The Whole Financial System is About to COLLAPSE - Richard Murphy

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With the Budget just days away, Prime Minister Andy Burnham and Chancellor John Healey face some big decisions. How much can the government afford to spend? Who should pay more tax? And how on do they get Britain's economy growing at a faster rate?

But what if we're asking the wrong questions altogether?

Former chartered accountant Richard Murphy argues that the government's obsession with borrowing, debt and so-called fiscal headroom is holding Britain back. He believes we have far more financial freedom than politicians would have us believe.

So is Britain really running out of money? Or is it running out of ideas?

On this episode of The Fourcast, Krishnan Guru-Murthy was joined by Richard Murphy, Professor Emeritus of Accounting Practice at University of Sheffield Management School, and economist Vicky Pryce, Chief Economic Adviser and a board member at the Centre for Economics and Business Research.



00:00 The crises Richard Murphy says are coming

00:46 Is Britain running out of money?

01:55 Does the government need tax before it can spend?

03:14 Who buys UK government debt?

06:26 Are debt costs and interest rates overstated?

08:30 Is fiscal headroom a fiction?

10:20 How should the government decide what it can spend?

12:51 Could the Bank of England fund crisis spending?

15:52 Could the budget need to change if the economy worsens?

18:08 What happens to the pound if the government creates money?

19:04 Is neoliberalism failing?

20:57 What does “neoliberalism” mean?

22:37 Would printing money drive up inflation?

26:10 Do wealth taxes work?

28:19 Does tax drive companies to relocate?

30:15 Is neoliberalism really to blame?

37:31 Why does the economic consensus disagree with Richard Murphy?

39:05 How could the budget tackle inequality



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