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* TALKING POINT, BY JULIAN JESSOP
* SAFETY WITHOUT CENSORSHIP?
* ENDING IN TIERS
* TRADING UP
* YOUR CHANCE TO WIN!
* YOU'RE INVITED

In my experience, people will put up with almost anything provided the costs and benefits are clearly explained, the balance seems right, and there is a credible exit strategy. But that’s not how the government’s responses to Covid-19 are playing out.

Indeed, with more and more of the country covered by additional 'local' restrictions, and many calling for another nationwide lockdown, the economic recovery could soon be snuffed out again. At best, these measures will only slow the infection rate temporarily. Even SAGE has recognised that 'multiple circuit-breaks might be necessary ([link removed]) '.

A zig-zag policy of 'stop, start and then stop again' could then increase uncertainty and magnify both the social costs and the economic damage. It would also be harder for the government to provide the right financial support.

We are already getting a taste of this. Marston's ([link removed]) is the latest pub group to announce redundancies – up to 2,150, or about 15 per cent of its workforce. If replicated across the whole hospitality sector, this would translate to about 450,000 job losses.

[link removed]

There are no easy answers here. But it would help if we could see a proper analysis of all the costs and benefits of each intervention. I had a go at some of the issues in an IEA briefing ([link removed]) back in June. The government should be able to do a lot better. I also discussed and debated circuit breakers and local lockdowns with Sam Bowman of the International Center for Law and Economics on the IEA's YouTube channel. Catch up here ([link removed]) .

Meanwhile the HS2 saga rumbles on. A YouGov poll ([link removed]) this week found that London is the only region where a plurality support the idea, with 43 per cent in favour. Elsewhere, HS2 was opposed by 42 per cent of respondents both in the Midlands and in the North – even though these are the regions that are supposed to benefit the most.

Reality is also slowly dawning that the UK’s 'digital services tax ([link removed]) ' might not be such a great idea either. It has been confirmed that Amazon ([link removed]) will not have to pay the levy on goods it sells on its own behalf, unlike the smaller businesses that use the site.

Many still struggle to understand that Amazon is primarily a platform where other companies sell things, which is one of several reasons why its own tax bill appears to be so low. Above all, this is yet another reminder that the economic burden of taxation always lands on real people, not the corporations that some love to hate.

Julian Jessop
Economics Fellow, Institute of Economic Affairs
SAFETY WITHOUT CENSORSHIP?

As the UK Government imposes fresh restrictions on our every day lives on a near daily basis, a new clampdown on freedom of speech could be on the horizon. The Online Harms White Paper, which was published by the Government in April 2019, calls for an independent watchdog to write a 'code of practice' for tech companies.

[link removed]

Under the plans, tech firms will be held accountable for what their users post and share, and penalised if they fail to take down offending content swiftly. It is likely that the Online Harms Bill will be put before Parliament next year.

Does this represent an alarming infringement on freedom of speech, or is it a necessary step to ensure that the vulnerable and children are protected from genuine harms online?

In a new video, the IEA's Head of Media, Emily Carver, was joined by Radomir Tylecote of the Free Speech Union and author of 'Why the Government’s plans to regulate the internet are a threat to free speech' ([link removed]) , Matthew Lesh of the Adam Smith Institute, and Caroline Elsom, Senior Researcher at the Centre for Policy Studies and author of 'Safety without Censorship A better way to tackle online harms' ([link removed]) .

You can watch the video on the IEA's YouTube channel here ([link removed]) .

Last year, following the Government’s initial response to the White Paper, the IEA's Head of Regulatory Affairs Victoria Hewson expressed her concern that "handing power over what people are allowed to say and see online to a regulator is not a proportionate way to achieve [online safety]".

Victoria also took part in an IEA podcast with the Adam Smith Institute’s Matthew Lesh, which you can listen back to here ([link removed]) .
ENDING IN TIERS

The Online Harms Bill was also a topic for debate on this week's episode of Live With Littlewood.

Claire Fox, who has recently been appointed to the House of Lords, argued that the Bill will do "enormous harm" to free speech and that politicians must reiterate constantly that "free speech is a foundational value".

Ben Bradley, Member of Parliament for Mansfield, gave his take on the state of free speech in the UK, branding the police investigation into Conservative activist Darren Grimes "utter madness".

Panellists Andrew Allison of The Freedom Association, writer Benedict Spence, and IEA Head of Lifestyle Economics Christopher Snowdon discussed the possible economic consequences of the Government's three-tiered system and existing restrictions, including the devastating impact on the hospitality sector.

Christopher questioned how sustainable the ever-changing guidelines can be, and whether the public will continue to comply, while Benedict argued that while some people will avoid the virus, "others could avoid living for fear of the virus".
TRADING UP

IEA Director General Mark Littlewood has recently been appointed to the Department for International Trade's Strategic Trade Advisory Group.

[link removed]

STAG is a "forum for strategic discussion between government and industry experts, with members representing the views of businesses and workers from across the UK," including the Adam Smith Institute’s Matt Kilcoyne and Robert Colvile from the Centre for Policy Studies. Read more here ([link removed]) .
YOUR CHANCE TO WIN!

Governments will be scrambling to increase their revenues to pay for bloated expenditures during the pandemic. In light of the upcoming challenges EPiCENTER – our network of European free-market think tanks – hosted a discussion ([link removed]) with tax policy experts from across Europe to address future reforms.

All speakers emphasised that well-structured tax codes are easy to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. In contrast, poorly structured tax systems can be costly, distort economic decision-making, and harm domestic economies.

To rely on the best and brightest brains in Europe for future tax reform, EPiCENTER & FNF have announced an essay competition with a cash prize of 3,000 euros. The competition aims to identify ideas that contribute to tax reforms that encourage economic growth post-pandemic. The competition details are available on EPiCENTER’s website ([link removed]) .
YOU'RE INVITED

*To apply to the University of Buckingham's new MA in Political Economy by Research

The University of Buckingham is offering a new MA in Political Economy by Research in conjunction with the Institute of Economics Affairs. It will be led by our Editorial and Research Fellow Professor Len Shackleton, alongside IEA Head of Education Dr Stephen Davies, Adam Smith Institute Director Dr Eamonn Butler, former MEP Dan Hannan, economist Paul Ormerod, and Martin Ricketts, Professor of Economic Organisation at the University of Buckingham.

Students will have the opportunity to study a range of ideas and conduct a significant piece of independent research on a topic of their choice.

This Distance Learning programme will involve a series of online seminars in specialist areas, as well as regular virtual one-to-one sessions with a supervisor as students prepare a dissertation.

Seminars will cover themes such as the economics of Adam Smith; David Ricardo; John Stuart Mill; Alfred Marshall; the marginalists and neoclassical economics; Karl Marx; Friedrich Hayek and the Austrians; J.M. Keynes; James Buchanan, Gordon Tullock and public choice theory; the Frankfurt School, and behavioural economics.

Applications are open for January 2021. For further information, click here ([link removed]) .

*IEA Book Club Webinar

...with Tim Harford - “How to Make the World Add Up: Ten Rules for Thinking Differently About Numbers”.

On Tuesday 20th October, from 6-7pm, the IEA Book Club will host, for the second time this year, the bestselling economist Tim Harford. Tim will discuss his forthcoming book 'How to Make the World Add Up: Ten Rules for Thinking Differently About Numbers'.

Using ten simple rules for understanding numbers – plus one golden rule – the book shows how if we keep our wits about us, thinking carefully about the way numbers are sourced and presented, we can look around us and see with crystal clarity how the world adds up.

This event is strictly for IEA Book Club members. For more information on this event and the Book Club please contact us at [email protected] (mailto:[email protected]?subject=IEA%20Book%20Club) .

* Entrepreneurship: Why it’s needed – and how we can encourage it, with Dr Eamonn Butler

On Wednesday 21st October, from 1-2pm, the IEA will be hosting a panel on entrepreneurship, following the release of Dr Eamonn Butler's latest book, 'An Introduction to Entrepreneurship', which explores and examines how entrepreneurship drives economic progress and how governments can create the optimal conditions for entrepreneurs to thrive.

What part does entrepreneurship play in boosting innovation, progress, productivity and growth – and why is this overlooked in economics textbooks? Do we underestimate the contributions of entrepreneurship, and how it affects us all as workers, consumers and citizens? How can the government best support entrepreneurs as we emerge from the Covid-19 crisis?

On the panel:

Dr Eamonn Butler, Director, Adam Smith Institute
Emma Jones MBE, Founder, Enterprise Nation
Matt Ridley, Author, Journalist and Businessman
Annabel Denham (Chair), Director of Communications at the IEA
If you would like to attend, please register here ([link removed]) .

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