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.

🎟️ Plus, we share details of our upcoming live recording at the British Library on 4th November, part of the ESRC Festival of Social Science.

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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