Andrew Hood

Andrew Hood

Research Economist


MSc Economics (Distinction), University College London, 2015 

BA Philosophy, Politics and Economics (1st Class), University of Oxford, 2012


Andrew joined the IFS in 2012 and works in the Income, Work and Welfare sector. His current work includes analysis of the effect of taxes and benefits on the income distribution, and investigating the role of inheritances in explaining inequalities in consumption and wealth. 


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Falling sterling, rising prices and the benefits freeze

| Observations

This morning the Office for National Statistics announced that inflation, as measured by the CPI, was 0.9% in the year to September. This is only slightly higher than the 0.6% the Office for Budget Responsibility forecast in the March Budget. But since then many forecasters – including the Bank of England – have revised up their forecasts for future inflation as the sharp drop in the value of the pound since the referendum is expected to push up prices. This observation focuses on one consequence that higher inflation would have: the fact that it would reduce the real incomes of working age families receiving benefits that the Government has frozen in cash terms through to March 2020.

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