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In today’s newsletter:
Better off out?
Nationalisation doesn’t come cheap
Booming black markets
On Monday, the IEA will launch its new substack, Economic Affairs. With original daily content and a round-up of stories about the state of free markets in the world it will be the only site classical liberals need to read.
We will be running regular columns from some of the titans of the free-market movement, including Matt Ridley and John Redwood, as well as introducing a number of stellar new contributors.
Economic Affairs will be edited by Will Atkinson, one of our finest young writers, formerly of ConservativeHome, a Spectator leader writer and regular Telegraph contributor.
These are challenging times for supporters of limited government. The government has gone from spending one pound in every three at the start of this century to closer to one in two. Debt has risen to 100 per cent of GDP. Taxes are higher than at any moment since the post-1945 demobilisation. Yet most voters think that our problems come from “neoliberalism”, and support spending even more, especially in the budgets that are already growing the fastest: healthcare and social security.
We need to go back to first principles. We need to explain, to a country that has forgotten, why governments run things badly, why only the private sector generates growth, why we cannot return to prosperity without low spending, sound money, light regulation and free trade.
Economic Affairs will be the place, not just to hear these arguments restated, but to find out how they are landing, to learn about the state of classical liberalism in Britain and the world. Please make it part of your daily reading menu.
by Lord Hannan
Director General
The best way to never miss out on IEA work, get access to exclusive content, and support our research and educational programmes is to become a paid IEA Insider.
IEA Podcast: Director of Communications Callum Price is joined by Editorial Director Kristian Niemietz and Director General Lord Hannan to discuss whether Britain is ungovernable, Brexit ten years on, and ask if air conditioning is right wing now? IEA YouTube [ [link removed] ]
How to make Brexit a success
Dr Kristian Niemietz on how to make the most of Brexit, ten years after the referendum:
“Free-marketeers, whether they were on the Leave side or on the Remain side, have always argued that Brexit was only ever going to be a success if it led to genuine economic liberalisations, especially on trade and regulation. A Brexit followed by liberalisations would be an economic success. A Brexit not followed by liberalisations would not be.
“Free-market Brexiteers thought that Brexit was likely to be followed by liberalisations. Free-market Remainers thought that a liberalising Brexit was possible, but unlikely.
“Ten years on, it is fair that there have been some liberalisations, but they have been too timid to cancel out the disruptions caused by Brexit (and the years of Brexit uncertainty). The UK has signed up to some additional trade deals that it could not have concluded as an EU member. There have also been some mild deregulation measures, such as on gene editing, which would not have happened in the EU.
“These are welcome steps, but their impact has been small in magnitude. If we want to see bigger effects, we need to roll out reforms of that style across the board. Free trade and light-touch regulation are the way to make Brexit a (belated) success.”
News and Views
“A good economist sees beyond the visible and the secondary consequences” [ [link removed] ], Daniel Hannan warns steel protectionism could harm 2.8m construction, 452k agriculture, 183k automotive workers reliant on imports, YouTube [ [link removed] ]
Why my friends talk about leaving Britain [ [link removed] ], IEA polling on perception of UK prosperity covered in The Times [ [link removed] ]
“Recently, the Institute for Economic Affairs asked 3,000 people to rank our GDP per capita against American states. On average, respondents thought we were as well-off as the seventh American state. It turns out that we’re poorer than all of them.”
Renationalisation doesn’t come cheap [ [link removed] ], Senior Economist Dr Valentin Boboc on why the case for nationalisation doesn’t stack up, CityAM [ [link removed] ]
“I don’t trust the Government to distinguish misinformation from correct information”, Chris Snowdon on GB News [ [link removed] ]
Tax Rises Built a Black Market. Is Britain Next? Chris Snowdon talks to former Australian Border Forcer official Rohan Pike about the negative consequences of a tobacco crackdown in Australia, IEA YouTube [ [link removed] ]
The nanny statists lack evidence for their campaigns [ [link removed] ], Chris Snowdon on the myth of evidence-based policymaking, CapX [ [link removed] ]
The cost of Net Zero [ [link removed] ], IEA research on what our environmental commitments are costing us, The Express [ [link removed] ]
“The Institute of Economic Affairs calculates that his net zero madness could top a staggering £9 trillion. British companies are buckling under the weight of some of the world’s most expensive energy costs. They’re either shifting operations overseas or shutting down.”
Events and Opportunities
Applications are open for our 2026 Beloff Conference [ [link removed] ]
We are delighted to invite applications for our 2026 Beloff Conference, a three-day residential programme taking place at the Vinson Centre, University of Buckingham from 14–16 September 2026.
Designed for postgraduate students and final-year undergraduates with an interest in economics, public policy, and classical liberalism, the Beloff Conference brings together some of the brightest young minds for an intensive programme of discussion, debate, and learning.
This year’s programme will explore the topic of Migration. Through an interdisciplinary lens, participants will explore the economic, historical, philosophical, and geopolitical dimensions of migration, engaging with questions surrounding welfare systems, borders, displacement, diasporas, and international relations.
Speakers will include:
Professor Jonathan Portes (Professor of Economics and Public Policy at King’s College London)
Professor Syed Kamall (Professor of Politics and International Relations at St Mary’s University London and Member of the House of Lords)
Professor Eric Kauffman (Professor of Politics at the University of Buckingham and writer)
and many more!
The conference is entirely free to attend, with accommodation and meals provided. Places are highly competitive, with only 15 participants selected.
If you’re looking to deepen your understanding of one of the defining policy issues of our time while engaging with leading academics and fellow students, make sure you apply!
Conference: 14–16 September 2026
Application deadline: 7 August 2026 (23:59)
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