Episode
Is London Finished? | IEA Podcast
- Podcast
- IEA Podcast
- Published
- May 22, 2026
- Duration seconds
- 2704
- Processing state
not_requested- Canonical source
- https://economicaffairs.co.uk/p/is-london-finished-iea-podcast
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Summary
In this Institute of Economic Affairs podcast, Editorial Director Kristian Niemietz is joined by Senior Policy Fellow Lord Frost and Managing Editor Daniel Freeman to discuss three stories dominating British economic debate. The conversation covers a Financial Times investigation into London’s slowing growth and falling productivity, the Government’s cost of living announcements including tariff cuts and VAT reductions, and Wes Streeting’s proposal to align capital gains tax with income tax rates — a policy he has chosen to brand a “wealth tax.” On London, the panel picks apart the drivers behind the city’s decline: housing supply restrictions, a 71% marginal tax rate hitting high earners with student loans, the exodus of non-doms, and the post-pandemic shift away from office working. Daniel highlights that American tech firms now describe London’s talent pool as cheap relative to San Francisco, a back-handed compliment that has become the city’s chief selling point. Lord Frost raises the possibility that productive people are leaving while less productive arrivals replace them, and argues for decentralisation over national top-down fixes, pointing to Switzerland as a model for local decision-making on planning and regulation. On the cost of living package, the panel credits the tariff reductions as the one straightforwardly positive measure while dismissing the VAT cuts on children’s cinema tickets and meals as a two-month gimmick that evidence suggests will not be passed on to consumers. The capital gains tax proposals are judged far less damaging than a genuine wealth tax, but the panel warns that raising rates to 45p would deter risk-taking investment, encourage evasion, and pile further complexity onto an already overburdened system — with no offsetting cuts, such…