IFS Zooms In: The Economy

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Renewable energy is at the centre of the debate about Britain's high electricity prices. Some argue that wind and solar power are driving up costs, requiring expensive subsidies, backup generation and upgrades to the electricity grid. Others point to the falling cost of renewable technologies and argue that expanding them is the best way to bring down bills. So who's right?

In this episode, Helen Miller is joined by IFS researcher Peter Levell and Stephen Jarvis, Assistant Professor of Environmental Economics at the London School of Economics, to explore the economics of renewable energy.

They explain why gas often determines the price of electricity, even as Britain generates more power from wind and solar, and examine how investment in renewables has affected electricity costs over the past decade. They also discuss whether the government should slow down its plans to decarbonise electricity, how falling technology and battery costs could change the picture, and what growing demand from data centres might mean for Britain's energy system.

This episode draws on new IFS research published as part of the 2026 Green Budget.

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The government has announced a major change to the state pension triple lock. The new system will continue to protect pensions against inflation and guarantee increases of at least 2.5%, but changes how increases in earnings feed through into the state pension over time.

So how will the new triple lock actually work? Why did the existing system create a “ratchet effect” in pension spending? How does the new approach address that problem, and what role does the 2.5% guarantee still play?

Helen Miller is joined by IFS economists Jonathan Cribb and Heidi Karjalainen to explain what is changing, what it could mean for pensioners and the public finances, and the questions the reform leaves unresolved.

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The number of people receiving disability benefits has risen sharply in recent years, pushing up government spending and prompting renewed debate about how the system should work.

In this episode, Helen Miller is joined by IFS economists Eduin Latimer and Tom Waters to explain how Personal Independence Payment (PIP) works, who receives it and why claims have increased. They examine the choices facing the government as the Timms Review considers the future of disability benefits.

Should PIP remain a universal cash benefit? Could more support be provided in kind? Should eligibility depend more on the severity or type of a person’s condition? And what would different reforms mean for claimants and the public finances? The discussion explores the difficult trade-offs involved in reforming disability benefits - including who receives support, what form that support takes and how much the government spends.

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Social care reform has challenged successive governments for decades. Now, the government wants to create a national care service and has launched a new push to find a long-term solution.

But how does social care actually work? Who currently pays for it, and why can some people face such large and unpredictable costs? What pressures does the system place on councils? And what would meaningful reform cost?

Helen Miller is joined by Andrew Dilnot, former Chair of the Commission on Funding of Care and Support and former IFS Director, and David Phillips, an Associate Director at IFS, to explain the problems with England’s social care system, the options for reform and why finding a solution has proved so difficult.

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Immigration is one of the most debated issues in British politics. But what impact does it actually have on the economy and the public finances?

We speak to Madeleine Sumption, Director of the Migration Observatory at the University of Oxford and Interim Chair of the Migration Advisory Committee, and IFS economist Max Warner about how migration to the UK has changed, and what that means for the government’s finances.

Which types of migrants contribute most to the public finances, and which cost the government more? How does immigration affect the wider economy? And with net migration falling sharply, what could lower migration mean for the OBR’s forecasts - and the choices facing the Chancellor at the Budget?

Madeleine’s new book, What Is Immigration Policy For?, is available from Bristol University Press.

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