Funding the Future Reeves' budget: built on fear?
Nov 29, 2025
The discussion critiques a recent budget for lacking vision and favoring the City of London, leaving public services in the lurch. The host outlines how austerity measures will impact education and local authorities, while taxes rise without tangible benefits. Fear of financial markets drives policy decisions, leading to a reality where the rich are shielded from tax burdens. The podcast advocates for a national bank and wealth taxes, emphasizing the need for a courageous politics focused on care and sustainable growth.
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Budget Lacked Vision And Delivered Austerity
- Richard Murphy argues Rachel Reeves' budget was a hollow, visionless settlement that effectively delivered austerity by stealth.
- He claims the City of London blocked meaningful reforms, forcing timid choices that leave people worse off.
Taxes Raised Without Clear Returns
- Murphy asserts Reeves raised taxes yet offered no meaningful returns, provoking public anger and loss of trust.
- He frames her choices as ideological austerity, not fiscal necessity, because better funding options exist.
Government Need Not Follow The Household Analogy
- Murphy says Reeves is governed by fear of finance and accepts the household analogy that governments must behave like households.
- He argues this is false and that government can create and manage money without surrendering to the City.