Why the UK budget system is broken — and how to fix it

Rachel Reeves just gave us a masterclass in how NOT to run an economy. We got leaks, U-turns, political theatre, but almost no real economic planning.

In this video, I explain what’s gone wrong and how we could get a rational budget delivering:

- Open and democratic decision-making
- Good accounting & proper economic forecasting
- Fair taxes that work in practice
- A focus on environmental limits & real outcomes

We deserve better than this.

What do YOU think needs to change? Vote in the poll below.
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00:00 – The Damp Squib Budget
00:36 – The City Controls the Agenda
01:08 – No Investment, No Vision
01:42 – Austerity by Stealth
02:14 – People Pay More, Get Nothing
02:48 – The Public Wants Wealth Taxation
03:20 – Britain Has No Economic Plan
03:54 – Reeves Fears Finance
04:28 – The Household Analogy Myth
05:00 – The Full Funding Rule Lie
05:32 – Choosing Austerity, Not Necessity
06:04 – Subsidising Banks, Taxing the Poor
06:36 – Ignoring Monopoly Profits and Rentier Abuse
07:08 – Dodging Tax Avoidance and Corporate Abuse
07:40 – Hollow Growth Claims
08:12 – Managed Decline, Not Renewal
08:46 – Who Really Governs Britain?
09:18 – What She Could Have Done Instead
09:50 – A Cowardly Treasury, A Costly Future

TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk

IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/

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ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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