This week, after months of preparation, we launched the Initiative for African Trade and Prosperity (IATP), the latest collaborative project from the Institute of Economic Affairs and the Vinson Centre at the University of Buckingham.
The IATP’s mission is a simple one: we champion African free market solutions to increase prosperity, by supporting those who are best positioned to make a change.
The future of free trade in Africa is at a crossroads. With the implementation of the African Continental Free Trade Area on 1st January 2021, African states have an opportunity to break free from the shackles of economic nationalism that have plagued large swathes of the continent for centuries. As I noted in greater detail in an article for CapX, the benefits of African free trade are numerous, but so are the challenges.
To work towards a freer continent and to combat the threats that could undermine the free trade area, the IATP will partner with local groups and African think tanks to amplify their voices and make the case for greater freedom. By no means will the IATP be imposing its beliefs on others. Rather, we will work with and serve local actors who are interested in finding out more, and champion bottom-up African solutions that will result in greater free trade, which in turn, means greater prosperity.
To mark the official launch, I was joined on Wednesday evening by Douglas Carswell, CEO at the Mississippi Center for Public Policy, Franklin Cudjoe, CEO at IMANI Centre for Policy and Education, and Ibrahim Anoba, Editor of AfricanLiberty.org – all three of whom sit on the IATP’s advisory council. We were also delighted to have opening remarks by Professor James Tooley, Vice Chancellor at the University of Buckingham. During the event, we discussed what the future holds for African free trade. You can catch up here.
IEA Head of Education Dr Steve Davies wrote for the IATP's new website on how restoring trade in Africa will liberate the continent from some of the most harmful and exploitative legacies of colonialism and imperialism, which you can read here. To keep up with our latest work, follow us on Twitter and Facebook.
Alexander Hammond
IEA Policy Analyst and Director of the IATP
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OFF THE TRACKS
The government has finally published its long-awaited review into Britain's railways. The Williams-Shapps plan for rail promises "a better and more efficient service" for passengers, with track and trains brought under a new state-owned body, Great British Railways (GBR).
Commenting on the plans, IEA Head of Transport Dr Richard Wellings argued that the reforms will potentially create a "worst-of-all-worlds model" which repeats many of the mistakes made during privatisation.
Rather than imposing "an artificial structure", Richard argued, the government should "leave it to the market" to improve the railways' efficiency. You can read his full comments here, which were quoted in both the Independent and The Telegraph.
IEA Acting Academic and Research Director Professor Syed Kamall wrote for City AM on the government's plans. Syed argued that while the current system is flawed, it would be a step in the wrong direction if train companies were to lose the freedom to modernise and innovate.
And, in a debate column for 1828, Head of Public Affairs Emma Revell made the case for fully privatising the railways.
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iN THE MEDIA
No more nannying... IEA Director General Mark Littlewood wrote his column for The Times on the government's paternalistic policies, and why we need to move the debate onto whether interventionist measures work even on their own terms. Mark noted that the 2021 Epicenter Nanny State Index, which you can read here, found no correlation between strict policies and actually achieving longer lifespans or healthier habits for the population. You can read Mark's column here.
IEA Head of Media Emily Carver voiced concern over paternalistic mission creep in a column for Conservative Home.
The new post-war consensus... In an article for The Times Red Box, IEA Director of Communications Annabel Denham wrote about the political realignment and the need for a return to economic liberalism.
Annabel argued: “Classical liberals have long found themselves at odds with the Conservatives across a range of policy areas... If the Tories tack further left on economics, that divide will only widen.”
Not out of the woods yet... Employment figures out this week showed that Britain's unemployment rate unexpectedly fell to 4.8 per cent between January and March.
While the overall picture is "better than many expected", IEA Editorial and Research Fellow Professor Len Shackleton noted that hours worked are still about 8 per cent below pre-pandemic levels, there are still three quarters of a million fewer people in work, and well over three million remain on furlough. You can read his response in full here.
Len's comments were featured in City AM. He warned that the UK is "not out of the woods yet", and that employment rates for particular age groups, namely young people and those over 50, are still lower than eighteen months ago.
The "national religion"... The UK's vaccine roll-out has been world-class, but does this mean the NHS is too? In an article for The Spectator, IEA Head of Political Economy Dr Kristian Niemietz warned that “NHS cheerleaders should not get too carried away" by the success of the vaccination programme and close their eyes to the health service's shortcomings.
Rate rise... Figures released this week showed the rate of inflation more than doubled in April, leading to a consumer price inflation of 1.5 per cent, up from 0.7 per cent in March. IEA Head of Lifestyle Economics Christopher Snowdon warned that the "sharp rise" is "unlikely to be a one off".
Christopher noted that we have all the ingredients for a bout of inflation, including "rampant money printing at home and abroad". You can read his full comments here, which were featured in The Sun and the FT Adviser. Christopher also wrote for The Spectator on the news that house prices have jumped by a "staggering" 10.2 per cent in the last year.
Stamped out... Commenting on a new report calling for an annual proportional property tax (APPT) to replace Stamp Duty and council tax, IEA Senior Academic Fellow Professor Philip Booth told The Telegraph warned there is "a huge danger" that such a tax would become a "milch cow" with complex exemptions and surcharges for groups favoured or disfavoured by politicians.
And IEA Director General Mark Littlewood spoke to City AM about President Biden's plan for a minimum business tax rate among the world's biggest economies. Mark argued that any attempts by a political elite to end or temper competition should be viewed with considerable scepticism or even alarm.
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MARKETS AND MORALITY
The second episode of Markets & Morality goes live on the IEA YouTube Channel this morning at 9:30am. IEA Head of Public Affairs Emma Revell asks the panel: “Should Britain be more relaxed about immigration?”.
IEA Head of Political Economy Dr Kristian Niemietz and Samuel Armstrong, Director of Communications at the Henry Jackson Society, took part in the debate. While Samuel argued that a cap on numbers and a points-based system is a sensible way to limit numbers, Kristian noted that as anxieties about immigration are primarily cultural, not economic, overall numbers are therefore a sideshow. You can watch here.
Emma recorded two episodes this week and our Patreon subscribers got the chance to vote for which episode they wanted to see first.
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IEA PATREON
Have you signed up to become an IEA Online Patron? As a Patron, you get VIP access to our latest videos, priority invites to our virtual events, and the opportunity to engage directly with IEA Director General Mark Littlewood and the IEA team – all for just a small monthly donation.
The IEA’s Patreon page serves as a membership platform, allowing our followers to become Online Patrons, and support and donate towards our digital content. This gives our supporters and followers the opportunity directly to help the IEA continue to produce stimulating and educational online content.
All income from this service goes to supporting the costs of the IEA’s digital work and online content. Alongside this, our Online Patrons have access to exclusive IEA perks, bespoke benefits, priority access to our content, and much much more.
To visit the page and find out more about the IEA’s Patreon, follow the link here or watch our trailer here.
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THINK 2021
The THINK conference is fast approaching and we can reveal our sixth guest speaker this year: Julian Jessop, independent economist and Economics Fellow at the Institute of Economic Affairs. Julian will speak about the economic value of human life.
THINK 2021 will take place on Saturday, 12th June and is free to attend on Zoom – you can register here.
For more information, please visit THINKIEA.com or email the IEA's Education, Outreach, and Programmes Manager Brittany Davis at [email protected]. We hope you can join us!
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IN CASE YOU MISSED IT
*What's the Beef: Can the UK and Australia do a deal?
On Friday, the IEA hosted a live discussion on the prospects of a UK-Australia trade deal and the challenges and obstacles that stand in the way of reaching one.
IEA Head of Regulatory Affairs Victoria Hewson chaired the discussion with David Henig, co-founder of the UK Trade Forum, and Matthew Lesh, Head of Research at the Adam Smith Institute. You can catch up on the IEA YouTube channel here.
IEA Acting Academic and Research Director Professor Syed Kamall wrote for CapX on why, when it comes to food imports, consumers should be the top priority.
*Has Covid-19 killed the office?
It was recently reported that ministers are pushing for flexible working to become the default unless employers have good reason not to allow it. But should the state meddle in the way we work? And is working from home even here to stay?
IEA Director of Communications Annabel Denham chaired a discussion with IEA Editorial and Research Fellow Professor Len Shackleton, and Sam Dumitriu, Research Director at The Entrepreneurs Network, on future working trends and whether government intervention is desirable. Watch here.
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YOU'RE INVITED
*In Conversation with the Rt Hon Dr Liam Fox MP
From 6-7pm tomorrow, Monday 24th May, IEA Director General Mark Littlewood will be joined by Rt Hon Dr Liam Fox MP, Conservative Member of Parliament for North Somerset, for the latest in our In Conversation series with senior figures in public life.
Dr Fox has been the Member of Parliament for North Somerset since 2021 and has held numerous ministerial positions, including Secretary of State for International Trade under Prime Minister Theresa May. In 2020, the UK government nominated Dr Fox as a candidate for Director-General of the World Trade Organisation (WTO), which saw him reach the last five in the election.
The event will be live-streamed on the IEA Youtube channel here.
*MA in Political Economy by Research
The IEA is working with the Vinson Centre for the Public Understanding of Economics and Entrepreneurship at the University of Buckingham on the delivery of an MA in Political Economy by Research.
The programme can be completed by distance learning and is aimed at graduates with a strong interest in the history of economic ideas and the application of economics to questions of public policy.
Online seminars will cover topics on 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.
For further information, please follow the link here.
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