From Institute of Economic Affairs <[email protected]>
Subject Harnessing the power of free markets
Date May 15, 2022 7:59 AM
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* TALKING POINT, WITH ADAM BARTHA
* EUROPE LIBERTY FORUM WARSAW
* LOST FOR IDEAS
* iN THE MEDIA
* IN CASE YOU MISSED IT
* IEA BOOK CLUB EVENTS
* CALLING ALL STUDENTS

A few hundred miles from the Russian border, a dozen of us from the IEA spent a week in Warsaw with our European partners, to collaborate and advance classical liberal principles across Europe.

It has been bittersweet for our Polish hosts – the Civil Development Forum and the Economic Freedom Foundation – who welcomed us to the Atlas Europe Liberty Forum in Warsaw rather than Kyiv, where the event was meant to take place before the war.

Russia’s totalitarianism has been at the centre of many discussions. Whether it’s the geopolitical shift influencing Western trade policy towards autocracies, free speech regulations aiming to combat foreign disinformation, or tax and regulatory policies which shape how prosperous we become, all of these topics have been put in a different light.

It’s not enough for our liberal democratic societies to be better than autocracies in theory: we have to outperform them in practice. We need to harness the power of free markets to encourage innovation and investment and improve our standard of living. We need to build robustly free societies to maximise individual liberty and provide a stark contrast to the dark collectivist ideologies of Russian nationalism or Chinese socialism.

These are the values that our IEA speakers endorsed in Warsaw this week and that the IEA works towards here in the UK and across Europe, in tandem with our partners in the EPICENTER and Atlas Network.

Adam Bartha
Head of International Outreach and Director of EPICENTER

EUROPE LIBERTY FORUM WARSAW

The Atlas Europe Liberty Forum welcomed over 250 free market think tankers, including a dozen members of the IEA team who took part in several events and training opportunities.

Our Head of Regulatory Affairs Victoria Hewson talked about the possibilities provided by unilateral regulatory recognition of EU goods by the UK. This, she argued, would help minimise inflationary pressures during the cost of living crisis.

IEA Head of Public Policy Matthew Lesh outlined the benefits of tax competition on a panel discussing the EU and OECD’s tax harmonisation plans that would introduce a minimum corporate tax rate across developed economies.

Brittany Davis, our Head of Outreach, addressed the relationship between classical liberalism and feminism. She highlighted the fact that misleading statistics are being promoted, like confusing the gender pay gap with the "motherhood penalty," which muddles the conversation on equal rights.

During the week, many IEA representatives participated in or provided training to enhance the abilities of the European freedom movement. Do subscribe to our YouTube channel ([link removed]) and stay tuned to see highlights of our activities.
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LOST FOR IDEAS

On Tuesday, Prince Charles delivered the Queen's Speech, laying out the government's legislative agenda for the year ahead. The speech highlighted some of the 38 bills that ministers intend to pass, including laws on spying, human rights, Brexit freedoms and disruptive protests.

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IEA Head of Public Policy Matthew Lesh warned that the Queen’s Speech "lacked ambition in the face of Britain’s immense challenges". Matthew expanded on his thoughts in a video for the IEA YouTube Channel, which you can watch here ([link removed]) .

IEA Head of Regulatory Affairs Victoria Hewson welcomed the Brexit Freedoms Bill which will make it easier for Parliament to repeal EU laws still on the statute books. Victoria described the Bill as a "necessary step towards reforming our regulatory environment".

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The speech also included the government's plans for a new independent English football regulator (IREF). Commenting on the plans, Victoria said:

“It is ironic that in the same legislative programme that seeks to repeal and reform regulation and support innovation, the government is also introducing a new regulator in English football – one of Britain’s most successful and innovative sectors."

You can read Victoria and IEA Editorial and Research Fellow Professor Len Shackleton's paper on why English football doesn't need an IREF here ([link removed]) .

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The Speech confirmed that the government has u-turned on any meaningful reform of the UK's planning system. Quoted in City AM ([link removed]) , IEA Head of Political Economy Dr Kristian Niemietz said Ministers have "given up on any serious attempts to make housing in Britain more affordable".

Kristian noted that "Britain’s housing crisis is at the very heart of the cost-of-living crisis. Without solving the former, there is no hope of making any progress on the latter."

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And, commenting on the Energy Security Bill and the government's continued commitment to the energy price cap, IEA Energy Analyst Andy Mayer suggested that it would do little to ease high energy prices for consumers. His comments were reported in City AM ([link removed].) .

You can read the IEA's full response to the Queen's Speech here ([link removed]) .

iN THE MEDIA

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The verdict... IEA Director of Communications Annabel Denham gave her assessment of the Queen's Speech in The Spectator ([link removed]-) .

While Annabel welcomed the Brexit Freedoms Bill, she despaired at the raft of paternalistic bills in the pipeline, which will do nothing to help struggling households. She argued: "We now find ourselves in a regulatory ratchet, with politicians who define success by the number of new rules they can conjure up to limit ordinary citizens’ room for manoeuvre and expand the reach of the state."

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False economies... The Levelling up and Regeneration Bill will give councils new planning powers to force landlords in England to let out empty shops to rejuvenate high streets. Councils will also be able to double council tax on empty and second homes.

In a column for The Telegraph ([link removed]) , Annabel argued that these reforms threaten property rights. She warned that the BIll is an "alarming breach of the contract between citizen and state" as it interferes with the right of proprietors to use their resources as they see fit.

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Politics Live... Annabel also appeared on BBC Politics Live on Monday. On the agenda was the Victory Day parade in Moscow, allegations that Sir Keir Starmer broke lockdown rules, and the local election results.

Annabel suggested that with the tax burden increasing and public spending at record highs, voters will be unsure what the Conservative Party stands for. Watch here ([link removed]) .
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Plan for success... In her fortnightly column for Conservative Home, IEA Head of Media Emily Carver argued that the government has failed to tackle the housing crisis and risks incurring the wrath of squeezed renters and aspiring homeowners at the polls.

Emily argued the government is trapped in "the straitjacket of NIMBYism", which could turn a generation of young voters away from capitalism. Read here ([link removed]) .

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Cross Question... Emily appeared on LBC Cross Question on Tuesday to discuss the week's main headlines and answer questions from callers across the UK.

Emily said there was little in the Queen's Speech that would ease the cost of living crisis, and urged the government to cut taxes to help alleviate the burden on struggling families. Watch the full programme here ([link removed]) .

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Civil servant cull... It was reported on Friday that the government intends to cut up to 91,000 civil service jobs to free up cash to tackle the cost of living crisis.

In an interview on talkTV ([link removed]) , IEA Director General Mark Littlewood welcomed proposals but said the cuts do not go far enough. He told viewers that the plans would only bring us back to 2016 levels, adding that "the state just grows and grows if you don't attend to it on a regular basis". Watch highlights here ([link removed]) .

IEA Editorial and Research Fellow Professor Len Shackleton wrote for The New Statesman ([link removed]) on the state of the civil service. He noted that any cuts should be "accompanied by an analysis of what the government really needs civil servants to do — including whether even those essential functions can be better handled by privatisation".

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Grinding to a halt... On Thursday, the ONS published its latest GDP data for March. Commenting on the growth figures, which showed the UK economy shrank by 0.1 per cent in March, Julian said the Chancellor needs to respond to the growing risk of recession and help ease the cost of living.

He suggested: “An effective package should include a mix of benefit increases, tax cuts and measures to lower energy prices, and mainly be targeted at low-income households." Read Julian's full comments here ([link removed]) .

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BOGOF... In a victory against the nanny state, plans to to ban buy one get one free deals on unhealthy food have been ditched – at least for now.

Quoted in the Express ([link removed]) , IEA Head of Lifestyle Economics Christopher Snowdon welcomed the news. He said: "Banning cheap food deals when inflation is rising to a 40 year high was never going to end well."

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Shouting the odds... Christopher appeared on GB News to debate whether gambling adverts should be banned with Carolyn Harris MP. Christopher acknowledged that gambling ads are in decline but highlighted the importance of allowing reputable betting firms to advertise their services to punters. He also emphasised the important investment gambling firms put into sport. Watch here ([link removed]) .

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Next stop, nationalisation... Professor Len Shackleton went head-to-head with Christian Wolmar on GB News on whether we should nationalise the railways. Len described the Williams-Shapps Report, which details the government's rail strategy, as a "dog's dinner". He argued that it was unfair for taxpayers to subsidise rail travel. Watch highlights here ([link removed]) .

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Time to wake up...
IEA Head of Political Economy Dr Kristian Niemietz discussed the 'professionalisation of wokery' on TalkTV with Mike Graham. He argued that 'wokeness' has become an industry, with HR departments hiring excessive numbers of diversity and inclusion officers.

The pair challenged the NHS's suggestion that micro-aggressions can be worse than overt acts of hate in the workplace. Watch here ([link removed]) . Kristian's appearance on TalkTV was reported in the Daily Mail ([link removed]) .

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NHS on life support... The crisis in the NHS has reached a new low, as the number of people waiting for routine treatment in England has soared to a high of nearly 6.4 million. Commenting on the story in the Daily Mail ([link removed]) , Christopher Snowdon said people could no longer blame 'underfunding' as the cause of the crisis, with data showing one in every eight pounds earned in this country is spent on healthcare. Christopher told readers:

"The reality is that the NHS is lavishly funded but fundamentally flawed. It is not working for patients and, aside from the managerial elite, it is not working for staff either. We are paying top dollar for a third world service".
IN CASE YOU MISSED IT

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Going global...
On Monday, the IEA hosted a panel discussion on the topic: UK Global Champions – A Global Britain approach to Trade and Foreign Policy. The event was livestreamed on the IEA's YouTube Channel. You can watch the discussion here ([link removed]) .

Speakers included: Greg Smith, Conservative MP for Buckingham and Co-Chair of Free Market Forum; Andy Burwell, International Director at the CBI; IEA Head of Regulatory Affairs Victoria Hewson; and IEA Head of Public Policy Matthew Lesh.

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The Swift Half... In the latest episode of The Swift Half with Snowdon, Christopher Snowdon, IEA Head of Lifestyle Economics, sat down with Jonathon Kitson, Superforecaster and Fellow at the Adam Smith Institute, to discuss military spending, Jonathon's experience of clinical vulnerability during the pandemic, and whether we can accurately predict the future. Watch here ([link removed]) .

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What is the Equality Act?... In this short explainer video, IEA Head of Regulatory Affairs Victoria Hewson discussed the 2010 Equality Act and, why, in her view, it is flawed. Watch here ([link removed]) .
IEA BOOK CLUB EVENTS

The IEA Book club have a series of exciting events coming-up! See details below. All these events are exclusively for IEA Book Club members. For more information on the Book Club please get in touch at [email protected] (mailto:[email protected]) or click the link here. ([link removed])

The Chancellors... On Monday 6 June, the IEA Book Club will welcome Sir Howard Davies, British economist, author, and Chairman of NatWest Group, to discuss his upcoming book, The Chancellors: Steering the British Economy in Crisis Time. This event will take place from 6pm at the IEA.

Turning the World Upside Down Again... The IEA will host Lord Nigel Crisp to discuss his latest book, Turning the World Upside Down Again: Global health in a time of pandemics, climate change and political turmoil. This event will be taking place on Thursday 16 June.

How the Woke Won... On Monday 4 July, IEA Head of Cultural Affairs Marc Glendening will chair an event with Joanna Williams on her latest book, How the Woke Won: The Elitist Movement That Threatens Democracy, Tolerance, and Reason. Joanna provides a powerful critique of the intellectual roots of wokeness and how this movement, which poses as radical and left-wing, came to be embraced by some of the most privileged people imaginable.

CALLING ALL STUDENTS!

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We are excited to launch the Economic Thought Leaders’ Symposium at the University of Buckingham from 7-9 September 2022.

The theme for this year’s programme is The Economics of War and Peace. We will discuss topics like trade not war, international institutions, diplomacy and game theory. To apply, please send a CV and cover letter explaining why you’d like to attend, as well as 500 words on promoting the reconstruction of an economy after a war to [email protected] (mailto:[email protected]) by 17 June 2022. You can find out more here ([link removed]) .

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We have launched the 2022 Dorian Fisher Essay Competition. Named after the beloved wife of our founder Sir Antony Fisher, this is our biggest essay competition of the year, exclusively for A-Level and IB students.

First prize will receive £500, with a separate prize of £500 for the school with the highest number of entrants. The deadline for this year’s competition is Friday 29 July 2022. You can find out more here ([link removed]) .

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