Institute of Economic Affairs Profile picture
Apr 15 6 tweets 3 min read Read on X
🇬🇧 We asked Brits where the UK ranks vs US states in income per person.

Average answer: 7th. Wealthier than 43 states.

The reality: 51st. Dead last. Below Mississippi. Below Arkansas. Below every single US state. 🧵 Image
😱 When people find out the truth, the reaction speaks for itself.

27% shocked. 22% concerned. 15% disappointed or embarrassed. 14% motivated for change.

That emotional jolt is exactly why this data matters — it opens the door to reform. Image
🇨🇭 Most Brits think they are as wealthy or wealthier than the average American, Swiss, Singaporean and German.

They are wrong on every single one. The UK is poorer than all of them — and most people had no idea. Image
💪 When asked unprompted what the main strengths of the UK economy are — 40% of Brits said there are none.

Rising to 55% among those who rate the economy as poor. That is a devastating verdict on fifteen years of stagnation. Image
📉 67% of Brits say the country is heading in the wrong direction. Just 21% say right direction.

The national mood is one of decline. People feel it every day — in their bills, their wages, their prospects. Image
⛔️ We're not coasting at the top. We're falling behind — and most of us had no idea.

The first step to fixing a problem is understanding how serious it is. Read the full report at iea.org.uk/attitudes-to-e…Image

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More from @iealondon

Mar 9
Adam Smith's 'The Wealth of Nations' was published 250 years ago today.

And it is still just as relevant as it was in the eighteenth century.

Our new paper explores Adam Smith's revolutionary 'system of natural liberty' and why it still matters

By Mark Skousen 🧵 Image
🏛️ Smith's formula for prosperity required three pillars:

- Justice (rule of law)
- Maximum freedom
- Robust competition

All three were essential to channel self-interest into public benefit.

This was his ‘system of natural liberty’...
🤝 Competition acts as a moral regulator

It disciplines greed, rewards customer service & channels self-interest into socially beneficial outcomes.

'Fear of losing customers restrains frauds & corrects negligence'...
Read 6 tweets
Nov 6, 2023
🚨📝New IEA research: Has Brexit Really Harmed UK Trade?

The UK’s trade patterns with the EU fail to show a Brexit effect, either since the referendum or the end of the transition period.

✍️ By trade economist @CeeMacBee

🔗 iea.org.uk/media/brexit-l…

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😲 The OBR asserted that Brexit barriers would result in a 15% drop in trade, contributing to a 4% lower GDP in the long run.

🤔 If Brexit had significantly impacted UK-EU trade, we would expect to see a divergence between British trade with the EU compared to non-EU countries.
🇪🇺🇬🇧🌍 However, the data shows that UK-EU goods trade patterns closely matched UK non-EU trade.

📊 It's the same story whether you look at nominal or inflation-adjusted trade figures — there is no discernable evidence of a Brexit effect.
Image
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Read 19 tweets
Mar 23, 2022
📢IEA Head of Lifestyle Economics @cjsnowdon responds to #SpringStatement (1/4)

"The Chancellor has decided to alleviate the impact of price rises rather than try to fight inflation.
"Cuts to fuel duty and income tax are very welcome, as is raising the National Insurance threshold, but they come at the cost of yet more borrowing.
"There are no easy solutions and Sunak’s admission that the UK will pay £83 billion servicing the national debt in 2022/23 shows that there is no cheap money.
Read 4 tweets
May 27, 2020
Tonight's #LiveWithLittlewood has another amazing line up! Join us at 6pm where we'll be joined by @JuliaHB1 @KateAndrs @Fox_Claire @DouglasCarswell and many more to discuss the global economy post-coronavirus
Kicking #LiveWithLittlewood off at 6pm, we'll be joined by @JuliaHB1
@KateAndrs, the Spectator's Economics Correspondent, joins us again following her appearance on the first #LiveWithLittlewood
Read 10 tweets
Apr 9, 2020
Authored by the IEA’s Head of Lifestyle Economics @CJSnowdon, ‘Short term impact of minimum pricing of alcohol in Scotland’ uses new data from the @ONS to show that there is no evidence that minimum pricing has created a step change in the rate of alcohol-related harm in Scotland
Advocates of minimum pricing predicted that it would have an almost immediate impact in Scotland, with modelling forecasting 58 fewer deaths and 1,299 fewer hospital admissions in the first year. iea.org.uk/publications/S…
In the eight months after minimum pricing was introduced, alcohol-related mortality fell at the same rate in Scotland as it did in England and Wales (seven per cent).

Read the short briefing paper here 👇

iea.org.uk/publications/S…
Read 4 tweets
Sep 13, 2018
🇬🇧🇪🇺 Thread: No-Deal Brexit Fear-Checkers from the Institute of Economic Affairs 👇
No-Deal Brexit Fear-Checker, No. 1 by @julianHjessop: ✈️ “Planes won’t fly” ✈️ iea.org.uk/publications/p…
No-Deal Brexit Fear-Checker, No. 2 by @julianHjessop: 📱 "Mobile phone bills will soar" 📱 iea.org.uk/publications/m…
Read 8 tweets

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