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Institute for Fiscal Studies

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Discussions from Institute for Fiscal Studies

Economy

Did inflation cause the cost of living crisis?

Inflation has fallen a long way from its peak - but many people still feel worse off, and price rises have remained stubbornly above the Bank of England’s 2% target. So what actually caused the big inflation spike, how close are we to “normal”, and what does that mean for households? Helen is joined by David Miles (OBR and former member of the Bank of England’s Monetary Policy Committee) and Peter Levell (IFS) to break down the basics: what inflation is, why central banks target 2% rather tha...

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Economy

How could the Chancellor cut spending?

As the Chancellor prepares her Budget, attention is turning not just to how she could raise more tax - but how she might cut spending. Where does the government actually spend its money? Why is it so difficult to reduce that spending in practice? And what would it take to genuinely pare back the size of the state? Helen Miller is joined by IFS colleagues Ben Zaranko and Tom Waters to unpack the realities behind public spending. They look at how the government’s budget is divided across welfar...

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Economy

The Autumn Budget explained

This week on IFS Zooms In, host Helen Miller is joined by IFS economists Ben Zaranko and Christine Farquharson to unpack one of the biggest Autumn Budgets in years. With seventy-five policy measures, major tax and spending changes, and a striking shift in the economic forecasts, this was a Budget that surprised almost everyone. Helen, Ben and Christine break down: Why the expected “fiscal repair job” never arrivedHow a “lucky” surge in forecast tax receipts reshaped the Chancellor’s optionsTh...

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Economy

Does the minimum wage cost jobs?

The UK minimum wage is one of the biggest economic policy changes of the past few decades. Introduced in 1999 at £3.60 an hour, it’s now over £12 and it shapes pay for a large share of the workforce. But what has it done to jobs? And if firms pay higher wages, where does the money come from - higher prices, lower profits, or higher productivity? In this episode, Helen is joined by Eduin Latimer (IFS) and Professor Alan Manning (LSE) to unpack what we do and don’t know about the minimum wage. ...

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Economy

Tax changes in the Budget

As ever the big-picture choices in the Budget dominated media coverage - but some of the most interesting changes were buried in the detail. From electric vehicles to tourist tax, how much do these quieter tax shifts really matter? In this episode, we dig into the lesser-noticed policies: why the government is offering upfront EV grants while planning a per-mile tax, how tweaks to salary sacrifice and cash ISAs could shape saving behaviour, and what the changes to EIS and EMI mean for investm...

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Economy

What really matters for the UK economy in 2026

Moving into 2026, the government faces a critical period of delivery. After 18 months in power and several major fiscal events behind them, the focus is shifting from setting policy to seeing it through. However, with unemployment reaching 5.1% and a series of high-stakes reviews underway, the road ahead remains complex. In this episode, we are joined by Christine Farquharson and Tom Waters to examine the economic landscape for the year ahead. We look at the rising pressures on the public pur...

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Healthcare

Why isn’t the NHS improving faster?

The NHS holds a unique place in British life: a source of national pride, and the single biggest public service in England. This year it’s set to cost over £200 billion, around £3,500 per person, more than we spend on education, defence, justice and transport combined. And yet, despite sustained funding increases and around a quarter of a million more staff than in 2019, concerns about performance haven’t gone away. Labour came into office promising .org.uk/individual-membership Find out more...

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