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* TALKING POINT, WITH DR KRISTIAN NIEMIETZ
* THE RETURN OF THE 'PINGDEMIC'
* iN THE MEDIA
* IEA OUTREACH
* IEA DIGITAL
* TIME FOR A (STUDENT) CHALLENGE

The NHS is being privatised. Again. Isn’t it always?

Over the past two weeks, there have been several protest rallies in Westminster against the Health and Care Bill 2021 which, according to its critics, is a Trojan Horse for privatisation. It is only the latest in a long succession of such moral panics.

A mere two years ago, we saw plenty of protest marches against the envisaged UK-US trade deal, which was also accused of being a Trojan Horse for the privatisation of the NHS. In the first half of the 2010s, the Trojan Horse du jour was the Health and Social Care Act 2012, and the Blair/Brown years saw a veritable parade of Trojan Horses (Foundation Trust hospitals, Independent Sector Treatment Centres, patient choice, the Private Finance Initiative…).

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I have just finished writing a paper (release date to be confirmed) on the long and fascinating history of these periodic outbreaks of moral panics around the NHS, which have been going on for at least as long as I have been alive. This little quiz here ([link removed]) , which contains 20 prophecies of the NHS’s imminent demise – all but one reported in mainstream newspapers between 1980 and 2021 – gives you a preview.

But while we are busy discussing wacky conspiracy theories, the NHS continues to fail ([link removed]) , despite record levels of spending. According to the latest figures from the National Audit Office ([link removed]) , there are currently almost 6 million people on a waiting list for elective care, of whom nearly 2 million have already been waiting for more than 18 weeks. This is despite the huge drop in the number of referrals, and a backlog of latent demand which will inevitably come back to haunt us.

If nothing else, that is the problem with these baseless moral panics: they have huge opportunity costs, because they keep distracting us from the very real issues the healthcare system faces.

Dr Kristian Niemietz
Head of Political Economy, Institute of Economic Affairs
THE RETURN OF THE 'PINGDEMIC'?

Policy makers were sent into panic this week as a new Covid-19 variant, Omicron, was detected in the UK. Although the health risk posed by Omicron is unknown, the government reintroduced mask mandates in shops and public transport, and announced stricter rules on self-isolation.

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IEA Economics Fellow Julian Jessop estimated the potential economic costs of a new 'pingdemic', whereby individuals are told to self-isolate by the NHS Track and Trace app, at at least £2 billion.

Julian's comments were reported across press, including in The ([link removed]) Times ([link removed]) , Sun ([link removed]) , Daily Mail ([link removed]) , GB News ([link removed].) and The Telegraph.

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In her column for The Spectator ([link removed]) , IEA Director of Communications Annabel Denham warned of the costs of the these restrictions. Annabel argued that we must "stop battering our economy" whenever new variants emerge.

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And writing for City AM ([link removed]) , IEA Chief Operating Officer Andy Mayer suggested that the government's precautionary approach has gone too far. He noted that individuals should be allowed to make their own decisions when it comes to protecting themselves from Omicron.

iN THE MEDIA

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Fans know best..?
Last week the government published the final report and recommendations of the independent Fan-Led Review of Football Governance. The review calls for an independent regulator to oversee the game, and a stamp duty style levy on transfers.

In his fortnightly column for The Times ([link removed]) , IEA Director General Mark Littlewood argued that although many believe the governance of the sport is anarchic and unpredictable, there are good reasons to believe that a new regulator could make things worse rather than better. Mark discussed the article on Times Radio. You can listen to a clip here ([link removed]) .

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Tax the rich... Senior Labour politicians, including Sir Keir Starmer, have suggested that wealth tax increases would be a fairer way to pay for health and social care reform.

Quoted in the Express ([link removed]) , IEA Economics Fellow Julian Jessop argued that wealth taxes "won't work" and "are not a long term solution" to social care funding.

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Tax axe... The Liberal Democrats are calling for the Chancellor to bring in a package of tax cuts for small businesses that would be worth up to £5.5bn a year.

Commenting on the proposals, which you can read here ([link removed]) , IEA Editorial and Research Fellow Professor Len Shackleton argued that while it is good to see the Lib Dems showing awareness of the problems micro-businesses face, these particular proposals, which are time-limited and full of exemptions, may not be the answer.

Len added that "the government would be better advised to cut taxes while reforming business rates, merging national insurance and income tax and finally lighting a bonfire of regulations."

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Outdoor smoking ban extinguished... It was reported that the Prime Minister intervened this week to stop the Health Secretary from banning smoking outside pubs.

Quoted by the Express ([link removed]) , IEA Head of Lifestyle Economics Christopher Snowdon noted that such a ban would harm hospitality and restrict people’s freedom of choice.
IEA OUTREACH

Mind the gap... On Thursday night, the IEA hosted an event with the LSE Hayek Society, in collaboration with the King's Libertarian Society and the UCL Libertarian Society.

IEA Director of Communications Annabel Denham led a discussion on the gender pay gap, drawing on the findings of her recent publication Mind the gap: pay transparency provisions in the EU ([link removed]) .

Free speech nation... IEA Head of Media Emily Carver gave a talk on freedom of speech at The Grey Coat Hospital school in Pimlico. She discussed the importance of freedom of expression as a xxxxxx against authoritarianism, as well as the current threats to free speech – both legal and cultural. Emily also spoke to economics students at Holyport College in Maidenhead, Berkshire.
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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IEA Book Club...On Monday, the IEA welcomed Dr George Maher to discuss his latest book “Pugnare – Economic Success and Failure”. The event was live streamed on the IEA YouTube Channel. You can watch back here ([link removed]) .

IEA Podcast.... On the podcast this week, IEA Communications and Public Affairs Officer Kieran Neild-Ali was joined by historian and sociologist Dr Rainer Zitelmann to discuss the Chinese economic miracle.

They assessed how China was able to pull millions of its people out of poverty in such a short period of time after the death of Chairman Mao. Dr Zitelmann also wrote on the subject for the IEA blog, which you can read here ([link removed]) .

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Parallax Views... In the latest episode of Parallax Views, host IEA Head of Cultural Affairs Marc Glendening speaks to Brian Denny. They discuss the politics and history of folk music, in particular the importance it has traditionally had for the British left.

Brian is a trade-union journalist, author of Rebuild Britain's Fishing Industry, and curator of the Working River: songs and music of the Thames project. You can watch the interview here ([link removed]) .

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UK's digital strategy... You can now watch a talk by Joe Perkins from the conference the IEA recently hosted with the Information, Technology and Innovation Foundation on the competition and regulation of digital markets. Joe argues that regulatory failures in digital markets are very common, though commonly overlooked.

Joe Perkins is a Senior Vice President and Head of Research at Compass Lexecon based in London. We will be uploading a new talk from the conference every Monday on the IEA YouTube Channel. Watch this latest one here ([link removed]) .
TIME FOR A (STUDENT) CHALLENGE

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A reminder that submissions are open for the IEA's Monetary Policy Essay Competition ([link removed]) , which is run 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?' The deadline is Friday 21st January 2022.

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.

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