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Options for reducing the interest rate on student loans and reintroducing maintenance grants

Report

In October, the Prime Minister called for an inquiry into the student loan system for higher education (HE). In this briefing note, we focus on two of the more unpopular features of the current system. We explore government options for reducing the interest rates charged on student loans, from the current levels of RPI + 3% while studying and RPI + 0–3% (depending on income) after leaving university, and for reintroducing living-cost grants – which do not have to be repaid – for students from lower-income families. This briefing note will be submitted as evidence for the inquiry.

17 November 2017

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Autumn 2017 Budget: options for easing the squeeze

Report

The key backdrop to all fiscal events in the UK since the financial crisis has been the weak performance of the economy. At the time of the March 2017 Budget, national income per adult was around 15% lower than it would have been had output per adult instead grown by 2% a year (close to the post-war average) since the start of 2008. Despite this historically poor performance, weak growth was forecast to continue. The March forecast implied that, by 2022, national income per capita would be 18% lower than it would have been if it had grown at 2% per year since 2008. That is astonishing.

30 October 2017

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Higher Education finance reform: Raising the repayment threshold to £25,000 and freezing the fee cap at £9,250

Report

On Sunday, the Prime Minister Theresa May announced that the income threshold above which graduates start making repayments on their student loans would be increased from £21,000 to £25,000 for all those who started university after 2012, and that the cap on tuition fees at English universities would be frozen at its current level of £9,250. This briefing note examimnes the impact on graduates, public finances and universities.

3 October 2017

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School Funding Reform in England: a smaller step towards a more sensible system, will the final leap ever be made?

Comment

Last week, the Secretary of State for Education announced arrangements for school funding in England in 2018–19 and 2019–20. This confirmed additional annual funding of around £900m by 2019–20 (as compared with pre-election plans) and announced the amended plans for the national funding formula. Under these new proposals, the funding local authorities receive for schools will be linked to local area characteristics; however, a new national school-level formula will now not be in place until at least 2020–21. This is a smaller step than planned prior to the election – although still one in the right direction. The slower pace of reform and additional money also mean that schools losing out under previous plans will probably see their funding situation improve slightly. This observation describes the current system, why reform is needed and the likely effects of the latest proposals.

21 September 2017

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Public sector pay: still time for restraint?

Report

The government is considering easing the current restraint on the pay of public sector workers. It had previously announced in 2015 that public sector pay scales would only increase by an average of 1% per year up to and including 2019–20. This briefing note describes the trade-offs faced by the government when deciding how to set public sector pay.

20 September 2017

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NHS services in the face of increasing demand - what does it mean for patients?

Event 11 September 2017 at 10:00 <p>12 Great George Street, Parliament Square,&nbsp;London,&nbsp;SW1P 3AD</p>
This event is the first in a series of events taking place over the next year that will present new IFS research on how the NHS has responded to increases in patient demand in recent years, and what this means for patient health.
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What next for tax and spend?

Event 12 July 2017 at 10:30 2 Carlton gardens, London SW1Y 5AA
The Institute for Fiscal Studies and the Institute for Government invite you to a briefing on the tax and spending challenges facing the government over the coming Parliament and the options open to the new Government.
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Where next for tax and spend?

Comment

Following seven years of spending cuts following the financial crisis and associated record deficit, there is a growing call for the government to “end austerity”. Yet current plans imply more spending cuts as the government looks to reduce the deficit further. This observation – and an associated joint event with the Institute for Government – reflects on what ending austerity might mean in the context of the scale and shape of the planned fiscal tightening.

12 July 2017