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Analysed 8,844 tweets, tweets from the last 563 weeks.
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Last 50 tweets from @TheIFS
Join our @ODI_Global @TheIFS #TaxDev webinar 27 January! buff.ly/3KspZvl @kylemcnabb & @hazelgranger_1 will discuss new work on employment income taxes (odi.org/en/publication…). Discussion by @CGDev's Sanjeev Gupta & @ATAFtax's Nara Monkam. Chaired by @AnneBrockmeyer.
 
.@PJTheEconomist tells @RamzanK that while a targeted increase of benefits would help maintain living standards of the poorest, support for those on middle incomes is much more expensive and hard to do.

Read our briefing on the cost of living crunch > ifs.org.uk/publications/1…
 
'So benign has inflation been, and so used have politicians and policymakers become to inflation that is low and stable, that rather a lot of public policy is no longer robust to rising prices.'

@PJTheEconomist in @thetimes on rising inflation> ifs.org.uk/publications/1…
 
In a new @public_finance_ article, drawing on @theIFS #localgov research, I argue:

💷 Councils funding increased more than costs in 2020-21, as they over-estimated COVID costs.

🔮 Future uncertain but likely tougher.

Article in re-tweet, full report:
📗 ifs.org.uk/publications/1…
Looking back to look forwards: what can we learn from data on the impacts of COVID-19 on councils in 202021? -
ifs.org.uk
 
📰 "Everyone, particularly those on modest incomes, has had a long period of wages not really growing any faster than prices over the last decade, so another increase at this point is going to be particularly painful" @PJTheEconomist on rising inflation.

bbc.co.uk/news/business-…
Rising inflation affects all our living standards.

But lower-income households who spend more of their budgets on gas and electricity will be hit hardest.

Read our latest briefing on the impact of rising prices here> ifs.org.uk/publications/1… pic.twitter.com/j3I4FSu55a
 
Rising inflation affects all our living standards.

But lower-income households who spend more of their budgets on gas and electricity will be hit hardest.

Read our latest briefing on the impact of rising prices here> ifs.org.uk/publications/1…
 
Our cemmap Remote Policy Evaluation methods Jan 2022 training course is now sold out.

Find out more about our March 2022 course with Barbara Sianesi and book here> cemmap.ac.uk/event/policy-e…
 
This big increase in economic inactiivty among the over 50s in today's @ONS figures is worrying, and something we've seen in other data. It's older workers, not young ones, who have moved out of work over last 2 years
 
'We let our guard down on inflation and now we must parry the blows.'

@PJTheEconomist on rising prices in @thetimes, now free to read here> ifs.org.uk/publications/1…
 
Abolishing VAT on domestic fuel would, apart from the environmental downsides, cost £2.4bn per year while only reimbursing households for less than one fifth, on average, of April’s increase in energy costs.

Read our briefing on the cost of living crunch
ifs.org.uk/publications/1…
 
In which I warn about the perils of failing to index properly for inflation in a period of high and volatile infaltion.

I wrote it before news that the BBC licence fee will be frozen. May not sound dramatic but with inflation at current levels that is a big cut to BBC funding
 
📰 'It’s not a permanent reduction in living standards... That, though, will be little comfort for anyone struggling to pay for food and fuel during 2022.'

Read our Director @PJTheEconomist in @thetimes this morning
thetimes.co.uk/article/we-let…
We let our guard down on inflation and now we must parry the blows
thetimes.co.uk
 
🎧 "The lowest income households spend on average about three times as much of their budgets on domestic fuel as higher income households"

Hear IFS Deputy Director Robert Joyce discuss the cost of living crisis and what else to look out for in 2022 > ifs.org.uk/podcast/what-y…
 
The planned benefits uprating of 3.1% is not fit for time of sharply rising inflation.

A 6% increase is needed in April to maintain living standards of the poorest.

Read our new briefing 'The cost of living crunch’ here > ifs.org.uk/publications/1…
 
📊#IFSSatStat

With energy prices rising significantly, overall inflation facing the lowest-income tenth of households is set to be about 1.5ppt higher than the highest-income tenth.

Read our briefing on the cost of living crisis> ifs.org.uk/publications/1…
 
Podcast | What should you be paying attention to in 2022?

Our experts discuss:
🟢 Rising cost of living and energy prices
🟢 Tax rises in April
🟢 Stretched health and social care services
🟢 An education system making up for lost learning

Listen now > ifs.org.uk/podcast/what-y…
 
Councils’ net spending on non-education services was around £4.1 billion higher as a result of COVID during the first year of the pandemic, 2020-21.

Read our new @ESRC -funded report by @fiscalphillips and Kate Ogden here: ifs.org.uk/publications/1…
 
📅 On 27 Jan the #TaxDev programme will launch a new dataset to help policy-makers understand how employment income is taxed in low and middle income countries, and how this has changed over time.

Join the webinar > taxdev.org/news-blogs-and…
 
Rising inflation would mean a 3% real cut in benefits year on year even before accounting for the removal of the £20 per week Universal Credit uplift.

Raising benefits by 6% would prevent a £290 real fall in benefit income year on year for 10m households: ifs.org.uk/publications/1…
 
The waiting list for NHS care in England reached 6 million in November 2021, only a smidgen higher than the month before, but about 1.6 million higher than pre-pandemic.
 
In reply to @BenZaranko
There's still a bit of a puzzle here: where are all the patients who missed out on hospital care during the pandemic? They still don't seem to be joining the NHS waiting list in large numbers... We @TheIFS explored this in more detail - thread below. twitter.com/BenZaranko/sta…
 
🎧 IFS Zooms In Podcast | What you should be paying attention to in 2022

@PJTheEconomist is joined by colleagues @HelenMiller_IFS, @ckfarquharson, @BenZaranko and Robert Joyce to discuss the year ahead.

Listen here > ifs.org.uk/podcast/what-y…
 
With energy prices rising significantly, overall inflation facing the lowest-income tenth of households is set to be about 1.5ppt higher than the highest-income tenth.

Lower income households spend almost 3x as much of their budgets on energy as the highest-income tenth. pic.twitter.com/hHtGxEKdbk
Replying to @TheIFS
Read our new observation on the cost of living here > ifs.org.uk/publications/1…
 
With energy prices rising significantly, overall inflation facing the lowest-income tenth of households is set to be about 1.5ppt higher than the highest-income tenth.

Lower income households spend almost 3x as much of their budgets on energy as the highest-income tenth.
 
Abolishing VAT on domestic fuel would, apart from the environmental downsides, cost £2.4bn per year while only reimbursing households for less than one fifth, on average, of April’s increase in energy costs.

Read our new briefing > ifs.org.uk/publications/1…
 
This is a great listen. @HelenMiller_IFS @BenZaranko @ckfarquharson and Robert Joyce join me to talk tax, cost of living, health and education. All you need to know in just a few minutes easy listening.
 
🎙 Series 3 of the IFS Zooms In podcast is here 🎙

From rising cost of living, to tax rises in April, a stretched NHS and an education system making up for lost learning, our first episode covers what you should be paying attention to in 2022.

🎧 ifs.org.uk/podcast/what-y…
 
"Accidental" is a good way to put it. The rule is that benefits rise by inflation as of the previous September. OK when inflation low and stable. But when it's high and rising this can lead to real hardship. Should be easy to fix (and at no long term cost if wanted)
 
NEW: The planned benefits uprating of 3.1% is not fit for time of sharply rising inflation.

A 6% increase is needed in April to maintain living standards of the poorest.

Read our new briefing 'The cost of living crunch’ here> ifs.org.uk/publications/1…
 
Increase in energy costs in April ~£14 billion. This will affect living standards. Basic choice for government:
-Give significant help to all – extremely expensive
-Partially compensate many – many will still really struggle
-target a subset facing higher – many get no help
 
Lots of focus on potential cuts to VAT on domestic fuel, changes to the Warm Homes Discount, etc.

Not enough on the fact that 10m households face a ~3% (£290) real-terms cut to benefit income in April because of the way benefits are uprated. Could be fixed w/o a long-run cost.
 
Last chance to apply for our IFS Summer Student 2022 places!

Get a taste of research work with our six-week paid placements for those in the penultimate/final year of their undergraduate degree with a strong economics component.

Deadline: Friday 14 Jan> ifs.org.uk/jobs/38
 
Benefits need to rise twice as fast as planned to protect poorest.

With inflation high and rising the way we increase benefits is not fit for purpose. They will rise by 3.1% in April when inflation likely to be over 6%. ifs.org.uk/publications/1…
The cost of living crunch -
ifs.org.uk
 
NEW: The planned benefits uprating of 3.1% is not fit for time of sharply rising inflation.

A 6% increase is needed in April to maintain living standards of the poorest.

Read our new briefing 'The cost of living crunch’ here> ifs.org.uk/publications/1…
 
Please share with any economics uni students who would like a taste of doing economic research. Only a few more days left to apply for a summer student place in 2022!
 
Important new work showing that, oddly enough, 2020-21 provided some rare good financial news for councils. Central government over compensated them for costs of Covid, allowing them to build up reserves
 
🚨 NEW 🚨 Our new @theIFS report finds for English local government as a whole, reserves went UP in first year of pandemic. BUT:

1⃣ Not true of all councils, given how varied COVID impact was. Shire districts as a group seem to have been relatively hard hit, for example. [1/2].
 
New work from @TheIFS colleagues that runs against the grain of the usual debate and discussion. Councils were OVER-compensated for virus costs last year, which allowed them to build up their reserves, rather than draw them down.
 
🚨 NEW 🚨 My latest @theIFS research finds evidence that English councils over-estimated the financial impacts of COVID in 2020-21. As a result the extra funding they received significantly exceeded these costs, on average, and they built up BILLIONS in extra reserves.
 
In reply to @TheIFS
There was significant variation in changes in net spending across councils in 2021-21, reflecting different experiences and choices. Shire districts were hit harder than other councils on average, reflecting big falls in income from parking and leisure and cultural facilities. pic.twitter.com/ZhqC1b0Sbs
Replying to @TheIFS
That spending went up by less than expected means that, overall, councils were substantially over-compensated for COVID costs in 2020-21 and built up reserves. This was not true of all councils though - and the longer-term funding outlook is challenging. ifs.org.uk/publications/1…
 
In reply to @TheIFS
But the increase in net spending was only just over half as big as suggested by previous survey data from councils. This may reflect councils being able to cut spending in certain areas (e.g. public events) - but also the difficulty of vetting councils’ survey responses. pic.twitter.com/zSuaiOAMpB
Replying to @TheIFS
There was significant variation in changes in net spending across councils in 2021-21, reflecting different experiences and choices. Shire districts were hit harder than other councils on average, reflecting big falls in income from parking and leisure and cultural facilities.
 
NEW: Councils’ net spending on non-education services was around £4.1 billion higher as a result of COVID during the first year of the pandemic, 2020-21.

Read our new @ESRC-funded report by @fiscalphillips and Kate Ogden here: ifs.org.uk/publications/1… pic.twitter.com/o8rdXGCFdy
Replying to @TheIFS
But the increase in net spending was only just over half as big as suggested by previous survey data from councils. This may reflect councils being able to cut spending in certain areas (e.g. public events) - but also the difficulty of vetting councils’ survey responses.
 
NEW: Councils’ net spending on non-education services was around £4.1 billion higher as a result of COVID during the first year of the pandemic, 2020-21.

Read our new @ESRC-funded report by @fiscalphillips and Kate Ogden here: ifs.org.uk/publications/1…
 
📊#IFSSatStat: The UK entered #COVID19 after 10 years of virtually no growth in household disposable incomes, with earnings on average in 2019 still below 2008 levels.

@OBR_UK predicts further stagnation which could mean 20 years of almost no real growth in earnings or incomes.
 
Excited to chair this webinar launching the ***Employment Income Taxes Dataset***! Join us on Jan 27 🗓
 
📻 "For poorer people it's gas and electricity prices that are particularly difficult because they spend much more of their income on those services."

Associate Director Jonathan Cribb speaks to @BBCRadio4 #YouandYours about the cost of living bbc.co.uk/sounds/play/m0…
 
More cheery quotes from me on the combined impact of high inflation and big tax increases on living standards for people on average incomes.

This would be difficult in normal times, but after a decade of wage stagnation it will be felt especially hard.
 
📰 Our Director @PJTheEconomist tells @Telegraph today: "I find it hard to think of a March-April period which will have been quite so bad. This is a combination of a big tax rise and falling real earnings. It's not pretty."

telegraph.co.uk/politics/2022/…
 
Just two weeks left to apply for a PhD enrichment year at the IFS starting Autumn 2022.

Our scheme offers placements of up to 12 months to PhD students looking to enhance their thesis work, with fees paid and a UKRI level stipend.

Apply by 21 Jan 2022> ifs.org.uk/jobs/42
 
Quoted by @ChrisGiles_ ft.com/content/dd394d…
Consider person on £30k
NI rise >£250
income tax up c.£150 due to freezing of allowance
Inflation at 6% reduces real value of take home pay by
nearly £1.5k

A big loss. Average pay won't rise close to enough to compensate
 
 
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