Why is Everything Failing Apart? - Questions on UK economy
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- čas přidán 7. 05. 2024
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Questions in Video
0:00 Why is everything failing apart?
5:03 Is it time to move to other countries?
6:33 What is the comparison of UK and Australia economies?
9:09 Can we protect ourselves from the never-ending economic disaster?
10:07 Should the UK government worry about its credit rating?
10:26 When should you worry about your debt to GDP level?
12:45 What would happen if the U.K. paid off the national debt?
15:26 How can economy do more to support wellbeing and environmental sustainability?
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Thanks for questions and comments. This video goes into more detail on the 'long recession' UK economy is currently in. czcams.com/video/twRPUb3guE4/video.html
>55% of UK wealth comes from merely the right to exclude others from a part of this earth. If that were all taxed away by fully taxing land's rental value, equality issues, like housing would be solved overnight. And, by not taxing output, a huge deadweight would be taken off our economy. It's only the ignorance of the public that stops politicians from enacting this transformational win-win. If "economicshelp" wants to help, why not discuss this? I'm here to help if you need a hand.
@@BenJamin-rt7ui Voodoo economics.....
Unfortunately, you keep using old numbers. People in Germany earn far more than is shown in your graphics. You are poorly informed and therefore your information is not as up to date as it should be. Stop constantly using incorrect data and become better informed!
I work like a dog every day, at the end of the month, I watch 50% of my paycheck go to my landlord. Do you know what she does with that money? Spends her days sailing round the Mediterranean. The irony is, most of the rich don't give 2 shits about England, they just take the money and run. Me? Well I love England, yet England's system is destroying me and enabling her parasitic existence. When a nation destroys its youth to enrich a parasitic elite. It will eventually descend into poverty and violence.
London?
@@gongagong You have the foresight of a wizard..... But yes you are correct. I lived in Yorkshire for 9 years when I was a young man. I will be heading North again. London is just for the filthy rich and the dirt poor now. The middle class is leaving in droves.
50% of his post tax income, so not much left over for every thing else in the way of necessities, let alone trying to save for a house/flat deposit.
You are competing with waves of people arriving to the UK, 750,000 net, each year providing serious labour competition while simultaneously competing with you for housing. Your landlord wouldn't be able to charge you what they are charging and your employer would have to pay you more if there wasn't vast number of people being brought to the UK. Everything is set by the market rate. I am renter myself. I don't like it but I know where the problem really lies.
@@voodo0983 Yep, remarkable how everybody tries to blame everything else except for the 15 million low-skilled/benefit dependant third worlders we have imported.
As a European, l can tell you the root cause of the UK issues are:
1) The two party political system that blocks the emergence of other ways of thinking and doing politics
2) Lack or decentralisation and local (town level) mayors. You cannot have nice towns without proper mayors. Most of Europe has city level mayors that stay in power if they do a good job or get booted out if they do a poor job.
3) Because of point 1, there is a lot of incompetence in city councils. You cannot have efficiency if the councillors have no fear of losing their job or have been on the same position for decades. Look at Manchester for example. Manchester has had the same faceless council for decades. You cannot have nice things when the people in power don’t care because they can’t be voted out.
4) Waste - l truly believe 25% of the UK budget is basically wasted and lost to inefficiencies in the NHS, education, etc.
Unfortunately the UK is the country where everything is 2x as expensive for half the quality you’d get in other countries.
I'd add the extremely generous benefits system
Im British and living in Burgas Bulgaria - Our mayor is AMAZING - the city is BOOMING its a happy vibrant place but housing is still affordable as they build new and replace old stuff with new high density apartment blocks
Its like the end of strong empires, whether it is pinned down by old ideas, inefficient bureaucracy or out of date traditions.
Tax the rich more, that’s where is all going
Looks like the excellent and outstanding Tory Mayor in Birmingham, Andy Street is soon to be ousted by a complete
non entity, faceless Labour nobody. Madness.
This is where economics reaches its limit. We know the UK has low growth but the wealthiest are even richer every year - like clockwork. So growth isn’t the prime issue. It’s the distribution of wealth that is more important for ordinary people. Sadly “growth” has become an elite code word for “it’s your problem mate - not mine”.
"Growth" has been a Ponzi scheme from the start. Chasing growth alone without even considering profitability is a bit like tactics without strategy (if you know your Sun Tzu).
The long-term solution is a profitable economy that doesn't rely on "growth".
It's both growth distribution and high taxation of the work related income: 1) income-wise working people are heavily taxed on salaries and, as they spend almost all they earn, additionally highly taxed on their consumption. The solution would be to tax everyone more equally/fairly so everyone pay their share. 2) unequal grow distribution really hits the poor through inflation - because of high asset inflation those who don't own anything are getting relatively poorer (are able to afford less and less for their income). Therefore, growth gains are being "eaten up" by inflation and only those holding assets are profiting from the economic growth. The solution would be to stop borrowing/printing money as crazy
@@franekspeak953 I would add that inflation-driven "growth" is no growth at all. The value hasn't changed. Only the arbitrary number assigned to it has.
Too many people still measure value in pounds or dollars. Those are not objective units of measure, they're entirely arbitrary. Getting people to base their decisions on them rather than objective value has been the biggest con in recent history. And it's worked a treat for the elites.
Inequality stifles demand
@@stephfoxwell4620 Ironically, the "wealth" of many of these influencers, and some (on paper) billionaires is completely fake. Electric Jesus for example still has most of his so-called wealth in the Tesla bubble. And he spent what he pulled out of it on butchering tw@tter (which is somehow still holding on).
A bunch of others have huge mansions, but they're leveraged up to their necks, so they don't actually own any of it.
An average Joe who inherits his granddaddy's land and farm has more real wealth than most of these influencers with huge memecoin wallets and rented Lamborghinis. When economic conditions change, their Ponzi schemes collapse and they're left on the street, the guy with the farm will be laughing.
This sort of thing happened in my country in the late '90s. The currency got devalued by several orders of magnitude. Everyone who'd saved up to that point, sold houses to "invest", etc. eded up with nothing. People who'd held onto the little land and small flats they had suddenly ended up in a much better position. Hard assets are a pain when you need cash, but their value is real. Unlike bits of paper with ink on them, whose value is equivalent to people's confidence in the bank that issued them. Central banks and governments may be huge, but even they are not immortal.
Born in 63 in the UK and all i have ever experienced/witnessed is managed industrial, economic and social decline !
It's been a relative decline for most of that period, living standards have gone up. This is absolute and it is felt by most.
@@chrisnuk Relative decline in GDP isn’t necessarily bad. We were the world’s first industrial economy, so it was inevitable we’d decline relative to other countries once they industrialised too. The USA overtook us in the 1870s, and it was always going to. It isn’t surprising that Asian countries with giant populations are getting much richer as they modernise. As China, India and even Indonesia gradually overtake us in total GDP, that really shouldn’t worry us. If anything it means they have more potential middle class consumers we could sell to, if we make the right products.
(An extreme statistic illustrates the point. In 1946, the GDP of the USA equalled half the GDP of the planet. This was largely because all the other industrial economies had been devastated by war. From that perspective, the US economy has been in constant decline since then. But that’s obviously a perverse way of looking at it, because the USA ultimately needed the world’s other economies to revive and prosper if it was to trade with them.)
We should only really care about GDP per capita. And recently, that’s been bad. British people are, on average, poorer than they were before the 2007 crash.
Brief rays of light in the 80's, 90's and early 2000's.
@@georgesdelatour - 29th for GDP per capita in the world, UK is an impoverished dump and it will only get worse ...
@@ecognitio9605 yea there was a period in 90s and early 2000s which had sunny spells, lucky to have been born myself just before that time, but it was a massive self-deception to believe these times could last while all else was ignored and underinvested.
I hate this country, I'd leave tomorrow if I could afford it. My entire life has been nothing but economic woe, wage stagnation and a constant transfer of money to the already wealthy. Its miserable here if you're not wealthy
Thank the EU for crippling us deeply!!
Jk
Try Somalia
@@SunofYorkoh so because it’s bad there he should be happy here? Grow up
Why the hell would you mention somalia it has nothing to do with the economic situation in UK and if he want to move out he can go to other places stop putting irrelevant things
@@prosl11 It is absolutely relevant in that he "hates this country", so the first thing one must ask, is where can he go ? e.g. I have US and UK passports and live 100 miles from Canada...so I can live anywhere twixt Hawaii and Colchester without papers.. A Brit who "hates" Britain has few choices coz nobody wants him..
I left UK and now live and work in Ecuador. It's pretty unbelievable how much better my quality of life is here, even in one of the most dangerous South American countries at the minute. My money goes so much further, the culture, nature and weather is better. I wouldn't be surprised if young people start to leave the UK on mass. There's no reason to stay anymore.
@Respect4evry1 what is?
@@sinders18 are you working for the uk remotely or working in ecuador?
@@gizemlikisi6213 Working in the public sector for Ecuador.
I have been thinking of moving from UK to South America for some time now. I wish I could speak fluent Spanish and had the courage to go through with it as this country is utterly collapsing 😔
It’s unskilled immigration that’s diluting our culture and sucking the funds.
Definitely time to move if you're young, the problems created in the last 15 years won't be solved in your lifetime.
Somalia ?
@@SunofYork cheaper than a flight to Rwanda that's for sure!
@@SunofYorkSomalia is here. That’s what the problem is, too many of these types.
@@user-pg2kj7ps7o UK is only Somalia if you are a cannabis chomping deadbeat. The rest of us are doing great
To where?
The difference between the Tories and Labour is that the Tories make no secret of their preference for improving the wealth of the richest people in society. In contrast, Labour hide the fact that they favour the rich over the majority of less well-off people. The end result is the same.
I’ve arrived to the U.K. in 2003 as an architect and until 2008 it was a decent country to be in - at least I could see year to year things were improving for me. After 2008 I was never able to managed to make any significant savings despite not going out and living further and further away. In 2012, tired of ever increasing rents and moving a house each year, I’ve “purchased” a shared ownership property before learning what a scam it really is. The biggest mistake of my life - apart of coming to England in the first place but back then I could not find a job in my country. I’ve moved out from the U.K. as it was simply unaffordable to live in 2021 but I am still chained to “my” (not really) property which can’t be sold until the cladding issue is fixed. It still has not happened or even got started. There’s not even a date set for it. I’ve wasted almost 2 decades and came out with nothing but bitterness and sorrows and a debt which can’t be repaid. If you not rich or poor and on a dole this country will ruin you! For anyone who works honestly hard this is hell.
Uk was great until 2008, but that's where the decline really started
I am so sorry to hear about your situation. Please do tell everyone you know that the streets of the UK are not paved with gold, as I am aware that there are still many people fooled by the propaganda about the West (the problems are not just in the UK). I hope very much that you are able to get out of your difficulties soon.
@@annazimmerman69 UK will eventually get better but it will take new leadership and radical changes to social, economic policy and the removal of the Conservative party
@@tomjardine100 I would like to think that you are correct, but sadly our problems are too deeply entrenched. We have been a rentier economy parasitic on the efforts of others since the 1700s, and getting out of that pattern is completely beyond the talents of our current crop of politicians, or indeed the bulk of the population who are quite unequal to the task. To see the problem as purely one of any specific party is quite wrong. Labour will come in and flail around making terrible mistakes, just like the Conservatives did - and our standard of living will carry on sinking, as it has been doing for years. For a while the availability of easy credit and cheap consumer goods from abroad disguised the fall in real incomes, but that has just resulted in sky-high asset prices, ballooning deficits and further impoverishment.
Anna you talk a lot of sense.
Greed & corruption. Large companies own the government and the country is run more for their benefit than the people. While the country and people as a whole are feeling the economic pinch and becoming relatively poorer every year, the richest companies and people are wealthier. Finance is in the hands of the few to the detriment of the many. I moved abroad 25 years ago and enjoy a value for money, stress free life that the UK could never offer. I feel for the people of the UK.
Where did you go?
Which utopia did you move to ?
Great post. Factual too.
This is also my observation, in a nutshell. Normal people financially abused, communal assets and services stripped.
@@sfactory8253 not utopia, more of a set of tradeoffs you are prepared to embrace. I moved to Poland, which we're told is poorer, but services, infrastructure and community life is in far better shape than the UK. Normal everyday pleasures are easily affordable for most people. Crime and anti-social behaviour is far lower. No culture of debt, so less stress and pressure to maintain a financial house of cards.
UK's biggest issue is its feckless, greedy and short-termist ruling class.
From Empire to irrelevance
the natural cycle, every empire falls apart, especially ones built on temporary technological advantage
In less than 14 years.
@@Guitar6ty
The British Empire died as "Global Empire" in 1950s - 1960s tbh.
It became a small island country after that.
1997 solidified it.
To be fair, pillaging and colonising other countries is typically frowned upon these days
People in uk not living they existing
Constant stress of what next day post or email will bring ..
Plus with the woke agenda everywhere you look it's really hard to express yourself in this day and age without feeling paranoid.
I'm not a racist or homophobe in any way. But it really feels like you have to tread on eggshells - ironically not to people of different races or sexual orientations, but to your peers of the same race and sexual orientation.
The woke agenda has done nothing good for this country. Just pushed everyone apart.
they are not existing, they accept things as the come, show some backbone things will change or keep accepting what profit seekers from around the world hand in hand with the gov are throwing at you.
Some. But not all, there is enough for the some.
@l3eatalphal3eatalpha yeh but every day to that 'some' joining more and more.
It sounds to me like the UK would benefit from joining a large trading block with no trade barriers.
Oooh.. I wonder there is such a bloc nearby?
Nothing quite like an economicshelpuk glum forecast to accompany me on this fine grey and soggy English morning.
Don't forget the cold!
pretty sunny here
Fortunately, unlike the weather we can do something about the economy. Unfortunately, it wont happen under the current Tory government.
I live between Australia and the UK, on lower middle class wage. Australia is WAYYY better off than in the UK. True, Australian housing crisis is very real, but general standard of living is much higher in Australia. Theres a lot of self entitlement in the UK, such as being on benefits (much harder to get and maintain in Australia, they make you work even with serious disability, if you can use a phone or computer at all, for example), so much spending, and nothing coming in. The problem in the UK isnt just the politicians, its the culture and attitudes across the board - everyone complains, no one is willing to make the changes needed. Long term, UK is in big trouble.
@penn7853
I agree. I moved to the US from the UK. And while there will always be people that just will not work and use any excuse, you have to stand on your own feet here in the US. Strong working culture and desire to improve your life. Growing up in the UK I always felt that was somewhat discouraged.
@penn7853. Agree. When reminded how low the standard of living in the UK has become over the last few years, people keep comparing to Germany or France of Italy. I have been to all three, and trust me there are no boarded up shops and this level of poverty and homelessness. For 4000 GBP ( cost of London area only travel card), one can get an all-German annual travel card.
Your second point is even more poignant! The work culture borders on laziness, and someone faking work and trying to siphon off benefits, will be taken to task almost anywhere else in the world, much less in a capitalist country like Australia or America! And people wonder why there are so many millionaires in the US! Most work their backs off to succeed in life! That attitude will always be absent in the UK!
@@stevenmorris2293this is a wider European problem. Competition and overachieving is not encouraged. Why bother when 50% of the next euro you earn goes to the government? Social programs are great in theory, I guess. But long term they absolutely kill economic growth.
@@Talushallux1that's exactly right. Let's be real, the UK workers are simply lazy. It's a cultural problem. I worked in global corporations and comparing the work ethic between SE Asians and Europeans is like a night and day. This was the same theme among various employers.
Joel Davis an Aussie nationalist spelled out the housing costs against wages , it actually sounds a lot worse than here . Also the 300,000 Indians being allowed residency will not help housing or wages as well as social cohesion. All anglosphere countries are being invaded and deindustrialised and I would like to know why ?
As a part of the aging population (74 years old) I still work full time and pay into the system. There must be many others like me. A survey of this would be of interest as the demographic time bomb boomers reach retirement age, how many are tax payers, still supporting our society.
Everyone who works and spends money (VAT) in this country ‘pays into the system’.
It’s what is taken out is the problem.
For example, the state pension bill is x10 more than the child benefit bill.
@@jeremiahpoole6526We paid our National Insurance we were told that this was to ensure we got our State Pension at age 60 .I retired at age 66. My parents retired at age 60 and both passed away at age 86. Never did it come into my mind to grudge or vilify them for daring to get that state pension the truth is we were happy to see them enjoying their retirement. We also paid our taxes. All governments were aware that we would retire at some point therefore they should have invested our money for our retirement. I and all other Pensioners deserve to have our State Pension we worked long and hard to get it. We are among the poorest paid pensioners in Europe many pensioners are still living in poverty caused by the high cost of renting and the high cost of living. Some of us have small private pensions that helps to pay the ever rising bills. Without our State Pension we and many others would end up homeless and starving.
Well done! I wish many more are working like you at 74, whereas the trendy think to do these days is rely on state benefits from 24.
@@jeremiahpoole6526 The pensioner now were the ones who rebuilt the country after the Second World War. I had a food ration book as a child.
@@jeremiahpoole6526 That is only true if they spend earned money. If it is benefits it is just returning what has already been given.
Short-terimism is what will destroy mankind.
The UK is not the mankind. (I am not sure if what you wrote was British arrogance again there is so much of it everywhere.)
Well it's certainly destroying Britain.
@@eucitizen78 I'm talking about mankind, not the UK specifically. Too many leaders of countries and businesses thinking short term is not British arrogance my friend.
Short termism is the 8th deadly sin
Per capita growth means nothing unless you remove the millionaires out of the equation. The richest 1% of households in the UK each have fortunes of at least £3.6m. Ask the people on the street if they have £1.0m in fortunes. Then come back with your nice powerpoint statistics.
My sister has over £1 million and she is totally working class -m she just bought a house with land in 1992 - thats IT. Bought it for £85k. already sold off 2 building plots for £250k and the house is worth about £750k
TOTAL insanity - and she admits it.
@@piccalillipit9211Even worse- there are thousands of people who bought Council house back when Tories with Margaret were in power (for pennies) and now are millionaires. Yet, they cannot be called rich, as they wouldn’t even afford their own home if it wouldn’t be for stupid idea of Margaret, who took millions of properties out of a social housing system…
That’s why the median is more revealing than the average as a statistical measure. Specially at times of high inequality
Bingo, econmic theory doesn't account for income inequality. Economy has never looked stronger if you're rich.
During the pandemic 2020/21 the mean income increased while the median income decreased. Maybe some kind of Michelle Mone syndrom.
England has been sliding down since 1945 on all eco/ political/military issues.
England or the UK? England doesn’t have a military.
The government's total lack of public investment combined with prolonged tax cuts and cutting public spending has led to a slowdown in overall economic activity, increasing job losses, decreased consumer confidence, and a strain on public services.
All these factors have weakened the UK economy's ability to innovate, compete globally, and sustain long-term growth.
that was before brexit!
The government's share of GDP is currently 45%. That's the highest it's ever been in peacetime. The UK's tax burden is currently the highest it's ever been in peacetime. In Ireland the government's share of GDP is just 25%. Their corporate taxes are the second lowest in the EU.
I started making plans to escape the day after the referendum... Left in 2018. You can work 7 days a week, 12 hours a day for your entire life and still die in poverty in Britain. There are a lot of great places in the world to live, the UK isn't one of them. Things are only going to get worse, if you can get out I would get out now.
Where did you go?
@@michaelbalfour3170 Does it really matter? Get out of broken Brexit Britain, most other first world countries will give you a higher standard of living.
@@dub604 It does matter, yes. I live in Scotland and I am doing very well but I fear retirement will be a bag of shit or my kids will need all my money just to buy a box of a house.
@@michaelbalfour3170 If you don't speak any other languages then British Columbia Canada would be a very good option (I'm living there now) or alternatively New Zealand. If you're bilingual then France, Spain or Italy are excellent. I would avoid the US as it's going the same way as the UK (busy crawling up its own behind). Australia might still be a good bet... Go for it... life's short. I wish you well for the future.
@@dub604 Ok, simple enough then. Thanks for your reply.
Energy. It's all about the cost of energy. Also, the UK is full of people who want to get rich without actually producing anything useful.
Easier said than done… It takes decades to get planning approval, construction etc etc for a new power station
ITS INEBITABLE. THINGS ARE INEBIABLY GOING TO GET WORSE.
@@JenniferA886there’s half the problem. Seems like the uk forgot how to build anything anymore
Sorry but I pay just 5% of my income towards energy and 50% goes for rent. How's energy cost even a problem?
@@franekspeak953 Do you live in a council apartment with communal heating? Are you saying the cost of producing things (that require energy) has not moved - so you're not paying more for food/goods/filling the tank? Your landlord will definitely be feeling these price hikes, and will pass them on to you. I know someone in London who rents (a very nice apartment - all electric). In 2021 their electricity bill was roughly £300 per month (it jumped up slightly during winter). In 2024, it's now £900+ per month (she recently sent me her bill). I stand by my original claim - the success of all modern economies is dependent on cheap reliable energy sources. Take this away, the economy falls apart (in ways we're only just discovering).
Everyone in the UK just have to get used to the lower standard, it's the new normal.
The current miserable trajectory was set in stone under Thatcher, we could have took inspiration from France and Germany and maintained some level of domestic industry in the midlands/north instead we chose the path of financialisation and services and they've squeezed the country dry.
@@ecognitio9605 That didn't happen, did it? And it never ever will because thet poorest and most toothless in the UK will never get it, will they?🙄 You think this is bad? Hold on to your horses, this is just the beginning of it and the referral to 1979 is more accurate than you will ever know, in the worst way possible too. Don't worry about rejoining, worry about the death spiral until you do in 20 years because it's a scary ride. No regretd, you voted as you did, agreed to standard cuts and that's the steel you asked for and feeling now. You said you were prepared and ready to to take it? Well here it comes, like tge most beautiful of tsunamis.
The govt will say, it is all worth it, investing and pouring billions into UKR's democracy. smh
@@ecognitio9605 Yes but we have to give money to ukraine and israel.. laugh out loud..
Not everyone. Never forget our overlords have been doing very nicely out of it since 1979.
I think "Yes Minister" summed it up pretty well
What a show!!!
Never to be forgotten, I need to rewatch all these!
Rewatched Yws Minister last week and NOTHING has changed 😂
The tories are to blame 😢
The ppl who keep voting for the Tories are to blame.😬
Tories and Labour are to blame.
Labour started it, Tories continued it.
No. In reality it's the people who keep electing the same again and again! The decline has been evident for 35+ years, but more rapid since 2010. People should have started to revolt since a long time.
Reality is most people aren’t smart enough to realise Tory’s don’t care about them, only about themselves and their donors. Look at how Boris managed to hoodwink the uneducated masses. Even current Labour isn’t really Labour - the people of this country has their chance to elect someone with a social conscience with Jeremy Corbyn but he was subjected to a character assassination by the right wing press who own this country. They are in control of politicians, what people read and think and until that changes the free thinkers are easily controlled but the non-thinkers. We live in a high tax country with none of the public services that should go hand in hand. That won’t change. I hope my kids emigrate to somewhere more civilised as I hope to do myself.
Interesting video. although other countries have their own issues, it's definitely good to leave the UK if you can do so, even if temporarily. this country will not get better anytime soon.
Been away for 3 years back a few time going back in few days to see what horror awaits . Others places also have many negatives as well
I left the country in 2010, and come regularly for holiday and to see family. The downward spiral is quite stark!
I was in the South Uk two weeks ago, Hampshire, visiting family. I thought it was good. Groceries seemed reasonable compared to US. But I did hear descriptions of high rent. Much the same most countries
If only we knew who had been in government for the last 14 years 🤔
Do you really think it matters whether party A or party B wins the elections? They obey the same masters, and are 2 sides of the same coin.
The U.K. is run by Z. 👁 N |. § T . That’s why western countries , English speaking ones are going downhill. The Z are behind the Govts
@@christopherfleming7505one word Brexit
The UK paying of it's national debt of £3 trillion pounds (that's excluding unfunded liabilities and hidden debt) is an impossibility, we cannot even pay the interest payments of £200 billion per annum. For a start we would need to be running fiscally in the black and in the last 50 years of modern economics and monetary policy we have only had two years where we ran a surplus (approximately £30 billion if my memory is correct) , that will never happen again with this huge debt mountain that needs to be serviced, worryingly we actually make the debt interest payments with more debt (so we are in a debt death spiral). So hypothetically if we did not need to pay the £200 billion interest and ran a financial surplus with huge tax rises of £30 billion a year, it would take a hundred years to pay off this debt, so back to reality these tax rises would also have to pay the current interest of £200 billion so £230 billion in total, for perspective we spend £65 billion on the whole defence budget or £116 billion on the education budget, so paying off or even servicing the debt is not going to happen. The only logical outcome now is a Sovereign debt default (cataclysmic for the UK) or a engineered World War 3 with Russia/China as postulated by the economist Gerald Celente (also cataclysmic for the UK)
You're right to be concerned about the debt but a lot is money we owe to ourselves, like pension funds. The most important thing is the deficit which is terrible and for that your concern is understandable. However, it can be brought under control by a competent government willing to make tough choices (retirement age to 70, massive benefits cuts, find work even for those on disability benefits) to produce a booming economy growing. In this situation the government could run a surplus and use it to improve infrastructure, education and healthcare which would boost productivity. You don't want to be taking the surplus to pay off the debt because that takes money out of the economy. Putting the surplus into the economy and economic growth of 3% would be massive and make the overall debt feel nothing and easily manageable. Inflation would eventually make it zero concern. The real problem is we have visionless shits running the country who have recked it. We also have people in the democracy that don't understand simple government finances and vote for the worst kind of morons thinking they safe picks.
meanwhile UK is pouring billions into UKR fully funded by the tax payers!
@@NY-DaniDemocracy is the problem, it’s governments by idiots.
The only way out of this debt trap our government has created is by devaluing the pound. ie inflation. We have a higher government interest rate currently to supposedly fight inflation (it's actually primarily to combat capital flight), but come the next economic crisis this will be reversed and we will again have ZERP. This time however when the economy starts again starts to heat up interest rates will continue to be held low and an inflationary wage spiral will be engineered by the government. This will be achieved simply by increasing the wages of government and NHS workers. Inflation will soar and the Debt to GDP ratio will fall.
Fun and games government style. The British public will be impoverished yet again.
All the best
You're right. The main unfunded liability that you refer to is of course public sector pensions which at £2.9 trillions comes in at almost the same level as national debt. Then there's the unfunded State pensions at a whopping £6.1 trillions. But don't worry, folks, State pension isn't a legally enforceable debt, only a politician's promise, so we don't have to include it in the Government's accounts!
At about £180k per citizen these debts and promises must by now have taken us beyond a point of no return. The Gov't might be able to keep these financial plates spinning a little longer but eventually the whole edifice will come crashing down. Some or all of the above groups will have to take a haircut. Which group will be first I wonder?
I know some people that have left South Africa to work as nurses and teachers hoping to make more money in the UK but came back to South Africa with more debt and regreted going to the UK stating the high cost of living being the problem
Yes, my GP in Cape Town used to work for the NHS in High Wycombe but couldn't handle the absolutely dead system in the UK. She puts up with crime and loadshedding to get away from the NHS.
How did British wages drop 25% below german wages? That's insane
German workers are on the whole way more productive than British ones.
In addition to poor spending in infrastructure and services by the government, UK productivity has been low since 1997. People in public sector jobs have a well-paid job for life with no incentive to work hard. There's also a poor work culture, and benefit fraud is rife!
Basically, excess profit taking, instead of using it to increase wages. This was possible while inflation was low - now it has been exposed.
@Talushallux1 Agree with your other points but by the government's own figures benefit fraud is only about 4% of the total spent. It's a problem but not a major one.
@jannenreuben7398 Nobody has true figures of benefit fraud! As per ONS, 22 million were claiming benefits in 2023. ONS also reports that 40-50% of the workforce lives on benefits.
When I researched, pensioners were also added to the benefits list. Fraud is difficult to assess, but I see many able bodied people claiming benefits based on vague 'mental health issues'. But trust me, good work culture amongst the UK workforce is a rarity!
all the British people have been interested in for years is filling their pocket. they only look at the short term, not the long term.
A result of letting people that have no idea what they are doing run an entire country. We need a much more innovative mindset as a country too, we to demand better and actually think and discuss much more about how we practically make things better. Centralised incompetence.
Well they were voted in by people who have no idea what they are doing and how to run an entire country so they should be happy.
Don't assume they're stupid, they aren't. They know exactly what they are doing. They are extracting unbelievable amounts of money out of this country to line their own pockets and simultaneously weaken any ability or resolve to stop them.
We are all being used as cattle in the globalist game.
I think it's hilarious that George Osborne's economic strategy was based on a spreadsheet that had a 'mistake' in the most crucial part. You don't give the source but what happened to the person who made this convenient mistake? My guess is he went to the house of lords.
I think this video is a good attempt to explain the disaster the UK has become recently but it is basically because it is riddled with incompetence and corruption starting with David 'greensill' Cameron
Blair and his government were hopelessly corrupt - just look at what they did to the Police service. He made it so that it was beneficial for the police to chase statistics rather than actually fighting crime - such that it LOOKED better on the government, not that the people had to suffer less crime. Read about it in the book "A land fit for criminals".
Point is, the crazy amounts of corruption started with Blair at least. It may be a facet of Blairism, it may have been an issue since before Blair but I'm not old enough to remember that.
Lacy Hunt recently said that every dollar of borrowing translates to 60 cents in growth. So we are just pushing the pain into the future
True… however, the damage has been done
Addmiteably, I helped the housing problem become a bit smaller by moving out. However, as I left, I'm sure that more people areived to take my place.
I was paying £950/month for a 22 meter flat in Watford with next to no insulation. When I left they raised the rent by a £100. I can't imagine what the electric bill for heating was this winter, as it was a lot colder.
I moved to Scandinavia which had the coldest winter in years but ironically I was warmer in my house 😅😂
It has been on me and a friends mind to move for a while. The question is where? You'll see the odd random in comments saying "oh this place I went to is great" but if you are looking at it objectively, where truly is better? And I'm not just talking economics, I'm talking politics, culture... seems to me alot of the things that concern me here are in most if not all western countries.
It depends on where you are at in your life.
If you want to start a family and be financially stable while doing so- Scandinavia.
If you want to retire comfortably? A nice toasty mediterranean country.
The decision will always be a subjective one. As someone who moved very recently, I think it comes down to:
1) Does the culture or values of a certain country/community broadly align with yours?
2) Are you prepared to embrace certain tradeoffs/sacrifices?
3) What opportunities can you grasp in the place you want to emigrate to?
I moved with my young family to Poland because:
- My wife has strong family connections
- Cost of living is far lower, yet public service and infrastructure standards are higher
- Politicians of all stripes implement policies that benefit communities and country
- Rising tide of national prosperity that creates a degree of security and opportunity for my children
I had to walk away from the greater diversity of people, food and subcultures that I enjoyed in the UK, and make an effort to learn the language (it's hard!). I also had to wean myself off the credit-fuelled lifestyle that many who live in Britain/the West must adopt to maintain their 'higher standard of living'. I am further from my kin, and I will probably always be more of a relative outsider (though people here are so cool). But now my shoulders are lighter, life is tangibly better and our future looks more secure.
@@ubergregmoto I think the decision of if I were to go will end up coming down to work. I love what I do and there is big money in it, especially in the states. I am not purely motivated by money, but I have gone through my life being frugal so if I have the opportunity I'd like to take that money and be worry free about the bills and such. In any case I imagine I'll come to a decision within the next couple of years... I think that's when I'll feel ready financially and hopefully with more idea of where I could want to go.
@@adam7802 someone in your professional situation, with your approach to finances, would no doubt thrive in the US. I think it's a great place to live if you have a decent amount of money/high income (my sister is doing very well there, 20+ years) and are good with your money.
I wish you the best, wherever you eventually find yourself!
@@ubergregmoto Yes, I think so too... I really don't care for living the high life, I just want the simple things and security. It's a tough decision to make though and I'm certainly not ready to make it just yet.
Thank you, all the best to you too!
The reason is that we're governed by PPE graduates with great rhetorical skills and zero systems engineering understanding. Until around 1997 we used to solve problems and increase productivity but since then we manage problems and deliberately create new ones to manage. Until that changes we're doomed.
UK’s mold problem pretty much destroyed my health, pretty excited to go back to Canada in that regard, but I can imagine things like that impact a lot of people here
Another point about economics and the environment is that economics is about efficiently using available resources, which is very compatible with doing more to protect the environment. We shouldn't be wasteful with the resources we extract and produce. The failure to not price the externalities of pollution, nature and biodiversity is a problem though.
Ok… any ideas?
@@JenniferA886 We will keep needing concrete in the future, but the production of it is damaging to the environment so we would like to limit the supply of it to things that are necessary. A way of doing it is to add a tax or a cost to the concrete such that you compensate for the damage. For example, the cost includes the cost of removing the emitted co2 and restoration of the habitat destroyed by the quarry. That way, the users of concrete will only use it where it is worth it, and that might make other materials that are too expensive now seem more attractive, and give incentives for concrete companies to reduce emissions to make their concrete cheaper or destroy less habitat.
@@kvikendeMake the housing shortage even worse? Whichever party enacts the policy will lose the election long before the benefits are seen
@@dioniscaraus6124 The cost doesn't go away. Someone is subsidising it. For example, the people who lose land, future generations who have to spend on climate change adaptations. The whole cost should be reflected in the price of the house. When the price is correct is when you can enact policies that are the most efficient and target most accurately.
@@kvikende have you ever worked on a construction project, anywhere in the world before? Different languages, different cultures, different taxation systems, different levels of corruption?
I have as a Dane tried to understand the UK and what led to the present state. I have been commenting in the Times for the last 7 years and often suggested that the UK looked at other countries and their taxation models, media ownership etc but the opinion seems to be that the UK is unique that every initiative must have a British, imperial, Victorian, elitarian and superior touch…. My conclusion is that the UK must come to its senses and act according to what is best for country as a whole and not only for the top 1% and specific regions. A lot hardship is to be expected in the next 10-20 years. I would understand if young and well educated people left.
I was not expecting hello fresh
As soon as I see any sponsorship from any CZcamsr… I skip
I like your Hellofresh spot. I saw how much fun it was for you. You made a great job on it.👍
@@JenniferA886god forbid they get paid for their content. No one is making you buy it.
@@dumbguy1007 ?what’s your point… if I want to skip it I will
not so many years ago you could get a job in in something like a factory and over the years with steady but not ridiculous growth you could end up in a decent three bedroom semi detached with a decent fback garden. You could have a holiday every year and maybe, afford a semi decent car every five or six years. now to do you need a doctors salary. The cost of housing is ridiculous and this has been used by many greedy selfish Ruthless people as a cash cow.
some of this is simply the advancements of time I mean look at what we spend on telecom and subscriptions now . but Britain is on country that does not like to pay people a lot of money for manufacturing. go to Germany many manual workers are highly respected, not in the United Kingdom.
Hi! Just wanted to say that I've been following your channel for a while and have noticed a significant improvement in the way you deliver your content - amazing!! While your content has always been extremely helpful and insightful, the way you deliver it is now so much more engaging. Thank you very much for all the great content you're putting out to educate people on very important issues. Really appreciate it!!
After 22 years, I have had enough of these careless politicians, so corrupted and cruel towards their own people. British people are suffering, and their voices are not being heard yet. I am moving out back to Italy bad politicians too, but anyway I can see a doctor if I am not well. 6 years I haven't seen a dentist, this is a joke!
privitisation and inequality
Add over regulation, inefficient government programs and de-industrialisation.
The thing is people in at least half of the countries in Europe say the same thing. Italians want to leave Italy, Greeks want to leave Greece, most of the former Warsaw pact countries are losing population, etc. Leaving may be cathartic for individuals, but it won't fix anything. It will just entrench the bad actors in each of the countries that people leave.
If Brits want to fix the UK they have to start by overthrowing the control the financial sector has on the country. The finacialization of the UK economy is the core of the country's problems.
And rejoin EU
Finance is not bad, corruption is. What they need is several things: transparency, better division of power, better apprenticeship system, diversification of the economy, decentralisation from London, all things you could partially learn from Switzerland. They just took some the worst parts: trying to distance themselves from the EU.
I‘m tired of letting old people fuck up the future and then wanting young people to fix it and fighting them every step of the way.
The financial sector has too much influence in the UK, I agree, but I would not recommend overthrowing something as a whole.
I want no part of it and I am so happy to have left the UK. It does not help UK society, but you can‘t expect people to sacrifice themselves for others sake. Especially when there is not much gratitude in it, politically speaking.
You can just go and help another society in another country, which can help you better unfold your potential, so maybe on the whole it is better result for the world.
I‘m no UK citizen btw, just went there to educate myself.
Yes, it's almost as if late stage capitalism and decades of trickle-down economics provide no incentive for people to stay put and work 🤔 Britain gets some well deserved schadenfreude for its colonial atrocities and Tory PMs but a lot of the issues are global in nature rather than local.
All those countries and the UK are returning to the 18th Century norm of the landed gentry and the plebs the 20th Century was an anomaly.
After completing a five-year indentured apprenticeship in Mechanical Engineering and then a degree in the same, I left the U.K. in nineteen-ninety and have not been back since .... I am now Naturalized as a Hong Kong Chinese citizen and together my Chinese wife, we grow fruit and veg, for export to the mainland ....
I would say "but you have to live under Chinese tyranny" but it's hard to see much a difference nowadays.
What are you talking about Tyranny .... You're listening to the wrong people .... Where I am living here in Tung Chung, everything is wonderful .... And free .... and wonderful .... Buses, Taxi's, Trains, and the State-of-the-Art Health Service .... All free .... and our apartment .... 100 pound a month all in, with free gas, electric, water and we both get a handouts of money twice a year from the government, and, and, and I could go on but you are the sucker there in the U.K. and not me ....
@@fl-ri- thinking that the monarchy-democracy-theocracy in the uk is much better is delusional
@@shweshwa9202 well no, it's not delusional to think a communist dictatorship is more tyrannical than a constitutional monarchy. Based off of history this is apparent. I recommend reading the gulag archipelago, there's a lot of parallels with what is happening in the UK.
The problem in the UK is the government is going down the path of a communist dictatorship.
@@shweshwa9202that depends on your economic status and wealth. If you were poor you would rather live in the West.
Thanks Tejvan, and good to see that you're getting sponsored!
Read Danny Dorling's book 'Shattered Nation'. He nails these issues. The fact is there has been a steady economic decline since 1973 in the UK- greatly accelerated by Brexit. Bad though it appears, the US did not sell off every single public utility to private (mendacious) investment as this country did. The UK has the worst distribution of wealth in Europe- minus Bulgaria. The standard of living in Belgium is across the board 20% higher and 27% cheaper on the average home to buy or rent. Again, the transparency surrounding second home ownership and offshore (illegal) investment in the UK is zero. The older generation have greedily squirreled away their wealth which has NOT trickled down as per the neo-liberal Thatcherite myth. The fact is the post-war trajectory has been downward. I think you'll find the upward trend in life expectancy in the UK is now reversing. Needless austerity has impacted this.
I’ve got one year left to study nursing and I can leave my home country, the uk. I have zero passion for this country. For me I don’t enjoy living in a country full of cultures that are not to my taste. Immigration is getting worse and it’s already bad here
Ah.. best to leave your racist views at home when you become an immigrant of another country
I earn $95k as a hairstylist in Brisbane Australia. Sadly in London my income would be £30k. And in London I would work more hours
I have just left the UK- I have been living in another country for 3 weeks. I will not be coming back. The failures of the UK are way more evident now. I am now wanting to sell my property in the UK. Myself and my husband are mid 30s, and we will be taking our skills and drive with us. The UK is a scary place to be right now. Fingers crossed our properties sell, I want to be completely free from this place.
You are ungrateful
@@johnbuffaloiam9741 ...or maybe you just have low expectations
How can we move? Unless you have family connections to Europe, or have higher than average money/salary to get a visa - then where can we go for a permanent stay?
Man just save as much money as you can and search for a job in selected country.
This is how things work for immigrants everywhere.
You get the job contract, then you get a permit to stay, you look for some flat to live in…
Trust me, UK was a nightmare to get into for me even before brexit… This ridiculous „you can’t rent a flat without bank account BUT you can’t open a bank account without proof of address from rented place“…
This was the most annoying issue for an immigrant.
At least when I moved to Switzerland(not EU), process was clear and not retarded like in UK…
Sorry, but in a cost of living crisis I can't afford Hello Fresh..
It was easier for the uk to be richer to get resources from other countries with the piracy system that the British empire was.
Yes. But if you're are a Brit, my advice is for you to get over it! If you're not, it gives you an idea, in biological terms, what happens to a parasite, when the host dies😄
@@Talushallux1 I see what you mean and i agree
@@Talushallux1 Wow, that was cruel(but accurate) comment...
I would add that our class system exaggerated the problem. The middle and working classes here are still subservient to the wealthy. A large proportion of the wealth generated by the Empire went into the hands of a small percentage of the population where it largely remains today.
@chrismoule7328 Totally agree. When folks from former colonies question where all the looted wealth has gone, there are hardly any answers. If it was an equitable distribution system, you can imagine that every UK citizen would be driving a gold-plated Buggati like the people in Dubai do, much less live pay cheque to pay cheque or live on benefits! The UK may be one of the most unequal societies in the world.
Regards the end of the video and Brexit, we did not have anything close to a real and functioning Brexit and self autonomy, our politicians of both parties are still wedded (bribed) to the EU family and so have inflicted a monumental punishment beating to the UK's working and middle class's instigated the EU and the British government this has been in the form of a ludicrously massive increase in inward low quality migration (but well away from the ruling classes) to the point it will destroy the UK culturally , economically and socially (stopping inward migration was the main reason for the leave vote ), then there is punitive and irrational taxes on UK buyers of EU goods which suits the exchequer, they stopped freedom of movement of UK residents but not the residents of the third world to move to the UK which has been actively encouraged and facilitated by the UK and EU governments . There has been zero new trade agreements with any nation outside the EU so no mutual friendly trade and freedom of movement agreements. They have purposely made it hugely negative with no positives, the UK will now end up a scorched earth cautionary warning to other EU states. Westminster works for the globalists not the UK electorate. Ironically I'm off to Italy, (at least the cost of living is cheaper and they still have a manufacturing base) as Brexit was the last gasp attempt at saving the UK but it has simply scuppered and giving the globalists the excuse to fast forwarded the UK's demise..
I've been saying it for years that English speaking countries are all the same. All equally greedy and all equally unequal. Despite the huge distances between each other, they're in very similar situations, so I can only assume it's a cultural thing... and if so, I want no part in any of that. Maybe I'll learn a language and move to a country that isn't depressing
russian
@@catsapp nuh uh
Yes, though it's a universally shared problem, it's definitely worse in the English speaking Anglo Saxon world
US is world hegemon mate
Thanks for the video
Superb video - thanks.
Would it be something suitable to look at the economics of environmental issues?
hahah why is everything falling apart? Because too many people chose to discard experts and people with empathy and chose hate, and the rest just thought "meh, will solve itself". I knew this will happen after the general election in 2009. Thats 15 years I saw this coming. And I am just a regular guy.
Nice one.
The HelloFresh spot was just mildly weird. I think that can be better produced or dovetailed in.
Another interesting video, thank you (the curry looked good too 😊). We may give them a try. 😊
Also millions of people from overseas without an equal increase in schools, hospitals and dentists.
It’s really not that difficult to understand is it.
What i here completely miss is the enormous wealth shift to the very rich and the tax regimes that make sure they pay less tax than the middle and low class...
Too many pretend spending is investment. Like HS2, that is a terrible idea of virtually zero use. It is spending on something we will have to subsidise for the rest of it's life! Too expensive ever to be used like all the UK rail.
People are far too well paid, that is the only reason house prices are bid up higher, because people have too much income and can do so!
GDP is not a sane thing to base debt on. We need to lower our debt fast.
Population crash is coming and will destroy this ever growing debt attitude. Economies all over will be shrinking. Fewer working and more retired old.
There is never ever any acceptable excuse to migrate, stealing into other people's lands, to greedily better oneself. Not one migrant, in any direction, is acceptable, or wanted, let alone welcome. Moving nation should be internationally a criminal offence.
Like most economists, you just don't get it. Growth is the problem. Exponential growth is incompatible with the material parameters of our finite planet and Jevon's Paradox means that our push for renewables is being cancelled out by our continued need for growth and the growing global population.
Green growth is a myth. The UK looks like it has continued growing despite a marked increase in the use of renewables, but unfortunately, that is an accounting trick. It doesn't take into account the products we buy from China and other countries. The fact that we have delegated most of our manufacturing to other countries makes us look like good guys, but factor in the CO2 involved in the production of the stuff we buy from abroad, and the picture looks much less rosy. The UK certainly isn't evidence that the link between fossil fuels and economic growth can be severed.
In addition, many people confuse electricity production with energy use. You will often hear it stated that over 40% of the UK's energy needs are met by renewables. What they mean, of course, is that over 40% of our electricity generation is renewable. That fails to take into account shipping fuel, transport fuel, air travel, concrete and steel production etc. If we factor all of that in, the % of the UK's total energy needs that are renewable is a mere 7.3%.
Brilliant videos - All the best to you sir !
Is it time to move? Yeah, i'll hope on over to mainland Europe with my right to free travel and work anywhere in the EU... oh, no, wait a minute...
I have never voted in my life but I do hope that if during my lifetime the UK ask to reintegrate the EU that the EU ask their citizens to vote... I will clearly vote NO because the UK voted out because they did not like EU members going to the UK... Fair enough but now that the UK realize the world is not crawling to them they talk about coming back ..? Big fat no
I'm amazed that you feel you can boast about not voting in your life. If you can't be bothered to vote, you don't really have a right to complain.
One thing I’ve learn in life, NEVER EVER work FOR somebody else because you literally work FOR them. You work they take the money. Always try to set up your own business no matter how small because you will do the work and you will take the money.
Some very basic things could help the UK economy. 1-Lower and simplify tax. 2-Privatisation with a more open market for competition. 3-More laws to control lobbying and the integrity of gov.
The Uk has imported 2.5/3.5m people a year for over 20 years. Much of these new arrivals are from the third world. At the same time 1.5-2m have left each year (mostly good Brits seeking opportunities elsewhere and good Europeans) we are left with a third world population that is turning us into the third world. Hence everything is falling apart.
I think what people are concerned about the quality of life. How much is coming in? And how much is leaving.
You could pay someone 45k annually. But if the person is spending 55k annually. They’re not going to be happy, since they’d be caught on a wheel. A rat race, which no one likes. The reality is, there are so many more countries with much better quality of life. Where you don’t have to feel like you’re constantly being pursued by life.
I am just an immigrant - I left UK in the end of 2018. It was a perfect time to jump the ship. Now living in Switzerland, saving money and making plans for the future of my family.
I am not rich, but secure enough. Housing crisis seems to be a huge problem in every developed country - this is probably the worst thing that makes me depressed…
I don’t know in which country I will end up - but I know one thing… I have to maximise savings, no matter what. Luckily I am experienced in being an immigrant. Maybe some small side hustle and some passive income will help in long term… Jobs just don’t pay enough to get you normal safe life anymore.
Where i live in France they seem to love laying tarmac. I'm not saying you don't see potholes but they are rare. So if you look at road and pavement maintenance as an example how long would it take to repair/replace every road and pavement in the UK and what would it cost?
Like all empires, they eventually collapse
Interesting and depressing at the same time. Great presentation.Thanks.
I fled the Tory regime in 2015. Most years I pop back for a week and each time everything looks a little grubbier, the people seem unhappier and London is a shadow of its former self. I enjoy visiting but could not live there again.
Interest payment is completely voluntary for the gov. The interest should be set permanently to zero as Keynes proposed.
It's to do with Osborne's Austerity, short answer if you lower the social floor then the capitalist ladder gets further and further away till you get into a spiral
The Tories never balanced the books (+1.8 trillion borrowed) so we're well overlevaraged for government borrowing it now difficult to borrow for infrastructure
The rise in GDP from 2010 - 2023 is down to increased migration, real GDP Per Capita has shrunk by around 5%
Immigration last year wasn’t 700,000, it was 1,400,000. But 700,000 people left the country, including very skilled people like doctors etc. Dubai is full of high skill Brits.
Whereas the immigrants we got were low skills Delivwroo drivers etc.
We should never forget that economic growth is just people… the quality of people matters a lot.
This is the first time I’ve ever was able to say what moment it was when you lost me, that’s the moment you started talking about “Hello fresh”
That chickpea curry will boost our GDP
@@Xplosiv3s 😂😂😂
, No secret, since years 1700, wealth follows the progress of the production systems of small and large companies:
-UK the industrial revolution began
-USA invented Taylorism and TWI (training within industry)
-Japan improved the American invention with the TPS (Toyota production system)
-China improved the Japanese progress with 996 & "3 NO" (" NO VAT (value added tax)", NO "compulsory contributions for social security", NO "compulsory contributions for retirement."
996? The 996 working hour system (Chinese: 996工作制) is a work schedule employees work from 9:00 am to 9:00 pm, 6 days per week; i.e. 72 hours per week, 12 hours per day
Leave!! I left the UK - am living on an island in the Andaman Sea for 25 years - my best decision ever - bar none!!
Langkawi?
@@flyinghedgehog3833Nope!
Phuket ? Is Rosco's still there?
More renewable energy wouldn't of limited the impact of gas prices on the UK energy market and if anything may exasperate it. The reason being the lack of effective energy storage to store energy when the wind is blowing and provide energy when it is not. Without wind we rely on a fleet of gas power stations to make up the difference. The more reliance you have on wind, the more CCGT's you need to replace that lost generation in the absence of energy storage.
Practically speaking, lenders tend to discount sovereign debt before the ratings agencies get around to downgrading their credit ratings. Notoriously slow. Also, high govt debt discourages needed FDI as it signals likelihood of higher taxes in the future.
Sold up and left the U.K. last week.
I refuse to slog my guts out for the same money I was earning 10yr ago.
Now I have investment capital and time.
I left three years ago… good riddance to my life in the uk… I left hundreds of thousands of pounds in debts… glad to be gone 👍👍👍
@@JenniferA886 Unfortunately for you debt recovering works quite well internationally nowadays in most western countries at least.
Same boat as you. Sold up and used the equity to buy a home and vehicle outright in the new country. Cost of living lower. No more 'keeping up with the Jones' credit-based culture. I now work to live, not the other way around with declining future prospects, to boot.
@@ubergregmoto Great to hear 👍
@@JenniferA886 That’s the way to do it 😂
Great video, a lot of good information here. Always thought Osborne’s austerity plan was flawed. One solution and to quote Gary Economics ‘tax the rich more’
Health service is struggling all over. Speaking with some Danes, they were saying their health system has deteriorated. A lot of medical staff have gone to Norway because it pays better. Denmark gas turned to foreign doctors and nurses. It suggests, therefore, that Norway must have had troubles to need to tempt Danes.
Because the country is run by ideological politics, not pragmatism.
Laugh at China all you want. But if you want to succeed, you need a strong power that bites the bullet and do the job based on science and stats, not trying to please everyone.
More like time to get rid of the lords and royals.
The Lords and the Royals are the ONLY part of the British system that works - changing them will make everything WORSE...!!!
You want MORE Rishi Sunak and MORE Boris Johnson...????
The royal family is massive for tourism and governance. Lords are a non issue. Get rid of corporations tax loop holes, Amazon and Starbucks should be paying more tax. Amazon especially as they piggy back on Royal mail when its not economic to run a route, and undercut the royal mail where they can, and the royal mail is obliged to service the entire nation by decree and government support (inadvertently amazon is having a government hand out).
Things are EXACTLY THE SAME in New Zealand !!!!!!! Things are falling apart , under investment in infrastructure and ALL competent workers and professionals are leaving for Australia. NZ is short of at least 1300 doctors !!!
The 1980's were bad for growth in the North with the Thatcherite War on the Unions. Then we had the Dotcom Bust, 2009/2010 and Covid. The lockdowns were an economic disaster. When have we experienced sustained economic growth?
The UK's problem is that the tax base is quite small. Things like the personal allowance and other tax free allowance means that a large number approaching 50% of the population pay no tax at all. This means tax is levied mostly on the higher earners - those who can easily if it gets too high simply leave. The top 1% of earners currently pay 27% of ALL income tax receipts.
What needs to happen is all the tax free allowance need to be scrapped so you pay tax on EVERYTHING you earn. As well as widening the tax base to every adult this would also act as a huge incentive for savings in public waste. Currently with 50% not contributing to tax why should they be bothered about government waste? - they are not paying for it.!
I recently read that one must earn more than £41k p.a. to be a net contributor to the state. This is when the median salary is early £30k p.a.
Buy silver and gold
Yeah, can imagine that advice going down like a ton of bricks for the working class and their investment portfolios 🙄
According to the MMT analysis, if the UK government paid off it's national debt it could cause a massive deflationary contraction due to destruction of the money supply (retiring gilts cause base money reserves to be destroyed). It would also piss off the UK pension industry since they'd have to find another 'safe' asset to hold.
in ireland there's now a new, though quietly used term , 'Brexit refugees,' those, 7 mostly English, who can move here, into a wealthier more stable country and also of course into to the EU
Yes, everyone needs to leave the UK for a better life ?
Unfortunately the Conservative party ruling in the UK ended freedom of movement in 2020, when it left the EU. Despite having promised that no such thing would happen during the referendum campaign in 2016.
@@ilokivi One of the big reasons people voted for Brexit was to end freedom of movement... however that does not mean you can't move to a European country. It just means you can't go there without a visa.
@robinwhitebeam. Brexit and Tories have made it difficult to leave the UK and easier to let in immigrants! Remember they said "vote for freedom from the clutches of EU". I suppose this is what freedom is: difficult to leave your own country and easy to let in outsiders!
@@Talushallux1 you might want to write a letter to your MP with your concerns.
@robinwhitebeam4386 Thank you. I left the island a while ago, and I am doing great. No more depression and drab weather.
Inequality is the real issue. The rich have gotten far richer and the poor have gotten far poorer. FTSE100 is at a record high while normal people are struggling to pay their bills.
The FTSE100 derives most of its income from overseas and is skewed to companies which do well in an inflationary environment. Its not a good gauge of how well the UK economy is doing.