The NHS Funding Crisis
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- เผยแพร่เมื่อ 19 ม.ค. 2023
- The NHS is in crisis and only significant spending will solve that. I estimate £30bn is required a year. This video is about how to fund that.
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice, Sheffield University Management School, a chartered accountant and economic justice campaigner. He blogs at www.taxresearch.org.uk/Blog/ and tweets @RichardJMurphy
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We could always look down the back of Dido Harding’s settee for some spare readies.
Get rid of the PFI’S bleeding hundred of millions of pounds a year out of the NHS first
If we had a national banking service backed by the central bank with a 100% deposit guarantee funds would pour in.
Stop using agency nurses, that would save 4.5 billion£
Also stop Treating the World for Free
Give more money to HMRC investigating tax abuse? That will have (former Chancellor of the Exchequer) Nadim Zahawi shifting uncomfortably in his chair.
And would surely have him jailed for deliberately cheating the HMRC , yes, deliberately. No horse heater mistake here.
Wouldn't it be nice if the Labour Party of the 2020s preferred to save the NHS rather than sell it!
In the capitalist dystopia we currently live in, political parties are just fronts. They use words to get elected and then their actions reflect the interests of the capitalist class (underfunding the nhs and public services so that they can profit off of these services becoming private)
The NHS under the Blair government was sold to corporate companies through PFI. Which practically bankrupted the NHS. If it weren't for COVID-19 we wouldn't have the NHS.
Renationalisation, renationalisation, renationalisation.
Great video - I have subscribed thank you.
Wouldn't quantitative easing drive up inflation?
One request. Any chance of dumping the sound graphical display at the bottom? It adds nothing and it is distracting.
Thanks Richard!
How would ISAs be able to fund the NHS? They would eventually be paid back with interest, and the NHS does not generate profit, so for people to get the cash out their ISAs, wouldn't that need government spending, or to function like a ponzi scheme using new savers' money to pay back earlier "investors" ? Why not just advocate fully funding this from gov spending in the first place?
Not many people cashes out the ISAs he's talking about. I know I wont. He's talking about taxing more the 10% of the wealthiest people that invest in those stock ISAs, or reducing their tax free capital gains, which is fair enough. Alternatively, he's suggesting a new ISA specifically to fund the NHS.
I think you're talking about a savings ISA, and that's something totally different that wouldn't apply to this.
@@sarayinafr1473 why would you never cash out an ISA? that would be like giving your money away! At some point you're going to want it back. You do realise what the S in ISA means, surely.
Danke.
Thanks so much Mr Murphy
Charging patients 10, 20 or 30pc to deter time-wasters - how would that be?
That's just privatisation through the back door. Would you be happy to fo down the road of USA style corporate medical care? When you have,a heart attack or cancer get given the choice of treatment but you'll be homeless or die, because that's how the system in the USA works. Even private health insurance in the UK is the same. They'll fund the care you need to get you out of danger but not maintenance treatment
I probably favour the capital gains increase (easy for me to say as it doesn't affect me). Now that the Conservatives have cut national insurance, should we raise income tax to compensate (which would affect me if it includes a basic rate increase)? Would that help? Would it be fair?
Very good and sensible. There is also the option of a wealth tax. The Wealth Tax Commission estimated that a one off 1% charge on net assets over £500k could raise £260bn over a 5 year period.
Another option is that we get extra funding by giving the elderly a healthcare loan, akin to a student loan, which is either repaid from their estate upon death or is written off.
A wealth tax is just theft
A better idea is for government to fund elderly care under the umbrella of the NHS. That way the elderly get the care they need and their relatives aren't made homeless to pay for it.
Close the annual Tax Gap!
This isnt the first time ive heard an economist discuss the possibility of raiding pensions & savings to fund government spending. The problem comes when ordinary people get to pensionable age and claim their pension they've paid into for many years only to be told "sorry, your pension has been spent". The same with ISA's. Its a disincentive to save for either.
The better idea would be to introduce a universal income to everyone earning less than £50,000 per year. This will become more obvious as and when many low skilled jobs,are automated and people are laid off. Even relatively skilled jobs will, in time be automated which means the availability of jobs will be fewer but people still need to live somewhere, pay rent or mortgages and live normally. If a universal income is given to them people will still be able to play an important role in the economy as they will still pay taxes in the form of council tax & VAT so the treasury won't lose out. It will place less strain on NHS resources and will reduce crime. The idea of everyone having a job to earn money won't be viable nor sustainable for everyone as automation increases. Some will choose to work for themselves others will take care of family, so this needs to be factored in to the new society that's taking shape
Where would this "universal income to everyone" come from? How about tax benefits for the non working class to ease the tax burden on the working class.
"I know! We could just steal more money!" NHS is the most expensive thing the government spends on, only surpassing servicing our debt, and pensions. Just because you can print infinite money, doesn't mean you have infinite value, Richard.
The reason why the government's creditors perceive freshly printed money to have value, is because inflation takes value from anyone who holds their value in the form of that currency.
Unfortunately, the poorest happen to be the ones who hold their value in currency, so inflation steals from the poorest. MMT is a tax on the savings of the poorest in society.
Please explain why you think I'm wrong.
It seems so simple!
All interesting ideas. None of which will be examined while both main political parties are in hock to wealthy donors. Tories are worse of course - wealthy donors are their funding system, but Labour are skint right now and have the begging bowl out too.
👍👍👍
Turn the heating down, stop wasting £60k a year on " diversity managers" wages . Charge a nominal fee to AnE, £2-5 for eg, that would stop people turning up with a paper cut ( yes, it happens, I'm staggered too) or repeat offenders who turn up with an action man or Cindy doll figure stuck up their arse. On the whole it's badly managed.
I suggest you atop reading the daily mail/express and start thinking for yourself. You can pay for your health care but the rest of us need the NHS,and are grateful for it. Don't abuse something you don't understand
Also, charge people for missed appointments, especially people who choose not to work. People abuse other people's money. You are right, don't abuse something you don't understand.
Wow, those assumptions!!! Are we supposed to accept that such a proportion will come back to the government in taxation??? Utter nonsense.
Extra spending on the NHS will mean more people returning to work??? What a crock of ****.
+1
When the only healthy people are the rich , who will work to run the economy.
Much of what you say makes sense but you don't mention the downsides. QE causes inflation which is another form of taxation. You seem to suggest that because the amounts are small, the effects can be ignored.
Chucking money at the NHS is often wasteful and, again, inflationary.
Higher taxes can reduce investment further reducing GDP.
Further borrowing just kicks the problem down the road, where our children live.
As a disabled pensioner, the NHS has failed me. I have been forced into private treatment which has not done much better.
The NHS needs reform. It does not need to be privatised but it does need more scrutiny which I would privatise. And staff.
Tax the rich.
They already pay too much
"tax the rich" said the voice of the ignorant who I'm guessing doesn't pay that much income tax.