MMTUK Policy Research Group
@mmtuk.bsky.social
The UK's first MMT policy organisation. Evidence-based research on how government spending really works. Briefings for policymakers, analysis for everyone.
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MMTUK is an independent research organisation producing evidence-based economic analysis informed by Modern Monetary Theory. Explore our articles, education resources and community.
mmtuk.org
MMTUK has launched
We're a new, independent research organisation bringing Modern Monetary Theory to UK policy debates.
Our first paper launches later this month: a fully-costed UK Job Guarantee proposal.
mmtuk.org #MMT #UKPolitics
We're a new, independent research organisation bringing Modern Monetary Theory to UK policy debates.
Our first paper launches later this month: a fully-costed UK Job Guarantee proposal.
mmtuk.org #MMT #UKPolitics
MMTUK is funded by its community not by shady think tank donors with strings attached.
If you believe the UK deserves better economic debate grounded in evidence rather than ideology, please consider becoming a Founder Member.
Find out more: mmtuk.org/donate #MMT
If you believe the UK deserves better economic debate grounded in evidence rather than ideology, please consider becoming a Founder Member.
Find out more: mmtuk.org/donate #MMT
Donate | MMTUK
Support MMTUK's mission to promote understanding of Modern Monetary Theory. Your donation funds independent research, education programmes and community outreach across the UK.
mmtuk.org
February 12, 2026 at 12:47 PM
MMTUK is funded by its community not by shady think tank donors with strings attached.
If you believe the UK deserves better economic debate grounded in evidence rather than ideology, please consider becoming a Founder Member.
Find out more: mmtuk.org/donate #MMT
If you believe the UK deserves better economic debate grounded in evidence rather than ideology, please consider becoming a Founder Member.
Find out more: mmtuk.org/donate #MMT
The government already creates money every time it spends.
That's not a proposal. It's how the system works right now.
Today.
While you're reading this.
"But won't that cause hyperinflation?"
It hasn't and it won't. Because that's not how inflation works. #MMT
mmtuk.org/education/ar...
That's not a proposal. It's how the system works right now.
Today.
While you're reading this.
"But won't that cause hyperinflation?"
It hasn't and it won't. Because that's not how inflation works. #MMT
mmtuk.org/education/ar...
Education | MMTUK
Learn about Modern Monetary Theory with MMTUK's educational resources. Explore how money works, understand government spending, and get answers to common questions about MMT.
mmtuk.org
February 12, 2026 at 7:47 AM
The government already creates money every time it spends.
That's not a proposal. It's how the system works right now.
Today.
While you're reading this.
"But won't that cause hyperinflation?"
It hasn't and it won't. Because that's not how inflation works. #MMT
mmtuk.org/education/ar...
That's not a proposal. It's how the system works right now.
Today.
While you're reading this.
"But won't that cause hyperinflation?"
It hasn't and it won't. Because that's not how inflation works. #MMT
mmtuk.org/education/ar...
We have something planned for this Saturday morning: a private online call only for MMTUK mailing list subscribers.
No public tickets. No replay. Just a conversation with people shaping the work.
Sign up to the mailing list and we'll send you the details: mmtuk.org/join #MMT
No public tickets. No replay. Just a conversation with people shaping the work.
Sign up to the mailing list and we'll send you the details: mmtuk.org/join #MMT
Join | MMTUK
Join MMTUK and help advance public understanding of Modern Monetary Theory in the UK. Become a member, volunteer, or support our research and education work.
mmtuk.org
February 11, 2026 at 12:49 PM
We have something planned for this Saturday morning: a private online call only for MMTUK mailing list subscribers.
No public tickets. No replay. Just a conversation with people shaping the work.
Sign up to the mailing list and we'll send you the details: mmtuk.org/join #MMT
No public tickets. No replay. Just a conversation with people shaping the work.
Sign up to the mailing list and we'll send you the details: mmtuk.org/join #MMT
Do you ever feel like you are the only person in your area who questions the "no money left" narrative?
You are not alone!
MMTUK local groups are now active in six regions across Britain, with more forming.
Find your group or start one: mmtuk.org/join #MMT
You are not alone!
MMTUK local groups are now active in six regions across Britain, with more forming.
Find your group or start one: mmtuk.org/join #MMT
February 11, 2026 at 7:47 AM
Do you ever feel like you are the only person in your area who questions the "no money left" narrative?
You are not alone!
MMTUK local groups are now active in six regions across Britain, with more forming.
Find your group or start one: mmtuk.org/join #MMT
You are not alone!
MMTUK local groups are now active in six regions across Britain, with more forming.
Find your group or start one: mmtuk.org/join #MMT
We are launching MMTUK on 25 February at Friends Meeting House in London.
Professor Bill Mitchell delivers the keynote.
Patricia Pino launches our UK Job Guarantee paper.
Free, but places are limited and going fast.
Register now mmtuk.org/news/bill-mi... #MMT
Professor Bill Mitchell delivers the keynote.
Patricia Pino launches our UK Job Guarantee paper.
Free, but places are limited and going fast.
Register now mmtuk.org/news/bill-mi... #MMT
February 10, 2026 at 12:47 PM
We are launching MMTUK on 25 February at Friends Meeting House in London.
Professor Bill Mitchell delivers the keynote.
Patricia Pino launches our UK Job Guarantee paper.
Free, but places are limited and going fast.
Register now mmtuk.org/news/bill-mi... #MMT
Professor Bill Mitchell delivers the keynote.
Patricia Pino launches our UK Job Guarantee paper.
Free, but places are limited and going fast.
Register now mmtuk.org/news/bill-mi... #MMT
So why do politicians keep talking about the debt like it's a household credit card?
Because it justifies cutting public services. Every time you hear "we can't afford it," ask yourself: who benefits from you believing that?
Full article: mmtuk.org/education/articles/uk-national-debt
Because it justifies cutting public services. Every time you hear "we can't afford it," ask yourself: who benefits from you believing that?
Full article: mmtuk.org/education/articles/uk-national-debt
Understanding UK National Debt | MMTUK
UK debt represents money the government invested in our economy but hasn't taxed back.
mmtuk.org
February 10, 2026 at 7:47 AM
So why do politicians keep talking about the debt like it's a household credit card?
Because it justifies cutting public services. Every time you hear "we can't afford it," ask yourself: who benefits from you believing that?
Full article: mmtuk.org/education/articles/uk-national-debt
Because it justifies cutting public services. Every time you hear "we can't afford it," ask yourself: who benefits from you believing that?
Full article: mmtuk.org/education/articles/uk-national-debt
"But what about inflation?"
The size of the debt doesn't cause inflation. What matters is whether current spending exceeds the economy's capacity to produce.
The real question was never "can we afford it?" It's "do we have the people, skills and resources to do it?"
The size of the debt doesn't cause inflation. What matters is whether current spending exceeds the economy's capacity to produce.
The real question was never "can we afford it?" It's "do we have the people, skills and resources to do it?"
February 10, 2026 at 7:47 AM
"But what about inflation?"
The size of the debt doesn't cause inflation. What matters is whether current spending exceeds the economy's capacity to produce.
The real question was never "can we afford it?" It's "do we have the people, skills and resources to do it?"
The size of the debt doesn't cause inflation. What matters is whether current spending exceeds the economy's capacity to produce.
The real question was never "can we afford it?" It's "do we have the people, skills and resources to do it?"
The UK had debt above 200% of GDP after WWII.
Did it default? No.
Did it build the NHS, expand education, and preside over decades of rising living standards? Yes.
The debt fell over time through economic growth, not austerity.
Did it default? No.
Did it build the NHS, expand education, and preside over decades of rising living standards? Yes.
The debt fell over time through economic growth, not austerity.
February 10, 2026 at 7:47 AM
The UK had debt above 200% of GDP after WWII.
Did it default? No.
Did it build the NHS, expand education, and preside over decades of rising living standards? Yes.
The debt fell over time through economic growth, not austerity.
Did it default? No.
Did it build the NHS, expand education, and preside over decades of rising living standards? Yes.
The debt fell over time through economic growth, not austerity.
"But won't our grandchildren have to repay it?"
No. When bonds mature, the government creates new money to pay bondholders. It always can, and it cannot default on sterling debt.
Your grandchildren inherit the hospitals, schools and infrastructure that spending built.
No. When bonds mature, the government creates new money to pay bondholders. It always can, and it cannot default on sterling debt.
Your grandchildren inherit the hospitals, schools and infrastructure that spending built.
February 10, 2026 at 7:47 AM
"But won't our grandchildren have to repay it?"
No. When bonds mature, the government creates new money to pay bondholders. It always can, and it cannot default on sterling debt.
Your grandchildren inherit the hospitals, schools and infrastructure that spending built.
No. When bonds mature, the government creates new money to pay bondholders. It always can, and it cannot default on sterling debt.
Your grandchildren inherit the hospitals, schools and infrastructure that spending built.
When you borrow, you must earn income to pay it back.
When the government "borrows," it's offering people a safe place to save, and paying interest on those savings.
It's not borrowing its own currency from someone else. It's managing how much is in circulation.
When the government "borrows," it's offering people a safe place to save, and paying interest on those savings.
It's not borrowing its own currency from someone else. It's managing how much is in circulation.
February 10, 2026 at 7:47 AM
When you borrow, you must earn income to pay it back.
When the government "borrows," it's offering people a safe place to save, and paying interest on those savings.
It's not borrowing its own currency from someone else. It's managing how much is in circulation.
When the government "borrows," it's offering people a safe place to save, and paying interest on those savings.
It's not borrowing its own currency from someone else. It's managing how much is in circulation.
Every pound of national debt is a pound the government spent into the economy and didn't tax back.
It built hospitals. It educated workers. It kept businesses afloat during Covid.
The debt is just the accounting record of that money creation.
It built hospitals. It educated workers. It kept businesses afloat during Covid.
The debt is just the accounting record of that money creation.
February 10, 2026 at 7:47 AM
Every pound of national debt is a pound the government spent into the economy and didn't tax back.
It built hospitals. It educated workers. It kept businesses afloat during Covid.
The debt is just the accounting record of that money creation.
It built hospitals. It educated workers. It kept businesses afloat during Covid.
The debt is just the accounting record of that money creation.
🧵 The UK's national debt is £2.7 trillion. Politicians call it a burden on your grandchildren.
But what if almost everything you've been told about it is wrong?
A thread. 👇 #MMT
But what if almost everything you've been told about it is wrong?
A thread. 👇 #MMT
February 10, 2026 at 7:47 AM
🧵 The UK's national debt is £2.7 trillion. Politicians call it a burden on your grandchildren.
But what if almost everything you've been told about it is wrong?
A thread. 👇 #MMT
But what if almost everything you've been told about it is wrong?
A thread. 👇 #MMT
If this morning's thread on how money works was useful, there is a lot more where that came from.
MMTUK is building the UK's first dedicated hub for accessible, evidence-based economics. All funded by our community.
Find out how you can support us: mmtuk.org/donate #MMT
MMTUK is building the UK's first dedicated hub for accessible, evidence-based economics. All funded by our community.
Find out how you can support us: mmtuk.org/donate #MMT
Donate | MMTUK
Support MMTUK's mission to promote understanding of Modern Monetary Theory. Your donation funds independent research, education programmes and community outreach across the UK.
mmtuk.org
February 9, 2026 at 12:47 PM
If this morning's thread on how money works was useful, there is a lot more where that came from.
MMTUK is building the UK's first dedicated hub for accessible, evidence-based economics. All funded by our community.
Find out how you can support us: mmtuk.org/donate #MMT
MMTUK is building the UK's first dedicated hub for accessible, evidence-based economics. All funded by our community.
Find out how you can support us: mmtuk.org/donate #MMT
(9/9) Here’s the step-by-step explainer: mmtuk.org/education/ar...
How Money Actually Works: Step-by-Step | MMTUK
Once you understand that money is created by the state and that taxes create demand for it, the rest of how the economy works follows as a matter of pure logic.
mmtuk.org
February 9, 2026 at 7:47 AM
(9/9) Here’s the step-by-step explainer: mmtuk.org/education/ar...
(8/9) Once you see how money is created, a lot of political clichés look different.
And you can ask better questions about jobs, public services, and investment.
And you can ask better questions about jobs, public services, and investment.
February 9, 2026 at 7:47 AM
(8/9) Once you see how money is created, a lot of political clichés look different.
And you can ask better questions about jobs, public services, and investment.
And you can ask better questions about jobs, public services, and investment.
(7/9) This doesn’t mean “deficits don’t matter” or “spend without limits”.
The real limits are resources (people, skills, energy, materials) and inflation.
The real limits are resources (people, skills, energy, materials) and inflation.
February 9, 2026 at 7:47 AM
(7/9) This doesn’t mean “deficits don’t matter” or “spend without limits”.
The real limits are resources (people, skills, energy, materials) and inflation.
The real limits are resources (people, skills, energy, materials) and inflation.
(6/9) So for the UK Government the sequence is:
Spend → money exists in the private sector → tax deletes some of it.
This is the opposite of how you experience money: earn first → then spend.
Spend → money exists in the private sector → tax deletes some of it.
This is the opposite of how you experience money: earn first → then spend.
February 9, 2026 at 7:47 AM
(6/9) So for the UK Government the sequence is:
Spend → money exists in the private sector → tax deletes some of it.
This is the opposite of how you experience money: earn first → then spend.
Spend → money exists in the private sector → tax deletes some of it.
This is the opposite of how you experience money: earn first → then spend.
(5/9) Third: taxes don’t work like a household bill.
Taxes remove pounds from the private sector. They help drive demand for the currency and manage access and distribution to wealth and resources.
Taxes remove pounds from the private sector. They help drive demand for the currency and manage access and distribution to wealth and resources.
February 9, 2026 at 7:47 AM
(5/9) Third: taxes don’t work like a household bill.
Taxes remove pounds from the private sector. They help drive demand for the currency and manage access and distribution to wealth and resources.
Taxes remove pounds from the private sector. They help drive demand for the currency and manage access and distribution to wealth and resources.
(4/9) Second: In exactly the same way, government spending adds pounds into the economy.
When the UK government spends, it credits bank accounts. That increases private sector balances.
When the UK government spends, it credits bank accounts. That increases private sector balances.
February 9, 2026 at 7:47 AM
(4/9) Second: In exactly the same way, government spending adds pounds into the economy.
When the UK government spends, it credits bank accounts. That increases private sector balances.
When the UK government spends, it credits bank accounts. That increases private sector balances.
(3/9) This surprises people because we’re taught banks “lend out savings”.
In practice, banks create new deposits when they lend (within rules, capital requirements and the central bank’s rate).
In practice, banks create new deposits when they lend (within rules, capital requirements and the central bank’s rate).
February 9, 2026 at 7:47 AM
(3/9) This surprises people because we’re taught banks “lend out savings”.
In practice, banks create new deposits when they lend (within rules, capital requirements and the central bank’s rate).
In practice, banks create new deposits when they lend (within rules, capital requirements and the central bank’s rate).
(2/9) So: how does money actually get into the economy?
First: most money is created by banks.
When a bank makes a loan, it creates a deposit in the borrower’s account. New pounds appear as numbers on a balance sheet.
First: most money is created by banks.
When a bank makes a loan, it creates a deposit in the borrower’s account. New pounds appear as numbers on a balance sheet.
February 9, 2026 at 7:47 AM
(2/9) So: how does money actually get into the economy?
First: most money is created by banks.
When a bank makes a loan, it creates a deposit in the borrower’s account. New pounds appear as numbers on a balance sheet.
First: most money is created by banks.
When a bank makes a loan, it creates a deposit in the borrower’s account. New pounds appear as numbers on a balance sheet.
(1/9) Most UK political debate gets shut down by one question: “How will you pay for it?”
It sounds sensible but it assumes the UK gov must get pounds before it can spend.
That’s the wrong way to think about money. Here’s how money actually works: 👇️ 🧵#MMT
It sounds sensible but it assumes the UK gov must get pounds before it can spend.
That’s the wrong way to think about money. Here’s how money actually works: 👇️ 🧵#MMT
February 9, 2026 at 7:47 AM
(1/9) Most UK political debate gets shut down by one question: “How will you pay for it?”
It sounds sensible but it assumes the UK gov must get pounds before it can spend.
That’s the wrong way to think about money. Here’s how money actually works: 👇️ 🧵#MMT
It sounds sensible but it assumes the UK gov must get pounds before it can spend.
That’s the wrong way to think about money. Here’s how money actually works: 👇️ 🧵#MMT
Register now for MMTUK's launch event.
Join MMT co-founder Professor Bill Mitchell and MMTUK Exec Director Patricia Pino as we launch our first policy proposal paper for a UK Job Guarantee.
📅 Wednesday 25th February, 7pm
📍 Friends Meeting House, Euston Road, London
mmtuk.org/news/bill-mi... #MMT
Join MMT co-founder Professor Bill Mitchell and MMTUK Exec Director Patricia Pino as we launch our first policy proposal paper for a UK Job Guarantee.
📅 Wednesday 25th February, 7pm
📍 Friends Meeting House, Euston Road, London
mmtuk.org/news/bill-mi... #MMT
February 8, 2026 at 9:48 AM
Register now for MMTUK's launch event.
Join MMT co-founder Professor Bill Mitchell and MMTUK Exec Director Patricia Pino as we launch our first policy proposal paper for a UK Job Guarantee.
📅 Wednesday 25th February, 7pm
📍 Friends Meeting House, Euston Road, London
mmtuk.org/news/bill-mi... #MMT
Join MMT co-founder Professor Bill Mitchell and MMTUK Exec Director Patricia Pino as we launch our first policy proposal paper for a UK Job Guarantee.
📅 Wednesday 25th February, 7pm
📍 Friends Meeting House, Euston Road, London
mmtuk.org/news/bill-mi... #MMT
Thanks Eddy! 💪
February 7, 2026 at 1:02 PM
Thanks Eddy! 💪
Where does the money come from when the UK government spends?
Not from your taxes. Not from borrowing. The answer is simpler than you think and it changes everything about how we think about public investment.
Our simple explainer page breaks it down: mmtuk.org/education #MMT
Not from your taxes. Not from borrowing. The answer is simpler than you think and it changes everything about how we think about public investment.
Our simple explainer page breaks it down: mmtuk.org/education #MMT
Education | MMTUK
Learn about Modern Monetary Theory with MMTUK's educational resources. Explore how money works, understand government spending, and get answers to common questions about MMT.
mmtuk.org
February 7, 2026 at 12:28 PM
Where does the money come from when the UK government spends?
Not from your taxes. Not from borrowing. The answer is simpler than you think and it changes everything about how we think about public investment.
Our simple explainer page breaks it down: mmtuk.org/education #MMT
Not from your taxes. Not from borrowing. The answer is simpler than you think and it changes everything about how we think about public investment.
Our simple explainer page breaks it down: mmtuk.org/education #MMT