{"id":80029,"date":"2025-02-06T08:15:51","date_gmt":"2025-02-06T08:15:51","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=80029"},"modified":"2025-02-06T08:15:51","modified_gmt":"2025-02-06T08:15:51","slug":"its-not-all-hogwash","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2025\/02\/06\/its-not-all-hogwash\/","title":{"rendered":"It’s not all hogwash"},"content":{"rendered":"

The Guernsey Press - and the Guernsey establishment - have not always been big fans of mine. I did my utmost to change the tax haven laws of Jersey and Guernsey over a period of about a decade, at around the time I began writing this blog, and as a result, helped impose massive change on those places. I was pretty much treated as an enemy of the state in both as a result. I was therefore surprised to see a lot of favourable comment about me in that newspaper in an article published yesterday<\/a> that was headlined as follows:<\/p>\n

\"\"<\/p>\n

As far as I can recall, I have never spoken to Andy Sloan, but I approve of what he had to say:<\/p>\n

IT TURNS out the Bank of England is an equal-opportunity wrecking ball when it comes to politicians. First, Liz Truss took the fall for the Bank\u2019s LDI supervisory scandal. Now, Rachel Reeves is feeling the heat, thanks to an appallingly timed QT programme. Just to catch everyone up, QT \u2013 quantitative tightening \u2013 is the Bank\u2019s effort to unwind a decade of QE by selling bonds back to the market. The result? Increasing supply that depresses prices, hikes yields, and makes borrowing more expensive \u2013 just as the UK government needs to borrow more.<\/p><\/blockquote>\n

Then he added:<\/p>\n

Big shout-out to Richard Murphy for bringing that one to my attention. I remember when I joined Guernsey Finance, I was told that tax haven critic Richard Murphy wasn\u2019t very influential because he only had a few hundred YouTube subscribers. Clearly they didn\u2019t have a scooby-do who Richard Murphy was. In those days, he was pretty niche, but today, he has around 110,000 subscribers \u2013 not quite the 13.4 million of Flamingo, the kids\u2019 entertainer, but enough to suggest he\u2019s going mainstream. I\u2019ve kept abreast of his musings, as it\u2019s useful to know what the other side is saying. It\u2019s why I\u2019m an avid reader of Thomas Piketty, whom I regularly refer to in these pages. I recommend a visit to Murphy\u2019s channel. It\u2019s not all hogwash \u2013 if you had been a regular visitor, you\u2019d have been aware of the criticism of the Bank of England\u2019s quantitative tightening programme weeks before readers of The Times, The Telegraph, or even The Financial Times.<\/p><\/blockquote>\n

I agree; it's not all hogwash. More importantly, people are noticing, even if it takes The Guernsey Press to admit that is the case.<\/p>\n

And a personal note from me in response: I love Guernsey. It's beautiful. It would still be so much better without its abusive tax haven laws, though.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Guernsey Press – and the Guernsey establishment – have not always been big fans of mine. I did my utmost to change the tax
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