James O'Brien accuses Liz Truss of dealing in unicorns as cost of living crisis bites
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- čas přidán 4. 08. 2022
- James O'Brien has accused Liz Truss of dealing in unicorns as the cost of living crisis bites.
#jamesobrien #liztruss #LBC
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This clip has been taken from James O'Brien's show on August 5th 2022.
I don't understand why we all need to make sacrifices, especially those of us on lower income, but every big company seems to be posting record profits. Why is it we need to be punished? They have the money, we need to redistribute the wealth better.
Were you onw of those people who thought Corbyn would be a bad idea?
It's the tory way, always has been.... that's why we need socialism. Tories hate it its it does distribute wealth and support services like policing and the nhs
Ah but if they didn't make huge profits they would go away, then where would we be?
What were the companies profits for the last three years thing is do some research. You may find the company your talking about had two years of losses before record profit?? Always look beyond the headlines.
@@BrotherGiles do you understand what 'transfer pricing is' and how companies use it to hide profits and avoid tax?
My last right wing friend was gleeful when he thought Europeans were dying faster than Brits due to COVID-19. I have given up talking to him. Great vid.
You're well shot of him whoever he is
He’s not anyone’s friend, more a fiend!
Makes you wonder about the right wing mindset doesn't it. I'm left wing and I don't particularly like the human race, but I don't wish people any ill....
The two main reasons I'm not keen on humanity is that they can be greedy and cruel. (Traits most common among right wingers)
It's this same mentality on channels like Jeff Taylor. He comes on camera smiling with smugness about any reports where Europe will be adversely affected in some way as though we were fighting in some kind of Napoleonic war. On another issue, even the idea that people should vote in their own interests is flawed. Priority should be given to the most needy (including Mother Earth). The role of govt. should be to protect its citizens. The whole mentality is wrong.
Ed, it going to get worse. A lot of your inflation problems are beyond your control. Because of the war Ukraine, Russia has taken it's oil and gas offline. But now it going get worse. Russia was worlds number 1 Wheat exporter Ukraine was world number 4 exporter of Wheat. The Middle East had the Arab Spring because of rising food prices. 700 metric tons of grain cannot get out of Ukraine. Most that was suppose to go to the Middle East.
The Tories ALWAYS claimed privatisation was the answer to all our woes,as nationalisation was costing ordinary people the earth,and privatisation would make EVERYTHING cheaper,well can ANYONE name a single thing that privatisation has made cheaper,just ONE
It's made providing essential infrastructure and services to the public cheaper for the government (apart from where it hasn't because they massively subsidise a lot of it and spend as much as they would have had they just kept it in public control anyway).
We can thank thatcher for that!!
In Australia a few years back the Conservative Government privatised numerous publicly owned services and each of those services are now way more expensive but at the time the Government said it would bring prices down. Tory Governments are experts at conning people
Terry.. There isn't because its all BS from the rich and powerful.... And people fall for it.... Tony cuenca
@bam bam ye shame torys abused it .labour built lots of hospitals torys promised 40 where are they. dont get ill my friend you'll see what your wonderful torys have done to the N.H.S plus this isn't about what labour did 😊
Have got a decent joint income in our household but we've already cut back on electricity usage this summer and are really worried about winter. And by all counts, we are classed as reasonably well off. I can't imagine how horrific this winter is going to be for so many 😢
Low income people ,the disabled and particularly single pensioners on their own and relying on the megre pension wil be affected in so much as some will die .Think I sound like a dramatic fool ?
Fact .
In 1979 the earnings link to the state pension was severed by Margaret thatcher. This lead to a significant decline in state pensions relative to working age incomes and a spike in poverty amongst the elderly and disabled and the vulnerable.
The accumulative effects of this was that in the eighties under Major during a particularly cold winter there were 20.000 excess deaths amongst that group caused by cold and hypothermia related illness.
They simply could not afford to heat their homes.
State pensions today have never recovered and are still bellow their 1979 level relative to earnings and are low compared to OECD countries.
They remain a disgrace in the 5th richest economy in the developed world.
Don't feel so hard done by 31 Blaise ,you ain't seen nothing yet.
You’re either not well off or just incredibly tight
There is is an online test where you put your household income in and mortgage/rent and it says where you come in U.K. wealth. Rough guide 80k joint household income, 100k mortgage you sneak into the wealthiest 5% of the country. So 95% of the country earns less as a household.
That family Is doing OK, but they’re not wealthy owning second homes,
The country’s wealth those that aren’t concerned about paying for weekend away say is 2-3% of the wealthiest people.
What have you cut back on? Most people would already be using what they need so they can't afford these rises.
Curious what people are cutting back power wise.
Being on benefits of around 7000 per year with gas and electric already being charged at £160 per month I really don’t know what I’ll do come winter and further increases.
I seem to be paying slightly more than I’m using at the moment but not much as I am in £50 credit at the moment. It has varied over the last few months from in debit to credit by small amounts.
Already I struggle buying food.
Thank you for pointing out the expert bias. It's like the airport crisis during May half term. News channels failed to grasp what's important there, reporters and editors were completely detached from its reality. Nobody cares that cute little 7yo Penny had to unpack her cute little suitcase and didn't make it to Mallorca that she and her cute little middle class family were soooo looking forward to. Yet it was on every channel. Show us 42yo Jim who works as a baggage handler, filling in for his 6 fired colleagues who wasn't rehired in time for the end of covid travel restrictions. Let's talk about him wanting to walk out, strike or commit suicide from the inhumane working cinditions, the corporate greed and human misery that could be avoided.
Exactly 100% excellent post.
I think I saw Penny's Dad on tv lamenting not being able to water his lawn today!
@@martinjp1 next thing you see is going to be 36yo Andrew who has to open his mansion's gates manually rather than with a remote, because he's trying to cut his electricity use when parkimg the Bentley.
@@myx0myc0t4 About three years ago I recall a close firend of mine whose boss drove a Bentley and asked the friend to drive him to a meeting in his own car. He did not want to show up in the Bentley as it might show him up as being greedy. The friend obliged but left the job at the nearest available opportunity. He didn't lose his cool or his temper over such asinine and shallow behaviour. He just took his time and left at his own pace and in his own terms. He drives a Toyota......
@@agnosticevolutionist3567 i'm aware of that especially nowadays with the insane summer we're having. What I'm saying is, that if we talk about construction, make an interview with Joe, who works in the blazing sun for 10hours a day when his employer won't even provide him water and shade, and the fact that he has no other choice if he wants his 3 kids to eat. But media outlets will interview and Timothy, who'll tell viewers that the construction of his 7th house is delayed because of the weather and he'll tell you how tough is is, and we all know this is BS.
The problem with politicians is they pass policy in ways that will never effect them in a negative way.
The modern political class are too well insulated from the day to day realities of life for most people.People often vote for people who rank higher than themselves in the social order. You have masses of people who self-classify themselves as middle-class when in fact they are working class in terms of financial security, earning power and job security.
They do not vote for the left but aspire to belong to the upper half of the population when in fact they are in the lower half of the population in money terms.
We had this happen in Ireland when there was only one tradesman in parliament out of membership of 160. Most reps were teachers, farmers, accountants and some doctors. I think it has improved somewhat in that more non-degree people in ordinary jobs are now in parliament.
It is important that voters choose a cross-section of all the people in the country and have at least some financially ordinary people in the mix of reps to add balance to the decisions being made by them on behalf of all the people, not just the elites or lucky ones not affected by the current difficulties.
Open to the highest bidder.
@@jgdooley2003 I'm here in County Wicklow mate.
@@johnnypatterson7512 Howya neighbour. I visit north Co Wicklow weekly as part of my job. Lovely county and excellent people. Look up Michael Dwyer and Charles Stewart Parnell, two countymen who did your County proud.
Even turkey's don't vote for Christmas.
12 months ago I debated an economics lecturer/researcher at my local university who has been teaching me. Based on him saying inflation is primarily caused by government borrowing watering down the value of money, I said we will have high inflation soon, he replied "only a little though 1 or 2%". When it was obvious inflation was going up more than that at the start of the year I said interest rates will go up soon then, based on what he said(and the books he got me to read). He said no because the economy will need to keep growing and inflation will just go down.
I think people who have been getting pay rises and have enough income to save money have no idea that some jobs haven't seen pay rises in at least 20years or more. I am in catering and wages for management is the same now as it was when I left school. I saw a job ad for Mcdonalds manager with £30k salary recently. Back in 2004 by brother worked for Mcdonalds and his manager was on about 30k, that is essentially a 50% pay cut. My wife is a teacher and has had 1 or 2% pay increase in 12 years, that is essentially a 20% pay cut.
Inflation has been used as a subtle economic weapon to take money from the workers and give it to the few, usually at the top. Now it is much higher(and more obvious) people are actually waking up and noticing.
Many people need to understand that they should not be demanding 5/6% wage increases but 50/60% wage increases. There are more than enough billionaires made just in the past few years. THEY CAN MORE THAN PAY FOR WAGE RISES!!
Profits are increased by reducing our wages or increasing the price of the commodities we need to survive. Both, as you say, serve the same purpose.
Why do you think Truss wants to make strikes illegal? Another Tory attack on working people!
@@mandolinic Exactly right!!!
It works both ways though.
There is a huge fiscal drag when it comes to taxation.
Hmm. A rich college lecturer. Rara avis?
Britain would be a far better society if there were more journalists like Mr O’Brien in both print and broadcast
The most biased presenter going. Yet he bleats on about everyone else’s prejudice
@@Ukandy19 I'm a Communist but I still like him.
@@Ukandy19 so why are you listening to him
@@Ukandy19 Offer a more balanced opinion on the Tories then? We're waiting
@@Ukandy19 I like it when people have to argue ad hominem instead of refuting the points a person makes. Makes me think you are the biased one.
Some people have empathy but many do not and it seems that the ones that do not end up in politics.
Imagine what a wonderful World we could have if someone released a Virus that Lobotomised people with no Empathy :)
Certainly in Tory politics!
Empathy doesn't put food on the table or electricity in the grid. This guy literally rants about raising the cost of living every day for a decade, that's what 'tackling the climate' is.
Scary times have come again.
The thought of unemployment going up again, during a Tory administration turns me sick
The woker the nation the harder they are crashing, it's called economic justice.
I’ve been thinking the same thing for sometime. I’m glad you’ve articulated this, James. I’m on Disability Benefits but not on the absolute breadline, however my life is definitely ‘shrink wrapped’ compared to when I ran my own business or when I was able to work in biotech.
The only increase in spending is driven by the cost of food, fuel, oil and energy. Then there is a knock on effect to everything else. People are spending more but buying less.
Rishi still having new pool installed... hhmmm
@@dean8282 Helping the economy!
@@dean8282 - whilst public pools in his local constituency are closing....!
I expect his local constituents will be going around , Fishy Rishies gaf for a dip.
I appreciate your self reflection and honesty James... Reminds me of the old saying 'Walk a mile in my shoes before expressing an opinion on my experience' What has this country come to...!
The results of what the increasingly close relationship between the press and the Tories that Lord Justice Leveson warned us of.
Economic justice is being served on a scale of how woke you got during flu extinction.
Welcome to Brexit Britain.
Well said James.
The Nation has spoken. Now the Nation will pay.
@@MrMessiah44 Indeed.
Democracy is a wonderful thing.
🇬🇧🇪🇺🇬🇧.
Not just brexit this is happening in many countries
@@muttley5958 Do you think we will ever find it in Brexit Britain?
James, you're great. I really like your diatribes albeit sometimes depressing. The only problem you have is that decency in any shape or form doesn't permeate to those in charge.
Election in 2 years. Probably won't be Starmer, if it's big gob, what will O'Brien say then?
@@petercutting6126 dyoo mean 'yeh but no but' Rayner?
@@timhull8664 😕
@@petercutting6126 Big gob??
Shoppers aren't causing inflation, profiteering companies are. Interest rate hikes punish poorer people and reward richer people, they aren't going to affect prices
spot on well said
Like Shell
@Local Council Jobsworth They affect prices by pushing them up! You need to engage your brain before speaking, you are a danger to the world. Learn MMT
James i didn't like or agree with some of what you said in past, but find myself agreeing more with you these days and on this you are spot on, people from all classes need involvement and voices in decisions. Its scary listening to Sunak & Trust they are so out of touch and clueless to the needs of the people.
Companies are raking cash in like never before.
That's the real kick in the teeth.
Not for much longer.
When you understand the reason why the Conservative and Unionist party exists then you will understand why their supporters are being allowed to rake it in at the expense of the consumer. But it does have to be said the direction the government has taken to in effect cause it's supporters to get rich quick will be their undoing, hence the need for culture wars to distract for as long as possible to allow them to keep on coining it in
I think the best thing to do with Liz Truss is to ignor her.
WOW, VERY WELL THOUGHT OUT COMMENT!...NOT!
Ignore her kind at your peril, for the moment you're not looking will be the moment you regret.
Well yes ignore her because she will have the same Tory implant in her brain as the rest of them,,they attended the school of cunning ,and hypocrisy..and class distinction ..what could possibly go wrong for the plebs under this regime of echelon disdain for the moneyless classes..liz has your apples tho.
@@Coelacanth1 bring on the pain I say, looking forward to our country going up in flames, 12 years of Tories have ruined it anyway... 🇬🇧🔥
@@dougierobertson6358 caps lock says you're triggered 🤣
I'm one of those cut-backers. I eat every two days, I shower once a week. The only electrical devices that are always on in my house are the fridge and my Internet router. I only use one light at a time at night, and my computer is currently being rationed to a few hours at a time.
I'm so glad I live in one of the richest nations on the planet...
I've put my fridge on a timer, I have it turned off from 11pm to 8am & then it switches off every hour for 15 minutes during the day so in total my fridge is off 12 hours in a 24 hour period & nothing defrost & every thing in my fridge stays cool as if I have never turned it off, try it it works. I also use my phone light, uses much less wattage & i can see everything that needs to be seen.
Thank the mugs who vote Tory... actively wanting to give their money and ours to cope rations... ?
@@clintharper5509 no need to turn the fridge off, that's actually worse. LED lights use hardly any power.
@@LiveFromLondon2 fridge is a sealed unit & only gets opened about 10 times a day, in what way is it worse? So a fridge that's off for 6 months a year is worse than a fridge that's on for 12 months a year, my brain can't make sense of that. My phone has 1 LED light & my house light has about 10 LEDs lights in 1 light, so why use more than I need to, 1 LEDs is cheaper than using 10 LEDs & it's better for the environment.
don't have my own home, but I'd be doing the same
Twelve years of Tory rule and very few people alive today have seen anything like it and the best they can come up with is a return to thatcherite policies. thing is when did they stop using thatcherism/neoliberalism???
To give some context; I’m 22, an electrician and A/C engineer, want to work hard, want to start a family, want to get on the properly ladder.
If Liz Truss becomes Prime Minister, I’m searching abroad for another country to do these things. Call it bad losing, call it petty but I have solid reasoning and I bet I’m not the only one who does.
Continue down this political road that we’ve been on for around 10 years, and the UK will lose its young people and therefore it’s future to other countries.
Bye 👋
Quote ; '' If Liz Truss becomes Prime Minister, I’m searching abroad for another country to do these things. Call it bad losing, call it petty but I have solid reasoning and I bet I’m not the only one who does. '' - if I was in your position I'd be thinking the same. because I know it doesn't get any better only worse.
The global crash is going to pinch everyone but the lockdown lovers and climate warriors the most, sometimes you have to go down with the ship though so a better ship can come to life.
Bye everyone 😅👋
@@paulcampbell353 You are still in the UK? You are going down with that ship mate, as you admit you deserve, it's not like you weren't told.
It,s all a lead in to a social credit system. "Own nothing and be happy"
On a zero hour contract I am one of the 16m who can only afford to eat one meal a day that i save until late in the afternoon if i can, filling up on herbal teas before & after i have eaten for obvious reasons. But for the sake of my precious mental health I've had to compartmentalise all of these issues that affect me directly, so when i am asked how am i managing with my bills my response is "what bills!!"
I'm same as you, one meal a day. Mental health, what mental health. I wish you the best my friend.
Thank you for this. I find that whenever I hear the debate about income tax I am reminded that it is a red herring in that when we are up in arms about income tax (rightfully so in many cases) we are not talking about how low Capital Gains tax is. So we continue to fight for the crumbs off their tables while they laugh all the way to the Caimans.
If you want to understand, imagine being crushed under foot by a bully and no one helping.
He wasn't wrong apparently when he wrote "imagine a boot stamping on a human face - forever." Orwell
If you want a vision of the future, imagine a boot stamping on a human face - forever. - George Orwell
@@StormhavenGaming Exactly yes. But since this is the future I left that out. Thanks for correcting me.
@@dinnerwithfranklin2451 Sorry! I didn't see your comment when I wrote mine.
As they say, 'Liz Truss is so dense that light bends around her.'
I'm on a pension, so after the first price hike I cut the heating as much as I could,I only heat 2 rooms. Everything that has standby has been turned off. Food,I'm more careful what I buy. As I no longer work,my travelling expenses have dropped. But if prices go as high next year as they're saying,around late summer I'll have run out of savings as my pension won't cover everything. No money = no payments for gas/electric.
and then realise people on unemployment get half what you do.
@@kanedNunable I have been unemployed on 5 occasions in my lifetime,made redundant each time. So I am well aware of what you get.
@@kanedNunable I also spent 5yrs from 2003 to 2008 working thru an agency,never knowing how long I had a job for,always waiting for the Friday afternoon phone call to say the contract had ended. I wasn't a unskilled or semi skilled worker,but a skilled setter/operator on NC lathes.
Very little empathy from BoE Governor yesterday.
But what did we expect from a guy who's spent his whole life in the city and now in a cushy job on £500,000 per year.
Yep. But it's not an excuse for being uninterested.
Whatever her name is, I keep thinking Shirley because of her gormless looks, does far too much blinking when she lies for my taste
common sense , from a man who acknowledges being in a position of privilege and yet still has both feet firmly planted in reality.
Yep that's James
I'm 80 years old, an when I turned 80 I had a letter from Government to tell me I qualified for an increase in my pension....of 25p per week, so £1 extra per month. I am trying to find what I can actually buy with this extra money. I also am one of the many pensioners who have turned off my heating and hot water system.
I started my family just before we experienced what we were told was a once in a lifetime recession, which turned into a tripple dip recession. Now to be told My child is going to start his life in the world with another once in a lifetime recession. When are we going to acknowledge the current system is broken
@@Craig121000 Lol as if you have the option.
@@Craig121000 Well, that's a relief.
@@Craig121000 Your mother having you may have been wrong, but dont put you life experience onto others.
@@Craig121000 Fantastic. And as an added bonus you don't add to the genepool.
@@Craig121000 Again, a great relief. Just make sure you do something worthwhile with that wealth, like donate it to a cattery.
The previous Bank of England governor, forecast this, largely due to Brexit. He was vilified for it. Since, we have had COVID and Ukraine, but the UK is having it harder due to Brexit. People are going to have to start talking about it someday. It’s like the nightmare days of the seventies . The problem is that many don’t remember it or weren’t born!! Furthermore, it was before we joined the EU.
absolute nonsense. Where is your evidence this inflation is because of brexit?
Having it harder because of brexit ? Seriously open your eyes to the chaos in Europe
Mark Carney sits on the board of the WEF so that all you need to know about that piece of pond life
And we begged to join the single market, I remember a drawn picture in a text book at school in modern studies representing a Brit in a union jack jacket on his knees begging Europe to let us join because of the state we were in!!!! I hate that the education system seems to have left this out of a lot of people's education!! I can only reach this conclusion!!
Surely we are getting close to when the rest of us can ask the tories to "just leave". I am sure they would enjoy their newly found 'political asylum seeker' status and the rest of the world would welcome them with open arms. Well Rwanda might.
Eat the rich.
Kuru! Scrapie! Yay!
And/or eating the Tories !!
In This instance you’re spot on, tax cuts for the rich and for corporations won’t stimulate squat. Take back the trillions in QE printed during covid by taking the farkers who benefited, the rich!
There would be no recession if the hugely wealthy and monopolistic corporations honestly paid a fair tax rate.
It doesn't work like that.
@@thirdmeow2270 Only because english cap doffers and flag shaggers keep voting for their betters intent on keeping the status quo.
She keeps talking about tax cuts, but tax cuts will cause an increase in the money supply in the system and increase inflation even further
Edit James mentioned it
you are spot on but she is talking tax cuts because its something that appeals more to the people who vote torie
Exactly what sunak is screaming about
@@Craig121000 12.7% inflation rate and your celebrating 1.75 interest rate, I know you are a troll but at least make it realistic
@@Craig121000 inflation has no impact? Do you have money?
Energy is the cause of inflation. The UK needs to have an energy plan. It isn't people demanding less that will change the situation. UK is exporting oil and gas at this moment.
No, no. The Bank of England is the cause of inflation. Printing money 💰 .
Hang on mate!! Energy company's profits are INFLATED!!! They could chose to reduce these by cutting bills, removing the main cause of price increases. But why should they? The Tory government is on their side. Truss says we cant do that. It would deter investment...... might, perrhaps, maybe? Try it and see what happens.
@@elwynjones763 no argument that energy profits are sky high. They are selling energy at market rates.
Colin... The UK exports both gas and oil.... For profit but leaves its people struggling to heat its home etc etc... Tony cuenca
This country hasn't had a plan since 2010. I'll let the reader work out what happened then.
always a pleasure to watch and listen O'B,
MPs received a £2200 pay rise in April this year. I’ve not heard of any MP who surrendered or offered to give back that pay rise. But don’t forget folks, we’re all in this together!!!
Reducing spending on public services is a staging point in the Tory dream of dismantling the Social Democratic model of society
The social contract has been broken. We need a General Strike
Not all tories think like that. Only the banker types. And those who read books rather than living life.
16 million people is not far from the number of people who voted for Brexit. How ironic.
Just what I was thinking,
got what they voted for
The real fun is if like many people of my generation who believed that 50+ years of paying into the system would enable a peaceful retirement now know that we were conned and our pension has been stolen by our own government and we struggle to get bye.
and people now are convinced its a discretionary benefit rather than a benefit for which we all paid for.
you voted the tories in！ you won take responsibility
JL... And the unions knew and allowed this to happen for at least 50 yrs.... Tony cuenca
How can you trust a women who done the dirt behind her husband's back when she was a government minister..😳
The guy must have been desparate !
Dunno but the nation trusted a serial philanderer that even did the same when his wife was receiving treatment for cancer
twice !
We are all in this together I'm sure Sunak has felt the pinch. I mean how does someone live on £250 million.
Without a thought for you
He is building a new swimming pool
Don't worry. His multibillionaire wife can stub him a few quid to buy a new Bentley or two.
He spent 200k on an "orangery" to house his gym and media centre in his country house in Richmond so I doubt that he really knows about ordinary lives.
He is worth £175m but his wife is worth £250m or slightly more than Queen Elizabeth II's personal wealth ie excluding Crown lands income and inalienable assets such as the Royal art collection and palaces.Does this help explain his detachment?
45 yrs of neoliberal economic policy comes home to roost.
On the bus with Liz Truss and can't get off.
Driving off a cliff in Dover.
Thanks for helping me understand
This turn down just further stalls the ecconomy. Without consumer spending business can't hire more, pay more, and invest. We desperately need a cost of living pay rise or it just knocks down the next domino into ecconomic collapse. The idea that cutting business taxes for large corporations will help, as if suddenly they'll make enough to start fairly distributing their profits into wages instead of dividends.
👍👏👏👏
This is a horror show, interest rates up, inflation to 13%, and a recession.
Sunaks proposals are ridiculous, we can’t increase tax and increase interest rates that will only deepen the recession. Inflations not being driven by domestic demand it’s being driven by supply chain shortages.
Truss’s aren’t much better, tax cuts only going to further wealth inequality. The rich well bank those savings and invest in housing and shares whilst the rest of us will spend it. Fuelling the already considerable wealth gap between those with and without assets.
The only true answer is to increase tax on the wealthy and spend that via welfare to shield the poorest in society. We need to claw back all that QE money printed during the pandemic which went directly into creating asset bubbles for the already fabulously wealthy.
Sunak is ! Talking about Increasing tax to the wealthy ..
people don’t listen to what he has to say before judging him by everything first
@@shivz789 is he? Pretty sure his tax rises hit the middle incomes hardest because the wealthy are only hit by tax rises on assets not worked income.
The recession is not being driven by lack of demand, the problem is the world thanks to Putin is short of energy and food and the UK with added benefits of Brexit is also short of Labour. Stimulating demand will not resolve these issues, so will only lead to inflation, thus Sunak is right, we need to increase taxes and interest rates to dampen demand and face the reality we are now poorer in real terms, in part because of Brexit.
@@shivz789 increasing national insurance is a regressive tax it hits anyone in work, think before you utter nonsense.
@@grahamariss2111 I don’t dispute that, but never in my lifetime have a Goverment both increased taxes and raised interest rates, that’s something you do to stem consumer based inflation.
We don’t have consumer based inflation we have as you point out inflation based on external issues with supply. None of what he is suggesting resolves that issue. We all ready have millions using food banks.
He should be clawing back the hundreds of billions which have gone into the pockets of the wealthy via his QE experiment.
The idea that raising NI for low paid workers helps is ludicrous, ppl can’t afford to beat their homes. Anyone suggesting otherwise is economic illiterate.
Truss or Sunak... Either wins, we lose! Simple as that!
I think it is sad that Liz Truss who it seems is likely to become our Prime Minister is only interested in keeping Corporation tax down to keep firms investing in Britain. Whilst many of its citizens are worried about being able to feed their families and keeping warm this winter.
Rishi Sunak's policy has been "consistently"
anti-Inflationary
we are the poor man of Europe again they were warned and project fear was the clarion call.....well lets hope the fish are still happy
Thank you.
James you are spot on , lots of people around the country are not economic experts , myself very much included!.
it seams from everything I've seen and understand (lose term) the main cause of the inflation is the energy , ie the supply cost of energy as gone up due to brexit, ukrine crisis and anything else they can think of to blame it on.
My understanding of profits / prices margins are that a product is sold with a mark-up of anywhere between 50 and %100+ , ie the item cost £1 for me to buy so i sell to you for £2 . before the crisis by unit rate of elec was 14p so i would assume 7p as cost +100% mark-up = 14p . i suspect energy company's will have a way of stating there margin is much less but is it?
i suspect the whole sale price have gone up but there mark-up has stayed at the same % rate giving the energy company's a much bigger slice of the profits, ie if the cost double , there profit doubles. which explains why they have all just announced record profits. can the government do just set a sliding scale of mark-up % so the energy companies still make a profit but not at such a high rate. so as the cost gos up the mark-up gos down , but not so low as it not to be worth doing.
so in the 7 cost and 14 charge example , the cost doubles but the profit stays at 7 so the charge is 21p and not 28p. i assume the actual numbers are much more complex but all this points to people in the uk suffering and worse all to maintain ever higher profits for the energy companies.
just like we have a interest rate, tax rate and many other rates , can we not have a profit rate for companies providing essential utilities to the country , it would allow them to make a fair profit but not the obscene amounts reported.
this is now effecting inflation , borrowing rates and much worse to come. all for the sake of profits.
Couldn't agree more. I can only add that since 90% of stocks are owned by 10% of the people it is the same 10% who benefit not only from rises in retail prices but they also benefit from the rise in prices of natural resources.
So they raise the prices at the mine head or drill head at one end then cry about the rising cost of resources to raise the prices at the factory and raise prices there which of course they then use as the excuse to raise prices on the products we need to survive.
Stop the war, think about the people, respect the basic rights of the people of the world equally.
The war will hopefully be over before the end of the year now that the West have started to give Ukraine decent weapons.
If you look at the fire spots these last couple of weeks you'll notice that Russia are firing their artillery guns A LOT less, probably 10% of the shells that they were firing a few weeks ago. Their artillery advantage has pretty much GONE.
Ukraine are launching a counter offensive right now with what will end up being two prongs - the first in the Southern Front and during these next few weeks a second prong in the Eastern Front.
Ukraine have laid a trap that Russia have fallen into by launching the first prong before the second one. They've moved 25,000 men from the Eastern Front to the Southern Front, which is going to leave the Eastern Front more vulnerable to attack.
Ukraine are going to have between 700,000 and 1,000,000 men available during these next few weeks apparently, Russia won't know what's hit them.
If this isn't over before the end of the year it'll be over before Summer next year at the very latest.
War is a commercial opportunity.
It’s a valid point James, I won’t pretend it doesn’t impact on me but I’m certainly not cutting back food etc. I think if I were going hungry the choices I’d be making would be different
James, I am a currently striking rail worker and looking at my bills this winter and trying to figure out how I explain to the missus how we can't heat the house this winter. The BOE governor has shown more leadership in the past 2 days that the tory "leadership" have shown in the past 3 years!!!
Your bang on ! X
The debt to GDP ratio was 62% in 2010 when the Conservatives claimed the country was bankrupt, Cameron / Osbourne instigated a corporation tax cut that they promised would stimulate growth in 2015 by 2019 the debt to GDP ratio reached 92% and there was zero real GDP growth in that period but the wealth gap exploded.
During the pandemic we printed loads more money and guess what has happened oh look over that period Billionaire wealth doubled
Under Truss's tax plans inequality will skyrocket as will inflation if you give a corporate Tax cut to everyone the up and coming Green energy startup is ploughing all its resources back into the company not paying tax but the BP Ladbrooks Hedge funds Banks will get a huge windfall funnelling the money to shareholders while further expanding the Debt and exploding the inequality gap.
As of December 2021 we were debt leveraged at 102.8%
even if she promises JAM tomorrow , ( we were promised jam yesterday and didn't get it ). i wouldn't/ could not recognise her leadership
I thought that was spelled SPAM?
"But in the public schools and in the public houses
The Battle of Britain goes on
The constant promise of jam tomorrow
Is the New Breed's litany and verse" Billy Bragg The Home Front
@@Para2normal i was thinking lewis carol ....im justa simple mind
This inflation is caused by markets not because of spending
They have absolutely no idea at all
Government needs to be for the people not big companies. They should take over power companies.
They used have control of all utilities until Thatcher got her hands on them
I believe wholesale changes should be made to the qualification requirements and pay for MPs. My thinking is that an “apprenticeship” must be completed which involves any prospective politician requiring 8-10 years experience of working in the frontline public sector, be it education, NHS, armed forces…whatever before they are allowed to appear on any ballot paper. Pay once elected should also be in line with the national minimum wage (with public transport travel expenses to London covered), or at the very least in line with, say, primary school teacher or nurses pay grades which gradually increase with experience and seniority until a cap is reached. Implementing these changes would ensure that all politicians have a grasp of reality, (even if they also happen to be multi-millionaires) as they would be forced to work alongside, and be surrounded by day in and day out for 10 years, the very people they are currently supposed to work for and represent.
Profits from EDF customers in UK are being pumped back into France to keep prices down there,nationalise the power companies,keep the profit here,give us reasonable fuel prices without giving most of it to shareholders where ever the live🇺🇦🏴
there's a complete disconnection from the UK 🇬🇧 politicians and Normal folks who talk about crisis without having to live it , chillies 🌶 on your eyes 👀 are like a refreshing thing and do not sting .
for example:
do you know how many hours your House 🏠 heating was on last winter ?
my answer and based on my own experience is : ZERO (0) hours on and another blanket.
You know it's bad when James, a very well spoken man, says; "that's nuts"
People voted for this, there are consequences
The economy is too complex for 'one-liner' solutions.
This country only understands one- liners!
Sadly
Love listening to what you have to say.
The problem we have with a certain part of inflation relating to energy is that its hard to cut buying it in the middle of winter! The same applies to food. I think disposable income spending will be cut and the sort of things we buy as so called luxuries may be affected i.e they come down! But as I said Energy which is driving all sort of sectors including food will not be affected. Also people don't seem to realise the UK is in a worse position than the rest of the G20 because of Brexit this in itself has caused a proportion of the inflation we are seeing! Fresh produce will also increase if we don't have enough people helping with the harvest & farming in general! combine that with the exceptionally warm weather & lack of water particularly in the SE & you can see why we are considered to be in the worst place of all the G20 countries!
7:33 I'm so glad a presenter of a big show had said this, they constantly say you shouldn't have an increase in wage because that will increase inflation, yet in the same breathe talk about tax cuts, which through the same mechanism causes inflation.
As a resident of The Isle of Man, may I be the first to welcome you all!
Inflation has been driving by greed. By putting up interest rates those less well off will be hit the hardest, who can barely afford the essentials, let alone afford to cut back on them. Until the UK govt. Actually clamps down on tax avoidance excessive inflation will be a staple of UK living, because that money is being taken out of the economy and not redistributed and recycled by passing through it. BoE can do very little to curb inflation in these circumstances, but what they can and have done is perpetuated misery for millions.
The most tragic thing for me is that the main architect of this sh*tstorm (Johnson) currently has his trotters up, not a care in the world. I really hope he's officially confirmed as a serious criminal in the not too distant future.
Who? Doris Johnson?
All the same
nobody talks about how low the minimum wage is. It's time the minimum wage reflected the cost of renting / buying a house. You can borrow 4x your salary, but this doesn't get you anything if you are on the minimum wage. The minimum wage should at least get your a 1 bedroom flat in the area you live in.
a few months back old liz trust went to a small lunch and had some wine at 130 pounds a bottle the end bill was 3 thousand pounds .she had it hard during the war del boy.
Here's what's going on James. The complete and calamitous failure of Tory economic policy in history. Look where we are after 12 years of this Party. Debt quadrupled to 2.5 trillion; interest payment monthly £19.4bn; inflation 9.4%, topping 15% soon; NHS queues 6 million plus; staff shortages in social care 165000; social decay not witnessed for almost a century; and more!
it’s not that they can’t imagine it’s that they don’t care. James always errs on the side of ignorance when it comes to right wing politicians’ conduct but it’s not a lack of imagination it’s that they truly do not care
Couldn't agree with you more 🤗
It’s clear they don’t care. To suggest otherwise is to be a peddler of fallacies. James falls into this category.
They don't care because it does not affect them.
The UK is an absolute Left fest that's why it is crashing the hardest and fastest, it's economic justice and has to happen, it's the science.
The cut in taxes will only happen at the top end of the scale... If taxes are cut at the lower end it will make virtually no difference to workaday Joe and Jill as their income will already be committed to bills and just paying their way...if they can.
Thanks James, great point.
The problem is, in this situation it seems that inflation isn't being driven by average people spending too much (as you stated, millions are already cutting back on essentials). So raising interest rates won't solve it.
it may still help
'If all the economists in the world were laid end to end, they would not reach a conclusion'. Current economic management seems more like a red Indian rain dance. Sometime, somewhere, someone will be right - in hindsight!
Don't worry James they are soon going to find out that we are many and they are few.
WELL SAID !!!
Politicians did the exact same things in the 2020s as they did in the 1920s and caused the exact same problem. Their solution is raising interest rates and giving people more credit cards. Politicians just can’t put their minds around the fact that giving the people a living wage and stopping price gouging by corporations would solve the problem.
I've halved my shopping , cut back on toiletries , havnt used my heating/gas and cut down on my meals
But not your monthly payment for the Internet. Obviously...
@@wolfgangpreier9160 Since it is almost impossible to function in todays society without internet access I cannot blame the original poster, I'm in a tricky situation at the moment and need to find housing but if I relied on going into the Estate Agents I would never even get a look in.
@@Craig121000 then I guess you can say the same for the elderly, sick , nurses, police, teachers, firefighters, paramedics... etc etc etc etc because we are doing the same thing .... don't look down your nose at him Mr Daily Fail reader !
You are quite right.. the whole scam is completely bonkers!
The problem with this country is that there are so many loopholes in what taxes we pay. Need to get rid of these loopholes so everyone pays the right amount of tax. I’d rather pay an extra 2p in £ on my tax and have the right amount of police and nurses than have a tax cut and no services.
Yes, to cutting back on essentials. 2 less salad pots a week (were £1, now £1.05p). Buying lettuce and salad items individually, to make it go further. One less coffee a day and half a spoon less sugar a day.
Unable to afford my pets yearly vax's. Let's not even mention petrol. Using candles instead of lights.
Cutting down loads of washing and shower usage a week.
Switching all power off when going to bed.
It is ridiculous in this day and age that big oil is making so much in profit and not giving it back to the people.
I blame that on the media last year, that BP 's forecourt didn't have enough petrol. Causing a rush to buy fuel. The price went up.
I am amazed that someone can really see through the smoke and mirrors that is being used for everyone to think Liz Truss is the best of person to be the next PM
Pulled up at the local shop and there is a take away chip shop . A Man in his probably early 60's went up to the trash can dug in side of it and pulled out a discarded take away container. He opened it and started eating the the left over salad inside of it. So sad...
Martin Lewis deserves his holiday
Footballification just sums up the type of logic those types of people regurgitate SO well 😆
The intent of bread and circuses from the outset was to dumb down and distract the masses from the machinations of government.
Lefties O’brien again. When do you ever criticise Labour policies!
12 years ago when they mattered
like the windfall tax
Inflation is caused by companies charging higher prices. Period. It is not mysterious or hard to understand. Greed is the basic cause.
I sit in the dark at night with the telly as my only light source, I’ve switch everything off that I can apart from my fridge and freezer… and I can’t afford to retire now as my pensions will not cover all these rises… and I’m not entitled to any assistance either.