Explore every episode of the podcast IFS Zooms In: The Economy

Nearly one in three adults in the UK is obese, and governments have introduced a growing range of policies aimed at improving our diets. From taxes on sugary drinks to restrictions on junk food advertising, the government is increasingly trying to influence what we eat. But are these policies actually working?

In this episode, Helen Miller is joined by Henry Dimbleby, author of the National Food Strategy, and IFS researcher Gautam Vyas to examine the economics of healthy eating.

They discuss why governments intervene in our diets, whether the UK's sugar tax has been successful, and the unintended consequences of restricting unhealthy food. They also explore whether weight-loss drugs could fundamentally change how we think about obesity, nutrition and the government's role in shaping our diets.

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What has the Autumn Budget changed for households, public services and the public finances?

Helen Miller is joined by IFS economists Jonathan Cribb and Max Warner to unpack the announcements and the economic outlook. They discuss the support for households, changes to taxes and energy bills, and the Chancellor’s decision to accept higher borrowing.

With spending growth set to slow and difficult decisions left for next year’s Spending Review, how credible are the plans to bring borrowing down? And what does the Budget mean for living standards and the pressures facing public services?

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What should we expect from the upcoming Budget? With energy prices rising, pressure on public services and government borrowing already high, the Chancellor faces some difficult choices.

Recorded live at the British Library as part of the Economic and Social Research Council's (ESRC) Festival of Social Science, Helen Miller is joined by IFS economists Max Warner and Stuart Adam to discuss what might be announced at the October Budget.

They explore how the government could support households facing higher energy bills, whether businesses might receive further help, and how any new measures could be funded. Could the Chancellor borrow more, raise taxes on banks and landlords, or make bigger changes to the tax and benefit system?

They also discuss the pressures facing public services, the limits imposed by the government's tax pledges, and the measures they'd most like the Chancellor to avoid.

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The economic outlook has worsened since the spring. Inflation is expected to be higher for longer, borrowing costs have risen, and the conflict in the Middle East has added fresh uncertainty for households, businesses and the public finances.

In this episode of IFS Zooms In, we examine what this means for the Chancellor’s first Budget. While the Office for Budget Responsibility may still forecast that the fiscal rules will be met, the underlying spending plans look increasingly difficult to deliver.

With departmental budgets set in cash terms, higher inflation erodes their real value. Combined with pressure to increase defence spending and protect the NHS, this could leave other public services facing deep cuts - or require the Chancellor to make difficult choices on tax, benefits or borrowing.

IFS researchers João Sousa and Bee Boileau explain why “headroom” against the fiscal rules is only part of the story, why credible spending plans matter, and what the Chancellor needs to set out ahead of next year’s Spending Review.

This episode draws on new IFS research published as part of the 2026 Green Budget. The 2026 edition of the IFS Green Budget is funded by the Nuffield Foundation, Barclays and the Economic and Social Research Council (ESRC) through the Centre for Microeconomic Analysis of Public Policy (CPP).

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Renewable energy is at the centre of the debate about Britain's high electricity prices. Some argue that wind and solar power are driving up costs, requiring expensive subsidies, backup generation and upgrades to the electricity grid. Others point to the falling cost of renewable technologies and argue that expanding them is the best way to bring down bills. So who's right?

In this episode, Helen Miller is joined by IFS researcher Peter Levell and Stephen Jarvis, Assistant Professor of Environmental Economics at the London School of Economics, to explore the economics of renewable energy.

They explain why gas often determines the price of electricity, even as Britain generates more power from wind and solar, and examine how investment in renewables has affected electricity costs over the past decade. They also discuss whether the government should slow down its plans to decarbonise electricity, how falling technology and battery costs could change the picture, and what growing demand from data centres might mean for Britain's energy system.

This episode draws on new IFS research published as part of the 2026 Green Budget. The 2026 edition of the IFS Green Budget is funded by the Nuffield Foundation, Barclays and the Economic and Social Research Council (ESRC) through the Centre for Microeconomic Analysis of Public Policy (CPP).

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The government has announced a major change to the state pension triple lock. The new system will continue to protect pensions against inflation and guarantee increases of at least 2.5%, but changes how increases in earnings feed through into the state pension over time.

So how will the new triple lock actually work? Why did the existing system create a “ratchet effect” in pension spending? How does the new approach address that problem, and what role does the 2.5% guarantee still play?

Helen Miller is joined by IFS economists Jonathan Cribb and Heidi Karjalainen to explain what is changing, what it could mean for pensioners and the public finances, and the questions the reform leaves unresolved.

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The number of people receiving disability benefits has risen sharply in recent years, pushing up government spending and prompting renewed debate about how the system should work.

In this episode, Helen Miller is joined by IFS economists Eduin Latimer and Tom Waters to explain how Personal Independence Payment (PIP) works, who receives it and why claims have increased. They examine the choices facing the government as the Timms Review considers the future of disability benefits.

Should PIP remain a universal cash benefit? Could more support be provided in kind? Should eligibility depend more on the severity or type of a person’s condition? And what would different reforms mean for claimants and the public finances? The discussion explores the difficult trade-offs involved in reforming disability benefits - including who receives support, what form that support takes and how much the government spends.

This episode draws on new IFS research published as part of the 2026 Green Budget. The 2026 edition of the IFS Green Budget is funded by the Nuffield Foundation, Barclays and the Economic and Social Research Council (ESRC) through the Centre for Microeconomic Analysis of Public Policy (CPP).

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Social care reform has challenged successive governments for decades. Now, the government wants to create a national care service and has launched a new push to find a long-term solution.

But how does social care actually work? Who currently pays for it, and why can some people face such large and unpredictable costs? What pressures does the system place on councils? And what would meaningful reform cost?

Helen Miller is joined by Andrew Dilnot, former Chair of the Commission on Funding of Care and Support and former IFS Director, and David Phillips, an Associate Director at IFS, to explain the problems with England’s social care system, the options for reform and why finding a solution has proved so difficult.

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Immigration is one of the most debated issues in British politics. But what impact does it actually have on the economy and the public finances?

We speak to Madeleine Sumption, Director of the Migration Observatory at the University of Oxford and Interim Chair of the Migration Advisory Committee, and IFS economist Max Warner about how migration to the UK has changed, and what that means for the government’s finances.

Which types of migrants contribute most to the public finances, and which cost the government more? How does immigration affect the wider economy? And with net migration falling sharply, what could lower migration mean for the OBR’s forecasts - and the choices facing the Chancellor at the Budget?

Madeleine’s new book, What Is Immigration Policy For?, is available from Bristol University Press.

This episode draws on new IFS research published as part of the 2026 Green Budget. The 2026 edition of the IFS Green Budget is funded by the Nuffield Foundation, Barclays and the Economic and Social Research Council (ESRC) through the Centre for Microeconomic Analysis of Public Policy (CPP).

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Land value tax has long been popular with economists. Unlike most taxes, it doesn’t discourage people from working, investing or building - and in theory it can raise money without distorting economic decisions. So why don’t we use it more?

In this episode, Helen is joined by Stuart Adam and Ben Zaranko to explain how a land value tax would work, who would gain and lose from introducing one, and why its effects can be very different for existing landowners and future buyers.

We also look at some of the big practical and political questions. Can land really be valued accurately? Would the tax be fair? Could it replace council tax, stamp duty or other taxes? And should governments capture more of the increase in land values created by new infrastructure or planning permission?

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Business rates have long been blamed for the decline of Britain’s high streets. Shops and pubs face large bills, while online retailers can operate from cheaper out-of-town warehouses. So surely cutting business rates would help?

Not necessarily. Helen Miller is joined by IFS tax expert Stuart Adam and Observer economics editor Ben Zaranko to explain why business rates are widely misunderstood. They discuss who really bears the cost of the tax, why cutting rates could simply lead to higher rents, whether pubs and high streets deserve special treatment, and how a growing patchwork of reliefs and exemptions has made the system increasingly complicated.

They also ask what is actually wrong with business rates - and why taxing land rather than the buildings sitting on it might offer a better solution.

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More young people than ever are going to university, but the financial stakes have also risen. Many graduates begin their careers with around £50,000 of student debt and could make repayments for up to 40 years. While some degrees deliver substantial lifetime earnings gains, others may leave graduates financially worse off than if they had not attended university.

Helen Miller is joined by IFS economists Christine Farquharson and Kate Ogden to examine what the evidence tells us about the financial returns to higher education.

They discuss why graduate outcomes vary so widely across subjects, institutions and students; whether low-earning courses provide value to taxpayers; and whether government should restrict funding for degrees with poor financial outcomes.

They also consider how artificial intelligence and wider labour-market disruption could affect today’s students, and whether historic earnings data can reliably guide decisions about careers that may last into the 2070s.

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The government has launched a new Pensions Commission, raising the prospect of significant changes to how people save for retirement.

Are people currently saving enough? Should minimum workplace pension contributions rise? And what should the government do about low pension saving among the self-employed?

Christine Farquharson is joined by IFS researchers Jonathan Cribb and Heidi Karjalainen to examine what future pensioners can expect. They discuss what counts as an adequate retirement income, how housing and inheritances affect people’s needs, and why the right policy may differ across generations.

They also explore whether people should be encouraged to save more at particular stages of their working lives, and whether policymakers should be concerned about people drawing on their pension wealth before reaching state pension age.

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Andy Burnham is preparing to enter Downing Street, but he will inherit a government facing tight fiscal constraints and a series of difficult decisions.

The public finances remain under pressure, debt interest spending is high, and commitments not to raise the main rates of income tax, National Insurance or VAT limit some of the most obvious ways of raising revenue. At the same time, the new Prime Minister will need to make choices about departmental spending, defence, welfare, social care and the cost of living.

How much flexibility will Burnham have over taxes, borrowing and public spending? Which commitments could be maintained, and which might need to be scaled back? And will a change of Prime Minister create space for a different economic strategy - or reveal the same underlying constraints?

Christine Farquharson is joined by IFS colleagues Max Warner and Tom Waters to examine the economic choices facing the incoming Prime Minister.

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Over the past few weeks, devolution has moved back to the centre of British politics. Andy Burnham has made the case for a “rewired Britain”: shifting power away from Westminster and Whitehall, creating a new “No 10 North” in Manchester, and giving local leaders a much bigger role in shaping economic policy.

But what does devolution actually mean? Who would power be devolved to? What responsibilities could local leaders take on? How would they be funded? And could devolution really help the UK economy grow?

Christine Farquharson is joined by Tony Travers, Professor in Practice in the LSE Department of Government, Associate Dean of the LSE School of Public Policy and Director of LSE London, and David Phillips, Associate Director at the IFS, to discuss what devolution means, how England compares internationally, whether “Manchesterism” offers lessons for the rest of the country, and what risks come with giving places more fiscal responsibility.

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What makes a job “good”? Is it pay, flexibility, progression, security, purpose, autonomy, or the people you work with?

Policy debates about inequality often focus on wages and getting people into work. But jobs are about much more than income. The quality of work affects people’s health, wellbeing, productivity, family life and future opportunities.

In this episode, Helen Miller is joined by Jonathan Cribb and Naomi Clayton, Chief Executive of the Institute for Employment Studies, to explore what good work really means, who gets access to good jobs, and what government can do to improve the quality of work in the UK.

They discuss inequalities in pay, gender and geography, the importance of progression and training, the rise of flexible and insecure work, the role of employment rights, and how trends such as AI could shape the future of jobs.

This is the fourth and final episode in our series on inequality.

This episode draws on work done as part of the IFS-Deaton Review, funded by the Nuffield Foundation.

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The UK is one of the most geographically unequal countries in the developed world. People living in London and the South East tend to have higher incomes, higher levels of education and better health outcomes than people elsewhere in the country.

But why did Britain become so regionally unequal? How much of the divide is driven by the shift away from industry and towards services? What role has public investment, infrastructure and decades of regional policy played? And what can policymakers realistically do to change things?

In this episode, part of our mini-series on inequalities, we look at the scale of the UK’s regional divides, why London has become so dominant, and whether stronger cities, devolution, better coordination and more stable policy could help narrow the gap.

Helen speaks with IFS economists Jonathan Cribb and Xiaowei Xu to ask what “levelling up” should mean in practice, whether improving opportunities outside London could boost national productivity, and how politicians should think about places that may not benefit directly from big-city growth.

This episode draws on work done as part of the IFS-Deaton Review, funded by the Nuffield Foundation.

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Around 80% of people think the gap between those on high and low incomes is too big. But only around 40% think the government should redistribute income from the rich to the poor.

Why is there such a gap between concern about inequality and support for action to reduce it?

In the second episode of our mini-series on inequality, we ask why people care about inequality, whether they distinguish it from poverty, and how views about luck, hard work, wealth and power shape attitudes to policy.

Helen Miller is joined by Jonathan Cribb, Deputy Director at IFS, and Bobby Duffy, Professor of Public Policy and Director of the Policy Institute at King’s College London. They draw on work for the IFS Deaton Review of Inequalities, funded by the Nuffield Foundation, to explore what the British public thinks about inequality, what kinds of inequality worry people most, and what they want government to do about it.

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In the first episode of our new series, we set out the big picture on inequality in the UK. We look at what has happened to income and wealth inequality and how Britain compares with other countries.

But inequality is not just about money. It shapes people’s opportunities, education, health, family life and where they live. Some gaps have narrowed over time, while others remain stubbornly wide - and some inequalities in one generation can shape the chances of the next.

Helen speaks with Paul Johnson and Jonathan Cribb to explore what the key facts tell us about modern Britain, what kinds of inequality we should worry about most, and where trade-offs with growth, fairness and redistribution become unavoidable.

This episode draws on work done as part of the IFS-Deaton Review, funded by the Nuffield Foundation.

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Britain’s public finances are under pressure. Public debt is high, borrowing remains high, and the government is spending far more on debt interest than in the past. Taxes are heading towards historic highs, while public services remain under strain and demand on the state continues to rise.

In this episode, we set out the fiscal backdrop that will shape British politics over the coming years. Whoever is Prime Minister or Chancellor will face many of the same constraints: expensive borrowing, difficult spending choices and the need to get debt on a more sustainable path.

Helen Miller is joined by IFS colleague Max Warner and Chris Giles, economics commentator at the Financial Times, to explain the state of the public finances, why borrowing costs matter, what the government’s fiscal rules do, how realistic current spending plans are, and whether there is any room for a future government to do things differently.

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Conflict in the Middle East has pushed up energy prices in the UK. Even if the war ends soon, prices may not return to pre-war levels, and government could still face pressure to support households.

But the problem runs deeper than the current crisis. Even before the latest shock, the UK had some of the highest electricity prices in the developed world. Why is electricity so expensive here? How much of the problem is down to gas? Are renewables making bills cheaper or more expensive? And if government wants to cut electricity prices, what can it actually do?

Helen Miller is joined by Dieter Helm, Professor of Economic Policy at the University of Oxford, and Peter Levell, Deputy Research Director at IFS, to discuss Britain’s energy mix, the costs of renewables, net zero targets, and how policy should respond to energy price shocks.

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Local government affects almost every part of our daily lives: bins, roads, planning, housing, schools, social care, public health, libraries, parks and more. But despite this, local elections are often discussed mainly as a test of national politics - with far less attention paid to what councils actually do, what councillors can change, and why so many councils are under such severe financial pressure.

In this episode, we ask what local government is responsible for, how councils are funded, and why rising funding has not been enough to keep up with rising demand. We look at the pressures from social care, homelessness, SEND and other statutory services, and ask what it really means when a council is described as effectively bankrupt.

Helen is joined by David Phillips from the Institute for Fiscal Studies and Aileen Murphie, honorary Professor at Durham University, and formerly at the Department for Communities and Local Government, and the National Audit Office.

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In a few weeks, voters in Wales will choose the next Welsh Government in what could be a historic election. With Labour’s long dominance under pressure, this episode examines the fiscal backdrop to the campaign and the difficult choices facing whoever takes power.

Helen is joined by Joe Rossiter, Co-Director of the Institute of Welsh Affairs, and IFS economist David Phillips, to discuss how Wales is funded, how the block grant from Westminster has changed over time, and how devolved tax powers have — and have not — been used. They assess the state of Welsh public services, ask whether Wales should have more powers over tax, spending and borrowing, and explore the constraints facing the next Senedd.

They also look at what the parties are promising, where the main dividing lines lie, and why many of the biggest trade-offs are still not being clearly spelled out.

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Scotland receives significantly more funding per person for devolved public services than England, helping to pay for policies like free university tuition and smaller school class sizes. But despite that advantage, performance in parts of health and education remains under pressure, and Scotland’s fiscal outlook is becoming tighter.

In this episode, Helen is joined by Mairi Spowage of the Fraser of Allander Institute and IFS Associate Director David Phillips to unpack the big economic and fiscal questions hanging over the Scottish Parliament election. They explain what powers are devolved, where Scotland’s money comes from, how tax and benefit choices have made the system more progressive, and why the next Scottish Government will face difficult trade-offs.

They also discuss Scotland’s public service performance after Covid, the risks created by recent budgeting habits, and the issues politicians may prefer not to talk about as manifesto season begins.

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The state pension age is rising. It is currently 66, and by 2028 it will reach 67. But what does that actually mean for the people approaching retirement, and does it really mean everyone will have to work longer?

In this episode, Helen is joined by Jonathan Cribb and Heidi Karjalainen to examine one of the biggest questions facing the pensions system: how high should the state pension age be? They discuss why it has been rising, what the state pension is designed to do, and how changes to the pension age affect work, retirement and government spending.

They also look at who is able to keep working into their late 60s, who is not, and whether a single state pension age makes sense for everyone. Along the way, they explore how the UK compares with other countries, what happens to people who cannot work up to pension age, and whether the state pension system is financially sustainable in the long run.

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For decades, pensioners were one of the poorest groups in Britain. That is no longer true. Today, the average pensioner is at least as well off as the average working-age person, and in wealth terms many are far better off.

In this episode, Helen Miller is joined by Jonathan Cribb and Heidi Karjalainen to examine what the data really say about pensioner incomes, wealth and living standards. Where does pensioners’ money come from? How much is driven by the state pension, private pensions and housing wealth? Which pensioners are still struggling? And how do today’s retirees compare both with their parents’ generation and with younger people who are still working?

They also look ahead to the future: will younger generations enjoy the same living standards in retirement, or are higher house prices, lower homeownership and the decline of defined benefit pensions changing the picture? This episode sets out the big story of how pensioners’ finances have changed, and what it means for the future.

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Helen Miller is joined by IFS colleagues Ben Zaranko and Bee Boileau to discuss the Spring Forecast. The headline numbers haven’t moved much since the autumn, but that stability may not last. With conflict in the Middle East pushing up oil and gas prices, the UK faces a potential negative shock: higher inflation, pressure on interest rates, and a tougher outlook for households, businesses and the public finances.

We discuss what higher energy prices could mean for government policy (from fuel duty to targeted support), why calls to raise defence spending are growing, and the scale of the trade-offs involved. We also look at three key forecast uncertainties: unemployment, migration, and volatile capital gains tax receipts. Finally, we ask how realistic tight future spending plans look ahead of the next Spending Review.

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Fiscal rules can sound technical, but they shape some of the biggest choices in economic policy: what we spend today, what we invest for tomorrow, and how we share costs across generations.

In this episode of IFS Zooms In, Helen is joined by Ben Zaranko to unpack why governments use fiscal rules, what the UK’s current rules are designed to do, and why - despite repeated promises - debt has continued to ratchet upwards. They discuss how a narrow, pass–fail approach has encouraged a fixation on “headroom”, contributed to last-minute policy changes driven by forecast movements, and crowded out wider debate about long-run sustainability.

They then set out an alternative approach: a clearer fiscal strategy at the start of each parliament, assessed against a broader dashboard of indicators rather than a single bright-line test, using a traffic-light style system to support a more transparent and nuanced public conversation about the state of the public finances.

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On average, students now leave university with just over £50,000 in student loan debt. Repayments are income-contingent: many graduates will repay little or nothing, while others repay 9% of their income above a threshold for decades, often watching the outstanding balance rise. That design has led some to argue the system is unfair and to argue that students were mis-sold loans whose terms have shifted over time.

In this episode, Helen is joined by Nick Hillman, Director of the Higher Education Policy Institute and a former government adviser during the introduction of Plan 2 in the early 2010s, alongside Kate Ogen, Senior Research Economist at IFS, to unpack how the student loan system works in practice. We explain how the system has evolved across cohorts, how it differs across the UK, and when it makes sense to think of student finance as a loan versus a graduate tax. We also look at who repays what across the earnings distribution, how repayment thresholds shape lifetime payments, what changed with the move to Plan 5, and what recent policy choices mean for graduates and for the public finances.

Finally, we discuss competing claims about “fairness”, between graduates and taxpayers, among graduates, and across generations, and ask the core question: who should pay for higher education?

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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 than 0%, and what drove prices up so sharply in recent years.

We also dig into who inflation hits hardest, how much of the cost-of-living crisis is really about inflation, and why the Bank raises interest rates even though it can make life feel tougher in the short run. 

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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. We look at the evidence on employment effects, the knock-on impacts on pay compression, and whether the current minimum wage is set too high. Finally, we look ahead to the government’s ambitions, including faster rises for younger workers, and the trade-offs involved.

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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 to get a grip on record waiting times, but progress so far looks limited. The waiting list stands at 7.3 million, only slightly down from around 7.6 million when the government took office a year and a half ago. With winter pressures, flu surges, and resident doctors taking strike action, it raises a big question: what’s actually going on inside the system, and is improvement realistically on the horizon?

In this episode, Helen is joined by IFS colleagues Olly Harvey-Rich and Max Warner to unpack the data and the trade-offs. We look at winter pressures and capacity, what the latest performance metrics tell us, and the real constraints facing the NHS in England - money, productivity and system design. Finally, we look ahead to the rest of the parliament: should we be hopeful about meaningful change, or are the obstacles bigger than the plans?

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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 purse, from health-related benefits to the "national conversation" on SEND, and ask what the upcoming fiscal events might reveal about the government’s long-term strategy. We also look at what could shift the outlook, for better or worse, from public sector productivity to the economic impact of new technologies like AI and GLP-1 drugs.

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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 investment and entrepreneurship.

Joining Helen are Stuart Adam and Ben Zaranko from the IFS to break down what’s changed, why it matters, and what the “devil in the detail” tells us about the government’s tax strategy.

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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 arrived
• How a “lucky” surge in forecast tax receipts reshaped the Chancellor’s options
• The major spending stories: abolishing the two-child limit, rising welfare pressures, SEND funding reform, and tighter departmental plans
• The government’s tax decisions - from threshold freezes to the new ‘mansion tax’
• Whether any of this adds up to a credible long-term strategy for growth

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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 welfare, public services, and investment; how pressures such as an ageing population, defence commitments and struggling services constrain choices; and whether efficiencies or productivity gains could ever plug the gap.

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The bond market plays a crucial role in shaping government spending decisions - but how much power does it really have? With a Budget around the corner, are investors or Rachel Reeves setting the limits on fiscal policy?

In this episode, we unpack how the government borrows, why it’s so expensive right now, and what “fiscal credibility” really means. Joining Helen are Jack Meaning, Chief Economist at Barclays, and Ben Zaranko, IFS, to discuss the state of the bond market, the lessons from the Liz Truss era, and what investors will be watching for in the 2025 Budget.

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As the Chancellor prepares for her next Budget, attention is turning to how more tax revenue could be raised. What options are on the table - and what would they mean for households, businesses and the wider economy?

Helen Miller is joined by IFS colleague Stuart Adam and tax expert Dan Neidle to explore the choices facing the Treasury. They discuss options from income tax and frozen thresholds to landlords, partnerships, pensions, and property taxes, asking which levers make sense and which should be left well alone.

Recorded live as part of the ESRC Festival of Social Science.

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Why are chocolate-covered shortbread and plain shortbread taxed differently? The UK’s VAT system is full of bizarre inconsistencies that make it complex, inefficient, and unfair.

In this episode, we dive into how VAT works, why economists tend to love it in theory, and why the UK’s version falls short in practice. We explore zero and reduced rates, exemptions, myths about regressivity, and discuss how simplifying VAT could make it fairer and less distortionary.

In the fourth and final episode of our tax mini-series, Helen, Ben and Stuart look at how to fix one of the UK’s most important and misunderstood taxes.

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From council tax and stamp duty to business rates and taxes on landlords, the UK’s system for taxing property is complicated, inconsistent, and long overdue for reform.

Homes aren’t just places to live - they’re also assets and a major form of saving - which makes deciding how to tax them especially tricky.

In this episode, Helen is joined by Stuart Adam and Ben Zaranko to explore how property is currently taxed, what’s gone wrong, and how it could be made fairer and more efficient.

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In the second episode of our mini-series on how to fix the UK’s tax system, Helen is joined by Stuart Adam and Ben Zaranko to explore one of the most contentious areas of taxation - savings and wealth.

Why do people who earn through investments often pay lower taxes than those earning a salary? Why do business owners and landlords sometimes end up both undertaxed and overtaxed? And could an annual wealth tax ever work in practice?

This episode unpacks how the UK taxes savings, dividends, capital gains and inheritances, revealing the tensions at the heart of our system - and what a fair, efficient approach to taxing wealth might really look like.

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In the first episode of our new mini-series on how to fix the UK’s tax system, Helen is joined by Stuart Adam and Ben Zaranko to explore income tax - the cornerstone of government revenue, and one of the most confusing parts of our system.

Why do we have two separate taxes on earnings? Why do odd kinks and cliff edges exist that distort behaviour? And what would a well-designed income tax actually look like?

This episode dives deep into the structure of income tax and National Insurance, revealing how small design flaws create big inefficiencies - and what we can do to fix them.

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Rachel Reeves is once again facing tough choices on tax and spending. After promising no further tax rises last autumn, the Chancellor could now see a sizeable downgrade to the borrowing outlook - enough to wipe out the limited ‘headroom’ she built into her fiscal plans last spring. To stick to her ‘iron-clad’ rules, Reeves may now need a sizeable fiscal consolidation through tax rises, spending cuts, or both.

Helen talks to IFS economists Carl Emmerson and Ben Zaranko about why we’re back here again, what’s really driving the UK’s fiscal challenges, and what options the Chancellor has to get the public finances back on track. They discuss whether Reeves can stick to her fiscal rules, what role productivity and growth forecasts play, and how the government could avoid fiscal 'ground hog' day again.

This episode is part of the 2025 Green Budget, our annual report exploring the Chancellor’s options.

📘 Read more: https://ifs.org.uk/publications/green-budget-2025-full-report

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The two-child limit stops most families on Universal Credit from claiming support for a third or later child — worth about £3,500 a year per child. Introduced in 2017, it’s now at the centre of a political debate, with the Chancellor under pressure to scrap or reform it in the November Budget.

Helen talks to IFS economists Tom Waters and Christine Farquharson about why the policy was introduced, how it’s affected families and child poverty, and what the options are for changing or removing it.

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From child benefit to winter fuel payments, debates over who really deserves support run through the history of the UK’s welfare state.

In this episode of IFS Zooms In, we ask whether benefits should be universal, means-tested or contributory — and why the UK's benefits system has become one of the most means-tested in the developed world.

Helen is joined by Nicholas Timmins (Institute for Government) and Tom Waters (IFS) to explore Beveridge’s original vision, the rise of means-testing and whether ideas like Universal Basic Income could work.

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The UK has promised to raise defence spending to levels not seen since the 1980s. That means tens of billions more pounds each year, with big implications for the armed forces, the economy, and the public finances.

In this episode, Helen speaks to Matthew Savill (RUSI) and Max Warner (IFS) about what defence spending actually pays for, how it has changed over time, and what the government’s new commitments could mean for growth and future military capabilities.

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This week, we turn the tables and put your questions to the experts.

From childcare and early years, to schools, apprenticeships, and family life — listeners sent in brilliant questions on the challenges facing children and young people today.

Helen Miller is joined by Christine Farquharson and guests Carey Oppenheim, Sam Freedman, Philip Augar, and Anne Longfield to discuss:

- Should mothers be supported to stay at home rather than return to work?

- Has YouTube made teaching harder for schools?

- How can we encourage more firms to offer apprenticeships and sponsorships?

- What are the consequences of declining physical activity and play?

👉 Share your thoughts in the comments, and don’t forget to subscribe for more evidence-based discussions from IFS Zooms In.

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Nearly a third of children in the UK live in relative poverty, and rising numbers face material deprivation. The government’s Opportunity Mission pledges that every child should grow up in a safe, loving home and that families should be able to afford the essentials — but how close are we to that goal?

In this episode of IFS Zooms In, Helen Miller is joined by Christine Farquharson (IFS) and Baroness Anne Longfield (Centre for Young Lives; former Children’s Commissioner for England) to explore:

- How family structures are changing and what that means for children

- The impact of child poverty and financial insecurity

- Why children’s social care is under growing pressure

- What early intervention could do to improve outcomes

👉 Don’t forget to subscribe for the final Q+A episode, where we put your questions to the experts.

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What happens after GCSEs, and how well does England’s education system support young people as they move into adulthood?

The government’s Opportunity Mission sets out to “build skills for opportunity and growth,” aiming to give every young person a pathway that’s right for them. In practice, that means navigating a system divided between academic routes, like A levels and university, and technical or vocational routes, often delivered through further education colleges.

In this episode of IFS Zooms In, Helen Miller is joined by Christine Farquharson (Associate Director, IFS) and Sir Philip Augar (Chair of the government’s 2019 review of post-18 education and funding) to explore the strengths and challenges of post-16 education in England. They discuss GCSE attainment, the divide between higher and further education, funding pressures, and what a skills system fit for the future might look like.

📩 We want your questions for our final Q&A episode! Send them – voice notes welcome – to podcasts@ifs.org.uk.

🎧 Subscribe for the full Are the kids ok? mini-series: just search IFS Zooms In in your podcast app.

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Are England’s school-aged children thriving – or are too many being left behind?

The government’s Opportunity Mission promises to end the link between a child’s background and their future. But with rising absences, a growing mental health crisis, and a SEND system under strain, how close are we to that goal?

In this episode of IFS Zooms In, Helen Miller is joined by Christine Farquharson (Associate Director, IFS) and Sam Freedman (Institute for Government, Ark Schools) to explore:

• What’s driving improvements in average attainment
• Why so many children are still struggling to keep up
• The challenges in special educational needs and disabilities (SEND)
• How COVID has shaped education, attendance, and well-being
• What reforms could ensure every child has the chance to succeed

📩 We want your questions for our final Q&A episode! Send them – voice notes welcome – to podcast@ifs.org.uk or comment on the episode.

🎧 Subscribe for the full Are the Kids OK? mini-series: just search IFS Zooms In in your podcast app.

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