IFS Zooms In: The Economy
123 episodes - English - Latest episode: 13 days ago -Go beyond the 24-hour news cycle and get objective, independent analysis from the researchers behind the work. Hosted by Institute for Fiscal Studies Director, Paul Johnson. Every second Wednesday.
Hosted on Acast. See acast.com/privacy for more information.
Homepage Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
Why are older workers leaving the workforce?
November 02, 2022 12:00 - 21 minutes - 29.8 MBSince the beginning of the Covid-19 pandemic, there has been a fall in the employment rate in the UK, driven by a rise in the rate of economic inactivity rather than in unemployment. What has been happening to older workers since the pandemic? Why are they leaving the workforce? Should government work to bring them back? We speak to Jonathan Cribb, Associate Director at IFS, and Beatrice Boileau, Research Economist at IFS to find out what has been happening with older workers. Find out m...
The challenges facing the Chancellor
October 12, 2022 10:31 - 38 minutes - 52.9 MBThe UK economy faces a series of challenging headwinds - high inflation, higher energy prices and a 'terms of trade' shock. These are squeezing household budgets and pushing up the cost of living. The adverse market reaction to the Chancellor's 'mini-budget' on the 23rd September has created further difficulties. In this year's Green Budget, our flagship annual report funded by the Nuffield Foundation in partnership with Citi, we explore the Chancellor's options for achieving fiscal sustain...
Benefits, inflation and redistribution
October 06, 2022 13:46 - 43 minutes - 59.6 MBIn recent weeks, the new Prime Minister has argued that the UK has been too focused on redistribution. But what role does the benefit system play in redistribution? Has this changed over recent decades? And should benefits be uprated in line with inflation? Joining us are Charlotte Pickles, Director of Reform, and Tom Waters, IFS Senior Economist. Find out more: https://www.ifs.org.uk/podcast Become a member: https://ifs.org.uk/individual-membership Hosted on Acast. See acast.com/priva...
Will public sector workers get a pay rise?
September 21, 2022 13:02 - 34 minutes - 27.9 MBWorkers in the public sector have seen their pay squeezed over the last decade, and with inflation on the rise, disputes over pay look set to dominate the headlines this autumn. Across the public sector, we're hearing stories of hiring issues, staff retention and squeezed budgets. These issues all affect the morale of the workforce and the delivery of public services. What will the government do? How much would inflation matching pay increases cost? What would a longer-term plan to deal wi...
The challenges facing the new Prime Minister
September 06, 2022 14:41 - 30 minutes - 41.6 MBAs Liz Truss takes office, she is faced with a series of interlocking challenges - rising inflation, an energy crisis and a cost of living crisis. How can she tackle these in the short-term and put the country back on surer footing in the long-term? Paul speaks to IFS economists Ben Zaranko and Xiaowei Xu to assess the challenges facing the new Prime Minister. Find out more: https://ifs.org.uk/podcast Support IFS: https://ifs.org.uk/individual-membership Hosted on Acast. See acast.com/...
The future of public sector pensions
July 13, 2022 11:54 - 38 minutes - 30.4 MBIn an era where those in the private sector have seen their pension provision decrease, pensions in the public sector continue to look generous. But is this sustainable? Should we change the balance between pay and pensions for those in the public sector? What does the future hold for public sector pensions? This week, we speak to Lord Hutton of Furness, cabinet minister in the last Labour government and leader of the Independent Public Service Pensions Commission, a review into public sec...
How can we fix the childcare system?
June 16, 2022 08:29 - 39 minutes - 31.8 MBEarly 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 can the government do to bring down costs? This week, we speak to Christine Farquharson, senior...
HIGHLIGHT: The productivity problem
June 06, 2022 08:35 - 34 minutes - 27.4 MB**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 productivity growing again? And how can we spur innovation while also tackling issues like inequality?...
How should the government tax electric cars?
May 19, 2022 15:15 - 36 minutes - 29.6 MBIn 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 it decides to tax EVs. In this episode, we speak to Stuart Adam, IFS tax expert and Steve Goo...
The future of student loans
May 04, 2022 10:09 - 34 minutes - 27.5 MBSince 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 a series of recently announced reforms, the government has indicated a desire for students t...
HIGHLIGHT: How should the government influence what we eat?
April 20, 2022 14:05 - 34 minutes - 46.9 MB** 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 and more sustainable. What role should the government play in influencing what we eat? And how ...
How should we tax multinational corporations?
April 06, 2022 02:00 - 38 minutes - 30.9 MBTaxing 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 this episode, Paul speaks to Helen Miller, IFS tax expert, and Dan Neidle, a tax lawyer speci...
Spring Statement: inflation, living standards and uncertainty
March 25, 2022 06:30 - 27 minutes - 22.4 MBThe 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 statement and the implications going forward. Become a member: https://ifs.org.uk/donate Hosted...
Is the UK spending enough on defence?
March 09, 2022 12:54 - 38 minutes - 30.6 MBSince 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 Finance expert. Support the IFS: https://ifs.org.uk/donate Hosted on Acast. See acast.com/privacy...
Everything you need to know about National Insurance
February 23, 2022 15:15 - 26 minutes - 35.9 MBNational 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 us through the world of National Insurance Contributions, and answers questions posed by our s...
Should people be saving more for retirement?
February 10, 2022 16:37 - 37 minutes - 30.3 MBIn 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 Director at IFS and pensions expert. Support the IFS: https://ifs.org.uk/donate See Claer's art...
What should the government do about rising energy prices?
January 26, 2022 12:00 - 34 minutes - 27.6 MBThe 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 economic policy, and Stuart Adam, a Senior Economist at IFS who focuses on the design of the tax ...
What you should be paying attention to in 2022
January 12, 2022 11:41 - 45 minutes - 36.4 MBHappy 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 beyond the headlines and brief you on the deeper stories you should be paying attention to this yea...
Has globalisation deepened inequality?
December 15, 2021 14:26 - 29 minutes - 23.9 MBMany 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 episode, we speak with IFS economist Peter Levell and Penny Goldberg, Professor of Economics a...
The common good after Covid
November 17, 2021 09:36 - 59 minutes - 82.2 MBThis 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 more information.
Can carbon taxes get us to net zero?
November 03, 2021 06:00 - 37 minutes - 52.2 MBThis 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 worldwide introduce to combat climate change? How should carbon taxes be designed to ensure a cost-ef...
How should the government influence what we eat?
October 22, 2021 10:52 - 33 minutes - 46.3 MBThe 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 eat? And how can taxes and policy be designed to get us to eat more healthily? This week, Pau...
SPECIAL: What should the Chancellor consider in his autumn budget?
October 13, 2021 09:13 - 29 minutes - 40.6 MBThis 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 lasting recovery and deliver on the government’s other objectives and priorities. The IFS Green...
Job vacancies, labour shortages and a 'high-wage economy'
October 06, 2021 09:20 - 24 minutes - 34.1 MBFrom 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? And what can policy-makers do to help? This week, we're joined by Jonathan Cribb and Xiaowei X...
How to fix the education system
September 22, 2021 09:13 - 35 minutes - 49.1 MBAfter 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 studies education policy, to dig into the issues and see what we can do to fix the education system...
Social care: what happens now?
September 15, 2021 09:04 - 37 minutes - 29.6 MBFor 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 means, whether it will work and how it will affect people's care. Support the IFS: https://w...
HIGHLIGHT: When and how to raise taxes?
August 25, 2021 01:34 - 33 minutes - 26.9 MB**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 on our lives, the government will need to start thinking about how to return the deficit to a more s...
HIGHLIGHT: The state of social mobility
August 11, 2021 02:01 - 33 minutes - 26.8 MBThis 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 and jobs affect everyone. This week we bring you a conversation from September last year, with ...
HIGHLIGHT: Investment, infrastructure and levelling up
July 28, 2021 00:00 - 41 minutes - 33 MBThe 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 year we spoke with Professor Sir Tim Besley, Professor of Economics at LSE and member of the Nat...
How to reform - and fund - social care?
July 15, 2021 13:47 - 39 minutes - 31.4 MBAgeing 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 for it? And what can we learn from other countries? This week Paul speaks with Andrew Dilnot, ...
Behind the scenes at HM Treasury
June 30, 2021 11:47 - 41 minutes - 33 MBOver 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 Changing Europe, and a former employee of the Treasury and Lord Nick Macpherson, Permanent Sec...
Location, location, location: how to reform council tax?
June 16, 2021 13:30 - 40 minutes - 32.3 MBEverybody over the age of 18 who lives in a property in the UK is eligible to pay council tax. It's the fifth largest tax, raising up to £40bn a year in the UK, and it pays for local services such as social care, waste collection and libraries. However, there is a widespread consensus that the implementation of council tax is flawed. The house prices it is based on haven't changed since 1991 despite 30 years of significant change in the housing market and these changes have made the tax reg...
Can the NHS recover from COVID?
June 02, 2021 08:31 - 44 minutes - 35.5 MB'Stay home. Protect the NHS. Save lives.' More than ever, the COVID crisis has bought the NHS and the vital role it plays to the fore. However, after more than a year of unprecedented pressure, it faces long waiting lists, staffing shortages and inadequate funding. What challenges will the NHS face in the future? How can it tackle these issues? And what can government do to help? Joining us this week are George Stoye, IFS Associate Director who leads our work on healthcare, and Saffron Co...
Are too many people going to university?
May 19, 2021 02:00 - 43 minutes - 34.7 MBIn September 1999, Tony Blair set a goal for 50% of young adults to attend higher education institutions in the UK. In 2019, twenty years after the policy was announced, university attendance tipped over the 50% threshold. However, in a world where many graduates work in non-graduate jobs, and where successive governments seek to develop further education in the UK, many have questioned the wisdom of this policy. This week, we speak with Jack Britton, IFS education expert, and Professor Al...
Has COVID transformed the labour market?
May 05, 2021 09:39 - 37 minutes - 29.9 MBSince the start of the COVID pandemic, the government has stepped in to pay the wages of millions of workers through the furlough scheme. As restrictions ease, and economic life begins to recover, we ask what changes COVID brought to the labour market, and what jobs could look like in future. This week, we speak with Sarah O'Connor, Employment Columnist at the Financial Times, and Jonathan Cribb, a Senior Research Economist at IFS who studies the labour market. Support the IFS: https://www...
Are business rates killing the high street?
April 28, 2021 13:10 - 43 minutes - 34.8 MBBusiness rates are charged on non-domestic properties, such as shops, offices, pubs, factories and warehouses, and raise around 3% government's revenue. At the start of the COVID pandemic, the government waived business rates for most businesses in the retail, hospitality and leisure sectors. But the tax will start again from summer. As the high street reopens, we ask what effect business rates have on our high streets, whether they should be reformed, and whether we need a new tax on onlin...
HIGHLIGHT: Geographical inequalities in the UK
April 07, 2021 02:00 - 33 minutes - 26.8 MBThe COVID-19 crisis has brought to the fore increasing concerns about inequalities not only between different population groups – such as the gap between the rich and poor, young and old, and different ethnic groups – but also between people living in different places. Even prior to the crisis though, there was a sense that the UK is not only a highly geographically unequal country, but also an increasingly geographically unequal one. This week, we have gone into the archive to bring you a...
The productivity problem
March 24, 2021 10:02 - 34 minutes - 27.4 MBIn 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 productivity growing again? And how can we spur innovation while also tackling issues like inequality? This week, we speak to John Van Reenen, Professor...
Universal Credit: The future of benefits?
March 10, 2021 03:00 - 45 minutes - 36.1 MBUniversal Credit is a benefit for working-age people, which combines six existing benefits payments into one payment. Launched in 2013, there are now about 5 million households claiming Universal Credit in the UK. What was the thinking behind this new policy? Has it been successful? And how has COVID affected the trajectory of Universal Credit? This week, Paul speaks with Charlotte Pickles, Director of Reform and a member of the Social Security Advisory Committee, and Tom Waters, Senior Res...
Budget 2021: The road to recovery?
February 24, 2021 03:00 - 38 minutes - 31 MBThe Spring 2021 Budget will be the first one since the UK entered a series of lockdowns and Great Britain left the EU's Single Market and Customs Union. The Chancellor has immediate decisions to make over many aspects of the emergency support packages that will otherwise expire soon. In addition there is a clear need for policies to help the economy to recover and to adjust to a post-Covid, post-Brexit world in which we are moving towards Net Zero. In this episode, Paul speaks with IFS Depu...
Catching up on lost learning
February 10, 2021 09:37 - 41 minutes - 32.9 MBBy the time the pandemic is over, most children across the UK will have missed over half a year of normal, in-person schooling. That’s likely to be more than 5% of their entire time in school. What are the effects of this lost learning? How is it impacting students and teachers? What can policymakers do to make up for lost learning? Here to discuss are Luke Sibieta, IFS Research Fellow, and Becky Francis, CEO of the Education Endowment Foundation, an independent charity which seeks to impr...
The economics of net zero
January 27, 2021 03:00 - 41 minutes - 33.4 MBThe UK has committed to achieving net zero by 2050. To achieve this, nearly all sections of the economy will have to undergo significant changes - from trade and transport, to agriculture and construction. What will this shift look like? How easy will it be to transition? What role will government play in driving net zero? Here to talk through these issues is Chris Stark, Chief Executive of the UK's Climate Change Committee (CCC), the UK’s independent advisory group on tackling climate chan...
The state of inequality with Sir Angus Deaton
January 13, 2021 13:11 - 45 minutes - 36.5 MBFor many, inequality has become the dominant lens through which to understand our society. The coronavirus crisis and political upheavals in the US and UK have shone a harsh light on the increasing inequalities we face, and prove that not everyone is affected equally. In our first episode of 2021, we speak with Nobel Laureate Sir Angus Deaton, Professor of Economics at Princeton University and leading expert on inequality, poverty and welfare. He also chairs Inequality: The IFS Deaton Revi...
SPECIAL: Making sense of 2020
December 16, 2020 09:00 - 53 minutes - 42.5 MBIt’s now cliché to say that 2020 has been unprecedented, but the COVID-19 crisis has turned the lives of billions of us worldwide upside down. From record-level UK government borrowing and a furlough scheme paying the wages of many workers, to society-wide lockdowns and a seemingly ever-shifting regime of tiers, 2020 is a year like no other.As we say goodbye to 2020 and ready ourselves for 2021, our Director Paul Johnson sits down with Stephanie Flanders, head of Bloomberg Economics and IFS a...
What's going on with Brexit?
December 02, 2020 14:44 - 39 minutes - 31.6 MBAs the UK has been dealing with coronavirus pandemic this year, we have also been moving closer to the realities of our new relationship with the European Union, and the end of the Brexit transition period on January 1st, 2021. What does this mean for our future trading relationships with the EU and beyond? What happens if there is No Deal? Joining Paul this week is Professor L. Alan Winters, Professor of Economics and Director of the UK Trade Policy Observatory in the University of Sussex...
Prices in a crisis
November 17, 2020 03:00 - 34 minutes - 27.3 MBWe often hear about inflation in the news, whether it has gone up or down, and how this impacts the price of everyday goods. But what do economists mean by inflation, how do they measure it, and is inflation the best way of understanding the changes in the price of goods? This week we speak with Martin O'Connell, Deputy Research Director at IFS and author of a recent paper looking at grocery prices during the pandemic, and Ian Crawford, Professor of Economics at Oxford. Hosted on Acast. Se...
What’s happened to benefits through the pandemic?
November 04, 2020 10:05 - 33 minutes - 45.9 MBThere has been significant analysis of the furlough scheme in the wake of COVID-19, but far less attention has been paid to the welfare system and how benefits are being affected by the pandemic. The temporary increases to working age benefits implemented this year take total welfare spending to record levels, though the UK’s support system is still thin by international standards. This episode, we speak to Robert Joyce, IFS Deputy Director and Head of our Income, Work and Welfare sector, abo...
What's happening with government debt?
October 21, 2020 15:30 - 39 minutes - 32 MBGovernment borrowing is never far from the headlines, and in the current crisis, has been a central mechanism for the government to fund its economic support measures. There are many questions around the current level of government debt, whether it is too high, what the long-term implications are and if the government can continue to borrow at its current level. This week we speak with David Miles, Professor at Imperial College London and a former member of the Monetary Policy Committee at th...
Counting the cost of COVID-19
October 15, 2020 15:00 - 39 minutes - 31.6 MBThe COVID-19 pandemic and the public health measures implemented to contain it will lead to a huge spike in government borrowing this year. This week we released our annual Green Budget report analysing the impact the coronavirus crisis has had across different sectors of the economy and the big decisions confronting the Chancellor. In this episode, we speak with Green Budget chapter authors Ben Nabarro, Economist at Citi, and Carl Emmerson, Deputy Director at IFS, to get a sense of how big g...
How is coronavirus affecting older workers?
October 07, 2020 02:00 - 24 minutes - 19.8 MBOlder workers are one group of people who are at risk of suffering serious and persistent consequences from the economic turmoil arising from the coronavirus pandemic. Previous research has shown that unemployment shocks have persistent effects on the employment and incomes of older workers. In particular, older individuals who lose their jobs are less likely to secure re-employment, or to find a job on a similar wage to their previous earnings, than younger workers. Being unexpectedly out of...