Savings are dead money

18th June 2024

Savings do not create economic wealth. They have a use in terms of financial security, but they rarely create useful economic activity. So why does the government spend £70 billion or more a year subsidising them?

ABOUT RICHARD MURPHY
Richard Murphy is 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'.