Alcohol, Tobacco, and Prohibition | The Swift Half with Snowdon

In this Institute of Economic Affairs podcast, IEA Director of Communications Callum Price interviews Morgan Wild, Chief Policy Adviser at Labour Together. Morgan explains how Labour Together operates as a private company that exists purely to help the Labour Party govern and win elections, combining deep public opinion research with policy expertise to provide political solutions rather than purely technocratic answers. The conversation covers Labour’s pivot from post-financial crisis demand-side economics to a supply-side growth agenda focused on policy stability, land use regulation, and public investment.Morgan discusses Britain’s fundamental problems - the lack of ability to build anything and weak growth in second cities - and assesses Labour’s performance on planning reform and infrastructure. He argues that markets generate enormous wealth and are the best mechanism for allocating scarce resources, a view he suggests most in the Labour Party share. The discussion covers the political calculations behind economic policy decisions, with Morgan explaining why some technically sound reforms like VAT base-broadening may not be worth the political pain despite their economic benefits.The interview concludes with debates on wealth taxation, stamp duty reform, and the triple lock pension. Morgan dismisses popular wealth tax proposals as unworkable because capital is mobile, instead advocating for property and land value taxation reforms. He acknowledges the triple lock as an incredible long-term liability that any government will ultimately have to reform, and endorses proposals for gradual stamp duty replacement with annual property taxes over a ten-year transition period.The Institute of Economic Affairs is a registered educational charity. It does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.The views represented here are those of the speakers alone, not those of the Institute, its Managing Trustees, Academic Advisory Council members or senior staff. 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 Christmas special podcast, Director of Communications Callum Price is joined by Managing Editor Daniel Freeman and Editorial Director Kristian Niemietz for a year-in-review discussion covering the highs and lows of 2025. The conversation examines nuclear regulation reform, the John Fingleton review’s recommendations to reduce the UK’s status as the most expensive place in the world to build nuclear projects, and how overregulation has weakened Britain’s competitiveness. They also discuss the Hinkley Point fish protection system that cost £700 million to save several hundred salmon, working out at roughly £250,000 per fish saved.The discussion moves to economic policy frustrations including Rachel Reeves’ budget, the inheritance tax changes affecting farmers, and the broader tax burden reaching its highest levels since World War Two. They examine Labour’s growth strategy contradictions, the productivity gap between the UK and other developed nations, and why Britain continues to struggle with infrastructure delivery costs. The hosts also debate the perverse incentives in the benefits system that discourage work, with particular focus on housing benefit traps and the political challenges of meaningful welfare reform.The podcast concludes with reflections on Trump’s tariff policies and their impact on global trade, Brexit’s unexpected benefit in securing better US trade terms than the EU, and concerns about the long-term political economy of protectionism. They discuss how tariff policies become entrenched as domestic industries adapt, making future liberalisation politically difficult. The hosts praise the UK government for resisting retaliatory tariffs despite political pressure, maintaining a commitment to free trade principles.The Institute of Economic Affairs is a registered educational charity. It does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.The views represented here are those of the speakers alone, not those of the Institute, its Managing Trustees, Academic Advisory Council members or senior staff. 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 Director of Communications Callum Price speaks with Kristian Niemietz, IEA Editorial Director, about the surprising history of wealth taxes. The conversation explores Niemietz’s recent article questioning whether wealth taxes are actually a left-wing idea, revealing that historically, support for wealth taxes came from across the political spectrum, including reactionary conservatives, Prussian aristocrats, and even proto-Thatcherites in the 1960s and 70s.Niemietz explains how the old Prussian wealth tax of the 1890s was introduced by ultra-right-wing conservatives, and how Winston Churchill supported a post-World War One “capital levy” as a pragmatic measure to prevent social unrest and signal shared sacrifice. The discussion examines modern contradictions in wealth tax arguments, with proponents like Gary Stevenson and Zach Polanski simultaneously claiming it will raise massive revenue, reduce inequality, and shift the tax burden from workers to wealth owners - goals that cannot all be achieved at once. Niemietz contrasts these claims with Switzerland’s wealth tax, which raises only about 1% of GDP, far less than transformational.The conversation concludes with a classical liberal perspective on wealth taxation, distinguishing between ideological opposition and practical objections. Niemietz argues that wealth taxes are not inherently worse than income or consumption taxes from a liberal standpoint, and explores how land value taxes could represent a less distortionary alternative. The key insight is that Switzerland’s wealth tax works because it substitutes for other taxes in a generally light tax system, rather than being added on top of existing burdens. The podcast reveals how historical supporters like proto-Thatcherites favored wealth taxes to encourage “popular capitalism” and prod lazy inherited wealth into more productive investment, though Niemietz ultimately finds these arguments unconvincing due to practical implementation problems.The Institute of Economic Affairs is a registered educational charity. It does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.The views represented here are those of the speakers alone, not those of the Institute, its Managing Trustees, Academic Advisory Council members or senior staff. 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 Director of Communications Callum Price interviews Joe Mayes, UK political correspondent for Bloomberg and author of “Can You Run the Economy?” - an interactive choose-your-own-adventure book where readers take on the role of chancellor. The conversation examines Rachel Reeves’ November budget, exploring how she prioritised fiscal headroom and bond market stability over immediate public approval, increasing fiscal room from £9.9 billion to over £20 billion. They discuss the trade-offs between economic stability and political popularity, analysing why Reeves opted for a smorgasbord of tax rises rather than a bold income tax increase.Mayes explains the constant pressures facing chancellors, particularly the threat of financial markets inflicting higher borrowing costs at any moment. The discussion covers why the UK currently has the highest borrowing costs in the G7 and how this forces chancellors to prioritise bond markets over voters who can’t hurt them until the next election. They explore whether Britain is permanently in a “Mexican standoff” with financial markets given current debt-to-GDP levels, and examine the political risks of a leftward shift that could trigger negative market reactions.The interview concludes by looking ahead to the challenges facing Reeves before the next budget, including potential leadership threats, international geopolitical risks, and the critical question of whether the government’s domestic growth plan will deliver results. They discuss the difficulty of making economic growth a public totem that resonates with voters in the same way fiscal headroom matters to markets, and whether technological revolution rather than policy will ultimately drive the growth Britain needs.The Institute of Economic Affairs is a registered educational charity. It does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.The views represented here are those of the speakers alone, not those of the Institute, its Managing Trustees, Academic Advisory Council members or senior staff. 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, Director of Communications Callum Price is joined by Managing Editor Daniel Freeman and Economics Fellow Julian Jessop to discuss Trump’s recent criticism of Europe, the renewed customs union debate in Parliament, and Kemi Badenoch’s welfare speech. The conversation examines Trump’s characterization of Europe as “a decaying group of nations with weak leaders” and his criticism of European energy policy and defense spending, questioning whether European politicians are still acting as if growth happens automatically while relying on the US for security.The discussion then shifts to the tied parliamentary vote on rejoining the customs union. Julian explains why the economic benefits would be limited given the UK’s existing trade agreement with the EU, while the costs include losing independence on trade policy and disrupting new deals with countries like the US and India. The panel analyzes polling showing support for rejoining the EU, arguing it reflects general economic dissatisfaction rather than genuine support once people understand what EU membership actually entails.The podcast concludes with Kemi Badenoch’s welfare reform speech and her “Benefits Street” framing of Labour’s budget. Julian and Daniel welcome her challenge to relative poverty measures and her emphasis on getting people into work rather than simply redistributing income, though they note the glaring omission of any discussion about pension spending, which represents the largest and fastest-growing component of the welfare budget. 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 interview, IEA Editorial Director Kristian Niemietz speaks with Professor Peter Boettke, professor of economics at George Mason University. The conversation explores artificial intelligence and what it means for both capitalism and socialism, starting with a deep dive into the original socialist calculation debate of the 1920s and 1930s between Ludwig von Mises and socialist economists.Professor Boettke explains how Mises demonstrated that without private property and market prices, socialist planners cannot make rational economic calculations to distinguish between technologically feasible and economically viable projects. This fundamental inability to “produce more with less” meant socialism could never achieve its promised burst of productivity, instead leading to economic deprivation and political tyranny. The discussion covers the historical figures involved, from Marx’s critique of capitalism to Bukharin’s New Economic Policy, and why the economic calculation problem wasn’t about bad leaders but inherent systemic flaws.The conversation then turns to modern concerns about “techno-socialism” and whether AI changes the calculation debate. Professor Boettke argues that while AI improves data processing, it doesn’t solve the fundamental problem of needing market-generated prices to guide resource allocation. He contrasts invention with innovation, emphasising that innovation requires the creative powers of a free society rather than committee-based planning. The interview concludes with thoughts on AI in education, the difference between human capital building and signalling, and why technological advancement depends on allowing dissenters and outsiders to innovate freely. 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 Head of Media Reem Ibrahim is joined by Editorial Director Kristian Niemietz and Managing Editor Daniel Freeman. The conversation covers Labour’s recent budget announcements, particularly the decision to spend £48 million over three years hiring 350 additional town and country planners. They examine whether throwing more money and more bureaucrats at the planning system will actually solve Britain’s housing crisis, or whether the fundamental problem lies with the regulatory framework itself.Kristian discusses research by Mark Pennington showing that between 1960 and 1990, spending on planning officers increased sevenfold while housing applications only increased by 28%, with a striking correlation showing that every 1% increase in planning expenditure resulted in a 1% decrease in housing output. The panel argues that Labour has become a last-minute convert to YIMByism without understanding the underlying issues, comparing their approach to Gorbachev’s attempts to fix the Soviet system by hiring more bureaucrats rather than addressing the fundamental regulatory problems.The discussion then shifts to Kristian’s recent debate experience on wealth inequality, where he challenged the prevailing narrative that inequality is dramatically increasing. The panel examines the flawed methodology behind wealth inequality statistics, discusses Britain’s flat income inequality since the early 1990s despite having one of the most progressive tax systems in the OECD, and argues that what matters for the poor is economic growth and employment opportunities rather than the size of the gap between rich and poor. They also debunk myths about second home ownership in Britain, noting that only 3% of the population owns a second home compared to much higher rates in France and even the former Soviet Union.Timestamps: 0:00 Introduction 0:47 Labour’s Planning Budget: Hiring 350 More Planners 4:07 Mark Pennington’s Research: 600% Cost Increase, 28% Housing Output 7:19 The 1930s Built Faster: When Planning Took 3 Days 8:04 The Gorbachev Approach: Why More Bureaucrats Won’t Work 10:34 Absurd Planning Cases: Disabled Child’s Bedroom Rejected 13:26 The Employment Rights Bill: Ditching the £118,000 Cap 16:29 European vs British Labour Markets: Flexibility Matters 17:21 700,000 Vacancies Disappeared: The Impact of Labour’s Policies 27:49 The Wealth Tax Debate: Conflicting Visions for Spending 31:01 Gary Stevenson’s Data Problem: Lived Experience vs Statistics 33:30 Why Wealth Inequality Data Isn’t Useless (The Weather Forecast Analogy) 35:00 Debunking Wealth Inequality: The Data Problems36:17 Britain’s Progressive Tax System & Flat Inequality 37:23 China’s Billionaires & Poverty Decline: Growth vs Gaps 39:38 The Second Homes Myth: Britain vs France & Russia 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 Head of Media Reem Ibrahim interviews Dominic Frisby, comedian and financial commentator. The conversation explores Frisby’s recent book “The Secret History of Gold” and examines why gold is becoming increasingly important as a strategic reserve, particularly with China’s growing economic influence. They discuss how Frisby’s investigation into gold and commodities led him to understand modern monetary systems, including how most money is created through debt issuance and why housing has become so unaffordable.The discussion covers the connection between fiat currencies and government power, with Frisby arguing that state control of money enables broader state control across society. He explains how the 19th century gold standard era saw consumer prices halve over decades, contrasting sharply with today’s persistent inflation. The conversation examines Bitcoin as an alternative monetary system and explores whether decentralised money could limit government overreach. Frisby shares his experience writing about controversial topics and the challenges he’s faced with venue cancellations.The interview concludes with Frisby’s unique approach to political satire through music, including songs like “Govern Me Harder” that blend comedy with economic commentary. He discusses how fiat money enables institutions to operate outside normal market rules and how this affects everything from education to media. Frisby explains his work across multiple platforms, from financial commentary through his Flying Frisby newsletter to comedy performances, and why he believes humour remains one of the most effective tools for communicating free market ideas. 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 Grover Norquist, founder and president of Americans for Tax Reform. The conversation covers the Taxpayer Protection Pledge, which has transformed American politics over the past 40 years, how the Republican Party became the party that will not raise taxes, and the future direction of the conservative movement in the United States.Norquist explains how the pledge system works and its impact on both federal and state politics. He discusses the dramatic shift since 1994, when 96% of Republicans signed the pledge, ending 62 years of Democratic congressional dominance. The conversation explores state-level tax reforms, with multiple states abolishing income taxes and cutting rates, and how population migration from high-tax to low-tax states is reshaping American electoral politics. Norquist also addresses the Republican coalition strategy, explaining why unified opposition to tax increases has been more electorally successful than competing with Democrats in bidding wars for government spending.The interview concludes with analysis of conservative coalition building, contrasting the Republican “leave us alone” coalition with the Democratic spending coalition. Norquist discusses how limiting government revenue forces the left’s coalition to fracture, and explains the long-term demographic and political trends that favour limited government policies. He also critiques recent proposals from some conservatives to abandon anti-tax principles, arguing this would destroy the Republican electoral majority without winning new voters. 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, Callum Price, Director of Communications, is joined by Dr. Kristian Niemietz, Editorial Director, and Daniel Freeman, Managing Editor, to discuss Rachel Reeves’ latest budget. The conversation examines whether the government has abandoned its growth agenda after the OBR stated that none of the budget’s policy measures would have a material impact on potential output. They analyse the government’s approach to economic growth, comparing it to someone who says they want to learn Italian but never takes any steps towards achieving that goal.The discussion explores how the government has increased the total tax burden by £70 billion over two budgets, bringing Britain to the highest tax take as a portion of GDP in its history. Daniel and Kristian break down where this money is going, particularly the £16 billion increase in welfare spending by the end of the decade, and how income tax freezes and national insurance changes are funding this expansion. They examine the unusual political timing of imposing new taxes right at the end of a parliamentary term while most departments face real terms cuts, creating a situation where the government seems to lack a clear sense of what it’s trying to achieve.The podcast concludes with an analysis of Britain’s highly progressive tax system and its impact on productivity growth. They discuss how the UK’s tax progressivity creates an illusion that public spending can be funded by a small number of wealthy individuals, when in reality a Belgian-sized public sector requires Belgian-level taxes on average earners. The conversation covers how punitive high-end taxation, combined with wage compression from minimum wage increases, has contributed to Britain’s dismal productivity growth of just 0.6% annually since the financial crisis, compared to over 2% before 2008. 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