Richard Murphy

Economic justice campaigner. Professor of Accounting Practice, Sheffield University. Chartered accountant. Political economist. Co-founder, the Green New Deal. Also blogging at www.taxresearch.org.uk .  I post on economics, politics, tax and climate change (and even accounting) because they make big differences to our lives. My bias is to the left but I am not party aligned.  All views my own, not my employer’s.

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Last Notes

2024-09-20 06:26:02

The Bank of England is continuing to engineer a recession – and Rachel Reeves is letting it do so https://www.taxresearch.org.uk/Blog/2024/09/20/the-bank-of-england-is-continuing-to-engineer-a-recession-and-rachel-reeves-is-letting-it-do-so/ Labour is talking the country into a downturn and the Bank of England is delivering policy to make that happen. What are they trying to do?

2024-09-18 06:50:30

Starmer exposed https://www.taxresearch.org.uk/Blog/2024/09/18/starmer-exposed/ Starmer's exposed his inner self, and it's not appealing.

2024-09-17 06:12:11

Why is modern monetary theory so important? https://www.taxresearch.org.uk/Blog/2024/09/17/why-is-modern-monetary-theory-so-important/ Some people argue that modern monetary theory is irrelevant or that it changes nothing. They're wrong. MMT fundamentally reframes the power relationships within our economy, moving power away from banking and the City and towards democratic government control whilst prioritising people and full employment instead. No wonder so many people don't like it: MMT challenges all the privileges they enjoy at cost to the rest of us.

2024-09-16 07:23:40

The way we are is unsustainable https://www.taxresearch.org.uk/Blog/2024/09/16/the-way-we-are-is-unsustainable/ The FT is full of warnings for Rachel Reeves this morning, suggesting that her direction of travel is unsustainable unless recession is her goal. Will she heed the warnings?

2024-09-16 06:47:43

Where is Labour going? https://www.taxresearch.org.uk/Blog/2024/09/16/where-is-labour-going/ The overwhelming impression Labour has given during its first few weeks in office is that it has no idea about why it wanted to be in government, or what it will do with power now that it has it. After fourteen years in opposition that appears quite extraordinary, except that it reinforces the idea that the whole Starmer project to date has simply been about defeating Corbyn. But in that case, it's fair to ask, where is Labour going?

2024-09-15 07:18:19

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.

2024-09-13 08:11:04

Starmer: a man way of his depth when dealing with the NHS https://www.taxresearch.org.uk/Blog/2024/09/13/starmer-a-man-way-of-of-his-depth-when-dealing-with-the-nhs/ Starmer's speech on the NHS yesterday offered view of a man unprepared for office who sends out incompetent messages to those who now work in the organisation he leads and who has no comprehension of the economic environment in which he must manage healthcare.
It's not surprising that now the UK public is seeing Starmer in action that his popularity is falling.

2024-09-12 07:00:23

Starmer’s choice: he won’t fund the NHS even though he knows people will die as a result https://www.taxresearch.org.uk/Blog/2024/09/12/starmers-choice-he-wont-fund-the-nhs-even-though-he-knows-people-will-die-as-a-result/ Starmer is out today saying the NHS must "reform or die", but since he's refusing to provide the funding required to reform, die is the only option actually on the table, which means that people will do so as well. And this from a supposedly Labour government.

2024-09-11 06:42:41

As the July GDP data proves, nothing really changed that month https://www.taxresearch.org.uk/Blog/2024/09/11/as-the-july-gdp-data-proves-nothing-really-changed-that-month/ The GDP data proves what we all knew. We got a new government early that month, and yet nothing changed in the economy. And that will be the message for the next five years. Labour's in office, intent on changing nothing.

2024-09-11 06:06:11

Labour should be picking on tax cheats https://www.taxresearch.org.uk/Blog/2024/09/11/labour-should-be-picking-on-tax-cheats/ Instead of picking on children in poverty and pensioners needing support with fuel bills to pay the price for the Tory economic aftermath, Labour should be picking on tax cheats to fill its coffers, as the National Audit Office agrees, and as I show in the Taxing Wealth Report 2024, would not be hard.

2024-09-10 06:10:02

Why is Labour picking on pensioners? https://www.taxresearch.org.uk/Blog/2024/09/10/why-is-labour-picking-on-pensioners/ Of all the groups in society anyone expected Labour to pick on when it came into office, pensioners were the least likely, excepting, perhaps, children in poverty. Now it turns out they are the two groups Labour thinks should pay the price for the mess that Labour claims it has inherited from the Tories. Political incompetence on this scale is hard to make up.

2024-09-06 05:55:42

Do we need any more public inquiries? https://www.taxresearch.org.uk/Blog/2024/09/06/do-we-need-any-more-public-inquiries/ When public inquiries take seven years to report and delay justice for up to a decade whilst telling us what we already know, which ministers could have admitted at the time, what is their purpose?

2024-09-06 04:56:53

Of what value is democracy when those in power ignore it? https://www.taxresearch.org.uk/Blog/2024/09/06/of-what-value-is-democracy-when-those-in-power-ignore-it/ President Macron is setting a dangerous precedent in France.

2024-09-05 05:55:54

Neoliberalism was the underlying cause of the Grenfell disaster https://www.taxresearch.org.uk/Blog/2024/09/05/neoliberalism-was-the-underlying-cause-of-the-grenfell-disaster/ Only by ridding our politics of neoliberal thinking will we eliminate the risk of another Grenfell happening, but what is the likelihood of that happening when most of our politicians are corrupted by that thinking?

2024-09-04 06:49:55

Neoliberalism has reduced politics to the level of farce https://www.taxresearch.org.uk/Blog/2024/09/04/neoliberalism-has-reduced-politics-to-the-level-of-farce/ The collective denial of unionist parties for the austerity that the SNP is being forced to introduce in Scotland as a result of the absence of any alternatives being provided by Westminster was staggering and an indication of the lack of responsibility being accepted by all the parties that have governed at Westminster since 2009 for the dire legacy that they have created.

2024-09-02 07:15:17

There is no economic crisis in the UK. So why is Rachel Reeves making people suffer? https://www.taxresearch.org.uk/Blog/2024/09/02/there-is-no-economic-crisis-in-the-uk-so-why-is-rachel-reeves-making-people-suffer/ Labour is claiming that cutting the winter fuel allowance and keeping children in poverty has prevented UK economic collapse. That is untrue. No cuts are necessary as many alternative sources of funding are available to the government. Reeves is prioritising financial markets over public welfare. Her decisions are harming vulnerable populations.

2024-08-31 06:25:42

Economics for the person on the Mile End Road https://www.taxresearch.org.uk/Blog/2024/08/31/economics-for-the-person-on-the-mile-end-road/
Economics always seems to be written from the perspective of the City of London. Even Labour now seems to only exist to serve its interests.
The Mile End Road runs from the City to the East End of London . Its history and its location is precisely why Danny Blanchflower and I call ourselves the Mile End Road economists – creating a perspective on economics that few in the profession dare promote

2024-08-29 06:28:33

Six ways to fund Labour’s “black hole” https://www.taxresearch.org.uk/Blog/2024/08/29/six-ways-to-fund-labours-black-hole/ Labour says there is a "black hole' in the government's funding. Technically, that is an impossibility, but if what it is saying is that it wants to raise more money, I offer six ideas here to enable it to do so. There is no crisis in government funding. The required money can be found very easily. And pain need be on no-one's agenda. So what is Labour up to?

2024-08-28 06:45:43

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.

2024-08-27 06:07:28

Land value taxation is not a panacea https://www.taxresearch.org.uk/Blog/2024/08/27/land-value-taxation-is-not-a-panacea/ Land value taxation is a 19th-century idea that has very rarely been used. Its proponents say it is the great unavoidable tax that could potentially replace all other taxes. The problem is it is based on assumptions that might be fine in theory but which would be incomprehensible in practice – and that’s no way to impose a tax charge.

2024-08-25 07:19:32

What politicians need to know about decision making https://www.taxresearch.org.uk/Blog/2024/08/25/what-politicians-need-to-know-about-decision-making/ You would think politicians should be good at decision-making, but they aren’t. Of all the options available to them, they usually choose prevarication when there are usually five other alternatives they could use. As a result, our politicians are paralysing our political processes.

2024-08-20 06:51:21

Politics goes on, even when the politicians stop talking about it https://www.taxresearch.org.uk/Blog/2024/08/20/politics-goes-on-even-when-the-politicians-stop-talking-about-it/ What matters is that people are living without the protection, care, support, security, income, education, healthcare and economic and social justice they need to believe that they are included in the world of politics that excludes them so often, which fact is more obvious when the politicians shut up for a moment during midsummer.

2024-08-19 06:51:12

Words can incite hate https://www.taxresearch.org.uk/Blog/2024/08/19/words-can-incite-hate/ In a newsletter, the Institute for Economic Affairs has argued that words cannot incite harm. I disagree. I find their position morally troubling and potentially deeply dangerous for society.

2024-08-19 06:24:08

Rachel Reeves would make a mess of any household’s finances https://www.taxresearch.org.uk/Blog/2024/08/19/rachel-reeves-would-make-a-mess-of-any-households-finances/
Rachel Reeves keeps saying that we should manage the economy as if it were a household. That is completely wrong. But if it were true, the decisions she is making would end up destroying the finances of any household, she’s making such a mess of things.

2024-08-15 06:43:05

What’s wrong with Twitter? https://www.taxresearch.org.uk/Blog/2024/08/15/whats-wrong-with-twitter/ Twitter is built on the foundations of the people who use the service. The structure of financial capitalism might let Twitter profit from those people, but the creativity and content are all theirs.

2024-08-13 06:21:39

Saving in itself is merely negative https://www.taxresearch.org.uk/Blog/2024/08/13/saving-in-itself-is-merely-negative/ The title of this video is a quote from William Beveridge, writing in 1944 in the report that became the foundation of the UK welfare state. He realised then, as we should do now, that too many savings in too few hands could be deeply destructive within an economy.

2024-08-11 06:50:38

If the government wants growth, it should be taxing wealth https://www.taxresearch.org.uk/Blog/2024/08/11/if-the-government-wants-growth-it-should-be-taxing-wealth/
Rachel Reeves says she wants growth. If so, she should tax wealth because the wealthy save much of what they earn, meaning that they don't spend it, and so reduce growth. If that same income was redistributed to those on low incomes who would spend it, then growth would follow. It really is almost that easy to increase growth.

2024-08-10 06:02:14

Will the toxic Tories survive? https://www.taxresearch.org.uk/Blog/2024/08/10/will-the-toxic-tories-survive/ The Tories have not just proved themselves to be incompetent. They have also fuelled toxic racial hate. Can they really survive that, most especially when all their likely next leadership contenders are inextricably associated with that agenda?

2024-08-09 06:13:02

It’s time to bring the Bank of England back under government control https://www.taxresearch.org.uk/Blog/2024/08/09/its-time-to-bring-the-bank-of-england-back-under-government-control/ It's claimed that the Bank of England is independent of the government. Almost certainly, that's a complete sham. But it's one that's been used to impose policy against the best interests of people in this country. This pretence has to end, and the government has to be accountable for all our economic policy.

2024-08-08 09:51:16

I refuse to retreat in defeat from Twitter https://www.taxresearch.org.uk/Blog/2024/08/08/i-refuse-to-retreat-in-defeat-from-twitter/
I have, and still do, use Twitter extensively. Some say I should stop doing so. But that would be to surrender that space to the right wing and the extremists there who want to claim it as their own, and that I will not do.

2024-08-08 06:07:11

Will our politicians take the action required to tackle fascism, because their talk will not be enough? https://www.taxresearch.org.uk/Blog/2024/08/08/will-our-politicians-take-the-action-required-to-tackle-fascism-because-their-talk-will-not-be-enough/ Rioting did not happen last night. Peace broke out. But the reality is that fascist rioting has now happened on our streets, and condemning it will not be enough. Radical action to address inequality is required.

2024-08-07 07:17:47

What we need is action to improve lives https://www.taxresearch.org.uk/Blog/2024/08/07/what-we-need-is-action-to-improve-lives/ Rioters promoting racist hate do not have legitimate political concerns. On the other hand, millions of people who are concerned about inequality, poor jobs, failing public services and poor housing have wholly appropriate grievances in the UK. Tackle those, and the opportunity for racists would disappear.

2024-08-07 06:55:45

Now Labour is the incumbent Single Transferable Party of government what chance is there for the Left? https://www.taxresearch.org.uk/Blog/2024/08/07/77133/ Labour has slipped into government, offering almost no discernable change from the Tories, most especially in economics, where policy remains firmly based in favour of the interests of corporate funders. They are now the current incumbent Single Transferable Party in power. So, what does that mean for democracy?

2024-08-06 07:35:39

Does Labour really not care that up to ten UK universities might fail soon? https://www.taxresearch.org.uk/Blog/2024/08/06/does-labour-really-not-care-that-up-to-ten-uk-universities-might-fail-soon/ Labour is issuing a contract for the management of the failure of up to ten UK universities, which it has said it will not bail out of they fail as a result of changed rules on attracting overseas students. It's as if they do not care about all the suffering this will create.

2024-08-05 07:08:23

Recession, anyone? https://www.taxresearch.org.uk/Blog/2024/08/05/recession-anyone/ Has Reeves got a Plan B for when her anticipated growth does not materialise? With stock markets crashing, it looks like she will need to use it very soon.

2024-08-04 07:26:57

Unless Labour listens and learns, we are in big trouble https://www.taxresearch.org.uk/Blog/2024/08/04/unless-labour-listens-and-learns-we-are-in-big-trouble/Nothing condones neo-fascist violence. But until Labour realises that it has to tackle inequality, those promoting violence will exploit the anger of those left behind to secure support for their cause. The choice is for Labour to make, but so far it is sending out the message that it intends to promote inequality. Are they really surprised people are angry as a result? They have to change tack.

2024-08-04 06:51:03

Government deficits create private wealth https://www.taxresearch.org.uk/Blog/2024/08/04/government-deficits-create-private-wealth/ It’s widely claimed that our national debt threatens the well-being and stability of the UK, which is quite absurd when the national debt exactly equates to the value of private wealth that the government has injected into the UK’s economy. Why is it that those talking about the national debt do not seem to know this stuff?

2024-08-01 06:15:13

The Bank of England is fuelling inflation https://www.taxresearch.org.uk/Blog/2024/08/01/the-bank-of-england-is-fuelling-inflation/ The Bank of England is signalling we're going to have high interest rates for a long time because it thinks we are still at risk of suffering inflation. But that's absurd. The Bank of England is now the biggest creator of inflationary pressure in our economy.

2024-07-31 06:52:02

The only way to beat the far-right parasites is to reduce divisions in our society https://www.taxresearch.org.uk/Blog/2024/07/31/the-only-way-to-beat-the-far-right-parasites-is-to-reduce-divisions-in-our-society/ The far-right thugs who rioted in Southport last night exist to create and exploit divisions in our society. The way to defeat them is to reduce the divisions in our society. Nothing else will do.

2024-07-31 06:10:00

Austerity does not save money https://www.taxresearch.org.uk/Blog/2024/07/31/austerity-does-not-save-money/ Like almost all economic truths, austerity works in the opposite way to that which most people think. It does not save money. Instead, it prevents the government from creating the money required to deliver what the economy is capable of.

2024-07-28 06:57:15

Is Labour really short of money? https://www.taxresearch.org.uk/Blog/2024/07/28/is-labour-really-short-of-money/ Labour says it is incredibly short of money. It need not be. I suggest that they just stop paying maybe £30 billion of interest to our commercial banks each year that they have done nothing to earn and then see what they can do with it to change the well-being of people in this country.

2024-07-26 07:19:42

Wes Streting can’t blame the NHS for its failings: that’s all down to political choice and he’s now responsible for them https://www.taxresearch.org.uk/Blog/2024/07/26/wes-streting-cant-blame-the-nhs-for-its-failings-thats-all-down-to-political-choice-and-hes-now-responsible-for-them/ Wes Streeting is saying the NHS has failed. But that's not true. Tory decision-making on the NHS failed. Now, he has to show he can make better decisions, and not blame NHS staff if he can't.

2024-07-26 06:12:20

Do we want the UK’s universities to go bust? https://www.taxresearch.org.uk/Blog/2024/07/26/do-we-want-the-uks-universities-to-go-bust/ Is Labour really going to let some UK universities go bust, which they almost certainly will if it does not step in to save them? Do they really want to be the party that oversaw the start of the decline in UK education? That’s a long way from the legacy they’ll want.

2024-07-25 06:09:09

Labour needs to find its moral compass on child poverty https://www.taxresearch.org.uk/Blog/2024/07/25/labour-needs-to-find-its-moral-compass-on-child-poverty/ The row over the two-child poverty cap has revealed just how shallow the new Labour government's moral leadership really is. If it continues in this way, the next five years will be agonising.

2024-07-24 07:35:23

Will Reeves remove pension tax reliefs for the wealthiest? https://www.taxresearch.org.uk/Blog/2024/07/24/will-reeves-remove-pension-tax-reliefs-for-the-wealthiest/ I doubt this will happen. But someone in the Treasury is clearly thinking about it.

2024-07-24 06:34:04

Labour is a moral void https://www.taxresearch.org.uk/Blog/2024/07/24/labour-is-a-moral-void/ Labour suspended seven of its MPs last night because they voted to pay benefits to the poorest in our society whilst the Labour leadership wants to maintain benefits for the richest instead. No moral code I know of can justify what it has done.

2024-07-23 07:05:23

No wonder politics is in a mess https://www.taxresearch.org.uk/Blog/2024/07/23/no-wonder-politics-is-in-a-mess/ Politics should be all about meeting the need for a stable society in which all people can thrive, which term is vastly more comprehensive than any financial concept. But neoliberal politicians, dedicated as they are to corporate interests and managerialism, have forgotten that. No wonder we're in a mess.

2024-07-23 06:37:24

Labour could make business publish what it pays https://www.taxresearch.org.uk/Blog/2024/07/23/labour-could-make-business-publish-what-it-pays/ Big business pays a large proportion of the UK’s taxes. They should be detailing exactly how much in their accounts. If Labour wants to hold business to account, this is a chance for them to do so.

2024-07-20 07:40:27

Is growth that is dependent on trashing the planet worth having? https://www.taxresearch.org.uk/Blog/2024/07/20/is-growth-that-is-dependent-on-trashing-the-planet-worth-having/ The far-right and politicians are obsessed with tech and AI led growth that will burn vastly amounts of energy. Is it really worth having?

2024-07-20 06:24:26

Labour could end no-fault evictions https://www.taxresearch.org.uk/Blog/2024/07/20/labour-could-end-no-fault-evictions/ The Tories said they would end no-fault evictions from private-sector accommodation but failed to deliver. Labour could deliver this reform now, and end this threat hanging over millions of people. They have said they will, but will they do it properly?

2024-07-18 08:50:09

Crypto: the route to serfdom https://www.taxresearch.org.uk/Blog/2024/07/18/crypto-the-route-to-serfdom/ This is going to be a crypto-currency election in the US - because crypto can deliver what the ultra-right want, which is the end of the state as we know it.

2024-07-18 07:43:25

Child poverty is caused by a lack of money. Only more money for those in poverty can solve it. https://www.taxresearch.org.uk/Blog/2024/07/18/child-poverty-is-caused-by-a-lack-of-money-only-more-money-for-those-in-poverty-can-solve-it/ By setting up a task force on child poverty, Labour is enabling its perpetuation by avoiding the need to take action now. History will remember it for doing so.

2024-07-17 07:37:31

We have to redistribute income or wealth of face fascism: that is the choice before us https://www.taxresearch.org.uk/Blog/2024/07/17/we-have-to-redistribute-income-or-wealth-of-face-fascism-that-is-the-choice-before-us/ Unless we abandon neoliberalism, it will lead to its inevitable conclusion, which is fascism.

2024-07-17 06:56:31

Much of the remaining inflationary pressure in our economy has been created by the Bank of England https://www.taxresearch.org.uk/Blog/2024/07/17/much-of-the-remaining-inflationary-pressure-in-our-economy-has-been-created-by-the-bank-of-england/ Inflation is back to normal except for the unavoidable fact that the Bank of England is still forcing up housing costs, and is using that fact to justify continued high interest rates that can only make matters worse. You literally could not make this up.

2024-07-14 06:38:12

Labour could introduce a 20mph speed limit in towns throughout England https://www.taxresearch.org.uk/Blog/2024/07/14/labour-could-introduce-a-20mph-speed-limit-in-towns-throughout-england/ Labour has already introduced a 20mph speed limit in Welsh towns. That's already working to reduce the severity of accidents, saving money and lives, and helping the environment. Labour could extend this to the whole of England at almost no cost to the government.

2024-07-11 07:13:31

Is the Bank of England trying to undermine Labour’s economic policy? https://www.taxresearch.org.uk/Blog/2024/07/11/is-the-bank-of-england-trying-to-undermine-labours-economic-policy/ The Bank of England has made it clear it wants to crush any sign of growth in the UK economy. Rachel Reeves is desperate for growth. This is as big a policy split as happened when Truss was in office, and only one of the Treasury and the Bank can win, with the Bank holding all the aces. This is going to end in tears, and with Labour's reputation in tatters unless Reeves acts now.

2024-07-09 06:36:19

Labour could change the UK for (almost) nothing https://www.taxresearch.org.uk/Blog/2024/07/09/labour-could-change-the-uk-for-almost-nothing/ Labour governments have a long history of changing this country with measures that cost the government very little or nothing at all. In a new video series – which will go on for some time – I am going to suggest how Labour might do that now. It's time to be positive about the changes that Labour could deliver without any arguments about economics.

2024-07-07 08:37:11

I want to abolish the whip https://www.taxresearch.org.uk/Blog/2024/07/07/i-want-to-abolish-the-whip/ The whipping system in the House of Commons has always been pernicious. Now that Labour has a massive majority, it will destroy debate and dissent in Parliament. For the sake of our democracy, it has to go.

2024-07-07 06:16:17

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.

2024-07-05 12:04:57

Who do you want to lead the Tory party? https://www.taxresearch.org.uk/Blog/2024/07/05/who-do-you-want-to-lead-the-tory-party/ The Tories are going to have another summer of meltdown, division and in-fighting as Badenoch and Braverman fight it out to lead the party towards the exit on the right-hand side of the political stage.

2024-07-05 08:00:20

What does an unemployed ex-Tory MP do? https://www.taxresearch.org.uk/Blog/2024/07/05/what-does-an-unemployed-ex-tory-mp-do/ There are hordes of newly unemployed Tory MPs. They can’t all get a job on GB News. So, what are they all going to do when after years in parliament, and with contact lists that no one wants, they have no useful skills to offer anyone?

2024-07-04 21:08:23

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

2024-07-04 07:00:39

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.

2024-07-03 05:04:22

This dismal election campaign will soon be over https://www.taxresearch.org.uk/Blog/2024/07/03/this-dismal-election-campaign-will-soon-be-over/ Perversely, at the end of this deeply disappointing campaign, Keir Starmer will become Prime Minister as the ultimate anti-democrat, and the person most profoundly dedicated to governing contrary to the will of the people of this country.

2024-07-02 07:10:28

The US is continuing its descent into fascism https://www.taxresearch.org.uk/Blog/2024/07/02/the-us-is-continuing-its-descent-into-fascism/ The US Supreme Court has effectively declared its president to be above the law. The fascist concept of the ‘super man supreme leader‘ has as a result been confirmed to be a part of the US Constitution. We should all be very worried.

2024-06-29 07:18:51

It’s time to talk about fascism https://www.taxresearch.org.uk/Blog/2024/06/29/its-time-to-talk-about-fascism/ No one wants to talk about fascism, but unless we do, and realise what is required to beat it, then we are all in the deepest of trouble.

2024-06-28 07:26:29

UK first quarter GDP has been found to have included a rounding error https://www.taxresearch.org.uk/Blog/2024/06/28/uk-first-quarter-gdp-has-been-found-to-have-included-a-rounding-error/ New GDP data only provides good news to really desperate politicians. For everyone else, it says things are at least as bad as you think, and possibly worse.

2024-06-27 06:03:28

Why have we tolerated the Bank of England’s dismal failure on QE? https://www.taxresearch.org.uk/Blog/2024/06/27/why-have-we-tolerated-the-bank-of-englands-dismal-failure-on-qe/ The whole QE programme was a sham to disguise the fact that the government was creating new money. It was totally unnecessary to issue bonds to disguise that fact, or for the government to buy them, and now to supposedly resell them. Only dogma required this, but the cost might be £100bn. And that makes the PPE scandal look to be tiny.

2024-06-26 05:49:40

What is Starmer trying to hide? https://www.taxresearch.org.uk/Blog/2024/06/26/what-is-starmer-trying-to-hide/ Keir Starmer’s inability to suggest his favourite book / poem / music / film / tv series is really quite strange. What is he trying to hide?

2024-06-23 07:23:37

Will Labour have the sense to go for wealth taxes? https://www.taxresearch.org.uk/Blog/2024/06/23/will-labour-have-the-sense-to-go-for-wealth-taxes/ Of course, Labour needs more tax revenue. Everyone knows that. That's why they should be reading the Taxing Wealth Report 2024. The best-off and wealthy are the only people from whom they can get it fairly.

2024-06-23 06:57:28

Freeports are dangerous https://www.taxresearch.org.uk/Blog/2024/06/23/freeports-are-dangerous/ Rishi Sunak's very limited legacy will include the creation of freeports. They are, however, deeply dangerous places where the normal rule of law is suspended for the benefit of financial capital, usually at cost to the workers in the places and the communities that host them. As such, they undermine democracy. What could possibly go wrong?

2024-06-22 07:11:51

Migration: you ain’t seen nothing yet https://www.taxresearch.org.uk/Blog/2024/06/22/migration-you-aint-seen-nothing-yet/ Whatever our politicians say, migration is going to increase - because climate change guarantees it will.

2024-06-20 05:41:17

A disaster foretold https://www.taxresearch.org.uk/Blog/2024/06/20/a-disaster-foretold/ Labour with well over 500 seats would bring parliament accountability as we know it to an end for five years. No democrat can be happy about that.

2024-06-19 06:46:42

Inflation is on target and the Bank of England is still wildly out of control https://www.taxresearch.org.uk/Blog/2024/06/19/infaltion-is-on-target-and-the-bank-of-england-is-still-wildly-out-of-control/ Inflation is at 2%. Bank interest rates remain at 5.25%. One is under control. The other is out of control. And, shockingly, no major politician is talking about bringing the Bank of England back under government control in this election campaign.

2024-06-19 06:23:35

Talking economic policy with the Scottish Greens https://www.taxresearch.org.uk/Blog/2024/06/19/talking-economic-policy-with-the-scottish-greens/ The Scottish Greens have a policy platform that is unique amongst pro-independence parties in Scotland. Ross Greer MSP explained it to me in an interview this week.

2024-06-13 05:36:07

The Greens: overly optimistic, but at least without the gloom that dominates elsewhere https://www.taxresearch.org.uk/Blog/2024/06/13/the-greens-overly-optimistic-but-at-least-without-the-gloom-that-dominates-elsewhere/ Like other manifestos offered so far in this election, the Greens proposals lack critical detail to support theor credibility, but at least they is a optimism and a plan for making life better and improving social and economic justice. For that they are a breath of fresh air.

2024-06-12 07:15:35

The neoliberal show is out of road https://www.taxresearch.org.uk/Blog/2024/06/12/the-neoliberal-show-is-out-of-road/ Growth was precisely zero in April. The Tory failure to deliver on its own goals is very apparent, but if Labour does nothing different - and that is its plan - then it too will fail. Has neoliberalism finally failed?

2024-06-12 06:29:20

In England’s green and pleasant – or is it grubby and dying? – land https://www.taxresearch.org.uk/Blog/2024/06/12/in-englands-green-and-pleasant-or-is-it-grubby-and-dying-land/ William Blake might have written about England’s green and pleasant land, but it seems that most English politicians are intent on ignoring green issues during this election. That’s going to leave us with a whole pile of problems - and a grubby, unpleasant, and even uninhabitable land in time to come.

2024-06-12 06:24:04

There is no black hole in government funding https://www.taxresearch.org.uk/Blog/2024/06/12/there-is-no-black-hole-in-government-funding/ Politicians might talk endlessly about black holes in government funding but in reality there can never be any such thing. All that actually exists are choices about how the government might fund its spending - some of which options those same politicians are refusing to consider, at cost to us all.

2024-06-12 06:20:08

20 miles per hour is what government should be all about https://www.taxresearch.org.uk/Blog/2024/06/12/20-miles-is-what-government-should-be-all-about/ Saving lives, injuries, accident costs and the environment all by changing some law: this is what good government should be all about.

2024-06-10 06:40:10

How long will Labour’s honeymoon with the UK electorate last? https://www.taxresearch.org.uk/Blog/2024/06/10/how-long-will-labours-honeymoon-with-the-uk-electorate-last/ Labour will only have months to keep the electorate happy after the general election, and if they don't, the backlash could be severe and long-lasting.

2024-06-08 07:15:54

Neoliberal politicians are lacking a political antenna https://www.taxresearch.org.uk/Blog/2024/06/08/neoliberal-politicians-are-lacking-a-political-antenna/ Politicians possessed of a political antenna kniw, innately, when something is wrong and react to it. But when neoliberal politics is itself innately wrong it cannot recruit people possessed of such ability or they’d realise the error of their ways. The result is that we get Rishi Sunak, Keir Starmer who simply follow the line they’ve been commanded to deliver.

2024-06-07 06:25:06

How many former Tory MPs might defect to Reform today? https://www.taxresearch.org.uk/Blog/2024/06/07/how-many-former-tory-mps-might-defect-to-reform-today/ Today is the last day when people can be nominated as candidates in the general election. Rumour has it that some right-wing Tory MPs will quit the party this afternoon and become Reform candidates, leaving the Tories no time to replace them. Could a perverse coup of this sort be on the cards today?

2024-06-04 09:14:40

Labour: selling out to the highest bidder https://www.taxresearch.org.uk/Blog/2024/06/04/labour-selling-out-to-the-highest-bidder/ Labour makes clear, everything's up for sale

2024-06-04 07:00:05

Keir Starmer wants to increase wealth inequality https://www.taxresearch.org.uk/Blog/2024/06/04/keir-starmer-wants-to-increase-wealth-inequality/ Keir Starmer has said the Labour Party's goal is to increase wealth, which, given the structure of the UK, means the wealth of the already wealthy. Is that really what a so-called Labour Party should really be all about? And what does it say about his economics?

2024-06-02 06:45:02

Starmer has now made it clear: he intends to govern on behalf of the rich https://www.taxresearch.org.uk/Blog/2024/06/02/starmer-has-now-made-it-clear-he-intends-to-govern-on-behalf-of-the-rich/ Keir Starmer has made it clear we are all, in his opinion, dependent on those who want to get rich at cost to the rest of us. in other words, he’s going all out for utterly discredited trickle down economics that is guaranteed to deliver increasing inequality.

2024-05-31 06:36:54

The NHS is being dumbed down https://www.taxresearch.org.uk/Blog/2024/05/31/the-nhs-is-being-dumbed-down/ Wes Streeting is, if he’s not careful, going to permit the biggest medical scandal in NHS history by permitting underqualified staff to undertake work for which they are not properly trained. And he’s too cost focussed to spot the danger.

2024-05-30 06:46:24

We are now being exploited https://www.taxresearch.org.uk/Blog/2024/05/30/we-are-now-being-exploited/ Once upon a time, financial capitalism exploited slaves. Then, it exploited the planet. And now - in the absence of anything else - it is exploiting you. That's why the rich are getting richer, and you probably never will. We need to be rid of this rotten system that cannot survive unless someone or something must lose for the benefit of a few.

2024-05-30 06:32:03

Rachel Reeves has one chance to U-turn. She’ll make or break her reputation on whether she does so https://www.taxresearch.org.uk/Blog/2024/05/30/rachel-reeves-has-one-chance-to-u-turn-shell-make-or-break-her-reputation-on-whether-she-does-so/ Labour is seeking office by offering unsustainable, undeliverable, and deeply unpopular austerity. They’ll get elected nonetheless, but that will give Reeves just one chance to change direction. She either does so by September, or she dooms Labour to failure.

2024-05-29 05:58:45

If the SNP can tackle child poverty in Scotland why can’t Labour in England? https://www.taxresearch.org.uk/Blog/2024/05/29/if-the-snp-can-tackle-child-poverty-in-scotland-why-cant-labour-in-england/ The SNP, working within the constraints laid down by the Tories in Westminster, have done more to tackle child poverty in Scotland than Labour is planning to do in England. Why is that? Could it be that caring about the issue makes a difference?

2024-05-27 07:42:30

The Starmer project is deeply contemptuous of anyone vaguely left of centre https://www.taxresearch.org.uk/Blog/2024/05/27/the-starmer-project-is-deeply-contemptuous-of-anyone-vaguely-left-of-centre/ As a result of Starmer’s contempt for his party and the majority of people in this country, might this be the last election where the current party brands (as opposed to ideologies, where there is no difference) are on offer as the alternatives that we have to choose between? Might it be that next time the people will have had enough of being treated with contempt?

2024-05-25 07:14:43

This is the last election where we can save the planet https://www.taxresearch.org.uk/Blog/2024/05/25/this-is-the-last-election-where-we-can-save-the-planet/ We all know that climate change is now the biggest problem that we as a human race face. And yet you'd never think it from what most political parties are saying at this election. Don't they care about the future, our children and grandchildren and the calamity facing us all? Their indifference is quite staggering.

2024-05-24 05:47:13

Where does the buck stop at the Post Office? https://www.taxresearch.org.uk/Blog/2024/05/24/where-does-the-buck-stop-at-the-post-office/ Paula Vennells' performance at the Post Office inquiry appears variously naive, incompetent or brazen. We cannot be sure. However, what can be suggested is that it seems likely she was never suited to the task of being Post Office CEO. In that case, who appointed her, why, and are they also responsible for what has happened?

2024-05-23 05:47:29

A dull sense of dread hangs over this election https://www.taxresearch.org.uk/Blog/2024/05/23/a-dull-sense-of-dread-hangs-over-this-election/ This election will see us rid of the Tories, probably forever in their One Nation pretence. But it will not deliver change. Things will not get better for most people. How can anyone get excited about that?

2024-05-22 16:15:42

The waiting is over https://www.taxresearch.org.uk/Blog/2024/05/22/the-waiting-is-over/ Sunak is walking to oblivion…..

2024-05-22 07:18:02

The real crisis facing Labour https://www.taxresearch.org.uk/Blog/2024/05/22/the-real-crisis-facing-labour/ Labour has suggested it might face six crises when coming into office, all of which could be solved by spending more money and taxing the wealthy. The real list of crises that they face is much longer and more serious and it seems that they are in denial about them.

2024-05-22 06:59:02

There’s one simple solution to every crisis that Labour thinks it will face. All it has to do is tax the wealthy more. https://www.taxresearch.org.uk/Blog/2024/05/22/theres-one-simple-solution-to-every-crisis-that-labour-thinks-it-will-face-all-it-has-to-do-is-tax-the-wealthy-more/ Labour thinks it might face six crises when it comes into office. It's got the list horribly wrong. But worse than that, all of the crises it thinks it will face are self-imposed as a result of Rachel Reeves' refusal to spend what is required and to tax the wealthy to recover the tax she needs.

2024-05-21 05:34:20

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.

2024-05-20 07:12:30

Labour is making a virtue of the fact that its plan for office is to manage a steady ship where nothing will change. That would be a great policy if all was going well, but everything is falling apart all around it, and that means that the actual message is that it has no idea what to do about that fact.
https://www.taxresearch.org.uk/Blog/2024/05/20/stabilty-is-not-change-its-acceptance-of-a-failing-status-quo/

2024-05-19 07:13:59

Starmer, the cuckoo https://www.taxresearch.org.uk/Blog/2024/05/19/starmer-the-cuckoo/ Like a cuckoo, Starmer has foisted himself into alien territory, ousted its natural occupants, demanded blind loyalty from those who are left, and will then deliver something totally opposite to their best interests. Of course, we have to create an alternative to that. What other choice do we have?

2023-09-22 07:40:28

Rachel Reeves has laid out her plan for a nightmare five years of Labour government this morning. https://www.taxresearch.org.uk/Blog/2023/09/22/rachel-reeves-has-laid-out-her-plan-for-a-nightmare-five-years-of-labour-government-this-morning/. Reeves has promised in an article in the FT that her sole goal for a Labour government is balancing its books. When spreadsheets matter more to governments than do people in need disaster is sure to follow.

2023-09-22 06:52:56

Reforming the administration of corporation tax in the UK might raise at least £6 billion of tax a year https://www.taxresearch.org.uk/Blog/2023/09/22/reforming-the-administration-of-corporation-tax-in-the-uk-might-raise-at-least-6-billion-of-tax-a-year/. Only one in three UK companies pay tax. HMRC has no idea what most of the rest do: millions of them are not asked to submit a corporation tax return every year. This permits tax evasion on a vast scale. It;'s time this farce stopped and HMRC did its job ion behalf of society.

2023-09-19 08:57:14

One of the Taxing Wealth Report recommendations could solve the pay problems in the UK’s care home system https://www.taxresearch.org.uk/Blog/2023/09/19/one-of-the-taxing-wealth-report-recommendations-could-solve-the-pay-problems-in-the-uks-care-home-system/. People working in care homes need a minimum wage of £15ph. This will cost £10bn pa. But removing top rate tax relief on pensions could raise £14.5bn. Why wouldn't you make that change to solve the care crisis?

2023-09-19 08:57:14

2023-09-18 07:13:36

We are going to need to talk about taxing wealth in 2024: no serious political debate can avoid the issue https://www.taxresearch.org.uk/Blog/2023/09/18/we-are-going-to-need-to-talk-about-taxing-wealth-in-2024-no-serious-political-debate-can-avoid-the-issue/. Talking about taxing wealth is necessary, but will ou politicians do it?

2023-09-15 07:23:27

Our whole pension edifice is built on sand, and no one seems to be paying much attention to that fact https://www.taxresearch.org.uk/Blog/2023/09/15/our-whole-pension-edifice-is-built-on-sand-and-no-one-seems-to-be-paying-much-attention-to-that-fact/. The UK's pension savings arrangements assume life can go on as normal despite climate change. Sometime soon people will realise that is untrue, and that is going to create the most massive pension crisis.

2023-09-03 07:44:44

Our parliamentary constituencies are gerrymandered to favour the Tories https://www.taxresearch.org.uk/Blog/2023/09/03/our-parliamentary-constituencies-are-gerrymandered-to-favour-the-tories/. Each Labour constituency will have, on average, 114,000 people in it. A Tory constituency will have 97,000. That heavily biases the electoral system. What a surprise.

2023-08-31 09:35:50

What is the Bank of England trying to hide? https://www.taxresearch.org.uk/Blog/2023/08/31/what-is-the-bank-of-england-trying-to-hide/. The Bank of England says there is no evidence of companies boosting inflation by pushing up their profits when the data says the exact opposite in the case of energy firms and food retailers. Who are they kidding in that case?

2023-08-23 07:27:21

The UK company birth explosion https://www.taxresearch.org.uk/Blog/2023/08/23/the-uk-company-birth-explosion/. There are now more companies created a year in the UK than there are live births. That makes no sense at all unless tax abuse and fraud are taken into account.

2023-08-22 06:55:01

Grredflation is alive and well in UK boardrooms https://www.taxresearch.org.uk/Blog/2023/08/22/grredflation-is-alive-and-well-in-uk-boardrooms/. 16% pay rises in boardrooms suggest that corporate Britain is more detached than ever from reality - and that has to end.

2023-08-19 07:20:32

The case for investment in HMRC is overwhelming https://www.taxresearch.org.uk/Blog/2023/08/19/the-case-for-investment-in-hmrc-is-overwhelming/. If HMRC cannot answer post for 12 months and more, then the case for investing more in it is overwhelming.

2023-08-18 07:17:46

Covid is back to being a socioeconomic lottery biased against those on low incomes, again https://www.taxresearch.org.uk/Blog/2023/08/18/covid-is-back-to-being-a-socioeconomic-lottery-baised-against-those-on-low-incomes-again/ It seems that after more than three years, the government has learned nothing about managing a pandemic.

2023-08-18 06:31:02

Microsoft has still not resolved its 2004 tax affairs https://www.taxresearch.org.uk/Blog/2023/08/18/microsoft-has-still-not-resolved-its-2004-tax-affairs/. I was first involved in writing about Microsoft's tax affairs in 2005. Its latest accounts show that it has still not finalised its US tax affairs for 2004.

2023-08-18 06:11:27

High interest rates are a sign of considerable pain to come https://www.taxresearch.org.uk/Blog/2023/08/18/high-interest-rates-are-a-sign-of-considerable-pain-to-come/. Markets think higher interest rates can help us avoid a recession. The trouble is that they are deeply deluded. The exact opposite is true. Current rates are creating a crisis that is going to get very nasty.

2023-08-17 07:06:00

The Tories are willing to put lives at risk again so keen are they to cover up their Covid mismanagement https://www.taxresearch.org.uk/Blog/2023/08/17/the-tories-are-willing-to-put-lives-at-risk-again-so-keen-are-they-to-cover-up-their-covid-mismanagement/. The Tories are claiming Covid is not a threat and are even denying people the right to buy Covid vaccines, and yet the risk is very real. Their politics will, almost inevitably, cause more deaths.

2023-08-17 06:39:00

There are Tories mad enough to promote a referendum on climate change https://www.taxresearch.org.uk/Blog/2023/08/17/there-are-tories-mad-enough-to-promote-a-referendum-on-climate-change/. Some Tories wanted a vote on whether we could be bothered with climate change. I despair of them.

2023-08-11 07:40:58

The staggering cost of pension tax relief for the wealthiest people in the UK https://www.taxresearch.org.uk/Blog/2023/08/11/the-staggering-cost-of-pension-tax-relief-for-the-wealthiest-people-in-the-uk/
https://media.mas.to/masto-public/media_attachments/files/110/869/850/087/752/708/original/6b84e8b11309ee4f.png

2023-08-10 06:52:42

It really is time that Labour got its economic act together because it is far from doing so right now https://www.taxresearch.org.uk/Blog/2023/08/10/it-really-is-time-that-labour-got-its-economic-act-together-because-it-is-far-from-doing-so-right-now/. Labour's comments on QE today make no sense and are especially disappointing when so much more could have been said that might have indicated a commitment to real change.

2023-08-09 06:48:21

This country does not need a neoliberal Labour Party https://www.taxresearch.org.uk/Blog/2023/08/09/this-country-does-not-need-a-neoliberal-labour-party/. This morning's Twitter thread, all in one place

2023-07-29 06:54:54

Is there a future for ethical banking? https://www.taxresearch.org.uk/Blog/2023/07/29/is-there-a-future-for-ethical-banking/. Why shouldn't unethical conduct be capable of being sanctioned?