Who Regulates the Regulators? The Financial Ombudsman Service

Victoria Hewson
31 March 2021
Research

Who Regulates the Regulators? The Financial Ombudsman Service

Summary While not formally a regulator in the strict sense, the Financial Ombudsman Service (FOS) exercises de facto regulatory powers in retail financial services, as its rules and determinations direct the behaviours of firms. While intended to be independent, the FOS has a close relationship with the Financial Conduct Authority. Ombudsmen, however, have considerable discretion ... Continue reading
Victoria Hewson
31 March 2021
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PRESS RELEASE

A safer bet: Gambling and the risks of over-regulation

Christopher Snowdon
10 March 2021
Research

A safer bet: Gambling and the risks of over-regulation

Summary The government has launched a review into British gambling law ‘to make sure it is fit for the digital age’. A coalition of activists has proposed a range of anti-gambling measures, including an advertising ban, low stake limits, a monthly spending cap, slower gameplay and a ban on VIP schemes, bonuses and inducements. Despite ... Continue reading
Christopher Snowdon
10 March 2021
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20 taxes to scrap: How to grow the UK economy by simplifying the tax system

Sam Collins and Alexander C. R. Hammond
1 March 2021
Research

20 taxes to scrap: How to grow the UK economy by simplifying the tax system

Summary The five-year average tax burden in the UK is now at a 70-year high. The impact and opportunities of Brexit, coupled with the need to revitalise the economy in the wake of the Covid-19 crisis, mean 2021 would be a good time for the government to embark on a tax-cutting programme. This paper analyses ... Continue reading
Sam Collins and Alexander C. R. Hammond
1 March 2021
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Back to School – and After

J. R. Shackleton
22 February 2021
Research

Back to School – and After

Summary School closure has been damaging to the mental health of some children and to the educational progress of many. The long-term costs to individuals and the economy of this hiatus in schooling can be exaggerated, but are still likely to be substantial. The costs of the damage are likely to have fallen most heavily ... Continue reading
J. R. Shackleton
22 February 2021
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Viral Myths: Why we risk learning the wrong lessons from the pandemic

Dr Kristian Niemietz
9 February 2021
Research

Viral Myths: Why we risk learning the wrong lessons from the pandemic

Summary The Coronavirus pandemic has given rise to the phenomenon of ‘Coronfirmation Bias’, the tendency to interpret the pandemic as a ‘vindication’ of one’s own worldview. Three interpretations, in particular, have become part of the conventional wisdom: The idea that the UK was unprepared to cope with Covid-19 because a decade of ‘austerity’ had hollowed ... Continue reading
Dr Kristian Niemietz
9 February 2021
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Shadow Monetary Policy Committee votes unanimously to Hold Bank Rate in February

29 January 2021
Research

Shadow Monetary Policy Committee votes unanimously to Hold Bank Rate in February

Warns of upside risks to inflation, arising from a post-COVID boom In its meeting of 12th January 2021, held by video-conference due to ongoing COVID-19 restrictions, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of nine to zero, to hold rates in February. There was unanimity that the announced programme of additional QE ... Continue reading
29 January 2021
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Grounds for concern: Leasehold reform and the future of home ownership

Dr Kristian Niemietz
7 January 2021
Research

Grounds for concern: Leasehold reform and the future of home ownership

Summary Home ownership in the UK comes in two main varieties: freehold and leasehold. ‘Freehold’ is ‘home ownership’ in the way most people probably understand that term: undivided, unconditional and permanent ownership. ‘Leasehold’ denotes a more limited form of ownership, which is not permanent (although typically very long-term), and which is shared with an ‘ultimate ... Continue reading
Dr Kristian Niemietz
7 January 2021
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Turning a blind eye: Have economists been ignored during the pandemic?

Professor Paul Ormerod
23 December 2020
Research

Turning a blind eye: Have economists been ignored during the pandemic?

Summary Throughout the Covid-19 crisis, governments have relied heavily on the advice of epidemiologists and health professionals. Unusually, the economics profession has been conspicuous by its low profile in the policy making process. In an IEA paper published in May 2020, I argued that economic advice was an absolutely essential input into successful policy making ... Continue reading
Professor Paul Ormerod
23 December 2020
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Being Your Own Boss

J. R. Shackleton
15 December 2020
Research

Being Your Own Boss

Should the government care?

Summary Self-employed workers have lost out badly during the pandemic. Their numbers have so far fallen more sharply than the numbers of employees. There is evidence that government assistance has been poorly targeted: over half of the self-employed have received no help. The Chancellor has hinted that, in return for the assistance the government has ... Continue reading
J. R. Shackleton
15 December 2020
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After Brexit, What Next?

Patrick Minford and David Meenagh
11 December 2020
Co-Published Books

After Brexit, What Next?

This timely book sets out a shrewd and comprehensive policy programme, for both ‘microeconomic’ supply-side settings of tax and regulatory systems, and ‘macroeconomic’ policies for fiscal and monetary policies to regulate demand and support the supply-side growth agenda. Explaining the numerous benefits of free trade after Britain’s exit from the EU, and challenging the anti-Brexit ... Continue reading
Patrick Minford and David Meenagh
11 December 2020
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