The deficit myth

This week’s Sunday Supplement is a little different from usual. I’d like you to watch a short video of the 2020 Harcourt Lecture by Professor Stephanie Kelton. Her lecture starts after 10 mins (you can skip the introduction) and last for 40 mins.
It is worth the investment of your time. Stephanie explains why austerity did more harm than good, why public sector deficits are necessary if the private sector is to thrive and why we need taxation (it’s not what you think).
After watching you may ask ‘Don’t we have near full employment in the UK?’
Good question. Government statisticians may want you to think so, but if you think more deeply ask yourself how it is that a lot of the self-employed earn less than the minimum wage and why so many employed jobs don’t pay a living wage?
I hope this video may make you question ‘What we all know that ain’t so’.
Noel Guilford, Principal at Guilford Accounting
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at or by phone at 01244 660866. He is the author of the 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ His latest book, How to Build a Successful Business' will be published in 2018.

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