The Latest Breaking News from Resolution Foundation

Many families are already expecting their monthly expenses to go up in line with the energy price cap and national insurance increase, but the Resolution Foundation has now warned the Ukraine conflict will push living costs even further

Households will see incomes drop by £1,000 on average in the next financial year, according to a new analysis from the Resolution Foundation think tank

Public spending will rise by £76bn a year, requiring income and wealth to be taxed more efficiently and fairly

Many people are worried about paying for their bills amid a rise in food shopping, transport costs and their energy bills. However although many want good news, small print shows people could face a further increase.

Rishi Sunak has announced £350 of help with energy bills after the price cap soared - but Britain is still facing a huge cost of living crunch, experts warn there are gaps in the small print, and the poorest could lose out

Rolling coverage of the latest economic and financial news

Today was, in the words of Resolution Foundation’s Torsten Bell, “Cost of living crunch day.” We had Ofgem’s announcement of the energy price cap rise. Expect to come across phrases such as ‘unprecedented’, ‘eye-watering’ and parents across the land beseeching their children to close the front door.

Just 32% of people have benefited or expect to benefit from an inheritance or gift in their lifetime, according to the Resolution Foundation.

Resolution Foundation thinktank report says third of ‘returners’ on temporary or zero-hours contracts