Jacob Rees-Mogg on Why The UK's Economic System Is Broken | IEA Interviews

In this Institute of Economic Affairs Podcast, IEA Executive Director Tom Clougherty interviews David Friedman, renowned economist and author of "The Machinery of Freedom." The conversation explores Friedman's critique of modern trade policy discussions, which he compares to using "Ptolemaic astronomy" for contemporary issues. Friedman systematically dismantles common misconceptions about trade deficits, tariffs, and international commerce while explaining how exchange rates naturally balance trade between nations.David shares his insights on how tariffs harm both importing and exporting industries within a country, making the entire nation poorer by forcing less efficient production methods. The discussion also covers recent political developments, including Trump's trade policies, Argentina's economic reforms, and the prospects for libertarian principles in modern governance. Friedman explains why free market ideas often struggle politically despite their economic soundness.The interview concludes with an examination of immigration policy, private cities, and alternative governance systems. Friedman offers his perspective on monarchy as a governance structure and critiques various approaches to libertarian politics. Throughout the conversation, he demonstrates his characteristic analytical approach, drawing from both economic theory and historical examples to illustrate complex concepts in accessible terms. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this episode of the Institute of Economic Affairs Podcast, host Reem Ibrahim, Communications Manager and Linda Whetstone Scholar, is joined by Tom Clougherty, Executive Director, and Kristian Niemietz, Editorial Director, to discuss the recent US & India UK trade deals and Northern Ireland's new approach to the National Health Service.The discussion begins with an analysis of the UK-India trade deal, which eliminates 99% of tariffs for the UK and 90% for India. The panel examines the economic benefits of the agreement while expressing disappointment about how some politicians, particularly on the right, focused heavily on National Insurance exemptions for Indian workers rather than celebrating the trade benefits. The conversation then shifts to the US-UK trade agreement, which removes tariffs on steel, aluminium, and establishes quotas for beef and cars, though the panel notes it falls short of a comprehensive free trade agreement.The final segment examines Northern Ireland's new NHS policy that allows patients on long waiting lists to seek treatment abroad, initially in the Republic of Ireland with plans to extend to the EU, and claim reimbursement up to what treatment would have cost in Northern Ireland. The panel discusses how this approach expands patient choice and could relieve pressure on the Northern Irish NHS, though it currently applies to a limited list of treatments and requires patients to pay upfront before claiming costs back. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this IEA Podcast, Andy Mayer, COO and Energy Analyst, interviews Matt Ridley, former businessman, conservative peer, and author of books including "The Rational Optimist" and "How Many Light Bulbs Does It Take to Change the World." They discuss the recent power grid failure in Spain and Portugal, exploring how increasing reliance on intermittent energy sources like wind and solar may contribute to grid instability. Ridley explains the technical challenges of maintaining grid frequency when traditional "spinning" power generation is replaced by renewable sources.The conversation shifts to Britain's energy policy and high electricity costs, which Ridley claims are now the highest in the developed world for both industrial and domestic users. They examine nuclear power's potential role in energy security and the regulatory barriers that have made nuclear plants increasingly expensive and time-consuming to build. Ridley advocates for small modular reactors that could be manufactured at scale rather than the current approach of building nuclear plants as "one-off" projects.Ridley also discusses his theories on innovation and evolution, drawing parallels between biological evolution and technological development. He argues that innovation flourishes in environments with regulatory freedom, faster decision-making, and "permissionless" systems that allow ideas to develop from the bottom up rather than through top-down government planning. Despite his criticisms of current UK energy policy, Ridley maintains his identity as a "rational optimist" about global technological development and human progress, while lamenting the lost opportunities from what he sees as misguided energy transition strategies. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this episode of the IEA Podcast, host Callum Price (Director of Communications) is joined by Tom Clougherty (Executive Director) and Andy Mayer (Energy Analyst) to discuss Trumps’ first 100 days, London housing crisis and recent energy issues. They examine the blackouts in the Iberian Peninsula, where approximately 60% of Spain's power was coming from solar energy before system failures occurred. Andy Mayer explains how this demonstrates the systemic risks of relying too heavily on renewable energy without proper balancing measures, and critiques the UK government's announcement requiring solar panels on all new builds.The conversation shifts to London's housing crisis, referencing an article in The Economist about brownfield sites with planning permission that remain undeveloped. Tom Clougherty explains how approximately 400,000 homes could be built on these sites, but development is hindered by requirements like affordable housing quotas and biodiversity targets that make projects financially unviable. The team discusses how these regulations prevent market-led development in a city desperately needing more housing.The podcast concludes with analysis of Donald Trump's first 100 days in office and UK local election results. They examine the economic implications of Trump's tariff policies and question whether Elon Musk's Department of Government Efficiency will achieve meaningful reductions in government spending. The conversation finishes with reflections on Reform UK's recent by-election win against Labour and discussions about whether Reform will develop a coherent policy platform or remain primarily a protest party. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this Institute of Economic Affairs podcast, IEA Executive Director Tom Clougherty interviews Sir Jacob Rees-Mogg, former Minister of State for Brexit Opportunities and Government Efficiency, and former Business Secretary. The conversation covers the exodus of wealth creators from Britain, examining how tax policies - particularly changes to non-dom status initiated by successive governments - have driven wealthy individuals and businesses overseas. They also discuss the broader issues of high taxation, economic growth, and government inefficiency.Sir Jacob shares his views on government spending and the need for substantial reforms, identifying specific areas like overseas aid, carbon capture and storage, and Bank of England quantitative easing as targets for cuts. He criticises the civil service as "bloated" and argues for reforming capital taxes, especially inheritance tax which he believes should be abolished. The discussion also covers missed Brexit opportunities, including the gutting of the retained EU law bill after Boris Johnson's departure from government.The interview concludes with an examination of the UK housing crisis and planning reform. Sir Jacob advocates for a market-focused approach to housing that would meet actual demand for larger homes with gardens rather than high-density developments. He criticises the current planning system as overly bureaucratic and argues for scrapping the 1947 Town and Country Planning Act. The conversation ends with thoughts on the future of right-wing politics in Britain and whether a unified conservative agenda could emerge from the current political landscape. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this episode of the IEA Podcast, Reem Ibrahim, Communications Manager at the Institute for Economic Affairs, is joined by Matthew Lesh, Public Policy Fellow and Country Manager of Freshwater Strategy, and Dr. Kristian Niemietz, the IEA's Editorial Director. They discuss the IMF's recent economic forecasts showing UK growth downgraded to 1.1%, examining how domestic factors like increased bills and labor market regulations have contributed to this outlook alongside global concerns about Trump's tariffs.The conversation then turns to millionaires leaving the UK, with around 10,000 high-net-worth individuals having departed last year following changes to the non-dom tax regime. The panel explores how tax policies impact behaviour, with wealthy individuals increasingly relocating to more tax-friendly jurisdictions, and discusses the potential consequences for UK tax revenue and investment when top earners leave the country.Finally, the trio examines Dr. Niemietz's latest read, "Why Women Have Better Sex Under Socialism," critically analysing the book's claims that socialist systems provide women with greater economic independence and better intimate relationships. The panelists challenge the book's methodology and underlying assumptions, arguing that capitalism actually provides women with more financial freedom and independence than socialist systems. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this new IEA briefing, Reem Ibrahim, Communications Manager and Linda Whetstone Scholar at the IEA, sits down with Dr. Christopher Snowdon, Head of Lifestyle Economics. Dr. Snowdon discusses his recently published IEA Discussion Paper "The Corporate Playbook," which critically examines how public health academics characterise industry tactics.Dr. Snowdon argues that what public health activists label as the "corporate playbook" or "tobacco playbook" actually consists of ordinary political activities used by all policy stakeholders - including the public health community itself. These common tactics include media engagement, commissioning research, lobbying, holding public events, and critiquing opposing evidence. He demonstrates that public health advocates employ identical methods while using pejorative language to delegitimise the same activities when performed by industries they oppose.The conversation highlights the irony that while public health activists accuse various industries of following a "tobacco playbook," they themselves follow an "anti-tobacco blueprint" - systematically applying the same incremental regulatory approach to new sectors like food and alcohol that was previously used for tobacco. Dr. Snowdon notes that this represents both projection and a continuation of the mission creep and slippery slope that public health advocates previously denied would occur. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

Join Communications Manager Reem Ibrahim from the Institute of Economic Affairs as she interviews Mustafa Akyol, senior fellow at the Centre for Global Liberty and Prosperity at the Cato Institute. In this thought-provoking conversation, Akyol, author of "Islam Without Extremes: A Muslim Case for Liberty," "Why, As a Muslim, I Defend Liberty," and "The Islamic Mesa," discusses the crucial distinction between Islam as a faith and political Islamism as an ideology.Throughout the interview, Akyol provides profound insights into the compatibility between classical liberalism and Islamic principles, tracing how concepts of free markets, limited government, and religious freedom have historical roots in Islamic tradition. He explores how liberal democratic states, rather than so-called "Islamic states," often provide better environments for Muslims to practice their faith according to their beliefs, citing examples from various countries and historical periods.The conversation addresses important questions about social cohesion in Western societies, challenging both far-right anti-Muslim sentiment and illiberal Islamist ideologies. Akyol offers valuable perspective on how preserving liberal democratic principles benefits both Muslim communities and Western societies, emphasizing that plurality, free exchange, and religious freedom represent timeless values that allow diverse communities to flourish together. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

Join Reem Ibrahim, Communications Director at the Institute of Economic Affairs, for a conversation with Simon Heffer, Telegraph columnist and Professor of Modern British History at the University of Buckingham. In this briefing, they discuss the current state of British conservatism, the challenges of public sector unions and bureaucracy, and their perspectives on Donald Trump's tariff policies and potential implications for the UK.Heffer shares his views on how conservatism has lost its philosophical roots during the 2010-2024 Conservative governments and what Kemi Badenoch might bring as party leader. He draws parallels between the current economic situation and the 1970s, particularly regarding trade unions and public spending, suggesting that a future Conservative government would need to conduct an audit of public sector jobs to reduce bureaucracy.The discussion also covers the potential future direction of the Conservative Party, with Heffer predicting that Badenoch will likely adopt a Thatcherite approach focusing on smaller government and lower taxation. Heffer also recalls his memorable first meeting with Friedrich Hayek at the IEA in 1981, providing a personal connection to the think tank's intellectual foundations. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe

In this episode of the Institute of Economic Affairs podcast, host Callum Price, Director of Communications, speaks with Stephen Davies, Senior Education Fellow, and returning guest Dr. Kristian Niemietz, the IEA's Editorial Director. The conversation explores Donald Trump's tariff policies, the decline of globalisation, and political realignment theory. Stephen Davies argues that the Prime Minister's claim that "globalisation is dead" may be accurate, especially considering the MAGA movement's push for economic nationalism. The discussion examines how globalisation's benefits have been unevenly distributed, creating economic and cultural disquiet in former industrial regions while metropolitan areas thrived. Davies highlights the tension within the MAGA coalition between Trump's trade advisers and tech figures like Elon Musk, noting that Wall Street and the financial sector are viewed as enemies by many Trump voters. Niemietz offers a more optimistic perspective, suggesting that Trump's trade policies might be temporary rather than signalling the permanent end of globalisation. The conversation concludes by exploring potential futures for American politics and global trade. Davies expresses concern about geopolitical competition with China moving beyond trade wars, while Niemietz suggests that a post-Trump Republican Party might take a more agnostic approach to trade policy. The panelists note that classical liberal economic ideas are finding unexpected allies as previously anti-free-trade voices suddenly discover the downsides of protectionist policies when implemented by Trump. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe