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Politicians love to talk about “taxpayers’ money.” But here’s the truth: every pound in circulation is created by the government or banks licensed by it. This video explains why a £5 note is really a promise from the state, not something you or I created. If we stop believing in the myth of taxpayers’ money, we can start demanding real accountability for how government spends its own money.
By Richard MurphyPoliticians love to talk about “taxpayers’ money.” But here’s the truth: every pound in circulation is created by the government or banks licensed by it. This video explains why a £5 note is really a promise from the state, not something you or I created. If we stop believing in the myth of taxpayers’ money, we can start demanding real accountability for how government spends its own money.