Tax policy reform: why we need microeconomics

<p>It is 20 years ago this July that the committee under the chairmanship of James Meade was set up by the Institute for Fiscal Studies to take a fundamental look at the UK tax structure. What it produced stands as a landmark in the history of tax policy analysis and was an important springboard for subsequent IFS research. The membership of the committee included three research 'secretaries' two of whom were recent presenters of the IFS Annual Lecture × John Flemming and Mervyn King × and the other of whom was to become Director of IFS × John Kay. With such an active history in research in this area, it would seem reasonable to ask 'what's new?'. </p>