to provide more cash for energy bills

Existing support payments ‘going to be augmented’ by sucessor, claims caretaker PM

The Independent UK

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Annual energy bills to top £7,000 by spring next year, forecast predicts after latest price cap announcement

The energy price cap is now being reviewed every three months instead of every six

Manchester Evening News

‘Solidarity tax’ of 1% for all earners needed to raise more energy bill support, says think tank

Liz Truss and Rishi Sunak must ‘think the unthinkable’ and consider tax rise, says Resolution Foundation

The Independent UK

Economists demand urgent action on energy bills to avert ‘catastrophe’

Millions of vulnerable people will be harmed without radical policies to ease cost of living crisis, say experts

The Guardian - UK

Soaring energy bills require pragmatism not political pipe dreams

Only the Resolution Foundation’s idea of a social tariff for low-income households would direct support where it’s most needed

The Guardian - UK

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New PM should provide ‘radical’ energy support, says think tank

A social tariff could help millions through a painful winter, the Resolution Foundation said.

The Independent UK

The Leader podcast: Millions of workers suffer ‘biggest pay cut since 1977’

UK workforce hit with sharpest fall in wages on record

Evening Standard

Lowest income households hit hardest by soaring energy bills, says think-tank

The type of housing people live in will also play a big part in how much their costs increase, the Resolution Foundation said.

The Independent UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Guardian - UK

When cost of living crisis will peak as experts say it is worse than expected

It had been hoped we would ride out the worst within the next few weeks

Wales Online

Bank of England hikes interest rates and warns UK to enter recession with inflation to pass 13% – as it happened

Interest rates rise to 1.75% – the biggest jump in 27 years – as BoE warns UK faces long recession as high gas prices hit households

The Guardian - UK

Brits set for biggest interest rates hike in 27 years as inflation 'could hit 15%'

The Bank of England is set to raise interest rates up to 1.75%, say analysts, which would be the highest level in 27 years as the country tackles massive inflation

Daily Mirror

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The Guardian - UK

After Liz Truss’s pay cuts U-turn, which other Tory candidate pledges don’t add up?

Leadership rivals’ policies from Rishi Sunak’s tax cuts to foreign secretary’s spurious crime plans come under spotlight

The Guardian - UK

UK inflation could reach 15% by start of 2023, experts say

Resolution Foundation says Bank of England likely to forecast higher and later peak, on eve of interest rates decision

The Independent UK

Inflation to hit ‘astronomical’ 15% next year as UK households face £3,600 energy bills

Bank of England expected to hike interest rates by 0.5% to tame out of control price rises fuelled by Russia’s war in Ukraine

Wales Online

More financial pain to come as experts warn inflation could hit 15 per cent

Interest rates are expected to rise as the Bank of England tries to tackle spiralling inflation

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Daily Mirror

From pay rises to bonuses - businesses 'going extra mile' to help during cost of living

A survey of 500 medium-sized businesses found many are offering financial support packages to support staff during the cost-of-living-crisis and to retain employees

The Guardian - UK

Myths about generous benefits mask the truth of Tory Britain: shamefully low taxes for the rich

Until a hero like Marcus Rashford forces people to confront the reality of hungry children, misinformation and complacency about the lives of the poorest reign, says Guardian columnist Polly Toynbee

Daily Record

Over one million people will borrow money from family or friends during cost of living crisis

More than a quarter of families with no savings buffer said they would be unable to cope with an unexpected bill.

Daily Record

Inflation soars to 9.1 per cent threatening savings, wages and family budgets

Experts warned that rising prices are “bad news for everyone”.

The Independent UK

Wealth gap between richest 10% and middle-earners grows to record £1.2m

Gap has grown since 2008 despite relatively stable levels of inequality for decades, analysis finds

The Independent UK

Wealth gap between richest and those in middle is highest on record – think tank

Life’s milestones such as saving and getting on the property ladder are increasingly out of reach for some people, the Resolution Foundation said.

The Independent UK

‘1.3 million families facing cost-of-living crisis with no savings buffer’

The Resolution Foundation said some hope friends or family will bail them out if necessary, while others will simply be unable to cope.

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