In this Institute of Economic Affairs Christmas special podcast, Director of Communications Callum Price is joined by Managing Editor Daniel Freeman and Editorial Director Kristian Niemietz for a year-in-review discussion covering the highs and lows of 2025. The conversation examines nuclear regulation reform, the John Fingleton review’s recommendations to reduce the UK’s status as the most expensive place in the world to build nuclear projects, and how overregulation has weakened Britain’s competitiveness. They also discuss the Hinkley Point fish protection system that cost £700 million to save several hundred salmon, working out at roughly £250,000 per fish saved.The discussion moves to economic policy frustrations including Rachel Reeves’ budget, the inheritance tax changes affecting farmers, and the broader tax burden reaching its highest levels since World War Two. They examine Labour’s growth strategy contradictions, the productivity gap between the UK and other developed nations, and why Britain continues to struggle with infrastructure delivery costs. The hosts also debate the perverse incentives in the benefits system that discourage work, with particular focus on housing benefit traps and the political challenges of meaningful welfare reform.The podcast concludes with reflections on Trump’s tariff policies and their impact on global trade, Brexit’s unexpected benefit in securing better US trade terms than the EU, and concerns about the long-term political economy of protectionism. They discuss how tariff policies become entrenched as domestic industries adapt, making future liberalisation politically difficult. The hosts praise the UK government for resisting retaliatory tariffs despite political pressure, maintaining a commitment to free trade principles.The Institute of Economic Affairs is a registered educational charity. It does not endorse or give support for any political party in the UK or elsewhere. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.The views represented here are those of the speakers alone, not those of the Institute, its Managing Trustees, Academic Advisory Council members or senior staff.

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