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10 years on from the onset of the most severe recession since the Second World War, new IFS research examines how recessions affect living standards across the population, the extent to which those effects are long-lasting, the role of policy in mitigating these impacts (or otherwise), and how we would be placed when the next downturn hits.
At this event IFS researchers will present the key findings from a project looking at:
- The impact of recessions on income inequality: why have past recessions had such different effects on inequality, to whom does the tax and benefit system provide the most ‘insurance’ in the event of a downturn, and how will that change once planned benefit cuts are fully in place?
- The impacts on young adults of entering the labour market in a weak economy: what is the effect on their earnings and employment, how long-lasting are these negative effects, and how are they cushioned by potential mitigating factors such as state insurance through the tax and benefits system and the possibility of living with parents?