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Media type:
E-Article
Title:
The initial impact of COVID-19 and policy responses on household incomes
Contributor:
Brewer, Mike;
Gardiner, Laura
imprint:
Oxford University Press (OUP), 2020
Published in:Oxford Review of Economic Policy
Language:
English
DOI:
10.1093/oxrep/graa024
ISSN:
0266-903X;
1460-2121
Origination:
Footnote:
Description:
<jats:title>Abstract</jats:title>
<jats:p>As soon as the scale of the coronavirus shock to the economy became clear, the UK government introduced three policies to protect directly household incomes: a Job Retention Scheme, to pay the wages of employees who were temporarily furloughed; a Self-Employment Income Support Scheme, to give grants to established self-employed people whose businesses had been affected; and a package of increases to entitlements to social security benefits, with Universal Credit at the core, that bolstered the UK’s means-tested ‘safety net’. This paper analyses the design and beneficiaries of these policies and, given the distributional pattern of the labour market shock, considers the emerging overall impact on living standards, particularly of low-income households.</jats:p>