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

Labour’s economic problem

Thursday Sep 04, 2025

Thursday Sep 04, 2025

Labour has an economic problem – and appointing Minouche Shafik as Starmer’s senior economic adviser will not fix it. Shafik represents the neoliberal technocracy that has failed for decades. She may talk progressive language, but her loyalties lie with the institutions that defend the elite. Labour is out of ideas, still clinging to a broken model that fuels inequality, debt, and ecological collapse. In this video, I explain why Shafik’s appointment shows Labour is paralysed – and why we need modern monetary theory, tax justice and democratic accountability instead.

Austerity: fascism's midwife

Wednesday Sep 03, 2025

Wednesday Sep 03, 2025

History shows it clearly: austerity creates the conditions in which fascism thrives. When governments strip away public services, weaken safety nets and deepen inequality, people lose hope in democracy and turn to authoritarian “strongmen.” From Weimar Germany to modern Britain, austerity is the midwife of fascism. The only way forward is investment, trust and care.

MMT vs Keynes

Tuesday Sep 02, 2025

Tuesday Sep 02, 2025

Is Modern Monetary Theory just Keynes rebadged? Many think so—but they’re wrong. This video compares Keynesian ideas on borrowing and balanced budgets with MMT’s claim that governments create money when they spend. Understanding this difference changes how we think about debt, inflation, and what governments can really do.

Should rents be controlled?

Monday Sep 01, 2025

Monday Sep 01, 2025

We talk about food poverty and fuel poverty, but almost never about rent poverty. Yet rent is now the biggest driver of inequality in Britain. Thatcher’s deregulation turned homes into speculative assets, and tenants into disposable people. It’s time for a change. In this video, I explain why rent poverty is central to our inequality crisis — and why Britain urgently needs a new Rent Act.

People, planet, or profit?

Sunday Aug 31, 2025

Sunday Aug 31, 2025

The UK doesn’t just have one economy: it has three. They are the real economy, the sustainable economy, and the monetary economy. However, the government is fixated on the wrong one. In this video, I explain why the real economy matters more than the monetary economy, why sustainability needs to get a look in, and why Rachel Reeves seems to have no clue about almost any of this, at cost to us all. 
 

The British Bill of NO rights

Saturday Aug 30, 2025

Saturday Aug 30, 2025

Nigel Farage says he wants to replace the UK Human Rights Act with a so-called “British Bill of Rights.”
But let’s be clear: this is not about protecting freedoms. It’s about removing them.
The Human Rights Act brings into UK law the European Convention on Human Rights, a treaty drafted after the Second World War with strong UK backing, led by Winston Churchill, and based on the UN Declaration of Human Rights. It exists to stop governments abusing their citizens.
Farage’s plan would:
Cut the link to international oversight in Strasbourg
Narrow rights, especially for migrants and asylum seekers, but also for anyone who might have the right to live in another country, however long they have lived here
Give Parliament, not independent courts, control over rights
Undermine the UK's peace agreements, the government of Northern Ireland, and international treaties
This is not about rights. It’s about power — the power to control, divide, and expel. It risks taking Britain down a path towards authoritarianism.

Bond yields are in a bubble

Friday Aug 29, 2025

Friday Aug 29, 2025

The media claims UK government borrowing costs have soared to 5.6%, spelling financial crisis for Rachel Reeves. But that’s nonsense. Bond yields are being distorted by a stock market bubble, not by government risk. Reeves shouldn’t issue bonds at these rates — she should wait for the crash that’s coming. In this video, I explain how bond yields really work, why the markets have it wrong, and what a wise chancellor should do now.

Farage is coming for you

Thursday Aug 28, 2025

Thursday Aug 28, 2025

Nigel Farage says he wants to abolish the Human Rights Act — the law that guarantees 16 fundamental protections in the UK. From the right to life to freedom of speech, from fair trials to free elections, he wants them gone. This isn’t just about deportations. It’s about stripping away the freedoms that protect us all from the potential tyrannies of government - including one that he might lead.

Wednesday Aug 27, 2025

Capital might be a hopeful human achievement, but capitalism has captured democracy for the few: a conversation with John Christensen

MMT won’t crash the pound

Tuesday Aug 26, 2025

Tuesday Aug 26, 2025

The story goes: if Britain used modern monetary theory, the bond market would revolt. The truth is the opposite. In this video, I explain why the UK government’s ability to create money, to invest in real assets, and to build a stronger economy, all of which would be enabled by modern monetary theory thinking, would make British investors in the UK more secure, not less.

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