History
The Institute came into existence because four financiers - a banker and Conservative Party politician (Will Hopper), an investment trust manager (Bob Buist), a stockbroker (Nils Taube) and a tax consultant (John Chown) - were appalled at the way in which the 1965 Finance Act became law. James Callaghan, the then Chancellor of the Exchequer, had made a speech announcing his intentions to make far-reaching changes to the tax system, including the introduction of a capital gains tax and a corporation tax. Nils Taube commissioned John Chown to prepare a professional analysis of the speech. Despite his warnings about the dire consequences of implementation of the government’s proposals, John Chown stated, “the same half-baked proposals were rehashed in the Budget Speech, and the Finance Bill, when published, read as if the draftsman had simply been given the Callaghan speech and been told to turn it into legislation”.
In 1967 a brainstorming weekend took place at The Bell, Aston Clinton. In the same year the Charter for Tax Reform was published in The Times and Jeremy Skinner and Halmer Hudson joined the group. Will Hopper has recalled that the idea of a research institute did not take shape until some time later at a dinner which was attended by Bob Buist, John Chown, Nils Taube and himself on 30 July 1968 at the Stella Alpina restaurant, 32 North Audley Street, London, at which a decision was made to found the Institute. The Institute was formally incorporated on 21 May 1969.
As well as research, the Institute had wider, unspoken objectives. The founders did not just want to start an Institute; they wanted to change British fiscal strategy. In particular, they wanted:
- to alter the climate of opinion within which changes to the British tax system were considered;
- to improve the procedures by which changes in the tax system were effected;
- to help create a more rational tax system.
In 1971 a Council of the Institute was formed, with President Sir Richard Powell (civil servant), Vice-Presidents Roy Jenkins (Labour Party) and Selwyn Lloyd (Conservative Party). In the same year an Executive Committee was formed, with Will Hopper as Chairman, Halmer Hudson as Secretary and Buist, Chown, Skinner and Taube as Members. In 1972 the first full-time staff of the Institute were appointed. In 1974 the Institute moved from Bell Yard to Chandos Place. In 1975 the Meade Committee began its enquiries under the leadership of James Meade. In 1978 the Meade Report was published. In the same year the Institute moved to Castle Lane. In 1979 the Fiscal Studies publication was launched and the Working Paper series began. In 1980 the Armstrong Report was published. In 1982 the Report series was launched and the first Green Budget was issued. In 1984 The Reform of Social Security document was published by the Institute. In 1985 the Institute moved to Tottenham Court Road. In 1987 the Capital Taxes Group was established. In 1990 the Institute moved to Ridgmount Street. In 1991 the ESRC Centre was inaugurated. In 1994 the Tax Law Review Committee was established.
Read more about this topic: Institute For Fiscal Studies
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