From Institute of Economic Affairs <[email protected]>
Subject Hawks or Doves?
Date September 13, 2020 7:59 AM
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* TALKING POINT
* ANOTHER LOCKDOWN?
* HAWKS OR DOVES
* CALLING OR STUDENTS
* YOU’RE INVITED

TALKING POINT, BY PHILIP BOOTH

Change was under way already, but the Covid crisis has turned Britain from a nation of shopkeepers into a nation of broadcasters. But why is one broadcaster funded by a compulsory hypothecated tax on television sets?

Earlier his week, the IEA hosted a panel discussion with myself, Sir Robbie Gibb, Mark Damazer and Julian Knight MP, Chair of the Digital, Culture, Media and Sport Select Committee. The webinar will be available on our YouTube channel from tomorrow.

As ever, I was making the case for people not to have to buy BBC services and suggesting that those who do choose to subscribe should be part owners of the corporation so that the BBC has nothing to do with the state. Let’s hope that the forces of conservatism don’t win out and that there will be genuine reform in this charter period!

The battle continues over public finances. Don’t show theOffice for Budget Responsibility projections ([link removed]) to your children just before you go to bed or they might not be able to sleep at night. Debt is projected to rise to 400 per cent of national income on current policies over the next 50 years.

I appeared before the Treasury Select Committee ([link removed]) to make the case that this issue needed addressing and could not (note – could not, not should not) be resolved via tax rises. The amounts that would have to be raised are simply too big. What is quite frightening is that a full one quarter of that 400 per cent future debt arises from projecting forward the spending promises made in 18 months years by this government before the covid crisis. Mark Littlewood also wrote in The Times ([link removed]) on the question of tax rises in his column on Monday.

You would think that the short-termist approach of government would lead them to be wary about lecturing the nation about short-termism when it comes to eating. Not at all: Public Health England might be on its death bed, but it is still taking anactive interest in what you eat ([link removed]) , including new guidelines to shrink the calorie content of most foods.

Growth might be a partial solution to the government’s finances (though the OBR’s growth forecasts look optimistic in any case). But achieving growth needs tough decisions too – not least in the area of deregulation which successive governments have ducked. If only we could get carbon-free fuel from a bonfire of regulations – we could hit zero carbon immediately and keep going for years. Mark Littlewood and I were discussing the growth agenda, especially in relation to regulation, at the Centre for Policy Studies conference on 'Regulating the Peace: how regulation reform can boost our growth and recovery'. You can watch here ([link removed]) .

Professor Philip Booth
Senior Academic Fellow, Institute of Economic Affairs

ANOTHER LOCKDOWN?

UK GDP may have grown 6.6 per cent in July but our civil liberties are shrinking fast. The ‘rule of six’ and increased powers for police to enforce social distancing have dominated news cycles this week. But are these new draconian measures justified?

This was one of the questions put to our lively panel of guests on this week’s episode of Live with Littlewood.

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The show began with a heated debate between author and journalist James Delingpole and Conservative commentator Alex Deane over whether we’re sleep-walking into a new authoritarianism. James argued “we are a husk of the great nation we were when we won the Second World War”, while Alex gave Britain's future a stunningly optimistic 10/10.

Debate continued over the government’s evolved Brexit strategy before the conversation turned to the prospect of a UK-US trade deal. At that very moment, an unexpected guest, Senator Mike Lee of Utah, appeared on guest Terry Kibbe’s camera to weigh in on the discussion. He expressed his commitment to maintaining our bilateral trade relationship and revealed his phrase “Let's Make America Great Britain Again.”

Other guests included former CEO of Vote Leave and the TaxPayers’ Alliance Matthew Elliott, DUP MP Sammy Wilson, journalist and commentator Benedict Spence, founder of The Democracy Institute Patrick Basham and the IEA’s Head of Political Economy, Dr Kristian Niemietz.

You can catch up on the action here ([link removed]) .

Our Live with Littlewood guests weren’t alone in feeling perturbed by the new restrictions. IEA Head of Lifestyle Economics Christopher Snowdon voiced concern over the creeping authoritarianism of the state on talkRADIO; Media Manager Emily Carver echoed those concerns on Times Radio. And IEA Editorial and Research Fellow Professor Len Shackleton discussed public sector pay increases on BBC Radio Essex.

HAWKS OR DOVES?

With national debt now exceeding a gargantuan £2 trillion, the Treasury is facing a new economic war.

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As IEA Director General Mark Littlewood set out in his latest biweekly column for The Times ([link removed]) , while Treasury hawks look to tax rises to mitigate the colossal cost of coping with the coronavirus, the doves argue for a go-for-growth strategy from the Chancellor Rishi Sunak.

But who will win this new economic war? The hawks or the doves?

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Media Manager Emily Carver put this question live to Mark and IEA Economics Fellow Julian Jessop in this week’s episode of The Definite Article. You can catch up on our YouTube channel here ([link removed]) .


** CALLING ALL STUDENTS
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Are you interested in going to Oxford or Cambridge? If so, there’s still time to register for the IEA’s Oxbridge Training Day on 30th September, from 1-3.30pm.

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The Day will include lectures from Dr Stephen Davies, the IEA’s Head of Education, who will talk you through the 'Dos and Don’ts for Oxbridge Applications', an open Q&A session and a discussion with IEA Editorial and Research Fellow and Cambridge Economics Graduate, Professor Len Shackleton.

If you, or someone you know, would like to attend, register here ([link removed]) . You can also find out more by emailing [email protected] (mailto:[email protected]) .


** YOU'RE INVITED

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*IEA BOOK CLUB WEBINAR WITH MICHAEL SHELLENBERGER

On Tuesday 15th September at 6pm, the IEA Book Club will be hosting Michael Shellenberger to discuss his latest best-selling book "Apocalypse Never: Why Environmental Alarmism Hurts Us All".

Michael has been fighting for a greener planet for decades. But last year he decided that, as a lifelong environmental activist, leading energy expert, and father of a teenage daughter, he needed to speak out to separate science from fiction. What is really behind the rise of apocalyptic environmentalism?

If you would like to attend this upcoming webinar, please register here ([link removed]) .


** WITH A LITTLE HELP FROM OUR FRIENDS...
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These are difficult times for every individual and organisation, including the IEA. Understandably, your priorities will be to look after your loved ones, your family, your work or your business.

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But if you do have a little extra cash available to help the IEA during these uncertain times, your contribution – no matter how small – would be deeply appreciated.

As an educational charity, the work we do work is entirely funded by donations. If you are able to help please click here ([link removed]) or contact [email protected] (mailto:[email protected]?body=Dear%20Angela%2C) . Thank you.

And why not get Amazon to donate too? All you have to do is to start shopping on [link removed] and pick the IEA as your chosen charity. The IEA will then receive 0.5% of your spending on most items. Everything else remains the same (and at no additional cost to you).

"I just want to say that the online stuff you guys are doing is absolutely astonishing! I’ve watched every Live with Littlewood in entirety and just finished watching the latest. It’s been superb entertainment."

"Thanks for making this crisis more of an age of enlightenment."

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