The IFS was awarded the UK think tank of the year for 2015, for the second year running. The award, run by Prospect Magazine, has not previously been given to the same organisation two years in a row.

The Institute was also the winner in the 'financial and economic' category.

One of the judges, the distinguished economist George Magnus, commended the IFS 'for throwing a light into plenty of dark spaces.'

IFS director, Paul Johnson, receives the 'top tank' tank top from Bronwen Maddox, Editor-in-Chief of Prospect Magazine