IEA Podcast

In this Institute of Economic Affairs podcast, Communications Manager Reem Ibrahim hosts Executive Director Tom Clougherty and Editorial Director Kristian Niemietz for a wide-ranging discussion on Britain's broken systems. The conversation begins with Nigel Farage's proposal for transferable tax allowances between married couples, examining how the UK's individual taxation system creates massive inequities for families. They reveal the shocking reality that households with identical incomes can pay wildly different tax rates depending on how earnings are split, with some families facing effective tax rates of 60% due to the £100,000 personal allowance cliff edge.The discussion moves to junior doctors threatening fresh strikes over demands for a 29% pay increase, despite already receiving 22% rises in recent years. The hosts examine how the BMA's radical wing has taken control of negotiations and why the union opposes physician associates who could ease NHS pressures. They explore the fundamental problem of government-controlled healthcare where salaries aren't determined by market forces, creating a system prone to strikes as the only form of negotiation. The conversation reveals how public support for these strikes has significantly declined as patients suffer from cancelled appointments and procedures.The episode concludes with an examination of the booming space economy, now worth hundreds of billions and predicted to reach $1.8 trillion by 2035. Kristian reveals how space exploration has returned to its historical roots as a private sector-driven industry, with companies like SpaceX revolutionising costs and capabilities through competition rather than government "cost-plus" contracts. They discuss how innovations like Starlink are already transforming global internet access and explore future possibilities including asteroid mining and space-based energy that could fundamentally change life on Earth. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs event, Education Programs Manager Sam Cruickshank hosts Dr. Yaron Brook, Chairman of the Ayn Rand Institute and co-author of bestselling books including "Free Market Revolution" and "Equal Is Unfair." Dr. Brook delivers a compelling presentation on "The Morality of Capitalism," exploring why capitalism faces persistent moral objections despite its proven economic success. The discussion covers the fundamental conflict between society's condemnation of self-interest and capitalism's reliance on self-interested behaviour, examining how this moral framework undermines support for free markets.Dr. Brook argues that the root challenge facing capitalism isn't economic but philosophical - people reject capitalism not because it doesn't work, but because they perceive it as immoral. He traces this back to deeply ingrained cultural beliefs that label self-interest as evil and sacrifice as virtuous, leading to the welfare state and regulatory framework that constrains economic freedom. Brook presents Ayn Rand's alternative morality of rational self-interest, arguing that individuals should pursue their own long-term rational values and that true self-interest actually promotes productive, peaceful cooperation rather than exploitation.The presentation concludes with an extensive Q&A session covering immigration policy, the compatibility of Christianity with capitalism, monopolies in free markets, corporate responsibility in cases like tobacco companies, and equality of opportunity. Dr. Brook addresses concerns about Islamic immigration in Europe, defends the morality of allowing individuals to make their own choices about harmful products, and challenges conventional thinking about equality. Throughout, he maintains that only by embracing a morality that celebrates individual achievement and rational self-interest can capitalism be properly defended and implemented. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs event, Head of Communications Callum Price interviews Robert Jenrick MP, Shadow Secretary of State for Justice and former Minister of State for Immigration and Secretary of State for Housing. The conversation covers the biggest barriers to economic growth in the UK, examining how persistent low growth has been exacerbated by Labour's recent policies and the need for radical conservative solutions. Jenrick discusses his advocacy for fundamentally different energy policy focused on cheap and reliable energy, arguing that net zero by 2050 amounts to "unilateral economic disarmament" that is impoverishing Britain and deindustrialising the country. The discussion moves to planning reform and the housing crisis, with Jenrick explaining how "you cannot have economic growth if you can't build things" and advocating for massive densification of cities. He reveals shocking statistics about London's housing construction, noting that in the first three months of 2025, 23 out of 33 London boroughs didn't start building a single home. Jenrick also addresses the link between mass migration and the housing crisis, arguing that 80-90% of the housing deficit stems from immigration policies of the last 25 years. The conversation covers his views on judicial reform, the need to restore parliamentary sovereignty, and his criticism of activist judges who campaign against laws passed by Parliament. The interview concludes with audience questions on topics including conservative party renewal, welfare reform, tax policy, and energy strategy including fracking. Jenrick discusses the need for the Conservative Party to become a "radical party" that can address Britain's economic and societal decline, the importance of reaching young voters through social media, and his vision for supply-side reforms that go beyond simple tax cuts. He emphasises the moral case for conservatism and the urgency of political reform given competition from Reform UK on the right of British politics.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs Podcast, Callum Price hosts a discussion with Daniel Freeman (Managing Editor) and Kristian Niemietz (Editorial Director) examining fiscal responsibility challenges facing both the UK and US governments. The conversation focuses heavily on the UK government's U-turn on winter fuel payment cuts for pensioners - a £1.5 billion Treasury measure that faced significant political backlash and contributed to Labour's poor performance in local elections. The panelists explore why this relatively small spending cut proved politically impossible to sustain, despite the UK's mounting fiscal pressures and expanding state expenditure.The discussion delves into the broader problems with universal benefits and middle-class welfare, explaining how these programs create fiscal illusions where politicians redistribute money from taxpayers back to themselves while appearing to provide "free" benefits. Kristian Niemietz argues that age-related benefits are particularly difficult to reform because pensioners act as a focused political lobby, unlike the diverse working-age population. The conversation also examines how the economic position of pensioners has dramatically improved over the past 25-30 years, with many now having higher disposable income than working-age people, yet public perception remains outdated.The episode then shifts to comparing different fiscal approaches, contrasting the UK's high-tax, high-spend model with Trump's "Big Beautiful Bill" in America - a massive deficit-financed package combining tax cuts with increased spending on border security and defence. While the US has historically leveraged its reserve currency status to sustain larger deficits, the panelists warn that even America faces limits, with rising interest costs now exceeding defence spending. They conclude that sustainable fiscal policy requires addressing spending first before considering tax cuts, rather than relying on optimistic growth projections to balance the books.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs Podcast, IEA Executive Director Tom Clougherty interviews Sam Bowman, founding editor of Works in Progress magazine, head of publishing at Stripe, and board member at the Mercatus Centre at George Mason University. The conversation explores Bowman's journey from his early days at the Adam Smith Institute to his current work promoting progress studies - a movement focused on economic, technological and scientific advancement. They discuss the cultural shift against material progress in developed countries, comparing it to the more optimistic, improvement-focused mindsets still prevalent in Central and Eastern Europe, East Asia, and parts of the United States.The interview delves into Bowman's controversial thesis that Britain should be understood as a developing country rather than a frontier economy, arguing that the UK's growth problems stem primarily from barriers to building housing, infrastructure and energy projects rather than lack of technological innovation. They examine how housing shortages constrain economic growth by preventing people from moving to more productive locations, particularly in knowledge-based industries where proximity and agglomeration effects are crucial. The conversation also covers the decline of economic thinking on the political right, the rise of "keyhole solutions" as an alternative to elite persuasion, and the regulatory constraints that prevent Britain from catching up with more successful countries.The discussion concludes with Bowman's concerns about Europe's economic stagnation and intellectual complacency, contrasting this with his optimism about technology's potential to solve seemingly intractable problems - from obesity through new medications to the transformative possibilities of artificial intelligence. Throughout, both speakers emphasise that many of Britain's economic challenges could be addressed through relatively straightforward policy changes focused on removing barriers to construction and development, rather than requiring breakthrough innovations or complex new technologies.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs Podcast, Daniel Freeman interviews Lyman Stone, demographer and senior fellow at the Institute of Family Studies. The conversation explores the global decline in birth rates, examining why people across the developed world are having fewer children than they desire. Stone explains how skills-biased technical change, delayed marriage, and reduced in-person socialising have contributed to fertility rates falling below replacement levels, with countries like South Korea now experiencing particularly dramatic declines. Stone presents compelling evidence that people genuinely want more children than they're having, citing longitudinal survey data and studies of IVF patients that show undershooting fertility goals leads to decreased happiness and higher rates of depression. He argues this represents a genuine welfare loss rather than simply changing preferences. The discussion covers various policy responses, including cash transfers for families, which Stone demonstrates can effectively increase birth rates at a cost of roughly $200-400,000 per marginal child - a figure he argues represents good value given the economic benefits children bring to society. The interview concludes with an examination of non-fiscal policy solutions that can help close the fertility gap. Stone discusses research showing how economic freedom, particularly labour market flexibility, strongly correlates with higher fertility rates. He also explores how regulatory reforms around childcare, housing policy, and even seemingly minor issues like car seat requirements can collectively impact family formation. Stone advocates for deregulation in areas like childminding and emphasises that while cash transfers are effective, removing regulatory barriers offers a cost-effective complement to fiscal policy in supporting families who want more children.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs podcast, host Callum Price is joined by Communications Manager Reem Ibrahim and Editorial Director Kristian Niemietz to discuss the UK's recent economic performance and growth prospects. The conversation examines the first quarter's 0.7% growth figure - exceeding expectations by 41% - though the panel expresses caution about future performance given incoming challenges like increased employer National Insurance contributions and Trump's tariff policies. They analyse Labour's pivot to prioritising growth while noting the contradictions between their pro-growth rhetoric and policies like the Employment Rights Bill that may constrain economic expansion. The discussion moves to housing policy, particularly Sadiq Khan's recent acknowledgment that London needs to build on the greenbelt to meet its 80,000 annual housing target. Niemietz points out this reality should have been obvious years ago, referencing a decade-old Shelter report titled "Brownfield Isn't Enough." The panel explores how the greenbelt designation - much of which isn't actually green space - has artificially constrained London's growth since the 1950s, unlike other European cities like Paris that have expanded significantly. They debate whether Khan's announcement represents genuine reform or merely political positioning, noting his track record on affordable housing delivery remains poor. The final segment covers the 2025 Nanny State Index, revealing the UK has risen from 11th to 7th place among European countries for lifestyle restrictions, ranking first for tobacco regulations. Ibrahim highlights the lack of correlation between nanny state policies and public health outcomes, noting that economic growth shows stronger links to life expectancy than regulatory restrictions. The discussion emphasises how countries like Sweden achieve better smoking cessation rates through harm reduction approaches rather than punitive regulations, and warns that upcoming legislation like the Tobacco and Vapes Bill will likely push the UK even higher up the nanny state rankings.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs Briefing, IEA Communications Manager Reem Ibrahim is joined by Dr. Christopher Snowdon, Head of Lifestyle Economics at the IEA, to discuss the newly published 2025 Nanny State Index. The conversation explores this comprehensive ranking of European countries based on their paternalistic policies across nicotine products, food, soft drinks, and alcohol, examining how these regulations impact consumer freedom across 29 nations. Dr. Snowdon explains the methodology behind the index, which weighs various restrictions and taxes implemented for paternalistic rather than standard consumer protection reasons. Germany holds its position as the least restrictive country, while Turkey tops the rankings as the most paternalistic, followed by Lithuania, Hungary, Finland, and Ireland. The UK has risen from 11th to 7th place since the last index, marking a concerning trend towards greater lifestyle restrictions. The interview concludes with an analysis of why wealthier countries tend to have healthier populations - not due to nanny state policies, but because of higher GDP per capita. Dr. Snowdon highlights the lack of correlation between strict lifestyle regulations and improved health outcomes, noting that political motivations often include revenue generation and appearing to "do something" about public health issues. He warns that without public pushback and making high nanny state rankings a source of shame rather than pride, this trend towards increased paternalism is likely to continue across Europe.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs podcast, IEA Communications Manager Reem Ibrahim interviews Douglas Carswell, President and CEO of the Mississippi Centre for Public Policy, former MP, and co-founder of Vote Leave. The conversation examines Mississippi's remarkable economic transformation, where the state has achieved per capita GDP that now exceeds the UK, with both Germany in its sights. Carswell explains how Mississippi accomplished this through three key reforms: implementing a flat rate income tax that will be completely abolished by 2037, radical labour market deregulation including the elimination of most occupational licensing restrictions, and maintaining cheap energy by avoiding green policies that have negatively impacted other regions.The discussion moves to Carswell's educational expertise, particularly Mississippi's educational improvements through phonics-based reading instruction and mandatory grade retention for underperforming students. He highlights the school choice revolution sweeping America, with 15-16 states now offering universal school choice options, allowing parents to direct their per-pupil funding to any school of their choice. Carswell argues that this market-based approach to education could significantly improve standards and give parents genuine control over their children's education, drawing parallels to Milton Friedman's voucher system proposals.The interview concludes with Carswell outlining his comprehensive plan for Britain's economic revival, detailed in his recent work "Milestones: Nine Steps to Restore Britain." He diagnoses the UK's problems as stemming from 28 years of "Blairite" governance characterised by technocratic overreach, monetary stimulus as a substitute for genuine economic reform, and the belief that human nature is interchangeable. His proposed solutions include dramatic cuts to public spending by reducing welfare dependency, fundamental tax reforms including moves toward flat taxation, abolition of restrictive legislation like the Equality Act and Human Rights Act, and comprehensive planning reform to address the housing crisis. Carswell emphasises that Britain's problems are not merely economic but represent a deeper moral and cultural crisis requiring politicians to address forgotten communities who feel their country has been taken from them.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe

In this Institute of Economic Affairs Podcast, IEA Executive Director Tom Clougherty interviews David Friedman, renowned economist and author of "The Machinery of Freedom." The conversation explores Friedman's critique of modern trade policy discussions, which he compares to using "Ptolemaic astronomy" for contemporary issues. Friedman systematically dismantles common misconceptions about trade deficits, tariffs, and international commerce while explaining how exchange rates naturally balance trade between nations.David shares his insights on how tariffs harm both importing and exporting industries within a country, making the entire nation poorer by forcing less efficient production methods. The discussion also covers recent political developments, including Trump's trade policies, Argentina's economic reforms, and the prospects for libertarian principles in modern governance. Friedman explains why free market ideas often struggle politically despite their economic soundness.The interview concludes with an examination of immigration policy, private cities, and alternative governance systems. Friedman offers his perspective on monarchy as a governance structure and critiques various approaches to libertarian politics. Throughout the conversation, he demonstrates his characteristic analytical approach, drawing from both economic theory and historical examples to illustrate complex concepts in accessible terms.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. Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe