Murphonomics

From the Sunday Times:

However, a line by line assessment of Murphy’s figures by HMRC reveals that he miscalculated by about £75 billion. HMRC says the estimates include double counting of £15bn of VAT, estimates made using the wrong tax rate and the inclusion of £13bn of debts already written off.

11 thoughts on “Murphonomics”

  1. Wait, he was including *debt* in his estimate of the tax gap? As in, a stock rather than a flow? Even if that debt hadn’t been written off, including it would make for a very misleading figure.

  2. Oh yes. And of course that stock of debt, at any one time, includes stuff from companies that have gone bust etc. And he includes it all.

  3. You should check the article about him in the IoS. He’s putting big distance twixt him and the Labour mob. Looks like that peerage isn’t coming thru.

  4. @John Square

    The distance Murphy is putting between him and Labour is all to do with the grant he gets from The Friends Provident Trust.

    The Trust rules don’t allow for grants that support activities that benefit one political party.

    Murphy has to balance speaking at Corbyn meetings and claiming credit for all of his tax and economic policies with denying any official link.

    Sort of a form and substance argument.

  5. if he had been responsible for my accounts and tax not so sure I’d be sleeping soundly!
    Maybe he operates under the reverse of the never ascribe to malice what can be explained by incompetence principle

  6. As pointed out in the comments to that article, Murphy is so renowned that he is credited as ‘Murray’ in two of the three photo captions.

  7. @andrew
    I made a comment on his blog recently that as he had blogged to try to clear it up himself that he couldn’t deny there had to be an issue of substance over form. The only reply was that it was a communication issue, but not of his making.
    I note he’s posted again that he isn’t linked to the Labour Party.

  8. @BniC

    It’s funny because Murphy is always banging on about companies taking advantage of form over substance yet he cheerfully troughs in it himself.

    He walks and quacks like a fat duck but denies he is a duck….

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