IFS Zooms In: The Economy

In the first episode of our new series, we set out the big picture on inequality in the UK. We look at what has happened to income and wealth inequality and how Britain compares with other countries.

But inequality is not just about money. It shapes people’s opportunities, education, health, family life and where they live. Some gaps have narrowed over time, while others remain stubbornly wide - and some inequalities in one generation can shape the chances of the next.

Helen speaks with Paul Johnson and Jonathan Cribb to explore what the key facts tell us about modern Britain, what kinds of inequality we should worry about most, and where trade-offs with growth, fairness and redistribution become unavoidable.

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Britain’s public finances are under pressure. Public debt is high, borrowing remains high, and the government is spending far more on debt interest than in the past. Taxes are heading towards historic highs, while public services remain under strain and demand on the state continues to rise.

In this episode, we set out the fiscal backdrop that will shape British politics over the coming years. Whoever is Prime Minister or Chancellor will face many of the same constraints: expensive borrowing, difficult spending choices and the need to get debt on a more sustainable path.

Helen Miller is joined by IFS colleague Max Warner and Chris Giles, economics commentator at the Financial Times, to explain the state of the public finances, why borrowing costs matter, what the government’s fiscal rules do, how realistic current spending plans are, and whether there is any room for a future government to do things differently.

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Conflict in the Middle East has pushed up energy prices in the UK. Even if the war ends soon, prices may not return to pre-war levels, and government could still face pressure to support households.

But the problem runs deeper than the current crisis. Even before the latest shock, the UK had some of the highest electricity prices in the developed world. Why is electricity so expensive here? How much of the problem is down to gas? Are renewables making bills cheaper or more expensive? And if government wants to cut electricity prices, what can it actually do?

Helen Miller is joined by Dieter Helm, Professor of Economic Policy at the University of Oxford, and Peter Levell, Deputy Research Director at IFS, to discuss Britain’s energy mix, the costs of renewables, net zero targets, and how policy should respond to energy price shocks.

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Local government affects almost every part of our daily lives: bins, roads, planning, housing, schools, social care, public health, libraries, parks and more. But despite this, local elections are often discussed mainly as a test of national politics - with far less attention paid to what councils actually do, what councillors can change, and why so many councils are under such severe financial pressure.

In this episode, we ask what local government is responsible for, how councils are funded, and why rising funding has not been enough to keep up with rising demand. We look at the pressures from social care, homelessness, SEND and other statutory services, and ask what it really means when a council is described as effectively bankrupt.

Helen is joined by David Phillips from the Institute for Fiscal Studies and Aileen Murphie, honorary Professor at Durham University, and formerly at the Department for Communities and Local Government, and the National Audit Office.

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In a few weeks, voters in Wales will choose the next Welsh Government in what could be a historic election. With Labour’s long dominance under pressure, this episode examines the fiscal backdrop to the campaign and the difficult choices facing whoever takes power.

Helen is joined by Joe Rossiter, Co-Director of the Institute of Welsh Affairs, and IFS economist David Phillips, to discuss how Wales is funded, how the block grant from Westminster has changed over time, and how devolved tax powers have — and have not — been used. They assess the state of Welsh public services, ask whether Wales should have more powers over tax, spending and borrowing, and explore the constraints facing the next Senedd.

They also look at what the parties are promising, where the main dividing lines lie, and why many of the biggest trade-offs are still not being clearly spelled out.

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Find out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts
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