Uploaded May 2026 | Updated September 2026, 3 weeks ago
Most people think the next economic crisis will begin when shortages become obvious and prices start soaring.
I disagree.
The battle over the next economic crisis has already begun, and what worries me most is not the shortages themselves. It is the growing resistance to doing anything effective about them.
After appearing on BBC Radio Five Live to discuss Rachel Reeves’ proposed food price cap, I came away convinced that many people still believe markets can solve every problem. Faced with shortages of food, fuel or energy, their answer remains the same: let competition work, let prices rise and let markets adjust.
But what happens when people cannot afford those prices?
Markets can ration food by price. They can ration fuel by price. They can ration energy by price. What they cannot do is guarantee that everyone gets access to essential goods when shortages emerge.
That is the issue we need to confront.
In this video, I explain why I think Britain faces the risk of a genuine supply crisis, why free-market dogma could make that crisis much worse, and why the opposition to intervention is already organising itself. Calls for rationing, market support, public provision or emergency government action are already being dismissed as socialist or statist.
The real question is simple. When shortages arrive, should access to food, fuel and energy depend upon the ability to pay, or should the government act to ensure everyone gets what they need?
I argue that food, fuel and energy must be treated as public goods in a crisis. The alternative is rising hardship, growing anger and potentially serious social unrest.
The crisis may still be ahead of us.
The fight over how we respond to it has already begun.
Radio 5 link: bbc.co.uk/sounds/play/m002wkpl
Take a look at the poll below: youtube.com/post/UgkxK6gnTZp70xIs83C5CEdQWd4Ap3S4CRqP
00:00 — Introduction: the coming crisis and the choices ahead
00:45 — Why this crisis is different from recent economic shocks
01:30 — The danger of social breakdown and public panic
02:15 — Why governments must intervene directly
03:00 — The argument for rationing, price controls, and planning
03:45 — Preventing inequality from turning into chaos
04:30 — The risk of political failure and denial
05:15 — Why markets alone cannot manage scarcity crises
06:00 — The need for solidarity, fairness, and collective action
06:45 — Politics of care versus descent into mayhem
07:20 — Conclusion: choosing stability, protection, and survival
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
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. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: 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: taxresearch.org.uk/Blog
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #UKPolitics #EconomicCrisis #CostOfLiving #PoliticsOfCare #Inflation #EnergyCrisis #FoodShortages #SupplyChainCrisis #PoliticalEconomy #Austerity #Neoliberalism #SocialJustice #PublicPolicy #EconomicPolicy #BankOfEngland #Recession #CrisisManagement #GovernmentPolicy #Rationing #PriceControls #HousingCrisis #PublicServices #EconomicSecurity #Democracy #CollectiveAction #SocialCare #Community #PoliticalAnalysis #UKGovernment #FinancialCrisis
Most people think the next economic crisis will begin when shortages become obvious and prices start soaring.
I disagree.
The battle over the next economic crisis has already begun, and what worries me most is not the shortages themselves. It is the growing resistance to doing anything effective about them.
After appearing on BBC Radio Five Live to discuss Rachel Reeves’ proposed food price cap, I came away convinced that many people still believe markets can solve every problem. Faced with shortages of food, fuel or energy, their answer remains the same: let competition work, let prices rise and let markets adjust.
But what happens when people cannot afford those prices?
Markets can ration food by price. They can ration fuel by price. They can ration energy by price. What they cannot do is guarantee that everyone gets access to essential goods when shortages emerge.
That is the issue we need to confront.
In this video, I explain why I think Britain faces the risk of a genuine supply crisis, why free-market dogma could make that crisis much worse, and why the opposition to intervention is already organising itself. Calls for rationing, market support, public provision or emergency government action are already being dismissed as socialist or statist.
The real question is simple. When shortages arrive, should access to food, fuel and energy depend upon the ability to pay, or should the government act to ensure everyone gets what they need?
I argue that food, fuel and energy must be treated as public goods in a crisis. The alternative is rising hardship, growing anger and potentially serious social unrest.
The crisis may still be ahead of us.
The fight over how we respond to it has already begun.
Radio 5 link: bbc.co.uk/sounds/play/m002wkpl
Take a look at the poll below: youtube.com/post/UgkxK6gnTZp70xIs83C5CEdQWd4Ap3S4CRqP
00:00 — Introduction: the coming crisis and the choices ahead
00:45 — Why this crisis is different from recent economic shocks
01:30 — The danger of social breakdown and public panic
02:15 — Why governments must intervene directly
03:00 — The argument for rationing, price controls, and planning
03:45 — Preventing inequality from turning into chaos
04:30 — The risk of political failure and denial
05:15 — Why markets alone cannot manage scarcity crises
06:00 — The need for solidarity, fairness, and collective action
06:45 — Politics of care versus descent into mayhem
07:20 — Conclusion: choosing stability, protection, and survival
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
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. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: 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: taxresearch.org.uk/Blog
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #UKPolitics #EconomicCrisis #CostOfLiving #PoliticsOfCare #Inflation #EnergyCrisis #FoodShortages #SupplyChainCrisis #PoliticalEconomy #Austerity #Neoliberalism #SocialJustice #PublicPolicy #EconomicPolicy #BankOfEngland #Recession #CrisisManagement #GovernmentPolicy #Rationing #PriceControls #HousingCrisis #PublicServices #EconomicSecurity #Democracy #CollectiveAction #SocialCare #Community #PoliticalAnalysis #UKGovernment #FinancialCrisis
