IFS Zooms In: The Economy

From council tax and stamp duty to business rates and taxes on landlords, the UK’s system for taxing property is complicated, inconsistent, and long overdue for reform. Homes aren’t just places to live - they’re also assets and a major form of saving - which makes deciding how to tax them especially tricky. In this episode, Helen is joined by Stuart Adam and Ben Zaranko to explore how property is...

In the second episode of our mini-series on how to fix the UK’s tax system, Helen is joined by Stuart Adam and Ben Zaranko to explore one of the most contentious areas of taxation - savings and wealth. Why do people who earn through investments often pay lower taxes than those earning a salary? Why do business owners and landlords sometimes end up both undertaxed and overtaxed? And could an annual...

In the first episode of our new mini-series on how to fix the UK’s tax system, Helen is joined by Stuart Adam and Ben Zaranko to explore income tax - the cornerstone of government revenue, and one of the most confusing parts of our system. Why do we have two separate taxes on earnings? Why do odd kinks and cliff edges exist that distort behaviour? And what would a well-designed income tax actually...

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 c...

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, h...

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 G...

The UK has promised to raise defence spending to levels not seen since the 1980s. That means tens of billions more pounds each year, with big implications for the armed forces, the economy, and the public finances. In this episode, Helen speaks to Matthew Savill (RUSI) and Max Warner (IFS) about what defence spending actually pays for, how it has changed over time, and what the government’s new co...

This week, we turn the tables and put your questions to the experts. From childcare and early years, to schools, apprenticeships, and family life — listeners sent in brilliant questions on the challenges facing children and young people today. Helen Miller is joined by Christine Farquharson and guests Carey Oppenheim, Sam Freedman, Philip Augar, and Anne Longfield to discuss: - Should mothers be s...

Nearly a third of children in the UK live in relative poverty, and rising numbers face material deprivation. The government’s Opportunity Mission pledges that every child should grow up in a safe, loving home and that families should be able to afford the essentials — but how close are we to that goal? In this episode of IFS Zooms In, Helen Miller is joined by Christine Farquharson (IFS) and Baron...

What happens after GCSEs, and how well does England’s education system support young people as they move into adulthood? The government’s  Opportunity Mission  sets out to “build skills for opportunity and growth,” aiming to give every young person a pathway that’s right for them. In practice, that means navigating a system divided between academic routes, like A levels and university, a...

Are England’s school-aged children thriving – or are too many being left behind? The government’s Opportunity Mission promises to end the link between a child’s background and their future. But with rising absences, a growing mental health crisis, and a SEND system under strain, how close are we to that goal? In this episode of IFS Zooms In, Helen Miller is joined by Christine Farquharson (Associa...

Are England’s youngest children getting the best possible start? Or are too many beginning school already behind? One of the government’s five ‘missions’ is to break down barriers to opportunity by tackling inequalities in early childhood. Its ‘Best Start in Life’ strategy aims for 75% of children to reach a ‘good level of development’ by age five - but with only 68% meeting that bar today, how am...

Is the UK heading for a fiscal crisis? Or can policymakers still steer the public finances back to a sustainable path? The Office for Budget Responsibility’s latest Fiscal Risks and Sustainability report warns that, without action, UK government debt could climb above 270% of GDP by the 2070s - driven by rising borrowing, an ageing population, and the fiscal impacts of climate change. In this epis...

Has Keir Starmer’s Labour government really brought in a “new way of doing government”? Or are its five missions more rhetoric than reality? To mark the one-year anniversary of Labour’s 2024 general election victory, the Institute for Fiscal Studies and the Institute for Government held a joint event exploring the government’s approach to governing – and whether its decisions, trade-offs and spend...

Today, we’re zooming out to ask: what are the biggest economic challenges facing the UK in the years ahead? As Paul Johnson hosts his final episode before stepping down as IFS director, he’s joined by incoming director Helen Miller to reflect on the country’s fiscal outlook, the importance of economic growth, and the pressures of an ageing population. With rising demands on public services, debate...

Today, we’re asking whether people in the UK will be able to afford a decent standard of living in retirement. While the foundations of the system—like the state pension and automatic enrolment—are strong, there are growing concerns. Rising state pension ages, the unpredictability of the ‘triple lock’, low private saving rates, and the complexity of managing pension wealth in later life all pose c...

Today, we’re looking back at one of the most ambitious policies ever introduced for young children in England – Sure Start.    Launched by the Labour government in 1999, Sure Start aimed to give every child the best start in life by bringing together early education, childcare, health services, and parental support under one roof. At its peak, more than 3,000 centres were operating acros...

Delays in the Crown Court are at record highs, despite more funding and longer court hours. So what’s really causing the growing backlog of serious criminal cases in England and Wales? In this episode, Paul Johnson is joined by Ben Zaranko (IFS) and Cassia Rowland (Institute for Government) to explore why court productivity may have slowed, what the consequences are for victims and defendants, and...

In this episode, we unpack the government's 2025 Spending Review with analysis from experts at the IFS. Paul is joined by Helen Miller and Ben Zaranko to discuss what the Chancellor’s plans mean for public services, government investment, and the broader economic outlook. Become a member: https://ifs.org.uk/individual-membership Find out more: https://ifs.org.uk/podcasts-explainers-and-calculators...

Rising tariffs, deepening tensions between the US and China, and a growing wave of protectionism—are we witnessing the unravelling of globalisation as we know it? In this episode of IFS Zooms In , Paul is joined by Professor Meredith Crowley (University of Cambridge) to explore the shifting landscape of global trade. Together, they unpack why trade barriers are rising, how trade wars are reshaping...

It's been two months since the government first announced its plans to enact the largest welfare reforms for a generation, aiming 'to help sick and disabled people who can and have the potential to work into jobs’. Since then, there has been considerable debate about the consequences of these reforms. But why does the government want to implement reforms in the first place? How does the current sy...

This week, we’re looking at corporation tax, which was introduced 60 years ago. Across the decades there have been no shortage of predictions that corporate tax revenues will decline, and yet the tax is forecast to raise record amounts in the coming years.  To pick all of this apart, and to see how Donald Trump and tariffs play into the story, IFS Director Paul Johnson is joined by Amanda Tic...

This week, we look at the Spring Statement. What were the decisions and trade-offs made by Chancellor Reeves? To pick this apart, IFS Director Paul Johnson is joined by IFS Associate Directors Ben Zaranko and Tom Waters. Become a member: https://ifs.org.uk/individual-membership Find out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for...

This week, we’re looking at The Schools Bill. The bill, which has the full title of The Children’s Wellbeing and Schools Bill 2024-25 , covers children’s social care and education.   The aim of the bill, as stated on the House of Commons Library website, is to “improve the safeguarding of children and to raise educational standards”. We’re going to be focusing on the schools components.&...

As baby boomers hold an increasing share of wealth, younger generations are finding it harder to build financial security, often relying on family support for major milestones like homeownership. In her book Inheritocracy , Eliza Filby argues that – because of this – baby boomers have been good parents but not always great citizens. To explore the issue, IFS Director Paul Johnson is joined by Eliz...