Why savings are dead money – and what we should do instead
Richard J Murphy
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I’m Richard Murphy, political economist, author of the Funding the Future blog, and a long-time critic of the failed ideas driving our economy. On this channel, I expose why the UK economy doesn’t work for most people — from wealth inequality to the myths around government debt and neoliberal austerity. More importantly, I explore real-world solutions: how we can use money, investment, and the power of government to create a fair, sustainable society. If you’re ready to move beyond economic myths and challenge the rigged system shaping British politics, subscribe. Let’s rethink what our economy could be.
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The government spends £80 billion a year encouraging people to save – but saving don’t fund growth, wages or investment. They just prop up banks and financial markets. In this video, I explain why savings are essentially dead money and what a more effective economic strategy would look like. TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk/Blog/2025/07/22/savings-are-dead-money-2/ 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/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch 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. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series: https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life
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