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Spring is one of the most exciting times of the year for the Outreach team. We travel to schools and sixth form colleges across the UK to run economics conferences which are free to attend, host several essay competitions with cash prizes, hold teachers’ seminars on current affairs and how they relate to the A-level syllabus, before we round off the season with our flagship THINK conference, which will take place this year on 25 June 2022 at the Royal Geographical Society. Speakers will include Dame Helena Morrissey, Johan Norberg, and Dr Dambisa Moyo.
The events themselves are a crucial element of our work, however the most important aspect of these programmes are the discussions they create. At a time when words like ‘echo chamber’ are thrown around quite liberally and intolerance to differing perspectives is common, it’s important to provide a place where people with different beliefs can have open and honest discussions to truly explore their beliefs.
The Outreach Department is excited to host our very first residential summer school – the Future Thought Leaders’ Programme – in conjunction with the Vinson Centre, the Initiative for African Trade and Prosperity, and the Institute of International Monetary Research in July. This two-week economics summer camp is designed to give the participants a deep dive into four different research tracks while fostering deeper connections with the up-and-coming generation.
As a former IEA intern myself, I know that the connections we make stay with us long after the internship has ended, and Lord North Street is a place people can always call home. Find out more about our programmes here, or read the 'calling all students' section of this newsletter.
Brittany Davis
Head of Outreach, Institute of Economic Affairs
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HOTTING UP
On Wednesday, the Office for National Statistics published its latest inflation data, indicating that inflation rose to 5.5 per cent in January.
Quoted in the Express, IEA Economics Fellow Julian Jessop urged the Bank of England to be "bolder in returning interest rates to more sustainable levels", and to slow the growth of the money supply.
The Institute for Fiscal Studies estimated that soaring inflation could push debt interest payments up to an eye watering £69bn this year. This is because a large proportion of the UK's debt is pegged to the retail prices index measure of inflation.
Quoted in the Daily Mail, IEA Director General Mark Littlewood warned that "We are going to be paying the price for many years to come for our reckless borrowing over the last 20 years." Read full article here.
IEA economists have long been warning of the risk of rising inflation. You can read our 2020 paper, Inflation: The next threat?, by Dr Juan Castaneda and Professor Tim Congdon here.
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iN THE MEDIA
On Monday, Mark appeared on LBC's Cross Question with Iain Dale to discuss the week's main headlines, including the Russia-Ukraine crisis, the accusation levelled at Sir Keir Starmer by Boris Johnson over Jimmy Savile, and the transition to Net Zero. You can watch the full programme here.
Newsround... Mark also spoke to talkRADIO's Kevin O'Sullivan about the NHS and the cost of living crisis. Mark argued that the NHS is not the envy of the world, despite what its proponents say. He noted that alternative social insurance models in Europe continue to outperform the NHS.
On rising inflation, Mark warned that we could reach double digits if we continue to pump money into the economy. Listen here (from15m20).
Mark appeared on the BBC Radio 4's Moral Maze programme on Wednesday evening. The panel discussed the question: How do we make a longer life a moral one?
Topics covered included regional disparities in life expectancy, the cost of pensions and social care, as well as whether aiming to live to 100 years old could be considered "selfish" considering the financial burden on the state. You can catch up on the programme here.
The Covid Chancellor... On Rishi Sunak's second anniversary as Chancellor of the Exchequer, IEA Director of Communications Annabel Denham assessed his record in Number 11: the good, the bad, and the ugly.
Although Sunak describes himself as a low-tax Thatcherite, "there has been scant indication that the Treasury intends to end government profligacy". You can read her Spectator column here.
Let employers decide... As offices reopen, calls for new ways of working – from a four-day week to a right to disconnect – have intensified.
Writing for The Telegraph, Annabel argued that while flexible working patterns are to be welcomed, the state should not mandate working arrangements which could add costs to businesses, particularly in light of the upcoming National Insurance hike.
Will 'Green Freeports' float?... After months of negotiation, the UK and Scottish governments have agreed to build two new 'green freeports' in Scotland.
IEA Head of Regulatory Affairs Victoria Hewson appeared on GB News to discuss the announcement. Victoria argued that although it was positive that the UK was making use of new Brexit freedoms, policy makers were getting too "bogged down" in how to allocate Net Zero subsidies which could ruin any economic gain from the ports. Watch highlights here.
Victoria was also quoted in the Express on the subject.
Green transition... City AM reported that major banks are continuing to invest in fossil fuels despite global efforts to decarbonise. Although many climate change activists see this as a betrayal of the COP26 commitments, IEA Energy Analyst Andy Mayer explained that fossil fuels are still required in the transition to renewable energy.
Commenting in City AM, Andy said: "All sane paths to net zero involve ongoing investment in fossil fuels until better alternatives are available and affordable. It is not hypocritical to finance both, but essential risk management."
Fuelling misery... Andy also commented on rising fuel prices, which have risen by almost 40p per litre (27 per cent) in just two years. He argued that a 20p per litre reduction in fuel duty would reduce pump prices by nearly a fifth, providing welcome relief on the cost of living. Read the full press release here.
His comments were reported in print in The Sun and he also appeared on talkRADIO on Monday. Listen here (from 19m35).
And on the IEA blog this week, Andy and IEA Head of Public Policy Matthew Lesh went head to head to debate whether classical liberals should accept "Net Zero" as a given.
Matthew argued that instead of opposing Net Zero targets, classical liberals should focus on winning the case for market environmentalist policies, while Andy argued that the "ideology of Net Zero" is illiberal and doing real harm. You can read the debate here.
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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.
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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IEA DIGITAL
The Swift Half... In the latest episode, IEA Head of Lifestyle Economics Christopher Snowdon spoke to Lionel Shriver, Orange Award winning novelist and journalist, to discuss cultural appropriation, the decline of liberalism in Canada, UK lockdowns, e-cigarettes and much more. Watch here.
Windfall taxes explained... Calls for a windfall tax on energy firm profits have grown in recent weeks, with both Labour and Liberal Democrats touting the tax as a solution to the alleviate the impact of high energy prices on poorer families.
IEA Academic and Research Director James Forder give a brief summary of what a windfall tax is, whether they have worked in the past and why they are a bad idea. Watch here.
You can also watch a short explainer video on Victoria's latest paper, Changing the rules: A unilateral approach to non-tariff barriers, on the IEA YouTube Channel here.
IEA Podcast... IEA Communications & Public Affairs Officer Kieran Neild-Ali spoke to Luke Stanley, Senior Researcher at think tank Onward, to discuss the Levelling up agenda and why he thinks civic engagement is important to improving the prosperity of 'left behind Britain'. Listen here.
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CALLING ALL STUDENTS!
We have a several opportunities coming up for students, including exam revision courses, internship programmes, and summer schools. The deadline to apply for these programmes is 1 April.
Sixth Form Future Thought Leaders’ Programme... You can also apply to attend a week-long programme for sixth formers which will take place from Monday 25 – Friday 29 July. The week will include lectures, discussions, and debates with expert economists.
Due to high demand, we are pleased to announce that an additional week of the Sixth Form Future Thought Leaders’ internship will also take place at the IEA between Monday 18 – Friday 22 July. This week-long programme for sixth formers is a way to get experience discussing economic ideas and concepts beyond the exam curriculum.
To apply, please send a CV and short covering letter to IEA Outreach Coordinator Thomas Robinson at [email protected] explaining why you would like to take part.
Residential Summer School... In partnership with the Institute of International Monetary Research, the Vinson Centre, and the Initiative for African Free Trade and Prosperity, the IEA will host a residential summer school.
This programme is open to undergraduate students and will take place from 27 June to 8 July. It will have four streams: general economics, monetary theory, economic history, and trade and globalisation.
Summer School Internship... Last but not least, our summer school internship will start from Tuesday 2 August – Friday 19 August. Interns will participate in lectures, seminars, debates, discussions, as well as workshops on professional and career development.
You can find out more about all of our internship programmes here, or email IEA Head of Outreach Brittany Davis at [email protected] with any questions.
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MONEY WEBINAR SERIES
You can now register to attend a new series of online webinars hosted by the Institute of International Monetary Research.
World-leading monetary analyst Professor Tim Congdon will hold a webinar on banking in a free society on 23 February. Register here.
Professor David Llewellyn will explore whether the regulation pendulum has swung too far in the banking industry on 16 March. Register to watch here.
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