This video is one of a series I am making on the role of tax justice in 2021. It reflects the fact that I think that tax justice needs to rethink what it is about now since it has achieved many of the goals I and others set out for it when it began in 2003.
One of those things tax justice needs to do now is to appreciate that tax is part of the overall government funding cycle. Too much tax justice campaigning assumes that there is a simple relationship between tax and government spending when that is not true. A much more nuanced understanding of the bigger picture tax plays and the opportunities that this provides is required if tax justice is to really fulfil its potential. This video explains why.
The first video in the series is here.
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I wanted to consider how the UK economy fits with the rest of the world. I was about to review the office of statistics balance of payments report but thought you must have considered this in the overall scheme of the “debt lies” that the government promotes to justify its program of austerity and making its friends wealthier. Have you done anything on this you can refer me to? I know that in reality trade with the EU has been made difficult and I know from experience those seeking to export to the UK have struggled to understand what the UK has tried to implement to alleviate cashflow difficulties caused by application of import vat so I can imagine that figures Jan to Mar 2021 are not representative of the norm or what might be the reality in future. But I am thinking that this along with other supply chain issues must feed into our economy some fairly negative effects such as price inflation and increased pressure on the poor. Have you speculated on this somewhere?
Brexit has already heavily impacted the exchange rate since 2016
Have you seen the inflation?
Instead of asking me why, can you say why we have not?
You’re making the suggestion that Brexit is going to cause inflation. When, and how, and why was it not already priced in?
I think you misunderstand. I am not making any suggestions. I am no economist. I am just musing on: as a country we are a closed loop in terms of money supply and the economy and the only point at which that is not true, is where we have trade flows, service flows and money flows with other countries. I was merely asking what if anything you thought the generally negative trade flow might have. And if no affect, what your reasoning would be. I could not see reference to that in what I have read.
After decades floating exchange rates seem to have more than managed this….
I will add it to my list of things to do