The Institute of Economic Affairs podcast examines some of the pressing issues of our time. Featuring some of the top minds in Westminster and beyond, the IEA p...
IEA Executive Director Tom Clougherty analyses Chancellor Rachel Reeves's Spring Budget statement of March 26, 2025. With economic forecasts worsening since October, the government's fiscal headroom has disappeared, leading to cuts in welfare and departmental spending alongside another effort to tackle tax avoidance. The budget appears to be an exercise in meeting minimum fiscal targets rather than addressing fundamental economic issues. Clougherty criticises how fiscal events have become focused on gaming OBR forecasts five years out rather than implementing principled long-term policymaking. Growth forecasts have been halved to just 1% for 2025, with lacklustre projections through the forecast window. He notes that 2024 and 2025 are essentially "lost years" in terms of per capita economic growth, with productivity improvements still being anticipated despite failing to materialise since the financial crisis. While the Chancellor's rhetoric around pro-growth policies is promising, Clougherty questions whether the substance matches the vision. He argues that a more radical approach to supply-side liberalisation is needed, pointing out that if minor planning reforms can boost GDP by 0.2% at no fiscal cost, more comprehensive reforms across planning, financial regulation, and energy could deliver significantly greater growth benefits that the UK economy desperately needs. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe
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Time for a New Economic Measurement? IEA Briefing
Download the full paper here: https://iea.org.uk/publications/44943/ In this new IEA Briefing, Communications Manager Reem Ibrahim sits down with independent economist Damian Pudner to discuss the new IEA paper "Rethinking Monetary Policy." Pudner explains why the Bank of England's current 2% inflation targeting system fails to provide a balanced approach during supply shocks like the COVID-19 pandemic, forcing interest rate hikes that exacerbated the cost of living crisis while hampering economic growth and recovery. Pudner presents a compelling alternative: nominal GDP targeting, which would require the Bank of England to consider both inflation and economic growth simultaneously. This more holistic approach could prevent unnecessary interest rate increases during supply shocks, giving businesses more stability and breathing room to invest and recover. Using examples like Scott Sumner's nominal GDP futures contracts, Pudner outlines practical implementation methods that align with free market principles while potentially delivering the current government's "growth, growth, growth" mission. With historical context showing that monetary policy regimes typically evolve over time, Pudner argues the Bank of England has an opportunity to lead monetary innovation as it did in the early 1990s with inflation targeting. Discover why this shift could create a more stable macroeconomic environment and how it might reshape Britain's economic landscape. Read Pudner's complete paper "Rethinking Monetary Policy" at iea.org.uk and learn more about the IEA's work at insider.iea.org.uk. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe
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The Truth About Britain's Welfare State & Peak Woke? | IEA Podcast
In this episode of the IEA Podcast, Communications Manager Reem Ibrahim is joined by Tom Clougherty, Executive Director, and Dr. Kristian Niemietz, Editorial Director at the Institute for Economic Affairs. The team discusses whether the left has turned against woke ideology, examining how socialist figures are now distancing themselves from identity politics to refocus on class struggle. The conversation shifts to Kemi Badenoch's recent speech rejecting net zero targets, with Tom arguing that while abandoning the 2050 goal is sensible, the issue isn't that net zero is impossible but rather that it's undesirable at the necessary cost. The panel explores how nuclear energy could play a larger role in Britain's energy mix if planning reforms were implemented. The podcast concludes with an analysis of the government's new welfare benefit reforms, addressing the concerning rise in long-term sickness benefits. Tom notes that Britain is uniquely experiencing this trend and discusses how pandemic-era policies, remote assessments, and changing attitudes toward state support have contributed to 2.8 million people now claiming these benefits. We bring you a public affairs podcast with a difference. We want to get beyond the headlines and instead focus on the big ideas and foundational principles that matter to classical liberals. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe
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Is Bitcoin the Future of Money? Why the UK Is Falling Behind | Bitcoin Policy UK | IEA Interview
In this interview, host Jamie Legg speaks with Susie Ward and Freddie New from Bitcoin Policy UK about Bitcoin's potential and the regulatory challenges it faces in the United Kingdom. They explain how Bitcoin Policy UK advocates for better legislation while the UK falls behind other countries in crypto adoption. The conversation covers why they focus specifically on Bitcoin rather than other cryptocurrencies, highlighting its security, decentralisation, and market dominance. The guests address common criticisms of Bitcoin, including volatility, its deflationary nature, and perceived lack of intrinsic value. They also discuss how mainstream media often portrays Bitcoin negatively without proper understanding of the technology. Ward and New offer compelling insights about Bitcoin's role in providing financial access in countries with authoritarian regimes and how it serves as a lifeline for people experiencing banking restrictions. A significant portion of the interview explores Bitcoin mining's relationship with renewable energy, particularly how mining can utilise excess wind and hydroelectric power that would otherwise be wasted. The guests explain how Bitcoin mining can balance electrical grids, create new revenue streams from otherwise curtailed energy, and even heat homes through recycled mining heat - potentially revolutionising how we think about energy consumption while advancing renewable adoption. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe
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NHS England Abolished, DEI Quotas Scrapped & Tobacco Crisis | IEA Podcast
In this episode of the IEA Podcast, host Callum Price, Director of Communications, discusses recent policy developments with Reem Ibrahim, Communications Manager, and Dr. Kristian Niemietz, Editorial Director at the Institute of Economic Affairs. The team analyses the recent abolition of NHS England, exploring whether this represents meaningful change or simply shifts bureaucracy from one department to another. The conversation then turns to financial regulators backing away from diversity and inclusion targets for regulated bodies, with the panel examining whether this represents a broader cultural shift or merely a response to government pressure to focus on growth. Finally, they discuss recent tobacco duty figures showing a 41% drop in legal sales while smoking rates remain unchanged, highlighting how high taxation has fuelled black market growth and questioning the effectiveness of proposed smoking bans.We bring you a public affairs podcast with a difference. We want to get beyond the headlines and instead focus on the big ideas and foundational principles that matter to classical liberals. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe
The Institute of Economic Affairs podcast examines some of the pressing issues of our time. Featuring some of the top minds in Westminster and beyond, the IEA podcast brings you weekly commentary, analysis, and debates. insider.iea.org.uk
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