BREAKING (GOOD) NEWS It’s not every day you get to tell someone they’ve won £50,000.
But I had that pleasure a few days ago – when I called Timothy Foxley to tell him he’d won this year’s RICHARD KOCH BREAKTHROUGH PRIZE.
Tim lives and works in Dubai – currently on the dreaded red list for travel. It meant he couldn’t be in London for our BREAKTHROUGHprize-giving ceremony this week – and it threatened to make our event a little like a wedding without the bride.
ZOOMING IN 1So I called Tim to spring the pleasant surprise – and to record his (delighted) response, which you can watch here.
Our competition had posed the question: How would you supercharge growth, employment and living standards in left-behind Britain?
Tim’s submission ‘THE PEOPLE’S REBATE’ called for a massive rebate of income tax and national insurance contributions for people living in deprived areas.
In our video, he talks movingly about growing up in Stoke-on-Trent – and how that led to his prizewinning entry. You can watch it here.
ZOOMING IN 2 Tim’s wasn’t the only entry to make its mark. Our judges, headed by Conservative MP Dehenna Davison (above, who grew up in Sheffield and represents the Bishop Auckland constituency), decided Michael Dnes should receive the Runner-Up prize of £10,000.
Michael, originally from Nottingham, argued for the creation of ‘ZOOM TOWNS’, where cheaper property prices and world class digital infrastructure would benefit locals and attract people from big cities.
And eight other submissions, from hundreds of entries, were selected for Highly Commended awards. They went to Robert Sutton, for his entry ENVISAGE; Michael Bracken, for FREEPORT UK; Vignesh Kamath, for SMART SPECIALISATION; Rosemary Enright for XCHANGE UK; Duncan Neill for INNOVATION NETWORK CREDITS; Erik Praessler for DIGITAL WORKING; Ralph Buckle, for SIMPLIFY the SIDE HUSTLE and Martin Higgins, for TURF MOOR into SINGAPORE. You can read all our winning entries here.
UNMASKED The RICHARD KOCH BREAKTHROUGH PRIZE is one of the biggest competitions of its kind in the UK. But, like so many other things, our prize-giving ceremony had been long-delayed by the pandemic.
So it was great to finally be face to face with our supporters and followers again. And great to give them the chance to let their hair – and their masks – down.
Glynn Brailsford Chief Marketing and Creative Officer, Institute of Economic Affairs
BREAKING DOWN BARRIERS
The government recently concluded its Taskforce on Innovation, Growth and Regulatory Reform (TIGRR). The Taskforce was convened ‘to scope out and propose options for how the UK can take advantage of our newfound regulatory freedoms to deliver these aims, as well as challenging the Government’s own emerging proposals’.
The Institute of Economic Affairs, along with over 150 other organisations and individuals, submitted evidence to the consultation process – headed up by Conservative MPs Sir Iain Duncan Smith, George Freeman, and Theresa Villiers – and this week made those recommendations publicly available.
IEA Head of Regulatory Affairs Victoria Hewson collated her submission, along with those of regulator and business leader Sir Mark Boleat and venture capitalist and investor Jon Moynihan OBE, into a new IEA publication "Removing the barriers to enterprise", which you can can read here.
NOT SO FREE-DOM DAY
Pingdemonium... This week, concerns were raised by industry representatives that the NHS Test and Trace app is leading to staff shortages in key sectors, including manufacturing and food.
Quoted in The Telegraph and City AM, IEA Economics Fellow Julian Jessop argued that the disruption – which has seen Nissan and Rolls-Royce factories threatened with temporary closure – may “delay the return of overall GDP to pre-pandemic levels by a few months” – the equivalent of a £4bn a month in lost output.
IEA Head of Media Emily Carver appeared on GB News to discuss the impact of the 'pingdemic' on supply chains and the wider economy – and the need for the government to either adjust the sensitivity of the app, change the rules around self-isolation or scrap the system altogether.
Writing for The Telegraph, IEA Head of Public Affairs Emma Revellargued that the flaws in the Test and Trace system must be fixed urgently to ensure the app no longer acts as "a strait-jacket rather than a tool for unlocking".
Freedom pass... With reports that the government is going to bring in a domestic vaccine passport system, IEA Director General Mark Littlewood spoke to talkRadio about the hesitancy of the government to restore all our freedoms.
Mark argued that we're not taking enough advantage of the successful vaccination roll-out, which has by and large severed the link between infections and hospitalisations, and expressed his concern at the constant shifting of the goalposts.
iN THE MEDIA
Tax hike... This week it was reported that the government is close to reaching an agreement to increase National Insurance Contributions by 1 per cent to help fund social care.
The increase is expected to raise £10bn a year, with both employers and employees seeing their tax burden increase.
IEA Editorial and Research Fellow Professor Len Shackletonwarned that hiking National Insurance will be "yet another burden on working age people at a time when jobs are insecure, inflation is rising and wages are squeezed".
Strike action... NHS workers will be rewarded a pay rise of 3 per cent, triple the amount first proposed by the government.
However, unions have complained that this increase fails to meet the pace of inflation and undervalues those on the pandemic front line, with some threatening strike action.
A number of IEA spokespeople appeared on broadcast to discuss NHS pay, including IEA Director General Mark Littlewoodon talkRadio, and IEA Head of Media Emily Carver on LBC.
Patel under fire... The Police Federation of England and Wales said this week that they no longer have confidence in the Home Secretary following the announcement that police officers earning over £24,000 will be subject to a pay freeze.
IEA Economics Fellow Julian Jessop appeared on GB News to discuss police pay. Julian reminded viewers that the award is based on advice from an independent review body, and that many officers will still see their pay rise, as they move up the pay scales, or through bonus schemes.
Stub it out... Experts have accused the government of having failed to take the “bold action” required to meet its pledge to make England smoke-free by 2030.
IEA Head of Lifestyle Economics Christopher Snowdon argued on GB News that the priority for the government should be to encourage alternative, less harmful products – rather than prohibitions – including vapes and e-cigarettes, by embracing innovation and technology.
Status quo anxiety... In his new column for City AM, IEA Head of Lifestyle Economics Christopher Snowdonargued that the "tyranny of the status quo" has trapped people into campaigning for policies they would never otherwise advocate.
Critics of lifting Covid restrictions, those who continue to campaign for the 0.7 per cent foreign aid target, and those adamant that the state pension triple lock must remain, are all anchored to a set of arbitrary rules.
Polling blunder... Recently, government policy has been heavily guided by opinion polls, which have been used to justify 'authoritarian' remedies to the pandemic.
In her weekly column for The Spectator, IEA Director of Communications Annabel Denham argued that opinion polls are not the most accurate way of understanding an individual's desires or intentions, not least because they so often contradict people's actions.
Grade expectations... After months of severe disruption to schooling, the Department for Education and regulator Ofqual plan to "reduce pressure" on students and teachers by narrowing the scope of the curriculum that will be tested in GCSE and A-Level exams.
In her column for Conservative Home, IEA Head of Media Emily Carver argued that grade inflation will do nothing to help reduce educational disparities but will encourage children to have a false sense of confidence in their own academic ability, and the buck will be passed to universities and their future employers.
You can also read IEA paper Back to School – and after by IEA Editorial and Research Fellow Professor Len Shackletonhere. The paper recommends short term ways to to help catch up students who have missed out on schooling, as well as longer-term structural changes to improve standards.
On the blog... After Boris Johnson lent his support to the demand that people who engage in racist abuse online should be identified and banned from football matches for ten years, IEA Head of Cultural Affairs Marc Glendening questioned whether China's social credit system is about to make its debut in the UK. You can read Marc's blog here.
Also on the IEA blog, historian Dr Rainer Zitelmann wrote about the recent presidential election in Peru, which has seen Pedro Castillo, leader of the Marxist-Leninist Perú Libre party, elected by a narrow majority.
IN CASE YOU MISSED IT
*The Swift Half with Snowdon ft. Kristian Niemietz
In this episode of The Swift Half, host and IEA Head of Lifestyle Economics Christopher Snowdon spoke to IEA Head of Political Economy Dr Kristian Niemietz, live in the studio.
They discussed Kristian's latest paper Left Turn Ahead which analyses young people's attitudes to capitalism, free markets and socialism. You can watch the show here.
*The Frankfurt School and the Culture War
In the latest episode of the IEA Podcast, IEA Communications and Marketing Assistant Kieran Neild-Alispeaks to Head of Cultural Affairs Marc Glendening aboutthe Frankfurt School – giving listeners a beginner's guide to an important cannon of thought which has greatly influenced the culture war we see today. You can listen here.
IEA PATREON
Thank you to all of you who have already signed up to become an IEA Online Patron. Becoming a Patron grants you VIP access to our latest videos, priority invites to our virtual events, and the opportunity to engage directly with IEADirector General Mark Littlewood and the IEA team. For just a small donation you can get all these benefits and more.
To visit the page and find out more about the IEA’s Patreon, follow the link here or watch our trailer here.
CALLING ALL STUDENTS
*Dorian Fisher Memorial Prize
The deadline to enter this year's Dorian Fisher Essay Memorial Prize is Friday 30th July. The competition is open to all A-Level and IB students, with the chance of winning a first prize of £500, and £250 each for three runners-up. The top 20 entries will also all be invited to a special one-day event at the IEA in the autumn term.
The prize for this competition is named after Dorian Fisher, the wife of Sir Antony Fisher, founder of the IEA, who was a long-time supporter of the Institute and its work. You can find out more details on the IEA website here. If you would like to enter, please send you entry to [email protected], clearly stating your name and school.
*Economics Thought Leaders Symposium (ETLS)
Applications are open to attend this year's Economics Thought Leaders Symposium. ELTS is an annual three-day residential symposium, jointly hosted by The Vinson Centre for the Public Understanding of Economics and Entrepreneurship at the University of Buckingham and the Institute of Economic Affairs. Senior undergraduates and postgraduates are invited to apply and, for those offered a place, it is entirely free to attend – there is no charge for accommodation, food or materials.
The theme for this year’s unique and exciting programme is the Future of Economic Thinking.
There are just 16 places available on this exclusive programme. To apply please send a CV (no more than two pages) and cover letter explaining why you would like to attend (250 words) and 500 words on which economic thinker you would erect a statue for to [email protected]. The deadline for applications is 30th July 2021.
YOU'RE INVITED
On Monday, 2nd August from 6-7pm, the IEA will host the Rt Hon Penny Mordaunt MP, Conservative Member of Parliament for Portsmouth North, for the latest in our In Conversation series with senior figures in public life. The event will be chaired by IEA Director General Mark Littlewood.
Penny Mordaunt is currently part of the Treasury team as Paymaster General. She has previously served as Secretary of State for Defence, Secretary of State for International Development, and Minister for Women and Equalities, and is a Royal Naval Reservist.
She is also the author of a new book Greater: Britain after the storm which she will be discussing during the event. It is available to purchase here.
The discussion 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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