Capping prices in a supply shock? Wouldn't this just pretend that we have as much oil and gas available as before Iran? Price caps can work in supply shocks when they're designed well 🧵1/9

1/ Said this in our transport report, and good to see it in Reeves’ Mais Lecture. Plans for fiscal devolution, including a share of income tax, are overdue. It stifles growth that mayors take on the risk to deliver projects, while central government captures the upside through rising tax receipts.

Our favourite diagram from the report - @msingerhobbs.bsky.social and I know which city we want to live in!

🚎 Mass transit drives thriving high streets and local growth – but mayors and cities currently take the risk and don't always reap the rewards. Letting them keep and invest in that growth could unlock UK cities 📻️ @aditisriram.bsky.social on @LBCNews 🔗 www.ippr.org/articles/transport-and-growth

A century ago, Bristol had 17 electric tram routes running across the city. Today, it has no mass transit system at all. Meanwhile, 23 smaller cities in France have modern tram networks.

A quick intro: I’m Aditi - an economist at @ippr.org and a proud tax-design nerd, working on how to make our systems fairer, more effective and actually work for people.