IFS Zooms In: The Economy

Jack Meaning, Chief Economist at Barclays, and Ben Zaranko, Lead Researcher on Public Finances at the Institute for Fiscal Studies, delve into the complexities of the UK bond market. They discuss how government borrowing has surged post-pandemic and the shifting landscape of gilt investors. The duo reflects on the impact of the controversial Liz Truss mini-budget, investor confidence, and the implications for fiscal credibility. As government debt becomes costlier, they explore how upcoming budget decisions might influence economic growth and living standards.

Stuart Adam, a seasoned tax policy expert at IFS, and Dan Neidle, a tax lawyer and founder of Tax Policy Associates, delve into strategies for raising tax revenue ahead of the Chancellor's Budget. They explore the potential of income tax increases and the implications of freezing thresholds, while debating the fairness of taxing partnerships and reforming self-employed tax bases. The conversation touches on the complexities of landlord taxation and ideas for pension tax reform, ultimately advocating for coherent long-term tax reforms to improve revenue without harming the economy.

In this insightful discussion, tax policy expert Stuart Adam shares his expertise on the complexities of the UK's VAT system, exposing bizarre distinctions like the differing tax treatment of chocolate-covered and plain shortbread. He and co-host Ben Zarenko dive into the reasons economists favor VAT, while addressing its inefficiencies and regressivity misconceptions. The two explore the challenges of zero rates, exemptions, and how VAT reform could create a fairer tax landscape. Stuart emphasizes the need for broadening the VAT base to enhance efficiency and fairness.

Stuart Adam, an expert in housing taxation, is joined by IFS economist Ben Zaranko to tackle the complexities of the UK's property tax system. They delve into the absurdities of council tax based on outdated 1991 valuations and discuss how stamp duty discourages home moving, impacting housing allocation. The conversation highlights the need for reforms, such as a proportional council tax that could replace both council tax and stamp duty, ensuring fairness and efficiency in property taxation for all.

Joining the discussion are Stuart Adam, a Senior IFS economist known for his detailed analysis on taxation, and Ben Zaranko, an IFS researcher who makes complex topics more accessible. They delve into the contentious world of wealth taxation, examining why investment income is often taxed less than salaries. The pair highlight the challenges of implementing a wealth tax, including valuation issues and potential avoidance. They also explore the flaws in the UK's inheritance tax system, suggesting reforms to enhance equity and reduce evasion.

Stuart Adam, a Senior IFS tax expert, and Ben Zaranko, an IFS economist specializing in fiscal policy, delve into the intricacies of the UK's income tax system. They discuss the baffling two-tier tax structure and address the inefficiencies caused by cliff edges and frozen thresholds. The duo highlights how these issues distort work incentives and complicate financial planning for many, especially in the case of childcare subsidies. Moreover, they suggest merging income tax and National Insurance to simplify the system and enhance transparency.

Rachel Reeves is once again facing tough choices on tax and spending. After promising no further tax rises last autumn, the Chancellor could now see a sizeable downgrade to the borrowing outlook - enough to wipe out the limited ‘headroom’ she built into her fiscal plans last spring. To stick to her ‘iron-clad’ rules, Reeves may now need a sizeable fiscal consolidation through tax rises, spending cuts, or both.Helen talks to IFS economists Carl Emmerson and Ben Zaranko about why we’re back here again, what’s really driving the UK’s fiscal challenges, and what options the Chancellor has to get the public finances back on track. They discuss whether Reeves can stick to her fiscal rules, what role productivity and growth forecasts play, and how the government could avoid fiscal 'ground hog' day again.🎟️ Plus, we share details of our upcoming live recording at the British Library on 4th November, part of the ESRC Festival of Social Science.This episode is part of the 2025 Green Budget, our annual report exploring the Chancellor’s options.📘 Read more: https://ifs.org.uk/publications/green-budget-2025-full-report🎫 Sign up for our live podcast: https://ifs.org.uk/events/ifs-zooms-live-how-could-chancellor-raise-more-tax💡 Become a member: https://ifs.org.uk/individual-membership Hosted on Acast. See acast.com/privacy for more information.

The two-child limit stops most families on Universal Credit from claiming support for a third or later child — worth about £3,500 a year per child. Introduced in 2017, it’s now at the centre of a political debate, with the Chancellor under pressure to scrap or reform it in the November Budget.Helen talks to IFS economists Tom Waters and Christine Farquharson about why the policy was introduced, how it’s affected families and child poverty, and what the options are for changing or removing it.🎟️ Plus, we share details of our upcoming live recording at the British Library on 4th November, part of the ESRC Festival of Social Science. Sign up here: https://ifs.org.uk/events/ifs-zooms-live-how-could-chancellor-raise-more-taxBecome a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.

--> Sign up to our live podcast in London on 4th November: http://eepurl.com/jonGY-/From child benefit to winter fuel payments, debates over who really deserves support run through the history of the UK’s welfare state. In this episode of IFS Zooms In, we ask whether benefits should be universal, means-tested or contributory — and why the UK's benefits system has become one of the most means-tested in the developed world.Helen is joined by Nicholas Timmins (Institute for Government) and Tom Waters (IFS) to explore Beveridge’s original vision, the rise of means-testing and whether ideas like Universal Basic Income could work.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.

In this discussion, Matthew Savill, Director of Military Sciences at RUSI, and Max Warner, Senior Research Economist at IFS, dive into the implications of the UK's surge in defence spending. They examine historical trends, detailing the shift towards investment and the pressures of modernization. The guests debate whether this increased funding is a response to military needs or merely accounting adjustments. They also tackle how such spending might affect economic growth and the potential fiscal ramifications of committing to 3.5% of GDP for defence.