Funding the Future

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

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Episodes

10 hours ago

YouTube's algorithm is changing — and it's hitting educational channels hard. In this video, we explain what's happening, why our views are dropping despite two years of daily content, and what we're going to do about it.
This channel has grown to 345,000 subscribers and over 45 million views by doing one thing: making political economy accessible. Explaining ideas that matter. Challenging orthodox economic thinking. Giving people the ammunition to understand how the economy really works.
But YouTube now penalises repetition — even though repetition is fundamental to education. The algorithm demands novelty, and that's a problem when your job is to explain complex ideas clearly, consistently, and in depth.
Last year this channel had over 30 million views. This year, we expect closer to 20 million — not because the quality has dropped, but because the rules have changed.
So we're adapting. We're taking a short break to rethink how we present videos — new styles, new visuals, new thumbnails, more graphics and overlays — without losing the substance that makes this channel what it is.
We also want to hear from you. There's a poll linked below — tell us what you value about this channel, what you'd change, and what you want to see next. Your feedback will shape what comes next.
And save the date: June 27th, Leeds. A live event is coming — more details soon.
In this video we cover:- How YouTube's algorithm change is affecting educational channels- Why views are dropping despite consistent daily content- The problem with YouTube demanding novelty in education- Our plan to adapt without losing substance- How you can help shape what this channel becomes next
 

2 days ago

Everyone is told that economic growth is the key to prosperity.
But what if a significant part of GDP, the number politicians obsess about, is based on a transaction that never actually happens?
Around 10% of UK GDP is made up of something called “imputed rent.” This is the imaginary rent homeowners are assumed to pay themselves for living in their own homes.
No money changes hands.
No market transaction takes place.
But the figure still appears in national income statistics.
In this video, I explain:
why imputed rent exists in national accounts
why around £275 billion of UK GDP is based on this assumption
why GDP ignores huge amounts of real value creation such as childcare, care work and volunteering, and
why building economic policy around GDP growth is deeply misleading.
If GDP counts invented transactions but ignores real work that keeps society functioning, we need to ask a serious question:
Why do we treat GDP growth as the ultimate measure of economic success?
Let me know your thoughts in the comments.

3 days ago

Most people in the UK still believe in the power of royalty — and the power of the honours system. We accept that a knighthood is created from nothing with a tap of the King’s sword. Yet many refuse to accept that the government creates money in exactly the same way: by tapping a few keys on a keyboard. In this video, I explain why knighthoods and money share the same foundations: state authority, public trust, and responsible stewardship. Money is not limited. Knighthoods are not limited. Both can be over-issued. Both can be under-issued. And both are destroyed when they’re no longer needed. If you believe in the power to create honours, you already believe in the power to create money — even if you’ve been told otherwise.

The Laffer lie

4 days ago

4 days ago

Arthur Laffer’s “curve” is one of the most destructive ideas in modern economics. Sketched on a napkin in the 1970s, it claimed that cutting tax rates could increase government revenue. It became gospel for Reagan, Thatcher and every neoliberal government since. But it was wrong. In this video, I explain why Laffer misunderstood tax, ignored inequality, and helped unleash tax competition that undermined democracy. I debated Laffer in person — and I’ll show you why his logic collapses when tested against modern money and real economies and the idea that fair taxation builds strong societies, whilst low taxation builds fragile ones.

5 days ago

Every time stock markets drop, headlines say that billions have been lost. But where does that money actually go? If you want to understand crashes, confidence, and the baked bean market (trust me), this one’s for you.

6 days ago

War does not just test armed services. It tests economies.
Right now, the UK is discovering how fragile its economic model has become. Decades of de-industrialisation, reliance on imports, financialisation and extreme inequality have left the country dangerously exposed to global shocks.
When supply chains break, when energy prices rise, or when geopolitical tensions escalate, the consequences hit the UK economy very quickly.
In this video, I explain why Britain’s economic fragility is not an accident. It is the result of policy choices made over the last forty years.
I also explain why a sovereign government has far more capacity to respond to crises than politicians often admit, and what Britain could do to rebuild economic resilience.
Because the real question now is simple: will we redesign the economy for resilience, or continue with a model that collapses when shocks arrive?
 

7 days ago


War dominates the headlines again, but behind the geopolitics lies something much simpler: human exhaustion.
People are tired of conflict, tired of anger, tired of lives lost and hope destroyed. The cost of war is not just measured in military terms. It is measured in grief, fear, forced migration and the destruction of human well-being.
In this short reflection, I ask a simple question: why do we keep accepting war as inevitable?
And why is hope so often the first casualty?
This video is about the duty of care we owe to every human being, regardless of nationality, religion, race or politics.
Because if hope disappears, everything else follows.

What should Rachel Reeves do now?

Wednesday Mar 11, 2026

Wednesday Mar 11, 2026

War in the Middle East is already pushing oil prices higher, and that means inflation pressure in the UK will rise again.
But this is not normal inflation. It is not caused by excessive demand in the UK economy. It is an external supply shock.
So the real question is simple: will the government protect households, or leave them to absorb the shock?
In this video, I explain why raising interest rates will not solve an oil shock, and why the government should instead:
Cut VAT
Cut fuel duty
Stabilise long-term interest rates
Protect household incomes
If ministers talk about economic defence in wartime, then protecting society must come first.

Defence begins at home

Tuesday Mar 10, 2026

Tuesday Mar 10, 2026

Politicians talk endlessly about defence spending, weapons, and armies. But the first line of defence in any country is not military hardware. It is the stability of the society itself.
Do people feel secure?
Do they trust their institutions?
Do they believe government works for them?
When living standards fall, housing becomes unaffordable, and public services collapse, a country becomes divided and fragile. And a fragile society cannot defend itself.
At a time when global tensions are rising and economic shocks are becoming more common, resilience at home may be the most important defence strategy of all.
In this video, I explain why national security begins with social security and public trust.

Monday Mar 09, 2026

People are often told that only the private sector creates wealth and that government simply wastes taxpayers’ money.
That claim is everywhere in modern political debate. It underpins austerity. It justifies privatisation. And it shapes how people think about the economy.
But it is wrong.
In this video, I explain what wealth really is and how it is actually created. Wealth is not just private profit. It includes infrastructure, education, health, security, and social stability.
Historically, public enterprise built much of modern Britain. Local government created the systems that allowed private enterprise to function: sewers, electricity networks, public transport, housing, and water systems.
I also explain the money myth that underpins many of these arguments. In a modern monetary economy, government spending creates money first, and taxation later helps manage inflation. Public spending can therefore increase national wealth rather than destroy it.
The real issue is not public versus private. The real issue is whether economic activity meets social need and maintains the capital on which our society depends.
If we want a better economy, we need to rebuild public enterprise and reject the myth that only private companies create wealth.

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