Finance

How we are funded

The IFS is non-profit and non-political and receives funding from arrange of sources, including the Economic and Social Research Council, UK Government departments, foundations, the European Union, international organisations, companies and other non-profit organisations. Funding is received either for specific research projects or via our two ESRC research centres, the Centre for the Microeconomic Analysis of Public Policy and the Centre for Microdata Methods and Practice.

 
 

The majority of IFS income goes directly to specific research projects. Below is a list showing income from individual funders for projects current in 2014. The first column shows income specifically for 2014; the second shows all income raised for current projects, many of which span several years.
Download a list of detailing all current projects and associated income.

Funding from EU agencies

Following recent interest, this paragraph clarifies funding awarded to IFS from EU agencies.

Since 2009, IFS has been awarded 7.5 million euros from the European Research Council (ERC). Grants from the ERC include: Microeconomic Analysis of Prices, Food and Nutrition (start date 2010), The Welfare State in a Complex World Taxes and Benefits in a Diverse Society (start date 2011) and Research on microeconometrics: Identification, inference and applications (start date 2016).

The ERC “operates with autonomy” and its mission is to “encourage the highest quality research in Europe through competitive funding and to support investigator-driven frontier research across all fields, on the basis of scientific excellence”. The sole evaluation criterion it has for awarding grants is “scientific excellence of researcher and research proposal”: https://erc.europa.eu/funding-and-grants/funding-schemes. ERC funding schemes are “open to top researchers of any nationality or age who wish to carry out their frontier research in the 28 EU Member States or associated countries”, which include countries as diverse as Norway and Israel as well as EU Member States.

Funding since 2009 from other European Union agencies, such as the European Commission, amounts to 300,000 euros.

Over this period, funding from EU agencies represent, on average, 11% of our research funding.

Project and Centre funding

Funder 2015 grants (£)
3ie 23,470
Adam Smith International 14,392
AFD-Hewlett-IRD 4,996
AXA 34,097
Bernard Van Leer Foundation 10,300
British Academy 13,502
Children's Investment Fund Foundation 76,173
Department for International Development (via OPM) 88,276
Department for Work and Pensions 101,845
Economic and Social Research Institute 198,185
Education Endowment Foundation 166,710
European Commission 58,616
European Research Council 132,899
Evidence Action 6,398
Financial Conduct Authority 5,922
Grand Challenges Canada (via University of the West Indies) 7,352
Growth and Labour Markets in Low Income Countries Programme 61,993
Health Foundation 67,675
Institute of Chartered Accountants in England and Wales 36,479
Joseph Rowntree Foundation 109,352
London School of Economics and Political Science 14,760
Medical Research Council (via Bangor University) 3,521
Michigan Retirement Research Center 21,282
National Insistutes of Health (via Pennsylvania State University) 5,489
National Institute on Ageing (via UCL) 39,968
Northern Ireland Human Rights Commission 2,235
Nuffield Foundation 178,759
Office of the First Minister and Deputy First Minister 54,819
Private Enterprise Development in Low-Income Count 57,189
Public Economics UK 3,000
Research Council of Norway 19,522
Research Councils UK 27,048
Retirement Savings Consortium (2015-2017) 20,166
Royal Economic Society 4,000
Save the Children Fund 8,382
Trust for London 66,345
Universities UK 75,738
WASTE 12,217
WaterAid 209,864
Welsh Government 16,337
World Bank-SIEF 21,092



The Institute also generates a small contribution to its overall costs from its members (1.4%) including corporate members (1%), publication of the Institute’s quarterly journal, Fiscal Studies (0.6%), and its events programme (1.3%).

Corporate members

£1,000 - £10,000

Bank of England
BP International Ltd
British Gas
Chartered Institute of Public Finance & Accountancy, CIPFA
Chartered Institute of Taxation (CIOT)
Confederation of British Industry
Deloitte LLP
Elliot Advisors (UK) Ltd
Freshfields Bruckhaus Deringer LLP
Frontier Economics
GE International Inc
Gibson, Dunne and Crutcher
Grant Thornton
HM Revenue and Customs
H M Treasury
HSBC Holdings Plc
KPMG
Lane Clark & Peacock
Lloyds Bank
Mercer
Pension and lifetime Savings Association
Pricewaterhouse Coopers
RELX Group
Shell
Standard Life
The Metropolitan Police
The Russell Group
Universities UK
Wellington Management International Ltd
Zurich Financial Services

>£100 - £1,000

Age UK
Treasury Comittee
House of Commons Library
John Swire & Sons Ltd
Investment Management Association
Office for National Statistics
Rexam Plc
Tax Incentivised Savings Association (TISA)
The Tax Faculty, ICAEW
Travers Smith LLP

Annual reports and accounts