Funding the Future

Funding the Future

Richard Murphy and occasional friends talking about everything you need to know to understand the economy, tax, finance and how we fund our future.

Episodes

November 26, 2025 6 mins

Rachel Reeves’ 2025 Budget has already collapsed under the weight of its own contradictions. In this video, I explain why tax rises on ordinary people, baseless growth forecasts, and a refusal to tax wealth fairly mean this Budget will fail — and fail fast. Neoliberalism promised growth. It has delivered stagnation and inequality. This is more Tory policy by another name.

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Rachel Reeves will not fix Britain today.

So I’ve published my Alternative Budget for 2025 — a complete plan to end austerity, rebuild public services, reconnect savings with investment, reform the Treasury, bring the Bank of England back under democratic control, transform housing, and fund a green transition.

This video is a full guided tour through the ideas in the 20,000-word budget I’ve just released on Funding the Future.

Dow...

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In this podcast, I talk with John Christensen, co-founder of the Tax Justice Network, about whether Britain can escape the final stage of a decades-long inflationary cycle without social and political rupture.

We explore Jersey as an early warning of the “finance curse,” the extraordinary scale of the housing shock, the generational wealth divide engineered by decades of rising house prices, and why younger people are locked out of...

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November 24, 2025 13 mins

Ultra-processed foods now make up at least half of all food sold in UK supermarkets. The Lancet has described them as a “corporate-engineered public health crisis.” That is exactly what they are: industrial products designed for profit, not nutrition. They override appetite control, promote over-consumption, and push out real food alternatives.

These foods are cheap because wages are low, access to fresh food is unequal, and corpor...

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November 23, 2025 16 mins

Politicians constantly claim that the government must “live within its means”, just like any family. In this video, I explain why the household analogy is not only wrong — it is the foundation of austerity, underfunded services, infrastructure decay, suppressed wages and collapsing public trust.

Governments create money. Households use money.

Governments must manage real resources, not bank balances.

And when governments cut spendi...

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November 22, 2025 11 mins

For forty years we were told that Britain didn’t need manufacturing — finance would make us rich. That experiment has failed. We import more than we export, our towns have been hollowed out, and our prosperity rests on hot money and property bubbles rather than productive capacity.

In this video, I explain why Britain’s industrial collapse was a political choice, how Thatcherism destroyed long-term investment, why Labour still wors...

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November 21, 2025 9 mins

Rachel Reeves is presenting a budget built on assumptions that simply cannot survive the world we are about to enter. Share prices are likely to fall sharply. A banking crisis may follow. Pension funds could be hit harder than at any time since 2008.

And the Chancellor? She has offered only cuts, caution and neoliberal wishful thinking.

In this video, I explain why her budget is unravelling before she even delivers it — and why gov...

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November 20, 2025 9 mins

Across the West, governments are failing. Trump, Starmer, Macron, Merz and others are losing authority at the very moment crises demand leadership. Far-right movements are fracturing. Neoliberalism has run out of ideas.

In this video, I explore why political legitimacy is evaporating and why a politics of care – grounded in real action, community investment and democratic renewal – is now the only viable way forward.

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November 19, 2025 10 mins

Financial markets across the world are flashing red. The S&P 500 has finally turned down after weeks and even months of irrational optimism. The FTSE 100 is sliding. Gold is falling. Bitcoin and the broader crypto market are collapsing.

In this video, I explain why these signals point to an imminent crash – not next year, not in theory, but now. I explore why hype has replaced fundamentals, how AI-driven debt issuance has desta...

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November 18, 2025 9 mins

Profit can be good if it serves society. But when profit becomes the only goal, trust collapses, workers suffer, and the planet pays the price. In this video, I  ask whether modern capitalism has lost its moral foundation and what a profit with purpose would look like.

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November 17, 2025 11 mins

Why do accountants, economists, lawyers, medics, politicians and civil servants all resist the very changes the world needs?

In this video, I explain why top-tier professionals cling to failing systems, defend obsolete ideas, and punish those who challenge accepted wisdom. From currency debates to medical hierarchies, the professions close ranks to protect their status, not the public.

This is about fear, conformity, institutional ...

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November 16, 2025 10 mins

John Maynard Keynes said, “We can afford whatever we can do.” Few sentences in economics are more radical. In this video, I explain what he really meant — and why it matters more now than ever.

A currency-issuing government cannot run out of its own money. The true constraints on public action are people, skills, energy and materials — not a Treasury balance sheet. That means the key question is not “What can we afford?” but “What ...

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November 15, 2025 8 mins

Most people in the UK still believe in the power of royalty — and the power of the honours system. We accept that a knighthood is created from nothing with a tap of the King’s sword. Yet many refuse to accept that the government creates money in exactly the same way: by tapping a few keys on a keyboard.

In this video, I explain why knighthoods and money share the same foundations: state authority, public trust, and responsible stew...

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Rachel Reeves plans to deliver a budget on 26 November — but how can she do that when the Labour government is falling apart? Cabinet briefings, internal plotting and collapsing confidence mean Labour has lost its coherence just when Britain needs leadership. A budget is a statement of belief and purpose. Right now, this government has neither.

In this video, I explain why Reeves’ commitment to Tory fiscal rules leaves her unable t...

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November 13, 2025 7 mins

Is there a coup underway at the BBC? When journalists are punished for minor mistakes while truth-tellers are silenced, that’s not accountability — that’s control. In this video, I explore how the BBC has become the front line in a far-right campaign to destroy truth itself, and why this matters for democracy in Britain and beyond.

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November 12, 2025 9 mins

Every day we’re told that Britain can’t afford the poor and that there isn’t enough money for care, housing or wages. But the truth is the opposite: it’s the poor who can’t afford the rich.

In this video, I explain how wealth extraction through interest, rent, and monopoly profit acts like three hidden taxes on us all. These “taxes of rentier capitalism” drain our pay, inflate our bills, and keep poverty in place.

What this makes c...

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November 11, 2025 13 mins

We’re told that the 1970s proved Keynesian economics failed, that inflation and unemployment could rise together, and only neoliberalism could fix it. But the truth is very different. External shocks, not excessive spending, drove that crisis. Governments panicked, misunderstood money, and abandoned Keynes when they needed him most.

In this video, I unpack what really caused stagflation — and why repeating those mistakes today risk...

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November 10, 2025 10 mins

The news is lying to you — and Britain is falling apart behind the scenes

Every night, the lights are bright, the headlines loud — but the real news is missing.

While the media fixates on Trump, Farage and the Royals, Britain’s children go hungry, families can’t afford homes, and carers are exhausted.

In this video, I explain how the theatre of distraction keeps us angry but uninformed — and why we must reclaim the news for the Pol...

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November 9, 2025 14 mins

Arthur Laffer’s “curve” is one of the most destructive ideas in modern economics.

Sketched on a napkin in the 1970s, it claimed that cutting tax rates could increase government revenue.

It became gospel for Reagan, Thatcher and every neoliberal government since.

But it was wrong.

In this video, I explain why Laffer misunderstood tax, ignored inequality, and helped unleash tax competition that undermined democracy.

I debated Laffer ...

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November 8, 2025 7 mins

Donald Trump’s Great Gatsby–style party at Mar-a-Lago reveals everything about modern America — excess at the top, hunger at the bottom, and the deliberate cruelty of power without care. As millions faced cuts to essential payments, Trump partied. This is what happens when power forgets compassion.

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