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	<title>Funding the Future</title>
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	<description>Richard Murphy on developing a fairer and sustainable economy</description>
	<lastBuildDate>Thu, 20 Aug 2026 06:59:14 +0000</lastBuildDate>
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		<title>Do we need a revolution?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/20/do-we-need-a-revolution/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 06:59:14 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Modern monetary theory]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95044</guid>

					<description><![CDATA[Do we need a revolution? This question came up in a podcast I recently recorded with Prof Radhika Desai, which will be published shortly on<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/20/do-we-need-a-revolution/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>Do we need a revolution? This question came up in a podcast I recently recorded with Prof Radhika Desai, which will be published shortly on her channel and shared here.</p>
<p>My answer was yes, but I think that answer needs some explanation because the word “revolution” frightens people. It conjures up images of barricades, violence, the overthrow of governments and the destruction of existing institutions. That is one meaning of revolution, but it is not the only one, and it is not the meaning I have in mind.</p>
<p>The word revolution originally described turning or circular movement. That idea survives in the way we talk about something revolving.</p>
<p>Imagine turning something around. Turn it a little, and you see it from a slightly different angle. Turn it through 90 degrees, and the view changes considerably. Turn it through 180 degrees, and you see the opposite side. Turn it through 360 degrees, and you end up exactly where you started. The important point is that revolution can simply mean changing the position from which we look at something.</p>
<p>That is why I think we need a revolution. The worldview that dominates our politics and economics is not working. We know that because the evidence is all around us. We have failing public services, profound inequality, insecure employment, inadequate housing and millions of people struggling to make ends meet. At the same time, we face an environmental crisis that threatens the wellbeing of generations to come. Despite all this, governments repeatedly tell us they can do little or nothing to address these issues because, supposedly, there is no money available.</p>
<p><strong>Changing the view</strong></p>
<p>For decades, we have been told that markets know best, that governments should behave like households, that economic growth is the measure of success and that wealth is evidence of merit.</p>
<p>We have also been told that inequality is an unfortunate but necessary consequence of economic efficiency, while humanity can apparently continue consuming the resources of a finite planet without eventually confronting the consequences.</p>
<p>These ideas have become so familiar that they are rarely questioned. They provide the viewpoint from which much of our political debate takes place. Politicians argue about what should be done, but very often they do so without questioning the assumptions that determine what they think is possible. As a result, apparently different political programmes from supposedly differing political parties can end up offering surprisingly similar answers.</p>
<p>Suppose, instead, that we turned some of those assumptions through 90, or even 180 degrees.</p>
<p>Instead of asking how much economic growth we can generate, suppose we asked what the economy is for.</p>
<p>Instead of assuming that the economy exists to serve markets, suppose we recognised that markets should exist to serve people.</p>
<p>And instead of treating government as a burden on the private sector, suppose we understood that government exists to provide the collective goods and services that markets cannot, or will not, supply adequately.</p>
<p>We could turn our understanding of money around as well. Instead of pretending that money is the ultimate constraint on what a government with its own currency can do, we could recognise that the real constraints are the people, skills, energy and natural resources available to us.</p>
<p>Instead of imagining that taxation provides the money that such a government spends, we could recognise that government spending necessarily puts its currency into circulation before taxation can take it back.</p>
<p>And instead of describing the national debt only as a burden, we could recognise that it only represents financial assets and savings held by people and institutions outside government.</p>
<p>We could apply the same shift in perspective to inequality.</p>
<p>Instead of asking how we can make the wealthy richer in the hope that some benefit might eventually reach everyone else, we could ask how everyone might have the resources they need to survive and thrive.</p>
<p>Instead of treating poverty as an individual failing, we could ask why an economy capable of producing enormous wealth distributes access to that wealth so badly.</p>
<p>The world looks very different when viewed from these angles. Things that we have been told are impossible suddenly become possible, while things that we have been told are inevitable become choices. That is precisely why changing perspective can be revolutionary.</p>
<p><strong>Change is inevitable</strong></p>
<p>There is another reason why I think the word revolution is appropriate. Change is inevitable. No society stands still, and neither does any economy. Technology changes, populations change, political expectations change, and, whether we like it or not, the climate is changing. Our understanding of the world changes as well.</p>
<p>The choice we face is not, therefore, between change and no change. It is between managing change deliberately and having change imposed upon us.</p>
<p>Trying to preserve the status quo is not necessarily the cautious option when that status quo is itself creating instability. An economic system that generates extreme inequality, environmental damage, political alienation and failing public services cannot be made sustainable simply by insisting that there is no alternative to it.</p>
<p>The revolution I want is not, then, about tearing everything down. It is about turning around and looking again. It is about questioning assumptions that have become so familiar that we no longer notice that they are assumptions. It is about asking what the economy is actually for, and recognising that economics should serve people rather than requiring people to serve an economic theory.</p>
<p>Most of all, it is about accepting that our survival and our ability to thrive depend upon respecting the ecological limits of the planet on which every economy ultimately depends. Once that is understood, many of the priorities that currently dominate economic policy have to change.</p>
<p><strong>A revolution</strong></p>
<p>So, do we need a revolution? I think we do.</p>
<p>But the first revolution we need is in the way we think. Change the angle from which we look at the world, and different possibilities become visible. Once those possibilities can be seen, the claim that there is no alternative begins to fall apart.</p>
<p>That change of perspective might be the most important revolution of all.</p>
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		<title>The hard problem</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/20/the-hard-problem/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 06:36:58 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Education]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Neurodiversity]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95035</guid>

					<description><![CDATA[There is a problem at the heart of the current debate about ADHD. Those who question its reality tend to describe it entirely from the<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/20/the-hard-problem/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>There is a problem at the heart of the current debate about ADHD. Those who question its reality tend to describe it entirely from the outside. Those who live with it experience it from the inside. The difference matters.</p>
<p>The philosopher David Chalmers gave this difficulty a name in a lecture delivered in Tucson, Arizona, in 1994. He developed the argument in his 1995 paper, ⁠<a href="https://web.ics.purdue.edu/~drkelly/ChalmersHardProblem1995.pdf" target="_blank" rel="noopener">Facing Up to the Problem of Consciousness</a>.</p>
<p>Chalmers distinguished between what he called the “easy problems” and the “hard problem” of consciousness.</p>
<p>That said, the easy problems are not that easy, as far as I can see. They include explaining how the brain:</p>
<ul>
<li>processes information,</li>
<li>directs attention,</li>
<li>stores memories,</li>
<li>produces speech and</li>
<li>controls behaviour.</li>
</ul>
<p>They are called easy only because they can be investigated using scientific methods.</p>
<p>The hard problem is quite different. It asks why those physical processes are accompanied by subjective experience:</p>
<ul>
<li>Why does seeing red feel like something?</li>
<li>Why does pain hurt?</li>
<li>Why, in fact, is there a first-person experience of being alive at all?</li>
</ul>
<p>In other words, science might eventually describe every process taking place in a person’s brain while still failing to explain in any way what it is like to be that person.  That distinction is obviously relevant to discussion on the existence of ADHD.</p>
<p><strong>ADHD as seen from the outside</strong></p>
<p>The public debate about ADHD is dominated by the easy problems such as:</p>
<ul>
<li>How many people have been diagnosed?</li>
<li>What do brain scans show?</li>
<li>Do diagnostic criteria identify a distinct group?</li>
<li>Are private clinics diagnosing too many people?</li>
<li>Do stimulant medications work?</li>
<li>Could modern schools, workplaces, smartphones or social media be creating the behaviours now labelled as ADHD?</li>
</ul>
<p>These are all legitimate questions. I do not dispute that.  They are worthy of being investigated. But none of these questions captures the experience of living with ADHD, which is precisely why Channel 4’s programme on this issue failed.</p>
<p>This should be obvious.</p>
<p>An observer can see someone arriving late, but they do not necessarily see the desperate attempt to organise time that preceded it.</p>
<p>They might also see a person who has failed to complete a task, but they do not experience the paralysis of knowing exactly what must be done while being unable to begin doing it, from which I do not suffer but which I know many with ADHD do.</p>
<p>Again, they might see distraction, but they do not feel attention being pulled simultaneously in several directions.</p>
<p>Most especially, and here I refer to what was said about Chris Packham, they might see someone apparently functioning well, but they do not see the exhaustion required to maintain that appearance.</p>
<p>I could keep going: I think you get my point.  The external behaviour is observable. The internal cost is not.</p>
<p>This is why accounts of ADHD based entirely on observed behaviours are inadequate. A person’s visible performance says little about the amount of effort, anxiety, self-monitoring and compensation required to produce it. Success does not prove the absence of ADHD. It may instead reveal the scale of the masking and coping strategies that the person has developed.</p>
<p>The same problem arises when assessing treatment. An outsider may ask whether medication makes someone more productive, but that can be a misplaced criterion for success, since it is externally focused. The person taking a drug might want to do so because they value a quieter mind, a greater sense of choice, or the ability to direct attention rather than being driven by it. Those outcomes are real, even if they are difficult to measure from the outside. Others, more importantly, may use different criteria. Almost by definition, neurodiverse people are not homogeneous.</p>
<p><strong>A social construct is not an invention</strong></p>
<p>This has particular relevance for the suggestion used by some critics that ADHD is a social construct. This is often presented as if it proves that ADHD is imaginary. It proves nothing of the sort.</p>
<p><span style="color: #000000;">ADHD is undoubtedly a category created by people. The boundaries of the diagnosis, as is widely recognised, have been agreed by committees. The criteria have changed over time. They may remain inadequate. We can hope they improve. But the reality is, social expectations influence which differences are noticed and when they become disabling.</span></p>
<p>But every medical diagnostic category is, in this sense, a construct. A category is a tool used to group experiences, signs and symptoms that appear to have something significant in common. This is the most that can be said for the term cancer, as I noted previously. The category is not the person, and the map is not the territory. That, though, does not mean there is no territory.</p>
<p>The demands of a neoliberal society may make ADHD-related difficulties more visible. They may also make those difficulties more disabling. But social circumstances that shape how a condition is expressed do not mean the underlying differences are unreal. As an example, short-sightedness is more disabling in a society that expects people to read. That does not mean short-sightedness is invented by books.</p>
<p>Nor does the hard problem prove that ADHD must have one particular biological cause. That could not settle every diagnostic dispute, validate every assessment or show that medication is always appropriate. Subjective experience has to be considered alongside developmental history, functional impairment, alternative explanations and the available clinical evidence.</p>
<p>What the hard problem does show is the limitation of any account that treats externally observed behaviour as the whole reality of ADHD.</p>
<p>There is no brain scan, blood test or questionnaire that can fully communicate what it feels like to inhabit another person’s mind. That is true of ADHD, autism, depression, pain and consciousness itself.</p>
<p>The unavoidable conclusion is that first-person testimony matters. It is not infallible, but neither is observation from the outside. A serious assessment must bring together what can be observed, what has happened throughout the person’s life, how they function in different circumstances and what they report experiencing.</p>
<p>The debate about ADHD therefore cannot, then, be resolved by standing outside people’s lives and declaring that their experience is merely a product of fashion, social media or inadequate discipline, as some appear to be doing by depending solely on easy questions.</p>
<p>The hardest question is, in fact, not whether an outsider can see ADHD. Those limiting themselves to the easy questions clearly cannot. It is, instead, what it feels like to live with the ADHD mind, every day, over a lifetime, and which explanation best makes sense of that experience. And any debate that refuses to ask that question is not a serious debate about ADHD at all.</p>
<hr />
<p><em>Note: I must acknowledge the input of Jacqueline Murphy into this post. I would not have known about the hard problem if she had not drawn my attention to it. This article would not have existed without our discussion of it. </em></p>
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		<title>Infographic: University failure</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/20/infographic-university-failure/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 06:20:31 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Education]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Images]]></category>
		<category><![CDATA[Inequality]]></category>
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		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95054</guid>

					<description><![CDATA[The question for everyone going to university this autumn is not whether you will get to the end of your course, but whether your university<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/20/infographic-university-failure/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" class="aligncenter size-large wp-image-95056" src="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure-550x825.png" alt="" width="550" height="825" srcset="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure-550x825.png 550w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure-200x300.png 200w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure-768x1152.png 768w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure-267x400.png 267w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/University-failure.png 1024w" sizes="(max-width: 550px) 100vw, 550px" /></p>
<p>The question for everyone going to university this autumn is not whether you will get to the end of your course, but whether your university will.</p>
<p><b>How to expand this image</b></p>
<p>If you press CTRL or Command and Plus (+) on your keyboard, your browser should increase the size of your page every time you do this. Press CTRL or Command and the 0 (zero) key together to restore the screen to normal.<br />
<b></b></p>
<p><b>How to download this image. </b></p>
<p>If you right-click the image, you should be given the option to download it to your computer. So long as you do so without the intent to make a profit, you may do so without further permission. Commercial use requires consent. But if you just want to share it, do so with whoever and wherever you want. That is the purpose of these infographics.<br />
<b> </b><br />
<b>The image library</b><br />
<b> </b><br />
We have a library of these images. It is<a href="https://www.taxresearch.org.uk/Blog/downloads/infographics"> available here</a>. All downloads are free, but donations help our work.</p>
<p><b>AI use</b></p>
<p>I wrote this infographic. I used AI to create it in the form you see, under my direction.</p>
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		<title>Debate Ammunition: Can the USA Go Bust?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/20/debate-ammunition-can-the-usa-go-bust/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 06:02:38 +0000</pubDate>
				<category><![CDATA[Bonds]]></category>
		<category><![CDATA[City of London]]></category>
		<category><![CDATA[Debate Ammunition]]></category>
		<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Modern monetary theory]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<category><![CDATA[USA]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95037</guid>

					<description><![CDATA[THE RICHARD J MURPHY YOUTUBE CHANNEL DEBATE AMMUNITION Can the USA Go Bust? Funding the Future &#124; August 2026 Topic Whether the US government can<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/20/debate-ammunition-can-the-usa-go-bust/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">THE RICHARD J MURPHY YOUTUBE CHANNEL</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">DEBATE AMMUNITION</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">Can the USA Go Bust?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #c00000; font-size: 12.0pt;">Funding the Future | August 2026</span></p>
<hr style="border: none; border-bottom: 1px solid #999; margin: 0.8em 0;" />
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Topic</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Whether the US government can go bankrupt</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> and why the real danger is not government insolvency but a financial market collapse that could trigger recession or depression, absent any government plan to prevent it.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The video that this Debate Ammunition supports </span><a href="https://www.taxresearch.org.uk/Blog/2026/08/20/will-the-usa-go-bust/" target="_blank" rel="noopener"><span style="color: #000000; font-size: 12.0pt;">is</span> <span style="color: #000000; font-size: 12.0pt;">available here. </span></a></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The Core Argument</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The USA cannot go bust. Every cent of US government debt is denominated in US dollars, which the US government can always create. Modern monetary theory provides the simple, correct answer here: a currency-issuing government is never technically insolvent in its own currency. Neoliberal economics cannot explain this, but the operational reality is clear.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The real danger is not government insolvency but the impending collapse of US financial markets. Share prices are near all-time highs, investment funds have almost no cash left, government bonds are being sold to fuel share purchases, and the FT has concluded that US markets have lost touch with reality. A US hedge fund lost $15 billion in July</span><span style="color: #000000; font-size: 12.0pt;">, </span><span style="color: #000000; font-size: 12.0pt;">an all-time monthly record for a single institution. These are the conditions in which bubbles burst.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">When financial markets crash, 'animal spirits' collapse with them. Spending falls, companies fail, banks need </span><span style="color: #000000; font-size: 12.0pt;">bail-outs</span><span style="color: #000000; font-size: 12.0pt;">, and the real economy is dragged down. Only governments can break that spiral</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> but governments currently </span><span style="color: #000000; font-size: 12.0pt;">show no awareness of, or preparation for, the coming crisis. Without intervention, a 1930s-style depression is a genuine risk.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The Argument Structure</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 1 — Currency sovereignty settles the debt question: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Every cent of US government debt is denominated in US dollars. The US creates dollars. It can therefore always settle its debts. This is not a policy choice or a magic trick</span><span style="color: #000000; font-size: 12.0pt;">; </span><span style="color: #000000; font-size: 12.0pt;">it is the straightforward operational reality that modern monetary theory describes. Neoliberal economics cannot account for it, but the fact remains: the USA cannot go bust.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 2 — US financial markets have lost touch with reality: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Share prices are near all-time highs. Investment funds hold a near-record proportion of assets in equities and have almost no cash left. Government bonds are being sold to fuel further share purchases. A US hedge fund lost $15 billion in a single month in July</span><span style="color: #000000; font-size: 12.0pt;">,</span> <span style="color: #000000; font-size: 12.0pt;">an all-time record</span><span style="color: #000000; font-size: 12.0pt;"> for such an institution. The FT has concluded, in its own language, that US financial markets are 'nuts'.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 3 — Bubbles always burst; a trigger point will be reached: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The current bubble will burst, because bubbles always do. The trigger could be something Trump does, an Israeli military escalation, the collapse of a major financial institution, a share price correction, or a major tech accounting scandal. The specific cause is unknowable; the eventual outcome is not. The promise that 'this time it's different' is always made and always wrong.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 4 — The real risk is a depression, because governments are unprepared: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">When markets crash, </span><span style="color: #000000; font-size: 12.0pt;">“</span><span style="color: #000000; font-size: 12.0pt;">animal spirits</span><span style="color: #000000; font-size: 12.0pt;">”, </span><span style="color: #000000; font-size: 12.0pt;">as Keynes called them</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> crash with them. Spending falls, companies fail, banks require </span><span style="color: #000000; font-size: 12.0pt;">bail-outs</span><span style="color: #000000; font-size: 12.0pt;">, and the real economy is dragged down. In 2008 governments intervened. This time, neoliberal ideology has deepened since 2008, and governments currently </span><span style="color: #000000; font-size: 12.0pt;">show no sign of planning for a crisis. Without coordinated government action, a 1930s-style depression is a genuine and preventable risk.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Their Argument → Your Rebuttal</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">They Say</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Your Response</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The US debt burden is unsustainable</span><span style="color: #000000; font-size: 12.0pt;">.</span> <span style="color: #000000; font-size: 12.0pt;">E</span><span style="color: #000000; font-size: 12.0pt;">ventually markets will stop buying US bonds and the government will be forced to default.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">This confuses a currency-issuing government with a household or a eurozone member state.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The US does not need markets to buy its bonds to fund its spending. It creates dollars. Bond sales are a monetary policy tool, not a funding mechanism. There is no technical limit on dollar creation.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">A government that issues its own currency cannot be forced to default on debts denominated in that currency. That is not opinion</span><span style="color: #000000; font-size: 12.0pt;">;</span><span style="color: #000000; font-size: 12.0pt;"> it is operational fact.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">If the US just prints money to cover its debts, hyperinflation will inevitably follow.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Inflation follows excessive spending relative to available productive capacity, not money creation per se.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The relevant question is always whether real resources</span><span style="color: #000000; font-size: 12.0pt;">, whether</span><span style="color: #000000; font-size: 12.0pt;"> workers, goods, energy, materials</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> are available to absorb new spending. When financial markets crash and demand collapses, the risk is deflation, not inflation.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The 2008 crisis saw enormous monetary expansion with very little resulting inflation precisely because spare capacity existed. The same logic applies here.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">This time it really is different</span><span style="color: #000000; font-size: 12.0pt;">.</span><span style="color: #000000; font-size: 12.0pt;"> AI and the tech sector have genuinely transformed US </span><span style="color: #000000; font-size: 12.0pt;">productivity and justify current valuations.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">This is exactly the argument made before every bubble burst in history. It was said </span><span style="color: #000000; font-size: 12.0pt;">before 1929, before the dot-com crash of 2000, and before 2008.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The FT</span> <span style="color: #000000; font-size: 12.0pt;">has itself concluded that US financial markets have lost touch with reality. That is a significant judgment.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The promise that 'this time it's different' is always made. It has never once been right.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Governments bailed out banks and the real economy in 2008</span><span style="color: #000000; font-size: 12.0pt;">. The</span><span style="color: #000000; font-size: 12.0pt;">y can and will do so again if necessary.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The political and ideological context today is radically different from 2008.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The neoliberal belief that governments cannot afford to intervene is now far more entrenched than it was then. There is currently no government discussion of crisis preparation, no contingency planning, and no public indication even of awareness that a crisis is approaching.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Without political will to act, a financial crash can become a 1930s-style depression. That is the central risk</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> not a technical inability to respond, but an ideological refusal to do so.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The One-Liners</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“The USA cannot go bust</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;">:</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;"> every dollar of its debt is denominated in a currency it can always create.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“The risk is not that the US government runs out of money</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;">:</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;"> it is that it runs out of the political will to save us.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“Every bubble in history has promised that this time it's different. That promise has never once been right.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“When markets crash, animal spirits crash with them</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;">,</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;"> and only governments have the power to revive them.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“We are in the summer of 1939: the storm is plainly approaching, and no one in power appears to be preparing.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Questions to Ask</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">If the US government cannot go bust because it issues its own currency, why does mainstream economics keep treating its debt as though it could?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The FT has </span><span style="color: #000000; font-size: 12.0pt;">said</span><span style="color: #000000; font-size: 12.0pt;"> US financial markets are 'nuts'</span><span style="color: #000000; font-size: 12.0pt;">.</span> <span style="color: #000000; font-size: 12.0pt;">I</span><span style="color: #000000; font-size: 12.0pt;">f that is true, who benefits from continuing to pretend they are rational and sustainable?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">After 2008, governments intervened decisively to prevent a depression. What is your plan if governments this time are ideologically committed to not acting?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">If a trigger point for a financial crisis is reached </span><span style="color: #000000; font-size: 12.0pt;">how </span><span style="color: #000000; font-size: 12.0pt;">quickly do you believe the contagion would spread to the real economy, and why?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Further Reading</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Post</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Date</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">What it covers</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2024/12/30/is-there-a-looming-us-debt-crisis/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Is there a looming US debt crisis?</span></a></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">30 Dec 2024</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Examines whether the US faces a genuine debt crisis and applies MMT's core argument that dollar-denominated debt is always settleable by a currency-issuing government.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/07/28/trumps-war-proves-mmt-right/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Trump's war proves MMT right</span></a></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">28 Jul 2026</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Argues that Trump's fiscal decisions validate MMT's core claim that currency-issuing governments are not revenue-constrained in the way neoliberal economics assumes.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/04/25/a-financial-crash-is-coming/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">A financial crash is coming</span></a></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">25 Apr 2026</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Directly addresses the overvaluation of US financial markets and the conditions</span><span style="color: #000000; font-size: 12.0pt;">, such as</span><span style="color: #000000; font-size: 12.0pt;"> excess leverage, low cash reserves, detachment from reality</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> that make a crash increasingly likely.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/01/22/is-2026-going-to-be-brutal-for-financial-markets/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Is 2026 going to be brutal for financial markets?</span></a></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">22 Jan 2026</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Surveys the warning signs building in global financial markets and asks whether 2026 will be the year the bubble finally bursts.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/01/13/trump-and-the-fed-an-mmt-perspective/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Trump and the Fed: an MMT perspective</span></a></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">13 Jan 2026</span></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Analyses Trump's relationship with the Federal Reserve through an MMT lens, covering dollar sovereignty, monetary policy limits, and the political pressures on US financial institutions.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/01/19/mmt-is-not-theory-its-fact/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">MMT is not theory: it's fact</span></a></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">19 Jan 2026</span></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Explains why MMT describes how monetary systems </span><span style="color: #000000; font-size: 12.0pt;">actually operate</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> including why tax does not fund government spending</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> making the case for why the US can always settle its dollar-denominated debts.</span></p>
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		<title>Will the USA go bust?</title>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 06:01:55 +0000</pubDate>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Bonds]]></category>
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					<description><![CDATA[There is speculation everywhere, including in the Financial Times, that the USA might go bust within ten years, and that the day of the dollar<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/20/will-the-usa-go-bust/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>There is speculation everywhere, including in the Financial Times, that the USA might go bust within ten years, and that the day of the dollar is over.</p>
<div>
<p>That framing is wrong. America cannot go bust, because its debt is denominated in its own currency and it can always create the dollars required to settle it.</p>
<p>But that does not mean we are safe. What <em>can</em> fail is the financial market itself, and that is the crisis nobody is preparing for.</p>
<p>The warning signs are everywhere. Share prices sit near all-time highs. Investment funds hold more of their money in shares than they almost ever have, with almost no cash left in reserve. The FT has concluded that US financial markets are "nuts" and have lost touch with reality. And bubbles always burst, and this one will. The promise that "this time is different" is always made, and it is always wrong.</p>
<p>This video explains what actually happens when confidence collapses, why our "animal spirits", as Keynes called them, can crash along with the markets, and why only governments can save us from the folly of finance yet again.</p>
<p>The biggest crisis we face is not that a crash is coming. It is that we have no plan to manage it. Think of this as the summer of 1939: a crisis about to emerge, with no one ready.</p>
<p><iframe loading="lazy" title="YouTube video player" src="https://www.youtube.com/embed/OjnZ2dtZpu4?si=h8kle68ts5Sp0v4s" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>This is the audio version:</p>
<p><iframe loading="lazy" style="border: none; min-width: min(100%, 430px); height: 150px;" title="Will the USA go bust?" src="https://www.podbean.com/player-v2/?i=6hddb-1b3cb3e-pb&amp;from=pb6admin&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=f6f6f6&amp;font-color=auto&amp;logo_link=episode_page&amp;btn-skin=c73a3a" width="100%" height="150" scrolling="no" data-name="pb-iframe-player"></iframe></p>
<p>The Debate Ammunition for this video <a href="https://www.taxresearch.org.uk/Blog/2026/08/20/debate-ammunition-can-the-usa-go-bust/" target="_blank" rel="noopener">is available here.</a></p>
<p>&nbsp;</p>
<p>This is the transcript:</p>
<hr />
<p>Can the USA go bust? There is speculation, including in the FT, that it might go bust within 10 years.</p>
<p>Some think that Donald Trump will bankrupt the country. Others think it was unsustainable before he arrived.</p>
<p>Either way, the speculation is that the day of the dollar is over.</p>
<p>The fear is that the US economy might collapse with its currency, but the idea that the USA can go bust is absurd, because it cannot.</p>
<p>Every single cent of US government debt is denominated in US dollars. The USA can always make settlement because it can always create the dollars required. That is the straightforward answer to the supposed US government debt crisis. Modern monetary theory here provides an obvious answer to this obvious question. Neoliberal economics does not, but the simple fact is, the USA cannot go bust.</p>
<p>But the fact is the state of the US economy is crazy at present.</p>
<p>Share prices are around all-time highs.</p>
<p>Investment funds have more invested in shares than they almost ever have as a proportion of their total holdings.</p>
<p>They have almost no cash left in their bank accounts.</p>
<p>Their liquidity is low, and government bonds are being sold to fuel the increase in share prices.</p>
<p>The US financial markets are in a mess, and the pressure on the US economy is mounting.</p>
<p>The US government is losing a war.</p>
<p>Food prices are rising.</p>
<p>The cost of government debt is increasing.</p>
<p>Oil prices, gas prices, and what the US calls gas prices are all rising.</p>
<p>There is no resolution to any of those problems in sight, and there are real signs of stress already emerging in US financial markets.</p>
<p>A US hedge fund lost $15 billion in July. That was an all-time record loss for an institution of this sort in a month. So far, the markets appear to have taken this news well. There is no sign of serious difficulty at present, but that means the trigger point for a crisis has just not yet been reached. But the chance that such a trigger point exists is very real.</p>
<p>What will trigger the loss of confidence that will give rise to the crisis?</p>
<p>It could be something Trump does.</p>
<p>It could be something Israel does. Let’s not discount that.</p>
<p>It could be the collapse of a major financial institution.</p>
<p>It could be a collapse in share prices, or a major accounting scandal perhaps involving one of the big tech companies.</p>
<p>The crisis, when it comes, will ultimately always come from a small event that gives rise to a massive loss of confidence. That’s the way these things always work.</p>
<p>A trigger point will be reached because they always are. Bubbles always burst. This one will. The promise that this time things are different is always made, but that promise is always wrong. The only uncertainty that we have left is what will trigger this crash.</p>
<p>And the FT has concluded that the financial markets in the USA are, to use its language, ‘nuts’. They have lost touch with reality.</p>
<p>That does not mean that the USA can go bust. It cannot.</p>
<p>But US financial markets can, and that is pretty serious too.</p>
<p>The consequences of a financial market crash will spread rapidly.</p>
<p>Banks that lent money to buy shares will lose the security for their loans.</p>
<p>Banks lending to hedge funds, and many are, could suffer major losses. Stock markets might tumble.</p>
<p>Pension valuations will fall, and savers will suffer.</p>
<p>And most of all, the real economy will be hit.</p>
<p>That will be because real economies are always dragged down by financial crises. Why is that? That’s because our ‘animal spirits,’ as Lord Keynes called them, can crash along with financial markets. Our willingness to spend disappears as financial markets fall. We feel less well off. We feel the impact of that loss of sentiment, which has driven down the price of shares. Our spending then creates a crisis in the real economy.</p>
<p>Companies could go bust as a result of the financial crisis.</p>
<p>Banks could go bust because of that crisis. They will require government bailouts.</p>
<p>But people spending less will have as big a consequence again.</p>
<p>Everything will reinforce itself unless governments intervene. We are facing the risk of recession. We are even facing the risk of depression, which is very much worse, and without government action, that depression could become real.</p>
<p>In 2008, governments around the world saved their economies from crisis. They bailed out banks, companies, and the people dependent upon them.</p>
<p>Neoliberalism has, however, become very much worse since 2008. The belief is now rampant that governments cannot afford to do this again. And if governments do not act as a result, we could face a 1930-style depression.</p>
<p>We could talk ourselves into that crisis. And the biggest crisis we have is, in fact, not that we will see a crash, but that we have no plan to manage a crash.</p>
<p>Saying that the financial world is ‘nuts’ is one thing. Doing something about it is something else.</p>
<p>Everyone is assuring themselves that this time it’s different, but it isn’t.</p>
<p>Only governments can save us from the folly of finance, yet again, and at this moment, the need for a bailout is going to be very high, and very soon.</p>
<p>But, at the moment, governments appear completely unprepared for that. There is no discussion. There is no indication of concern. There is no indication of preparedness. There is still talk that everything is going on as normal.</p>
<p>So the US cannot go bust, and nor can the UK, because our debt is also denominated in our own currency. But US banks can go bust, and UK banks could go bust as well. The financial system can fail even when governments cannot.</p>
<p>The consequences could be grim. You could lose your job, your income, your savings, or your pension.</p>
<p>You need to worry about what is going to happen. You need to think that this is like the summer of 1939, with a crisis about to emerge.</p>
<p>You need to worry, and if you don’t, I will for you, and that’s why you need to watch this channel, because I talk about what we can do to survive this crisis, and survive it we will, because people always do get through such things, but the cost will be heavy. And the cost of inaction will be enormous.</p>
<p>So we need to have an economics that understands that and talks about how this time it will be different, because this time we will make the existential changes to the way in which our economy works so that there won’t be a next time.</p>
<p>That’s what I think. What do you think? There’s a poll down below. Please let us have your comments. Please do like and share this video, and subscribe to our channel, and hit that bell button so you get notifications when we make more videos like this. And if you’d like to buy Tom and me a coffee, because that’s the least we need to keep these things going, that would be great.</p>
<hr />
<p><strong>Poll</strong></p>
Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.
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		<title>Channel 4 should hang its head in shame: A review of &#8216;The Great ADHD myth?&#8217;</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/19/channel-4-should-hang-its-head-in-shame-a-review-of-the-great-adhd-myth/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/19/channel-4-should-hang-its-head-in-shame-a-review-of-the-great-adhd-myth/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Wed, 19 Aug 2026 07:26:23 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
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					<description><![CDATA[I watched last night’s Channel 4 documentary, “The Great ADHD Myth?”. The programme was presented by Dr Max Pemberton, who explained he had been a<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/19/channel-4-should-hang-its-head-in-shame-a-review-of-the-great-adhd-myth/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p class="p1">I watched last night’s Channel 4 documentary, “The Great ADHD Myth?”. The programme was presented by Dr Max Pemberton, who explained he had been a consultant psychiatrist for around 25 years. He failed to mention that he specialises in geriatric care.  He was supported by a range of psychologists and a GP, every one of whom was sceptical about the existence of ADHD, as was the person interviewed because of her work in scanning brains over a period of 30 years.</p>
<p class="p1">The programme appeared to set out to prove three things.</p>
<p class="p1">The first was that ADHD does not result in identifiable changes in a person’s brain, and as such it cannot exist.</p>
<p class="p1">Secondly, and as a result, it suggested that treating what is described as ADHD with drugs is not beneficial. In doing so, it only looked at children. The possibility that ADHD might continue into adulthood and have serious consequences there appeared not to have occurred to those taking part.</p>
<p class="p1">The third was to claim that an exploitative industry has developed over the last decade or so, offering ADHD diagnoses to people who do not need them because ADHD is not a neurodevelopmental concern. This was described as neoliberal.</p>
<p class="p1">The uncritical viewer might think that the programme achieved its goals. The evidence supporting these hypotheses seemed overwhelming. However, there are very simple explanations for that.</p>
<p class="p1">No evidence was presented from anyone who suffered from the condition, except a 10-year-old boy.</p>
<p class="p1">Nor was any sought from any psychologist who believes that the condition exists and could explain why.</p>
<p class="p1">Nor was evidence offered that shows that, at the population level, evidence for the existence of ADHD does exist, even though it cannot provide a diagnostic test using individual brain scans.</p>
<p class="p1">Nor was there any explanation provided for the characteristic traits found amongst ADHD sufferers suggesting differences in how dopamine and noradrenaline systems are regulated and used within their particular brain networks.</p>
<p class="p1">In other words, this was an argument won because the counterargument was never presented. It was as if this was a football match that a team was so desperate to win that it inadvertently forgot to invite any opponents. That is how biased the presentation was.</p>
<p class="p1">For a regulated public service broadcaster to present such a piece on an issue of significance for so many people, without seeking to offer a balanced view when drawing conclusions, was shocking. This might have been expected of GB News when discussing immigration, but not of Channel 4 when discussing an issue of genuine medical concern. The programme's failure to offer balance may be the best evidence that it did not believe its own arguments.</p>
<p class="p1">Some other issues stood out. The first was what I thought to be the abuse of the child on whom an experiment was conducted that required him to go cold turkey on three fronts simultaneously as a result of the withdrawal of his ADHD medication, the denial of access to his electronic devices and a ban on eating sugary stimulants. Could he really have provided informed consent to take part in this way? I question the ethics of that. It is also worth noting that the experiment failed: he ended up back on the drugs the programme wanted to prove he did not need.</p>
<p class="p1">The second was the total absence of any discussion on adult ADHD. The issue was totally ignored, except when Max Permerton was diagnosed as having ADHD - evidence for which he inadvertently supplied, in my opinion - but which he denied, and then, unethically, in that case, took the prescribed drugs he had been given for it.</p>
<p>The third was that the possibility of living with ADHD without drugs was not discussed, and yet that is what most people do. The diagnosis is vital to their understanding of their condition, and to their learning how to adapt to it. The value in this was never mentioned. The arrogance in that was staggering. This was an exercise in psychologists granting themselves the power to decide whether other people's lived experiences exist, which they appeared to deny just because they did not have them. I think that was abusive. Just imagine they were deciding instead whether people suffered racism or not, and they were all white. The parallel is obvious, as is the potential for abuse.</p>
<p class="p1">But perhaps most staggeringly, the programme did, in reality, and by properly interpreting its proposed closing recommended course of action, conclude that ADHD not only does exist, but requires radical adjustment within society if those with it are to be treated appropriately.</p>
<p class="p2">How do I know this? That is because the programme argued that massive reform to the UK education system is required to manage the symptoms that are collectively called ADHD, the existence of which it denied.</p>
<p class="p2">It said schools should devote much more time to arts and creativity, to time in nature and on physical activity, and, by implication, reduce the time spent on academic disciplines.</p>
<p class="p2">I have sympathy with some of that. I am a critic of the current education system,  because it does not meet the needs of children with autism and ADHD, and of all others as well, as well as the needs of society. But I would not advocate such reform primarily - as this programme did - to manage a condition that I simultaneously claim does not exist. That they did so was quite bizarre.</p>
<p><strong>Conclusions</strong></p>
<p class="p1">So, what is there to conclude?</p>
<p class="p1">The most obvious thing to say is that this was a massively arrogant and profoundly unbalanced programme, clearly intended to present a biased view on a subject where the opinion presented will cause significant harm to a very large number of people in the UK. That, I think, was unforgivable.</p>
<p class="p1">Secondly, we were presented with a range of opinions which were staggeringly ill-considered. The argument that ADHD is just a social construct was presented as if this was an isolated fact, when, as I have noted on this blog, all medical diagnoses are social constructs, as is medicine itself, and as, of course, are both psychiatry and psychology. Those making the claim appeared unaware of this fact. Their lack of awareness shone through their claim and discredited the programme, when much of its argument hung on it.</p>
<p class="p1">Third, the programme seemed to argue that ADHD exists to exploit vulnerable people by charging them for diagnosis and drugs, and is, as a result, a neoliberal construct. What no one then mentioned was that the conditions that they suggested create the environment requiring radical reform to our education system, arising as a consequence of people having the characteristics that are described as ADHD, are all caused by neoliberal enterprise. They range from ultra-processed food and electronic devices to social alienation and much more.</p>
<p class="p1">The finger of blame was pointed very firmly in the wrong direction in that case. Those who have identified and seek to address issues arising from ADHD were blamed as being neoliberal, when what they have actually identified are faults caused by neoliberalism. A DARVO effect appeared to be in action in that case, which happens when a standard right-wing response of 'denial, attack, and reversing the victim and offender' is in operation.</p>
<p class="p1">Fourthly, for reasons I’ve already noted, drawn from the conclusions that the programme itself reached, ADHD is real, and does require accommodation in society, but not necessarily through the use of drugs on all occasions.</p>
<p class="p2">Lastly, neurodivergence needs to be much better treated in the media when those making programmes such as this know that politicians intent on abusing minorities in society will use them as weapons against those they deem to be “others”. In that sense, this programme was deeply ethically and politically irresponsible. Channel 4 should hang its head in shame and make amends by offering an informed programme on the reality of neurodivergence and how we should adapt society to assist those with such conditions.</p>
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		<title>This is nuts</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/19/this-is-nuts/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Wed, 19 Aug 2026 06:26:44 +0000</pubDate>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Bonds]]></category>
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		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95028</guid>

					<description><![CDATA[As FT Alphaville noted yesterday: In case you were wondering, the Strait of Hormuz is still closed. The US economy is propped up by an<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/19/this-is-nuts/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>As <a href="https://www.ft.com/content/e57f1e66-578e-42c9-8e59-37fe05067032?segmentId=b0d7e653-3467-12ab-c0f0-77e4424cdb4c" target="_blank" rel="noopener">FT Alphaville</a> noted yesterday:</p>
<blockquote><p>In case you were wondering, the Strait of Hormuz is still closed. The US economy is propped up by an AI buzz that is increasingly fuelled by vast off-balance-sheet exposures. The Fed is possibly going to raise interest rates. China’s economy is still slowing. Yields everywhere are climbing, and Japan is suffering a bond crisis. Private credit is stressed. Virtually every measure of leverage is engorged. Asian geopolitics is messy and getting messier. Europe is Europe, and the UK is being particularly British.</p></blockquote>
<p>And as they want to show, US investment funds appear to have record-low cash levels at present, record-high levels of exposure to the US equity markets, and without apparent exception, everyone is betting that the euphoric rise in those markets will continue.</p>
<p>The belief is that this time everything is different.</p>
<p>And as the article points out, that's nuts.</p>
<p>This cannot continue. A system put into this state will break. That is not speculation. It is a statement of fact. That only question is when. And as even FT Alphaville thinks, soon has to be the answer to that.</p>
<p>My sense that we are living through the equivalent of the summer of 1939 at this moment, waiting for the storm to break, grows by the day.</p>
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		<title>Infographic: The unreasonable person</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/19/infographic-the-unreasonable-person/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Wed, 19 Aug 2026 06:16:13 +0000</pubDate>
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					<description><![CDATA[How to expand this image If you press CTRL or Command and the Plus (+) key on your keyboard, your browser should increase the size<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/19/infographic-the-unreasonable-person/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p><img loading="lazy" decoding="async" class="aligncenter size-large wp-image-95026" src="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people-550x825.png" alt="" width="550" height="825" srcset="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people-550x825.png 550w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people-200x300.png 200w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people-768x1152.png 768w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people-267x400.png 267w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Unreasonable-people.png 1024w" sizes="auto, (max-width: 550px) 100vw, 550px" /></p>
<p><b>How to expand this image</b></p>
<p>If you press CTRL or Command and the Plus (+) key on your keyboard, your browser should increase the size of your page every time you do this. Press CTRL or Command and the 0 (zero) key together to restore the screen to normal.<br />
<b></b></p>
<p><b>How to download this image. </b></p>
<p>If you right-click the image, you should be given the option to download it to your computer. So long as you do so without the intent to make a profit, you may do so without further permission. Commercial use requires consent. But if you just want to share it, do so with whoever and wherever you want. That is the purpose of these infographics.<br />
<b> </b><br />
<b>The image library</b><br />
<b> </b><br />
We have a library of these images. It is<a href="https://www.taxresearch.org.uk/Blog/downloads/infographics"> available here</a>. All downloads are free, but donations help our work.</p>
<p><b>AI use</b></p>
<p>I wrote this infographic. I used AI to create the image.</p>
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		<title>Who is defending us?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/19/who-is-defending-us/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Wed, 19 Aug 2026 06:03:59 +0000</pubDate>
				<category><![CDATA[Conservatives]]></category>
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		<category><![CDATA[Politics of Care]]></category>
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					<description><![CDATA[Every Prime Minister says defence is their first duty, and I agree. But defence means more than protection from foreign enemies. Serious threats to people<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/19/who-is-defending-us/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>Every Prime Minister says defence is their first duty, and I agree. But defence means more than protection from foreign enemies. Serious threats to people are now arising <em>within</em> the UK, and millions of people are living in fear as a result.</p>
<p>Around 30% of the electorate now supports openly racist political parties that are deliberately threatening many in this country. The rights of disabled and neurodivergent people are being questioned. Hostility toward the LGBTQ+ community is rising. These communities are being targeted.</p>
<p>The resulting fear is not accidental. It is deliberately manufactured by politicians through threatening language and policy. And the people whose job it is to defend us, inclduing the Labour leadership, and Andy Burnham in particular, have met it with silence, inaction, and cowardice.</p>
<p>When Jason Arday died, Burnham offered no condemnation of those who had harassed him and has proposed no new legal or regulatory protections in response. He has not even said he might consider them. That silence is what allows intimidation to become politically normalised.</p>
<p>This video argues we need a radical new definition of defence: one that protects every citizen from fear and intimidation within our own society, not just from threats across our borders. Our current political leadership - from Labour and the Tories - is failing to provide that defence, and it is time that it did.</p>
<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/IB7eS-K-IvU?si=YVcbrnQwPuLDLidS" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
<p>This is the audio version:</p>
<p><iframe title="Who is defending us?" allowtransparency="true" height="150" width="100%" style="border: none; min-width: min(100%, 430px);height:150px;" scrolling="no" data-name="pb-iframe-player" src="https://www.podbean.com/player-v2/?i=9359w-1b3b888-pb&from=pb6admin&share=1&download=1&rtl=0&fonts=Arial&skin=f6f6f6&font-color=auto&logo_link=episode_page&btn-skin=c73a3a" loading="lazy"></iframe></p>
<p>There is no Debate Ammunition for this video. I did not have time to make it,</p>
<p>This is the transcript:</p>
<hr />
<p>Who is defending the people of the UK? Prime Ministers in this country, and we’ve had a lot of them of late, say that defence is their first duty, and I tend to agree with them. But defence does surely mean more than protection from foreign enemies. Serious threats to people are now arising within the UK. Millions of people have reason to feel threatened. So what does the duty to defend really mean, and who is standing up to do it?</p>
<p>The threat is increasingly coming from within the UK. Racism is fuelling support for significant political movements in this country. Around 30% of people are supporting openly racist political parties, and disabled and neurodivergent people are also seeing their rights questioned, whilst LGBTQ+ people face a culture increasingly hostile to their rights. Other ethnic minority communities are also being targeted. There are therefore millions of people in the UK who are living in fear because of the threats that they face, and I stress we are talking about many millions of people.</p>
<p>Around 15% of people in the UK are thought to be neurodivergent. That’s around 10 million people.</p>
<p>Around 2 million people at least are thought to be in the LGBTQ+ community.</p>
<p>And around 16% of the UK population is from non-white ethnic communities.</p>
<p>There are also white minority communities to consider as well.</p>
<p>There are overlaps between these figures, but without a doubt, we are therefore talking about more than 10 million people who feel threatened at this point in time, and maybe 20 million or more.</p>
<p>Fear among these people is being deliberately created. Politicians are threatening to take away the support from some of these people. Politicians are threatening some people’s rights to live here, and deliberately chosen political language is making people frightened. The result is an intimidatory and hostile environment for millions of people, and that fear exists whether or not every threat is eventually carried out.</p>
<p>In my opinion, defence is about something much more than the freedom from physical threats. It is about the freedom from fear. Any government’s duty is about more than the protection of our borders. It’s about the need to protect people from intimidation. People who are at risk of that need protection from deliberately induced fear. People who are at risk need protection from political cultures that deliberately threaten their security, as many are now doing by threatening to forcibly remove them from the UK.</p>
<p>This makes this a question of UK national defence, but where is our Prime Minister when people are being intimidated? What is he saying, and why is he letting politicians promote openly racist policies? I have no answers to those questions.</p>
<p>At the same time, he isn’t answering questions about the rights of LGBTQ+ people, and he is letting people demonise those with disabilities and those who are neurodivergent and is saying nothing of any consequence in their defence.</p>
<p>Where is then the government plan and the government investment to defend all of those who are under threat at this moment, who are living in this country?</p>
<p>Where is the unequivocal defence from Labour and the Conservatives, the two parties who think they have the natural right to govern this country, when people’s right to live in fear is under threat? Political leadership against these threats is missing.</p>
<p>Those who are threatening people should be challenged by those who are our actual political leaders. Our Prime Minister and the leader of the opposition should be leading those challenges to the racists, but they’re not.</p>
<p>Kemi Badenoch almost aligns with these policies.</p>
<p>Andy Burnham is too frightened to call them out.</p>
<p>They are not calling out intimidation when it is being used as a political strategy. They are tolerating it, and yet millions - more than 10 million, maybe as many as 20 million people - are suffering as a result.</p>
<p>And they are not willing to confront those who are promoting these policies because they themselves are living in fear, and that failure on their part leaves vulnerable people increasingly exposed.</p>
<p>In this context, the response to Jason Arday’s death matters.</p>
<p>Andy Burnham said that we needed time to reflect upon this. He did not condemn those who hounded, abused and harassed Arday, literally to his death.</p>
<p>He did not say that the campaign against him must never happen again.</p>
<p>He did not propose the revival of the Leveson Inquiry into media abuses.</p>
<p>He did not propose new legal protections against such attacks.</p>
<p>He is not then defending the people of the UK. Instead, he appears to be a coward, too frightened to confront those who intimidate. He has let himself be constrained by the right-wing media who have perpetrated many of the abuses about which I am talking. He is then part of the problem.</p>
<p>Meanwhile, threats against minorities are becoming politically normalised and proposals to force people from the country involving coercion are also being normalised. And that threat of coercion is itself a form of violence being threatened against people who live here. But about that, Andy Burnham appears to have nothing to say.</p>
<p>This country is becoming more dangerous as a result. Recent events have exposed the scale of hatred now being expressed. Social media has revealed people doubling down on their extremist beliefs in the aftermath of Jason Arday’s death. Millions of people who have good reason to expect the state to defend them are instead seeing political power contributing to their fear. That represents a profound moral failure in our politics.</p>
<p>Where is the leadership at this moment? That is the question I’m asking. It is not coming from Andy Burnham. He is revealing his true colours. He is one of those who will go along with abuse. It is largely absent as well from his Labour Party colleagues, particularly at cabinet level. We have to rely on people like Sadiq Khan, the mayor of London, and a small number of backbenchers to be the exceptions to this rule within the Labour Party. And amongst the Conservatives, no voice is being raised at all as far as I can hear. Political silence from these people is allowing intimidation to become increasingly acceptable.</p>
<p>Britain now needs a defence policy that protects people from fear, and that defence policy must include protection against intimidation within our society.</p>
<p>The government must defend people’s rights to be who they are.</p>
<p>Politicians who promote anxiety, fear, and dread must be challenged.</p>
<p>Some of their language must be made illegal.</p>
<p>Some of the actions of our newspapers must be prohibited.</p>
<p>Radical change is required to recognise this duty on the part of government. The question is, when will we get the defence policy we actually need in this country? The defence policy that guarantees that people who live here can do so free from fear? And when will we see an end to the dithering of people like Burnham who say they have a duty to defend people, but are letting them live in fear?</p>
<p>That’s my question. What’s yours? What are your comments? There’s a poll down below. Tell us what you think. Please do like and share this video if you do indeed like it. And please do subscribe to our channel and ring that bell so that you’re told when we make new videos. And if you’d like to buy us a coffee, that would be great.</p>
<hr />
<p><strong>Poll</strong></p>
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		<title>ADHD is a social construct, but so too is cancer</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/18/adhd-is-a-social-construct-but-so-too-is-cancer/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/18/adhd-is-a-social-construct-but-so-too-is-cancer/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 07:38:28 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Health]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=95006</guid>

					<description><![CDATA[The Channel 4 documentary on neurodivergence, fronted by autism and ADHD cynic Dr Max Pemberton, which is widely feared within the neurodivergent community and which<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/18/adhd-is-a-social-construct-but-so-too-is-cancer/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p class="p1">The Channel 4 documentary on neurodivergence, fronted by autism and ADHD cynic Dr Max Pemberton, which is widely feared within the neurodivergent community and which has the deliberately provocative title '<em>The Great ADHD Myth?',</em> is being broadcast tonight at 8 pm. You can be sure I will be watching.</p>
<p class="p2">In advance, and in the now-accustomed fashion whenever neoliberals launch an attack on minority concerns, <a href="https://www.theguardian.com/society/2026/aug/18/great-adhd-myth-rising-diagnosis-without-treatment" target="_blank" rel="noopener">The Guardian</a> has published a promotional article with these headlines:</p>
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<p class="dcr-l0wuod"><strong>Rising number of people seeking ADHD diagnosis without treatment, say experts</strong></p>
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<blockquote><p>Psychiatrists in Channel 4 documentary argue it is more a ‘social construct’ than a medical condition</p></blockquote>
<p>As they note, in the documentary Pemberton will apparently question whether ADHD should be understood primarily as a medical disorder at all.</p>
<p>Instead, Pemberton argues that ADHD is a social construct and asks whether schools and society should accommodate a wider range of human behaviour rather than medicate people to fit an imposed norm.</p>
<p class="p1">I think Pemberton is indicating a worrying lack of understanding in making this argument, if that is what he does. As a matter of fact, ADHD is, of course, a social construct in the sense that the term itself does not exist in nature. It is a human creation. It is therefore, by definition, a human construct, and no one can disagree with him if he claims that is the case.</p>
<p class="p1">The problem is that neither he nor others that I have seen commenting on this issue also point out that cancer, and other diseases, are also human constructs. The term cancer is, for example, used to cover a wide variety of diseases with many different tissues of origin, genetic changes, causal pathways, prognoses, and appropriate responses to treatment. In fact, two cancers carrying the same anatomical label may differ considerably, whilst cells within a single tumour can differ from one another.<span style="color: #000000;"> The label is therefore broad, socially constructed, and a medical convenience that is not necessarily useful in every circumstance, and it is deeply misunderstood as a result.</span></p>
<p class="p1">I make the point very deliberately because, without providing this comparison between ADHD and cancer, or any other human disease, the labels for which are all human constructs, a note of prejudice is introduced into Pemberton’s argument which, so far, I have not seen refuted.</p>
<p class="p1">Let me go one stage further. That is to note that medicine itself is a human construct. Medicine is not a naturally occurring human phenomenon. A profession has created it over centuries, with the primary goal of protecting the interests of those who practise within the discipline, as is true of all professions everywhere, and what is deemed within or outside its orbit has always been a matter of judgement that has changed over time.</p>
<p class="p1">What Pemberton might, at my generous best, be doing is asking whether the condition described as ADHD is one that needs treatment, usually with amphetamines, or is instead something that is misunderstood by a society which needs to better accommodate it.</p>
<p class="p1">What I would stress is that there is nothing odd about asking this question, but I would suggest that the framing of the Channel 4 documentary is problematic. So, too is the decision to broadcast it at this moment, in the light of Jason Arday’s recent death.</p>
<p class="p1">Again, a simple comparison makes my point. If I drill down into what I think Pemberton might be saying, I think his argument is that many people can live with ADHD, except that society does not wish to tolerate their difference. I might be generous in my interpretation at present, and will revise that opinion after I have seen the programme, but let me use that as a hypothesis for now.</p>
<p class="p1">In the same way that this suggests that the problem for those with ADHD is created by society, so too are the problems for many of those with type 2 diabetes, many forms of cancer, and a great deal of heart disease also created by a society that has created a toxic and hostile environment for human life, to which we know our bodies can, and do, react in some cases.</p>
<p class="p1">In other words, what Pemberton is saying is nothing that is surprising, except for the fact that this is being discussed in the case of ADHD, and politicians are jumping on that bandwagon to try to deny help to those who need it because of the hostility towards them within society, whilst those same politicians appear to be seeking to do nothing at all about the physical assaults that the neoliberal industrial complex creates for us all when it comes to toxic products that are harmful to health.</p>
<p class="p1">The questions that arise around Pemberton’s documentary are, in that case, not so much about what it might say, but why it chooses to say it and the way in which it chooses to present its arguments, particularly if contextual framing of the sort that I have just noted is not provided.</p>
<p class="p1">There is nothing wrong with saying that ADHD is a social construct. It is, but so is all of medicine, and so is all of disease.</p>
<p class="p1">There is nothing wrong with saying that not all ADHD needs to be treated, but that can be true of other diseases as well. We are all well aware of self-limiting viral illnesses, but perhaps too little aware that, in some, and maybe many, cases, what are considered serious physical illnesses can be reversed without conventional medical intervention, which is a fact that the medical industrial complex is not too keen to highlight because it would harm their interests to do so.</p>
<p class="p2">It is, then, the framing that I will be looking at when I view this documentary. My concern, based upon the prior publicity and informed comment that I have read and listened to, is that it appears to be yet another deeply politically motivated attack on people who might be vulnerable within our society. If that's the case, I will say so.</p>
<p class="p2">If, instead, it recognises that ADHD is real, distinct from neurotypicality, and needs to be accommodated within a society where so many do not seem to want to care, then it will be worth applauding.</p>
<p class="p2">There are, of course, a range of other possibilities between these two outcomes. I will reserve my judgement for now.</p>
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		<title>Signs of recession?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/18/signs-of-recession-2/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/18/signs-of-recession-2/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 06:35:46 +0000</pubDate>
				<category><![CDATA[Economics]]></category>
		<category><![CDATA[Labour]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=94995</guid>

					<description><![CDATA[As the Guardian noted yesterday: Britain’s housing market is locked in its weakest August since 2018, as sellers slash their prices in search of a<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/18/signs-of-recession-2/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>As the <a href="https://www.theguardian.com/business/live/2026/aug/17/british-house-prices-fall-burnham-interest-rates-oil-bank-taxes-stock-markets-live-updates?utm_term=6a82adba1e0a1ac1e7d9907a3b93abab&amp;utm_campaign=BusinessToday&amp;utm_source=esp&amp;utm_medium=Email&amp;CMP=bustoday_email" target="_blank" rel="noopener">Guardian noted yesterday</a>:</p>
<blockquote><p>Britain’s housing market is locked in its weakest August since 2018, as sellers slash their prices in search of a buyer.</p>
<p>New data from Rightmove this morning shows that the average price of a newly-listed home in Britain fell by 2% this month, to £364,999. That’s a drop of £7,360, much larger than in a typical August.</p>
<p>The decline means average asking prices are now 1.0% lower than a year ago, as mortgage rate rises in recent months have cooled the market.</p></blockquote>
<p>What is happening? I suggest that three things are.</p>
<p>Firstly, confidence across the economy is falling. This is reducing house prices.</p>
<p>Secondly, credit may be harder to find in a period of uncertainty. I cannot prove that, but I think it is possible, especially if mortgage valuers are downgrading their reports for these purposes.</p>
<p>Thirdly, at the top end of the market, government economic policy around migration is having a significant impact upon the market, not because of anything to do with tax, but because of the creation of a hostile environment. This is being seen in the highest house prices. The average house price in Kensington and Chelsea, which hosts an international community, apparently fell by £95,000 last month alone. This is a case where impacts do ripple down the market.</p>
<p>What is the overall impact of that?</p>
<p>First, this looks like a sign that the recession I’ve been talking about is beginning.</p>
<p>Second, it is a sign that nothing the government is doing is affecting consumer sentiment. If Andy Burnham wants to spend his time playing on the peripheries of the issues, this is unsurprising.</p>
<p>Thirdly, the sign is that racism has a price, and it is going to be very real. Falling house prices are not a disaster, but a hostile environment is.</p>
<p>I stress, these are my interpretations, but nothing here suggests to me that anything good is going on in the UK economy or its prospects.</p>
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		<title>Neoliberalism, noise and hearing the signal</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/18/neoliberalism-noise-and-hearing-the-signal/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/18/neoliberalism-noise-and-hearing-the-signal/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 06:16:40 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Neurodiversity]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=94941</guid>

					<description><![CDATA[As I made clear on this blog last week, I suspect I have both autism and ADHD. I said so after several years of reading<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/18/neoliberalism-noise-and-hearing-the-signal/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p class="p1">As I made clear on this blog last week, I suspect I have both autism and ADHD. I said so after several years of reading and research into this issue.</p>
<p><span class="s1">One response to that came from someone called Lucy Johnstone, who, with John Cromby, has contributed to the debate on this issue through the site ⁠<a href="https://www.madintheuk.com/2024/12/neurodiversity/?utm_source=chatgpt.com" target="_blank" rel="noopener">Mad in the UK.</a><a href="https://www.madintheuk.com/2024/12/neurodiversity/?utm_source=chatgpt.com"><span class="s2"> </span></a></span> They have questioned the way in which autism and ADHD are understood, diagnosed and discussed, and have explicitly located the rise of the neurodiversity movement within the context of neoliberal capitalism. They suggest that the rapid growth in autism and ADHD diagnoses can, at least in part, be understood as a consequence of neoliberalism, while neurodivergence itself has, in their opinion, subsequently been commodified and marketed, making it in part a neoliberal construct.</p>
<p class="p1">Lucy Johntone has asked me to discuss that issue, and I may, but my thinking is taking me in a different direction. The question I increasingly want to ask is not what neoliberalism has done to neurodivergence, which is what she and John Cromby are asking. I want to ask what neurodivergence might do to neoliberalism.</p>
<p class="p2"><b>Seeing things differently</b></p>
<p class="p1">Prof Simon Baron-Cohen <a href="https://www.youtube.com/watch?v=phqIVUoy70k&amp;t=83s" target="_blank" rel="noopener">has recently made the point</a> that autistic people have a particular capacity to see things differently, and that this difference has contributed significantly to human progress. That suggestion matters. If everyone sees a problem in broadly the same way, they are likely to reproduce broadly the same answers. Progress frequently requires someone to notice what everyone else has missed.</p>
<p class="p1">This is where I think <span style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="https://en.wikipedia.org/wiki/Claude_Shannon" target="_blank" rel="noopener">Claude Shannon's work</a></span> offers a useful metaphor. Shannon helped found modern information theory. His great insight was into the problem of communicating information when a signal is surrounded and disrupted by noise. The problem is not simply whether information exists. It is whether the information that matters can still be recovered when noise interferes with its transmission. Shannon, who worked for IBM, developed this idea in the context of telecommunications, but it has ramifications way beyond that.</p>
<p class="p1">My suggestion is that we live in an extraordinarily noisy society. We are overwhelmed with news, social media, advertising, political claims, economic forecasts, think-tank reports, corporate public relations, government announcements, opinion polls and commentary. There has probably never been more information available to ordinary people.</p>
<p class="p1">And yet more information does not necessarily produce more understanding. Sometimes it does the opposite. The problem is that the signal we need to hear can disappear into that noise.</p>
<p class="p1">That possibility matters politically because creating noise can be an extraordinarily effective way to exercise power. You do not have to suppress inconvenient information if you can overwhelm it. You do not have to demonstrate that an alternative is wrong if you can fill the available space with claims that it is impossible, unaffordable, dangerous or absurd. This is one of the ways in which neoliberalism maintains its power.</p>
<p class="p1">We are repeatedly told that governments must balance their books.</p>
<p class="p1">We are told that taxes pay for government spending.</p>
<p class="p1">We are told that the national debt is a burden on future generations.</p>
<p class="p1">We are told that markets allocate resources efficiently.</p>
<p class="p1">We are told that the private sector creates wealth whilst the state consumes it.</p>
<p class="p1">We are told that there is no money for the things society needs.</p>
<p class="p1">The repetition matters. Eventually these claims cease to sound like arguments at all. They become the background noise of political life. They become what supposedly sensible people know to be true.</p>
<p class="p1">And then someone asks,<span class="s1"> is that actually true? </span>That person can be remarkably disruptive.</p>
<p class="p2"><b>Hearing the signal</b></p>
<p class="p1">This is where neurodivergence might have political significance that has been largely overlooked.</p>
<p class="p1">I am not suggesting that every autistic person possesses some extraordinary ability to discover truth. Autism is far too varied for any such claim to make sense. Nor are autistic people immune from ideology, error or prejudice. The argument is subtler than that. What I am suggesting is that some characteristics associated with autism can produce a different relationship with information.</p>
<p class="p1">There can be intense attention to detail.</p>
<p class="p1">There can be a strong desire for consistency.</p>
<p class="p1">There can be an ability to concentrate on a subject for extraordinarily long periods.</p>
<p class="p1">There can be an unwillingness to ignore an anomaly simply because everyone else appears content to do so.</p>
<p class="p1">There can also be less willingness to accept an argument merely because the person making it possesses status or authority.</p>
<p class="p1">What looks like an insignificant detail to most people can then become impossible for someone else to ignore.</p>
<p class="p1">Why doesn’t that number add up?</p>
<p class="p1">Why does today’s explanation contradict yesterday’s?</p>
<p class="p1">Why is everyone making an assumption that nobody has demonstrated to be true?</p>
<p class="p1">Why are we told that something cannot be done when the evidence suggests that it can?</p>
<p class="p1">Why does everyone else seem willing to move on when the question has not actually been answered?</p>
<p class="p1">These can be irritating questions for those in authority.</p>
<p class="p1">They can also be profoundly important ones.</p>
<p>Pattern recognition is the key to this understanding, not who says it.</p>
<p class="p1">In Shannon’s terminology, the noise may have overwhelmed the communication channel for most people, but some can still detect the signal. In this context, the important point is that the signal is unusual and it needs an unusual antenna to notice it. Neurodivergent people tend to have that ability</p>
<p class="p1">That might be one reason why people who think differently have contributed disproportionately to intellectual, scientific, artistic and social change. Progress requires somebody to notice that the accepted explanation does not work.</p>
<p><strong>Adding to the mix</strong></p>
<p class="p1">ADHD might add another dimension to this. The capacity of those with this condition to make rapid associations between apparently unrelated ideas, combined in some people with periods of intense concentration, means they can see patterns that conventional thinking separates into different intellectual boxes.</p>
<p class="p1">The combination of these characteristics in AuDHD might also sometimes produce a particularly interesting combination. The mind notices connections that others have filtered out and then refuses to leave the resulting problem alone.</p>
<p class="p1">These characteristics can undoubtedly create difficulties. But describing them only in terms of deficit misses something important. They can also produce knowledge, and that can result in action.</p>
<p class="p2"><b>Why neoliberalism should fear difference</b></p>
<p class="p1">That brings me back to neoliberalism. Neoliberal power depends upon much more than markets. It depends upon controlling what can be thought about markets, government, money, taxation, wealth and power. It has created an extraordinarily successful system for doing this.</p>
<p class="p1">Universities, economics departments, think tanks, newspapers, broadcasters, financial institutions, politicians and corporations continually reproduce remarkably similar assumptions about how the economy supposedly works. That does not require conspiracy. It requires conformity.</p>
<p class="p1">People learn what respectable opinion sounds like. They learn which questions serious people are permitted to ask. They learn which ideas are described as credible and which are dismissed before discussion begins. They adjust what I call their priors to match these expectations. Most importantly, they learn what they are not supposed to notice.</p>
<p class="p1">This is why neurodivergent thinking might be much more politically significant than neoliberal accounts of neurodivergence allow.</p>
<p class="p1">Someone who does not process social conformity in the expected way can be difficult to discipline intellectually.</p>
<p class="p1">The person who notices the contradiction cannot necessarily be persuaded to ignore it simply because everyone else does.</p>
<p class="p1">The person who becomes intensely interested in the problem may spend years examining it.</p>
<p class="p1">And the person who can still hear the signal when everyone else has become overwhelmed by the noise is potentially dangerous to any hierarchy whose power depends upon maintaining that noise.</p>
<p class="p1">This, then, is where I depart from Johnstone and Cromby. Their work asks whether neoliberal society has helped create the circumstances in which behaviours become categorised as autism and ADHD, and whether the neurodiversity movement can, and has, itself reproduced neoliberal ideas.</p>
<p class="p1">I want to ask another question. What if some of the differences we call neurodivergence are not products of neoliberalism at all, but are instead amongst the cognitive differences that make resistance to neoliberalism possible?</p>
<p class="p1">Then the question changes completely. Instead of asking whether the neurodivergent person can function successfully within the existing system, we should ask what that person might perceive that the existing system cannot, or does not want to, see. That is a very different understanding of neurodivergence.</p>
<p class="p1">It does not deny disability. Nor does it deny the very real difficulties that neurodivergent people can experience in a world largely organised around neurotypical expectations. But it does reject the assumption that conformity with those expectations provides the appropriate measure of human capability.</p>
<p class="p1">Sometimes humanity needs the person who hears what everyone else hears.</p>
<p class="p1">Sometimes it needs the person who hears something different.</p>
<p class="p1">And sometimes, when the noise has become almost deafening, progress depends upon the person who can still hear the signal.</p>
<p class="p3">That might be why neurodivergence matters much more than neoliberalism would ever like us to realise.</p>
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		<title>Debate Ammunition: Where Are the Jobs?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/18/debate-ammunition-where-are-the-jobs/</link>
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		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 06:04:08 +0000</pubDate>
				<category><![CDATA[Debate Ammunition]]></category>
		<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<category><![CDATA[Reform]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=94997</guid>

					<description><![CDATA[THE RICHARD J MURPHY YOUTUBE CHANNEL DEBATE AMMUNITION Where Are the Jobs? The Truth About Reform's Welfare Policy Funding the Future &#124; August 2026 Topic<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/18/debate-ammunition-where-are-the-jobs/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">THE RICHARD J MURPHY YOUTUBE CHANNEL</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">DEBATE AMMUNITION</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">Where Are the Jobs? </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #c00000; font-size: 18.0pt;">The Truth About Reform's Welfare Policy</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #c00000; font-size: 12.0pt;">Funding the Future | August 2026</span></p>
<hr style="border: none; border-bottom: 1px solid #999; margin: 0.8em 0;" />
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Topic</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Robert Jenrick and Reform UK claim Britain has a welfare problem requiring millions of people to be removed from sickness and disability benefits. </span><span style="color: #000000; font-size: 12.0pt;">In reality, the</span><span style="color: #000000; font-size: 12.0pt;"> UK has an employment problem: there are already too few jobs for those who want them, and government policy is actively suppressing demand for labour.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The video that this Debate Ammunition supports </span><a href="https://www.taxresearch.org.uk/Blog/2026/08/18/where-are-jenricks-jobs/" target="_blank" rel="noopener"><span style="color: #000000; font-size: 12.0pt;">is</span><span style="color: #000000; font-size: 12.0pt;"> availabl</span><span style="color: #000000; font-size: 12.0pt;">e here. </span></a></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The Core Argument</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Britain does not have a welfare problem</span><span style="color: #000000; font-size: 12.0pt;">;</span><span style="color: #000000; font-size: 12.0pt;"> it has an employment problem. With 5% unemployment, youth unemployment above 10%, and 2.5 unemployed people chasing every vacancy, there are no spare jobs for Jenrick's three million benefit claimants to take.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Encouraging someone to seek work does not create a job for them. The economy must generate sufficient demand for labour before those jobs can exist</span><span style="color: #000000; font-size: 12.0pt;">, </span><span style="color: #000000; font-size: 12.0pt;">a lesson from Keynes that Reform is ignoring entirely.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">As t</span><span style="color: #000000; font-size: 12.0pt;">he Bank of England deliberately suppress</span><span style="color: #000000; font-size: 12.0pt;">es</span><span style="color: #000000; font-size: 12.0pt;"> demand and weaken</span><span style="color: #000000; font-size: 12.0pt;">s</span><span style="color: #000000; font-size: 12.0pt;"> the labour market through high interest rates, Reform wants to penalise people for not finding jobs that this same policy is preventing from being created. </span><span style="color: #000000; font-size: 12.0pt;">One arm of the state is destroying jobs while Reform's politicians demand people take them.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Cutting benefits does not get people into work</span><span style="color: #000000; font-size: 12.0pt;">;</span><span style="color: #000000; font-size: 12.0pt;"> it </span><span style="color: #000000; font-size: 12.0pt;">just </span><span style="color: #000000; font-size: 12.0pt;">cuts their income. Lower incomes mean less spending, weaker local demand, fewer jobs in shops and businesses, and a deeper recession. Reform's policy would make the employment situation significantly worse, not better.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Key Statistics</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Statistic</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Figure</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">UK unemployment rate</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #000000; font-size: 12.0pt;">~5%</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">UK youth unemployment rate</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #000000; font-size: 12.0pt;">&gt;10%</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Unemployed people per vacancy in the UK</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #000000; font-size: 12.0pt;">2.5</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">People Reform wants to remove from sickness/disability benefits</span></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6; text-align: center;"><span style="color: #000000; font-size: 12.0pt;">~3 million</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The Argument Structure</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 1 — There are no spare jobs: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">UK unemployment is already running at around 5%</span><span style="color: #000000; font-size: 12.0pt;">, meaning </span><span style="color: #000000; font-size: 12.0pt;">one in twenty people who want a job cannot get one. </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">There are 2.5 unemployed people for every single vacancy. </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Youth unemployment exceeds 10%. </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Adding millions more benefit claimants to that queue cannot shrink it; only new jobs can do that.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 2 — Jenrick is confusing micro and macro: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Jenrick is talking about individuals and their circumstances when the problem is </span><span style="color: #000000; font-size: 12.0pt;">economy wide</span><span style="color: #000000; font-size: 12.0pt;">. Blaming people for failing to find jobs that do not exist is a category error. The solution to unemployment is macroeconomic demand </span><span style="color: #000000; font-size: 12.0pt;">stimulus, not microeconomic benefit sanctions. Keynes established this nearly a century ago.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 3 — The Bank of England is the hidden actor: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">High interest rates deliberately reduce demand, discourage investment, constrain consumption and weaken the labour market. A weaker labour market is part of this policy. Reform is ignoring the fact that government-sanctioned Bank of England policy is actively creating the job shortage it then blames individuals for experiencing.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Step 4 — Cuts destroy demand and make things worse: </span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">People who lose benefits do not find jobs</span><span style="color: #000000; font-size: 12.0pt;">;</span><span style="color: #000000; font-size: 12.0pt;"> they lose income. They spend less. Local economies suffer. Businesses face weaker demand and employ fewer people. Far from solving unemployment, Reform's policy risks tipping the economy into a deeper recession and making the employment situation significantly worse than it already is.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Their Argument → Your Rebuttal</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">They Say</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Your Response</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">There are plenty of jobs</span><span style="color: #000000; font-size: 12.0pt;">; </span><span style="color: #000000; font-size: 12.0pt;">people on benefits just need to be incentivised to take them.</span></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">There are 2.5 unemployed people per vacancy in the UK today. That ratio means </span><span style="color: #000000; font-size: 12.0pt;">the majority of</span><span style="color: #000000; font-size: 12.0pt;"> people chasing jobs cannot get one regardless of how hard they try or how strong their incentives are.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">You cannot incentivise your way out of a structural job shortage. That is not an attitude problem; it is arithmetic.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Work provides people with income, purpose and structure</span><span style="color: #000000; font-size: 12.0pt;">; </span><span style="color: #000000; font-size: 12.0pt;">getting people back into work is good for them.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Nobody disagrees that work, when it is available and accessible, can be beneficial. The question is not whether work is good</span><span style="color: #000000; font-size: 12.0pt;">; </span><span style="color: #000000; font-size: 12.0pt;">it is whether the jobs exist.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Encouraging someone to seek work does not create a job for them. That step requires </span><span style="color: #000000; font-size: 12.0pt;">the economy to generate demand for labour first, and Reform is proposing nothing that would do that.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The benefits bill is unsustainable and reform is fiscally necessary.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">The fiscal argument ignores the economic multiplier. Benefits are spent locally, supporting businesses, employment and tax revenue. Cutting them destroys demand, reduces economic activity and ultimately costs the Treasury more in lost tax and increased costs elsewhere.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">There is also no plan to replace the lost spending with anything that would sustain those local economies.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Reform would also cut taxes and reduce regulation to stimulate growth and create new jobs.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Reform is simultaneously proposing deep government spending cuts. Cutting public spending reduces demand for goods and services directly, and cutting </span><span style="color: #000000; font-size: 12.0pt;">social security </span><span style="color: #000000; font-size: 12.0pt;">reduces consumer spending further.</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Neither policy creates jobs. Both reduce demand for labour. Jenrick has not explained what macroeconomic mechanism would generate the millions of new jobs his welfare policy requires.</span></p>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">The One-Liners</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“Getting people off benefits is not the same as getting them into work.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“You cannot solve unemployment by adding more jobseekers.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“The Bank of England is destroying jobs; Reform wants to punish people for not finding them.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“Where there are 2.5 unemployed people per vacancy, the problem is not attitude</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;">,</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;"> it is arithmetic.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-style: italic; color: #000000; font-size: 12.0pt;">“Threatening incomes does not create jobs</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;">;</span><span style="font-style: italic; color: #000000; font-size: 12.0pt;"> it destroys the demand that sustains them.”</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Questions to Ask</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">How many new jobs does Reform believe the economy will create, and what specific policy will generate them?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">If there are already 2.5 unemployed people per vacancy, where exactly will your three million extra jobseekers find work?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Why is the Bank of England being allowed to deliberately suppress employment, while you simultaneously penalise people for not being employed?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">What macroeconomic policy does Reform have that supports its microeconomic welfare culture</span><span style="color: #000000; font-size: 12.0pt;">,</span><span style="color: #000000; font-size: 12.0pt;"> and why does it not appear in your published programme?</span></p>
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #c00000; font-size: 12.0pt;">Further Reading</span></p>
<table style="border-collapse: collapse; width: 100%; margin: 0 0 1.4em 0;">
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Post</span></p>
</th>
<th style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top; font-weight: bold; background: #f5f5f5;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">Date</span></p>
</th>
<th style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top; font-weight: bold; background: #f5f5f5;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="font-weight: bold; color: #000000; font-size: 12.0pt;">What it covers</span></p>
</th>
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<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/07/27/the-bank-of-england-creates-unemployment/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">The Bank of England creates unemployment</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">27 Jul 2026</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Directly establishes that </span><span style="color: #000000; font-size: 12.0pt;">high-interest rate</span><span style="color: #000000; font-size: 12.0pt;"> policy deliberately weakens the labour market</span><span style="color: #000000; font-size: 12.0pt;">;</span><span style="color: #000000; font-size: 12.0pt;"> the hidden </span><span style="color: #000000; font-size: 12.0pt;">f</span><span style="color: #000000; font-size: 12.0pt;">actor Jenrick is ignoring.</span></p>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/07/17/whys-labour-destroying-jobs/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Why is Labour destroying jobs?</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">17 Jul 2026</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Analyses how government-sanctioned monetary policy is reducing employment, the context Reform's welfare policy completely ignores.</span></p>
</td>
</tr>
<tr>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/06/16/reform-wants-to-release-a-racist-wrecking-ball-on-the-uk-economy/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Reform wants to release a racist wrecking ball on the UK economy</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">16 Jun 2026</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Examines the economic contradictions at the heart of Reform's employment and labour market policies.</span></p>
</td>
</tr>
<tr>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2026/04/23/bank-of-england-independence-has-been-a-disaster-and-its-time-for-it-to-end/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">Bank of England independence has been a </span><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">disaster – and it's time for it to end</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">23 Apr 2026</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Sets out the case that Bank of England independence has produced harmful employment </span><span style="color: #000000; font-size: 12.0pt;">outcomes</span><span style="color: #000000; font-size: 12.0pt;">; the</span><span style="color: #000000; font-size: 12.0pt;"> essential background to this debate.</span></p>
</td>
</tr>
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<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2025/07/07/the-economics-of-benefits-why-paying-them-makes-us-richer/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">The economics of benefits: why paying them makes us richer</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">7 Jul 2025</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Explains why benefits are economically productive</span><span style="color: #000000; font-size: 12.0pt;">, </span><span style="color: #000000; font-size: 12.0pt;">directly countering the fiscal sustainability argument.</span></p>
</td>
</tr>
<tr>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><a style="color: #1f5c99; text-decoration: underline;" href="https://www.taxresearch.org.uk/Blog/2025/03/18/there-is-no-evidence-to-support-todays-benefits-cuts/"><span style="text-decoration: underline; color: #1f5c99; font-size: 12.0pt;">There is no evidence to support today's benefits cuts</span></a></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">18 Mar 2025</span></p>
</td>
<td style="border: 1px solid #999; padding: 8px; text-align: left; vertical-align: top;">
<p style="margin: 0 0 1em 0; line-height: 1.6;"><span style="color: #000000; font-size: 12.0pt;">Demonstrates that the evidence base for cutting health and disability benefits is absent</span><span style="color: #000000; font-size: 12.0pt;">, which is </span><span style="color: #000000; font-size: 12.0pt;">applicable equally to Reform's proposals.</span></p>
</td>
</tr>
</tbody>
</table>
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		<title>Where are Jenrick’s jobs?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/18/where-are-jenricks-jobs/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/18/where-are-jenricks-jobs/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 06:03:26 +0000</pubDate>
				<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Inequality]]></category>
		<category><![CDATA[Modern monetary theory]]></category>
		<category><![CDATA[Neoliberalism]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Politics of Care]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=94990</guid>

					<description><![CDATA[Robert Jenrick says Britain has a welfare problem. He wants millions of people receiving sickness and disability benefits to move into work. But there is<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/18/where-are-jenricks-jobs/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p class="p1">Robert Jenrick says Britain has a welfare problem. He wants millions of people receiving sickness and disability benefits to move into work.</p>
<p class="p1">But there is a fundamental problem with that argument: where are the jobs?</p>
<p class="p1">UK unemployment is already around five per cent, youth unemployment is higher, vacancies have been falling, and there are substantially more unemployed people than available jobs.</p>
<p class="p1">You cannot solve an employment shortage simply by increasing the number of people required to look for work.</p>
<p class="p1">There is an even bigger contradiction. The Bank of England has been using high interest rates to suppress demand in the economy. Weaker demand means less investment, lower consumption and, ultimately, reduced demand for workers, as a result of deliberate government policy.</p>
<p class="p1">At the same time, just when Reform UK wants to push more people into the labour market while cutting the incomes of those who cannot find work, those benefit cuts would themselves reduce spending and demand, potentially destroying still more jobs.</p>
<p class="p1">None of this makes any macroeconomic sense. Getting someone, let alone millions of people, off benefits is not the same thing as getting them into employment. If Reform wants millions more people to work, it needs to explain where those millions of jobs will come from.</p>
<p class="p2">Until it does, one question remains unanswered: where are the jobs?</p>
<p><iframe loading="lazy" title="YouTube video player" src="https://www.youtube.com/embed/BNIaPD07vTo?si=gol5onyw7Lyl1z4b" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>This is the audio version:</p>
<p><iframe loading="lazy" style="border: none; min-width: min(100%, 430px); height: 150px;" title="Where are Jenrick’s jobs?" src="https://www.podbean.com/player-v2/?i=bpwci-1b39c99-pb&amp;from=pb6admin&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=f6f6f6&amp;font-color=auto&amp;logo_link=episode_page&amp;btn-skin=c73a3a" width="100%" height="150" scrolling="no" data-name="pb-iframe-player"></iframe></p>
<p>The Debate Ammunition for this video<a href="https://www.taxresearch.org.uk/Blog/2026/08/18/debate-ammunition-where-are-the-jobs/" target="_blank" rel="noopener"> is available here.</a></p>
<p>This is the transcript:</p>
<hr />
<p>Where are the jobs for the people that Robert Jenrick, on behalf of Reform UK, says should work?</p>
<p>Robert Jenrick has said Britain has a welfare problem. He wants to take maybe three million people off sickness and disability benefits.</p>
<p>He wants those who are not at work to go to work, and the problem is that actually there are no jobs for these people to do.</p>
<p>The truth is that we do not have a welfare problem, as he would put it in the UK. We have an employment problem.</p>
<p>He’s right to say that work can provide some people with an income, purpose, structure, and social life, as long as they aren’t working in the hostile environments that many people on minimum pay now suffer. But encouraging someone to work does not create a job for them, and there are no jobs for those people who are already unemployed in the UK.</p>
<p>So, isn’t Robert Jenrick pointing his finger in the wrong direction when he says we have a welfare problem? We don’t have that problem. We do have an employment problem, and he’s ignoring it.</p>
<p>There are already too few jobs in the UK for everyone who wants one. UK unemployment is now running at around five per cent. That’s one in twenty people in the UK who want a job, can’t get one. That does not include some of those people who are now receiving the benefits that Robert Jenrick wants to cut, and youth unemployment is more than 10%.</p>
<p>At the same time, vacancies have been falling as unemployment has risen. That’s what happens when you are running an economy that is heading towards a recession, as the UK is doing.</p>
<p>And there are now 2.5 unemployed people for every single vacancy inside the UK economy.</p>
<p>Reform will potentially want to add up to three million more people to that queue. Well, maybe a bit less than three million, because some of the people who they would cut benefits from are already working, but some of them would not be able to work if the benefit is cut because they wouldn’t be able to afford to get there. So the point is he would be adding very large numbers of people to that queue, and he is not going to support them with any benefits when they’re looking for a job because that is part of his penal attitude as well.</p>
<p>Jenrick is a deeply confused man.</p>
<p>He is confusing individual circumstances with economy-wide employment.</p>
<p>He’s blaming people for not being able to find jobs, but there are no jobs to be found.</p>
<p>Forcing people to chase jobs that don’t exist cannot create new employment. The economy must generate sufficient demand for labour before those jobs are offered. That’s a lesson that Lord Keynes taught us nearly a century ago, and this is the macroeconomic problem that Robert Jenrick is ignoring.</p>
<p>And he’s ignoring something else as well, and in this regard, he’s like every other politician. On this occasion, I have to admit, there is nothing unique about Jenrick.</p>
<p>He is blaming people for not finding work, and he is not suggesting how employers will create work. But what he is ignoring is the fact that the Bank of England is, on behalf of the UK government, pursuing policy that it is allowed to undertake, deliberately suppressing demand in the UK economy.</p>
<p>The high interest rate policy that it has put in place is deliberately designed to reduce demand in the UK economy to discourage investment and, as a consequence, to reduce disposable incomes and to constrain consumption and all of that is designed to weaken demand for employment in the UK by reducing the number of people that UK businesses want to employ because they haven’t got the demand to justify taking workers on.</p>
<p>A weaker labour market is part of this deliberate policy created by the Bank of England to supposedly tackle inflation. The policy fails to tackle inflation, but it is very effective at reducing the level of employment in the economy. The reason why we have exceptional rates of unemployment at this moment is precisely because the Bank of England is destroying our economy by choice and making us worse off than equivalent nations across Europe.</p>
<p>Government policy is therefore helping create the job shortage that we face in the UK economy at present, and Robert Jenrick is ignoring that fact. One part of the state is suppressing jobs, while politicians are demanding that people find them.</p>
<p>The Bank of England is weakening the demand for labour, and Robert Jenrick wants more people to be compelled to seek employment.</p>
<p>Without Reform changing its policy on macroeconomics, there is nothing to resolve this contradiction, and there is, as far as I can see, nothing in their macroeconomic policy that recognises that this problem exists.</p>
<p>In fact, what Jenrick is proposing would make the macroeconomic situation of the UK very much worse.</p>
<p>People losing their benefits would not find jobs. They would lose income. They would therefore spend less. Their local economies would suffer as a consequence. Lower spending would mean weaker demand in shops and for the businesses that supply them. Weaker demand can result in businesses employing fewer people, and Reform’s policies on removing disability and other health-related benefits could therefore make the employment situation very much worse in the UK rather than improving it, whilst tipping the whole of the economy into a deeper recession than that, which I think it is already facing.</p>
<p>This begins to look like an outright austerity policy in that case. Jenrick must therefore explain where he thinks the additional jobs that will support his policy will come from.</p>
<p>How many new jobs does Reform think that the economy can create?</p>
<p>Why does it think it will generate those new jobs when Reform is doing nothing to stimulate demand?</p>
<p>And how will deep government spending cuts create more employment, because that is what Reform is proposing as well?</p>
<p>Where will these jobs be located, and what will they pay? Those are questions that Jenrick is not answering.</p>
<p>And what macroeconomic policy supports Reform’s microeconomic culture?</p>
<p>These are the issues that Jenrick has to answer, but he isn’t. He is instead talking about people in isolation and benefits as if they are a problem, when they are, in fact, the solution that is keeping our economy going and supplying claimants with the support that they need.</p>
<p>Getting people off benefits is not the same as getting them into work. That is the false claim that Jenrick is implicitly making.</p>
<p>People who can and want to work should be supported to do so. I do not argue with that. That is a perfectly fair and reasonable objective for any government.</p>
<p>But you cannot solve unemployment by adding more jobseekers, and that is what Jenrick is proposing to do.</p>
<p>Threatening incomes at the same time does not create suitable employment opportunities. Instead, it destroys them.</p>
<p>Reform must explain then how it is going to create the millions more job opportunities that will be required for its policies to make any sense. Until then, the essential question remains:</p>
<ul>
<li>Where are the jobs that Robert Jenrick thinks people should be taking?</li>
<li>And why is he going to penalise the most vulnerable unemployed people who are least likely to get a job with his policy?</li>
</ul>
<p>These are the questions that Robert Jenrick needs to answer, and so far we have no clue at all from him, or anyone else within Reform, that they even recognise that these questions exist, let alone have made attempts to answer them.</p>
<p>That’s my opinion. What’s yours? There’s a poll down below. Let us have your comments. Please like and share this video. Please do subscribe to our channel and hit that bell button so you get notifications when we produce the next video. And if you’d like to buy Tom and me a coffee, because Tom’s the other side of the camera, that would be great, and that would help us make more videos in the future.</p>
<hr />
<p>Poll</p>
Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.
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		<title>Infographic: Why do banks take deposits?</title>
		<link>https://www.taxresearch.org.uk/Blog/2026/08/17/why-do-banks-take-deposits/</link>
					<comments>https://www.taxresearch.org.uk/Blog/2026/08/17/why-do-banks-take-deposits/#comments</comments>
		
		<dc:creator><![CDATA[Richard Murphy]]></dc:creator>
		<pubDate>Mon, 17 Aug 2026 07:45:18 +0000</pubDate>
				<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[City of London]]></category>
		<category><![CDATA[Economic justice]]></category>
		<category><![CDATA[Economics]]></category>
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		<category><![CDATA[Neoliberalism]]></category>
		<guid isPermaLink="false">https://www.taxresearch.org.uk/Blog/?p=94983</guid>

					<description><![CDATA[To answer a question I am often asked, and which was asked in response to relevant infographics on banks, I offer this: How to expand<br/><a class="moretag" href="https://www.taxresearch.org.uk/Blog/2026/08/17/why-do-banks-take-deposits/"><em> Read the full article...</em></a>]]></description>
										<content:encoded><![CDATA[<p>To answer a question I am often asked, and which was asked in response to relevant infographics on banks, I offer this:</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-large wp-image-94984" src="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits-550x825.png" alt="" width="550" height="825" srcset="https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits-550x825.png 550w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits-200x300.png 200w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits-768x1152.png 768w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits-267x400.png 267w, https://www.taxresearch.org.uk/Blog/wp-content/uploads/2026/08/Bank-deposits.png 1024w" sizes="auto, (max-width: 550px) 100vw, 550px" /></p>
<p><b>How to expand this image</b></p>
<p>If you press CTRL or Command and Plus (+) on your keyboard, your browser should increase the size of your page every time you do this. Press CTRL or Command and the 0 (zero) key together to restore the screen to normal.<br />
<b></b></p>
<p><b>How to download this image. </b></p>
<p>If you right-click the image, you should be given the option to download it to your computer. So long as you do so without the intent to make a profit, you may do so without further permission. Commercial use requires consent. But if you just want to share it, do so with whoever and wherever you want. That is the purpose of these infographics.<br />
<b> </b><br />
<b>The image library</b><br />
<b> </b><br />
We have a library of these images. It is<a href="https://www.taxresearch.org.uk/Blog/downloads/infographics"> available here</a>. All downloads are free, but donations help our work.</p>
<p>You can download <a href="https://www.taxresearch.org.uk/Blog/downloads/?pdf_id=130" target="_blank" rel="noopener">this infographic here</a>.</p>
<p><strong>AI use</strong></p>
<p>I wrote this infographic based on many years of experience commenting on this issue. I used AI to create the image. I had no other budget to do so.</p>
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