Uploaded March 2026 | Updated September 2026, 3 weeks ago
The UK government says it must spend around £100 billion a year on debt interest — and that nothing can be done about it.
That is simply not true.
In this video, I explain why debt interest is a policy choice, not a fixed market outcome, and set out practical ways the government could reduce its costs.
The real question is not “can this be changed?” but “why is it not being changed?”
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
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
#UKDebt #PublicDebt #InterestRates #EconomicPolicy #Austerity #UKPolitics #BankOfEngland #NationalDebt #PublicFinance #GovernmentSpending #QE #QuantitativeEasing #EconomicReform #FiscalPolicy #DebtMyth #EconomicsExplained #PoliticalEconomy #FundingTheFuture #PoliticsOfCare #Inequality #EconomicJustice #InterestCosts #PublicSpending #UKEconomy #DebtInterest #EconomicDebate #PolicyChoices #EndAusterity #WealthInequality #MacroEconomics
The UK government says it must spend around £100 billion a year on debt interest — and that nothing can be done about it.
That is simply not true.
In this video, I explain why debt interest is a policy choice, not a fixed market outcome, and set out practical ways the government could reduce its costs.
The real question is not “can this be changed?” but “why is it not being changed?”
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
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
#UKDebt #PublicDebt #InterestRates #EconomicPolicy #Austerity #UKPolitics #BankOfEngland #NationalDebt #PublicFinance #GovernmentSpending #QE #QuantitativeEasing #EconomicReform #FiscalPolicy #DebtMyth #EconomicsExplained #PoliticalEconomy #FundingTheFuture #PoliticsOfCare #Inequality #EconomicJustice #InterestCosts #PublicSpending #UKEconomy #DebtInterest #EconomicDebate #PolicyChoices #EndAusterity #WealthInequality #MacroEconomics
