At the July video conferencing meeting of the IEA’s Shadow Monetary Policy Committee (SMPC), the vote was seven to two to raise the bank rate. Six members wanted it increased to 0.25% immediately and one to 0.5%. Two members, however, voted to leave it at its current level of 0.1% for the time being. All ... Continue reading

Submission to the government's Taskforce on Innovation, Growth and Regulatory Reform

Submission to the government's Taskforce on Innovation, Growth and Regulatory Reform The prime minister established a Taskforce on Innovation, Growth and Regulatory Reform (‘TIGRR’) in February 2021. Led by MPs Sir Iain Duncan Smith, Theresa Villiers and George Freeman, its remit was to ‘to scope out and propose options for how the UK can take ... Continue reading
Summary The UK government promotes international trade under the banner ‘Exporting is GREAT’. This is laudable, but the economic benefits of free trade come mainly from what countries import, rather than from what they sell overseas. This may seem counter-intuitive. Many still argue that imports are ‘bad’, that import substitution is ‘good’, and that we ... Continue reading
Summary Millennials have long been portrayed as a politically disengaged and apathetic generation. In recent years, however, that portrayal has changed drastically. The rise of mass movements such as Black Lives Matter, Extinction Rebellion, the ‘Greta Thunberg movement’ and Momentum, together with the ‘campus culture wars’, have turned perceptions upside down. Today, Millennials are much ... Continue reading
Economic Affairs
Subscribe to Economic Affairs Introduction (page 197) COVID-19 and complexity: Hayekian economics and the world after the pandemic (pages 198-210) by Stephen Davies Attitudes to wealth in seven countries: The Social Envy Coefficient and the Rich Sentiment Index (pages 211-224) by Rainer Zitelmann Attitudes to work and time spent unemployed across 30 years (pages 225-240) ... Continue reading
Foreword The colossal impact of the Covid-19 pandemic has somewhat eclipsed the memories of a Britain divided by the Brexit vote. But the years running up to the Brexit referendum – and the prolonged arguments that followed in its wake – created an atmosphere that was uniquely febrile and divisive. In September 2018, in the ... Continue reading
SUMMARY Free speech is, with free trade, freedom of enterprise and security of property, one of the key features of classical liberalism. It is currently being undermined, for a variety of plausible reasons, by government, social and mainstream media companies, and the behaviour of individuals, firms and non-profit organisations. Having thrown off the obvious shackles ... Continue reading
The Framework Convention on Tobacco Control (FCTC) is a World Health Organisation (WHO) treaty that has a Secretariat which holds a biennial Conference of the Parties (COP) to discuss tobacco control issues. Despite the treaty’s commitment to tobacco harm reduction, the WHO and FCTC secretariat have never embraced e-cigarettes but have instead called for excessive ... Continue reading
Summary Advertising – ‘commercial speech’ - is a form of communication which brings considerable benefits to the economy and society, and restrictions on it need clear justification. Until the mid-1950s advertising was for the most part unregulated, subject only to laws relating to fraud and defamation which also affect other forms of speech. Since then, ... Continue reading
Summary There is currently much concern with questions of freedom of speech and expression, much of it focused on the appearance of so-called ‘wokeness’ and its manifestations in corporate life, the media, and (most notably) the academy. Historically the idea of free expression was seen as dangerous or a heresy. But this has changed over ... Continue reading