Why inheritance tax proves Britain is grotesquely unequal

The Financial Times has published remarkable data on inheritance tax in the UK. Just five London parliamentary constituencies paid more inheritance tax than the whole of Scotland and Wales combined. Ten London seats paid more than the entire north of England over five years. But the FT then drew the wrong conclusion. This video explains why the real story is not that Britain depends on wealthy Londoners to fund the state. A currency-issuing government does not depend on the rich for money. Instead, the data reveals something much bigger and more important, which is the catastrophic consequences of the concentration of wealth in London and the long-term failure of UK regional economic policy. I explain what tax is actually for, why inheritance tax is meant to redistribute wealth, and why the UK economy has become so distorted that entire regions have been systematically left behind. This is a story about inequality, financial power, failed neoliberal economics and the political choices that created modern Britain. The real question is not whether the government can afford to, or should, tax wealth. It is about why wealth has been allowed to become so concentrated in the first place. If you want to understand inheritance tax, inequality, the role of the Financial Times in the wealth tax debate, and why Britain’s economy increasingly works only for a wealthy minority, this video explains the bigger picture. Let us know your thoughts by voting in our poll:    • Post   Financial Times article: https://www.ft.com/content/3bfe4a3e-0... TRANSCRIPT A transcript for this video is available at: https://www.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. https://www.taxresearch.org.uk/Blog/2... HOW TO SUPPORT US Please consider donating: https://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/richardjmurp... OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION:    • Welcome to my channel - Richard J Murphy -...   PLAYLISTS: The Wealth Series    • The Wealth Series   Ecenomics    • Ecenomics   Britain    • Britain   Tax    • Tax   MMT    • MMT   Money    • Money   Climate Change    • Climate Change   USA    • America and Trump   Labour    • Playlist   The Trump Administration    • Playlist   #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #InheritanceTax #UKEconomy #RegionalInequality #TaxJustice #WealthInequality #FinancialTimes #ModernMonetaryTheory #BankOfEngland #FiscalPolicy #Neoliberalism #UKPolitics #LondonWealthGap #RichardMurphy #FundingTheFuture #GovernmentSpending