LOOKING BEHIND THE NUMBERS – RICHARD MURPHY

By Olivia Hanks

Richard Murphy is in some ways an unlikely figure. A tax expert and former accountant, his views are resolutely anti-establishment: asked on air in 2012 to name the greatest threats to democracy, he responded “Deloitte, KPMG, PwC and Ernst & Young”. Yet despite having some vociferous critics (as you would expect for someone whose raison d’être is forcing the wealthy to pay their share of tax), his influence is now being felt: as the architect of country-by-country reporting, which requires corporations to publish figures for every country in which they operate so that it is clear when profit has been moved into low-tax jurisdictions, he has helped to create a framework for taxation transparency worldwide. Country-by-country reporting has now been adopted by the OECD and the EU.Continue Reading

VOTE LEAVE: BREXIT AND THE CRISIS OF THE ESTABLISHMENT

by Anonymous

For a long time, I have been a strong supporter of a so called ‘#Lexit’ from the EU, rejecting both the capitalist stance of Cameron, and the mainstream xenophobic leave campaigns. Nearly all discourse surrounding a Left Exit of the EU is dominated by Liberal Remainers, who ignore the genuine voices of the working class which is tired of decreasing living standards and austerity measures across Europe.Continue Reading

IF NEGATIVE INTEREST RATES ARE SET, CORBYNOMICS WILL LOOK CONSERVATIVE IN COMPARISON

by Matilda Carter

When the right-wing press are not engaging in personal abuse and out of context smearing to discredit Labour’s new leader, they occasionally give their opinion on his policy. The most discussed by far is what has been, slightly unfairly, dubbed Corbynomics. The premise is simple: in recessionary times allow the Bank of England to print money to fund infrastructure projects essentially transferring money from the financial economy to the real economy. It may seem like a silly idea, but the Bank of England has engaged, since the financial crash, in a kind of Corbynomics by proxy: printing money to sure up bank balance sheets, making them more likely to lend and slowly, whilst transferring through several financial institutions, stimulate economic growth and liquidity. That’s called Quantitative Easing.

The biggest objection to Corbyn’s policy from the right-wing (other than laughable comparisons to Zimbabwe) is that by directly politicising monetary policy and creating money out of thin air to build infrastructure, inflation will rise. Mark Carney, the governor of the Bank of England, alongside former Shadow Chancellor Chris Leslie and former leadership candidate Yvette Cooper, have made a logical argument that inflation rises always hit the poorest hardest.Continue Reading