Britain to Face BIGGEST Tax Rise in Decades? | IEA Podcast
In this Institute of Economic Affairs Podcast, Head of Media Reem Ibrahim hosts a discussion with IEA Executive Director Tom Clougherty and Managing Editor Daniel Freeman on the government's upcoming budget and various tax policy proposals currently being floated. The conversation covers a "tax proposal extravaganza" including potential reforms to property taxation, capital gains tax on primary residences, pension lump sum changes, and inheritance tax modifications. They examine how these proposals might affect the UK's fiscal position ahead of the anticipated autumn budget, with the government facing a significant fiscal gap of potentially up to £50 billion.The discussion delves into the economic impacts of stamp duty and why replacing it with a proportional property tax could benefit the housing market, though the political challenges remain substantial. Clougherty explains how stamp duty creates harmful distortions by discouraging property transactions and keeping people in unsuitable homes, while Freeman highlights the contradiction between economically damaging taxes often being less politically unpopular. They also analyse proposals for capital gains tax on primary residences, concluding it would likely raise little revenue due to its similar distortionary effects to stamp duty, and examine potential changes to pension tax relief and inheritance tax rules.The podcast concludes with an examination of recent research on universal basic income trials in the United States, where studies have shown disappointing results despite significant financial investment. Freeman explains how these trials, involving hundreds of participants receiving up to $1,000 monthly, failed to produce the expected improvements in health, education, or mental wellbeing outcomes, with the only consistent effect being reduced work hours. The discussion touches on how these findings relate to the UK's current benefit system and the importance of work requirements and conditionality in welfare provision. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe
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Fighting Back Against Health Authoritarianism | IEA Briefing
In this Institute of Economic Affairs briefing, our Head of Media, Reem Ibrahim, interviews Chris Snowdon, Head of Lifestyle Economics, about his new discussion paper "Anti-Capitalism and Public Health." The conversation examines how public health discourse has evolved from targeting specific industries like "big tobacco" and "big food" to attacking what academics call "commercial determinants of health" - essentially any profit-making enterprise. They discuss how major institutions including The Lancet, British Medical Journal, and World Health Organisation have embraced anti-capitalist rhetoric, with some academics viewing economic growth itself as harmful to public health.Snowdon explains how public health experts have expanded their scope beyond traditional health concerns to critique free trade, economic growth, and commercial activities generally. He highlights concerning examples, including a former WHO advisor who praised China's Covid lockdowns as proof that "switching off capitalism protects us from ourselves." The discussion reveals how this movement draws inspiration from "Doughnut Economics" and promotes policies that would fundamentally reshape economic systems rather than address specific health issues.The interview concludes with concerns about the political influence of public health campaigning on British policy. Snowdon argues that politicians have proven susceptible to activists claiming scientific authority while pursuing anti-business agendas, resulting in policies like minimum alcohol pricing, sugar taxes, and generational tobacco bans. He warns that the public should understand the ideological motivations behind campaigns presented as neutral, evidence-based public health interventions.Read the full publication here.Read the press release here. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe
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UK Economy in "Doom Loop" | Sir Simon Clarke | IEA Interview
In this Institute of Economic Affairs interview, the IEA’s Director of Communications Callum Price sits down with Sir Simon Clarke, former Conservative MP, Treasury Chief Secretary, and current Director of Onward. The conversation tackles Britain's housing crisis, with Clarke arguing the UK is 4-5 million homes short and criticising government climbdowns on planning reform. He advocates for densifying cities while challenging the "brownfield only" mindset, calling for a more realistic approach to building on lower-value countryside sites including golf courses and poor agricultural land.Clarke delivers a stark assessment of Britain's economic challenges, warning that the state is spending too much and describing a cultural shift where wealth creation has become viewed with suspicion rather than celebrated. He identifies a "doom loop" where excessive spending requires higher taxes on wealth creators, damaging growth and necessitating even more spending. The discussion covers welfare reform, with Clarke highlighting that 1.2 million more people are now on health-related benefits since February 2020, calling this statistically implausible and economically damaging.The interview concludes with Clarke's prescription for economic revival: aggressive housing supply reform, curbing state spending including scrapping the pension triple lock, tax cuts starting with reversing National Insurance increases, and regulatory reset embracing Brexit opportunities. He argues the next Conservative government must leave the European Convention on Human Rights to restore democratic control and calls for a fundamental cultural reset similar to the 1980s transformation, warning that Britain cannot assume prosperity as of right but must actively pursue policies that enable success. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe
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Trump's Trade Disaster Just Made America POORER | Stan Veuger | IEA Interview
In this Institute of Economic Affairs podcast, the IEA’s Head of Media Reem Ibrahim interviews Stan Veuger, Senior Fellow in Economic Policy Studies at the American Enterprise Institute. The conversation examines the dramatic shift in Trump's second-term trade policy, including unprecedented 25% tariffs on Canada and Mexico, the "reciprocal tariffs" announced in April affecting virtually every country globally, and the resulting economic turbulence that saw US GDP growth slow from 2.8% to just 1.2%. Veuger explains how these policies represent Trump's longstanding mercantilist worldview rather than strategic negotiating tactics, and discusses the ongoing legal challenges that could potentially overturn the tariff regime.The discussion explores the macroeconomic consequences of both trade and immigration restrictions, with Veuger detailing how the administration has effectively reduced net migration to near zero through deportation efforts and eliminating legal pathways like humanitarian parole programs. He argues this represents a significant drag on economic growth, contributing to the broader slowdown alongside trade disruptions. The conversation covers which industries are most affected, from manufacturing sectors dependent on intermediate goods imports to service industries that rely on immigrant labor.Veuger concludes by examining the political landscape around these policies, noting the limited Congressional appetite for challenging Trump's approach and why legal challenges may offer the best hope for rolling back protectionist measures. He discusses the fiscal implications of tariff revenue collection, the constitutional questions around executive power in trade policy, and offers his predictions for potential policy reversals under future administrations. The interview provides crucial insights into how economic nationalism is reshaping American trade and immigration policy with global implications. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe
In this Institute of Economic Affairs podcast, Director of Communications Callum Price is joined by Editorial Director Kristian Niemietz and Managing Editor Daniel Freeman for a wide-ranging discussion on Britain's current challenges. The conversation covers the heated debate around Fraser Nelson's controversial Times article on crime statistics, examining why public perception of rising crime clashes with data showing overall decreases, and the role of social media and visible crimes like shoplifting in shaping these perceptions.The discussion moves to economic policy constraints, analysing Stephen Bush's Financial Times piece on the post-Truss fallout and Britain's relationship with OBR forecasts. Niemietz and Freeman examine whether the UK has become too slavish to independent economic projections and how the obsession with "progressive" tax policies creates dangerous distortions in the system. They debate the Resolution Foundation mindset that every policy must benefit lower earners more than higher earners, even when this creates cliff edges and economic inefficiencies.The podcast concludes with a critical examination of Britain's deteriorating free speech landscape, triggered by the US State Department's human rights report citing the UK for restrictions on expression. From the Online Safety Act to 12,000 annual arrests for online speech, the hosts discuss how well-meaning legislation has created a self-reinforcing spiral of censorship. They argue that without principled defence of free speech from political leaders, Britain risks sliding further into authoritarianism through the accumulation of seemingly reasonable individual restrictions.Fraser Nelson’s Times article can be found here.Stephen Bush’s FT article can be found here.Read more about the US State Department’s human rights report here. Get full access to Institute of Economic Affairs | Insider at 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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