IFS Zooms In: The Economy

Early education and childcare can have a critical impact both on helping children to develop and in supporting parents, especially mothers, to work.   In recent months, reports of soaring childcare costs and staff shortages combined with the wider cost of living crisis have pushed government to act. But how expensive is childcare in the UK? How does it stack up against other countries? What c...

**We will be back next week with a new episode ** In the past decade, the UK has seen some of the slowest rates of productivity growth of the OECD countries, with output per hour and real wages no higher today than they were prior to the global financial crisis. Why is a high-tech, developed economy like the UK struggling to be more productive? What policies can government implement to get product...

In 2030, motorists in the UK won't be able to buy fossil fuel powered vehicles from showrooms anymore. To incentivise a shift to an all-electric future, the government is giving considerable tax breaks to the owners of electric vehicles (EVs) to stimulate uptake. However, as more and more people move away from fossil fuels, the government stands to lose billions of pounds in tax revenue - unless i...

Since 2012, students have been paying considerably higher tuition fees, and borrowing more money in the form of student loans. The average graduate racks up a total average debt of £45,000 and only a minority of students under the current system will ever pay these loans back in full. By the middle of the century, the government forecasts the unpaid student loans debt to be around £560 billion. In...

** This is an episode from 2021. We will return with a new episode next week ** The food we eat and the way it is produced impacts not only our health and lifestyles, but also our carbon footprints. The recent National Food Strategy report commissioned by the government and published this summer proposes measures to improve our health, reduce strain on the NHS and make our food culture healthier a...

Taxing multinational corporations more fairly is often presented in the media is a no-brainer - an open goal for government to increase tax revenue and cut down on tax avoiding behaviour. But what seems like a simple policy is in fact incredibly complicated, requiring the navigation of complex international laws and fundamental questions over types of property and where intangible assets exist. In...

The current economic environment is shaped by inflation and a rising cost of living crisis. During this period of uncertainty, the Chancellor gave his Spring Statement, outlining his plans for the public finances and responding to the shocks facing the economy. In this episode, Paul speaks with Carl Emmerson, Deputy Director at IFS and Tom Waters, IFS research economist, about the Chancellor’s sta...

Since we were last on air, Russia has invaded the Ukraine, and defence has come to the fore of the public conversation. How much does the UK spend on defence? How has this changed over time? And what will Russia's invasion mean for UK defence spending? This week, we speak with Malcolm Chalmers, Deputy Director-General at the Royal United Services Institute (RUSI) and Ben Zaranko, IFS Public Financ...

National Insurance Contributions are rising in April. Since being announced, opinion has been divided on whether this is the best mechanism to raise revenue. But, what are National Insurance contributions? Are they the same as income tax? What will the extra tax revenue raised from April be used for? And are there better ways of raising tax? In this episode, IFS Deputy Director Helen Miller takes...

In a world of rising housing costs, rising energy bills and increasing taxes, saving for retirement may be at the back of many people's minds. But decisions around when and how much to save can be crucial in shaping people's lives post-retirement. This week, we're joined by Claer Barrett, Consumer Editor at the Financial Times and host of the FT's Money Clinic podcast, and Carl Emmerson, Deputy Di...

The UK is engulfed in a cost of living crisis, from rising inflation to flat-lining wages and incoming tax rises. In addition, energy prices are set to rise steeply, affecting households up and down the country and especially those on lower incomes. This week, we're joined by Giles Wilkes a senior fellow at the Institute for Government and former special adviser to Theresa May on industrial and ec...

Happy New Year and welcome to season three of the IFS Zooms In! This week Paul is joined by four IFS experts, Robert Joyce, Helen Miller, Ben Zaranko and Christine Farquharson to discuss the most important issues facing the economy in 2022. From the rising cost of living, to tax rises in April, an Omicron surge challenging the NHS and an education system making up for lost learning, we'll go beyon...

Many economies in Western Europe have experienced a sizeable increase in income inequality since the 1980s, and inequality has grown even more rapidly in the United States. This rising inequality in advanced economies coincided with a period of globalisation that was characterised by rapid growth in international merchandise trade. What role did globalisation play in deepening inequality? In...

This week, we bring you this year's IFS annual lecture delivered by Professor Jean Tirole, Honorary Chairman of the Toulouse School of Economics. In his talk, he discusses how economics can be used to shape narratives and help solve the biggest crises facing our societies and governments. Support the IFS: https://ifs.org.uk/about/membership/individual Hosted on Acast. See acast.com/privacy for mor...

This week, all eyes are on the UN Climate Change Conference (COP26) summit in Glasgow as world leaders meet to accelerate action on climate change.  The UK is legally committed to reducing the net greenhouse gas emissions that arise from UK-based activities to zero by 2050, but action to reduce emissions will need to happen on a global scale to be effective. What policies should governments w...

The food we eat and the way it is produced impacts not only our health and lifestyles, but also our carbon footprints. The recent National Food Strategy report commissioned by the government and published this summer proposes measures to improve our health, reduce strain on the NHS and make our food culture healthier and more sustainable. What role should the government play in influencing what we...

This week, we published the IFS Green Budget, our flagship publication analysing at the outlook for the economy and the opportunities and challenges facing the Chancellor ahead of the autumn budget. We speak to Benjamin Nabarro, Senior Associate at Citi Research, and Carl Emmerson, Deputy Director at IFS, to discuss the ongoing impacts of the COVID-19 pandemic, as the Chancellor aims to secure a l...

From HGV drivers, to strawberry pickers, to doctors and nurses, the UK seems to be facing labour shortages across many different industries. As the pandemic recedes, and the impacts of Brexit begin to reveal themselves, the government have insisted that this is part of the transition to a 'high-wage economy'. What is happening in the labour market? Which sectors are facing the biggest challenges?...

After a year and half of lockdowns, schools and their students face a vast array of challenges. From mental health issues and childhood obesity to teacher shortages and exam results, the education system has been placed under incredible strain over the past year. This week, we speak with Birgitta Rabe, education expert at the University of Essex and Luke Sibieta, a research fellow at IFS who studi...

For decades, social care has been in need of reform. Last week, the Prime Minister announced an extra tax to fund social care in England, and help the NHS recover after the pandemic, and changes to the way the social care system works. In this episode, featuring Natasha Curry, Deputy Director of Policy at the Nuffield Trust, and Ben Zaranko, IFS economist, we dig into the new announcement, what it...

**This is a rerun from September 2020. The government announced some tax increases in Budget 2021. We discuss those here:  https://ifs.org.uk/budget-2021 ** The financial support given to individuals and businesses and the costs of managing the pandemic have left us with the biggest peacetime deficit in British history. As the economy reopens, and the coronavirus begins to have less of a hold...

This week, students across the country are getting back A Level and GCSE grades. In the past higher education was considered a one-way ticket to better and higher paying jobs, now many question whether they will get better jobs, and have a quality of life higher than that of their parents. Social mobility is never far from the front pages; education, geographic and intergenerational inequalities a...

The government has pledged to make 'levelling up' a core part of their policy agenda. To achieve this, they have promised increased investment spending and infrastructure spending. What is investment spending? Why is investment so much lower now than it was 40 or 50 years ago? How does this relate to the levelling up agenda? This week, we are digging into the archives. In this episode from last ye...

Ageing populations, rising care costs and COVID-19 have placed significant strain on an already struggling social care sector. Since assuming office in 2019, the Prime Minister has repeatedly promised to present a comprehensive plan to reform social care, the latest in a long line of governments to promise to tackle the issue. So, how should we think about reforming social care? How should we pay...

Over the pandemic, the Treasury has spent hundreds of billions of pounds, from paying wages via the furlough scheme to funding the testing program. But how does decision-making work at the Treasury? What kinds of evidence do officials use? And as we hopefully exit the pandemic, what will be on the minds of those working there? This week Paul speaks to Jill Rutter, senior research fellow of UK in a...