"...the IEA is the home of good economic analysis applied to public policy." – Allister Heath, City AM
On 3 June, the IEA is hosting a panel discussion with Prospect to examine how the Labour Party should address the cost of living. With living standards set to be a key issue at the next election we examine how cutting taxes and tackling vested interests can help to make life more affordable for hard-pressed families. Speakers include: Dan Hodges, Paul Ormerod, John Rentoul and Gisela Stuart MP. The discussion will be followed by a drinks reception. For more details and to RSVP, click here.
New IEA research finds fat taxes would increase cost of living for UK families
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The negative consequences of putting 'sin taxes' on products when demand is inelastic are well known. Almost invariably, they hurt the poor more than the rich. They encourage black market activity and cross-border shopping. They lead to compensatory purchasing and brand switching. Although it is politically expedient to portray them as 'nudges' designed to improve society or compensate for negative externalities, they typically act as stealth taxes while doing little to reduce harmful consumption.
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