policy He is an advocate of Modern Monetary Theory. He thinks it could be applied to but not essential for a Green New Deal. Tax Murphy is a promoter of financial reform, with specific emphasis given to tax avoidance and evasion. He estimates that "£25 billion is lost annually from tax avoidance". That is substantially larger than HM Revenue and Customs' estimate of £2.7 billion, and his estimate has been dismissed by HMRC. Murphy claims that HMRC insiders have suggested to him that £300 million additional investment in the department could recoup £8 billion in unpaid tax. His methodology has been criticised by other groups, including the Oxford University Centre for Business Taxation in their December 2012 publication The Tax Gap for Corporation Tax, and the Institute for Fiscal Studies, which cited his estimate of the corporate tax gap for the TUC as one which was "likely overstated (possibly by a wide margin)". Murphy advocates "country by country reporting", as a means to increase financial transparency to reduce tax avoidance and evasion. In 2013, the OECD and G8 endorsed a form of country-by-country reporting. Murphy is in favour of a land value tax, which would tax land based only on its value, and not on the buildings on it, in order to discourage land hoarding and promote building in areas in need of more housing. It is also very difficult to evade. He has written in favour of removing high-denomination notes such as the £50 note as they are used widely for tax evasion, saying "there is not a shadow of a doubt that vast amounts of cash" are used for illegal purposes. Involvement in "Corbynomics" In August 2015, many of Murphy's ideas were taken up as proposed policies by Jeremy Corbyn in the Labour Party leadership election. Corbyn was elected and became Leader of the Labour Party and Leader of the Opposition, his economics policies were dubbed "Corbynomics". This included a policy called People's Quantitative Easing. - a broader development of a policy Murphy launched in 2010, called Green Quantitative Easing. Corbyn also cited Murphy's estimate of there being £120 billion of missing tax revenue as part of the economic plan issued during his election campaign stating that this was enough to "double the NHS budget". In addition, Corbyn adopted several of the remedies that Murphy has advocated (including country-by-country reporting) to address this revenue gap. Murphy later clarified