Friday, 24 May 2013

So Mr Murphy thinks the UK is a "finance dependent economy"?


I ask this because Richard Murphy and the folks at "Tax Justice Network" think that the UK is a finance dependent economy. And of course that doing that moving-money-around business that we've been doing since the 18th century is damaging our economy.

Just for clarity - according to UKTI:

The financial services industry accounted for 10% of UK GDP and 11% of UK tax receipts. 

That's it? We're a 'finance dependent economy' at 10% of GDP?

This, it seems to me, is a load of nonsense (something Mr Murphy seems to specialise in) - especially since manufacturing - you know we don't make things anymore, don't you - accounts for a mere 12% of GDP.

This "Finance Curse" is just ideology looking for a theory and then making up some statistics to fit the resulting bias.


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