Once the Tax Research Glossary is up and running with sufficient entries to make it useful the next issue that I intend to tackle is the myths that underpin neoliberalism.

Without in any way seeking to be exclusive these might include:

• There is money in the bank
• Banks lend out other people's money
• Tax pays for spending
• Government debt has to be repaid
• Growth is the be-all and end-all of the economy and nothing else matters
• Austerity is the right response to economic downturns
• Public services are black holes into which money is thrown
• Government spending can't add to growth
• Money creation is bound to lead to inflation
• The government must balance its books
• We can't afford pay rise during inflationary periods
• Profit is a measure of anything useful
• Government is like a household
• There is no such thing as society
• There is only taxpayer money
• Our grandchildren will have to repay our debt
• The national debt is a burden
• We can no longer afford the NHS
• There is no alternative.
• The right (Conservatives, Republicans, etc) are fiscally responsible and their opponents are not.
• Increasing public sector pay leads to a wage-price spiral.
• There is a free market, and cutting regulation (“red tape”) will always improve its functioning.
• The Bank of England is independent of government.
• Cutting taxes paid by the wealthiest will ultimately improve the position of the poorest.
• A larger public sector is bad for the economy
• There is no magic money tree
• The private sector is crowded out by the government
• Markets act rationally and efficiently, on perfect information, with consistent self-interested goals, and always clear.
• Economic equilibrium exists in the real world.
• Inequality does not matter (so we can be relaxed about some people getting filthy rich).
• The self-made man (or woman).
• The conditions of your life are down to you and you alone.
• The wealth of one person has no bearing on the poverty of another.
• Government is dependent on markets. We can't have healthcare or education etc without private sector wealth creation.
• The purpose of life is pursuit of success in the market place.
• Everyone is a self-interested, self-maximising economic being.
• Freedom equates to unfettered consumption.
• Neoliberalism frees people from bureaucracy.
• During austerity ” we are all in it together".
• The “Investor” is king.
• Savings are investments.

Some of these items very obviously overlap. Reiteration is not a problem when tackling myths.

Suggestions are welcome. Please email them to glossary@taxresearch.org.uk.

The aim of this exercise will be to:

• Explain what is being claimed
• Show why it is wrong
• Offer a counter-narrative that can be used to attack it.

I am hoping it will prove to be useful.