As the Chancellor prepares her Budget, attention is turning not just to how she could raise more tax - but how she might cut spending. Where does the government actually spend its money? Why is it so difficult to reduce that spending in practice? And what would it take to genuinely pare back the size of the state?Helen Miller is joined by IFS colleagues Ben Zaranko and Tom Waters to unpack the realities behind public spending. They look at how the government’s budget is divided across welfare, public services, and investment; how pressures such as an ageing population, defence commitments and struggling services constrain choices; and whether efficiencies or productivity gains could ever plug the gap.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
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41:20
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41:20
Is the UK in hock to the bond market?
The bond market plays a crucial role in shaping government spending decisions - but how much power does it really have? With a Budget around the corner, are investors or Rachel Reeves setting the limits on fiscal policy?In this episode, we unpack how the government borrows, why it’s so expensive right now, and what “fiscal credibility” really means. Joining Helen are Jack Meaning, Chief Economist at Barclays, and Ben Zaranko, IFS, to discuss the state of the bond market, the lessons from the Liz Truss era, and what investors will be watching for in the 2025 Budget.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
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40:15
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40:15
How could the Chancellor raise more tax?
As the Chancellor prepares for her next Budget, attention is turning to how more tax revenue could be raised. What options are on the table - and what would they mean for households, businesses and the wider economy?Helen Miller is joined by IFS colleague Stuart Adam and tax expert Dan Neidle to explore the choices facing the Treasury. They discuss options from income tax and frozen thresholds to landlords, partnerships, pensions, and property taxes, asking which levers make sense and which should be left well alone.Recorded live as part of the ESRC Festival of Social Science.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
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52:17
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52:17
How to fix VAT
Why are chocolate-covered shortbread and plain shortbread taxed differently? The UK’s VAT system is full of bizarre inconsistencies that make it complex, inefficient, and unfair.In this episode, we dive into how VAT works, why economists tend to love it in theory, and why the UK’s version falls short in practice. We explore zero and reduced rates, exemptions, myths about regressivity, and discuss how simplifying VAT could make it fairer and less distortionary.In the fourth and final episode of our tax mini-series, Helen, Ben and Stuart look at how to fix one of the UK’s most important and misunderstood taxes.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
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44:28
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44:28
How to fix property taxes
From council tax and stamp duty to business rates and taxes on landlords, the UK’s system for taxing property is complicated, inconsistent, and long overdue for reform.Homes aren’t just places to live - they’re also assets and a major form of saving - which makes deciding how to tax them especially tricky. In this episode, Helen is joined by Stuart Adam and Ben Zaranko to explore how property is currently taxed, what’s gone wrong, and how it could be made fairer and more efficient.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
Step beyond the headlines with in-depth, independent analysis from the experts at the Institute for Fiscal Studies. Hosted by IFS Director Helen Miller, this podcast brings you objective insights from the researchers shaping the debate. Hosted on Acast. See acast.com/privacy for more information.
UK