Logo

Stepping into the role of Chairman at the Institute of Economic Affairs (IEA), I am keenly aware of the significance of this institution. Since its inception in 1955, the IEA has profoundly influenced the United Kingdom's economic trajectory by promoting the inherent value of free market principles to successive generations.


Our founders, Sir Antony Fisher and Oliver Smedley, established the IEA amidst Keynesian economic dominance, advocating for a liberal economic worldview at a time when it was not fashionable. Their ethos of reduced state intervention and faith in free markets underpin the IEA's continued mission. The IEA engages in original economic research, introduces classical liberal economics to students, collaborates with free market think tanks across the globe, and contributes to the public discourse on economic policies.
[link removed]

In the 1980s, the IEA's championing of deregulation, privatisation, and tax cuts fuelled the UK's shift from economic decline to rapid growth. As we face the current economic landscape, characterised by low growth and high inflation, the role of the IEA is as crucial as ever. We remain committed to enlightening the public on the benefits of competitive markets, lower taxes, cutting red tape, and minimal state control, principles fundamental to a resilient economy and a free society.


As Chairman, I will strive to enable the invaluable work of the dedicated IEA staff. My predecessor, Neil Record, leaves an inspiring legacy of strategic leadership, scholarly contributions, and expansion of the Institute's impact expansion. He led the IEA to make significant contributions in the marketplace of ideas, and we are grateful. The IEA looks forward to maintaining our strong ties with Neil as a supporter and a scholar. I am also privileged to work alongside a group of committed trustees, a blend of respected academics and accomplished business figures, each contributing their expertise to our shared goals.


Together, we will continue to advocate for the transformative power of free market principles in our ongoing quest for prosperity and economic liberty. I am excited about the future and the positive impact that the IEA will continue to make in the years and decades to come. I hope you will continue to support us by engaging with the scholarship the IEA produces, attending events we host, following our academics and spokespeople on media, and donating to fund the cost of our operations. I look forward to seeing you soon at an IEA event.

Linda Edwards

IEA Chairman of the Board of Trustees
[link removed]


** Hayek On Competition
------------------------------------------------------------

A liberal antitrust for a digital age?

This week, the IEA published ‘Hayek on Competition: A liberal antitrust for a digital age?’ ([link removed]) , authored by IEA Law and Economics Fellow Dr Cento Veljanovski. Cento’s paper explores the liberal economist and political philosopher F.A Hayek’s view on the regulation of competition policy.
* Competition is the most effective way to coordinate economic activity by disseminating the information and knowledge held by market participants in a world of generalised ignorance and change.
* A competitive market may only have a few large companies if they efficiently provide high-quality products and innovate.
* Competition ensures that successful companies are constantly challenged by new entrants and products in the market.
* Adopting a ‘precautionary principle’ in response to digital mergers risks harming consumers and reducing investment and innovation.
* Hayek was not an advocate of laissez-faire or the unbridled freedom of contract. He saw the necessity for state intervention to foster competition, provide services, and ensure individual liberty.
* Policymakers should focus on removing state-imposed barriers to competition, like excessive patent protection, regulation and taxes – rather than trying to ‘break up’ Big Tech or block acquisitions.

[link removed]

Big is not bad… In CityAM ([link removed]) , Cento discussed his paper in light of the Competition and Markets Authority’s reconsideration of its attempt to block Microsoft’s acquisition of game maker Activision.

Cento also joined IEA Director of Public Policy and Communications Matthew Lesh on this week’s IEA Podcast ([link removed]) to discuss the paper.
[link removed]

IEA Latest.
[link removed]


** ‘Spend it, give it away, enjoy it’: Mark Littlewood on the good life and the big state
------------------------------------------------------------

Director General Mark Littlewood, Spear’s Magazine ([link removed])

Beware the big state… In an interview ([link removed]) with Spear’s, the magine for the ultra-high-net-worth community, Mark discussed the growing role of the state in the UK, the prevalence of over-zealous regulation and the continued importance of the IEA’s work.
[link removed]


** CPTPP membership is worth much more to Britain than ‘0.08% of GDP’ ([link removed])
------------------------------------------------------------

Academic and Research Director Dr James Forder, CapX ([link removed])

Trade victory… Last weekend, the Secretary of State for Trade Kemi Bedonoch signed the Protocol of Accession of the CPTPP trade deal. Despite the signifigant benefits of expanding UK trade, critics have downplayed the deal on the basis of dubious modelling.
[link removed]


** Inflation set to fall further, no grounds for rate rises ([link removed])
------------------------------------------------------------

Editorial and Research Fellow Prof. Len Shackleton,

i News ([link removed]) , Business Link ([link removed]) , Farmers Guardian ([link removed]) , The Guardian ([link removed]) , The ([link removed]) Scotsman ([link removed])

Breathing room… This week, it was reported that CPI inflation fell to 7.9 per cent, lower than expected. This has given the Bank of England some breathing room, further interest rate hikes are unnecessary and quantitative tightening means that inflation will continue to fall. Importantly, this also means that distortive measures such as supermarket price caps now have no grounds.
[link removed]


** The doctors strikes are not righteous ([link removed])
------------------------------------------------------------

Matthew Lesh, BBC Radio 2 ([link removed]) ’s Jeremy Vine Show

Get back to work… This week senior doctors went on strike over pay disputes. This is despite the average consultant receiving an annual salary of £128,000, plus bonuses, generous pension entitlements, and the ability to undertake private work.
[link removed]


** ‘Preventative’ healthcare is just an excuse for meddling in peoples’ lives ([link removed])
------------------------------------------------------------

Head of Lifestyle Economics Christopher Snowdon, CapX ([link removed])

Nanny knows not… A new report demands Brits give up bad habits to ease pressure on the NHS. But these proposals risk turning into little more than further interventions in people’s lives and ignore our healthcare system's fundamental problems.
[link removed]


** Is high immigration a cause for concern?
------------------------------------------------------------

Matthew Lesh discusses with Jacob Rees-Mogg, GB News ([link removed])

Migration nation… Net migration reached over 600,000 people last year, raising significant concerns. But migrants also contribute significantly, filling skills gaps, founding entrepreneurial companies, boosting productivity and contributing tax to the exchequer.
[link removed]


** Cheapest bottle of wine would cost £7.50 under SNP plans to ramp the minimum unit price of alcohol from 50p up to 80p ([link removed])
------------------------------------------------------------

Christopher Snowdon, Daily Mail ([link removed])

Hands off my booze… The SNP has proposed increasing the minimum unit price of alcohol by 30 pence. Given the minimum unit pricing’s extortionate cost and track record of failure ([link removed]) in getting people to reduce their drinking, the SNP ought to go back to the drawing board.

IEA Insider.


** The Spectator’s Future of Food Summit
------------------------------------------------------------

Future of food… Matthew Lesh spoke at The Spectator’s Future of Food Summit, alongside The Speccie’s Kate Andrews, journalist Louise Gray and agricultural economist Annabel Kalmar. Matthew discussed the need to solve environmental challenges by increasing consumer choice in food and the IEA paper Bangers and Cash: Cutting red tape to put Britain at the Centre of the Cultivated Meat Revolution ([link removed]) .

Reem Ibrahim wins Voices of Freedom Award

Freedom fighting… Earlier this week, IEA Communications Officer and Linda Whetstone Scholar Reem Ibrahim was awarded the Voices of Freedom Award at the FOREST Summer Lunch. Reem received the award for her work advocating for consumer choice, as well as her contribution to the freedom movement as a whole.
[link removed] [link removed] [link removed] [link removed] [link removed] [link removed] [link removed]
Logo

© 2023 Institute of Economic Affairs. All rights reserved.
You are receiving this email from the Institute of Economic Affairs
Registered in England 755502, Charity No. CC/235 351, Limited by Guarantee

View in browser ([link removed]) | Update ([link removed]) | Unsubscribe ([link removed])