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* TALKING POINT, WITH VICTORIA HEWSON
* CREATIVE DESTRUCTION
* JOBS, JOBS, JOBS?
* OFF THE RAILS
* iN THE MEDIA
* IEA DIGITAL
* YOU'RE INVITED

A couple of weeks ago we assembled some of the most interesting academics, leading practitioners and senior officials at 2 Lord North Street to discuss developments in competition law, in particular in the digital economy.

Marking the 75^th anniversary of Hayek’s lecture 'The Meaning of Competition', our speakers discussed the concerns that have led governments in the UK and around the world to try and crack down on the perceived dominance of tech giants like Google, Facebook and Amazon. Not all free market supporters agree with activist approaches in digital markets, pointing to the huge consumer surplus and investments in R&D by big tech, as well as the risks and unintended consequences of government intervention.

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On the day, executive director of enforcement at the Competition and Markets Authority, Michael Grenfell, made the case for the government’s proposals, which would regulate firms considered to have Strategic Market Status. His view is that this is necessary to protect competition and innovation, and prevent the most successful businesses exploiting their market power. You can watch Michael’s speech on the IEA YouTube channel here ([link removed]) .

The government’s view was then tested, with data and insights from practitioners Joe Perkins of Compass Lexecon and Christian Ahlborn of Linklaters (whose firms also generously supported the conference). Whereas, Cambridge University’s Diane Coyle called for intervention to go still further, towards eliminating business models based on advertising revenue.

Lively contributions from analyst Ben Evans, Thibault Schrepel from VU Amsterdam, Mikolaj Barczentewicz from the University of Surrey, Kings College London’s Renato Nazzini, the IEA’s Philip Booth and Cento Veljanovski and our co-organiser Aurelien Portuese from the Information Technology and innovation Foundation, saw us through to a closing speech from Minister for the Digital Economy at DCMS, Chris Philp MP.

All of the presentations will be coming up on our YouTube channel, so look out for a new one each Monday. We will also be publishing a collection of written papers from the contributors. With a draft bill expected in 2022, competition in digital markets is going to be a hot topic and the IEA will continue to lead the debate.
Victoria Hewson
Head of Regulatory Affairs, Institute of Economic Affairs

CREATIVE DESTRUCTION

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Following the conference, IEA Director General Mark Littlewood wrote his fortnightly column for The Times ([link removed]) on the regulation of big tech giants.

Mark argued that open competition is the best way to challenge their dominance in the tech sector, reminding readers that “the incredible creative destruction of capitalism in reducing the predominance of seemingly unchallengeable players is swifter and more brutal than we often imagine”. Mark also appeared on Times Radio to discuss his column. You can listen to a clip here ([link removed]) .

JOBS, JOBS, JOBS?

This week, the Office for National Statistics released data on the UK labour market. The figures showed that unemployment and redundancies were down in the period July to September, despite the ending of the furlough scheme.

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IEA Editorial and Research Fellow Professor Len Shackleton noted that there has been a record number of job-to-job movements, which signals the vibrancy of the jobs market and rising confidence among workers. However, he also warned that the positive picture may yet be hampered by speculations of winter Covid restrictions and inflation concerns.

Len's comments were reported across the media, including the regional press ([link removed]-) and Poltics.co.uk ([link removed]) . You can read his full comments here ([link removed]) .

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Len also wrote an article for CapX ([link removed]) , in which he argued that the success of furlough should not be taken as a precedent for further interference in the jobs market. He noted that “The vibrant recovery of the labour market which we are currently witnessing ought to be restoring our faith in the recuperative powers of capitalism.” Read here ([link removed]) .
OFF THE RAILS

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Off the rails... On Thursday, the government unveiled its Integrated Rail Review, confirming the decision to scrap the Birmingham to Leeds branch of HS2.

On GB News ([link removed]) , IEA Director General Mark Littlewood argued that grand infrastructure projects have a history of failing to deliver real benefits on time or on budget. He suggested localised spending on transport projects could yield faster and more effective results. Watch here ([link removed]) .

IEA Energy, Environment and Infrastructure Analyst Andy Mayer also appeared on GB News to discuss the government's Northern rail plan. You can read his full comments here ([link removed]) .

iN THE MEDIA

Equal pay day... This Thursday marked Equal Pay Day. The campaign, run by the Fawcett Society, marks the day when women effectively start 'working for free' because of the gender pay gap.

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In her weekly column for The Spectator ([link removed]-) , IEA Director of Communications Annabel Denham noted that the campaign is misleading, as "it conflates the gender pay gap with the issue of equal pay for equal work". Annabel argued that this serves to perpetuate the false narrative that women are struggling under a ‘prejudiced, patriarchal society’.

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A COP out?...
The climate conference in Glasgow came to a somewhat anti-climatic end last week, as countries agreed to “phase down” rather than “phase out” coal and fossil fuel subsidies.

In an article for The Telegraph ([link removed]) Annabel Denham argued that the conference was doomed to fail from the offset. Instead of showboating at elite conferences, she urged policy makers to harness the “unique power of capitalism to bring down the costs of going green”.

Writing for The Tablet ([link removed]-) , IEA Senior Academic Fellow Professor Philip Booth argued that that we should move quicker to end subsidies on fossil fuels. He noted that it is "nonsensical" to have a lower VAT rate on a product we are actively trying to reduce the consumption of.

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The world is not burning... In an article for Human Progress ([link removed]) , Alexander Hammond, Director of the Initiative for African Trade and Prosperity and IEA Free Trade Fellow, noted that despite fatalistic assumptions about the state of the environment, global deforestation has continued to decline, meaning global net-afforestation will become the norm within the next few decades.

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Deal or no deal?... The Express reported that President Biden has sided with the EU over Britain in the Northern Ireland Protocol debacle. Discussing the tension between Downing Street and the White House, the article quoted IEA Economics Fellow Julian Jessop on the prospect of a UK-US trade deal in the near future. Read here ([link removed]) .
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 IEA Director General Mark Littlewood and the IEA team. For just a small donation you can get all these benefits and more.

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To visit the page and find out more about the IEA’s Patreon, follow the link here ([link removed]) or watch our trailer here ([link removed]) .
IEA DIGITAL

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The Swift Half with Snowdon... In the latest episode, IEA Head of Lifestyle Economics Christopher Snowdon was joined by Henry Dimbleby, co-founder of the Leon restaurant chain and Director of the Sustainable Restaurant Association. The pair famously don't see eye-to-eye on the role of the state in managing peoples' diets, including on the National Food Strategy, which Dimbleby authored. You can watch here ([link removed]) .

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IEA Podcast... The Secretary of State for International Trade kick started the UK's first International Trade Week on Monday, urging UK businesses to sell to the world with the launch of the new ‘Made in the UK, Sold to the World’ campaign.

To discuss the government's strategy and the importance of both exports and imports, IEA Communications and Public Affairs Officer Kieran Neild-Ali sat down with Paul O'Donnell, Public Affairs Director at the Institute of Export and International Trade and Shanker Singham, former Director of the International Trade and Competition Unit (ITCU) at the Institute of Economic Affairs. You can listen here ([link removed]) .
TIME FOR A (STUDENT) CHALLENGE

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Submissions are open for the IEA's Monetary Policy Essay Competition ([link removed]) , in partnership with the Vinson Centre and the Institute of International Monetary Research. This year’s question is: 'Does inflation matter? And will the current inflation upturn be transitory or not?'

Entries are also still open for this year's Budget Challenge ([link removed]) . Schools can enter teams of up to four students to put together a submission that will outline a budget with taxation and spending policy for the United Kingdom in the coming financial year. The deadline to submit is Friday 28 January 2022.
YOU'RE INVITED

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The IEA Book Club will host an event with Dr George Maher to discuss his latest book Pugnare – Economic Success and Failure on Monday, 29 November, from 6-8pm. Find out more here ([link removed]) .

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On Tuesday 23 November, the Institute of International Monetary Research will host Lord Mervyn King ([link removed]) , economist and former Governor of the Bank of England at the Royal Automobile Club.

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