IEA Podcast

Join us for the IEA Ralph Harris Centenary Lecture featuring Tyler Goodspeed, former Acting Chairman of the Council of Economic Advisers, who delivers his analysis of the UK's economic challenges. Goodspeed reveals that the UK is approximately 40% poorer per person than the US, with British workers producing less in a full year than American workers do by August. He explains how the 2008 financial crisis triggered not just a temporary downturn, but a fundamental change in the UK's growth trajectory, largely due to the different regulatory responses in the UK versus the US. The lecture goes on to examine how the UK's institutional structure - from banking to planning laws - has constrained growth. Goodspeed highlights that while US businesses get 80% of their external financing from venture capital and private equity, UK firms still rely on banks for 80% of their funding. He also discusses how green belt restrictions, energy policy, and tax structures create barriers to economic efficiency. The event includes a discussion with IEA Executive Director Tom Clougherty, Editorial Director Kristian Niemietz, and Professor Christian Bjørnskov, who explore these themes further. The panel examines why many UK problems stem from regulatory accumulation rather than any single ideology, making them harder to combat than the economic challenges of previous decades. The discussion concludes with audience questions covering topics from environmental policy to cultural attitudes toward entrepreneurship, offering practical insights into how the UK might return to stronger economic growth. 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 Reem Ibrahim joins Tom Clougherty and Daniel Freeman to reflect on the economic and policy highlights and lowlights of 2024. The discussion kicks off with a critical analysis of the government's October budget and its impact on British businesses, followed by concerns about rising protectionism in America and the concerning trend of outdoor smoking bans and other nanny state interventions. The conversation then shifts to more positive developments, including Argentina's promising economic reforms under President Milei and his bold approach to cutting government spending and regulation. The team also discusses the influential UK Foundation essay that sparked important conversations about Britain's planning system and energy costs, and how these factors have contributed to the country's economic challenges. The episode concludes with an optimistic look at the post-election period and the revival of substantive discussions about conservative and free-market principles. The guests explore how recent political developments have led to more meaningful debates about the role of the state and economic freedom, even while acknowledging the challenges of turning these ideas into practical policy. 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

Fraser Nelson, former Editor of The Spectator, joins IEA Communications Manager Reem Ibrahim to discuss his recent Channel 4 documentary "Britain's Benefits Scandal". Nelson explores the concerning rise in long-term sickness benefits claims across the UK, particularly among young adults aged 25-34, where numbers have increased by 65% in just five years. In this conversation, Nelson explains how the current benefits system creates perverse incentives that can trap people in long-term unemployment. He discusses how those seeking work or training often face the risk of losing their benefits, while the system makes it relatively easy to claim but difficult to transition back into employment. The documentary found that many benefit recipients actually want to work but feel stuck in a complex system. Nelson shares insights from his investigation, including conversations with welfare assessors and benefit recipients, and compares the UK's situation with other countries that have managed to reduce their sickness benefit numbers. He suggests that solutions lie not in harsh crackdowns but in understanding why Britain faces unique challenges in this area and creating better pathways back to work. 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 Jeremy Corbyn's recent speech in Jamaica about reparations and colonialism. Despite losing the general election five years ago, Corbyn remains influential with 2.6 million Twitter followers - more than the Prime Minister, Opposition Leader, and Chancellor combined. Niemietz explains why Corbyn's social media presence continues to shape public debate. The conversation examines Corbyn's claim that Britain's wealth was built on slavery and colonial exploitation. Niemietz challenges this view, arguing that while some families got rich from the slave trade, the economic gains from colonialism were relatively small compared to the massive capital investment required for the Industrial Revolution. He suggests that colonial administration and military costs may have actually made the empire economically inefficient. Looking at solutions for addressing historical wrongs, Niemietz argues against reparations, questioning the concept of inherited collective guilt and suggesting that such payments wouldn't differ meaningfully from existing foreign aid. Instead, he advocates for free trade as a more effective way to help formerly colonised nations develop economically. The discussion concludes by examining how modern political movements, including Corbyn's followers, approach trade policy based on political alignment rather than economic merit. 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, we analyse Angela Rayner's new housing proposals, which include redefining "grey belt" land and changing how housing targets are calculated. Director of Communications Callum Price, Editorial Director Kristian Niemietz, and Managing Editor Daniel Freeman discussed why these market-friendly reforms are coming from an unexpected source and whether they'll be enough to tackle Britain's housing crisis.We then dive into economist Tyler Goodspeed's fascinating analysis of what's really holding back UK growth. While planning restrictions and energy costs play a role, Goodspeed highlights how post-2008 banking regulations have created a credit crunch for British businesses that helps explain the sudden drop in economic growth. The discussion explores why the US banking system, with its many smaller local banks, has proven more resilient. The conversation wraps up with a look at the government's latest push for 5% efficiency savings across departments. Our panel examines whether these targets are realistic, how bureaucracies tend to respond to such demands, and the deeper challenges facing civil service reform - from pay compression to the difficulty of measuring productivity in the public sector. 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 week’s episode of the IEA Podcast, Callum Price (Director of Communications), Tom Clougherty (Executive Director) and Kristian Niemietz (Editorial Director) analyse Prime Minister Sir Keir Starmer's recent "Plan for Change" speech. The speech set out Labour's vision for growth and public services. Whilst the speech contained some positive ambitions, such as building 1.5 million homes, it lacked a clear theory of change for how these goals can actually be achieved in practice. We explore how the planning system remains a fundamental barrier to progress across multiple policy areas. The conversation then turns to Labour's pledge for 13,000 new community police officers. While increased community policing is welcome, we examine how centralised government control over police hiring creates unintended consequences that reduce effectiveness. The panel also discusses the ongoing prisons crisis and how infrastructure challenges continue to hamper the criminal justice system. Finally, we tackle the latest immigration statistics showing net migration of over 900,000 last year. Our experts debate whether the traditional free market case for immigration needs updating given current numbers, while warning against throwing out liberal economic arguments entirely. The discussion explores how domestic policy constraints, particularly in housing and public services, shape the immigration debate. Or listen wherever you get your podcasts!We bring you a current 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

Join IEA's Communications Manager Reem Ibrahim as she sits down with Andy Mayer, Energy Analyst and COO, to discuss Labour's ambitious 2030 net zero plans and the role of nuclear power in Britain's energy future. Following his recent Telegraph article, Mayer explains why the current target of transitioning from 40% renewable energy to 100% by 2030 faces significant challenges, particularly due to the intermittent nature of renewable sources and the inefficiencies in the current gas backup systems. Mayer delves into the unintended consequences of legally binding net zero targets, arguing that they often lead to misallocation of resources and expensive, marginal projects. He explains how the UK has become a world leader in expensive energy while potentially wasting capital on inefficient infrastructure projects. The discussion highlights the delicate balance between energy security, affordability, and decarbonisation goals. The conversation then turns to nuclear power as a potential solution, with Mayer highlighting its impressive 90-95% efficiency rate compared to gas's 60%. He discusses the regulatory challenges that have made nuclear power station construction significantly slower in the UK compared to countries like South Korea, and proposes solutions including regulatory reform and the creation of nuclear freeports. The discussion concludes with insights into small modular reactors and addressing NIMBY opposition to essential infrastructure projects.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

The latest IEA Podcast tackles some of the most pressing issues in British politics today. Hosted by Executive Director Tom Clougherty, this episode dives into the zero-emission vehicle mandate and the broader push towards net zero, questioning the feasibility and costs of these ambitious goals. Joining Tom are Dr. Kristian Niemietz and Dr. Stephen Davies, who provide their insights into the policies shaping Britain's environmental future. The discussion then shifts to the ongoing realignment in British politics and what it means for the right and classical liberalism. With a Labour landslide that failed to ignite enthusiasm and persistent dissatisfaction among voters, the team explores how identity, economics, and ideology are reshaping political coalitions. This analysis offers a fresh perspective on how shifting priorities could redefine political alignments. Finally, the podcast casts a wide net over the current state of British politics, reflecting on the peculiar challenges and opportunities facing the country. From governmental missteps to structural challenges, the conversation cuts through surface-level commentary to examine the fundamental principles driving these debates. Our goal, as always, is to bring you a current affairs podcast with a difference. We want to go beyond the headlines and the shallow political commentary you may hear elsewhere and instead focus on the big ideas and underlying 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

Higher education is in crisis, and Peter Ainsworth, Author of the new IEA Publication 'Shares in Students', has a radical solution. In this podcast, he explains how universities are financially struggling, with graduates earning less and carrying massive debt. His proposal? Tie university funding directly to student employment outcomes. Ainsworth argues that the current system incentivises student recruitment, not student success. By redirecting loan repayments back to universities based on graduate earnings, institutions would be motivated to provide education that genuinely improves career prospects. He suggests removing bureaucratic regulations and allowing universities more flexibility in pricing. Drawing inspiration from medieval apprenticeship models, Ainsworth believes these reforms could transform the UK's higher education sector. With potential changes in the US system and declining international student numbers, he sees an opportunity for Britain to become the world's leading university destination by aligning educational and economic interests. 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 eye-opening episode of the IEA Podcast, Professor Len Shackleton dissects the UK government's latest "Get Britain Working" white paper. With the number of working-age people on benefits rising since COVID, the government is proposing initiatives like mental health consultant support, local trailblazer schemes, and youth work guarantees. Shackleton offers a critical perspective, arguing that the current proposals lack the financial muscle of previous New Labour approaches. He highlights concerns about the incentive structure for work, pointing out that benefits can sometimes be more attractive than low-wage jobs, and questions whether employers will be willing to hire given increased employment costs and regulations. The discussion also explores the complex landscape of mental health and work, with Shackleton suggesting a need for a balanced approach. He advocates for making work more attractive through tax reforms and creating a system where being employed is more appealing than unemployment - drawing on classical liberal principles of incentivising work while providing support for those with genuine health challenges. 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