Economist deconstructs Keir Starmer’s economic policy 

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inflation & austerity means more for 1% and less for everybody else

Hasn't the last 14 years proven that austerity didn't get us out the hole?

Austerity will kill the country and many people.

10-ish years of austerity didn't work for the Tories and it certainly isn't going to work for Labour.

Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growt

whatever the answer is; austerity is definitely not it The poorest have to be given more money because they will spend it here and it will help local businesses to grow and that's the beginning of a virtuous upward spiral

Same group of people are still in charge, just a different bunch of puppets in HOC doing their bidding.

As a teacher it's nice to hear someone who gets it. I'm looking to leave after 11 years of teaching, the demands on SEN is insane and the support system is so slow or just not there.

The working class are sick of it why doesn’t the government just turn the island into an open prison because that’s what it feels like

When Starmer chased the socialists out of the temple he banished empathy from the party.

I have a lot of time for Richard Murphy. I was hoping for a glimmer of hope, but he's snuffed that out, probably rightly. I can only hope Starmer has got something up his sleeve, but going by his speech, it's not looking likely. Neo-liberalsim rules.

Richard and Prof Danny Blanchflower have joined together as the Mile End economists to show a better way for Labour. Starmer should listen and engage.

Of course he has choices. If I remember rightly, Gary Stevenson of Gary’s economics here on RU-vid explained to the Labour Party what to do. Kier starmer is opting to do as he pleases instead of trying given options for reducing austerity.

Why do they all hate us so much?

I’m so depressed now. For myself, my wife, but above all for my 21 year old son. Who can sort this shitshow out?

The Poorest Will Suffer Most.....

Austerity and blaming the previous regime is not Change its exactly what George Osbourne said. He said we needed to suffer Austerity so as not to leave £1 billion of debt to the children. The debt is now £2.5 trillion.

More Austerity? No. Just the continuation of Austerity that began 14 Years ago and never actually ended for 95% of the people that live upon these Wretched Isles. Plenty of Cash for Ukraine and Israel though no doubt LOL.

The money always dry to the poor but never for the rich or MP'S nothing can be done because of tories..😂tories back can not do because of labour and around we go

Basically the money is always there. Just not for you or I.

Someone should remind Starmer that austerity started after Gordon Brown (Labour) gave all of our money to the poor bankers

Thank you for having @RichardJMurphy on your program 🙏🏼 economic truths. Economics for people and the planet.

I think he is right on Rachel Reeves no wonder Osborne likes her. Of course Labour is continuing with austerity.

Richard Murphy's description of the short sightedness of the means-testing of winter fuel allowance is exactly why previous moves on benefits have shifted toward 'universal' payments. Proper tax rules efficiently imposed would rid the system of over complicated forms - of which many people are incapable of completing often due to ill health - and thereby often on debilitating prescription drugs or mentally or physically impaired or even both. As he highlights it is easy to gain funds from the wealth created over the backs of the people of this country - but they are still deemed untouchable because they bank-roll the political system of corruption we suffer from.

This was a good interview. Great work!

“Anything we can actually do we can afford.” -John Maynard Keynes, BBC, 2 April 1942 Kudos for having Richard Murphy on! It would be good if you had him on more often. Murphy actually gets closest to the most fundamental approach at the very end 23:27: “I was talking to an economist who said, ‘Well, look, issue a government bond this week for £22 billion and have the Bank of England buy it back next week for £22 billion. Problem solved: do QE, if you don't want to do anything else, you could do that.’ There's ample capacity to sell a bond into the Bank of England…So we could actually have the Bank of England support the government to deliver everything we want. Everything is possible but Rachel Reeves is refusing it.”

11:50 we know what Starmer and crew were doing for the last decade - ensuring Left wing Labour didn't make it to government.

11:41 because all they cared about was kicking out anybody who did call into question starmer’s ideas or the lack of them in the first place.

The false economy of not providing elder and other social care is so, so important. In the lives of so many people I know, desperately trying to provide care to loved ones has decimated their productivity in careers they were excellent at. It overshadows everything.

"He could very simply equalise capital gains tax and income tax rates and make £14bn a year, he could charge VAT on the supply of financial services by banks and other people and that would raise £8bn: add those two together and I've just found the £22bn he needs...solved Keir, your tough decisions are over" BOOM💥

The national debt will never ever be repaid, so why don't they just spend what is needed?

For their past 4 years in opposition, after having elected Starmer as Party leader, the Labour leadership were obsessed with having a purge on the left of their own party. It was an all consuming task, apparently. Although one could say that they have been VERY efficient and VERY successful in achieving that particular objective. (As an aside, I wonder if the words at the entrance to Auschwitz *'Arbeit Macht Frei'* - 'Work Makes You Free' - is the phrase of choice within the Starmer Cabinet...) One of the many ways in which Starmer's objective to rid the party of progressive and/or Palestine supporting members, Coucillors and MPs was achieved was in the deselection of around 100 electoral candidates. These candidates had been selected at local constituency level, only for the choices of local CLP members to be overridden by the Labour leadership choosing to 'parachute in' candidates of their own choosing. To do this in a few isolated cases is perhaps acceptable - but ONE HUNDRED of them? I believe the phrase employed by the Labour leadership the process of ridding the party of these apparently troublesome individuals was 'Shaking Off The Fleas.' Labour have taken a significant step AWAY from democracy in this way. No WONDER they are completely unrepared for government...

The fact that he, as a pensioner, had to state that he is privileged to be able to heat his home shows just how finished the UK is 💀

Kier Starmer a Tory in sheep's clothing??

I came on to watch this man cope and seethe and was not disappointed

Yep, I think he's right.

I think the puppet on the right shares my beliefs.' 'Well, I think the puppet on the left is more to my liking.' Wait a minute, there's one guy holding out both puppets!

Social care for the elderly is a disaster - I agree 100% from personal experience. On top of this, private care homes are so expensive that people's homes and lifetime savings are evaporated in two or three years, max and the proceeds pour into the pockets of home owners. My aunt has been paying £60-70,000 per year for the past 2.5 years. The staff are on minimum wage, mainly on visas from India and the owner is a foreign national, so the money goes off shore!

Labour will be in serious shit if they impose massive austerity at the end of October. People won't forget, at the polls in 2029

Lost me at 12.5K a year. CGT allowance is now 3k a year.

The economic mess we're in as a country is very depressing. I had hoped to hear a compelling narrative from Labour as to why they deserved to govern, instead, all they effectively said was to trust them, they're not the Tories. And what we have since found is that they are only a moderately kinder version of the Tories. They have already been in office for a couple of months, and I can't remember a positive speech from a new minister on how they will reform something. Wes Streeting's been out blathering about the broken NHS, but not on how he intends to fix it. Wes Streeting has no comprehension...none of them do.

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How do people think labour grew the economy, after the war? High deficits, high debt to gdp ratio, and rhe result was? Fast growing economy, public services, huge economic growth. Make the connections people, its not hard.

Grim. Especially for disabled people this winter.

We Have Been In A Depression Since 2008 !!!

The train drivers dispute wasn’t “resolved”; it was a simple surrender.

This professor's knowledge insight and fluency is wonderful. Bet he doesn't get invites from the bbc!

For crying out loud, this man is not an economist. He's an academic accountant with an econ-adjacent undergrad that has never published in the field. Just because he works at a University and shouts about stuff on Twitter, it doesn't make him an expert. I try not to leave shouty comments, but this man's Twitter account has done more harm to the UK's econ comprehension than the existence of PPE degrees.

Hmm looks like everyone in the comments know exactly how the economy works and trusts all the experts from the last 15 years, belieiving all of the myths on government spending. Bizarre.... Hmm these ideas clearly didnt work, but sure, we should still listen to the same peoppe who created the mess!

They aren't really a labour party. Punishing children in poverty and pensioners in poverty is the tory way.

The low salary, the high price of food, electricity, water, gas,,equal poverty... These gas, electricity, water, etc. Companies belongs to the Rich, they don't care about the workers, we are just a good milking cow for these oligarchs😢😢😢😢

This is excellant we need to get as many people as possible to listen , everything is very well explained and shows us what a mess Starmer policies are.Labour are a nightmare and have not told us the truth

Fascinating conversation - thanks for this and thanks to Richard Murphy. He his astutely diplomatic. The more I read, hear and see about Keir Starmer, the more it becomes clear that those who have stated Starmer is an authoritarian are correct in those assumptions. The Labour Party is Keir Starmers party, he rules it with an iron fist. It remains to be seen what direction his authoritarianism takes this country.

When did labour announce that the poverty crisis had ended and we can all stump up more tax

It's great to see this critique of the current Govt's position. Well done Joe for filling the gap left by MSM👍

£3 billion to Ukraine, £8 billion for Illegal asylum seekers & rising! Every year and infinitum!

Land and wealth should be taxed

Tell us something we don't know. Blame yourselves. England won't elect a government that isn't at least Tory-lite. Their voters' right-wing preferences have led them to this.

We are post Democracy.

Kings Lynn hospital was built 48 years ago with a lifespan of 25 years. I worked for the company that built it.

High food costs Expensive electricity and petrol Low wages That's a recipe for a disaster

He’s spending 11 bn on pointless aid projects abroad, labours grasp of economics will destroy consumer spending, increase unemployment, increase the public sector wage bill, but most importantly rip basic rights from us, whilst continuing the rapid decline of our police force. More unrest more unsolved crimes more real criminals in our streets and more social media criminals in their place. A totally subservient relationship with certain id focussed parts of society. Extreme terrorists breeding happily in our countries. The recruitment consultant will help folks get decently paid jobs pay more tax and support their family more adequately. Try it it’s a long houred, high pressure sales role. He’s correct education is screwed which is why almost 20 % of 16 year olds plus go to private schools. Now many are screwed by lobournomics. As for mental health care, it’s the spawning of much of societies problems, as for healthcare, they really don’t care. Food and pharma are in control not government and they pay to keep us sick and chronically ill.

I like this guy

He raised some salient points, but there was also a bit of the old-man-shouting-at-clouds about him.

It's only austerity if the overall level of public spending goes down. This guy doesn't know the detail of what's going to be in the budget, any more than I do, he's just guessing (while moaning that Labour 'apparently' don't have a magic wand to wave). Perhaps he'd feel better if the Tories were still in power.

Labour's time in opposition was spent listening to 'Red Wall' voters who voted for Boris Johnson and then repeating it back to them to regain their vote.

£22 billion = £314 per person. Do they think we're stupid?!

5:08 - Train drivers are de facto public sector employees because every aspect of the railways other than operating the trains is state-owned. The money to pay rail staff comes out of the public purse. (We have this brilliant system in Britain where the profitable part of the railways has been privatised and the expensive part is bankrolled by the state. Utter genius.)

They have continued using the language of austerity, unfunded spending, cuts, efficiency etc. In my opinion, that will restrain spending so much, nothing will be fixed. They are basically house sitting at no. 10, until the Tories get themselves back on track.

It's acrow props, not "scaffolding poles" which are now holding up public buildings all over the place. BS 4074. Scaff tubes wouldn't do the job. Some are made in Derbyshire, but many now come from China, and even those made here are probably using imported tubes due to lack of high quality steel tube mills. Relevant questions: * Are the n acrow props holding up X hospital / school / whatever on hire (which is common) or have they been purchased? * What is the cost in either case? * How does the (cumulative?) cost compare with the cost of doing the works required to secure the building? * What was the cost of works at the time acrow props were resorted to instead, what is it now, and what is it likely to be in 1, 2, 3 or 5 years' time? * What further structural deterioration has occurred since works were first postponed, and what might be expected over future years? * What is the original source of the acrow props? * How long can acrow props hold up a crumbling government?

Sick of this tax the fking superrich!!!!!

Mr Murphy, not only Labour PMs complain about the state of the country's finance. The Tories do so, too! This accidental PM is in deep mire after conning the voters to get into no.10!

Have Richard Murphy on all the time. Replace Oli or something... I've learned so much from him over the years...Actually, keep Oli, I like him too

Why is no-one talking about the £12 to £15 billion sent overseas for foreign aid, of which many millions are still being sent to India & China? If we agree to spending that money ok, but why are we still spending £11.8 billion abroad giving other countries help with climate change?

You need to have Richard Murphy on the show a lot more going forward.

Pensioners don't have a trade union, they're not affiliated to the TUC, so they're not a priority for Labour.

He seemed a generally ok chap and then he mentioned Climate Change.

Teachers are also leaving because they have STEM children in their classes but a lack of teaching assistants to help with their needs.

Except it's not. An overall spending cut is austerity. Increasing some taxes for the rich and tax avoidennce is not austerity. I agree that labour could be doing better with messaging, though.

I don't think he listened at all, a lot of groundless assumptions and very little substance here. Very Politics Joe.

I’m 8mins in and this bloke is just on an ideological rant. I’m a passionate Starmer supporter who is pretty underwhelmed by Labour in power so far but I can’t find any o& this blokes criticisms in reality, it’s all his opinion.

Great interview. Love Murphy, he gets to the point we can all agree with...well mostly.

Transfer of wealth from poor to the rich and to make themselves feel less guilty about doing or justifying it they call it austerity , overlooking wealth tax and avoidance

When you have a country that earns roughly £1 trillion per year and Labour are going down a rabbit hole over £20 billion - its like bringing a £2000 a month salary home and going mad about losing a tenner. There is simply no need to do it to older people or anyone else for that matter. Plenty other routes with the 1% of the population they could have taken.

‘“Help! Help! I can’t actually govern! It’s not my fault!” “Well, why did we did we bother voting for him, then?” Yep. 100% fair harsh-but-fair

I disagree with his point about paying public sector workers more - I am a Scottish secondary school teacher and at this point the education budget is so finite and my responsibilities and lack of support growing so much by the month that I can no longer sustain this regardless of how much I am paid - in fact I would take a pay cut if it meant having a pupil support assistant in a few of my classes or having smaller class sizes all round or reducing the maximum requirement for teacher contact time. The job is brutal and is becoming worse despite the recent pay rise I don't feel any better about my prospects as a teacher and will be resigning at the end of this year. Increasing salaries basically makes the work environment in these public sector jobs far worse as the administrators try to balance a budget while getting f*** all additional support from the government.

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Why does government not employ people like this. He talks the most sense I have heard.

"Labour do not appear to have prepared for being in government" ... That is because they were too busy tearing up the 2017 manifesto...

The hardworking families line isn't exclusive to Keir Starmer. It's actually very much the same as how the Tories used to refer to people it cared about. All you single childless people out there through choice or otherwise - you don't count!

The British never tire of electing politicians who cannot differentiate between personal budgeting and national finances.

The answer is always the same. Tax the poor, tax the poor, tax the poor. If not enough, cut funding for services, sell off assets and cut investment. The usual 🤷‍♂️

This guy is worth following - basically everything every politician says about the economy isn't true.

Labour is already in deep trouble. It needs to take the brakes off and start investing in improving the economy. The NHS cannot start to improve without new infrastructure. Many hospitals are falling down. The Government is instead increasing investment in the military equipment with new ships and submarines in preparation for a war with China - why is this policy thought to be necessary? The USA and the UK has for many years been encouraging investment in China to manufacture consumer goods for the West. Is it now going to try to smash those industries in a war?

Tax! Fund the HMRC to obtain unpaid taxes - hundreds of millions, maybe one or two billion. And what about corporation tax, high earnings tax bands, POLLUTION taxes, need I go on?

“ WHY IS THE PM INTENT ON CAUSING SEVERE ANXIETY ON THE PEOPLE WHATEVER STAGE OF LIFE ONE IS AT? “

Tory professional

Starmer lied through out his entire campaign, absolutely disgusting man , he throws 30 billion away straght away on rubbish .the absolute pratt

I don't understand the logic of complaining about austerity and it being caused by an over spending of £22 BILLION and then saying things like, if it was a war, we'd find the money etc etc. That's how you end up with a hole of £22 BILLION !!! This is the first budget. Give them a chance or you'll end up with a tory government again!!!