The Institute of Economic Affairs was established in 1955 by admirers of the free-market economist Friedrich Hayek. Its mission involves “analysing and expounding the role of markets in solving economic and social problems”.

In July it launched a £50,000 prize for ideas about harnessing the free market to solve the UK’s housing crisis. It is established as an educational charity and does not have to declare its donors, although it is widely known to have been backed by tobacco, alcohol and oil companies, among others. It publishes reports, and organises conferences and dinners that are often attended by government ministers as well as donors. It has a high media profile, regularly supplying spokespeople to TV news channels.

Last year it spent £2.3m on its activities, which include distributing a magazine about economics to thousands of A-level students.

Its trustees include Patrick Minford, a pro-Brexit economics professor who supported Margaret Thatcher, and the hedge fund billionaire and Conservative party donor Sir Michael Hintze.