The Institute for Fiscal Studies

@theifs

Official account for Britain’s leading independent economic research institute.

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The Institute for Fiscal Studies@theifs· 7d

NEW: The current energy crisis has so far affected fewer firms than in 2022, new evidence shows. 📗 @trfetzer.com, @christinavpalmou.bsky.social, @jschneebacher.bsky.social & @iyotzov.bsky.social show that exposed firms responded in the first two months mainly with increased prices and inventories:

Quote from IFS Associate Director Jakob Schneebacher: "So far, the 2026 energy price shock has been narrower and less damaging than the 2022 crisis. Higher oil prices seem to have hit the minority of firms that use oil intensively. Based on data up to April, affected firms were more likely to raise their prices, passing on some of the cost increases to customers, and increase their inventories. We have not yet seen widespread effects on firms’ balance sheets or investment decisions, as were seen over the course of the 2022 crisis. But we will need to monitor the effects on firms over the coming months, especially if the most recent spikes in oil prices in July are maintained."

The Institute for Fiscal Studies@theifs· 8d

NEW: The income tax personal allowance has been frozen at £12,570 since April 2021. What would unfreezing it mean for taxpayers, and how much would it cost? 📈 Isaac Delestre's new explainer investigates: ifs.org.uk/articles/unf...

The Institute for Fiscal Studies@theifs· 11d

📊 #IFSSatStat: More than 40% of people in their mid 20s still live with their parents, up from around a quarter only twenty-five years ago. Only 15% of people in their mid 20s now own their own home, down from more than 40% around forty years ago.

Chart shows tenancy type for 25-year-olds by birth cohort. Title states: "More than 40% of people in their mid 20s still live with their parents – a historic high compared to previous generations."

The Institute for Fiscal Studies@theifs· 12d

NEW: Tax revenue sharing with England’s mayors will mean local areas share more in the rewards of growth – but it also brings risks. 📗Our Head of Local and Devolved Government Finance David Phillips responds to today’s announcement: ifs.org.uk/articles/gov...

Quote from David Phillips, IFS Head of Local and Devolved Government Finance: "Currently, England’s mayoral strategic authorities – particularly those outside London – rely overwhelmingly on grant funding from the government. By 2028, much more of their funding will come from tax revenues raised in their areas. This will provide greater financial reward if their economies and revenues perform strongly, but also more risk if the economy and revenues perform poorly – perhaps due to factors entirely outside of their control."

The Institute for Fiscal Studies@theifs· 14d

'A lot of focus in the UK has been this idea that devolution is a boost for growth' 🎙️ IFS Associate Director, David Phillips, explains why devolution's case for growth comes back to accountability, not just funding.

The Institute for Fiscal Studies@theifs· 14d

‘Recent generations of young adults… haven’t experienced any generation-on-generation growth which – prior to the 2008 financial crisis – we had become accustomed to.’ 📊 Read Jonathan Cribb, Jed Michael and Tom Waters’ full explainer here: ifs.org.uk/articles/how...

Quote from IFS Deputy Director Jonathan Cribb: "Recent generations of young adults do not have lower earnings or incomes in their mid 20s than generations that came before them, despite ongoing concerns about the cost of living. But they certainly haven’t experienced any generation-on-generation growth which – prior to the 2008 financial crisis – we had become accustomed to."

The Institute for Fiscal Studies@theifs· 14d

The burden of housing costs for 25-year-olds remain high for those not living with their parents. Housing costs overall have grown at a faster rate than incomes for young adults over the last forty years.

Charts show housing costs for 25-year-olds by birth cohort. Title states: "People in their mid 20s today who don’t live with their parents spend 23% of their income on housing costs on average."

The Institute for Fiscal Studies@theifs· 14d

More than 40% of people in their mid 20s still live with their parents, up from around a quarter only twenty-five years ago. Conversely, only 15% now own their own home, down from more than 40% around forty years ago.

Chart shows tenancy type for 25-year-olds by birth cohort. Title states: "More than 40% of those in their mid 20s still live with their parents – a historic high."

The Institute for Fiscal Studies@theifs· 14d

25-year-olds today are less likely to be in employment than other recent generations, following years of broadly stable employment rates. This decline is especially driven by men, and is connected to the recent rise in the NEET (not in employment, education or training) rate.

Chart shows employment rates for 25-year-olds, by birth cohort and gender. Title states: "At 74%, the overall employment rate for those in their mid 20s is lower than other recent generations."

The Institute for Fiscal Studies@theifs· 14d

Median earnings and family incomes for those aged 25 today are barely higher than for 25-year-olds twenty years ago. Recovery from the financial crisis and then COVID has proven sluggish for young adults, impacting earnings and income growth.

Chart shows median earnings and family incomes for 25-year-olds, by birth cohort. Title states: "Median earnings and incomes for those in their mid 20s have barely grown in the past two decades."

The Institute for Fiscal Studies@theifs· 14d

NEW: How does being a 25-year-old today compare to previous generations? 📊 Here’s what our new explainer, with analysis produced exclusively for the BBC, finds about earnings, employment and housing for young adults [THREAD 🧵 ]:

The Institute for Fiscal Studies@theifs· 15d

NEW: “Getting employers to engage with designing – and perhaps helping to deliver – training programmes will be vital to their success.” 📗 Read @xiaoweixu.bsky.social and Imran Tahir’s response to today's announcement of new technical pathways from age 14 here: ifs.org.uk/articles/gov...

The Institute for Fiscal Studies@theifs· 15d

‘There's always this undercurrent of yes, but what about the longer term? And what do we do to put ourselves in a better position for next time?’ 🎙️ @ckfarquharson.bsky.social on how growth determines the scale of resources we're all working with, and why policy can't get lost in each crisis.

The Institute for Fiscal Studies@theifs· 16d

PODCAST: Will devolution solve the UK’s economic woes? 🎙️ @ckfarquharson.bsky.social was joined by David Phillips and the LSE School of Public Policy's Tony Travers to discuss how devolution works, what can be learned from 'Manchesterism' and what it means to give places more fiscal responsibility.

The Institute for Fiscal Studies@theifs· 16d

'95% of all taxes are collected by central government' 🎙️ Tony Travers, Associate Dean of the LSE School of Public Policy, unpacks why Britain is one of the most fiscally centralised countries on our devolution podcast.

The Institute for Fiscal Studies@theifs· 16d

PODCAST: The tax and spending choices facing Andy Burnham 🎙️ On our podcast, @ckfarquharson.bsky.social was joined by @maxwarner.bsky.social and Tom Waters to discuss the economic choices facing the incoming Prime Minister.

The Institute for Fiscal Studies@theifs· 16d

"One of the great works of social science this century." 'Challenging Inequalities' is our rigorous, evidence-based account of inequality, summarising our six-year, @nuffieldfoundation.org-funded IFS Deaton Review of Inequalities. 📗 Read its reviews and find out more: ifs.org.uk/news/challen...

Graphic displaying reviews of the book 'Challenging Inequalities'. Full quotes are available to read here: https://ifs.org.uk/news/challenging-inequalities-receives-universal-praise

The Institute for Fiscal Studies@theifs· 17d

‘There's a whole menu of different things that can be meant by devolution’ 🎙️ IFS Associate Director, David Phillips, breaks down the spectrum of devolution, from operating centrally-set policies, to spending autonomy, to revenue and tax devolution.

The Institute for Fiscal Studies@theifs· 18d

📊 #IFSSatStat: Debt interest spending totalled £33.3 billion in the first quarter of 2026–27, equivalent to 4.3% of national income: still well above pre-2022 levels.

The Institute for Fiscal Studies@theifs· 20d

NEW: Business rates have gone from being one of the most stable and simple taxes in the system to one of the least. 📗 Stuart Adam and Isaac Delestre's response to today's announcement explains why a coherent view of business rates and their design is sorely needed: ifs.org.uk/articles/gov...

Quote from IFS Senior Economist Stuart Adam: "Business rates have gone from being one of the most stable and simple taxes in the system to one of the least. We seem to be moving ever closer to a system in which the government gives every business a score out of ten each year according to how much it likes the business that year, and sets its tax rate that year accordingly."

The Institute for Fiscal Studies@theifs· 20d

‘When we have a big shock, a big external shock like energy prices going up, we simply become poorer as a nation’ 🎙️ IFS Associate Director, Tom Waters, on why growth is the only real route to improving living standards.

The Institute for Fiscal Studies@theifs· 22d

NEW: What options does the Second Pensions Commission have for increasing minimum pension contributions? 📗 Jonathan Cribb, @heidikarj.bsky.social & @laurenceobrien.bsky.social's report examines the trade-offs around increasing minimum pension contributions: ifs.org.uk/publications...

The Institute for Fiscal Studies@theifs· 22d

The lesson of the last months and years – that debt interest can rise sharply, sometimes due to events outside the government's direct control – is not going out of fashion any time soon. 📗 Read @nickridpath.bsky.social and Isabel Stockton’s full response here: ifs.org.uk/articles/fir...

Quote from IFS Research Economist Nick Ridpath: "Debt interest has exceeded the OBR’s forecast by £1.6 billion, largely driven by higher payments on index-linked debt following upwards pressure on inflation from the war in Iran. The lesson of the last months and years – that debt interest can rise sharply, sometimes due to events outside the government's direct control - is not going out of fashion any time soon. A new Prime Minister and Chancellor can make different choices, but they will be facing the same fiscal constraints as their predecessors."

The Institute for Fiscal Studies@theifs· 22d

Today’s public finance figures show debt interest spending was £33 billion in the first quarter of the 2026–27 financial year, equivalent to 4.3% of GDP. Debt interest spending is set to remain high, leaving the new PM and Chancellor in a tight fiscal situation going forward:

Chart shows debt interest spending as a share of GDP by year, April to June. Title states: "Government debt interest spending in first quarter of 2026–27 remains well above pre-2022 levels."

The Institute for Fiscal Studies@theifs· 23d

“Honest discussion of trade-offs should be the starting point for good government.” Read @helenmiller.bsky.social's comment on how new Prime Minister Andy Burnham needs ‘to be ready to put money where his priorities are’ here: ifs.org.uk/articles/act...

Quote from IFS Director Helen Miller: "Seeking to rewire the British state, against a backdrop of constrained public finances and with an in-tray full of domestic and international challenges, will require much more than ambition. If the new government is to make progress this decade, it will need to quickly flesh out the vision of what it wants to achieve and be ruthless in its prioritisation."

The Institute for Fiscal Studies@theifs· 23d

NEW: The Prime Minister will not be able to avoid difficult choices. But he can explain them. Setting out a clear vision, establishing priorities and being open about their costs would give politicians and voters a basis on which progress can be judged, writes @helenmiller.bsky.social:

The Institute for Fiscal Studies@theifs· 25d

📊 #IFSSatStat: Official figures overstated the wealth gap between young and old, with under-40s holding 18% of total wealth in 2020–22, not the 11% suggested by official statistics. 📗Read our report on wealth distribution here: ifs.org.uk/publications...

The Institute for Fiscal Studies@theifs· 26d

NEW PODCAST: The tax and spending choices facing Andy Burnham 🎙️ This week, @ckfarquharson.bsky.social is joined by @maxwarner.bsky.social and Tom Waters to discuss to examine the economic choices facing the incoming Prime Minister.

The Institute for Fiscal Studies@theifs· Jul 11

📈 #IFSSatStat: The UK’s tribunal system faces record backlogs, with nearly 330,000 administrative appeals open and awaiting resolution in the first quarter of 2026. Backlogs in SEND and asylum/immigration tribunals are now six times higher than they were just five years ago.

Chart shows receipts (new cases), disposals (case resolutions) and outstanding caseload (backlog) in tribunals. Title states: "Nearly 330,000 administrative appeals (tribunals) were open and awaiting resolution in early 2026, double the level pre-pandemic."

The Institute for Fiscal Studies@theifs· Jul 9

NEW PODCAST: Will devolution solve the UK’s economic woes? 🎙️ This week, @ckfarquharson.bsky.social is joined by David Phillips and Tony Travers to discuss how devolution works, what can be learned from 'Manchesterism' and what it means to give places more fiscal responsibility: