Our Richie Again

Richard Murphy\’s just released a long report, all part of evidence to the Treasury Committee. No, sorry, the whole thing is too dreary even for me to try and point out all of the logical errors.

This does stand out though: 

Inflated financial services sector

Lastly, and importantly, the UK is host to an OFC, as the IMF have shown in work by Ahmed Zoromé123. Put simply, the UK’s financial services activity is excessive for domestic market needs. As such it is clearly set up to service offshore clients, some of whom will undoubtedly use the other tax haven characteristics of the UK noted above.

An OFC is an offshore financial centre. So, umm, well, yes, I suppose The City is indeed an OFC, given that it\’s the pre-eminent international financial centre of the world. Kazakh miners list in London after all. The euromarkets revolve around London too.

It\’s just that in MurphyWorld this is a bad thing. Specialisation, division of labour, comparative advantage, all naughty, naughty things.



11 thoughts on “Our Richie Again”

  1. View from the Solent

    Pharmaceutical industry, excessive for domestic needs; aero-engine industry, excessive for …..; scotch whisky industry …….

  2. I do hope the Tories make it illegal to be that stupid when they get into power at the next election..

  3. BlacquesJacquesShellacques

    Murphy seems to be upset that the UK might be helping the citizens and companies of other jurisdictions avoid taxes in their jurisdictions.

    Another sure mark of a leftoid: Alliances with foreigners to eliminate all tax competition and make all jurisdictions everywhere high-tax.

  4. He is an arse, isn’t he? I wonder if he’d have thought that the USSR’s tractor production was excessive. What a dork! If we’re looking to increase exports, let’s start with him. Can we have a poll to decide which statist’s wet dream of a country would be most suitable to receive him?

  5. “Can we have a poll to decide which statist’s wet dream of a country would be most suitable to receive him?”

    Generally speaking I’m against the tyranny of the majority. But I’m prepared to make an exception from time to time..

  6. the odd thing is that his qualifications are not easy to come by…so just where did his brain fall out?

  7. Somewhere between his evangelical religious convictions and a strange appetite for collecting bus tickets. A classic case of Asperger’s Syndrome. An Asperger can pass the most fiendishly difficult exams for things like accountancy or physics but they see things in black and white only. They are incapable of understanding the vagaries of human behaviour.

  8. Come to think of it, perhaps Richard is some sort of accountancy version of the TV programme Life on Mars. Maybe he fell asleep in the 1970s and has just woken up, unaware of the economic changes of the past three decades. If he is a throwback to the 1970s, he may well have been at the wacky baccy. That could explain a lot.

  9. “excessive for domestic needs”. That is RM’s worldview in a nutshell. He thinks, like all socialists, that the “needs” of the benighted masses can be divined by some sort of statist planners and then catered to. Instead, our needs are emergent phenomena: they develop. There is no fixed quantity of such needs and hence it is absurd for Murphy to argue like this. The man is arguing like some nationalist: all that evil furrin’ money coming into London and polluting our values.

    I could make the point that in the past, this sort of anti-market tripe has had particularly nasty consequences for some of the groups that traditionally have excelled at finance.

    What a dumbass he is.

  10. So we’re only supposed to cater for our domestic market, and if we get to good at it then we have to stop?

    But, but…what? How? Who is this person and are they submitting a report so we do exactly the opposite of what he suggests?

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