IFS Zooms In: The Economy

It’s manifesto week, and we’ll be coming to you with plenty of analysis of the promises, pledges and numbers. In this episode, we’ll dive into some work looking at the how the size and shape of the state have changed over recent decades, and how the tax system has changed since 2010. We'll also give our reaction to the Liberal Democrat manifesto. Find out more: https://ifs.org.uk/ Become...

The last few days have seen plenty of competing claims about tax rises, but very little discussion of the very tight fiscal situation facing the next government. What problems will they face? Can growth ride to the rescue? Also in this episode, we explore what's happened to the education system, from funding and teacher pay, to falling pupil numbers and the impact of COVID. Find out more: https://...

Since 2008, the UK economy has faced a series of shocks and challenges, leaving the next government with a difficult task. From low growth to falling living standards, we ask what structural problems the next government faces. We also tackle announcements on limiting tax rises, apprenticeships and the NHS waiting list. Find out more: https://ifs.org.uk/ Become a member: https://ifs.org.uk/individu...

In our first election special, we look at the broad economic picture and analyse announcements about the fiscal rules, the triple lock and tax. Find out more: https://ifs.org.uk/ Become a member: https://ifs.org.uk/individual-membership Hosted on Acast. See acast.com/privacy for more information.

After years of sluggish growth and flatlining productivity, a rare political consensus has emerged that growing the economy is one of the key priorities of the next government. With an election on the way, we're bound to hear pledges and policies on how to get the economy growing again. But how can we actually grow the economy? Can we get productivity growth back on track? And in what sectors can...

Today, we’re setting the stage for a key moment in UK politics — the upcoming spending review, expected this November. The spending review will set some £600 billion of departmental budgets from April 2025 onwards, and will be a crucial moment for the next government to lay out its priorities and plans for public services.  How should the incoming government go about doing the next spending r...

We often hear about government debt in the headlines. Currently the UK government owes around £2.65 trillion, nearly 100% of UK GDP - the value of all the goods and services produced in the UK in a year. How has the debt level grown? Should we aspire to reduce the debt? And do we need to worry about high debt to GDP ratios? Joining us today to answer all these questions and more, is David Miles, P...

In his Spring Budget, the Chancellor announced a 2% cut to National Insurance, amidst other measures on tax and spending. What will the impact of the measures be? How will it affect living standards? And what choices face the next Parliament? Joining us today are Helen Miller, Deputy Director at IFS and Ben Zaranko, Senior Research Economist at IFS. Find out more: https://ifs.org.uk/ Become a memb...

Since the pandemic, the size the NHS waiting list has been in the headlines almost constantly. At the start of 2023, Rishi Sunak committed to decreasing the size of the waiting list as one of his ‘five priorities’, and since then it has actually gone up.  So today, we’re going to dive into the NHS waiting list - what is it? How big is it? And is there a credible plan to get it back down? Join...

Over recent months, you may have seen local authorities warning that they are facing a funding crisis. Since 2021, six local authorities have declared themselves effectively bankrupt, and many other local authorities have reported that they may soon be forced to do the same. How did we end up here? Why are local councils facing funding pressures? And what can government do to help them? Joining us...

Income tax and National Insurance Contributions are our biggest taxes. Together they raise almost half of all tax revenues.  National Insurance Contributions were cut at the start of the year, but we’re in the middle of a multi-year freeze in tax thresholds that will amount to a tax rise of over £40 billion by the time it’s finished. And these are just the latest in a string of changes in how...

As we enter the new year, we take a look-ahead at what to expect in 2024. What will happen with the cost of living crisis? What might the Chancellor announce in his Spring Budget? What should we be looking out for during an election? This week, Paul is joined by colleagues Ben Zaranko, Helen Miller and Carl Emmerson to take a look at the stories which will define 2024. Find out more: https://ifs.o...

With an ageing population, the UK faces a series of significant challenges with regard to its state pension. The OBR estimates that spending on the state pension, pension credit and winter fuel payment is expected to rise by 1.2% of national income (£32 billion per year in today’s terms) by 2050. How does the state pension work? What are the problems with it? And how can we reform it to...

Inheritance tax is arguably the UK’s most unpopular tax - a recent YouGov poll found that just 20% of people deemed inheritance tax ‘fair’. Yet most people are unaffected by it - only a minority of estates currently pay inheritance tax. In this episode, Paul Johnson is joined by Arun Advani and David Sturrock to discuss the intricacies of inheritance tax. They cover the inequality inherent in the...

This week, the Chancellor delivered his Autumn Statement. After weeks of speculation about headroom, tax cuts and pre-election giveaways, the dye is cast and the policies are in. What was in it? What will the impact of his announcements be? And how sensible were the policies announced? Joining us today are Helen Miller, Head of Tax at IFS, Ben Zaranko, Senior Research economist and Tom Waters, Sen...

From jaffa cakes and gingerbread men, to fur skin coats and children's clothes, our VAT system and its byzantine rules seem, on the surface, to be a fun quirk of the UK tax system. But dig deeper, and one finds economic distortions and inefficiencies due to the complex way the UK's third largest tax is levied. Leading us through this maze of complexity are Helen Miller, Deputy Director and IFS tax...

Climate change used to be that rarest of things in British politics – an issue over which there was broad interparty consensus. That consensus saw Ed Miliband oversee the passing of the Climate Change Act in 2008, committing the UK to an 80 % reduction in greenhouse gas emissions by 2050; Theresa May enshrining of the target of net zero in law; and Boris Johnson going further still, increasing the...

Do you remember when politics was the domain of good chaps and a time when politicians could be trusted to stick to the rules? Ok, so maybe there was never quite such a rose-tinted age – but from lobbying scandals to accusations of minsters bullying their staff, standards in politics seem to have been slipping in recent years. So this week the Expert Factor team take a deep dive into standards and...

From HS2 cancellations to Heathrow’s still unbuilt third runway, the over-budget Elizabeth line to the repeated delays to the Hinkley C nuclear reactor, why is the UK so bad at infrastructure projects?  This week the Expert Factor team – Paul Johnson of the Institute for Fiscal Studies, Hannah White of the Institute for Government, and Anand Menon of UK in a Changing Europ...

Rising inflation, a cost of living crisis, striking public sector workers, the NHS facing another winter crisis… costs on the public purse are spiralling and government borrowing is being pushed still higher. So is it true to say there is no more money left? This week the Expert Factor team take a deep dive into the state of Britain’s public finances. What would it mean if we stick to current tax...

On the 22nd November, the Chancellor Jeremy Hunt will give his Autumn Statement. He will update MPs on the country's finances and the government's plans for tax and public spending, based on the latest forecasts from the Office for Budget Responsibility. In this episode, we speak to Carl Emmerson, Deputy Director at IFS and Ben Nabarro, Chief UK Economist at Citigroup, about the underlying economi...

Recently, Rishi Sunak announced significant changes to the UK's net zero pathway. A ban on the sale of combustion engines has been pushed back to 2035, instead of a 100% phase out of gas boilers by 2035, this has been changed to 80%, and he’s scrapped energy efficiency targets for homes. What is the impact of the announcement? Who will it affect? How will it alter the UK's path to net zero? Joinin...

Some politicians are keen to talk up global Britain. Others boast that the UK is world leader in, well, just about everything. But some say this is a country in non-stop decline. So what’s the true story? This week the Expert Factor team take a deep dive into Britain’s place in the world. How do other countries view the UK after a tumultuous time in Westminster? What is the state of the UK’s post-...

Subscribe to The Expert Factor feed: https://podcasts.apple.com/gb/podcast/the-expert-factor/id1709487231 A general election is looming. Manifestos are being drafted. The battle of ideas is intensifying. From tackling climate change to turning around the economy, rethinking Britain’s place in the world to restoring trust in politics, the UK is facing huge challenges. So how can we make sense of it...

From silicon chips to fertiliser, the last few years have shown us that where our materials come from matters massively to the stability of our economy. How we get stuff out of the ground, processed and into complex global supply chains is a vital and oft-overlooked part of our economy - with ramifications for government policy across all sectors. In this episode, we speak with Ed Conway, Economic...