Cutting red tape could save UK households £9,000 a year
Kristian Niemietz writes for CapX
Matthew Lesh writes for City AM
IEA Research discussed in The Telegraph
The new report, edited by IEA Head of Public Policy Matthew Lesh and Head of Political Economy Kristian Niemietz, examines the potential for deregulation to relieve some of the financial burden on households struggling with the cost of living crisis.
Outlining the key findings of the report, the article reads:
“The Institute of Economic Affairs estimated VAT on fuel and green targets for suppliers had cost drivers and utility bill payers an additional £500 a year, while parents were more than £4,000 worse off because of increased regulation in the childcare sector.”
“Additional rules have driven up the cost of businesses operating in sectors such as energy, housing and care and in turn passed on “substantial” prices to households, according to the think tank. The IEA estimated “sin taxes” on alcohol, tobacco and sugary drinks were costing a “moderate” drinker and smoker £139 a month.”
“Matthew Lesh from the IEA said the benefits of much of the red tape in the UK were “trivial or highly speculative” and only served to push up the cost of living for millions of people.”
Read the full article here.