IEA Podcast

In this Institute of Economic Affairs Podcast, IEA Executive Director Tom Clougherty is joined by Managing Editor Daniel Freeman and Editorial Director Kristian Niemietz for a wide-ranging discussion covering three major policy areas. The conversation examines the spiralling costs and delays of HS2, which now has no fixed opening date despite ballooning to over £100 billion for a truncated route that no longer reaches Manchester or Leeds. They also debate whether classical liberals should abandon the term "liberal" in response to Rod Liddle's argument that the word has been captured by progressive movements, and conclude with an analysis of Donald Trump's proposed tax legislation extending the 2017 reforms. The discussion reveals how Britain's planning system makes infrastructure projects vastly more expensive than comparable European examples, with the French TGV between Tours and Bordeaux costing under €8 billion for the same distance as HS2's London-Birmingham route. The hosts argue that excessive consultation processes, environmental regulations, and multiple veto players have created a system where Britain struggles to build anything efficiently. On the liberal terminology debate, Niemietz pushes back against claims that "liberal" now means "woke," arguing that in Britain the term retains its classical meaning and that progressives themselves reject the liberal label. The Trump tax bill analysis highlights the contradiction between extending pro-growth measures from 2017 while introducing distortionary new provisions like exempting tips and overtime from taxation, plus car loan deductions for American vehicles only. Most concerning is the proposed withholding tax on foreign investment, which could undermine America's ability to attract international capital while simultaneously running massive deficits. The hosts suggest this reflects the administration's inconsistent approach to trade deficits and foreign investment, potentially threatening the dollar's reserve currency status that enables such fiscal flexibility. 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 Free the Power podcast, the IEA's occasional series on free market solutions to energy challenges, Chief Operating Officer Andy Mayer interviews Guy Newey, Chief Executive of the Energy Systems Catapult. The conversation explores the contentious debate over locational pricing in UK energy markets - a technical reform that could fundamentally reshape how Britain prices and distributes electricity. They discuss the transition from a centralised system of large coal and gas power stations to a distributed network of intermittent renewables, electric vehicles, heat pumps, and smart devices that requires millions of actors rather than dozens. Guy explains how Britain's current single national electricity price is becoming increasingly inefficient as the system evolves, leading to billions in constraint costs where wind farms are paid to switch off while other generators are paid to switch on elsewhere. He advocates for zonal or nodal pricing systems that would create regional electricity prices reflecting local supply and demand, potentially offering Scotland some of the cheapest energy in Western Europe while incentivising efficient placement of generation and storage. The discussion covers fierce industry opposition from renewable developers concerned about investment uncertainty, the potential for £3-4 billion in annual system efficiency gains, and the successful implementation of similar systems in markets like Texas. The interview concludes with an examination of the political challenges facing Energy Secretary Ed Miliband, who must balance Clean Power 2030 ambitions against industry warnings about slowed renewable investment. Guy argues that locational pricing could drive industrial revival, tackle fuel poverty, and position Britain as a leader in affordable clean energy. He emphasises that decarbonisation will only succeed at the necessary pace if clean energy solutions become cheaper and better than fossil fuel alternatives, making this pricing reform crucial for the UK's energy transition and economic competitiveness. 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, Communications Manager Reem Ibrahim interviews Christopher Snowdon, Head of Lifestyle Economics, about Quinn Slobodian's book "Hayek's B******s: The Neoliberal Roots of the Populist Right." The discussion examines Slobodian's controversial thesis that traces intellectual connections between free-market economists like Friedrich Hayek and Ludwig von Mises to the modern populist right movement, including figures like Donald Trump and Marine Le Pen. Snowdon critiques Slobodian's methodology, arguing that the author has worked backwards from his conclusion to cherry-pick tenuous connections between libertarian think tanks and populist politicians. The conversation explores how Slobodian mischaracterises key figures like Mises, who was consistently pro-open borders and anti-racist, and fails to acknowledge that modern populism fundamentally rejects core neoliberal principles like free trade and globalization. Snowdon highlights the irony that populist movements actually share more common ground with left-wing critics of neoliberalism than with free-market advocates. The interview concludes with analysis of why Slobodian's timing was particularly unfortunate, publishing just as Trump's return to power with explicitly protectionist policies undermines any supposed connection to Hayekian economics. Snowdon argues that rather than being disciples of free-market thought, today's populists represent a complete rejection of neoliberal principles, making Slobodian's central thesis fundamentally flawed. 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, Communications Director Callum Price is joined by Executive Director Tom Clougherty and Editorial Director Kristian Niemietz to examine the government's latest spending review. The conversation covers Rachel Reeves' announcement of increased NHS funding - another 3% real terms increase annually - while implementing spending cuts across most other departments through what they describe as "classic salami slicing" rather than genuine zero-based budgeting. They discuss how the government has abandoned any meaningful NHS reform agenda, reverting to simply throwing money at the health service despite previous promises of structural change.The hosts analyse the broader economic context, noting that GDP shrank 0.3% in April while national debt sits at around 100% of GDP with over £100 billion spent annually on debt interest. With taxation at generational highs and borrowing costs extremely elevated, they argue the government faces an inevitable fiscal black hole that may require further tax increases come autumn. The discussion critiques the government's approach to capital spending, which focuses heavily on defence and social housing rather than growth-generating infrastructure.The conversation concludes with an examination of missed opportunities for genuine economic reform, particularly in housing and planning where the government could deliver significant growth through deregulation rather than subsidies. They argue that despite Labour's stated focus on growth as their "number one mission," the actual policies - from employment rights legislation to continued planning restrictions - point in the opposite direction. The hosts express frustration at the government's failure to pursue supply-side reforms that could address the UK's fundamental economic challenges without requiring additional public spending. 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, Communications Manager Reem Ibraham interviews Kristian Niemietz, Editorial Director, who has written a piece in The Telegraph entitled "The NHS Truths the Left Don't Want You to Hear." The conversation examines whether the NHS was ever truly the best healthcare system in the world, with Niemietz arguing that it never was, despite popular belief in a "lost golden age." They discuss how the NHS has consistently lagged behind other developed countries' healthcare systems across measurable clinical outcomes, avoidable mortality rates, and cancer survival rates, challenging the narrative that recent funding cuts are responsible for current failings. Niemietz debunks the myth of systematic NHS defunding, explaining that while budget growth slowed in the 2010s, the system was never actually starved of funds as commonly claimed. He argues that the assertion of deliberate underfunding to enable privatisation makes no theoretical sense, as poor NHS performance typically leads to calls for more spending rather than privatisation. The discussion covers how Health Secretary Wes Streeting initially presented himself as a radical reformer but has since moved away from fundamental institutional changes, focusing instead on minor adjustments around the edges. The interview concludes with Niemietz outlining his vision for genuine NHS reform, drawing on examples from countries like the Czech Republic, Slovakia, and East Germany that successfully transitioned from NHS-type systems to social insurance models. He proposes a gradual transformation that would maintain current arrangements as a default option while opening up new choices for those who want them, allowing the system to evolve over time without disrupting care for those who prefer the status quo. Niemietz argues that such transitions have been accomplished elsewhere in less than a decade without significant disruption to patients. 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, IEA Director of Communications Callum Price interviews David Seymour, New Zealand's Deputy Prime Minister, Minister for Regulation and leader of the ACT Party. The conversation covers New Zealand's productivity challenges and Seymour's landmark Regulatory Standards Bill, which would establish statutory principles for good regulation based on protecting liberty and property rights. They discuss how New Zealand is tackling government bloat through fiscal restraint, cutting spending growth to just 0.9% while facing significant demographic pressures from an aging population.Seymour explains his approach to welfare reform, arguing that one in six working-age New Zealanders being on benefits is unsustainable, and outlines plans to raise the pension age incrementally. The discussion explores how his government has successfully introduced charter schools outside union control, allowing innovative employment models and tripling staff-to-teacher ratios in some cases. He criticises the education system's prioritisation of union interests over children's outcomes and describes the rapid implementation of seven new charter schools within 15 months of taking office.The interview concludes with Seymour's analysis of New Zealand's planning reform, replacing sustainability-based resource management law with property rights-focused legislation. He argues that current planning systems have become so restrictive they're "destroying who we are as a country," citing how the climbing walls where Sir Edmund Hillary supposedly learned to climb have been closed for health and safety reasons. Seymour advocates for a system where property owners can develop freely unless they materially impact others' property rights, moving away from subjective sustainability assessments that cost billions and create massive uncertainty. 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, Communications Director Callum Price hosts Executive Director Tom Clougherty and Editorial Director Kristian Niemietz for a wide-ranging discussion on three major political and economic issues facing Britain. The conversation covers the government's troubled handling of winter fuel payment reforms, examining how Labour's partial U-turn reveals the deeper political challenges of reforming old-age benefits in an ageing society. They also explore Conservative leader Kemi Badenoch's new focus on tackling "lawfare" and her party's plans to potentially withdraw from the European Convention on Human Rights, discussing how legal activism and judicial overreach are constraining democratic governance and economic decision-making. The discussion delves into the concerning fiscal projections showing Britain faces an additional 11% of GDP in spending on elderly care, pensions and benefits - equivalent to doubling income tax bills. Niemietz explains how ageing demographics create powerful political incentives that make meaningful reform extremely difficult, even for governments with large majorities. The hosts examine how the current system of fiscal churn sees almost everyone both paying high taxes and receiving benefits simultaneously, arguing for more fundamental integration of the tax and benefit systems along the lines of Milton Friedman's negative income tax proposals. The conversation concludes by analysing recent economic speeches from Rachel Reeves, Mel Stride and Nigel Farage, revealing the tensions within each party's approach. They discuss Labour's contradictory mix of industrial strategy rhetoric constrained by fiscal reality, Reform's populist tax cuts funded by questionable savings projections, and the Conservatives' renewed focus on supply-side reforms while grappling with their poor track record in government. The hosts argue that Britain needs fundamental state transformation rather than incremental changes, but question whether any current political party truly grasps the scale of reform required to restore economic dynamism. 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, Communications Manager and Linda Whetstone Scholar Reem Ibrahim interviews Mike Morgan-Giles, CEO of the Cannabis Industry Council and Liberal Democrat District Councillor. The conversation covers the current state of medical cannabis regulation in the UK, examining how 2018 law changes have created a growing private prescription market of around 50-60,000 patients while NHS access remains severely limited by NICE guidelines. Mike explains the stark differences between UK cannabis policy and more liberal approaches in countries like Germany, Canada and Australia, where GPs can prescribe cannabis medicines. They discuss the scientific evidence supporting medical cannabis for chronic pain and other conditions, addressing common misconceptions about cannabis use versus misuse. The interview also explores the regulatory barriers preventing GP prescribing, the Home Office's role in medical policy, and why doctors are more comfortable prescribing opioids than cannabis despite safety profiles. The discussion extends to industrial hemp's potential for decarbonising construction through products like hempcrete, which offers superior insulation and carbon capture compared to traditional building materials. Mike outlines the Cannabis Industry Council's policy priorities including moving regulation from the Home Office to health departments, enabling GP prescribing, reforming research restrictions, and updating NICE guidelines to accept real-world evidence. The conversation concludes with analysis of political positions across parties and the broader case for evidence-based drug policy reform, including emerging research on psilocybin for depression treatment. 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, IEA Executive Director Tom Clougherty interviews Johan Norberg, author of the new book "Peak Human: What We Can Learn From the Rise and Fall of Golden Ages." Norberg, a prominent figure in the global freedom movement since his 2001 work "In Defence of Global Capitalism," explores what makes civilizations flourish and why they eventually decline. The conversation examines the essential preconditions for golden ages throughout history, including the importance of openness to other cultures, innovation, rule of law, and a crucial psychological element - the cultural optimism and self-belief that drives societies toward progress.The discussion covers fascinating historical case studies from Norberg's book, including the Abbasid Caliphate in Baghdad, the Dutch Republic, and the Anglosphere golden age that began with the Glorious Revolution. Norberg argues that successful civilisations both imitate and innovate, learning from other cultures while creating new combinations of ideas and technologies. He identifies concerning parallels between today's populist right and woke left, both of which reject the cultural openness that has historically driven progress. The conversation also explores the accumulation of veto powers and interest groups that gradually stifle innovation, drawing connections to theories by economists like Mancur Olson.The interview concludes with an examination of whether our current golden age can be sustained indefinitely. Norberg discusses the threats facing Western civilisation, including aging populations, excessive regulation, and the potential retreat of American global leadership. However, he maintains cautious optimism, arguing that civilisations decline through choices rather than natural aging, and that the classical liberal emphasis on individual agency and institutional reform offers hope. The conversation touches on the Industrial Revolution's true legacy, the importance of urbanisation for progress, and the challenge of making liberalism inspiring in an age of quick political fixes. 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, 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. 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