From taxresearch.org.uk
How did Labour find £6 billion?
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Labour found £6 billion in the last week to buy 166,000 houses for the Ministry of Defence. The spending wasn’t budgeted, so how did it fund the money all of a sudden? This is the audio version: And this is the transcript: Where did Labour find £6 billion from? It's a...
20h ago
From taxresearch.org.uk
A cappuccino is the perfect metaphor for the mixed economy
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In this morning's video, I explore an idea I first wrote about in my book, The Courageous State, in 2011. I suggest that there is no such thing as a state economy. Nor is there a private sector economy. There is always a mix of the two. The cappuccino is...
on Sep 6
From taxresearch.org.uk
Do we need any more public inquiries?
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The Grenfell Inquiry has now reported seven years after the fire, the causes of which it investigated. With the greatest of respect to the judge who led it, and to all those who worked on it, the report that the inquiry produced stated almost exactly what we already knew, all of...
on Sep 6
From taxresearch.org.uk
Of what value is democracy when those in power ignore it?
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President Macron of France appointed Michel Barnier as Prime Minister of that country yesterday. By doing so, he has lived up to the neoliberal expectation. Barnier has, whether as a former French cabinet minister or as a former European commissioner, as well as by being the European official...
on Sep 6
From taxresearch.org.uk
Labour: too indifferent to democracy to care about its future
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As The Observer reports this morning: Ministers are resisting demands to rush through measures to block Elon Musk from handing millions to Nigel Farage, amid a growing clamour for an overhaul of Britain’s political donation laws. Of course, they're resisting the call. They're too spineless...
19h ago
From taxresearch.org.uk
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I am spending much of today at a conference at University College, London that will explore progress on the Accounting Streams project to create a new approach to undergraduate accounting education, which I have been engaged in for the last year. In addition to presenting, I will also be...
on Sep 6
From taxresearch.org.uk
Neoliberalism was the underlying cause of the Grenfell disaster
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Musing on what to say about the Grenfell inquiry has been quite hard. Nothing anyone can say can take away the trauma of what happened seven years ago, or its aftermath for so many people. I will not try in that case: this was a tragedy that the inquiry has...
on Sep 5
From taxresearch.org.uk
Modern monetary theory really does describe how government funding works
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I have already noted this morning the imminent shutdown of the US Federal government as a result of Trump and Musk demanding that the US Congress block spending plans for 2025. Now we know that Trump's own plan, which was put to the House last night, has also been rejected. Mayhem...
on Sat, 6PM
From taxresearch.org.uk
It’s time to end Andrew Bailey’s power-play at the Bank of England
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The Bank of England did not cut interest rates yesterday, although three of the nine members of the Monetary Policy Committee wanted to do so by 0.25 per cent. The Fed did cut rates the day before but indicated that the pace of cuts will need to slow to manage continuing...
on Fri, 8AM
From taxresearch.org.uk
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There is a theme in this morning’s news. The FT has named Donald Trump as their person of 2024. What is apparent is that 2025 is the year in which he intends to wreak havoc. Overnight, he indicated he does not wish the US Congress to make further progress with a bipartisan Bill...
on Thu, 8AM
From taxresearch.org.uk
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According to the FT: London rents rose at the fastest pace on record in November, according to official data that highlights the intensifying pain for tenants after two years of rising costs. Rents in London increased by 11.6 per cent in the 12 months to November 2024, the fastest annual...
on Thu, 8AM
From taxresearch.org.uk
The Bank of England knew inflation was going to rise now – in February
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This chart comes from the Monetary Policy Committee quarterly report to the Bank of England published in early August 2024: It shows that the Bank knew that inflation was going to rise at the end of this year, and then descend steadily thereafter. For the record, this version of that...
on Wed, 10AM
From taxresearch.org.uk
The MoD’s houses have been bought back, so can we cancel the whole of PFI now, please?
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As the Guardian reported yesterday: A property company linked to Guy Hands has agreed to sell 36,000 military homes to the UK’s Ministry of Defence for almost £6bn, signalling an end to a long-running battle between the billionaire and the government. Annington will hand over its 999-year...
on Wed, 8AM
From taxresearch.org.uk
The spying we need worry about
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Try as I might, I cannot get excited by the Prince Andrew spying story. After all, if China really wanted hot gossip on the inner workings of the UK, was Prince Andrew really the best conduit to get it? I doubt it, very much. More than that, I smell a rat....
on Wed, 8AM
From taxresearch.org.uk
Inflation is up. Should anyone give a damn?
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The Office for National Statistics has published this news on inflation in November this morning: The Consumer Prices Index (CPI) rose by 2.6% in the 12 months to November 2024, up from 2.3% in the 12 months to October. On a monthly basis, CPI rose by 0.1% in November 2024,...
on Wed, 7AM
From taxresearch.org.uk
Are our politicians frightened of wealthy people?
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The UK does not need a government run for the benefit of the wealthiest. But that is what it has got. It needs a government run for people in need, which is the exact opposite of what Labour is delivering. Is that because it’s frightened of wealthy people? This is the...
on Tue, 11AM
From taxresearch.org.uk
Is it all Rachel Reeves’ fault?
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I admit to not being Rachel Reeves' biggest fan. I think that my posts on this blog and YouTube make that clear. But this comment in an article in the FT this morning set me thinking: Rachel Reeves’ increase in business taxes is taking its toll on the UK economy as...
on Tue, 7AM
From taxresearch.org.uk
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The Royal Mail is not royal, if ever it was. It has not been an essential state-supplied service for some time, although I doubt we can survive without it as a universal service. And now it is going to be owned by a Czech-controlled entrepreneur. There is not even going to be...
on Mon, 8AM
From taxresearch.org.uk
How do we get real politicians, not people cosplaying the role?
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The video I published yesterday, in which I suggested that almost all politicians are engaged in that occupation for the dopamine that it provides them with, was not, I think, that widely understood. That, I accept, must be my fault. The video was an exercise in thinking out loud. Whether...
on Mon, 8AM
From taxresearch.org.uk
Loneliness: the curse of all ages
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I told myself I would post the video this morning and then nothing else, and that I might take a quiet day, during which I might venture out for the first time since Monday. But then I saw this in the FT in an article on retirement homes: According to the...
on Dec 14
From taxresearch.org.uk
Nationalising water shouldn’t cost taxpayers anything
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Labour claims taxpayers would face a massive bill for nationalising the water industry. But that’s not true. If a fair price is paid for the businesses and their debts, nationalising should impose no cash cost on the Treasury at all. This is the audio version: This is the...
on Dec 13
From taxresearch.org.uk
There was no economic honeymoon for Labour
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It was likely that Labour thought that amongst its honeymoon benefits would be an upturn in UK growth as people, released from fourteen years of Tory rule, celebrated with a growth spurt. We know that did not happen now. The quarterly GDP figures for September showed just 0.1% growth. Now, figures...
on Dec 13
From taxresearch.org.uk
Does money just disappear in a crash?
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When crashes happen, vast quantities of money are reported as being lost. But are they really? Or is it that they actually just cease to exist? It’s an important question that needs an answer. This is the audio only version: And this is the transcript: What happens to all...
on Dec 12
From taxresearch.org.uk
Does the NHS need advice from bankers?
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Rachel Reeves must think the only job a government has is to balance its books. There can be no other explanation for the insanity of calling in bankers to advise on the NHS. And for those noticing that I do not actually appear in the video, this was made yesterday, but...
on Dec 11
From taxresearch.org.uk
Five quick reforms the NHS urgently needs
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Having said that bankers should not advise the NHS this morning, I did a quick consultation with a retired NHS employee who was previously a member of both the Royal College of Phsicians and the Royal College of GPs, and asked her for five recommendations on almost immediate reforms that...
on Dec 11
From taxresearch.org.uk
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The UK’s domestic properties need transformation if we are to meet out climate targets – and we need a carbon army of trained people to undertake that task. https://youtu.be/vWaf-qLa6bg?si=USg4YPZZn3l2QC4Z This is the audio version: This is the transcript: We need a carbon...
on Dec 10
From taxresearch.org.uk
When Labour is looking for an answer by next Friday it has really lost the plot
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Pat McFadden, in his role as Chancellor of the Duchy of Lancaster, and chief Starmer fixer, said on Radio 4 yesterday that he wanted the government to behave as if it is a start-up company. His explanation was that it should not be looking for solutions in the long term...
on Dec 10
From taxresearch.org.uk
The next crash could be much bigger than the last two
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As the FT has noted: The UK statistics agency defines properties costing more than five years of income as “unaffordable”. The affordability ratio in England hit a record 8.8 in the year to March 2021, before dipping to 8.4 in 2022. These moves and the latest increase reflect swings in house...
on Dec 10
From taxresearch.org.uk
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The FT had an article last night that was headlined: Reeves calls on EU to give greater access for City of London It then noted: Rachel Reeves has urged the EU to give greater access for the City of London, telling finance ministers from the bloc it would help grow their stagnating...
on Dec 10
From taxresearch.org.uk
How long before QE is required to save the wealthy from the folly of their greed?
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As the FT notes this morning: Investors’ “relentless” appetite for juicy returns has triggered the biggest boom on Wall Street in complex financial products since the lead-up to the global financial crisis in 2007. They added: The boom in complex — and often riskier — deals highlights how...
on Dec 10
From taxresearch.org.uk
Talking helps find solutions. Labels don’t.
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Politico this morning highlights one consequence of the incredibly rapid change in power in Syria. As they note in a newsletter: Can we chat with proscribed terrorists? One of the big questions for Starmer will be whether his government will engage with HTS and al-Golani in the coming weeks and...
on Dec 9
From taxresearch.org.uk
Who knows whether our drinking water is safe?
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As the Guardian reported on Saturday: The safety of tap water in the UK could be at risk because water companies are unable to use products to clean it, industry insiders have said, as all the laboratories that test and certify the chemicals have shut down. People in the industry have called...
on Dec 9
From taxresearch.org.uk
Is Trump really looking to do a Bitcoin bailout?
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I have this morning posted a video on why I think it's Trump's economic plan to crash the world economy so that there might be a bailout to benefit the wealthy. That video was recorded late last week. Over the weekend, occasional commentator and long-term friend of this blog, Ivan Horrocks sent...
on Dec 9
From taxresearch.org.uk
Musings for a wet Sunday morning
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It is a wet, windy, and frankly, pretty horrible Sunday morning. It’s too wet for walking. Too wet for birdwatching. Too wet to even want to go out for a coffee, but I might change my mind about that later. It’s so wet that there is only time to reflect. On the fate of Syria...
on Dec 8
From taxresearch.org.uk
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Democracy is under threat around the world from the politics of hate peddled by the far-right. In political terms, the opposite of hate is care, and the problem is that care’s gone missing in the mainstream political narrative. This is the audio version: And this is the...
on Dec 8
From taxresearch.org.uk
Democracy is dying, and our hopes with it. And yes, I am angry about that
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I noticed this in an FT email this morning: There is, apparently, 'no money', The French government fell this week because it could not find the money it needed. Trump took the US election because Biden could not get money to the people who needed it. The neoliberals took over...
on Dec 7
From taxresearch.org.uk
Trump and Badenoch are opposing diversity – and big business is beginning to side with them
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As the FT reports this morning: US companies are accelerating their retreat from diversity and inclusion initiatives amid an all-out assault from conservatives emboldened by the election of Donald Trump. The pullback includes Walmart’s decision to end some of its diversity, equity and...
on Dec 6
From taxresearch.org.uk
Keir Starmer is no closer to providing answers
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I struggled with Keir Starmer’s speech yesterday. The most obvious question to ask was ‘why’ did he make it? It seemed like nothing more than mild reiteration of promises made during the election campaign, so what was all the fuss about? The next question was, ‘what’ did he hope to achieve? Is...
on Dec 6
From taxresearch.org.uk
Fools and their money are easily parted
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The media is getting very excited by the value of a Bitcoin having supposedly reached $100,000 overnight. It didn't. What happened was that became the price someone was willing to pay for it. That's not the same as value. As has been long known, fools and their money are easily parted, most...
on Dec 5
From taxresearch.org.uk
Mounjaro is a sign that the government does not care
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As the BBC has reported this morning: A new weight-loss jab will be rolled out on the NHS in England - but it could take 12 years for everyone to receive it, the NHS drugs advisory body says. The National Institute for Health and Care Excellence (NICE) final draft guidance on Mounjaro...
on Dec 5
From taxresearch.org.uk
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Labour’s crass inability to govern in the public interest is becoming ever more apparent. The FT has provided another example this morning when reporting that: City minister Tulip Siddiq has signalled the UK financial watchdog needs to do more to address industry fears about its plan to name...
on Dec 5
From taxresearch.org.uk
The SNP sent a message to Keir Starmer yesterday. They care. He needs to do so.
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The SNP delivered a message to Keir Starmer on how to govern yesterday. In the Scottish budget announcement, SNP finance minister Shona Robinson announced an end to the two child benefit cap in Scotland and, as the FT put it: In a Budget that she said “delivers progress”, Robison set out...
on Dec 5
From taxresearch.org.uk
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Politicians in developed countries are still obsessed with growth without realising that growth is history because as our incomes have grown, we consume fewer material items and more services, and the chance of productivity growth in services is limited, even with AI. The question is, when will...
on Dec 5
From taxresearch.org.uk
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This is from the Guardian’s morning email, which is one of many I subscribe to: Why note it? Simply because nationalisation is back on the agenda, with Thames Water quite likely to beat either of these into state ownership. With Labour’s total inability to do strategic thinking a...
on Dec 4
From taxresearch.org.uk
In the face of threats, are people willing to do anything to defend democracy?
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It is hard to know what to make of the failed coup in South Korea that happened overnight. At one level, this can be seen as the desperate act of a president whose popularity rating was collapsing, and who had lost control of the country’s parliament, and as a consequence his...
on Dec 4
From taxresearch.org.uk
Are the far-right now openly seeking the end of democracy?
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As the Guardian has reported this afternoon: South Korean president Yoon Suk Yeol declared an “emergency martial law” on Tuesday, accusing the country’s opposition of controlling the parliament, sympathising with North Korea and paralysing the government with anti-state activities. Yoon made...
on Dec 3
From taxresearch.org.uk
Will Starmer do the right thing with Greece’s marbles?
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I have already mentioned Keir Starmer and foreign policy in one blog post this morning, and now I must do it again. The Greek Prime Minister is, apparently, in London this morning and will be meeting Keir Starmer. The so-called Elgin marbles are not, supposedly, on the agenda, but anybody who...
on Dec 3
From taxresearch.org.uk
Keir Starmer’s embraced cakeism
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Keir Starmer embraced the spirit of Boris Johnson last night. As the FT reports: Sir Keir Starmer has rejected “utterly” the idea that Britain will have to choose a side between Donald Trump’s incoming US administration and the EU, in a set-piece foreign policy speech in the City of...
on Dec 3
From taxresearch.org.uk
Will Labour rise to the challenge from Musk?
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As Yahoo has reported: Elon Musk is reportedly planning to make a $100 million donation to Reform UK as a “fuck you” to Keir Starmer. According to the Sunday Times, the tech billionaire could funnel the cash through the British arm of his social media platform X to get round rules banning...
on Dec 2
From taxresearch.org.uk
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One of the consequences of posting links to my blogs and videos on Twitter, Mastodon, Bluesky, LinkedIn, Facebook and YouTube itself, is that I see lot of comments on what I have to say. It would be impossible to read, let alone respond to, most of these, given that that...
on Dec 2