Why Is Britain No Longer a Rich Economy? | UK Economy | Econ
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- čas přidán 17. 08. 2023
- It is important to understand that #Britain isn't as rich as it believes. There's a reason for this misconception. For the last 15 years, the amount of money families in the UK have for their needs hasn't gone up. Compared to families in northwestern Europe, the average UK family has 20% less money. A survey by the Resolution Foundation in January found that 11% of people in the UK (which is around 6 million people) didn't have enough money for food, so they went hungry sometimes. Britain’s low-growth #economy is relentlessly reducing the country’s living standards.
So, what are the reasons for this? Why is Britain getting poorer?
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You are awesome :)
This is your best vid so far imo! Sad for the UK…
One other thing that may also be contributing to the UK's downfall is the brain drain of UK talent, leaving the country for a better salary and higher standard of living. Might be worth a bit of research for a video. I am a brit who has left the UK for tax free living, and there are many 10's of thousands of others who have done the same. I know British doctors, dentists, engineers, property developers, bankers etc, who would have been contributing to the UK economy, but are now helping other world markets take a step up. I am earning a salary 4 times higher than I was on in the UK, tax free, for the same job and this is the same for most brits who have left the country. Health care is substantially better than the UK. My wife and my intention were to work outside the UK to make enough money to retire and move back to the UK for later life. Having been out of the UK for a decade and going back every year to visit family, the draw to retire to the UK is diminishing with every visit. Both my wife and I are having major second thoughts on going back, something we never would have thought of at the time of leaving. Great content by the way.
Why does it say you're from India
Because all our money is wasted on unwanted immigration
You stated that immigration has reduced since 2016 - this is simply not true. We've had all time record high immigration since then, and it's spectacularly not improving the situation.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
If u had picture of a blond guy it will be rich!!!
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA ‘’Colleen Rose Mccaffery’’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Somebody made the point that if you separate greater London from the rest of Britain, the stats quickly drop into developing country numbers.
If you separate the City of London from greater London and then separate the City of London from the financial bolt holes like British Virgin,Cayman etc you are not left with much
TBF - that's the case with a lot of countries. What does Japan's economy look like if you strip out greater Tokyo? Or France if you strip out Paris?
@@incurableromantic4006Japan without Tokyo still has more than 2 .5 trillion dollars in Gdp and a gdp per capita of 28000 dollars.
@@incurableromantic4006 Not just economy. Healthcare outcomes, education levels, food security, housing stock , financial security relative to cost of living and so on.
@@zhiro_3 How does that relate to what I just said?
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
@@theresahv that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
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IMO, the biggest problem with the UK is that it relies on London too much. Without London, UK as a whole ain't doing much.
I think thats exactly the answer you got from the video. Too much focus on finance, forgot everything else
@@leealex24I feel like there has been some effort to try and adjust this over the last 10 years, I just don't see it having any impact.
It's been a problem for decades - London is always the priority, and the rest of the country is left to stagnate.
London is parasite feeding off the uk
This is actually extremely common… so I don’t think you’re correct here. London is ~22% of the UK’s GDP, similar to the level of Tokyo in Japan (21%). Warsaw is 18% of Poland’s GDP. Paris makes up 33% of France’s GDP. Etc. etc.
The UKs biggest issues in the current day are self inflicted: leaving the EU. All of its neighbors now have a competitive edge.
UK now seems like an underdeveloped country with crippling infrastructure, high inflation and terrible healthcare.
For western European standard
Your assessment seems a tad uninformed. Let's delve into facts, shall we?
1. Underdeveloped country? The UK has one of the world's largest economies and has been a major player in global finance, thanks to institutions like the City of London.
2. Crippling infrastructure? We've pioneered major transport projects like Crossrail, and our transport networks like the London Underground are iconic and emulated worldwide.
3. High inflation? Fluctuations are a part of every major economy. Historically, the UK has shown resilience and adaptability to economic downturns, bouncing back stronger.
4. **Terrible healthcare?** The NHS, despite its challenges, remains a model for public healthcare globally. The concept of free healthcare at the point of delivery? That was us.
We've stood the test of time and we'll continue to do so 🇬🇧
@@stormtrooper8420 Perhaps come up with better comebacks than try to hide within the success of Western Europe which was funded by the US.
@@user-on6ld4pu5z western Europe was powerful before the US become a thing in fact western Europe created US 😅
@@user-on6ld4pu5z I mean Britain is still among the top developed countries in the world 🤷♂️
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@@JaneBlac-
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How did you achieve it? I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. I'm looking out for a better investing strategy, I have a lump sum that inflation is steady eating up.
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When I hear recession I immediately think of those hundreds of resumes that get unanswered, rent unpaid, and living on the streets. Other people think of their investment portfolio going down a few percent. They don't think of going hungry and miserable and having cold wet feet from all the rain and snow.
Investment portfolio may go down a bit, but it's a fantastic opportunity to buy up property on the cheap and to get a good deal with builders who are desperate for work. There are winners from recessions.
@@antinatalist9995the most tone deaf comment of the day lmfao
Too many don't work, poor work ethic, do as little as possible and get benefit top ups to survive. Brown's welfare dependency legacy.
@@souf2that's funn😂
@@malthusXIII-fo3ep Yes. This is the accepted method of wages in this country! The next generation are immersed in their devices, it will be a stark reminder for the new generations to come
British high street these days has casino, betting shops, charity shops, food bank volunteers- surely signs of a rich country 😂
My high street are full of empty retail units, littered with garbage and vomit. In fact Delhi in India looks better.
It could be worse, go to Ireland. Those God fearing pricks are loaded and have nothing to do.
America is the same but with more money
@@stevenhull5025 New Delhi always looked better than London except Old Delhi. Britain is too much dependent on London.
@@stevenhull5025 Lol I'd be very surprised if your local high street looked better than New Delhi, that place is lush and beautiful compared to the grey UK.
Since we have had the same government for 13 years, its clear who is to blame. However, we have to take some responsibility for letting them get away with it for so long.
It ain’t our fault it’s orange Britain
@@stephenwalker850 It's the fault of the numpties who keep voting for the con party since 2010 and brexshit
It's the fault of the damn older generation who keep voting them back into power.
@@thecrimsondragon9744 so now the blame game has begun??? 😂😂
@@BG-wm2tw
Well isn't the blame game going on strong since years? With the migrant problem being because of France, the Trade Friction because the "Eu is punishing us for leaving through applying border checks like they do for every Non Eu Member state". The Nhs is dying because healhtcare professionals want more money. There is no money left because of Labour 13 years ago . The blame game is going on and going on since a decade . The only true fact is that it's mostly older people who vote conservative regardless of what their policies cause or in what a shamble the government is. Because that's a thing that happens in every country, the older you get the more likely it is to be shifting to conservative .
I use to live in the UK, and as a Canadian, I felt there were many barriers in the UK for upward mobility. The laws and tax system favoured wealthy business owners instead of workers, who in my opinion are majority of the consumers that can shore up the economy if they had more buying power. the rich saves and the poor spends, you need more money at the hand of the poor if you want to see reliable growth.
That's everywhere even Canada Einstein
When conducting a preliminary investigation on which country to invest in, there is one factor that summarizes the investment climate in general: *gun laws.* Liberal gun laws generally means that the investment climate is stable and open.
@@sergeant64Well that was the stupidest comment I have ever read.
sergeant64 Now that was an incredibly stupid thing to say, no one wants to have the same mass shootings and gun fanatics you guys have in the US.
@@tbo2120 UK is equally as bad as Canada. Salaries are lower in UK. If you can, move to the US
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
I think I could really use more guidance to navigate the market, it is completely overwhelming, I've liquidated most of my assets and I could really use some advice on what best to invest into.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
When I hear recession I immediately think of those hundreds of resumes that get unanswered, rent unpaid, and living on the streets. Other people think of their investment portfolio going down a few percent. They don't think of going hungry and miserable and having cold wet feet from all the rain and snow.
Y is it that wen it comes to everywhere else they say Venezuela has 86% inflation Zimbabwe has 800% inflation the Philippines has 55% inflation but wen it comes to the United States we only have 4%😂😂 wat a dam joke I never believed that from day one a price at a motel 6 in the United States was $6/night in 1971 today in 2023 a nightly stay at a motel 6 is $70 on average a night that sounds more than a 4% change to me but there are tight inflation is increasing in the United States by 7% a year it is not that overall
The political class is detached from the realities of masses and the incompetency in governance to top that off gave such an anxious society
Add in groupthink!
Dan Pena is going to change everything.
The voters are detached from reality and keep electing politicians that does not serve their interests.
its corruption, they know what they are doing. the gov are all much richer now, unlike the rest of us. sunak has passed billions to his father in law.
There is no traditionally democratic country in the world The closest example is Britain, where there are no elections, and there are elections whose results are known in advance, and false and spurious movements
The UK's reliance on finance, ie indebting people with debts and interest will backfire sooner if not later 😢
It does not rely on that just greedy Brits take out loans to pay for junk they don’t need if all Brits stopped this and lived within their means then it would be far richer. Even people on the dole get credit cards and loans for designer labels and holidays in the uk.
Dan Pena is going to change everything.
France is now 2x bigger finance place than UK
Nobody forces debt on people. If one lives above their means do not blame others if they are in debt.
@@stevenhull5025 they are not living in their means if they are in debt
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I also had to look him up on google,I Found his webpage & left a message hopefully he responds soon. Appreciate!!!!
@Joehart001 who's jhon desmond?
The irony is house prices have increased massively in this time. There is investment. But it is not going into anything productive. Whilst the high cost of housing significantly impacts the living standards of the working population and investment in younger generations.
Very true
This is what is so stupid of the authorities,they step in and lower interest rates if house prices look like falling much. The result is people know they are onto a good thing in investing in houses as speculations as their investment will be backed by the government and it is guaranteed they will make money. If they invest in a productive business there is no such guarantee.
@@richardparker1338 goes without saying most UK politicians are snake oil salesman and women.
This is a huge downside of unlimited immigration - it's made housing scarce, and the cost of housing is now a huge drain on the economy.
@@incurableromantic4006 no, its because the tories sold off all the housing and never built any more. 13 years and none built so far!
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I left the UK 15 years ago. That decision just keeps on being proven more and more correct.....
Where to?
I left UK to work in US 22 years ago straight after University. It was the best decision I made in my life. Salaries in US are a lot higher than UK and I feel a lot comfortable than my friends and family in UK.
570,000 wealthy and professional Brits quit the UK last year.
@@lenrman969that’s a tremendously huge loss!
@@mimovk In my case Singapore. In that time the exchange rate alone went from SGD 3 - 1, to 1.67 - 1. I predicted a crash in 2007 (I can't say I knew it would be housing, it was just clear the UK was in a massive bubble) and the offer to move to Singapore came about, it was an easy decision.
I used to think every investor went broke during recessions, meanwhile some make millions. I also thought everybody went out of business during the Great Depression, but some went into business. Bottom line, there's always depression for some, and profit for others, it all starts from having the right mindset. That said, I've set asides $150k to invest for future, unfortunately l'm a complete noob.
The market has gone berserk! regardless of experience level, everyone needs some sort of coach at some point to thrive forward.
Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to an expert for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now l'm buying again
Hi, please who is the expert assisting you and how do I reach out to them?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Invest in US and global index funds. Set and forget.
Fundamentally, the UK is just a small island nation without much natural resources to support its relative position in the world order. Without its global Empire, it was destined to sink back to the norm, while big, productive, populous countries like China and India, who punched well below their weight in the 19th and 20th centuries rise back to where they should be in the global pecking order. As for de-industrialisation, there is no one to blame but the neoliberal economic policies of the British government itself. The video correctly noted that Britain chose finance over industry, while Asia chose industry, manufacturing and investments. For the last 40 years, ever since the re-introduction of neoliberal capitalism, the Western world had lived in a lie which undid the widespread middle class prosperity achieved in the post-war decades. Now, Europe is saddled by a proxy war on its biggest energy supplier at the behest of the US. The 2020s will not be any better than the 2010s. Most likely, it will be another lost decade for the UK and much of Europe.
you're absolutely correct UK became rich through colonial times...not from it's own merits
@@micalcre8tscolonial *crimes
@micalcre8ts it became rich from industrialization. It was so influential despite being small because it was one of the few and for a bit, the only country to be industrialized. The issue is the rest of the world is industrializing
@@Pluto_is_a_planet273 You must be mentally challenged to believe that. Read what the OP said, he isn't lying.
Not true though is it - the UK (not just Britain) had and still has plenty of natural recorces. That's why it boomed during the industrial revolution. It's still got plenty of its own Gas, Coal and oil but it's following the modern trend and moving away from them.
If the education system was actually an education system and not a zoo-like daycare for animals, then maybe the economy would not be in the gutter
Dan Pena is going to fix EVERYTHING.
Educ.. what? In 2000, approximately 0.3% of young people identified as transgender or non-binary. However, recent surveys suggest that this number has increased to around 20%.
The UK has one of the best education systems in the world what are you talking about, education is one of the few areas we actually have got right recently
@@freddiepatterson1045 "had" maybe. Which metric are you using? The obsession with testing and rote learning has given the illusion of success, but how are our students actually performing?
@@MarkJones-gt2qd I think most people miss the point of modern education. It's sole purpose is to produce competent workers that are are required for the needs of the economy not philosophers/thinkers; It is actually a privilege to learn towards the latter
That's what happens when you choose financial services as the backbone of your economy. It produces nothing of real value, as much as pencil pushing ever really does, and leaves one's nation needing others to produce essential industrial goods required to keep the expected standards of living, while having nothing to trade in return.
Ask the US they are also walking the same path, although much more successfully than GB thanks to the hegemony of the $.
The video was copied from t l d r lol
You mean like switzerland?
But countries that have raw materials are not performing well economically.
@@NineDiamontThe US still has a massive industrial base though and it’s number of productive firms is by far the highest in the world
I'm a student studying at university in the UK from Malaysia, I thought I was coming to a developed country but tbh I feel like my country which is labelled as developing is doing much better than this so-called developed world.
You're always free to return!
your always free to go you know. personally i want less immigrants each spot one takes up in a uni a British person could have had and they would have a higher chance of staying here paying tax and contributing to the economy but its calm
@@dalymaddox8254 ur dumb and this is why you will keep getting poorer. As for the commentor, he will probably leave, the fees for international students isnt low, so, he should first earn that money back, and then move to one of tens of far better economies, a lot of them in "developing world"
everywhere could be a paradise if youre rich, paradise could be hell if youre poor
😂😂 Ive been to both Malaysia and the UK, you are deluded if you think Malaysia is doing anything better 😂😂 Looks like you've wasted a lot of money for your university "education" 😂😂😂
Britain may no longer be a rich society but the Conservative politicians who made so many disastrous decisions have done very nicely for themselves.
I agree. Politicians in the UK are pretty much out for themselves.
@@gullyweaver1714 That's politics in every country though. It's even worse in the US.
Both left and right wing politicians. Different views but at the end of the day they’re the same corrupt politicians
and their friends and donors.
@@wedisegen. No, our small business are booming, and we have more freedom than the dying Uk
Every country goes through the ups and downs, and Britain is no exception. Also, Britain has been too complacent and unaware that the world is changing very fast. 😂
its stuck in the past dreaming of its empire.
Yes indeed, dear sir, unfortunately there are those amongst us that expect results in the blink of an eye, VERY FEW THINGS can happen within that time.......except perhaps, the blink of an eye!!
The UK has a very very over inflated view of it's importance in the modern world and unfortunately shows no signs of taking a more humble position, this arrogant and entitled view is to a large degree responsible for the UK's continued decline.
@@fitzstv8506 All facts, exaclty what's going.
@@fitzstv8506 agreed. We've to step down a bit.
It never made sense to me why britains economy which lacks any resource extractive industries or manufacturing is so high . Their service sector is massively overvalued doubly so after brexit
London is stealing the wealth of other countries, this is how
Shouldnt have destroyed their farming industry.
We're literally one of the largest manufacturers in the world
@PhoeniX199777 Not really. Manufacturing is only 15% of UK GDP. The UK hasn't led in that sector in the global economy for decades. It fell really behind in the late 1970s, because it was already over-reliant on its financial services then, and that was over exposed to debt lending to industry. So UK banks stopped investing in industry, and switched over to debt farming instead.
Under Thatcher, deindustrialization was embarked on with an almost breathless enthusiasm, and the banking sector - including its grubby money laundering and global tax haven business - was deregulated. Debt Farming, rent seeking, asset bubbles, and money laundering became drivers of the economy, rather than manufacturing.
While we were in the EU, we were at least the gateway for English speaking foreign direct investment into the EU, which attracted some manufacturing, but never to the level of its real heyday, which was under the British Empire, with its protectionist Imperial Markets System. Once the Empire's rivals - the USA, Europe, and the Far East - industrialized fully and caught up, Britain began to lose ground. Its rivals began to create their own Empires and spheres of influence. Protectionism as a response to competition in Europe led to two World Wars in short succession. And the huge debt owed to the USA from those, killed off the British Empire with its imperial Markets, and Sterling's status as the major global reserve currency.
Culturally inherent racism, once part of the glue that held the Empire together, trumped economic and geopolitical pragmatism within the Commonwealth in the 1950s and 1960s, scuppering its chances of becoming the world's biggest trade bloc. This left Britain with no choice but to pivot pretty damn quick towards Europe, however unwillingly, or alien it seemed to Britain's elites.
They had no choice. The Empire only existed because of economic and technological innovations that helped Britain to be the first nation to industrialize, but once that “First Starter” advantage was eroded, the thinking that established it began to undermine it. The wealthy, white settler-run, resource extracting colonies either chose independence (USA, Rhodesia), or pushed for self-governance as Dominions (Canada, Australia, New Zealand, and South Africa). The remaining colonies were underinvested in, with their industrialization limited to infrastructure that did little more than enhance resource extraction, like India, which only managed to complete its industrialization after its independence. This was, perhaps, an error on Britain's part.
Such short-sightedness came from an inherent insecurity, born from the nature of Colonization - a self-serving national pursuit of wealth and power, by creating “factory colonies” across the planet, that “turned evil into currency”. And such enterprise could only be profitable as long as it dominated and exploited other people and places, and protected its gains against its rivals. Imagine if Britain had industrialized where possible all its colonies? How wealthy could it have been? How much easier would have been the transition from subjugation to partnership, if Britain had started this venture with the end in mind? Britain couldn't stop industrialization spreading elsewhere, but it tried to limit its losses, and ultimately failed.
All Empires end, mostly because of generational forgetting, and short-sightedness. Even Brexit was made easier to achieve because of these tendencies. Too many entitlements, and not enough legacy planning, created it. And so, British Manufacturing is being left to wither on the vine. It's only 15% of GDP, after all. Never mind that it's taking the productive economy down as well. Financialization will impoverish us all.
Brexiteer visions of Britain as a post-Industrial, financialised, global rent seeking, economic vampire, are as comforting as someone sucking one's blood. Why? Because it will enslave workers with debt. It always has.
It is an idea as old as the hills. And it will not end well. It destroyed the Greek and the Roman Empires by weakening their economies from within, as it is weakening ours right now. And it has done throughout history. And until the discipline of Economic History is revitalized in our education system, and we learn from our mistakes, we are sleepwalking into disaster.
@@PhoeniX199777 Lol i don't know how they're fiddling the statistics, probably by things like importing a car missing one screw, installing the screw here and claiming we manufactured it 😄
You've only got to take a look around outside to see there are very few industries remaining. And have a look round our homes to see that almost all of our goods - cars, tvs, computers (including mobiles), electronic gadgets, kitchen appliances, furniture, etc - all come from other countries.
Would love to see Britain thrive but it seems like the current situation is not promising. I think the main problem is lack of competent leadership. Their politics is also more tribal and divisive now. You have to look at my place (Africa) to see the effect of that. People stand by their politicians whether their actions are good for them or not. A lot in common with present day America actually.
The leadership of Britain is actually incredibly competent and efficient.
The issue or mistake is assuming that they're working for you, or for the good of the country, or most people in it. If you believe what they say and really think that they are there to help Britain and it's people, then sure theyll come off as staggeringly incompetent.
But they're not. They're very clever people who know exactly what they're doing. None of this is by accident; it's by design.
USA had trump we had Boris. both lying shitweasel populists, promising everything, delivering nothing.
Stand by politicians who's action are good or bad for you??? Speaks volumes why so many Africans are fleeing to Europe.
An African wanting to see Britain thrive?? Did they not pillage and R8ape your land enough??? WTF are you thinking. Oh you're one of those
@@bothi00 LOL!!!
There's hope? Well, hope is just an emotion, and when the people in power are only interested in serving themselves, you can guarantee the outcome is going to be hopeless.
Dan Pena is going to change everything.
The UK has been in a perpetual state of financial crisis ever since around 2010, austerity gutted our public services, infrastructure investments, investments in job, skills, young people. Then leaving the EU ruined our trade, immigration, international connections and access to markets. Combine that with a housing crisis, one the government is incapable of doing anything about, an aging population, falling education standards, no policing or even punishment for criminal acts, the UK is on the brink of collapse at this stage. The conservatives have ruined this country in the last 13 years, it may even be beyond repair
I think you're being too Party Political. By all means blame David Cameron and the Conservatives for post-2010 failings. But things were going wrong long before then. Tony Blair's ten years in power saw the greatest ever rise in housing costs as a share of people's incomes. The UK's problem of low-to-negative productivity also first became statistically apparent during Blair's tenure, around 2004. Blair was also very devious about manipulating data. It was under his Premiership that we started to count the earnings of prostitutes and drug dealers as GDP growth. Blair also changed the way we measure crime, to hide its rise.
Lol absolutely no mention of the amount of money we printed in order to close our economy for 2 years. Covid makes brexit look like a drop in the ocean
Londoner here. I emigrated in 2015.
Thanks for the education. Shame about the high tax-burden, low quality of live, and lack of meritocracy.
Actually, immigration has increased since Brexit!
Apparently in a democracy or idiocracy policy change takes years then the other party reverses those channges,
the increase is because people panic flooded into UK, before it closed, and they dont just grow a pair and toss them all out.
Legal Immigration of professionals needed for economy, No. Illegal immigration and asylum seekers, Yes.
yea because all the idiot poms in spain and other EU countries refused to take out citizenship before they were expelled, they were given many chances by said countries but are the types who voted for Brexit. Good riddence.
Yes, but immigration from outside EU
@@phabove7 Given how lowly educated the general public in the UK are (they vote for brexit and like blaming immigrants for everything bad happens to them), the UK is not even on my list to emigrate to as a professional.
Why do so many Immigrants travel through the developed countries like Germany and France, to get to the UK?
In France and EU nations you need valid ID to be able to work, not in the UK. So the UK is more attractive for illegal immigrants. It's a situation that's entirely in the UK's hands to resolve, but it's easier to do nothing and blame European nations for standing their ground.
Because they have family ties here. Or because they are from countries that were former British colonies and therefore they speak English. There is NO rule that states that an asylum seekers has an obligation to submit an asylum claim in the first safe country they enter.
The UK has obligations under various treaties it has signed. We take fewer than our fair share relative to the size of our economy, the footprint our nations history has had in stoking regional conflicts, and in terms of absolute numbers. The issue is that the UK has been destroyed by 14 years of conservative "Governance", whereby they extract wealth from public finances to give to their friends, whilst starving public services of investment.
You are blind if you cannot see this.
@@oldskoolmusicnostalgiatotal bs bro, it's because the UK system is a complete joke.
Because we give them free everything , we'll take anyone, and we never deport.
We're famous all over the world as country where the system can be very easily conned.
Social services and benefits
1 Reason: They can no longer illegally invade other cointries and steal everything from them.
Bull’s Eye 🎯 !
Colonisation perpetuated by the British aka Looting, Plundering and Colonist - Royal Family😮, France 🇫🇷😮, Spanish 😮and other colonists terrorists?
hey I don't want to say bingo because it's lame, but it's a bingo
The incompetence and corruption that runs through this administration are getting more ridiculous. I feel for people with disabilities not getting the help they deserved. Thank you Arleth Toledo, imagine investing $1000 and receiving $4,300 in a few days🇬🇧
Arleth's success story is everywhere no doubt. Got a chance to benefit from the service few weeks ago and it has been a massive return.
Investing is more better than saving, when you invest rightly, it helps you bring more money in the nearest future.
This is not the first time I have heard about Ms. Arleth Toledo and her exploits, but I have no idea how to contact her.
Please how can I reach her??🙏🏻
SHE MOSTLY INTERACT ON TELEGRAM!
The uks lack of investment since brexit makes up for most of the loss in output since 2016. The lost investment is mostly due to uncertainty which is brought on by our government
Yes. The govt withdrew money and then we have Brexit hitting FDI since 2016.
Why are you blaming the government?
No company in its right mind will start a factory or business in Uk if they can go invest same capital in any of the EU members and have access to a much larger market.
@@BG-wm2tw It's not about much larger market. It's about whether the business can make more profits and do business easily. Put yourself in place of a business man. If you are putting your money risking it then you want it to generate high return, you don't want to deal with high taxes, regulations, lack of cheap labour.
To be fair and objective, it was Parliament's refusal to enact the will of the referendum that caused so much uncertainty. All of which went away post-deal/covid. So mostly the opposition Parties' fault, weakening our negotiating position with the EU and lengthening the uncertainty for the country. Awful behaviour, really
No. Brexit is in and of itself the problem. The whole sorry mess, from start to where we are now. Brexit was never defined by its proponents, the vote itself was advisory and hugely inadequate in terms of information and definition. The referendum was inherently a source of uncertainty because Brexit was ill-defined and every single vote for Brexit was a vote for whatever the largest power bloc in parliament wanted it to be.
All in all, it was just a stupid idea in the first place that has cost the country dearly.
Remember gdp per capita doesn't mean everyone make that much it just averaging the people can produce in the country.
It gets even worse. Strip away money printing and the world hasn't had any gdp growth since 2008. the growth is just inflation.
Dan Pena is going to change everything.
If we are talking about average GDP per capita then yes. Median GDP per capita is an entirely different statistic.
The richest are getting richer in UK, and the poorest are getting poorer in UK.
The rich get rich because they bothered to get themselves financially educated whilst the poor do nothing but blame everyone else but themselves.
0:00: Britain's GDP per capita is $46,400.
0:45: The wealth is heavily concentrated in the southeast, while the rest of the country faces low pay and weak productivity.
1:50: The financial crisis in 2008 hit Britain hard, leading to falling wages and stagnant household income.
6:00: Overall investment in R&D as a share of GDP exceeds OECD average but lags behind countries like the US, Japan, and Germany.
6:15: Underinvestment in intangible investments such as market research, branding, and training contributes to the UK's productivity gaps.
6:35: Elevated uncertainty at both the individual firm and aggregate economy levels, following the financial crisis and Brexit result, has deterred business investments.
Recap by Tammy AI
Britains Politicians will not allow Britain to compete, Britain is not run by a Britush government but by a global one.
It is run by the British crown who are of German origin.
@@Ercan-fc2oqMore by the Lords ans Earls who are of French extraction.
@@philipwood9526 The name of France derives from a German king.
In what way is Britain not being let compete
Bingo. It's amazing how the people that told us this near a century ago are demonised yet proven even more correct as the years go by.
Small fix to the clip - immigration didn't go down after brexit. It went up.
Yeah I noticed several errors like that - which makes me wonder what agenda is being pushed here.
This video has such a leftist bent it’s an absolute joke. The video is full of gross oversimplifications and complete falsehoods like this.
maybe the clip should investigate more about the demographical change after brexit
these poverty stats seem kinda sus too.@@incurableromantic4006
@@incurableromantic4006 I just instantly ignore videos that have even 1 clip of bullshit in them, especially since people constantly down talk the UK all the time.
Who would've guessed it deindustrialized economies collapse
The political class that hates the working class
@@dennisthompson2350 but the working class keeps voting for the same politicians? Are they stupid?
The UK is now a country where most of the population work to subsidise a tiny minority of billionaires.
Land rover and jaguar are now owned by TATA Motors, and indian company, all the electricity is owned by the French
they are only shareholders, they don't own Land Rover or Jaguar.
@@niweshlekhak9646what do you think shareholders are? The owners, lol.
@@zuzanazuscinova5209 shareholders are not owners unless they own more than 50% of the shares.
@@niweshlekhak9646 Tata motors own 100 per cent of jaguar Land Rover.
@@kochrajbongshi8952 they are shareholders, not owners.
Final point, it is TOTALLY LOST on UK Government that there is a correlation between record taxes and people working less as per non-existence productivity growth and zero GDP growth. The only net zero UK is spectacularly achieving is on people’s living standards. Sunak/Hunt Administration is horrendous.
I can't convince my partner to retire and live within our means, so instead they are working themselves to death to pay more taxes and achieve nothing. Most of the older generation believe, and it's an important belief for a country, that hard work bring rewards. But it's not really true, it just lets you pay more. As a higher rate tax payer, I'm utterly unable to understand how people live today. We have one old car, one modest UK holiday, that's about it. Once cellar dwelling child, one college student, that costs a bit though.
How do you get to work less because of tax. I have to work a certain amount in the week if my tax goes up how do i get to work less?
@@jimpaddy79 you put in less work while working the same hours
What is this record tax, income tax and vat is the same as it's always been
@@gggghhhh1288 but most jobs wont let you do that, plus so many people are now self employed
Well, if the government had not handed over £141 Billion of our tax money to their mates to boost their own share price, and instead let those particular banks fail. Set up a new bank using part of the 141 Billion to ensure, and underwrite the publics mortgages, etc. Then invest the rest of the 141Billion into public services , infrastructure etc, we wouldn't be in the state we are now.
Oh yeah? Then you must fuming at the £800 Billion they gave away to the rich during covid.
so you are blaming labour, not the tories?
The two of them are like the same party as they stand now. Labour wants to control you, Tories want to steal your hard earned cash@@kanedNunable
The NHS cost the taxpayer 180 BILLION alone. That is £2700 PER PERSON in the UK. The bottomless money pit of the NHS, Social Security and Social Care are financially crippling this country.
@@stevenhull5025 definitely not privations of the NHS jacking up prices and cutting down services by funnelling rip off prices and record profits to private contractors then yes?
I read an encyclopedia article about Great Britain in 1970. One section of the article was called “Economic Problems.”
For first-time investors, it cannot be stressed enough how important it is to invest hard-earned money in the stock market rather than a bank where interest is guaranteed! The market appears out of control, the times are unpredictable, and the banks are deteriorating. Could there be a chance for a boomer like me? I'm working on a rough estimate of $5M for retirement, and I have a healthy six figures saved up for this. I'm almost 60.
It's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
Please who’s this advisor that guides you?
Salvatore Fortunato Sofia is the Consultant that oversees my portfolio. She's been able to gain some reputation and online recognition with over 3 decades in service, so it shouldn't be a hassle to find basic info.
She appears to be a true expert in her field. I looked her up on the internet and discovered her website, which I perused and read to learn more about her credentials, academic background, and profession. She has a fiduciary duty to me to act in my best interests. I scheduled an appointment to utilise her services.
Unfortunately it's always been the stick not the carrot in the UK probably why there is poverty, low productivity and poor healthcare I don't think it will ever change and it started well before 2008. I just think it's sad that the younger generation have to suffer for the governments incompetence.
Suffer?? When I see the pubs, clubs and restaurants heaving with the "younger generation" every Friday and Saturday night makes me realise why they cannot get on the housing ladder.
Started before 2008 ,you having a laugh .My son is disabled we spent so much time in hospital between 2005 and 2011 he passed away in 2011 the NHS was a million times better I only ever waited in a&e for 2 hours now its 16 hours the doctors a nurses were paid well and the service was amazing compaired to now .We had money back then and could eat and heat our houses.
@@stevenhull5025 you say this like it wasnt the same with every other generation... the difference is before you could do both, now you can barely do one
I feel like it's important to mention when looking at the healthcare spending figures that the US System is really inefficient. So more money spent isn't always "good". Any opinions?
Yes. Natural remedies around for thousands of years.. Western healthcare is a con created 200 years ago in the US.
US Healthcare is great as long as you have insurance. As long as you have a job you usually have insurance. If you don't then you better buy some. Most people are relatively healthy until their senior years so don't need much Healthcare.
@@ross_ulbright7779 they pay a fortune for insurance. americans pay 10x what brits pay for healthcare.
LOL regardless of opinions U$ healthcare is coming to UK soon, you think you have a choice or vote on it, don't think so. Best be prepared for high insurance cost.
For-profit healthcare system is an oxymoron: when their financial well being depends on the customer's disease and suffering, costs will only go up as they watch you die. Don't make this mistake UK.
For all the austerity measures that have been implemented, why were there basically no tax cuts for the working class, sure personal allowance was increased a couple of grand but still losing 25% (thats just income tax, not VAT or anything) of your pay packet, whilst public services went down the shitter. The austerity that was implemented wasn't to save money, but it was just so the government could redirect a higher percentage of tax into their friends pockets.
The entire of the UK looks at london with disgust, its the marie antoinette of the 21st century.
If only we were part of a union that enforced grants to poorer areas, and clamped down on tax evasion of the wealthy. Something like.... i dunno..... the european union for example.
As a Londoner, many of us look at London with disgust too. I hear lots of folk on the outside look at London and criticise our immigrant populations. But what’s really hurting us is ‘domestic immigration, where lack of opportunities/intrigue outside of London attract the children of wealthier people from outside and we can’t compete with their buying power when it comes to housing ourselves. Ironically, wealthy immigrants and foreign investors just cause the same issue.
Because tax pays for nothing. It goes in the bin. The government (via the BoE) and its agents (commercial banks) create all money FIRST, when it is spent into the economy. Only then, when it is subject to a transaction such as our pay packets, some of it is removed from circulation in the form of taxation. Austerity was Tory opportunism to shrink the state on the back of the 2008 banking crisis, which is why they told us the country was broke and had to repay its 'debt'. This was utter bullshit and people died for it
Boris couldn't afford to decorate downing street when in office. Now he's a multi millionaire. Obviously thats where the dough went. Audit the lot of them.
Boris was a multi millionaire from birth, just like most of our overlords
@@georgebeddows4777 no he wasnt. his dad was only an MP. boris got all his money in the last few years.
It's quite simple why rates are climbing with rising imports and falling exports, the FED is obviously to be blamed for banking crisis. Something will eventually break if they keep the quantitative tightening and higher interest rates. Is this really a good time to have some savings in stocks?
first austerity, then brexit, now widespread bank failures. .always do your own reserach & speak to a license advsior before thinking about putting your money into these crazy markets please
Rtd Workaholic. this is incredible! how can I vet your advisr, mind sharing info, if you please?
curiously copied and pasted her full name on my browser, no sweat spotting her site. Ive seen commentary about advisers but not one that looks this phenomenal, very much appreciate it
Saïd, Nice recommendation. Lady looks great seems to be worth her salt. Hopefully I can get some insight into my portfolio. what is the fee like though if you don't mind?
Fake scammer conversation 😂😂
Why is Britain not rich anymore?
Simple Answer: It has no colonies.
Also everything is already divide between the rich..No new opportunities for anyone
@@junaidk6855there’s so many opportunities for people in this country to give themselves a nice live, people are just lazy and want to be handed shit for free
Uhhh....
It hasn't had colonies since a long time.
What are you even talking about??
The colonies were always a net loss the wealth was created on the backs of the working class during the industrial revolution.
and it no longer has slave
Greetings from Portugal, UK! Come here sit on the "fallen out of grace" bench! Kidding- you guys can still make it out of this! And I sincerely hope you do 💔
I'd love to move to Portugal. For the weather, and apparently the people are pretty cool too. Of course, my English family are far too parochial for that.
"fallen out of grace" 😂 so true, you guys (the Portuguese) were heavy hitters back in the day and now a shell of what once was (with all due respect to you)
Thanks.... people like you is what the world needs.. spreading positive vibes
Post brexit UK will continue to slide economically and politically, modern UK is built entirely on the legacy of it's past and this legacy well has run dry.
@@fitzstv8506 We lost the cream of the country in two world wars. All that's left are the dregs, and the spivs, and the chancers from abroad. So there is that.
UK is like the USA where a $2000 dog buys two $1000 cat whereas in China ….the $200 dog buys two $100 cat.
The property rental just to live is so high that not much is left for anything else.
UK prosperity is a myth, I live now in Bulgaria, and personal wealth is more evident, and there are two metrics the knowledgeable Jim Rikards points out, currency velocity and Debt to GDP both of which seem to be pretty good here. I have watched now for 20 years Eastern Europe and UK and see they are on opposite paths so doubling the equalisation and who knows reversal.
Bulgaria's economy has grown massively in comparison.
UK now being compared to Bulgaria and losing.
The UK is in terminal decline.
The Ex Soviet Bloc will year on year improve..
@@charliesargent6225 That's rough buddy.
The British people live hard, they don't need to be blamed... What's more important, the UK must continue to help Zoolensky...🇺🇦🇬🇧
British sense of humour 😅
More like Jewlensky
Send more money to Zelensky ❤❤❤
Jesus not that zelen freaking neo nazis ky
Yeah, deprive 40 mln of people of weapons that you took away from them 30 years ago in 1994 and UK will finally return to the great growth it had during the last 15 years
If the British royal family where to support the British economy with just half of their loot, then the UK will have hope of recovery 🤔
They do..they bring in tourists who pay $$$ and generate tax. Rishi Sunak is richer than King Charles, remind me, what does he do to boost the UK Economy apart from tax avoidance?
@@roadtoonemillion284 france gets far more tourists and they killed their royalty, try again. im not defending sunak, hes a crook
what a stupid uneducated point- they make far more to the UK economy than they cost, they are a net gain financially.
@@casparbenjaminseymour worthless slave, explain in details what your 'royal' masters contribute to the British economy?
@@roadtoonemillion284 richi sunak is richer then the head of the British family??🤣🤣
They'll be irreverent in world stage soon
Things aren't exactly rosy with our near neighbours France and Germany either, just for a bit of context.
True. They have recovered what was lost due to the pandemic. We have as yet to dig ourselves out. Germany's recession is slight and remember they are directly impacted by Ukraine.
1:16 No one compares different economies by nominal GDP. The UK is not sixth but tenth largest economy by GDP PPP. Just because everything is overpriced in your country does not mean you produce more.
Puzzled🤔....if we were realy a poor country then how can we afford to support institutions like the monarchy and hold extravaganzas like coronations/royal funerals etc. Also if we were poor i dont think our betters who sit in the house of lords would accept a daily attendance allowance of £300 plus accomodation etc, they would decently waive any payment.
The uk is on track probably by the second half of the century to be a cold rainy northern hemisphere version of the Philippines
By then Philliphines will be highly developed economy, their development is on right trajectory
meanwhile phillipines is on the track to becoming a developed and livable place by the second half of the century
Fantastic video and an excellent analysis worthy of a piece in the financial times or the Economist.
Other countries don't give refugees a place in there land without them giving something back.the uk had taken over 750.000 overseas people and the majority of them are low skilled if have any skill.so paying benefit and giving more to NHS dental and making more homes for them is the real problem.
As someone living in the UK, I wish UK can thrive. I suggest watching a documentary about Singapore reserves from CNA channel. How a small nation can thrive.
low tax economies usually mean very poor people and some rich. it doesnt help the country
what a crazy idea, work hard like singaporeans, it is a lot easier to just steal why bother with working hard.
@@kanedNunableThat's incorrect. I reside in Singapore, and a quick search on Google reveals information from our official government website. It states that the median salary across all age groups and industries is SGD5,070 per month, which is equivalent to USD44,856 and £35,662 annually. Furthermore, our tax rates are exceptionally low, resulting in higher take-home pay. It's important to note that this figure represents the median; the average would likely be significantly higher due to the influence of wealthy individuals. While £35,662 might not seem high for a high GDP per capita nation like Singapore, it's worth mentioning that the majority of Singapore's population falls within the middle-class bracket. Interestingly, over 6.5% of our population are millionaires, which contrasts with many poorer nations where a majority of individuals are financially disadvantaged.
What goes around will eventually come around, under the right auspicious circumstances. Never ever say never, never is always in between what is now & what is to follow.
The fact that you and many others want to come and live in 🇬🇧 means that UK is still good place to be.
I moved to the UK 3 years ago. The productivity of every service shocked me, whether it was a public or private service. People complain about low wages, but many of them slack off at work. A job that can be done in a day often takes them several days to finish.
They get paid by hours.
@@yeetian2774everyone gets paid by hours. The difference here is these people are gov employed they get paid if they work fast or slow. Thats one problem with public services one that cant be fixed by abolishing public Services
Yes so true, they are not appreciative that they have a job, they just wish they didn't have to work.
@@LeahsLover if the pay is bad you do the bare minimum. There is a difference between a job and a career.
I just moved to UK. The tram and bus drivers often on strike. I respect labour’s bargaining power and right , but it may be overly done. They are very well paid already , compared to NHS workers who receive extensive professional training .
There is investment lending. It goes into property because its a safe bet and unless you have a unique product there is no way to compete with the far east in any manufacturing scenario
This is 100% what is happening in Canada right now. Our government cut spending after the recession and “balanced the budget”. That got a crackpot elected who just throws money at everyone with no direction towards productivity growth. Now we have no productive industries and are likely to get another Austrian inspired leader smack in the middle of the recession.
We liked it so much the first time that we’re going back for seconds 😔
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio..
The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance to make a from a financial-advisorr, you can be passively involved with the aid of a professional
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@@Kimdavid109 Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
Scammers posting fake conversation 😂😂.
No colonies, no extortion money anymore.
It doesn't need colonies.
It needs better politicians and government
Im still baffeld why the people of UK tought leaving the EU was a good idea like any naive 14 year old school boy could tell that turning against the biggest trading partner wouldnt be a good idea.
BRITAIN has fallen, just as BRITTANIA have fallen when ROME left . UK became real HELL on EARTH for its citizen last 10 years, like it is not even same country, that it once used to be. The speed of that change is unbelievable... 14th increase of interest rates ? This will impact mortgage holders as well as renters. Quality of living is experiencing constant decline for the past decade
All of the nurses doctors and teachers trying to immigrate to former colony… Australia. Ironically better pay and living standard 😆
Comparing the UK to America, Australia and Canada is not fair at all. Those are large continent-sized countries filled to the brim with natural resources. Spending for social programs will worsen inflation which hit the poorest the most. If you don't spend, they'll also suffer. You can't win unless you have increased productivity growth to counter inflationary pressures.
Which neither happened, the UK is till the I'll man of Europe 😂, low growth, low productivity. It only relies on finance and doesn't produce anything worth buying (a part from ARM) to the rest of the globe. The car industry in the UK is a joke compared to other countries. The elites in the UK (I think) refuse to invest. Until then the UK will suffer and continue to do so
People will go to uni, only to realise it was a waste of time (we are still wasting so much money on paper degrees) and it isn't lifting the country at all.
Those are the countries that the UK considers peer countries. The UK for whatever reason, sees itself as a country more important on the world stage than what it actually is.
The greatest empire that ever existed rings any bells??? I believe it is very difficult to downgrade oneself after being at the very top for so long...
@@viktorianas greatest empire that ever existed however is only second to the US in terms of the size of its economy? Yeah, not that great of an empire, and the last time the UK was on top of economic ranking was the 1870s.
@@EliF-ge5bu the USA is just a successful derivative of the UK, like Canada, Australia, so...
04:34 what is Japana? Also regarding productivits I didn‘t see any numbers to back that up. How is that measured?
Karma is catching up with the UK ....Thatcher started the rot and Cameron, Boris and all the other clowns have finished it off. .
US is set to face same issue in future.
They aren't surviving coz they don't have any colonies to exploit now 😂
🙉
@@X8ALPHA too many unwanted alien 👽 migrants now
Britain will be back to being Albania.
They are planning to destroy Russia but it backfired. 😂
I'm guessing you're one of the Indian nationalists who regularly swarms these kinds of videos - but that's not actually how economics works.
Love the content. The comment on the healthcare spending is a bit odd though.
Spending isn't a good measure of strength. ROIC is. In this case ROIC would be measured by health outcomes. These outcomes are generally still relatively high in the UK
The austerity policy was a disaster. The government talked endlessly about cutting spending, damaging confidence, but at the same time kept increasing spending so the benefits of a balanced budget were never realised. All the downside but none of the up.
We weren't a rich country. Britain never got a real payrise from 2008-2021.
Politicians wonder why the electorate are so volatile and unpredictable.
Because the empire is no more and it cannot steal from others !
Dan Pena is going to change everything.
Because too many alien 👽 migrants taking over govt be warned its not welcome
still does through neo-colonialism
And yet your people still want to move there. 😂😂
There hasn't been an empire for a long time .
Wtf are you even on about?????🤣
Come, join with us my old friend
-Spain
There is one common factor to all of this - the horrendous mismanagement of the UK economy by the Conservatives - the governing Party - since 2010. Time and again, faced with the choice of prudent financial management and ideology, they have chosen ideology. The result has been a 'death spiral' of low ambition, low productivity and poor education. It will take 30 years to recover from this, and this is why it is desperately important to educate the next generation in good citizenship so that we can re-learn the art of electing Governments that govern by the will of the people in the interests of the people.
The poor working class paying too much in direct and indirect taxes while the wealthy is living their life using tax loopholes. Britain needs to reconsider the Brexit as it had lost the largest trading partner Europe. Britain definitely needs to kick start productivity, industrialisation, research and development otherwise the pound will be in the history book soon.
A very good overall summary. Well done!
Dan Pena is going to change everything.
Because we’re governed by multiple independent bodies and we still have to pay for a central government that refuses to get involved
Just curious if people work more than one job in the UK? I am finally doing well in the US but I did work 2-3 jobs most of my life while going to school part time. I am now 50 years old but have worked the equivalent of 40 years in man hours. I don't think it is a great solution. That much work has left me worn out physically and have already had a total knee replacement at 50 but that is what it took to stay a little bit ahead. Not complaining just sharing and curious what the experience is like there.
Not a rich economy now is because it had been pilfering from iys colonies during last century. Nowthe elephant tambi being upgradededto be the person in the helm, pilfering from this tambi is even greater especially to his wife business.
There is no way that UK household income is ONLY 16 percent lower than US or 20 vs Norway
I cannot comment on Norway. But I can say with certainty this is true in relation to the US. Not just based on published statistics, but actual lived experience. You can find some of the world's wealthiest people in the US. Mind-boggling wealth. But equally you can also see some of the poorest people in the US. The level of poverty in the bottom 30% of Americans is staggering! When you go to rural America, you can see huge numbers of desperately poor people living in trailer-trash vans. You can also see homeless people defecating on the streets in downtown San Francisco. You will never see that kind of poverty either in the UK or anywhere in Europe. The US is a country of extreme inequalities. It is not all just what you see in New York or San Francisco.
@@stephenmani8495 I am not sure what does have to do with my comment. Statistics are statistics, what you saw on the streets of San Francisco is irrelevant to my comment. US has BY A LONG shot the highest median income, average wealth and total wealth and gdp, od any country of size in the world. The fact that US BARELY LOSES in the average numbers against exotic, Lilliput countries like Monaco, Quatar or Singapore, or fiscal paradises as Ireland, speaks volumes about the enormous wealth of US. And, the inequality that you describe is stuff that belongs to Brazil, Philippines or Indonesia or Thailand or Nigeria. US has 40 percent of its people above anything in Europe. Than the rest of 50 percent are on the same level with most of Europe. Than indeed, the bottom 10-20 percent is slightly poorer than most of the poor Europe. That's it. Statistics. For the rest, spare me the anecdotal examples of some rural inner parts where nobody wants to live, far away from anywhere and impossible to control by the federal government, or some drug addicts that the cities that you mentioned are too lenient with.
@@stephenmani8495 You say this, but I believe the rate of hunger is higher in the UK than in the US. Looking at Food Research and Access Centre in the US, there`s an article stating 12.8% of Americans experienced food insecurity or lack of access to an affordable, nutritious diet and 5.1% reported regularly skipping meals or reducing intake in 2022. Food Foundation figures for the UK show that in the month of January 2023 show 16.5% of people reduced portion sizes or skipped meals, 11.3% had not eaten despite being hungry, and 6.1% had gone at least one whole day without eating in that month alone.
Also, there are massive gypsy slums in places like Spain and other parts of Europe that house 1000s of people in shanty towns. I can shit on the US as much as the next man, but I`m not sure I agree with your comment. Where the UK does score more highly though (though not as highly as most of Europe) is workers rights.
To be fair and objective, it was Parliament's refusal to enact the will of the referendum that caused so much uncertainty. All of which went away post-deal/covid
Well, productivity is a function of
1. International investors who use Britain as a platform to export to Continental Europe or meet the needs of the domestic market.
2. The skills set of workers.
3. Other factors such as institutional and legal framework, etc. Please comment.
Leaving investment in the uks future, soley to the freemarket, has crippled the uks available skills and amount of infrastructure per person. When compared to all other comparable countries. Increasing amounts of debt, for housing, severely limits peoples abillity to start a small business.
The most free market countries in Europe also tend to have the highest investment rates. The reason why investment for example in housing is so low in Britain, is bcuz of the Planning Law, not having a development-by-right model but instead one where every single construction site needs to go through specific and lengthy government approval, often to just be axed by some NIMBY conservative constituency. You mention infrastructure, once again private railways don't invest bcuz they aren't allowed to (only the cars themselves), bcuz they don't actually own the railway lines to begin with.
An interesting analysis, but wrong in several key respects.
1) Immigration to the UK hasn't decreased since Brexit. It has in fact increased to an all-time high, reaching a net 600,000 immigrants in 2022. Indeed, data published in the papers today (22/08/2023) shows that the UK remains the most favored destination for migrants in Europe.
2) UK exports have already recovered completely since Brexit, and service exports have actually increased faster than in any other G7 economy.
3) As your charts showed (but you failed to mention), UK productivity has actually grown more than French productivity over the same period, in spite of the fact that France has not pursued any "austerity program" and has managed to run up an even bigger National Debt than the UK (116% GDP vs 98% GDP). Further to which:
4) It is hard to argue that the UK has been experiencing a period of austerity when National Debt and public expenditure have increased to record levels, unless by "austerity" you mean "not hosing maximal amounts of taxpayers' money at every begging bowl in sight". You need to understand that high taxes impose just as much austerity on the economy as cuts to public expenditure, and arguably at greater economic cost. Yes, public services are essential for a well-functioning society, but they do not necessarily enhance economic growth; and they certainly don't if they're not matched by improvements in productivity - further to which, for example, the NHS is currently some 10% less productive than it was ten years ago, thus accounting for a measurable chunk of the UK's "productivity problem".
But, hey - it looks as if we'll soon have a Labour government that will try to solve the UK's problems through taxing, borrowing and spending as much as the markets will allow. Let's see how that goes, shall we?
On 28 September 1976 - Denis Healey arrived at London’s Heathrow airport on his way to the International Monetary Fund annual meetings. Waiting in the VIP lounge, gin-and-tonic in hand, the UK chancellor of the exchequer learned that the pound was plunging. Healey headed back to the Treasury and announced that Britain was applying to the Fund for a record $3.9bn loan. The British government, observed the Economist, ‘is bust’.
Whatever happened to the wealth gained through the Empire?
and Gordon Brown sold off tons of our Gold reserves for the lowest gold price ever. Have you noticed something?? Denis Healey and Gordon Brown were both Labour. Speaks volumes of what is to come when they return to power.
@@stevenhull5025is selling gold at bad price in the middle of a global recession when you really need the cash that bad. Pretty sure if he had borrowed the money instead you would be complaining about that too. Didn’t Cameron sell the Royal Mail for half the share price it was trading at the end of the first day of the ipo.
oooh.. Hope is always there for you. always. even if it's a toxic one only keeping people in limbo with no solutions around
Wrong history telling the industrial revolution in Britain is started due to exploitation of its colonies. Which gave him to extract all the wealth from colonies and invest in Britain. So please correct your history.
Jai hind
I do wish there weren't so many ignorant and poorly educated Indian nationalists on every video about Britain.
Correct history actually.
The industrial revolution started long before the Colonial era.
A new study shows that it started around English civil wars
@@gijuvarghese6545 rule Britannia!!
@@vatsal7640 Viva England :-)
During Covid lockdown only housing market was ON, estate agents made a killing, surely signs of a rich country speculative bubble 😂
Driven by the urban workers moving out since home working basically took off, and remains prominent now.