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* TALKING POINT, WITH ANDY MAYER
* LIVE WITH LITTLEWOOD
* PLANES, TRAINS AND AUTOMOBILES
* FREEDOM OR 'FOLLY'?
* iN THE MEDIA
* IEA DIGITAL
* COMMITTEE CORRIDOR

Whether Vladimir Putin’s plan involves the annexation of certain regions or occupation of all Ukraine remains to be seen, but his method is war. Despite the Russian President’s record of aggression towards his neighbours and strategy of exploiting moments of Western weakness to advance his aims, scenes of missiles falling on suburbs, tanks crushing bicycles, and bullets across the Dnipro River have shocked us all.

But they would be familiar to our founding lights. Captain Ludwig Von Mises of the Austro-Hungarian artillery served on the Russian front in 1914, and later on the freezing slopes of the southern borders with Italy. A young Friedrich von Hayek was caught in the general retreat of 1918, where he watched the cadets adapt and rally in response to facts on the ground, inspiring early thoughts on his theory of spontaneous order. A bane to the grand plans of little men, throughout history, and hopefully will be again.

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My colleague Annabel Denham has written powerfully for CapX ([link removed]) on the extent to which sanctions might help, as has our Economics Fellow Julian Jessop for the Express ([link removed]) . I have commented on the implications for domestic energy policy – both to the press ([link removed]) and on this week’s episode of Live with Littlewood ([link removed]) .

But the general theme is that where NATO seems more interested in sharing regrets than defence with Ukraine, the principal tools deployed by the West to contain Moscow will be economic. Hayek’s nostrum, “I served in a battle in which eleven different languages were spoken. It’s bound to draw your attention to the problems of political organization”, seems regrettably apt.

Putin is being powered by oil and gas revenues. His invasion will likely secure further resources, and more importantly their passage to the West, while he invests in new links to the East. The EU and UK’s strategy of deliberately limiting investment in our own resources, while pandering uncritically to activist obsessions over Net Zero, has contributed to this mess, highlighted most starkly by the continued purchase of resource from Gazprom as wider sanctions are applied.

We need a rethink. We need to reduce Putin’s capacity to act by increasing supply short term, while planning longer term for less dependency overall. Our thoughts are with all those with family and loved ones in Ukraine, and our wider Atlas family, the champions of freedom in Ukraine including the Institute for Economic Leadership, the Bendukidze Free Market Center, Ukrainian Students For Freedom, and the Ukrainian Economic Freedom Foundation, based in Kyiv.

If you wish to help or offer support, please contact [email protected] (mailto:[email protected]) .

Andy Mayer
Chief Operating Officer, Institute of Economic Affairs
LIVE WITH LITTLEWOOD

On Wednesday night, IEA Director General Mark Littlewood hosted another expert panel of guests for the latest episode of Live with Littlewood.

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Mark welcomed Sam Armstrong, Communications Director at the Henry Jackson Society; Andrew Lilico, Executive Director at Europe Economics; Andy Mayer, IEA Energy Analyst; and journalist and author Ella Whelan.

The panel discussed the ending of legal Covid restrictions in England, the Canadian government's response to the trucker protests, and the efficacy of economic sanctions, in light of Russian aggression in Ukraine.

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Sam Armstrong feared Putin had probably priced sanctions into his expansion strategy, rendering economic penalties largely ineffective, while Andy Mayer highlighted the importance of domestic energy security.

Ella Whelan welcomed the end of Covid restrictions in England on Thursday, but warned that the government was too quick to turn to authoritarian measures in the first instance and too slow to reverse them.

The panel also discussed the IEA's new paper, Planes, Trains and Automobiles: The future of transport after Covid ([link removed]) , co-authored by Andrew Lilico. You can catch up on the IEA YouTube Channel here ([link removed]) .
PLANES, TRAINS AND AUTOMOBILES

As mentioned, on Monday the IEA released its latest research paper, Planes, Trains and Automobiles: The future of transport after Covid ([link removed]) .

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The report, edited by Dr Richard Wellings, with contributions from Dr Andrew Lilico and David E. Tyrrall, analyses the impact of the pandemic on the transport sector, specifically on aviation, rail and motoring.

Changes in consumer and working habits have had, and will continue to have, a considerable impact on the way we travel. This has made the level of state subsidies, particularly in the rail sector, unsustainable. The paper argues that costs could be eased by reducing fragmentation in rail and re-privatising the sector with a more efficient structure.

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The impact on aviation is also likely long-term. Richard argues that allowing airlines to collapse may have led to a reallocation of resources to leaner and more efficient operators, including new entrants post-pandemic.

But while aviation and rail may experience a prolonged fall in the volume of passengers, motoring could be an unexpected beneficiary of the pandemic. With the rise of working from home, travelling by car to work may become quicker than before and parking availability more guaranteed.

Dr Richard Wellings, report editor and former Deputy Research Director at the Institute of Economic Affairs, said:

“The pandemic has accelerated the shift towards virtual meetings and working from home. This is having a devastating impact on public transport and the rail industry in particular, which now faces a long-term financial crisis."

The paper was covered in City AM ([link removed]) and trade publications, including Flight Global ([link removed]) and Airline Routes and Ground Services ([link removed]) . You can read it in full here ([link removed]) .
FREEDOM OR 'FOLLY'?

On Thursday, all Covid regulations in England were lifted, ending legal requirements to self-isolate and mask mandates. 'Free' universal testing will end on 1 April and will instead be prioritised for the most vulnerable.

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IEA Head of Lifestyle Economics Christopher Snowdon dismissed claims that ending restrictions is 'irresponsible' on GB News. The prevalence of a less severe Covid variant, as well as mass vaccination, mean there is no longer any justification for such constraints on people's lives.

In an article for the New Statesman ([link removed]) , Christopher argued that while mass testing has been useful during the pandemic, it has always been costly and its benefits are diminishing. He noted, "There are 101 better ways to spend £2 billion a month."

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Writing for CapX ([link removed]) , IEA Head of Media Emily Carver echoed Christopher's optimism, arguing we cannot "live on a permanent war footing". Emily emphasised the need to return to freedom being the default position.

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In her weekly column for The Spectator ([link removed]-) , IEA Director of Communications Annabel Denham took stock of the immense economic cost of the pandemic. Estimates suggest that public sector spending over the course of the pandemic range from £315 billion to £410 billion. At one point during the pandemic, the UK was borrowing around £37 million every single hour.

And IEA Economics Fellow Julian Jessop estimated that self-isolation rules could still be reducing GDP by at least 1 per cent, costing the economy £2 billion every month. You can read his comments here ([link removed]) .

iN THE MEDIA

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Patriotic millionaires... In his fortnightly column for The Times ([link removed]) , IEA Director General Mark Littlewood gave his take on the 'Patriotic Millionaires', a clique of super wealthy celebrities who campaign for higher taxes on the rich.

Mark argued that the tax system should be reformed to reward success and not penalise wealth creation, noting that the group's members could always donate their earnings to HMRC.

Mark discussed his column on Times Radio. You can listen to highlights here ([link removed]) .

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Healthcare without the NHS... IEA Head of Political Economy Dr Kristian Niemietz appeared on GB News to discuss health policy with Nigel Farage. The pair agreed that incentivising the use of private healthcare through tax relief would ease the burden on the NHS, as already happens in the Australian system.

Kristian also explained that alternatives, such as social insurance models in Europe, often perform better than the NHS. You can watch the full interview here ([link removed]) .

IEA Head of Lifestyle Economics Christopher Snowdon appeared on talkRADIO to discuss waste in the NHS. Listen here ([link removed]) ([link removed]) (from 19m21).

Politics Live... IEA Director of Communications Annabel Denham appeared on BBC Politics Live on Tuesday to discuss the day's headlines, including economic sanctions on Russia and the German decision to halt the operation of Nord Stream 2, the controversial gas pipeline from Russia. Watch here ([link removed]) .

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Take a hike... Inflation and monetary policy may be out of the hands of politicians, but there is a lot that the government could be doing to ease the cost of living crisis hitting households across the UK, Julian Jessop argued in the Express ([link removed]) .

Julian made the case for delaying the National Insurance hike for at least a year, as a combination of price and income rises mean that families and businesses are already paying more tax than expected.

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Brexit freedoms... The Telegraph ([link removed]) featured IEA Head of Regulatory Affairs Victoria Hewson's paper 'A Unilateral Approach to Non-tariff Barriers ([link removed]) ' in the first of a new series on (over)regulation, and why previous efforts to ignite a bonfire of red tape have failed.

The article highlights how Victoria's research offers policy makers a chance to embrace a new free trade policy which will benefit consumers by removing non-tariff barriers to trade.
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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Freedom to trade... Alexander Hammond, Director of the Initiative for African Trade and Prosperity, discussed how an African Continental Free Trade Area could revolutionise the continent's economy, and the benefits it could bring to the UK. Watch here ([link removed]) .

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Freedom convoy... IEA Head of Media Emily Carver hosted Fraser Myers, Deputy Editor of Spiked Online, and Fred McMahon, Resident Fellow of the Fraser Institute, to discuss the Canadian government's passage of an Emergencies Act to deal with Canadian truckers protesting against mandatory vaccination. Was Trudeau's response proportionate? Watch here ([link removed]) .

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IEA Podcast... IEA Head of Political Economy Dr Kristian Niemietz discussed a recently published review on how the healthcare system in England responds to reports about harmful side effects from medicines and medical devices. Kristian spoke to Simon Whale and Dr Sonia Macleod of the Independent Medicines and Medical Devices Safety Review. Listen here ([link removed]) .

Markets & Morality... The government set out plans this week to reform the English higher education system – including changes to student finance and proposals to raise minimum entry requirements.

Dr Nick Cowen, Senior Lecturer of the University of Lincoln, warned that the reforms may be short-sighted, while Emily Carver argued that the government's aims to raise standards and ease the burden on taxpayers are credible. You can watch the full episode here ([link removed]) from 9.30am today.

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.

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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] (mailto:[email protected]) explaining why you would like to take part.

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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 ([link removed]) , or email IEA Head of Outreach Brittany Davis at [email protected] (mailto:[email protected]) with any questions.

MONEY WEBINAR SERIES

On 16 March, Professor David Llewellyn will explore whether the regulation pendulum has swung too far in the banking industry.

This is part of the Institute of International Monetary Research's online webinar series. You can register to watch here ([link removed]) .

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