IEA Podcast

In this episode of Free the Power, the IEA’s COO and resident Energy Analyst Andy Mayer interviews Kathryn Porter, independent energy consultant and founder of Watt-Logic. The conversation examines the devastating blackouts that hit Spain and Portugal on April 28th, 2025, when the entire Iberian Peninsula went offline for ten hours, resulting in eleven fatalities. Porter provides detailed analysis of how renewable energy systems contributed to the cascade failure, starting with a malfunctioning solar inverter that created voltage oscillations across the grid.Porter explains the complex physics behind grid stability, revealing how conventional power stations with heavy spinning turbines provide essential inertia that keeps electricity systems stable, while renewable sources using electronic inverters create vulnerabilities. She details how widespread non-compliance with grid codes by renewable generators caused frequency deviations that ultimately triggered the system-wide collapse. The discussion covers the dangerous ten-hour "black start" process required to restore power, where engineers must carefully synchronise power stations one by one to avoid damaging equipment.The interview concludes with warnings about similar risks facing Britain's electricity system. Porter identifies critical vulnerabilities including inadequate demand forecasting that hasn't been updated in decades, aging infrastructure from the 1970s nearing end-of-life, and over-reliance on imports from European neighbours who are themselves facing energy shortages. She criticises National Grid ESO and Ofgem for prioritising net zero messaging over system security, arguing that current policies are creating dangerous conditions that could lead to blackouts costing lives.Check out Kathryn’s work here. 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 Institute of Economic Affairs interview, our Director of Communications Callum Price interviews Sam Richards, CEO of Britain Remade and former special adviser at 10 Downing Street. The conversation examines Britain's fundamental growth problem - the country's inability to build essential infrastructure. Richards argues that underpinning Britain's economic challenges, from the world's highest industrial energy costs to London being Europe's most expensive city for housing, is the fact that Britain has effectively banned building across energy, transport and housing sectors.Richards traces the roots of Britain's building crisis back to the 1947 Town and Country Planning Act, which he describes as creating a uniquely restrictive system where the state has veto power over private land use. The discussion covers the absurd costs of environmental regulations, including the £121 million bat tunnel and 80,000-page planning applications for 3.3 miles of railway track. He criticises the current environmental protection system as failing both development and nature, with all natural indicators in decline despite blocking essential infrastructure. The conversation also addresses Scotland's nuclear ban, despite nuclear being the safest form of energy, and the need for zonal pricing to incentivise local energy infrastructure acceptance.The interview concludes with an assessment of the current Labour government's planning reforms, which Richards argues fail to deliver the radical wholesale changes needed. Despite rhetoric about backing builders over blockers, he suggests the government's planning bill merely adds another regulatory layer rather than fundamentally reforming the discretionary system. Richards advocates for three key changes: scrapping habitats regulations for strategic conservation, shifting to a zonal planning system, and unbanning nuclear power in Scotland to unlock Britain's economic growth potential.Find Britain Remade here. 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 Institute of Economic Affairs Podcast, Director of Communications Callum Price hosts a discussion with IEA Executive Director Tom Clougherty and Managing Editor Daniel Freeman on Britain's escalating fiscal crisis and the government's response. The conversation examines why UK borrowing costs have reached their highest levels since 1997 - famously dubbed "the highest since Geri Halliwell left the Spice Girls" - making Britain consistently the worst performer among G7 countries for government debt costs.The panel dissects the three key factors driving this crisis: declining investor confidence in fiscal policy credibility following government U-turns on Winter Fuel Payments and benefit reforms, the Bank of England's continued quantitative tightening programme, and persistently high UK inflation rates. With annual interest payments now reaching £110 billion - five times the entire policing budget and double defence spending - the government faces a potential £25-50 billion fiscal gap. Clougherty explains how this creates a dangerous "fiscal doom loop" where higher borrowing costs force more borrowing, which drives rates even higher. The discussion explores proposed solutions including National Insurance contributions on landlords' rental income, though Freeman warns this could drive more landlords from the market and worsen housing supply. They also examine proposals for windfall taxes on banks' quantitative easing reserves, with Clougherty arguing this resembles "bank robbers' modus operandi" and could increase borrowing costs for ordinary consumers.The podcast concludes with analysis of Trump's dramatic shift toward state capitalism, including government stakes in Intel and profit-sharing deals with Nvidia. Clougherty highlights how this represents a fundamental departure from free market principles, with Trump explicitly stating he will help companies "willing to make lucrative deals" with his administration. The panel discusses how this personalised industrial policy transforms business-government relations and marks a significant cultural shift in the Republican Party, with formerly mainstream conservative voices now reluctant to criticise state intervention in private markets. 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 Institute of Economic Affairs interview, our Executive Director Tom Clougherty interviews Professor Cass Sunstein, former Obama administration official and co-author of "Nudge", discussing his new book "On Liberalism: In Defence of Freedom". The conversation explores Sunstein's "big tent liberalism" that encompasses figures from Reagan to Roosevelt, examining how liberalism can unite diverse political perspectives around core commitments to pluralism, freedom, and the rule of law while accommodating different views on economic policy and social issues.Sunstein defends his concept of "experiments in living" as central to liberal philosophy, drawing from John Stuart Mill's ideas to argue that liberalism should protect people's freedom to pursue different ways of life, from entrepreneurial ventures to alternative communities. He discusses how this principle applies to both social freedoms and economic liberty, criticising excessive occupational licensing restrictions that prevent people from pursuing their chosen paths. The conversation also examines Hayek's contributions to liberal economics, particularly his insights about dispersed knowledge and the price system, while exploring how behavioural economics can complement rather than contradict Hayekian thinking.The interview concludes with Sunstein's defence of "nudging" as a liberal approach to policy-making that respects individual choice while helping people make better decisions for themselves. He addresses criticisms from both libertarians who see nudges as paternalistic and progressives who want more aggressive interventions, arguing that educative and architectural approaches can guide people toward better outcomes without coercion. Despite challenges from both illiberal left and right movements, Sunstein remains optimistic about liberalism's future, suggesting that threats to liberal values are causing people to rediscover their importance.Pre-order “On Liberalism: In Defence of Freedom” here. 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 Institute of Economic Affairs Podcast, Head of Media Reem Ibrahim hosts a discussion with IEA Executive Director Tom Clougherty and Managing Editor Daniel Freeman on the government's upcoming budget and various tax policy proposals currently being floated. The conversation covers a "tax proposal extravaganza" including potential reforms to property taxation, capital gains tax on primary residences, pension lump sum changes, and inheritance tax modifications. They examine how these proposals might affect the UK's fiscal position ahead of the anticipated autumn budget, with the government facing a significant fiscal gap of potentially up to £50 billion.The discussion delves into the economic impacts of stamp duty and why replacing it with a proportional property tax could benefit the housing market, though the political challenges remain substantial. Clougherty explains how stamp duty creates harmful distortions by discouraging property transactions and keeping people in unsuitable homes, while Freeman highlights the contradiction between economically damaging taxes often being less politically unpopular. They also analyse proposals for capital gains tax on primary residences, concluding it would likely raise little revenue due to its similar distortionary effects to stamp duty, and examine potential changes to pension tax relief and inheritance tax rules.The podcast concludes with an examination of recent research on universal basic income trials in the United States, where studies have shown disappointing results despite significant financial investment. Freeman explains how these trials, involving hundreds of participants receiving up to $1,000 monthly, failed to produce the expected improvements in health, education, or mental wellbeing outcomes, with the only consistent effect being reduced work hours. The discussion touches on how these findings relate to the UK's current benefit system and the importance of work requirements and conditionality in welfare provision. 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 Institute of Economic Affairs briefing, our Head of Media, Reem Ibrahim, interviews Chris Snowdon, Head of Lifestyle Economics, about his new discussion paper "Anti-Capitalism and Public Health." The conversation examines how public health discourse has evolved from targeting specific industries like "big tobacco" and "big food" to attacking what academics call "commercial determinants of health" - essentially any profit-making enterprise. They discuss how major institutions including The Lancet, British Medical Journal, and World Health Organisation have embraced anti-capitalist rhetoric, with some academics viewing economic growth itself as harmful to public health.Snowdon explains how public health experts have expanded their scope beyond traditional health concerns to critique free trade, economic growth, and commercial activities generally. He highlights concerning examples, including a former WHO advisor who praised China's Covid lockdowns as proof that "switching off capitalism protects us from ourselves." The discussion reveals how this movement draws inspiration from "Doughnut Economics" and promotes policies that would fundamentally reshape economic systems rather than address specific health issues.The interview concludes with concerns about the political influence of public health campaigning on British policy. Snowdon argues that politicians have proven susceptible to activists claiming scientific authority while pursuing anti-business agendas, resulting in policies like minimum alcohol pricing, sugar taxes, and generational tobacco bans. He warns that the public should understand the ideological motivations behind campaigns presented as neutral, evidence-based public health interventions.Read the full publication here.Read the press release here. 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 Institute of Economic Affairs interview, the IEA’s Director of Communications Callum Price sits down with Sir Simon Clarke, former Conservative MP, Treasury Chief Secretary, and current Director of Onward. The conversation tackles Britain's housing crisis, with Clarke arguing the UK is 4-5 million homes short and criticising government climbdowns on planning reform. He advocates for densifying cities while challenging the "brownfield only" mindset, calling for a more realistic approach to building on lower-value countryside sites including golf courses and poor agricultural land.Clarke delivers a stark assessment of Britain's economic challenges, warning that the state is spending too much and describing a cultural shift where wealth creation has become viewed with suspicion rather than celebrated. He identifies a "doom loop" where excessive spending requires higher taxes on wealth creators, damaging growth and necessitating even more spending. The discussion covers welfare reform, with Clarke highlighting that 1.2 million more people are now on health-related benefits since February 2020, calling this statistically implausible and economically damaging.The interview concludes with Clarke's prescription for economic revival: aggressive housing supply reform, curbing state spending including scrapping the pension triple lock, tax cuts starting with reversing National Insurance increases, and regulatory reset embracing Brexit opportunities. He argues the next Conservative government must leave the European Convention on Human Rights to restore democratic control and calls for a fundamental cultural reset similar to the 1980s transformation, warning that Britain cannot assume prosperity as of right but must actively pursue policies that enable success. 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 Institute of Economic Affairs podcast, the IEA’s Head of Media Reem Ibrahim interviews Stan Veuger, Senior Fellow in Economic Policy Studies at the American Enterprise Institute. The conversation examines the dramatic shift in Trump's second-term trade policy, including unprecedented 25% tariffs on Canada and Mexico, the "reciprocal tariffs" announced in April affecting virtually every country globally, and the resulting economic turbulence that saw US GDP growth slow from 2.8% to just 1.2%. Veuger explains how these policies represent Trump's longstanding mercantilist worldview rather than strategic negotiating tactics, and discusses the ongoing legal challenges that could potentially overturn the tariff regime.The discussion explores the macroeconomic consequences of both trade and immigration restrictions, with Veuger detailing how the administration has effectively reduced net migration to near zero through deportation efforts and eliminating legal pathways like humanitarian parole programs. He argues this represents a significant drag on economic growth, contributing to the broader slowdown alongside trade disruptions. The conversation covers which industries are most affected, from manufacturing sectors dependent on intermediate goods imports to service industries that rely on immigrant labor.Veuger concludes by examining the political landscape around these policies, noting the limited Congressional appetite for challenging Trump's approach and why legal challenges may offer the best hope for rolling back protectionist measures. He discusses the fiscal implications of tariff revenue collection, the constitutional questions around executive power in trade policy, and offers his predictions for potential policy reversals under future administrations. The interview provides crucial insights into how economic nationalism is reshaping American trade and immigration policy with global implications. 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 Institute of Economic Affairs podcast, Director of Communications Callum Price is joined by Editorial Director Kristian Niemietz and Managing Editor Daniel Freeman for a wide-ranging discussion on Britain's current challenges. The conversation covers the heated debate around Fraser Nelson's controversial Times article on crime statistics, examining why public perception of rising crime clashes with data showing overall decreases, and the role of social media and visible crimes like shoplifting in shaping these perceptions.The discussion moves to economic policy constraints, analysing Stephen Bush's Financial Times piece on the post-Truss fallout and Britain's relationship with OBR forecasts. Niemietz and Freeman examine whether the UK has become too slavish to independent economic projections and how the obsession with "progressive" tax policies creates dangerous distortions in the system. They debate the Resolution Foundation mindset that every policy must benefit lower earners more than higher earners, even when this creates cliff edges and economic inefficiencies.The podcast concludes with a critical examination of Britain's deteriorating free speech landscape, triggered by the US State Department's human rights report citing the UK for restrictions on expression. From the Online Safety Act to 12,000 annual arrests for online speech, the hosts discuss how well-meaning legislation has created a self-reinforcing spiral of censorship. They argue that without principled defence of free speech from political leaders, Britain risks sliding further into authoritarianism through the accumulation of seemingly reasonable individual restrictions.Fraser Nelson’s Times article can be found here.Stephen Bush’s FT article can be found here.Read more about the US State Department’s human rights report here. 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 Institute of Economic Affairs Free the Power podcast, the IEA’s Andy Mayer interviews Nicholas Leighton-Hall from the Marginal Cost of Everything blog about the recent government decision to reject zonal pricing for UK electricity markets. The conversation examines how political considerations overtook economic rationality in this crucial energy policy decision, exploring the complex dynamics between electricity generation in Scotland, demand in southern England, and the costly constraint payments that result from current market structures.Nick explains how zonal pricing could have addressed fundamental inefficiencies in the UK's electricity system, including the billions spent annually on constraint payments - where wind farms are paid not to generate electricity when transmission infrastructure can't move power from Scotland to high-demand areas in the south. The discussion reveals how this policy could have been a genuine leveling-up measure, with lower electricity prices in more deprived northern areas and higher prices in affluent southern constituencies.The interview explores the behavioural economics behind the government's decision-making, examining how loss aversion and political pressures from previous U-turns on winter fuel payments and welfare reforms created a pattern of backing down from difficult decisions. They discuss how the government's alternative of "reformed national pricing" using transmission charges attempts to replicate zonal pricing benefits through central planning rather than market mechanisms, and why this approach may prove ineffective in practice. 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