Uploaded August 2026 | Updated September 2026, 3 weeks ago
Britain’s pubs can be busy, football grounds can be full, and airports can be crowded while millions of people are still struggling to pay for life’s essentials.
The cost-of-living crisis has not disappeared simply because some people cannot see it.
Britain remains a wealthy country, but that wealth and the incomes it generates are very unevenly distributed. Some people can still afford football tickets, meals out and foreign holidays. Others are struggling with housing costs, energy bills, food and transport. Both things can be true at exactly the same time.
And when it comes to visibility, there is another issue to consider. Spending does not necessarily indicate financial security. People use savings, credit cards and debt to maintain their lifestyles when their incomes no longer cover their costs. A pint in a pub or a week abroad tells us very little about someone’s underlying financial resilience.
Political economy asks us to look beyond these superficial signs of prosperity. Who isn’t at the football match? Who cannot afford the pub? Who isn’t travelling through the airport?
Those missing people matter.
The cost-of-living crisis is an inequality crisis. If we want to understand what is happening in Britain, we need to look at those who have become economically invisible, not just those we can still see spending.
Take a look at today's poll: youtube.com/post/UgkxZXBqtMGIRKmPfnYkQD9hYxkTKKqdXHpz
00:00 Is the Cost of Living Crisis Really Over?
00:48 Why Appearances Can Be Misleading
01:40 Britain’s Unequal Distribution of Wealth
02:32 Why Essential Costs Keep Rising
03:20 Hidden Financial Insecurity and Rising Debt
04:15 Why Averages Conceal the Real Crisis
05:05 Political Economy and Invisible Poverty
05:56 Why Looking Away Is a Political Choice
06:29 A Politics of Care for Everyone
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
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
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 #CostOfLivingCrisis #UKPoverty #Inequality #PoliticsOfCare #PoliticalEconomy
Britain’s pubs can be busy, football grounds can be full, and airports can be crowded while millions of people are still struggling to pay for life’s essentials.
The cost-of-living crisis has not disappeared simply because some people cannot see it.
Britain remains a wealthy country, but that wealth and the incomes it generates are very unevenly distributed. Some people can still afford football tickets, meals out and foreign holidays. Others are struggling with housing costs, energy bills, food and transport. Both things can be true at exactly the same time.
And when it comes to visibility, there is another issue to consider. Spending does not necessarily indicate financial security. People use savings, credit cards and debt to maintain their lifestyles when their incomes no longer cover their costs. A pint in a pub or a week abroad tells us very little about someone’s underlying financial resilience.
Political economy asks us to look beyond these superficial signs of prosperity. Who isn’t at the football match? Who cannot afford the pub? Who isn’t travelling through the airport?
Those missing people matter.
The cost-of-living crisis is an inequality crisis. If we want to understand what is happening in Britain, we need to look at those who have become economically invisible, not just those we can still see spending.
Take a look at today's poll: youtube.com/post/UgkxZXBqtMGIRKmPfnYkQD9hYxkTKKqdXHpz
00:00 Is the Cost of Living Crisis Really Over?
00:48 Why Appearances Can Be Misleading
01:40 Britain’s Unequal Distribution of Wealth
02:32 Why Essential Costs Keep Rising
03:20 Hidden Financial Insecurity and Rising Debt
04:15 Why Averages Conceal the Real Crisis
05:05 Political Economy and Invisible Poverty
05:56 Why Looking Away Is a Political Choice
06:29 A Politics of Care for Everyone
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
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
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 #CostOfLivingCrisis #UKPoverty #Inequality #PoliticsOfCare #PoliticalEconomy
