Labour should be taking note, rather than talking to foreign capital, which it is reported to be doing. We do not need private equity funds or the likes of Blackstone funding the UK economy. What we need to do is provide the people of the UK with the chance to save for their own future prosperity – and survival.
So, folks’s savings should be spent on what Spud and Colin Hines thinks are good things for folks’s savings to be spent upon.
This approach could be part-funded by drawing on the proposals of the tax expert Richard Murphy detailed in his Taxing Wealth report. It explains how up to £90bn a year could be raised by increasing tax on the income from wealth. Another huge investment generator would be to ensure all new ISA funds and 25 per cent of new pension contributions were invested in social and green infrastructure.
No, really. Because:
The point is important and is borne out by the chart: net new savings in the UK economy right now are significant. After a period of heavy reallocation of funds from late 2022 until more recently, the normal pattern of regular heavy saving – much of it into ISAs – has been resumed. There is a wall of money seeking use in the UK economy.
Folk can put their money into social and green infrastructure already. They can invest in the UK if that’s what you want to call it. They’re not. So Dick and Colin are insisting they must be forced to. Such liberals, eh?
The usual shyte from Murphy.
The most recent year has seen much additional cash invested in ISAs but that isn’t always the case and in some years, more is withdrawn than invested. He refuses to accept the this blows a hole in his plans. When someone points this out, he mysteriously has uncited ‘HMRC figures’ which contradict this. When given HMRC’s own figures for 2022-23 which show more was withdrawn from stocks & shares ISAs than invested, he doesn’t publish the post.
But I will get a huge return on my contribution to HS2 won’t I?
25 per cent of new pension contributions were invested in social and green infrastructure
If it’s fair for the private sector it should be fair for the public sector. Let’s apply this to public and third sector employees but good and hard. By the nature of their work, one might reasonably assume they are more on board with this idea. So their pensions could be linked say 50% to such “investments”. Tell them it’s Richard Murphy’s idea and it applies to all pension provision not already in payment.
Excellent idea Bravefart. Plus the returns on their pensions should be shown in a statement sent each month showing Murphy’s home address and phone number.
Sam Jones
The Conservatives should have been running (indeed Cameron mentioned him in one speech many years ago) with Murphy’s blog as a ‘ticker tape’ – with his location front and centre a emphasis on him
– stealing your savings
– wanting you replaced by anyone off the boats
– calling you ‘Far Right and a racist’
– being directly responsible for the inflation that is crippling you
The Hard Left would not hesitate to do this in service of’The Great and the Good’. If he dies, good riddance frankly.
Belated comment here – not least because of the new moderation rules which lead to a ‘lag’:
The point is important and is borne out by the chart: net new savings in the UK economy right now are significant. After a period of heavy reallocation of funds from late 2022 until more recently, the normal pattern of regular heavy saving – much of it into ISAs – has been resumed. There is a wall of money seeking use in the UK economy.
The comments here and Murphy’s responses to them are illustrative. The money is his and Hines’ to reallocate to what they consider ‘useful’ – Never mind that both are among the most utterly ignorant people ever to opine on anything of substance. They only have to look at what has occurred in the US, where the level of fraud and asset misallocation in the wake of Biden’s similar profligacy has to be seen to be believed, and the long term consequences will be staggering to behold in terms of inflation, waste and outright corruption.
This is a theme that Colin Hines and I, as Finance for the Future, have been making for some time. Colin had this letter in the new Statesman last week on this theme:
Apparently He and Hines channelling the fascist mantra of Joseph Goebbels around ‘The Big Lie’.
Mariana Mazzucato’s detailed alternatives to the growth-before-investment mantra and Paul Collier’s demand that the next government takes back control of the Treasury after decades of its misrule provides solid underpinning for a progressive Labour government.
Without Doubt Blair/ Brown cast this country into the darkness and by my calculation both were guilty of 100 plus indictable offences prior to their departure from office but one of the very few things not entirely without merit they did was separate the treasury from political control, not least so it couldn’ t be captured for misrule by the likes of Mazzacuto or Collier, or , God forbid, Murphy and Hines.
This approach could be part-funded by drawing on the proposals of the tax expert Richard Murphy detailed in his Taxing Wealth report. It explains how up to £90bn a year could be raised by increasing tax on the income from wealth.
This has been widely debunked – the figure is nearer a one off dividend of £90 million with a longer term hit to the economy of losing £90 billion p/a as money is moved offshore to avoid excessive taxation so your argument falls at the first hurdle.
Another huge investment generator would be to ensure all new ISA funds and 25 per cent of new pension contributions were invested in social and green infrastructure. Up to £100bn of funds might eventually be made available for that purpose a year.
I’d need to brush up on criminal law but is it a criminal offence to announce you intent to commit a crime, in this case theft?
This could enable Labour to begin embarking on a first “hundred days of hope”, while increasing business opportunities and providing secure employment across the country.
Colin Hines, Twickenham
I think certainly both authors should be removed from any academic role they hold and if the institution is unwilling to do that, it’s right to issue degrees should be rescinded until they are willing not to employ brigands. If they work for sockpuppets all funding to them from taxpayers must be removed. As they are not charitable organizations but political activists any private donations should be subject to taxation and indeed given their criminal intent ideally should be seized under SOCA.
Labour should be taking note, rather than talking to foreign capital, which it is reported to be doing. We do not need private equity funds or the likes of Blackstone funding the UK economy. What we need to do is provide the people of the UK with the chance to save for their own future prosperity – and survival.
The opportunites for saving exist already. What we do need to do is radically reduce public expenditure by refusing all and any funding for Extreme Left wing beliefs. That would be ‘taking back control’ and would most likely win a huge number of votes in the productive sector.
Van_Patten said:
“What we do need to do is radically reduce public expenditure by refusing all and any funding for Extreme Left wing beliefs”
Which would have happened if we’d actually had a Tory government in the last 9 years, rather than a bunch of statists with blue rosettes.
And if we had, the Conservative Party wouldn’t now be panicking about whether they’re going to come third to Reform tomorrow.