IFS Zooms In: The Economy

Since 2012, students have been paying considerably higher tuition fees, and borrowing more money in the form of student loans. The average graduate racks up a total average debt of £45,000 and only a minority of students under the current system will ever pay these loans back in full. By the middle of the century, the government forecasts the unpaid student loans debt to be around £560 billion.In a series of recently announced reforms, the government has indicated a desire for students to pay back more of their loans, and pushed through significant changes to the system.This week, Paul speaks to Ben Waltmann, IFS education expert, and Ivor Crewe, panellist on the Augar Review of the post-18 education system, to get to the bottom of these reforms and think about how students, taxpayers and universities will be affected.Are too many people going to university?: https://ifs.org.uk/podcast/are-too-many-people-going-to-universitySupport the IFS:https://ifs.org.uk/donate

** This is an episode from 2021. We will return with a new episode next week **The food we eat and the way it is produced impacts not only our health and lifestyles, but also our carbon footprints.The recent National Food Strategy report commissioned by the government and published this summer proposes measures to improve our health, reduce strain on the NHS and make our food culture healthier and more sustainable. What role should the government play in influencing what we eat? And how can taxes and policy be designed to get us to eat more healthily?This week, Paul is joined by Henry Dimbleby, co-founder of the restaurant chain Leon and leader of the National Food Strategy report, and IFS Associate Director and expert on food taxes Kate Smith.Support the IFS: https://www.ifs.org.uk/donate

Taxing multinational corporations more fairly is often presented in the media is a no-brainer - an open goal for government to increase tax revenue and cut down on tax avoiding behaviour.But what seems like a simple policy is in fact incredibly complicated, requiring the navigation of complex international laws and fundamental questions over types of property and where intangible assets exist.In this episode, Paul speaks to Helen Miller, IFS tax expert, and Dan Neidle, a tax lawyer specialising in corporate taxation, to get a sense of how successful international efforts to tax multinationals are.Support the IFS:https://ifs.org.uk/donate

The current economic environment is shaped by inflation and a rising cost of living crisis. During this period of uncertainty, the Chancellor gave his Spring Statement, outlining his plans for the public finances and responding to the shocks facing the economy.In this episode, Paul speaks with Carl Emmerson, Deputy Director at IFS and Tom Waters, IFS research economist, about the Chancellor’s statement and the implications going forward.Become a member: https://ifs.org.uk/donate

Since we were last on air, Russia has invaded the Ukraine, and defence has come to the fore of the public conversation.How much does the UK spend on defence? How has this changed over time? And what will Russia's invasion mean for UK defence spending?This week, we speak with Malcolm Chalmers, Deputy Director-General at the Royal United Services Institute (RUSI) and Ben Zaranko, IFS Public Finance expert.Support the IFS:https://ifs.org.uk/donate

National Insurance Contributions are rising in April. Since being announced, opinion has been divided on whether this is the best mechanism to raise revenue.But, what are National Insurance contributions? Are they the same as income tax? What will the extra tax revenue raised from April be used for? And are there better ways of raising tax?In this episode, IFS Deputy Director Helen Miller takes us through the world of National Insurance Contributions, and answers questions posed by our social media followers.Support the IFS:https://ifs.org.uk/donate

In a world of rising housing costs, rising energy bills and increasing taxes, saving for retirement may be at the back of many people's minds. But decisions around when and how much to save can be crucial in shaping people's lives post-retirement.This week, we're joined by Claer Barrett, Consumer Editor at the Financial Times and host of the FT's Money Clinic podcast, and Carl Emmerson, Deputy Director at IFS and pensions expert.Support the IFS: https://ifs.org.uk/donateSee Claer's article 'The Million Pound Pension Problem': https://www.ft.com/content/48ae7709-916b-4cec-b22f-3c006805b699

The UK is engulfed in a cost of living crisis, from rising inflation to flat-lining wages and incoming tax rises. In addition, energy prices are set to rise steeply, affecting households up and down the country and especially those on lower incomes.This week, we're joined by Giles Wilkes a senior fellow at the Institute for Government and former special adviser to Theresa May on industrial and economic policy, and Stuart Adam, a Senior Economist at IFS who focuses on the design of the tax and benefit system, to understand why energy prices are rising, and think about what the government can do to bring down prices and help households.Support the IFS: https://ifs.org.uk/donate

Happy New Year and welcome to season three of the IFS Zooms In!This week Paul is joined by four IFS experts, Robert Joyce, Helen Miller, Ben Zaranko and Christine Farquharson to discuss the most important issues facing the economy in 2022.From the rising cost of living, to tax rises in April, an Omicron surge challenging the NHS and an education system making up for lost learning, we'll go beyond the headlines and brief you on the deeper stories you should be paying attention to this year.Support the IFS: https://ifs.org.uk/donate