IEA Podcast

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

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.The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. 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

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

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.The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. 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

In this IEA interview, Dr Jordan Claridge, Assistant Professor at LSE's Department of Economic History, discusses medieval England's economy with Daniel Freeman, IEA Managing Editor. The conversation explores England in the 13th-15th centuries, examining how the highly commercialized pre-plague economy transformed when the Black Death wiped out approximately 50% of the population.Dr Claridge details how England shifted from a land-scarce, labor-abundant economy to the opposite after 1348, leading to rising wages, changing agricultural practices, and new opportunities for peasants. The discussion covers medieval market systems, monetization, labor dynamics, and the critical transition from feudal management to leasing arrangements that fostered proto-entrepreneurship.The interview concludes by examining the crucial but overlooked role of horses in medieval economic development. Dr. Claridge reveals how peasant-driven horse breeding and adoption created significant productivity improvements despite elite skepticism, highlighting how these agricultural advances helped set England on a path toward its later economic transformation. 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

Join IEA Executive Director Tom Clougherty as he sits down with renowned economist and investor Peter Schiff for a compelling discussion on economic principles, government policy, and financial markets. Schiff, who predicted the 2008 financial crisis, explains his free-market Austrian School economics perspective and why he believes current monetary policies are creating dangerous economic bubbles that are leading toward a severe dollar and sovereign debt crisis. The conversation explores Schiff's criticisms of cryptocurrency, particularly Bitcoin, arguing that unlike gold, it skips the commodity phase essential for sound money. Schiff also offers pointed critique of US trade deficits, arguing they signal fundamental economic weaknesses rather than strengths, and explains why he believes American economic dominance is built on unsustainable debt. Throughout the interview, Schiff advocates for a return to the gold standard and dramatically smaller government. Schiff doesn't hold back on controversial views, suggesting even that America might have been better off with a constitutional monarchy than its current system. For those interested in alternative economic perspectives that challenge mainstream consensus, this interview provides deep insights into Austrian economic thinking and Schiff's predictions for the inevitable consequences of current monetary policies. 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

In this episode of the Institute of Economic Affairs podcast, Callum Price (Director of Communications) is joined by Tom Clougherty (Executive Director) and Dr. Kristian Niemietz (Editorial Director) to discuss recent political developments. The team examines Rachel Reeves' proposed welfare cuts, highlighting the dramatic increase in benefits claims since COVID and questioning whether the system's incentives have deteriorated over time. The conversation shifts to planning reform, analysing whether the government's approach will effectively address the UK's housing shortage. They discuss the merits of moving from a discretionary planning system to zoning, while examining the historical context of UK planning laws and how the 1947 changes fundamentally altered property rights. Finally, the team critically evaluates the government's Employment Rights Bill, suggesting it prioritises union interests over workers' rights and economic growth. They debate how the legislation might impact the UK labour market and question its timing given current economic conditions. 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. Articles mentioned: * https://capx.co/labours-employment-crusade-could-kill-jobs * https://www.economist.com/britain/2025/03/04/britains-government-may-be-about-to-waste-its-best-chance-of-success * https://www.ft.com/content/37053b2b-ccda-4ce3-a25d-f1d0f82e7989The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. 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

In this IEA interview, IEA Director of Communications Callum Price sits down with Lord Hannan of Kingsclere, Newspaper Columnist and President of the Institute for Free Trade. They discuss the current state of classical liberalism and the serious structural challenges facing the UK economy. Lord Hannan recalls his personal journey from supporting tariffs to becoming a champion of free trade, explains the need for fundamental constitutional reform in Britain, and analyses why economic growth remains stagnant despite repeated political promises. The conversation examines why meaningful economic reform typically requires a crisis, with Lord Hannan drawing direct parallels between Britain's current situation and the 1976 IMF bailout that set the stage for Thatcher's reforms. He provides a frank assessment of both President Trump's economic policies and the Labour government's approach, arguing that confronting the "blob" of unelected regulators and officials is absolutely necessary for implementing policies that promote growth. Lord Hannan concludes by recommending a Singapore-style healthcare system as his top policy priority, emphasises the importance of teaching classical liberal ideas rather than assuming people understand them, and outlines how Britain's fractured political right might find enough common ground to effectively challenge the current government. This comprehensive interview provides essential context for anyone interested in Britain's economic challenges and the potential for free market solutions.The Institute of Economic Affairs is an educational charity, it does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. 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

In this episode of the IEA Briefing, Editorial Director Dr. Kristian Niemietz discusses a fascinating 1934 book he discovered in a Wetherspoons pub. Written by G.R. Mitchison, "The First Workers Government" imagines a socialist Britain from the perspective of 1980, looking back at a revolution that began in 1936. Niemietz explores how the book details a gradual nationalisation program that would transform Britain's economy. Unlike modern socialist writers who focus mainly on critiquing capitalism, Mitchison provided an incredibly detailed blueprint for how nationalisation would work, including specific legislation and industry-by-industry plans. The book proposed a "polite British revolution" where business owners would receive compensation over 25 years, avoiding the violence seen in other socialist transitions. However, Niemietz points out the author's naive belief that central planning would automatically lead to massive efficiency gains. The discussion then examines which of Mitchison's predictions came true, particularly comparing them to the post-war Attlee government's nationalisation program. While some elements like the NHS and land use planning emerged in different forms, the full socialist transformation Mitchison envisioned never materialised. Niemietz notes that the debate over nationalisation remains relevant today, with recent polls showing continued public support for nationalising various industries. 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

In this IEA Briefing, Callum Price, Director of Communications at the Institute of Economic Affairs, discusses the new publication "Parallel Universe: How Ending Parallel Import Restrictions Benefits Consumers" with co-author Martin Howe KC, a leading intellectual property barrister. The paper, authored by Howe and Matthew Lesh, examines how parallel import restrictions - a complex trade issue inherited from EU law - prevent retailers from importing genuine branded goods from countries outside the EU, even when those products are significantly cheaper. Howe illustrates this with examples like Tesco being blocked from selling genuine Levi's jeans they bought more cheaply in North America. Despite leaving the EU, the UK maintains these import restrictions in an inconsistent way - allowing parallel imports from EU countries but not from nations like the US, Canada, or Australia. Howe argues this makes no economic sense and primarily benefits multinational companies while forcing UK consumers and public services to pay higher prices. He notes that when parallel imports were allowed within the EU single market, the NHS saved over £800 million on pharmaceuticals over five years. Howe suggests that while some specific restrictions might make sense (like for pharmaceuticals sold cheaply to developing countries), most parallel import restrictions should be abolished. He dismisses common arguments against removal, including concerns about quality standards and humorously notes British publishers' worries about American cookbooks with imperial measurements confusing UK consumers. The discussion provides a clear look at how removing these trade barriers could lower prices for British consumers without spending public money. 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