The Conservative Economic Record since 2010 in TEN charts
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- čas přidán 7. 05. 2024
- A look at economic record of past 14 years in ten major charts
0:00 Average disposable income
2:32 Inflation
3:45 Tax Burden
5:16 Debt to GDP
6:30 Productivity
7:13 House Price to Income Ratio
8:27 Unemployment
9:49 NHS waiting list
10:38 Export of Goods
11:07 Net Immigration
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► www.economicshelp.org was founded in 2006 by Tejvan Pettinger, who studied PPE at Oxford University and teaches economics. He has published several economics books, including:
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► 50 Essential Economic Ideas amzn.to/3IgxndG
► Cracking Economics. www.economicshelp.org/shop/cr...
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The asset class is getting richer, the wage class is getting poorer. I don’t really worry too much about graphs and charts, it’s more about how things feel day to day. I’m 52 and I don’t think the country has ever been this bad. If UK were a car it would fail the MOT.
I'm quite a bit younger but when I just think back to my youth up to today, I look at the area I was brought up and see nothing but decline.
@kelly Who are you ? your sentence will go around the world , I quote "The asset class is getting richer, the wage class is getting poorer."
Plot twist.
The UK was always a fabricated country created by a handful of English aristocracy.
It never truly reflected the deep British history of this island. As a Welshman I would never call myself UKish in identity
In this case the feelings of national decline and the observational data are consistent.
If the UK were a car it would be up on bricks, rusty and stripped of everything of value.
Loving the graph porn combined with the very clear and concise explanation of the economy. Great stuff!
We'll come to an age where real-time graphs will be shown to the face of politicians as they try to OUTRIGHT LIE things to our faces.
Just watch out for the monitors, they aren't drop resistant :D
We had a few guys from the UK come out to Australia for a few weeks work for a geotechnical site survey, we were quite shocked at how poorly they were paid compared to us in Australia doing the same job for the same company, and that was 8 years ago, it looks like things haven't improved much.
Though hasn't the cost of housing/living in Aus skyrocketed even more than the UK in this time?
@@InnuendoXP The cost of housing has gone through the roof thanks to tax breaks for investors introduced by the conservatives.
As far as the cost of living, that's up everywhere, and not having been to the UK since 2018 I can't really compare that. Back then there wasn't that much difference in the price of things apart from alcohol and tobacco.
But even still, those guys were earning less than half of what we were for the same job.
@@LordandGodofCZcams yeah 14 years of conservative rule has seen a similar rise in house prices here - though less negative gearing & more a combo of the mass selling off of social housing & allowing NIMBYism to rule the roost in preventing new builds while developers can just sit on vacant land & not build anything until they can wring the maximum profit out of it, coming from Sydney & living in London now honestly neither seem like a good option if you can earn good money living anywhere else - comparing both whenever I've gotten into the details it's basically been a wash between them.
Right now the UK is the most expensive housing with the smallest average sized house in Europe so I guess at least in Australia you get more space for what you pay (for now).
Things are worse than ever. Everything is expensive but companies want you to work for peanuts.
@@adam7802 The rich are getting richer though.
In a world of flash in the pan emotional charged reporting, I just wanted to say that your steadfast production of unbiased data analysis is a breath of fresh air.
As a French person, I feel very sorry for those who wanted to stay in the EU. I wish you all courage-you'll need it
Glad we no longer in EU just a shame we haven't cut all ties.
I feel sorry for those still in the Eu .
@@user-gj7ew2sm5u Have you always been a sadist, or is it a trait you believe you picked up along the way?
@@pincermovement72 Because...?
Looks like you touched a nerve there
Its almost as uf you privitise everything and dont invest you end up fucked!
The best economics channel on YoiTube.... Objective analysis based on facts.
Thank you
You need to explore the impact of brexit in more detail which has left the economy 5% worse off since 2016 and also the missed opportunity cost of not being able to trade effectively with the EU
Who could have seen that coming!? (Sarcasm)
Of course there are hidden increases to living costs. An example might be the increased recourse to private health perhaps because of NHS waiting times.
Also, just to say thanks for all of the work you put into getting and producing graphs and charts. I know it is a huge amount of work and it makes your presentations so very clear. My finger is on the pause button all of the time!
Cheers
You don't know it ,in UK, but there are dozens of us, close to governments and businesses, following this gentleman from France, Spain, Canada.
Genuine question but why would you follow this page? It seems a bit off topic if your not living in the uk?
@@legoyoda256
There is "a natural genius among British economists", the use of long statistical series, the dazzlingness of their analyses, it is an infinite source of inspiration for me.Economic analysis is to the British, what automobile design is to the Italians, what “camembert” is to the French.
Thanks for a good set of economic charts. Very informative. My solution is a 1% capital tax on the top 1% of individuals or households with net assets above £5 million and a reduction in tax for the other 99% in the UK. There should be a particular focus on offshore trusts owning assets in the UK and international corporations that pay tax in different tax jurisdictions. Then you'll get a boom in economic growth in the UK.
Trust owning individuals and corporations are more powerful that UK govt. No chance of collecting from them.
You need new plans.
@@user-xw3vi4nk2y What new plans would you suggest?
@@MarkCW inflating away the debt. Keep up govt borrowing and spending. The £ will weaken and inflation will remain high but if economy grows then debt won't be a problem anymore.
If I were 22 rather than 72 I'd be thinking of emigrating now.
You are the perfect age. Retire to Florida. We have plenty of sunshine, beaches, lakes, palm trees etc. Given the real estate prices in Britain, you could swap your wee bungalow for a mansion in the Sunshine State.
Not Florida - it’s hot as hell in summer, has hurricanes and high insurance rates, and it’s headquarters for the Trump cult.
Meanwhile we had a year of inflation where shit was legit rising by 100% lmao
Coop;s potato salad used to be 3 for 1.20 quid.. now it's 2.40 for only one pot.
@@puccarts buy from Lidl then.
@@user-xw3vi4nk2y totally would, but there is actually no Lidl near me for many miles.
clear,concise, visual. Tejvan knows his onions. Without London the UK GDP per capita is the same as Mississippi, the poorest state in the Union. Life expectancy was higher in the UK but this is sliding towards Mississippi levels every year.
Brilliant round up! Cheers.
Summary: a woeful period.
Great unbiased explanation. Very helpful. Thanks for the share. Hope your channel continues to grow.
Excellent summary of what is becoming a trend of accelerating decline.
Let's make sure the Cons are in third place in the next general election!
Definitely.
Great post, very interesting!
Loving your work sir
Great video, solid info with no fluff! I’m hitting the sub button👍🏻
Such an important video. To clearly show where we are and how things are going. Love your vids.
Why are you reluctant to say that Brexit is a contributing factor to lower GDP and higher cost of operations? It has reduced the workers availability for seasonal operations; it has raised barriers for import and, especially, export to our largest and closest trading partners; it has reduced the value of the Pound and made our purchase ability lower. Why not point it out. It is a significant contributing factor to our decline.
@a Your point is important: in my opinion (I am French-Canadian) Brexit is 30% of UK stagnation (for the moment...),
and socialism-statism in UK is also 30%.
On the other hand, these are good years when you work for Defense, Health, the civil service!
Did I mishear or did he not literally mention this? And if he didn't in this video he definitely has in others.
ammonornil, GDP was failing before Brexit, immigration is soaring so they shouldn't be an issue there, the £ has been on a long term decline. Rejoining Europe isn't a silver bullet, get over it. And when European politics turns right in the future, you'll forget about Brexit and wanting to rejoin I suspect..
Excellent summary of our wows
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank
Could you share a powerpint with these slides please
Great video! Thank you for this effort of sharing information.
I recently saw that Productivity is not a problem for the UK, because all over the world, everyone is facing a cost of living crisis, but Stocks continue to rise and big companies make record profits. Therefore, if it isn’t a UK problem. It’s a problem of Wealth distribution.
It would be interesting to hear your thoughts on this. Thanks again.
In the context of economics what does productivity mean and how is it measured? Is there a standard international methodology for measurement?
Awesome thanks. Germany and Austria better off then Scotland Thomas or UK economically in benefits and wages.
The problem in the uk is that all parties are high tax parties, especially for the middle class. It’s like choosing between a rock and a hard place. If you want to have a comfortable life - the best advice is to leave the uk unfortunately. Because either your salary is going to be low, or if you work hard and climb the ladder you will part with 50 percent of your salary and a Victorian terrace house which formerly belonged to a worker will set you off half a million (or 1M in London)
I've been thinking about adjusting my investment strategy based on the conservative economic record since 2010. With the market being unpredictable, I'm considering adding an advisor to my portfolio management team.
Good point.. the market has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it’s safe to say that a severe global recession is looming..
Depressing picture overall.
My own position has grown hugely better over the last few years. But I'm the part owner of the business I work at, had a few years with no pay increases at all, have been putting in 50+ hour weeks and take little holiday. That's now paying off. I expect I'll be classed as 'wealthy' now and demands will be made that I pay more tax.
I know a lot of factors need to be considered but ironic that the highest period of GDP Growth was between 1974-79, the period when Labour was supposedly making a hash of things.
*"Labour shortages"*
I can't talk about other sectors but in I.T. there is a *massive* shortage of skilled people willing to work for not much money.
Pre-Brexit this was being filled with people from Eastern Europe and countries like Spain & Portgual and for a while post-Brexit it was being to a much lesser degree filled with people predominantly from India but with recent government policy changes now not so much.
I'm confident that quite a few companies will be hoping Labour will loosen the market once again, otherwise they will havevto start training University graduates and paying more.
The joke now is IT is the modern day plumber. The only issue is my mate is a plumber and earns way more money than someone in IT.
IT is a very hard job that requires constant learning and time, you find the technology changes every 5-10 years.
It was never a job designed to be paid badly and for some odd reason it is and businesses expect it to be easy to find someone to fill the posts which is just madness.
"Economics Help UK" could you put "audio track on your "youtube" ?
for yours French For your French audience.Best regards from France .
What does audio track mean on CZcams?
The Audio track option, as seen in the Settings. It is set to English, which is the original language of the video. Audio tracks, also known as Multi-language audio, are a CZcams feature designed to allow creators to provide audio description and foreign language dubbing.
A nice display of data and thought provoking. I have had the impression that much of the UK's woeful economic performance is due to poor productivity which is partly due to a combination of high economic inactivity and long term sickness. It looks like the rise in ill health which has forced some people out of the workplace happened during and since the pandemic, which suggests to me the health of the UK population in general was poor and a ticking time bomb which COVID detonated. Given that other countries seem to have been impacted less, why has the UK's population been hit so hard by the pandemic, and if it is to do with general poor health, why is the health of the UK's population so bad?
Another question I have is why are UK firms so dependent on immigration and why can they not employ people locally? If the answer is to do with lack of essential skills, a follow on question is why the UK population of working age lacks essential or useful skills firms need compared to working age people coming in from abroad? Do the UK's education and training methods suck?
Anyone know if government have ever done anything right?
Mocking those who voted to remain in the EU is a low blow we are already suffering enough through no fault of our own.
The employment figures are a bit suspect in my view because the nature of work has changed and there are now more people working flexibly (either part time or gig economy). I know a lot of people in well paid jobs who do not work a full week because they are not money obsessed and they can afford to reduce their hours and pay less tax. So using the economics assumption that people who get paid the most create the most value, this is a loss to the economy which is probably not reflected in employment stats. At the other end of the scale there are a lot of jobs like delivery drivers which are low value and this is encouraged by the benefits system.
Why is german ,french economy booming while UK is suffering from brexit
To the moon with Eledator!
The employment rate is pretty low in migrants considering we were supposed to gain from them being here, we're actually worse off from them on any metric you consider.
Oh and by the way I have not seen a single mention, not a single mention of how well AI related tech and innovation is doing in Uk , astonishing !!!!!! , really astonishing , I don’t call you a pessimist for no reason. Think about this , the productivity issues is because there is no investment from private sector, nows that’s got nothing to do with the core competence of a country, there are situations that arise that can make a country look unattractive, but what what matters in the long run the ability, core competence and the desire to succeed, access that
No one mentions that half of all dollars in circulation have been printed since 2021
2:10 but is this because of the massive increase in population?
If you want to conpair with Germany :-
Germany had 81 million people at reunification, the UK had 56 million the same year.
Today Germany has 83 million and the UK has 68.
Think gdp per head and population density , not just raw numbers..
Well, it could be worse, it could be raining!
Millennials really have been screwed from all directions.
Young people have always been screwed and will continue to be screwed by those in power because proportionally they do not vote and are therefore irrelevant at election time. Pensioners are a powerful voting block capable of swinging elections. The best strategy for any political party to gain and/or maintain power is to give pensioners what they want and put their hands in young people's pockets to pay for it.
My local school just announced closure because of government policy. Hundreds of disabled children displaced.
BTW howcome more money is being wasted on health care benefits- because the average life expectancy has decreased in the UK since2015 according to the Kings Report.
Looks like Brexit helped U.K. a lot 😊
Like a hole in the head!
Why dont you make vedio on the Uk becoming the 4th largest exporter, mr pesimist
we cant discount the general global enviuronment. With wars, pandemics, etc.
I was a brexiteer but I didn't know that they will replace Romanians with Indians.
Great work. So the conclusion is that I emigrate to greener pastures.
Anywhere is good besides Canada 💀
@@legoyoda256Hey, Canada's not that bad, everyone is seemingly complaining about it now especially with Trudeau but it's better than The UK imo. Montreal is a nice city.
@@Betweoxwitegan ye it's nice but it's impossible to get a buy/rent any homes/flats
The economy is not doing well but needs to import workers to fill the jobs ? Where are all these new workers living ?
Now do it for labour as well.
Of wait they were terrible too.
Need to get rid of both Conservative and Labour
It feels like since 2008 we've basically made the wrong choice at every decision point.
Excellent work 👍 increasing corporate tax and stupid greenie regulations 🙄🤦♂️ when has government ever grew an economy ? Suppressing the economy is more like it 🤷♂️
It’s very easy to pick graphs there are present out there and brag about the same thing the news reporter goes on about, coz they cannot see the bigger picture, how are different from them
When does it get better 😅
When we start learning what the word "sustainability" means.
Great presentation. In a nutshell the country is in a big mess and the people running it don’t have a clue!
Summary: Tories did it again
I thought I was just abit negative about the state of the Country, but its true we are all much worse off except the very rich
Only business can turn this around and there will be no investment until business can make decent profits, why invest in real business when you can just buy the SandP 500 and get 12.5% return with no risk or work. Thats the real problem with the UK and the EU they are not business friendly.
Inflation is money printing
No, inflation is rising costs and/or rising demand.
For 15 years all mistakes that could be made, were made.
Would have been nice to have the charts in view longer (without needing to hit pause) so one can actually take them in instead of returnjng to full face presenter.
Personification of Pessimism
Don’t need 10 charts as the public can feel it in our wallets everyday. You know the country is in decline when you have a PM that nobody voted for and wasn’t even the 1st, 2nd, or 3rd choice in his own party.
Nobody votes for a PM, people vote for a political party.
Some folk say the Conservative government have been a failure. Nothing could be further from the truth. The Tories have been a raging success for the people they really represent.
The Tories don't level up, they punch down.
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
The British have had to deal with stagnant wage growth a decline in real household incomes coupled and soaring rent and property prices- due to poor fiscal policy and The Tory government pulls out the usual excuses- its the BOE, its the EU, its Russia.
The Tory Chancellor and the succession of Tory PM s and the Tory donors decide economic policy - not the the EU nor the Russian president.
Vote Tory- vote for decline, vote for exploitation- because the truth is The Tory party and the Tory government want power to empower themselves.
This is great info but all of these charts are at least a quarter old and some several years old, it seems we are on quite an upturn recently? - or you think it's an insignificant blip?
NHS waiting lists will be worse when labour open the immigration taps further
The funny thing about 2008 is that it doesn't only mark the sharp downturn in western economics but is also the year when NATO decided to isolate Russia and double down on sanctions around the world. Bad government, misguided policies.
Conservatives have cut on spending this money saved. Labour can come and spend it. That should show economic growth on the charts
Cutting spending actually SHRINKS the economy!
the not vu.
I hope the Brits are enjoying all the amazing benefits from having left the EU. BAHAHA! 😂
The fall behind in growth began in 2008. That's 12 years BEFORE we left the EU
@@xtc2v I’m sure leaving the EU has helped a bunch!
@@xtc2v The 2008 crash affected EVERY big economy. The 2016 Brexit disaster vote was the first time in history that a country imposed trade restrictions on themselves. Whilst the EU didn't benefit from us leaving, the major negative impacts were/are mainly felt by the UK. The big winners from Brexit were counties like China, Russia and the USA.
Most of us young people voted against it.
We have an older population that doesn’t care about us and we live in abject poverty.
I’ve had two broken teeth for two years and I can’t see a doctor.
Glad you find it funny
We're still giving money to the Eu for some bizarre reason?
Still paying off the Genius Gordon Browns careful management.
Tories have been in power since 2010 - it's THEIR fault!
@@tancreddehauteville764 Ever maxed out a credit card?
@@mikemines2931 No, but what's the relevance of this?
This feels very similar to the 1970's, it probably needs a Margaret Thatcher type politician to sort the issues out.
NO! Thatcher ruined this country - only the rich actually got richer!!!
You mean since the Blairite plant David Cameron came to power?
Did you vote for this Blairite plant?
What??? Cameron was as different as you could get from Blair.
What's really amazing is the graph showing Average Household income, the highest Countries are not in the EU, its the EU that has dragged Europe down for decades
Dear lord, the desperation to shoehorn "something something EU" in is very high with you.
So in the light of your "argument", care to comment on the income growth of say Poland as shown in one of these statistics?
Why would United States, Canada and Australia be in the EU?
Oh Gary, you again ?? What's the use of average household income for Americans or Chinese sleeping in the streets ???
Ohhhhh, I forgot you are ONLY fixated on the EU !!
@@ab-ym3bf The same can be said about everybody that blames all of the UK's problems on Brexit.
Half of the EU was communist for decades, including the eastern Germany. Yet EU is doing great for decades now, which is shown by the GDP PPP per capita. EU got close to Canadian now, only slightly behind Canada. EU's GDP PPP per capita is getting close to 60 000 dollars. That's EU as a WHOLE. The richest states of the EU are well ahead of Canada and Australia and few of them are even ahead of the USA by the per capita basis.
Gotta love the tories whoo hoo 🫠🫠🫠
I joined the job market in 2011. I've been getting steadily poorer since then in the same job 🫠