What Are the Main Economic Thinktanks Based in the UK?
Economic thinktanks play an important role in shaping the UK’s domestic and international policies. Most of them are non-for-profit organisations and/or registered charities and are fiercely independent of any UK political party. It is this impartiality which gives them their good reputation – not only in Britain but also the world. Much of their work involves commissioning and coordinating reports and making sure that their results are shared with the media. Through media briefings, their websites, blogs and the organisation of educational events/programmes, they ensure that their research reaches as wide an audience as possible.
Funded in 1969, the Institute for Fiscal Studies (IFS) has earned a well-deserved international reputation for independent projects in the sector of public financial research. They concentrate on how the government’s economic and social policies have an impact on both individuals and families as well as companies and government spending. When the British Chancellor of the Exchequer announced his/her budget twice a year, the IFS analysis of the repercussions of the budget is always quoted in the press. Their interests are wide-ranging from the tax system and state benefits to the issue of corporate responsibilities and decision-making. Their ESRC Centre for the Microeconomic Analysis of Public Policy works to research how fiscal policy has an impact on diverse fields from occupational choices to saving.
The Centre for Economic Policy Research was founded in 1983 in order to improve the quality of economic research in Europe. It is funded by both the private and public sector which enables it to retain its independence. Few economists are directly employed by the Centre. Instead, over a thousand economists, who are based in universities, research institutes, international organisations, etc., are affiliated with the organisation. It then develops projects, seeks funding, oversees and coordinates the research and finally, ensures that the findings are disseminated to those who need to know.
The objectives and thinking of the Adam Smith Institute are underpinned by their neoliberal philosophy that a free market economy is best for the poor. They believe that the lower classes of society suffer the consequences of misguided social and economic government policies, especially in the fields of welfare, healthcare and education. Their emphasis is on how the state should be concerned with offering greater choice and competition for consumers (especially in public services), streamlining the tax system, making market regulation less of a burden for businesses of all size and cutting government waste across the board. The Institute is grounded in how these objectives could be achieved in practical ways rather than being solely concerned about academia.
The Institute of Economic Affairs shares the same neoliberal philosophy as theAdam Smith Institute. However, it is more concerned with making sure the findings of key research reach all sectors of society from politicians to studentsrather than initiating research projects itself. When political decision-making has an impact on your income, there is a solution with Cashfloat online. Borrow money online with a fast and straightforward application.