Resolution Foundation

The Office for Budget Responsibility says the cost of personal independence payments will increase from £26 billion in 2024 to £45 billion in 2030.

Louise Murphy is a senior economist at the Resolution Foundation.

She says someone on a big salary can make a claim.

Importantly, it's not meant to be about work.

With just over six weeks to go until the budget, the thorny issue of the pension triple lock was back in the spotlight on Tuesday.

A leading think tank, the Resolution Foundation says the fact that the state pension is expected to top £13,000 a year while wage growth slows and the population ages is creating a substantial issue for the economy.

CEO Ruth Curtis says it's creating a real imbalance.

It's not affordable in any situation to simply have pensions rising faster than earnings.

Yeah.

As Torsten Bell said before he became a Labour MP when he was head of the Resolution Foundation, the distinguishing feature about Britain is the relatively low rate of tax people on ordinary incomes pay, and that isn't a long-term sustainable solution.

There's only a certain number of rich people.

But even then, governments, even attacking rich people or moderate people is hard.

This is a recording of a live Resolution Foundation event.

We hope you find it interesting and entertaining.

If you want to learn more about the research being discussed or access the event slides that are referenced throughout, you can find that and more on our website right now.

My name's Anand Menon from King's College London.

Uh, I'm an interloper.

I'm not at the Resolution Foundation, but I'm here to chair this event, uh, to present a report that we at UK in a Changing Europe have done jointly with the Resolution Foundation, which we've done for the last couple of years now, that is intended to sort of look at the major policy challenges facing the UK today.

Uh, I've got a fantastic panel, all of whom have contributed to the report.

Uh, on my left we've got Rob Ford from the University of Manchester, Sophie Hale from, uh, Resolution Foundation, Andrew Carter, who is from the Centre for Cities, and who are you? Uh, Ruth Curtis, director, uh, chief exec of the-

This is a recording of a live Resolution Foundation event.

We hope you find it interesting and entertaining.

If you want to learn more about the research being discussed or access the event slides that are referenced throughout, you can find that and more on our website right now.

To discuss a much more serious topic about whether the UK's net zero transition, how that will affect our economy and jobs, and specifically how it will affect local areas.

We spent six months doing a deep dive into this, asking what the phasing out of hydrocarbons and the new green industries mean for Grimsby and Aberdeen, and whether the claims about green jobs driving the economy forward really do stack up.

Uh, to discuss this today, we have Melanie Onn, MP for Great Grimsby and Cleethorpes; Keith Bender, Chair of Political Economy at the University of Aberdeen and co-chair of their Just Transition Lab; and Oliver Nash, Director of Innovation at the Institute for the Future of Work, who've done lots of work on green skills and the labor market; and then James Smith, Chief Economist at the Resolution Foundation.

Uh, we have a report out today, so you can go to our website and download that and follow along if you like, or you can also go to Slido, where you can ask questions and do the poll.

The code is netzeronorth.

Quietly, there are some who suggest that this might need to be looked at at some point, and you've had some publicly come out, so people like Michael Gove, Conservative peer, now saying that perhaps we need to have a look at the triple lock.

Uh, David Willetts, who he is the head of The Resolution Foundation, which is a think tank for low and middle income families, saying doesn't think that the triple lock is sustainable.

Uh, you know, Jim O'Neill, as you mentioned, Faisal, who was advising Andy Burnham, economist, saying doesn't think the triple lock is necessarily affordable or sustainable.

Those people haven't got to rely on votes, have they, in the same way that kind of frontline politicians, MPs, and leaders of political parties have.

She used to be at the Treasury.

She now runs the influential Resolution Foundation.

And the big question I want to ask her is, how does the UK stop being the ugliest in the ugly contest when it comes to borrowing money from the world's big investors?

We're proud to say that The Rest Is Money is powered by Octopus Energy this year, and Greg Jackson, the founder and CEO, is with us.