Funding the Future

Richard Murphy
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Mar 24, 2026 • 8min

Voting is broken

The UK doesn't have a real democracy. In this video, I explain why first past the post is a broken voting system that produces governments nobody voted for — and why proportional representation is the only serious alternative. In the 2024 general election, Labour won 411 seats in the House of Commons — a massive majority. But Labour received just 33% of the national vote. Only 20% of all registered voters actually voted Labour. That means 80% of the electorate did not choose the party now governing the country with near-absolute power. This is not a new problem. First past the post has always distorted UK elections. Most MPs are elected by a minority of voters in their own constituency. Millions of votes are wasted every election — people who vote for losing candidates get no representation at all. The Liberal Democrats have received millions of votes nationally for decades and received almost no seats. Reform UK has significant national support but a tiny number of MPs. The result is adversarial politics, short-term thinking, dramatic policy swings between governments, and an electorate that increasingly does not trust the system. Voter turnout falls because people know their vote doesn't count. And when people stop believing in democracy, dangerous alternatives start to look attractive. Proportional representation fixes this. Under PR, seats in parliament would broadly reflect votes cast. Fewer votes would be wasted. Coalition governments would be the norm, requiring cooperation and compromise rather than winner-take-all confrontation. Long-term policy would become possible because successive governments would share broad agreement rather than tearing up everything their predecessor did. Electoral reform is not a technical question — it is a democratic necessity. If we believe in representative government, we need a system that actually represents the people who vote. In this video we cover: - Why first past the post produces governments nobody voted for - How Labour won a massive majority with just 20% of registered voters - Why millions of votes are wasted every UK election - How FPTP encourages adversarial politics and short-term thinking - Why proportional representation would transform British politics - The case for electoral reform as a democratic necessity
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Mar 21, 2026 • 10min

Military power is dead

The podcast argues that military might no longer guarantees victory and conventional bombardment is losing its decisive edge. It explores how economic warfare, weaponized sanctions, and control of supply chains now shape conflicts. It highlights how identity, legitimacy, and resilience can outlast external coercion. It questions the global appeal of neoliberal soft power and considers nonviolent tools and cooperation as future levers of influence.
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Mar 20, 2026 • 8min

Why is electricity a rip-off?

A clear take on why UK electricity bills are so high and who benefits from the current pricing rules. An explanation of how cheap renewable and nuclear power are paid at gas prices. A critique of the economic theory that justifies the system and a simple proposal to charge average generation costs instead of the top marginal price.
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Mar 19, 2026 • 8min

They miscalculated: we'll pay

The Iran war is not just a military conflict — it is the biggest economic disaster most of us will ever see. Two weeks in, the closure of the Straits of Hormuz has already triggered a global economic crisis that will hit every country on earth. Twenty percent of the world's oil flows through the Straits of Hormuz. So does one-third of all raw materials for fertiliser production — urea, sulfuric acid, and phosphates. With that trade route now shut, oil prices are heading towards $150 a barrel or more, and the fertiliser needed for April planting simply cannot get through. The result? Potential crop failure and famine by autumn. This is the economic impact of the Iran war that nobody in Washington or Tel Aviv anticipated. Trump and Netanyahu assumed they could impose regime change from the air — but Iran fought back with the one weapon that matters: control of the world's most critical trade chokepoint. The consequences are already cascading. Dubai airport has closed. Insurance markets for shipping and aviation have frozen. Gulf states like Kuwait and Iraq face imminent food and water shortages. Global inflation is accelerating. Industrial supply chains — including for AI chips — are breaking down. Balance of trade is collapsing for oil-dependent economies worldwide. And Iran has named its price: the removal of all US air bases in the Gulf and $500 billion in compensation. Most countries are refusing to join the US, telling Washington to clean up its own mess. There is no good outcome here now. Even if Trump and Netanyahu were removed tomorrow, the damage is done. This is what happens when two men start an illegal war to avoid going to prison. In this video we cover: - Why the Straits of Hormuz closure is an unprecedented global economic crisis - How oil prices could exceed $150 a barrel and what that means for every economy - The fertiliser crisis that could cause worldwide famine by autumn - Why Iran's strategy has outmanoeuvred the US and Israel - The cascading collapse of trade, insurance, and industrial supply chains - Iran's demands and why no country wants to help America
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Mar 18, 2026 • 5min

It's all change with YouTube

They unpack how YouTube’s algorithm shift is cutting views for educational channels. They debate why repetition matters for learning but now gets penalised. They outline plans to refresh visuals, thumbnails and formats while keeping substance. They invite listener feedback and preview a live Leeds event and team changes.
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Mar 17, 2026 • 9min

10% of GDP is fiction

Everyone is told that economic growth is the key to prosperity. But what if a significant part of GDP, the number politicians obsess about, is based on a transaction that never actually happens? Around 10% of UK GDP is made up of something called “imputed rent.” This is the imaginary rent homeowners are assumed to pay themselves for living in their own homes. No money changes hands. No market transaction takes place. But the figure still appears in national income statistics. In this video, I explain: why imputed rent exists in national accounts why around £275 billion of UK GDP is based on this assumption why GDP ignores huge amounts of real value creation such as childcare, care work and volunteering, and why building economic policy around GDP growth is deeply misleading. If GDP counts invented transactions but ignores real work that keeps society functioning, we need to ask a serious question: Why do we treat GDP growth as the ultimate measure of economic success? Let me know your thoughts in the comments.
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Mar 16, 2026 • 9min

If we have knights, we can have money

Most people in the UK still believe in the power of royalty — and the power of the honours system. We accept that a knighthood is created from nothing with a tap of the King’s sword. Yet many refuse to accept that the government creates money in exactly the same way: by tapping a few keys on a keyboard. In this video, I explain why knighthoods and money share the same foundations: state authority, public trust, and responsible stewardship. Money is not limited. Knighthoods are not limited. Both can be over-issued. Both can be under-issued. And both are destroyed when they’re no longer needed. If you believe in the power to create honours, you already believe in the power to create money — even if you’ve been told otherwise.
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Mar 15, 2026 • 16min

The Laffer lie

A critique of Arthur Laffer’s famous tax curve and how a simple sketch reshaped economic policy. Examination of why the curve lacks empirical support and how real-world money systems change tax’s role. Discussion of tax competition, inequality, and the political spread of low-tax dogma. Proposals for cooperation, transparency, and fairer taxation to strengthen societies.
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Mar 14, 2026 • 10min

Money doesn't vanish

Every time stock markets drop, headlines say that billions have been lost. But where does that money actually go? If you want to understand crashes, confidence, and the baked bean market (trust me), this one’s for you.
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Mar 13, 2026 • 7min

Why is our economy fragile?

War does not just test armed services. It tests economies. Right now, the UK is discovering how fragile its economic model has become. Decades of de-industrialisation, reliance on imports, financialisation and extreme inequality have left the country dangerously exposed to global shocks. When supply chains break, when energy prices rise, or when geopolitical tensions escalate, the consequences hit the UK economy very quickly. In this video, I explain why Britain’s economic fragility is not an accident. It is the result of policy choices made over the last forty years. I also explain why a sovereign government has far more capacity to respond to crises than politicians often admit, and what Britain could do to rebuild economic resilience. Because the real question now is simple: will we redesign the economy for resilience, or continue with a model that collapses when shocks arrive?  

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