The Economic and Social Research Council (ESRC) has renewed the funding for the CEP and CPP until 2030.

CEP is receiving £9.2m from the ESRC to continue its work developing policy-focused research. Founded in 1990 at the London School of Economics, CEP was instrumental in the introduction of the UK’s national minimum wage in 1999.

The centre’s new programme will analyse how to foster economic and social change and will also address concerns around inequality and environmental sustainability.

CPP, based at the Institute for Fiscal Studies (IFS), will get over £10m for its microeconomic research and policy analysis, which looks to increase understanding of how government policy decisions affect individual and business behaviour.

CPP ensures that IFS’ work has sustained impacts on public policy and practice while contributing to informing public debate.

ESRC executive chair Stian Westlake said: “For over thirty years, both CPP and CEP have made invaluable contributions to economic policy and debate in this country, spurring a greater understanding of the ways economic decisions influence behaviour and vice versa.

“Understanding the economy and the people who power it is an essential basis for restarting growth, reviving the public finances, and promoting human flourishing.

“ESRC’s investment in these two centres demonstrates our confidence in the continuing quality of their work.”