Notices by Richard Murphy (richardjmurphy@mas.to)

What is the obsession with gold? https://www.taxresearch.org.uk/Blog/2024/09/15/what-is-the-obsession-with-gold/ Every time I post a video about money, people appear claiming only gold is money and that we must go back on the gold standard. Those saying so are economic dinosaurs who do not understand how the modern economy works and would rather we go back to the era that delivered the Great Depression precisely because of the obsession with gold. They really do need to be ignored.

There’s a void at the heart of Starmer’s government where vision and ideas should be https://www.taxresearch.org.uk/Blog/2024/08/28/theres-a-void-at-the-heart-of-starmers-government-where-vision-and-ideas-should-be/ Starmer made clear yesterday that Labour is focused on maintaining the status quo rather than enacting meaningful change, missing, as it does, the ethical values and strategic thinking needed for delivering effective government. His is a government without purpose, and that's deeply troubling.

You have no money in the bank https://www.taxresearch.org.uk/Blog/2024/07/27/you-have-no-money-in-the-bank/ It's an economic truth that no one has money with their name on it in a bank. All you have when you make that claim is a bank statement with an IOU printed on it. The bank has a debt owed to you. And that's it.

Why growth, Rachel Reeves? https://www.taxresearch.org.uk/Blog/2024/07/08/why-growth-rachel-reeves/ If 'growth' is Rachel Reeves' mission, she has, at the very least, to say what it is she plans to grow and with what planned outcome. Right now, there are no answers, but only questions, all of which imply she has little idea what this supposed mission is all about.

Wes Streeting is wrong: rising tides do not float all boats https://www.taxresearch.org.uk/Blog/2024/07/07/wes-streeting-is-wrong-rising-tides-do-not-float-all-boats/ Wes Streeting used a right-wing economic trope yesterday that suggests that ‘trickle down’ economics works. Forty plus years of evidence shows that it does not, and that deep poverty is rising in this country. Apparently, he is indifferent to that. This is not a good start.

The exist poll confirms that in this election we were all the losers https://www.taxresearch.org.uk/Blog/2024/07/04/the-exist-poll-confirms-that-in-this-election-we-were-all-the-losers/ First-past-the-post has failed us all tonight

Trump’s rigging the law in the USA https://www.taxresearch.org.uk/Blog/2024/07/04/trumps-rigging-the-law-in-the-usa/ Trump packed the Supreme Court of the USA with his mates, and now they’re returning the favour by granting him immunity for his actions when in office. Will he use that power to persecute those who he sees as his enemies? You’d be a fool to think otherwise.

Governments fail when they act in the interests of powerful people https://www.taxresearch.org.uk/Blog/2024/05/21/governments-fail-when-they-act-in-the-interests-of-powerful-people/ The infected blood inquiry revealed a failure and then, worse still, a cover up. The failure was bad enough. But it is the abuse of power to protect those who failed that compounds that and makes it so egregious. Government cannot be run to protect the powerful. It’s meant to do the opposite.

Tory plans to deny access to foreign students wanting to study in the UK are already causing massive harm to UK universities and the economy of the country https://www.taxresearch.org.uk/Blog/2024/05/14/tory-plans-to-deny-access-to-foreign-students-wanting-to-study-in-the-uk-are-already-causing-massive-harm-to-uk-universities-and-the-economy-of-the-country/ Overseas applications to UK universities are tumbling as a result of new visa rules that appear to be motivated by racism. The knock on effects are going to be considerable, for the country, for students and even the viability of many universities who have come to reply on this income.

Why monopolies are harmful https://www.taxresearch.org.uk/Blog/2024/04/30/why-monopolies-are-harmful/. Monopolies exist when one or a very few companies or organizations control a market and can exploit consumers as a result. The modern economy is riddled with monopolies, many of which are very powerful. Until governments are willing to stand up to them we are all at risk of being ripped off.

Without providing safe routes for potential refugees Keir Starmer has no way of stopping the boats https://www.taxresearch.org.uk/Blog/2024/04/24/without-providing-safe-routes-for-potential-refugees-keir-starmer-has-no-way-of-stopping-the-boats/. It really is time we combined humanity, concern and logic when addressing the problem of refugee entry into the UK. Until we do the problem of small boats will continue to be the creation of the UK’s politicians, rather than something they have to solve.

I am not convinced that we are facing any good electoral outcome this year https://www.taxresearch.org.uk/Blog/2024/04/02/i-am-not-convinced-that-we-are-facing-any-good-electoral-outcome-this-year/. Relief that we will be rid of the Tories will not be enough to satisfy an electorate battered by 14 years or more of electoral incompetence. When Labour is offering no real alternative to Tory policy, buyer’s remorse and further loss of faith in politics are too likely to permit pleasure about anything that is happening right now.

Why are government services going down the pan despite high taxation? https://www.taxresearch.org.uk/Blog/2024/02/29/why-are-government-services-going-down-the-pan-despite-high-taxation/. This question was asked of me, yesterday. The answer is pretty straightforward but never spoken of. It is the inevitable consequence of the economic policy of successive Tory governments, now also adopted by Labour. So why are we in a dire position? That’s because profoundly unwise politicians have decided to put us in this position.

The Taxing Wealth Report – an update https://www.taxresearch.org.uk/Blog/2024/02/08/the-taxing-wealth-report-an-update/. The final figures for inclusion in the Taxing Wealth Report 2024 are now in. It shows that by making almost 30 changes to the UK tax system, not only would that system be much fairer, but an additional £92 billion of tax a year could be raised whilst £35 billion of pension savings and £70 billion of ISA savings a year could be made available to fund investment in climate transition and other capital projects. Labour, please note.

When millions face fuel poverty we must redistribute more income and wealth in this country so that all have a chance of flourishing within it https://www.taxresearch.org.uk/Blog/2024/01/23/when-millions-face-fuel-poverty-we-must-redistribute-more-income-and-wealth-in-this-country-so-that-all-have-a-chance-of-flourishing-within-it/. More than 5 million people are in fuel debt or have been disconnected this winter, and yet the Chancellor wants tax cuts that will not help those in most need. Why are our politicians so callous?

The threat to the UK economy now is not inflation: deflation is the real threat now https://www.taxresearch.org.uk/Blog/2024/01/11/the-threat-to-the-uk-economy-now-is-not-inflation-deflation-is-the-real-threat-now/ UK inflation may well be history within months. Then, though, we face the risk of something very much worse, which is deflation. That could deliver recession and depression in the years to come given the massive overreaction of the Bank of England to inflation. We need to take action to prevent that now or things will get very ugly.

The govenment is planning to cut public sector investment by 16.7% ove the next five years https://www.taxresearch.org.uk/Blog/2023/11/23/the-govenment-is-planning-to-cut-public-sector-investment-by-16-7-ove-the-next-five-years/. Hunt is planning real spending cuts in the budget. But he's also planning to slash investment by 16.7% over the next five years. Forget the need for social housing or to tackle RAACs in schools and hospitals and the green transition. The money has just gone. Irresponsibility does not come much bigger than this,

Donald Trump poses the biggest global danger of 2024 https://www.taxresearch.org.uk/Blog/2023/11/17/donald-trump-poses-the-biggest-global-danger-of-2024/. I don't always agree with The Economist. Our worldviews are different. But it seems that we agree on the risk of and from a fascist President of the USA.

The crisis of acceptability for UK democracy might now have arrived https://www.taxresearch.org.uk/Blog/2023/11/16/the-crisis-of-acceptability-for-uk-democracy-might-now-have-arrived/. The depravity of both the UK's leading political parties leaves democracy in crisis in this country. Can it survive?

Money does not move https://www.taxresearch.org.uk/Blog/2023/11/09/money-does-not-move/. Perhaps the hardest of all ideas about money for people to get their heads around is that money does not flow. Money exists, or it does not. But it does not flow.