In both nations, there is a history of colonial conquest and resource extraction.

By becoming independent, both movements aim to create a more prosperous, fair, and just society.

Both nations are in desperate need of significant public expenditure, especially in transportation, telecommunications, housing stock, and infrastructure to support electrification.

Both nations can be empowered by insights from Modern Monetary Theory (MMT) to become monetary independent governments, issuing their own currency on the day of independence.

After independence, both governments have the potential to manage and regulate their own financial services sectors, which can be designed for public rather than profit purposes.

And they face the same challenges. Including maintaining a strong relationship with their largest trading partner, England, withstanding price swings in international commodity markets, and building energy, food, and technological independence.

On this episode, Kairin and I were joined by Mark Hooper, a Plaid Cymru councillor from Barry and a candidate for the 2026 Welsh Senedd.

Link to the report mentioned in the interview.

https://www.stuc.org.uk/news/news/offshore-and-onshore-wind-creates-one-job-in-a-million-according-to-new-analysis1/

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Assuming Scotland becomes independent within the next few years, it would likely take at least a decade before it could formally join the EU. Aligning institutions too readily with EU frameworks from the outset would mean forfeiting the flexibility to create institutions that serve Scotland’s best interests in the early years of independence. An independent Scotland requires fiscal flexibility, not self-imposed rules from a bloc it does not yet belong to.

The Scottish Government argues that independence will allow Scotland to “tailor policy to Scotland’s needs; build greater equality and wellbeing; and become more resilient” (Scottish Government 2022, p. 6). We fully agree—this is the fundamental case for independence. An independent Scotland has all of the necessary resources, skills, and institutional capacity to enable its citizens to prosper.

This paper, on which this presentation is based, demonstrates the value of rigorous, independent research into how economic choices, especially those made in the early years of independence, will influence Scotland’s long-term prosperity. We argue throughout the paper that, as part of the United Kingdom, Scotland’s economy is poorly served, but our principal concern is the current economic vision for independence as outlined by the Scottish government.

Presentation delivered at the 2025 Scottish Currency Group conference. As such, there were slides that I refer to. So please visit: https://scotonomics.org/wp-content/uploads/2025/10/SUMMARY-What-Our-Paper-Means-for-Scotlands-Economy.pdf to download the summary report which includes Scotland's Sectoral Balances.

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Presentation from the MML UK Anti-Austerity conference in Bristol. September 2025.

Chaired by William Thomson, Political Economists, Scotonomics, alongside Dr. Jaideep Pandit (professor of Anaesthesia at the University of Oxford) and Emma Hughes (Just Treatment).

Welcome to our panel on health and the NHS as we frame the choices made by staff and patients within the context of fiscal austerity.

We will concentrate on fiscal austerity, which is the desire to reduce day-to-day spending on services like the NHS to reduce the government debt.

This desire to shrink the government deficit by reducing services ensures that this can only be met by shrinking our net financial wealth. On top of fiscal austerity, there are two other forms of austerity that affect our wellbeing: Industrial and monetary austerity.

Industrial austerity is structural. Our institutions are created and molded to ensure low wages, high unemployment, and de-industrialisation. By design, this leads to higher profits, the offshoring of negative environmental harm, precarious contracts, and hundreds of thousands of bullshit jobs. I am sure we will touch on this as we address low pay and conditions for many NHS staff.

Finally, we have monetary austerity. Although we won’t cover this in the conversation coming up, I want to explain this form of austerity as it provides context for our talk this morning.

Monetary austerity means generally high interest rates. The issue is magnified when interest is paid on reserves held by private banks at the Bank of England. Monetary austerity ensures that interest-bearing bonds (often inflation-linked - an idea that only sticks to borrowing from the wealthiest in society) represent a significant injection of purchasing power into the economy.

Want to know how significant?

Almost 160 billion pounds has been paid in interest on government borrowing in the last twelve months. All of this is paid as interest to the wealthiest in the country. That figure again in case you are still in shock, according to the ONS, is £160 billion.

Why is this context important? Last year, the NHS budget in England was only 30 billion more! It was £188.5 billion.

Now consider the debate and the discussions around the waste and unsustainability of NHS spending - money that literally improves wellbeing and saves lives - to the level of awareness around a very similar amount that is funnelled to those who have enough spare cash to secure, interest-guaranteed government liabilities. Where is the outrage? The calls for privatization? The Think Tanks analysing every £?

Context is important.

This huge sum (which is completely unnecessary) is never questioned. But every pound we spend on our NHS is scrutinised.

The government could direct perhaps £100 billion a year to the NHS without increasing its debt. All it would have to do is to switch off interest on new government debt and add 50% to the NHS budget.

It chooses not to do this. The MMT lens helps us understand why.

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In the audience were a former member of the Senedd Cymru and three prospective candidates who are very likely to be part of the 2026 intake. As ever, Warren challenges mainstream economic thinking. He explains how the standard mainstream economic narrative holds most governments hostage, based as it is on the economic understanding that has not shifted since the end of the gold standard - something that hasn’t been applicable for almost fifty years.  

Warren explains how the MMT lens would help policymakers understand the potential to expand the capacity of Wales and Scotland should they become independent and launch their own currency. 

Rigidly holding to gold standard thinking in a world of fiat money creation - where money is not linked to a fixed exchange rate or a commodity like gold - stymies progressive policies. With an up-to-date understanding, governments will be able to create a wellbeing economy based on full employment. 

Warren tackles six areas where the mainstream has things “backwards”. He focuses on trade, savings and investment, jobs, the money creation sequence, unemployment, and interest rates. 

He applies his MMT principles directly to the questions facing an independent Wales and Scotland, offering a fresh and radical perspective on how these nations could approach economic sovereignty.

To conclude, Warren highlights the challenges faced by progressive administrations in Edinburgh and Wales. Warren says, “ you are up against people having things backwards. So, when you're trying to explain policy and what will work, what will be progressive, it's a significant obstacle. I just don't want you to underestimate the size of that obstacle.”

Support our work. Join us on Patreon.

https://www.patreon.com/Scotonomics

Or visit the website

https://www.Scotonomics.org

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We unpack what the gig economy really means, the types of jobs it encompasses, and how technology and platforms have transformed the way work is done. 

The conversation covers the limitations of traditional unions, the lived realities and precarious conditions faced by gig workers, and the broader implications for worker power and rights. 

We also discuss the role of data, the impact of government policy, and potential alternatives, such as cooperatives and job guarantees. As this was recorded live, we also answered a few great questions from our audience, highlighting the urgent need for systemic change in the world of platform-based work.

https://workersobservatory.org

https://www.patreon.com/Scotonomics

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Her research instinct came back online when the Australian Government in 2024 proposed removing Parliament’s veto over the Central Bank. Should we really have one of the most important institutions completely outside of democratic control?

In this brilliant conversation, we take a step back to question the role of all central banks properly. Why do they all have a mandate on price stability? Can they control inflation? Why and how have they gained so much power and influence over our economy and society? We also consider where independence starts and ends.

Finally, we take a step into the future. Using an independent Scotland as a test case, how would William and Shireen co-design a brand new Scottish Central Bank?

Link to Shireen's paper:

Against Increased Central Bank Independence in Australia: Better Balancing the Unelected Authority to Decide Big Distributional Trade-offs with Principles of Constitutional Democracy

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5083556

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James’s criticisms were detailed on his Macrodose podcast.

https://podcasts.apple.com/gb/podcast...

James claims that MMT has nothing to say about the climate crisis. However, a closer look reveals that this simply isn’t true.

If James can’t see the connection between MMT and the climate crisis, it is only because he has stopped looking.

James Meadway’s dismissal of MMT overlooks its substantial contributions to understanding and addressing the climate crisis. From reshaping fiscal policy to empowering governments, MMT offers a robust framework for progressive climate action. It should not be hastily rejected by faking to consider how the discipline has evolved. Those engaged in the economics of the climate crisis should explore its potential to drive meaningful change.

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• The importance of understanding planetary boundaries and the finite planetary resources
• green/sustainable growth
• The current economic paradigm nd the impact on UK-wide policies
• The undemocratic nature of the UK state
• The usefulness of the MMT lens
• The always and forever negative impact of austerity

Zack Polanski is standing for election as the leader of the Green Party in England, and this is a brilliant overview of his progressive economic ideas.

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"The Self-Financing State" with Co-Author Andrew – A Deep Dive into the UK’s Public Finance Operations

In this revealing interview, we’re joined by Andrew, co-author of The Self-Financing State—a paper that lays bare how UK public finance actually operates, based on institutional, legal, and operational evidence. In five key parts, we break down the research and explain why this is one of the most important economic papers published in the UK in decades.

1. Government Spending = Money Creation

We kick off by exploring the central insight of the paper: UK government spending creates new money. It is not funded by taxes or borrowing. Andrew explains how this is embedded in legislation, with the Consolidated Fund at the centre of operations. The Treasury spends first—taxes and bond sales happen later and serve different purposes.

2. Bonds Don't Fund Spending

The paper shows that bonds are not issued to raise money, but to support monetary policy and the financial system. Andrew details the Full Funding Rule, the role of gilts and Treasury bills, and how the shift to interest-on-reserves post-QE makes debt issuance largely obsolete from a funding perspective.

3. The Bank of England Is Not Independent

Although the Bank of England is said to be independent, the paper shows that it is functionally subordinate to the Treasury in all spending operations. From QE indemnities to the Ways and Means facility, the central bank acts as a tool of the state. Independence is limited, mostly rhetorical, and undermines democratic accountability.

4. Misleading Framing of Deficits and Debt

We tackle the myth that government must "live within its means." Andrew explains how deficits are not under direct government control, but result from private sector saving and economic activity. Austerity, then, is not necessary—it’s a political choice sold as an economic imperative.

5. Public Debt = Private Wealth

Finally, we reframe government debt as a form of safe public saving. Bonds are demanded by pension funds and institutions because they are secure and state-backed. The idea that the national debt is something to “pay down” ignores its function as the backbone of private financial security.

Why this matters

This episode is essential listening for anyone who wants to understand how money actually works in the UK. If you care about the economy, public services, or Scottish independence, this is not just theory—it’s the real-world plumbing of the financial system. And it’s time more people knew about it.

🎧 Listen now

A link to the fascinating paper: https://www.ucl.ac.uk/bartlett/sites/bartlett/files/the_self-financing_state_an_institutional_analysis_of_government_expenditure_revenue_collection_and_debt_issuance_operations_in_the_united_kingdom.pdf

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Today’s episode is essential listening for anyone interested in climate justice, energy democracy, and how we build a fairer, greener economy — not just in theory, but in practice.

We're joined by Miriam Brett, Director of Research and Advocacy at Future Economy Scotland, to talk about one of the most urgent and misunderstood concepts in climate policy: the just transition.

What is a just transition — really? It’s a term that’s often used by politicians and policy wonks, but rarely unpacked in a way that reveals its true economic, social, and historical roots. In this episode, Miriam does just that. We explore how the climate crisis is inextricably linked to inequality, how those who contribute least to environmental breakdown are often the most affected, and what bold, coordinated action is actually required to transform Scotland’s economy — and society — for the better.

We’ll also dive into:

• The roots of the just transition in trade union activism, not environmental think tanks.
• Why Scotland’s current powers are both limited and underutilised.
• The urgent need for democratic ownership in energy and land use.
• How community wealth building could be a model for systemic change.
• And why this transition must be about more than green jobs — it must tackle inequality, empower local communities, and confront the failures of our market-based energy system.

This is a wide-ranging, passionate conversation filled with insight, evidence, and a clear-eyed call for action.

So if you're asking big questions like, "Who benefits from the green economy?" or "What power does Scotland really have to shape its future?" — this episode is for you.

Let’s get into it.

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The book and our interview are a great deep dive into the ecological crisis as a crisis of capitalism. Now it's got a much wider scope than just the connection between a capitalist economy and our failing ecosystems. It covers the theoretical underpinning of crisis and the central role of capitalism in those crises.

It is also a useful companion when trying to analyze many of the other significant crises we've faced in the last hundred years, including financial crises and pandemics. So it's absolutely packed.

Check out the book here: https://www.versobooks.com/en-gb/products/3130-against-the-crisis?srsltid=AfmBOoreCJQugSaaqz5viZwiMQwb1VqT5sE5_xaiTfMFMJ1Cetgjarr9

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Life expectancy is about more than just health – it’s about the kind of society we live in. And in the early 2010s, after decades of continual improvement, life expectancy in the UK, US and many other rich countries stopped increasing. For millions of people, it actually declined. Despite hundreds of thousands of extra deaths, governments and officials remained silent.

This book combines robust evidence with real-life stories to demonstrate how austerity policies caused this scandal. It argues that this shocking and tragic suffering was predictable and caused by a dereliction of duty by those in power.

The book concludes with an optimistic vision of what can be done to restore life expectancy improvements and reduce health inequalities.

New Book Published by Bristol University Press.

https://policy.bristoluniversitypress.co.uk/social-murder

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You often hear the phrase "you can't do MMT". Eric explains that almost all governments already do MMT! However, not enough governments do MMT policies.

Is it time for MMT to concentrate more on the prescriptive side? Do we have to show how the lens can help us create a fairer and more just society?

Some of the background to this is covered here (free access)

https://www.elgaronline.com/view/journals/ejeep/20/1/article-p11.xml

We dig deep to find out what those 'modern' MMT policies are.

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We discussed his thoughts on the 2008 crash. Toward the end of the interview, we turned to his thoughts on the white paper, sterilization, and the Scottish referendum.

This is a rare opportunity to consider Alex's thoughts on the economy and how his views shaped the referendum. And Scotland since 2007.

We hope you enjoy it as much as William did.

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• what a complementary currency is
• what made the Bristol Pound different
• the issues within the team
• currency as a leverage point to change the system
• the idea of agency to affect change
• dealing with that initial success
• keeping the momentum going
• life as a tech start up v community led platform
• money as an infrastructure support system
• fungibility and velocity of money
• advice for others looking to create some alternative currency or infrastructure support system

By the book here: https://www.amazon.co.uk/Value-Beyond-Money-Exploration-Alternative/dp/1912092301

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William and Ed discuss his new book, Material World.

The book is a deep (and it goes very deep) into the role that six materials have played in our economy and society.

Ed aims to get us all thinking a lot more about the materials we use, where they come from, and their impact on our lives and our environment.

It is a very entertaining read full of wonderful stories while challenging and questioning everything we use.

I hope you enjoy the interview and get a copy of the paperback, which is out now!

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https://scotonomics.scot/policy/explaining-austerity/

Austerity takes three forms. Fiscal retraction reduces government spending on welfare, especially unemployment benefits and pensions, and targets cutbacks in health, education, and social care. Industrial retraction reduces spending on infrastructure projects. Monetary austerity maintains high interest rates. Together, these shrink the expenditures on and consumption of the poorest section of society. All are supported by the economic conventional wisdom. 

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Austerity takes three forms. Fiscal retraction reduces government spending on welfare, especially unemployment benefits and pensions, and targets cutbacks in health, education, and social care. Industrial retraction reduces spending on infrastructure projects. Monetary austerity maintains high interest rates. Together, these shrink the expenditures on and consumption of the poorest section of society.

Those three forms of austerity: fiscal, industrial, and monetary reinforce each other to reduce workers' consumption and power while re-establishing the wealth and power of the wealthiest in society. This is the austerity playbook, which is more than a century old.

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https://dtascot.org.uk/

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Professor Gabor cut to the chase. The state must have more control or involvement in creating money. It can spend that money into existence or direct commercial banks towards the right type of investment. Unless this happens, governments are forced to turn to shadow banks.

Daniela wrote one of the most important pieces during the recent UK election campaign. Available here:

https://www.theguardian.com/commentis...

See some of Daniela's work:

The (European) Derisking State: https://ideas.repec.org/p/osf/socarx/...

And link to all of her papers here:

https://people.uwe.ac.uk/Person/Danie...

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https://www.patreon.com/Scotonomics

📖 Read our articles and policy papers on

https://scotonomics.scot/ and

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SHOW LESS

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He breaks down the strawman created by those with so much to protect from the current misunderstanding of how money is created in a modern economy.

William covers:

- the difference between a currency user (like a local council or the Scottish Government) and a currency issuer like the UK

- the prescriptive element of MMT (what policies are recommended)

- the descriptive element of MMT (what MMT tells us about our economy)

- why do governments choose to account for spending with taxation and borrowing?

- the essential and important role of taxes in our economy

- why governments sell bonds (exchanging one form of risk-bearing money - cash - for another - bonds)

- why the national debt could easily be called the 'national savings'

- the damage of the shared belief in a fiscal framework for the UK (aka 'learned helplessness)

- the resource constraints for government (and all private) spending

- Why NO political party in the UK has yet to adopt an MMT lens

- How MMT has identified the "magic money tree"

I will also discuss and respond to Professor Mark Blyth's MMT points at our Scotonomics Economics festival in March.

🎧 Join us for a paid subscription to Patreon

  / scotonomics  

📖 Read our articles and policy papers on

https://scotonomics.scot/ and

👀 Subscribe to our weekly newsletter 'Economics of the Real World'

https://tinyurl.com/49n4pbaw

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https://workingclassclimatealliance.com/

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In this episode, we learn more about the foundation, which continues Jimmy Reid's work and legacy of fighting and winning workers' rights. We no doubt introduce Jimmy Reid to some of our listeners. We discuss the neoliberal attack on the labour movement and thoughts and ideas on why working-class institutions are underfunded across the UK.

https://reidfoundation.scot

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Things simply must change.

Until we become independent, the Scottish Government must focus on making Scotland more resilient. Scotland is already seeing the negative impacts of climate change and changing global power dynamics, and it must react to them. The Scottish government must focus on food and energy security/sovereignty.

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Free markets aren't really free. Record corporate pro­fits don't trickle down to everyone else. And we aren't empowered to make our own choices – they're made for us every day.

In Vulture Capitalism, acclaimed journalist Grace Blakeley takes on the world's most powerful corporations by showing how the causes of our modern crisis are the intended result of our capitalist system. It's not broken, it's working exactly as planned. From JPMorgan to Boeing, Henry Ford to Richard Nixon, Blakeley shows us exactly where late-stage capitalism has gone wrong.

Searing, explosive and timely, Vulture Capitalism is the book you need to understand what is happening in the world around you – and what you can do to change it.

Book available now: https://www.amazon.es/Vulture-Capitalism-LONGLISTED-NON-FICTION-English-ebook/dp/B0CLJ6RSB4

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An Australian inventor had that vision. How do you think the big international banks responded to that? Find out the amazing story about "Alice" and what it tells us about the monetary system.

https://www.amazon.co.uk/Alice-TM-biggest-untold-history/dp/0522880274

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https://www.uvm.edu/cas/economics/profiles/stephanie-seguino

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The narrative is constructed around interviews with over 50 key figures, providing a unique insider perspective on the decisions, successes, and failures that have influenced Britain's economy since the mid-1970s.

This detailed account emphasizes the Treasury's dual image: on one side, a stabilizing force in times of economic crises, and on the other, a contributor to socio-economic disparities, policy mishaps, and growing inequalities. The book highlights botched privatizations, questionable financial initiatives, and a failure to anticipate major economic downturns as significant low points in the Treasury's history.

William asked Aeron about his investigation into the Treasury, and they discussed what the institution of the Treasury tells us about our economy and our view of economics.

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Through the lens of Jones's rigorous analysis, the interview explores how nostalgic sentiments have influenced and, at times, impeded Britain's economic progress over the last fifty years. With Scotland's future at the forefront of the discussion, William and Jones discuss the implications of this economic decline on Scotland's push for independence, examining the potential (Russell less so than William) for a more prosperous future untethered from the weight of British nostalgia. This dialogue is essential for anyone interested in understanding the economic underpinnings of the independence debate and the role of nostalgia in shaping national policy and identity.

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Panel Amanda Burgauer, Common Weal, Gary Gillespie, Scottish Government and Frances Reynar, WeAll Alliance.

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A thought-provoking episode that seeks to dispel common misconceptions about Adam Smith, often heralded as the father of modern economics. This discussion aims to challenge the prevalent right-wing interpretations of Smith's ideas, arguing that his work has been oversimplified and misappropriated. Professor Roy explores the depth and nuance of Smith's economic and moral philosophy, highlighting aspects of his thought that resonate with a broader, more inclusive political and economic spectrum.

"Reclaiming Adam Smith" offers a fresh perspective on his theories, advocating for a more accurate understanding of his contributions beyond the narrow confines of right-wing ideology.

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Capital is currently cannibalizing every sphere of life-guzzling wealth from nature and racialized populations, sucking up our ability to care for each other, and gutting the practice of politics. In this tightly argued and urgent volume, leading Marxist feminist theorist Nancy Fraser charts the voracious appetite of capital, tracking it from crisis point to crisis point, from ecological devastation to the collapse of democracy, from racial violence to the devaluing of care work. These crisis points all come to a head in Covid-19, which Fraser argues can help us envision the resistance we need to end the feeding frenzy.

She argues that we need a wide-ranging socialist movement that can recognise capital's rapaciousness and starve it to death.

This was a fantastic conversation.

Nancy's book is available here:

https://www.versobooks.com/en-gb/products/2685-cannibal-capitalism

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With the belief that UBI offers a solution to many modern challenges, from poverty reduction to addressing job loss due to automation, Jamie's insights promise to be both thought-provoking and enlightening. This promises to be a very interesting "battle of ideas" as we delve into the potential impacts of UBI on society.

Jamie brings a wealth of knowledge and an unwavering commitment to exploring how this radical concept could pave the way for a more equitable and prosperous future for all.

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Find out more about Scotland's Social Enterprises:

https://socialenterprise.scot/social-enterprise-in-scotland/what-is-social-enterprise/

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Ireland has often held up as the shining light, the great example of a successful small nation that gained independence from the UK and ended up doing so much better than it would have done staying as part of Britain. So is it all sunshine and lollypops in Ireland, and does it provide a cut-and-paste template for an independent Scotland?

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- the dangers of merging the power of big tech and big finance

- crypto crashes

- the continued rush towards digitisation and automation and

- the need for a resilient payment system

With Brett Scott, the author of Cloudmoney.

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So this is a macroeconomic tour de force by regular FT commentator and former White House and Federal Reserve Bank Economist Claudia Sahm.

Q: Can we start with an explanation of the policy choice that governments make, normally via their central banks in relation to price controls, more commonly referred to as inflation and the level of unemployment in a country?

Q: We know you have been analysing energy markets and how dysfunctional they are at the moment. Can you tell us what trade-offs governments are making right now and what different decisions they are taking to manage a reduction in the supply of energy?

Q: What are your views on Trussonomics?

Q: Another area that I know you are very passionate about is the impact on a strong dollar on the global economy, especially the global south. Can you explain why a strong or rising dollar impacts economies that don’t use the dollar?

Q: We often hear about the independence of central banks. In your view are they independent?

Q: Can a central bank like the Fed or the Bank of England go bust? And if not why not. I ask this question because the Band of England stands ready to spend 65 billion to support pension schemes and some people are worried that this might break the bank.

Q: As you know the pound has been on a bit of a journey these last few weeks. Can you tell us what tends to happen when a currency drops in value? Is this inherently bad?

You can follow Claudia on Twitter:

  / claudia_sahm  

Or subscribe to her substack

https://stayathomemacro.substack.com/

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he scarcity discourses become self-evident realities. In this fascinating interview with Luke Messac MD, PHD we investigate the idea and the impact of scarcity on health systems across the globe.

His book No More To Spend:

https://www.amazon.com/No-More-Spend-...

Find out more about Luke:

http://lukemessac.com/

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Is growth still what we should be striving towards, given the climate and biodiversity crisis?

Is a progressive government in the UK a thing of the past?

Q: Now the curtains are drawn back, we can now see what Trussonomics really is! Would you like to give us your take on what Trussonomics is?

Q: Will Truss be remembered similarly to Trump? Her only significant legislative success was a massive tax cut for corporations and high-income earners.

Q: Earlier this week you said that you expected that the budget may increase growth. Can you explain how that could happen and if, not that you have seen the budget, do you believe that this will still be the case?

Q: £45 billion of tax cuts is the biggest tax-cutting budget since 1972 and Barber's "dash for growth" How did that work out? And can we expect a different outcome?

Q: Progressive tax policies - where the average tax burden increases with income - have been the mainstay of even right of centre governments since the 1950s. Did this end on Friday?

Q: Government money flushed into everyone’s pocket during the pandemic. Is this just the wealthiest in society making sure they get their increased share of that public money?

Q: MMT has shown that taxes do not pay for spending. I believe this understanding has allowed this type of budget to happen. Is it typical that the right jumps on a powerful truth before the left?

Q: The budget took place in an era of a rapidly overheating climate leading to the very real potential of societal collapse. In what way did the budget address those issues globally, nationally, and locally?

Q: There are already calls for the Scottish government to mirror the personal income tax cuts in Scotland. Could you explain the different fiscal position of the Scottish Government as a currency user that uses tax to fund expenditure and the UK Government as a currency user that does not fund expenditure with taxes?

Q: The pound fell today making imports more expensive and proving the impetus for more inflation. Can you why this happened and if you think this is likely to continue?

Q: Josh Ryan-Collins, Associate Professor in Economics & Finance at UCL, said today: “When you have high inflation, it is sensible to raise taxes on those who can most afford it to cool the economy.” Do you agree? Is this what happened on Friday? And what will these policies do for inflation?

Q: What do you see as the main structural issues for the UK economy? And how do we solve them?

Q: When you see how out of step a budget like this is with a progressive view, does the perspective of independence supporters in Scotland become clearer or sounder in judgment to you?

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- how prices are currently set by Ofgem and what impact does this have on prices/supply

- what impact will / is this having on individuals and businesses in Scotland?

- the context of privatisation/profits from utilities 

- the role and impact of all of Scotland's renewables

- the difference across the UK and across Scotland specifically covering the Highlands and Islands

- the wider context of a cost of living crisis and some discussion around the levers that the Scottish Government/Scottish Parliament has/doesn't have

- is drilling for more gas and oil is a short to medium-term answer?

- how does this painful experience demonstrate the resilience or not of the energy system that currently supports Scotland?

- what could an alternative independent energy supply and market look like?

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Further details on Gurminder's work:

https://gkbhambra.net/

https://inthesetimes.com/article/clim... discussed the idea of colonisation of the atmosphere.

And Gurminder's fantastic paper:

Colonial global economy: towards a theoretical reorientation of political economy

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- What are the strengths and weaknesses of the English Economy?

- What damage has been caused by neoliberalism?

- What is the impact of wealth growing mainly through the rise in the value of property

- The decline in manufacturing

- The role of the city

- The likely impact of Brexit

- The economy is unequal not by chance but by design

Interview with Christine Berry

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In this episode, we will take a detailed look into the New Zealand economy.

How has it come over the 'death by distance' being so remote in a global sense? How does NZ operate as a currency issuer?

Has there ever been any talk of a shared currency with Australia?

How is NZ adapting to the climate and biodiversity crisis?

How much regulation is there of markets?

What about pensions, benefits, etc.?

How is the well-being economy being implemented in NZ?.

We are joined by Professor Paul Dalziel, Deputy Director of the Agribusiness and Economics Research Unit, Lincoln University.

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We hear how over financialisation of the UK economy has weakened the entire economy and what damage has been done by 40 years of neoliberalism.

We discuss Grace's book: Stolen: How to Save the World from Financialisation and her upcoming book, which suggests that the modern economy is planned in much the same way as the centralist-planned Soviet economy. Only this time in favour of global capital.

Grace also gives her thoughts on independence in Scotland, suggesting that it is purely a matter for Scots.

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We discussed if technology is a panacea and what exactly went wrong with the UK's COVID response.

Smita Srinivas has extensive experience on micro-level and policy aspects of economic development, industrial strategy, firm-level priorities, technological innovation, and industrial policy. She is a frequently invited advisor, keynote speaker, author and grants awardee. CEOs, Directors, research organisations, universities, and government agencies seek her out for advice and leadership. She is the 2021 AFEE Clarence E. Ayres Scholar (institutional economics) and 2015 EAEPE Joan Robinson Prize awardee (former Myrdal Prize, evolutionary economics/political economy) for her book "Market Menagerie: Health and Development in Late Industrial States" (Stanford University Press, Economics & Finance 2012). In the recent past, Smita has been India Lead on cancer and industry research at NCBS, T20/G20 Italy21 Co-Chair in Global Health and Covid-19, served several health and industrial advisory roles, served Karnataka’s government in diverse technical capacities, and was invited to numerous international panels on industrial diversification and policy design.

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Stuart discusses his paper which outlines how a new National Bank of Scotland would work as Scotland's independent central bank in an independent Scotland.

Here is Stuart's paper: http://stuartmackintoshauthor.com/wp-...

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The lame Duck PM is unable to tackle any of the real problems

GERS and the issues that have been added to its problems this year

A bit more about GERS

Making tax work

Corporate governance

Will Richard be moving to Scotland soon

The SNP's position on the Scottish currency

Is the SNP plan to move from GBP straight to the EURO?

rUK without Scotland: will it survive?

The importance of ensuring that Scotland can tax once independent

The idea of a "deficit" in Scotland

The need for proper devolution now

The "need" for Scotland to play off part of the current UK "debt"

What sovereign debt actually is

Govt debt as a secure way for individuals and companies to invest!

Money creation/money supply

Money has no intrinsic value

Ownership of debt

Land value tax? Yes please

Is cashless a good idea?

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Keeping to this rule led to widespread austerity across the EU after the global financial crisis when the UK was still a member. It also contributed to the resulting low growth rate as well as a huge increase in inequality. It survived, kept in place by neoliberal and conservative policymakers until the COVID19 pandemic.

Governments across Europe realised that the pandemic could only be dealt with by massive government action (spending into the economy to support livelihoods, industries, and whole economics) and the rules were suspended. This allowed governments to increase spending on their health services and provide a broader response to the pandemic. The 3% rule (as explained by Dr. Drik Enhnts) in his interview on this week's SCOTONOMICS was an arbitrary number plucked out of the air by a lowly bureaucrat and included in the Maastrict treaty signed in 1992.

It was loosely enforced before 2007 but imposed following the global financial crisis before being loosened once again during the COVID Pandemic. Currently, the rule is suspended until the end of 2022. So what will happen next to the rule that shapes the finances of the entire EU?

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• enshrine the right to food in Scots Law

• place responsibility for driving and overseeing this right upon the Scottish Government

• establish responsibility for oversight onto either an existing body or create an independent statutory food commission to:

- enable joined up policy making across food policy

- set measurable targets on food security

- require the Scottish Government to check policies against requirements of non-regression of the right to food.

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David McWilliams is an economist, author, journalist, documentary-maker and broadcaster. He is Adjunct Professor of Global Economics at the School of Business, Trinity College, Dublin. David is ranked 10th most influential economist in the world.

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Neil McInroy recently stepped down as the Chief Executive of the Centre for Local Economic Strategies (CLES) and remains a strategic advisor and member of the board of trustees. He is currently a senior Fellow for the Global Advancement of Community Wealth Building at the Democracy Collaborative and is a Community Wealth Building advisor to the Scottish Government.

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Dr Monique Morrissey joined the Economic Policy Institute in 2006 and her areas of expertise are financial markets, labour markets and retirement security. Monique has a PhD in Economics and a B.A. in Political Science and History.

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Nikki Gordon is the Carbon Officer at The John Muir Trust and she has a Masters in Environmental Law.

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Professor Elisenda Paluzie gained a PhD in Economics 1999 at the Universitat de Barcelona and an MA in International and Development Economics from Yale University. She has served as Professor of Economics at the University of Barcelona (UB) since 2001 and is the director of the Centro de Análisis Económico y de las Políticas Sociales ("Center for Economic Analysis and Social Policy") (CAEPS) of the UB, which is integrated into the Research Institute of the Barcelona Economic Analysis Team (BEAT).

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Diana is Managing Director at Bristol Pound and Finance Innovation. 

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Dr Craig Dalzell is Head of Policy and Research at Common Weal. Common Weal is a left-of-centre think tank which refutes "me first" politics and advocates for an "All of Us First" approach which promotes decentralisation, local decision-making and equality of opportunity.

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Dr Tim Rideout has a PhD in Economic Geography and is the Convener of the Scottish Currency Group.

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You can find David's book here - https://www.routledge.com/Front-Page-Scotland-Newspapers-and-the-Scottish-Independence-Referendum/Patrick/p/book/9780367686000

Dr David Patrick completed his PhD in History at the University of Sheffield in 2013. He graduated from Glasgow Caledonian University with a BA (Hons) in Social Sciences and a MSc (Politics) at the University of Edinburgh. Since 2014 he has been a Postdoctoral Research Fellow at the International Studies Group.

In late 2017 he published his first monograph, Reporting Genocide: Media, Mass Violence and Human Rights, with I.B. Tauris. His research interests include: genocide and mass violence; media framing of various events; and sociocultural aspects of professional boxing.

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Ben Franta is a PhD Candidate in History at Stanford University, where he studies the history of climate change politics and fossil fuel producers. Ben has a JD from Stanford Law School and a separate PhD in Applied Physics from Harvard University, where he was also a research fellow at the Belfer Center for Science and International Affairs at the Kennedy School of Government. Ben also has a master's degree in Archaeological Science from the University of Oxford and a bachelor's degree in Physics and Mathematics from Coe College in Cedar Rapids, Iowa.
Ben is a cofounder and current Director of Accountability Research for the Climate Social Science Network, a global network of social science scholars doing research on climate politics headquartered at Brown University.
Ben's research and writing has appeared in Nature Climate Change, The Guardian, Project Syndicate, and elsewhere, has been cited in the US Congressional Record, and translated into 10 languages. 

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Claudia Sahm is the founder of Stay-at-Home Macro (SAHM) Consulting who writes regularly for Bloomberg. She was formerly director of macroeconomic policy at the Washington Centre for Equitable Growth and a Section Chief at the Board of Governors of the Federal Reserve. Dr Sahm specialises in macroeconomics and household finance and is best known for the development of the Sahm Rule, a Federal Reserve Economic Data (FRED) indicator for identifying recessions in real-time.

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Laurie is economics editor for Open Democracy and a Research Associate at the London School of Economics Institute for Innovation and Public Purpose (IIPP). Prior to this Laurie was a Senior Economist at the New Economics Foundation.

Laurie's research focusses on how different types of finance have been distributed between different types of public institutions, in different sectors and in different countries; how state investment banks are opening up new technological frontiers and economic opportunities; and where the opportunities lie for new forms of public finance to promote long-term investment and mission-orientated policy around the world. His work has been instrumental to the design and implementation of the Scottish Government's Scottish National Investment Bank.

Laurie has authored many influential papers and policy reports, and is also the co-author of the book ‘Rethinking the Economics of Land and Housing’, which was listed by the Financial Times as one of the best economics books of 2017.

Laurie regularly discusses economic issues in the media, including on Sky News, Channel 4 News, BBC World and BBC Radio 4, and is also a Trustee at the Finance Innovation Lab.

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Dr Gleeson-White 

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Steve Keen was one of the handful of economists to realise that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005. He is the author of Debunking Economics and The New Economics - A Manifesto. 

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Katherine lives in Glasgow and is a Strategic Advocacy Advisor with the Wellbeing Economy Alliance, she has over eight years experience as a policy wonk and researcher with Oxfam GB. Katherine has a PhD in Political Science and is Senior Visiting Researcher University of Strathclyde and Honorary Professor University of the West of Scotland. Her latest book “The Economics of Arrival” was published in January 2019.

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John T Harvey is a Professor of Economics at Texas Christian University and his specialist areas are international economics (particularly exchange rates), macroeconomics, history of economics and contemporary schools of thought. 

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Yeva Nersisyan is a Research Scholar at the Global Institute for Sustainable Prosperity and an Associate Professor of economics at Franklin and Marshall College. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. She is a macroeconomist working in the Post Keynesian and Institutionalist traditions. Her research interests include monetary theory, financial instability and regulation and macroeconomic policy. Yeva has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, financial fragility and instability, financial reform and retirement policy. She teaches Macroeconomics, Money and Banking, Women in the Economy, Macroeconomic Stability and other courses at Franklin and Marshall College.

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Steven Hail is a Research Scholar at the Institute for Sustainable Prosperity, an economist and Lecturer with the Modern Money Lab, an Adjunct Associate Professor at Torrens University Australia and author of Economics for Sustainable Prosperity (Palgrave Macmillan 2018). He has a Ph.D. from Flinders University, and a MSc from the London School of Economics. During the 1990s, he lived and worked in London, published a number of economics text books, and was involved in the provision of financial training to staff from all the major UK banks, many international banks and the Bank of England. He gradually developed an awareness of the dangerous flaws in orthodox neoclassical economics, which led eventually to the study of Post Keynesian economics in general, and modern monetary theory in particular. In recent years, he has been a teaching specialist, committed to the defence of economic pluralism in otherwise orthodox economics departments, and the dissemination of insights from modern monetary theory to the general public. He has conducted public forums to that end, and served on the editorial committee of the Economic Reform Australia Review. The title of his recent Ph.D. was Behavioural and Post-Keynesian Foundations for a new Macroeconomics.

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Professor Kaboub is an Advisor to Modern Money Scotland, an Associate Professor of economics at Denison University Ohio and President of the Global Institute for Sustainable Prosperity. 

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