RichardJMurphy

RichardJMurphy, 15 hours ago to random

The sectoral balances show that the government has very little control over the national debt https://www.taxresearch.org.uk/Blog/2024/05/15/the-sectoral-balances-show-that-the-government-has-very-little-control-over-the-national-debt/ When the government discusses what it calls national debt, it forgets something really important - that if it supposedly owes money, there must be someone it owes to. Those people it might owe it to are either households, businesses, or people from overseas saving in sterling in the UK. And if all those three groups decide to save then the government has no choice but to borrow.

RichardJMurphy, 16 hours ago to random

Labour has predicated all its plans on economic growth, but there is none in the UK and it has said nothing about how it will change this https://www.taxresearch.org.uk/Blog/2024/05/15/labour-has-predicated-all-its-plans-on-economic-growth-but-there-is-none-in-the-uk-and-it-has-said-nothing-about-how-it-will-change-this/ The OECD has forecast almost no population adjusted growth for the UK and Labour has not said how it will change that. But, without growth Labour says it cannot deliver any change for the UK. So is there any substance of any sort to any promise Labour has made on anything?

RichardJMurphy, 16 hours ago to random

We have found the limits of the digital world. There is still a need for human beings. HMRC should acknowledge the fact https://www.taxresearch.org.uk/Blog/2024/05/15/we-have-found-the-limits-of-the-digital-world-there-is-still-a-need-for-human-beings-hmrc-should-acknowledge-the-fact/ HMRC is failing the public. It’s doing so by choice. It’s refusing to talk to people who want help. It’s trying to make them use digital services instead, and they refuse to do that. Maybe, just maybe, what HMRC has actually discovered is that there is a role for human beings after all.

RichardJMurphy, 1 day ago to random

HMRC needs to be in every town and city in the country https://www.taxresearch.org.uk/Blog/2024/05/14/hmrc-needs-to-be-in-every-town-and-city-in-the-country/ Over the last ten years or so, our tax authority has closed the vast majority of tax offices in
the UK. No wonder we are not collecting large parts of the tax the country is owed. It’s time
these offices were reopened.

RichardJMurphy, 1 day ago to random

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.

RichardJMurphy, 2 days ago to random

Jacob Rees-Mogg is right: the Bank of England is a massive threat to our well-being https://www.taxresearch.org.uk/Blog/2024/05/13/jacob-rees-mogg-is-right-the-bank-of-england-is-a-massive-threat-to-our-well-being/ I never thought I would say that Jacob Rees-Mogg is right about anything, but he is about the Bank of England. We sing from the same hymn sheet when he and I criticise its interest rate-setting policies and quantitative tightening, which is utterly unnecessary and designed to keep interest rates high and require government austerity.

RichardJMurphy, 2 days ago to random

Interest rates should be as low as possible https://www.taxresearch.org.uk/Blog/2024/05/13/interest-rates-should-be-as-low-as-possible/ The Bank of England is trying to force up interest rates so that they can keep them as high as possible. That’s deeply threatening to our wellbeing by redistributing wealth upwards, reducing the amount of investment in the country and demanding austerity of government. Interest rates need to be as low as possible.

RichardJMurphy, 2 days ago to random

Labour and the Tories are both making the same false claim, which is that we can no longer afford government https://www.taxresearch.org.uk/Blog/2024/05/13/labour-and-the-tories-are-both-making-the-same-false-claim-which-is-that-we-can-no-longer-afford-government/ At the forthcoming election, both parties will claim that although we are richer than we have ever been we can no longer afford to have government of the style that we once did. That's not true. And it's only because both parties now exist to serve the interests of those with wealth that this claim is made. How long will we put up with this?

RichardJMurphy, 4 days ago to random

We do not have a national debt https://www.taxresearch.org.uk/Blog/2024/05/11/we-do-not-have-a-national-debt/ The government says the fact that we have a national debt is a problem. But the truth is we don’t have a national debt. In reality the government provides people, banks, pension funds and foreign governments the chance to save with it, which is something very different. That’s a national savings facility.

RichardJMurphy, 4 days ago to random

The UK’s mental health is dire and there are no signs that Labour will do anything about it https://www.taxresearch.org.uk/Blog/2024/05/11/the-uks-mental-health-is-dire-and-there-are-no-signs-that-labour-will-do-anything-about-it/ Mental health is worse in the UK than in any equivalent country - and much of that is politician's fault. There are, however, no signs they intend to do anything about it.

RichardJMurphy, 5 days ago to random

It’s a day to shout at your television https://www.taxresearch.org.uk/Blog/2024/05/10/its-a-day-to-shout-at-your-television/ There will be much talk about the UK being out of recession today. Almost all that will be said is based on statistics of dubious quality, which are likely to be revised, and which do not represent the situation for a very large number of people in the country—who will be suffering major economic pain. Do not watch news broadcasts if you want to keep your stress levels down.

RichardJMurphy, 5 days ago to random

The Bank of England used the inflation crisis to boost the wealth of the wealthy, but did nothing at all to control inflation https://www.taxresearch.org.uk/Blog/2024/05/10/the-bank-of-england-used-the-inflation-crisis-to-boost-the-wealth-of-the-wealthy-but-did-nothing-at-all-to-control-inflation/ Look at the data in the latest in the last Bank of England forecasts and compare it with IMF-created data on the causes of inflation, and the conclusion is obvious. We never needed interest rate rises. But, now we have them, the Bank will not let them go, because they're far too popular with the rich and bankers.

RichardJMurphy, 5 days ago to random

Wealth taxes won’t work https://www.taxresearch.org.uk/Blog/2024/05/10/wealth-taxes-wont-work/ Billionaires need to be taxed more. We can all agree on that, but I think calls for wealth taxes are misplaced. They sound great but in reality are a nightmare to operate and rarely collect much. There are much better ways to tax the rich.

RichardJMurphy, 6 days ago to random

The message from today will be that the Bank of England’s abuse will continue https://www.taxresearch.org.uk/Blog/2024/05/09/the-message-from-today-will-be-that-the-bank-of-englands-abuse-will-continue/ Bank of England interest rates should fall heavily today. No one thinks that they will. In other words, their abuse of the people of this country will continue and Labour has no intention of stopping it.

RichardJMurphy, 6 days ago to random

Starmer has no ethical or political framework to guide his actions, and that is why he will fail https://www.taxresearch.org.uk/Blog/2024/05/09/starmer-has-no-ethical-or-political-framework-to-guide-his-actions-and-that-is-why-he-will-fail/ Starmer’s only appeal is his blandness. It’s a hopelessly insufficient criteria on which to build a government.

RichardJMurphy, 6 days ago to random

How banks create money https://www.taxresearch.org.uk/Blog/2024/05/09/how-banks-create-money-2/ The process of creating money is so hideously simple that most people find it very hard to believe. They also find it very hard to understand that vast quantities of money is destroyed every year. This really does need to be appreciated if the economy is to be understood.

RichardJMurphy, 7 days ago to random

How far can Labour descend? https://www.taxresearch.org.uk/Blog/2024/05/08/how-far-can-labour-descend/ Accepting Natalie Elphicke as a Labour MP appears to be a new low for the Party.

RichardJMurphy, 7 days ago to random

Quantitative tightening will thwart any economic plans Rachel Reeves has unless she challenges it head on https://www.taxresearch.org.uk/Blog/2024/05/08/quantitative-tightening-will-thwart-any-economic-plans-rachel-reeves-has-unless-she-challenges-it-head-on/ Rachel Reeves has a choice. She can try to deliver he economic policy with both hands tied behind her back by the Bank of England, who will do all they can to undermine it, or she can take on the Bank. It's her decision, but there is only one way she can win.

RichardJMurphy, 7 days ago to random

Since Reeves and the Tories have a shared economic DNA, how different can she ever be? https://www.taxresearch.org.uk/Blog/2024/05/08/since-reeves-and-the-tories-have-a-shared-economic-dna-how-different-can-she-ever-be/ The FT has just realised that Rachel Reeves is offering Tory economic policy. They're a bit slow off the mark, but the conclusion is unsurprising. When all of Reeves' economic beliefs coincide with those of Tory Chancellors, that's the inevitable outcome.

RichardJMurphy, 7 days ago to random

Why we have a national debt https://www.taxresearch.org.uk/Blog/2024/05/08/why-we-have-a-national-debt/ Ignore politicians: we need a national debt. Not only is the national debt not a burden - or even something that will ever need repayment - but its existence if fundamental in the management of the economy. Everyone needs to understand this.

RichardJMurphy, 8 days ago to random

The Greens were the biggest winners in the local elections, so why aren’t they getting fair air time? https://www.taxresearch.org.uk/Blog/2024/05/07/the-greens-were-the-biggest-winners-in-the-local-elections-so-why-arent-they-getting-fair-air-time/
Proportionately, the Greens won most seats at the recent local elections, but they are denied airtime, and we get Reform instead. Why?

RichardJMurphy, 10 days ago to random

Starmer is setting out to be a man who does not rise to the challenges https://www.taxresearch.org.uk/Blog/2024/05/05/starmer-is-setting-out-to-be-a-man-who-does-not-rise-to-the-challenges/ Keir Starmer says Labour is for everyone - so long as they’re part of an aspirational family that loves their country and who appears indifferent to the environment, growing international isolation, fascism and inequality. What about the rest? Who is looking after that majority?

RichardJMurphy, 11 days ago to random

Labour is not as out of touch with reality as the Tories, but it has only a vague relationship with it https://www.taxresearch.org.uk/Blog/2024/05/04/labour-is-not-as-out-of-touch-with-reality-as-the-tories-but-it-has-only-a-vague-relationship-with-it/ The Tories have been annihilated in the local elections, but if Labour thinks it has won hearts and minds, it might be just as deluded as to the political reality of this moment as are those Tories who still think they might form the net government.

RichardJMurphy, 12 days ago to random

The SNP needs leaders who do not embrace neoliberalism https://www.taxresearch.org.uk/Blog/2024/05/03/the-snp-needs-leaders-who-do-not-embrace-neoliberalism/.
The new SNP leadership's dedication to profoundly conventional, neoliberal, thinking would be a major cause of concern for anyone who wants that country to move towards independence - because that thinking would make that a disaster.

RichardJMurphy, 12 days ago to random

We need the water companies of England to be nationalised https://www.taxresearch.org.uk/Blog/2024/05/03/we-need-the-water-companies-of-england-to-be-nationalised/
Labour has now recognised it needs to nationalise railways. The case for nationalising water is even stronger.