Why are UK Workers Paid Less than Europeans?
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- čas přidán 14. 12. 2023
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The global cost of living crisis is hitting economies hard, with the UK standing out, as the middle and low-income households face a large income gap compared to similar households in Germany and France. In this video, we explore why the British wages are so low, how worse the UK is, and what other countries are doing better.
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Oh my god what has happened in 2010 that made everything go so wrong for the British people for the next 12 years....Its a mystery
From the late 2000s people started getting assigned roles or positions based on their social status or connections rather than their skills, abilities, or qualifications. In such a scenario, individuals may not have earned or deserved their positions through their achievements or capabilities but rather through factors related to their social standing, such as wealth, family background, or other societal privileges. This situation lead to inefficiencies and inequalities within a system. Merit and one's qualifications and abilities, should be the primary criteria for placement or advancement in a fair and just society.
😂 🤣 I see what you did there... 🥂
Climate change?
It's actually since 97' I wonder what happened then?
@@mehdielasri6091 In short, "jobs for the boys" (or girls) CORRUPTION rules O K ! "The Curious case of Baroness Mone"! Is a classic example.
My boyfriend just finished his masters and got a job with the NHS as a lab technician. The salary is £23k. It’s an absolute joke this country
Move to Australia. This salary can even be worse than uneducated workers’ in groceries(no offense).
Why did he become a lab technician if he wanted to earn a high salary?!
Lab technician is a starting position. If he sticks with it he can work up to 70k/y positions with relative stability.
You could learn a trade and earn more for example, but it takes a toll on your body down the line.
I know people that earned 30k plus in the late 80s, as lab technicians.
Fun fact my first lab job was 23k in 2003. I was offered a new position last week, for 24k.
I turned it down. I earn more as a maintenance assistant.
😂
@@Paul_Wardonly Associates earn that.
Personally experienced the difference. Moved away from UK back in 2018 because the same job in Netherlands was paying 2.5 times more. Cost of living was about 20% less.
Yeah Netherlands is not an example of the average European country though…that cesspool of degeneracy and drugs that is also a tax haven doesn’t represent the average European country/wage…far from it
A friend of mine is a software engineer in the UK (London) and has been there for ten years and is still there, I dont get it why he doesnt move to a better place.
Netherlands is also a nicer place to live
Netherlands is the best country in the world.
@@JohnDoe-nt1sv 🤡
UK salaries have always been crap. moving to California saw my CFO level pay quadruple for doing less work. in UK the expectation is for people to perform the work of 3 or 4 people. no wonder productivity is low, all workers are over worked, criminally underpaid & pissed off.
Overworked and taxed heavily
@@nigelmoscrop9987 well you have to pay for the nhs and all the people on benefits.
Open door immigration
If they're doing the work of 3-4 people that must mean their productivity is pretty high
@@timothyleake418 the problem is that it's usually impossible for one person to do the work of 3-4 people well, they just get overworked, overstressed and the overall quality of the work just keeps decreasing, which then also becomes other people's problem to deal with one way or another (e.g. as a coworker or customer), which then decreases productivity for other people too. I'm a secondary teacher who's expected to also be a nanny, secretary, social worker, police officer, and stepmother all at once. Can't teach a proper lesson without some kid having some emotional/health problem or getting emails/notes about sending someone somewhere or it's someone's things they forgot/lost/broke or it's a pen that leaked or it's a low abillity student who needs adapted resources and individual attention or it's just plain old chatter that won't stop or it's something something something all the time, and I'm literally expected to deal with ALL of it while also teaching a full lesson to 30 students, keeping an eye on them constantly, and "ensuring" they all learn the content as if that's even possible - maybe I should add "telepath" who can mind-control students into understanding new stuff to my list of co-jobs. Just a little example of why having one worker to the work of multiple people just serves to decrease productivity for all 4 jobs instead of increasing productivity for one.
I live in an Irish village of 200 people. Very rural. Working a grocery job here I would get paid 2pound more an hour then any similar job in London. That's ridiculous
TBF, Ireland is one of the few places in the world with higher rents than England. Not sure about rural Ireland to London but certainly like for like, Irish rents seem to be more expensive.
And there's only a small chance of getting stabbed.
@@eldrago19 I live in a 5 bedroom 5 bath acre land. Cost less than 100,000. It's only cities that are fucked.
@@niall7597 Damn the only downside is being a redhead, nah I'll pass
@@wotermelon_ 😭 A deal with the devil was made for all this, lost our souls on the way
If you think productively in the UK is a train wreck now.. wait until you see how much of UK's GDP calculations are skewed by non productive elements like rent (and even more insane 'imputed rent' - the amount that a home owner would need to pay themselves if they were renting).
The UK's ongoing problem is that we are an economy of rent seekers not manufacturers.
It also looks like it's propped up by financial inflow for wealth management from worldwide which adds to GDP but doesn't help the average citizen have more on the table
Great post
UK's best days are well and truly behind her. We're in a depression, but the nation won't acknowledge it until the television says so. We have to wait for the majority of folks to be jobless and depressed before those elected will concede we're at the very least in a recession.
@@Carl-hs420a clinging to Brittania rules the waves sort of speak?
@@tomlxyz
The wealth managers and others in the service industries pay a fair amount of tax. What happens if that stops? (The EU is just beginning to put the big squeeze on ‘Euro-clearing).
I work in care. I had a 1% pay rise in 12 years. I received a rise last April as the minimum wage went up. Because of this, my employer has now stopped our weekend enhancement payments. We now are now worse off. In real terms, we have taken a pay cut. Unbelievable.
It’s ridiculous isn’t it?
The thankless jobs in care deserve a living wage. That whole sector needs rebuilding, If this keeps going there won't be any care left for when millennials and gen z grow old
Leave the job then. There's plenty of other carer jobs that will treat you better.
If you let them get away with it, they will keep doing it.
@@dean9235 What a ridiculous comment. Yeah just leave your job in a crappy job market economy while denying OAP or people with disabilities no care. Oh and for your information most jobs dont treat or PAY you better. these days. Naive muppet.
@@dean9235 Leave ,,some people are stuck as have families ,,the problem with care is no unions so bosses take advantage also mass immigration has meant low cost labour
Thanks for the video. I finally established a way to increase my net income per month. My 2024 goal is to pay off the house by Sept 2024 (8 years total into a 30 year @ 4%). I have no debt other than mortgage. My
401k, HSA, IRA and emergency funds get maxed out. The mortgage is my last piece of debt left. I don't have any school loan or CC debt. I've made a lot of sacrifices over the years. I'm almost at the debt free finish line.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
SAMUEL PETER DESCOVICH
GOOGLE the name
Why are British workers poorer than European ones? The answer to that lies in the answer to the following questions: Why are the Tories the most successful election winning machine the planet has ever seen? Plus: Why despite the evidence that voting Tory makes 75% of the population worse off in real terms do the English and it is in this case the English continue to vote Tory?
Hopefully not this time. And you can't really say "the English" as if we're a singular blob.
Because it’s always somehow the Labour’s fault. So say all the trustworthy media: The Telegraph, The Sun, The Daily Mail etc.
If that's the case why did wages start to stagnate in 97'?
It's almost like something happened.
@@Pemmont107 Why not? England as a whole consistently voted and continues to vote for a Tory majority both before and after universal suffrage was introduced something that Scotland,Wales and Northern Ireland have never done with the Tories not even standing in Scotland until the late 1950's and still not standing in NI
In short, they are poorer because...they repeatedly vote for it.
Brexit may have exasperated the Wage situation a bit, but we've always been always been lagging behind Europe in term of Wages since the Financial crash of the late 2000's and never fully caught with them since before the crash.
Although there are a multiude of reasons of why this happened, one thing that was constant since 2010 was one political party who ruled Britain...yeah great record on the economy tories.
🙄
What else happened around 97' when the graph starts to diverge?
Labour started it back in 1997 and 2008 economic recession which the West has not yet recovered from.
@@SaintGerbilUK If you keep backtracking, we can all the way to the point when King Arthur pulled the Excalibur and call it the reason for all our problems
@@humanbeing4841how did Labour start it in 97. The econony grew under Labour until the 08 global crash.
@@humanbeing4841 "The West" lmfao you mean the UK only, countries like the Nederlands, Belgium, Luxembourg and Spain are light fucking years ahead of the UK
Unfortunately there most likely is no technocratic solution. It’s a cultural problem. The entrenched British class system and the lack of social mobility is to blame. The ruling classes see the middle as a threat and have an ingrained distain for them, which has lead to an almost vindictive underinvestment in their skills and the tools to do their jobs better, even though doing so would benefit the top more anyway. Those at the top would rather hold down salaries and squeeze every last dime out of UK businesses in bonuses and dividends, then take that money and buy US stocks and property, rather than reinvest it in UK businesses for higher future returns. The problem with that is that the middle is the most import part of the workforce, they are the doers, they drive productivity. The Eloi at the top really don’t!
For many very rich old money families they already are very rich anyway so getting more money isn't going to substantially change things for them. But beating down the middle class and taking away opportunity so families below them can't rise up, that is what enhances and entrenches their relative class positions. I once read that when India's elites visited Britain in the early 20th century the Indians didn't like it. They didn't like how the regular people weren't desperately poor and didn't show respect for the high caste British. But when the British elites went to India, they loved it and wanted that for Britain.
@@aa6-sf6qd Britain has always had a class system where the Elites looked down upon the middle class who themselves looked down upon the poor. This is why there was public support for many things such as collecting orphan vagabonds from the streets and sending them to Australia. They considered the Irish and Scottish as uneducated savages, the Dutch as inferior. And the common British people were completely on board with this. The Queen worship you see among ango Saxon countries clearly shows support for such a class system.
I studied economics in England many many moons ago. I am constantly amazed by the search for some sort of macroeconomic magic sauce that will solve all the country’s problems.
In my country, we tend to look for mundane ways to make the economy work better. Stuff like education (also for those who leave school at 16), investment, innovation, infrastructure etc etc etc. Not very sexy and all take time to have an effect but then our GDP per capita is more than a third higher than Britain’s.
I blame whats his name from Trinity Cambridge.
Damn. Where are you from?
@@tomsriver2838 I would say the netherlands or denmark
Underrated comment
You can credit Thatcher for being the first PM that ended the era of "boring but effective" policy in favour of spectacular announcements and espousing of dogmas by specific economists.
@@pritapp788
Whereas Attlee did….???
Tories have destroyed the soul of Britain
And Labour
@@StikiFing4zLast I checked, labour haven't been running things for the past 12 years
@@cummerou1Make that 80 of the last 123 years
@@cummerou1 and that's because last time Labour run the show, it was a disaster, they're both bad as each other this 2 party system it bollox.
@@FuzzyRiy Black Wednesday, Mini budget, Libya, Falklands weren't a disaster? You are drunk off the rag propaganda
When I moved to London to help my companies UK branch get off the ground almost instantly I found that it was much more difficult to get proper funding for projects and even when we would run the numbers for projected profits it was less than had it been back in the US. Then I took a trip outside of London. Almost every single city in the Uk feels like it’s got all its resources drained so that they can pour it all into London. It reminds me of back home in the states. How some areas of New York look like the best place in the world and then you go up to Harlem. Hard to imagin that the wealth inequality when I grew up got worse.
You should visit Mississippi it's like the 3rd World
The wages are crazy low in the north. There use to be a pertolium factory in Liverpool. Made sence, the company benefit from lower wages, cheap shiping, and the community gets investment and higher than average wages. The then Tory goverment gave a grant for the company to move down south, to a worse pier and helped with the wage increase. There was an uproar, and it still comes up every time wages and wealth in the area comes up in conversation
Living in London I can tell you money isn't being funneled into services here. This is just about the worst standard of living I can remember. We really need a change of government.
Out of curiosity, do you have experience in the rest of Europe? And if so, how does that relate to what you've experienced in the US and UK?
@@Ronnet from my experience for higher paying engineering project management jobs like what I have leave me with much more take home pay in the us. Even with the prices and our horrible health care system. However, they make us work waaaay more. Mainland Europeans have much more complicated labor laws and deals but things like material sourcing and maintenance on our plants in France and Spain are significantly cheaper than the UK so in the end it’s easier to meet projected profit goals. Operating out plants ie. sourcing material maintenance electricity became a lot more expensive immediately after brexit. Brexit is actually the reason I was called to the Uk because we suddenly were losing money on some of our plants that I had a hand in designing parts of.
It's almost as though privatizing nearly every essential service while still paying taxes for them, then cutting yourself off from the European economy can have negative effects on your country. Who'd a thunk it?
i know, the thing is these guys knew that, still went ahead. clowns
No successful businessman puts up a barrier between himself and his biggest customer
When a country votes to put sanctions on itself, and angrily yells at their allies who suggest that might not be a good idea.
its never changed. two tier system in place. the country is rich, for that very very small percent of extremely wealthy people. its not just the lack of wages either, its the hours the uk expects you to work for that wage. i moved abroad to do the same degree driven engineering career and was on a wage three times more a year than the highest paid job i ever had in the uk. The career i was in was also the exact same job as what i had in the UK too.
Nobody prepares those that get degrees, that you can end up in an industry that pays less than stacking shelves at asda. thats the absolute truth of it. the country devalued the worth of the signatures. i wont ever work in the UK again. not a chance. The UK only recognises the financial degrees and only in the london area. if your a banker, lawyer, solicitor, financer, underwriter, your probably wondering what im banging on about. your not affected.
dont accept bad wages in the uk kids, get your education, and go, leave this country to rot in its snobbery and class driven wars. you will at the minimum, double your wages for whatever your work sector is. mine was engineering. get out, and dont let them keep you in slavery.
Another problem is that even if you wanted to work every single day of the week, your wages will get heavily taxed and you barely end up making a couple hundred of pounds more, there's absolutely no way of getting out of being poor with hard work alone which is the real kicker as this doesn't benefit anyone nor the economy.
In 2016 I got paid £150 a week working 40 hours a week as an apprentice, I could barely afford to pay my bills 😂
Everyone needs income as their tool, emergency fund as their security, investments as their hope, and budget as their control. Get those in place and you'll feel at peace with your financial picture.
One of the problems is the Wages people get paid for doing honest work, it's nowhere near enough with all of the price hikes and the rise in the minimum wage in April will just go on increased food/fuel/rent prices.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have £300 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
I thought Brexit was gonna fix that because they can take back control? 😂
this is them with more control, not a great look right?
this is the thing that makes me laugh though, we do have more control. More than we have had for decades.
But that isn't a good thing.
Never was going to be. People that wished to cheat our systems and sidestep our policies now have the control to do so.
British Nationals that never had any interest in contributing to our economy now have the freedom to evade tax legally, and ensure massive profit margins that we locally will never benefit from.
It seems it’s not so much about taking control and much more about what you do with it.
Ultimately, we are responsible. Who could have predicted that an incompetent dishevelled blond lying clown surrounded by yesmen, insane fanatics and career criminals would make mess of things?
yeah they did take back control. That's why the rich have been getting richer while everyone else gets poorer. What else did anyone think would happen when you give tories more control?
They took control to be able to lower wages, use agency workers from offshore companies, remove paid holiday rights, avoid sanctions for pumping billions of litres of raw sewage into the sea for profit, privatise the NHS completely, sell off fossil fuel contracts for private gain, make pr9testing illegal ..... sounds more like Russia, but that's what the UK's controlling billionaires want.
I’m in the US but the Tories have the man mindset as American GOP - cut taxes, cut services, “trickle down economics” -- the problem is a ton of people are born into no wealth, chaotic families, and terrible parents. But growing up, public schools served everybody and the parents that gave a crap and helped fundraise for the school helped the kids who parents didn’t care at all. Investment in public goods help people from all economic spectrums and gives a lot of people a chance at a more “normal” life - but like here in the US now, public schools are crumbling, private schools soaring so now all the parents that give a crap are focusing on private schools and public schools are full of kids whose parents just don’t care. There is not a support system to help the school or the kids. European countries provide better public services that help keep inequality lower and, when people aren’t constantly battling against everything, their productivity is higher. Unfortunately, the conservatives convince people more money will make them happy so less taxes but the consequences are devastating for society as a whole - everybody is stressed, so many people can never make enough money because as more services are cut the burden falls onto individuals, and the rich get richer while more and more people fall into debt. European countries have a better sense of community when it comes to government and services while America and the UK have a fiercely independent mindset of “it’s my money and screw everybody else”
The US has the Rich and the Poor. The UK has the Class System. Both total inequality.
*fiercely selfish, short sighted mindset - other than that spot on
They will figure all this out way too late
for example in the UK some people make money for renting land like coop .I can't imagine that i could rent a land in Poland to build flats ...There are council houses that make me sad that even people don't try to buy their homes.Polish or other eastern mentality is to have my own flat at any cost ..I own flat in the UK but during 6 yrs I was unable to meet anyone who owns the flat and chat about problems ...all are renting
Spot on… what do we do?
You misdiagnose the problem and you are deluded if you think the Democrats are any different from the Republicans. Americans are poor because their governments tax spend and borrow far beyond what is sustainable, most of it on the US war machine that has been engaged in continual aggressive wars of choice for the last 30 years. Under Democrats and Republicans, 30 years of aggressive war has been put on YOUR credit card. That's why y'all need to work 3 bullshit jobs at once just to pay rent.
I'm seeing many job postings for visual effects artists in the UK. But their salaries are low, the hours are long with no overtime pay, and the cost of living is high. It must be hard to find workers willing to work twice as hard for half the pay.
If you think you are poor now, just wait until your gov't takes you out of human rights accords. You'll lose protection against wage reductions, agency workers replacing you, paid holiday, maternity leave, etc.... but I'm sure it's worth it to send 200 people to Rwanda.
Human rights didn't bestow anything onto the UK. The "Rights" were something the British had already given themselves through ballot box and public consensus, not handed down from an enlightened core elite.
And ofc all these are huge vote winners any manifesto including any of these is an instant win for whatever party suggests it
If implemented by any government it would be electoral suicide
@@JohnDoe-gc1pmthose human rights are not part of the UK constitution. They were made law following 5he establishment of the EC after ww2. Churchill was the main instigator and the UK the main contributor, but they remain under the ECHR and not the UK high court.
@@JohnDoe-gc1pm ....the fact remains that the UK was better off in the EU: both in financial terms/economy; and in the rights that individuals had. We've already lost some of these rights, none more obvious than 'freedom of movement'.
But as others have said, if the Tories get back in next year, the process of removing more of our rights will begin, and there won't be anything or anyone to stop them. Labour won't be able to stop them, and the Tories have shown (through the pandemic) that they have utter contempt for the British people.
By 2030, basic rights that we take for granted now.....we will probably no longer have. If the Tories win the next election. People need to wake up, and stop saying things like 'Labour will be worse'. No they won't! You cannot possibly get worse than the last three Tory governments.
I don't think the ECHR covers labor rights. It appears you're mixing up regulations
Wages in England have always been very low for the past 200yrs.
The so-called upper class don't want anybody to be rich except for them.
That's the general impression that England gives to the world.
You get it. Exactly right.
Damn Normans
Taxed more, paid less, lowest pensions in EU, what a wonderful country !!
Rothschild!
Sunny uplands all around
Germany taxes 40 billion on salaries. Half of your salary will be paid by the state and rents. I live in Germany😂
Not true - taxes are much higher in France and Germany
As someone trained in economics and who was proven largely right in predicted Brexit outcomes, I have only one issue to identify: Austerity.
What austerity? Uk government spending, borrowing and taxation have never been higher
🫵🤡
@@rodneyfungus8249and income inequality has never been higher.
I don’t feel sorry for them, they keep voting for the Tories. Because of the delusion of cutting immigration that they never do.
With govt jobs and spending massive part of the economy compared to it's much more successful cousin the USA? What austerity?
Besides the crabs in a bucket mentality in the comments, the bad econ policies like tarrifs and even worse housing regulations being promoted, no wonder the country is a shadow of its former self.
Interesting video. If you live in the UK you'll know right now we don't need graphs to tell us we're buggered.
Unfortunately, you are right
But those that put us here are not. Forever insulated from the disastrous effects of their decisions.
I have been saying this for the last 10 years and was mystified why there has been so little discussion on the matter, bravo to TLDR for broaching this subject.
I doubled my salary by moving to the continent to do the same salary in 2018. It was one of the best decisions I've ever made.
Which part did you move to specifically?
Wish I had/ could afford to leave but no still stuck here for the foreseeable future
Shame on you. Moving nation for greed is one of the big problems in the world. Migration in all directions should be banned.
@@katem6562 so I had £15k of credit card debt before I left and needed another £3.5k high interest credit card to in order to afford the move but the investment was worth it. Key thing was to secure a job before taking any other steps to move.
@@danielwu191Luxembourg. They have shortages of nearly everything but especially teachers and accountants can find work really easily.
Where i used to live, all the factories have gone. Like all of them. Bendix Westinghouse, GB Britain's, Strachan and Henshaw Machinery, DRG. Plus all the supporting subsidiary companies. All work moved abroad. People discarded for the profits of a few. Capitalism in other words.
Question>Why are British Workers Poorer than European Ones?
Answer> decades of deregulation allowed it and in fact made it unavoidable this isn't a bug it's the direct result of policy, the EU may have held this off but after Brexit there was nothing preventing mismanagement of local government
That makes no sense at all. Why would deregulating business, affect pay?
@@SaintGerbilUK Weakening regulations protecting unions and workers more generally means that companies have more leverage in pay rise negotiations
@@Eltener123are you sure it's not the easily replaceable low skilled workers due to mass immigration?
Because mass immigration started in 97' when wages started to stagnate, rather than when the Tories came to power.
Also reducing unions powers was part of Thatchers government in '79 but it didn't impact till 2010.
How does that make sense?
without hard rules in place there is no incentive to maintain or improve any business venture as we can see the owner class will just just extract value and deplete assets eventually flipping ownership and responsibility for remaining liabilities of the shell, they are currently doing so to the UK
@@SaintGerbilUK
@@SaintGerbilUK When has deregulation ever helped the worker?
Lack of investment is a factor. So many hours of work lost in my workplace due to old/dysfunctional IT, interacting with poor networking infrastructure.
This. I don’t think I’ve ever worked at a uk company with decent IT
Yeah but why will that lower your wage? just give you slightly worse working conditions
@Person11068, because the Company is gonna produce fewer products with outdated Machines than with new ones. Producing less means you are gonna earn less which means there is gonna be no wage increase.
@@sdrawkcabUKI don’t think uk is good at anything tbh
@@capri4682 What about blaming their problems on others?
C‘mon, wages in UK aren’t that low: «Thames Water appoints Chris Weston as boss with up to £2.3m package» Keep up the good job: "Thames Water: 72 billion litres of sewage pumped into Thames in two years, the BBC has revealed. 11 Nov 2023" (btw 72 billion litres = 72 million tonnes!) "Most inland bathing spots in UK have unsafe levels of pollution, report finds. 21 Nov 2023"😳
My friend was sacked from her job for eating a chocolate (yes, a chocolate) from a spilled bag on to the floor.
Politicians abuse, use and wreck the environment, people's lives and more and get healthy pay rises and pensions to reward their destructive ways.
I moved to Germany in 1981 and immediately doubled my salary. Over 30 years in the company my wage raises always matched or exceeded inflation. In the paper business some of the machines running in the UK were literally like museum exhibits for the history of paper manufacture. Meanwhile my new German company were spending 100's of millions every year on new machines. Another massive difference is continual training with companies in Germany put a lot of effort keeping their staff up-to-date. They also are proud to retain their staff over decades - so you have highly trained, experienced and loyal staff. I'm not at all surprised at the numbers - seems to me UK Governments have been promising to improve matters for decades and achieved very little. Yes you have cheap labour but no way can the UK compete in productivitiy terms with that alone. Brexit was a further nail in the coffin. Most multi nationals don't want to invest in the UK for their European markets for obvious reasons.
Germany taxes 40 million on salaries. Half of your salary will be paid by the state and rents. I live in Germany. Everything has become expensive. Every day there are strikes.
BMW just invested £ 600 million
on Teesside .! Ditto Nissan on new car plant in Sunderland !
Also , UK Food and Drink exports are at record highs ??!
Get some facts before commenting..??
I'm on around £250 per month more than i was 10+ years ago but the cost of living has doubled and some, so I'm effectively poorer.
Inflation has been a thing for a longggggggg time
And thus why this person's pay increases over the last decade means their real terms spending potential has decreased over the same period.
one word - Tories
An answer that could sum up the vast majority of the UK’s issues
in one word thats not wrong agreed
another words, british empire culture of hatred of poor ofc the empire belongs to the rich
Weren't Labour in charge when the Country went to shite?
Two words - Tory austerity.
Although Brexit disproportionately impacted Britain, this is not the only issue. Years of reluctance by the government to invest in the country coupled with corruption and asset stripping of our vital infrastructure has also weighed heavily on the poorest in society. That being said, thousands of young Spanish people and Portuguese live here in Leeds because it's much better for young people looking for opportunities and a good career than it is in their own country, where wages are much lower and taxes are also high. Also Germany is a large manufacturing nation, but Britain is mostly service sector based (The second largest exporter of services in the world after the US) so the economies were different to begin with. Here in Leeds, business confidence is sky high and Leeds west bank is one of the largest redevelopment projects in Europe, but if you drive a few miles to Bradford it's a completely different story! Such high poverty and very visible decline
I went to Leeds recently and i was impressed by how well it seems to be doing. The city centre is actually alive and bustling while many other cities in the UK seem to be dying (economically).
Germany taxes 40 billion on salaries. Half of your salary will be paid by the state and rents. I live in Germany😂
Always look to the wealthy. The wealthy were the ones who spear-headed Brexit, knowing that they would suffer the least. In fact, if they had stock in large multinational chain stores, they've actually gotten richer.
Now your oligarchs can impose their "economic ideals" on a captive workforce to accelerate the wealth redistribution upward. The same has happened here in the United States. In order to maximize their profits at the expense of the social and constitutional fabric of the United States, the wealthy in conservatives states have -bribed- "urged" their (conservative) government representatives to use child labor: children don't have collective bargaining rights; and most children haven't developed the emotional and psychological fortitude to stand up for themselves. The wealthy in some conservative states are also using slave labor: forcing incarcerated criminals in for-profit prisons to work at lower waged service jobs without pay.
Your wealthy are looking at what the US wealthy are doing. I urge you all to wake up and stop them ... if it's not already too late ... like it is here.
It's been the same for years, build houses, invest in services and infrastructure, and lower student debt.
Boomers decided on Brexit instead 🤷♂️
@@cloudycolacorpthe problem is that you invest in a machine, a factory, a laboratory etc and it'll produce something be it a physical commodity or an intellectual innovation or patent, these products exist independently of the capital invested to create them.
But investing in housing doesn't produce new wealth, the house IS the commodity to begin with, and yet so much money is tied up in these assets that should otherwise be invested in new tools, expertise and equipment to produce things society needs.
The boomer situation is old now. Not all over 50's voted leave and not everyone dies old, I heard not many young people actually voted at all, that could have made a difference.
I didn't!
Many people voted for Brexit simply because they wanted to live in a democracy. I regret not voting Brexit. You can't be a democracy and be an EU member. The UK has struggled post-Brexit because our corrupt politicians drag their feet and don't act in the best interests of the UK or respect their mandate, as if they have their own agenda or want to punish the voters. It's not the fault of Brexit voters that our politicians behave in this manner.
Wages have always been poor in the UK for as long as I can remember. The UK has been destroyed by bullshit rules and low level thinking politicians, there has been zero progress for 60+ years
We used to think the UK had influence but today. . .
Let's just say, "Don't believe the UKGov lies about our economy, life, and future".
All three have been wrecked and destitution, poverty, homelessness, a rising death rate, and uncontrolled crime, are all provable, and rising in numbers. Poverty and debt are our only growth industries.
Internationally we are a joke, a VERY bad joke, with our swamped borders and failing everything in towns and cities. Industry? We have some left standing??
Today I was told that there is a national shortage of drugs and other pharmaceutical products.
That will impact on our health as has the 13 month wait for elective surgery which will develop into life sustaining surgery because of the delays.
Whose fault? That would be the UKGov as they plunged the country in a cost of living and energy crisis that is destroying what future we had as it plays "holier than thou" politics about zero carbon claptrap.
The fact i would need to use my entire income to own my home and keep the various people from taking it back is crazy
I agree with you but it’s not really “taking it back” if you never fully bought it. I imagine you have a mortgage so really you are slowly buying your house and keeping up with payments.
@@twobunny8161 sadly no mortgage, whilst i was looking to get a mortgage and a house the prices shot up thanks to covid. so more savings had to be got. No bank of mom and dad, so now even with enough for a 10% deposit the monthly payments, council tax and housing insurance would take my entire salary. never mind heating, food and just general living.
I live in the UK because of a more vibrant industry that i wanted to work in as a career. But I was on more money at 20 working in Argos in Ireland than i do now as a Technician in UK
That’s cool
Do you invest in the stock market as well?
@@RheaJohnmark yes if i have anything left over after bills etc. normally try and save invest theday i get paid
@@3xAudio It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
@@RheaJohnmark i was about to say please dont try and sell me a scam becasue i had a feeling you would haha
2009: low manufacturing output productivity since the credit crunch
2016: impact of low and decreased private investment in uk since uk left eu
2014 - Present: Unstable Conservative rule contributing to mismanagement in economic strategy whilst maintaining (and continuing) austerity measures established by Osborne / Cameron
So what about the 30% of tax that goes on government debts?
The uk under Blair had two options, low immigration to encourage spending on investment in automation, or mass immigration to depress wages , I think it’s obvious which route they took .
Correct. There's something called the Curley effect. It's worth reading up on in this context.
Cheap labour for the likes of blair. Cheap tarts, Cheap servants. Profits on his BTL.
@@pincermovement72
In this country, people live only because they rent houses for 5 people or live off benefits and council houses.
if you are a middle class single guy, you go to work and spend everything on bills
In 1984 i went self employed, people in my trade earnt an average of £12 an hour at that time, If you put that into the Bank of england inflation calculator it is equivalent to £37.35 today, so the money you earn has devalued by nearly two thirds.
This is something I've been saying for the last 2 years but it falls on deaf ears. We are getting robbed and by big corporations and our elected leaders. Nice how politicians keep giving themselves raises tho to go with all the back handed payments etc.
christ, thanks for explaining. thats nuts
Brexit and Tories. Quite simple
So why did it start before Brexit was even an idea?
spot on - I have 6 clients that import and export all have told me their businesses have suffered because of Brexit. I'm yet to hear one positive comment from any business I deal with about Brexit.
@@markshirley01 so Brexit happened in 2010?
No I don't think so.
Post hoc ergo propter hoc nonsense.
@@SaintGerbilUK no - but it was cited as part of the problem
labour will sort it out open borders and back in the EU overnight!
Pay people crap treat people crap you're gonna get crap
Eg hen problem.
@@maritaschweizer1117 That am economics term?
I’m no expert on finance but looking around me personally I see many many people here in London who are tied down for life paying for a house they can barely afford. With so much capital being eaten up by homes coupled with the stagnant wages, its no surprise there isn’t much left for investing into productive assets within the nation.
try going outside of london. Atleast in london wages are higher to compensate but for the rest of us its worse.
It’s a big issue regarding cost of living vs wages. If people in the UK cannot afford to spend their money then the economy will naturally shrink, suffer and down the toilet it goes.
Years of conservative policies pushing wages down and pushing pensions down, this is the result. Many pensioners are suffering and they can contribute to the economy too but not anymore.
If money is available only to the top few percent of people it’ll spiral downwards. Something so many people cannot comprehend.
Drastic changes are needed before it’s too late. Brexit didn’t help either.
The London weighting definitely does not make up for the cost of living in London @@ashleygoggs5679
I totally agree, I make 50k + and people asking why I drive Skoda Octavia. My answer always the same - don't forget where and who you are.
Definitely, an in-depth analysis of the fix would be very interesting. Yes please!
We have been using Neo Liberal fantasy economics since 1976.
Aka austerity
Very interesting video. In my opinion, one important factor which affected wages is the wave of outsourcing, which gain momentum in the last 15 year or so. For example, in my area of expertise, Information Technology (IT), more and more large corporations outsource their operations to India. They expect all their UK customers to keep purchasing their goods and services but they do not want to pay local workers. They prefer to pay workers in another continent the lower salaries which maximizing their profits. So, short term gains cause long term damage.
Riccado's law of comparative advantage. Worth reading up on.
When it comes to call centres outsourced. I won't take any call from a call centre where the person has an Indian accent. The statistics are clear that's a bad idea.
So I expect the call centres to be brought back.
I don't really see how that explains it. Sure in theory yes but the US also heavily tried to do that but the salaries nowadays are still high (not high compared to cost of living there/house prices there but if we talk about a global market that should have made the jobs simply go elsewhere)
Yes in my village in the 90s there was a small local employer making clothes for Marks & Spencer , been there for years giving decent jobs for a lot of women in the village . They outsourced to China as it was cheaper , did the prices of the goods go down to match , no, but guaranteed the quality did .
@@adenwellsmith6908 English people can be hard to understand over phone as well.
Nothing to do with understanding. It's all about scammers and fraud and crime. @@Alex-df4lt
Yeah.. I left the uk 1 year ago and came to mainland Europe and I’m doing better here than I was in England! The cost of living there is unreal atm 😢
But you won't stay there. You're just a foreigner to them. I can get back in a couple of languages and have worked over there,
I'm so poor in the UK it's embarrassing.
Should have learned a useful skill or a trade ?? You probably did
Psychology or Media Studies at
University.?? Amazon warehouses are still recruiting...??
15 years of wage stagnation, that's why
It's almost like something happened in 97'...
@@SaintGerbilUKthat’s not 15 years ago you sausage
That's the "what", you're not answering why
Since the early 70s
I left Glasgow in 2007 when I was getting paid 12.50 an hour as a carpenter. I hear from friends it's currently 15.00 an hour.
Here in the Netherlands it's more like 20-30 after tax.
As someone who has been working low end jobs and earning minimum wage (very close to minimum wage) since before 2010 I would have to point out that since the Tories took government they have increased the minimum wage at the lowest rate they possibly could (and yes, it is a minimum wage, not a living wage despite the lies from the government). This has been something that I have really felt since the pandemic and then the war in Ukraine sent prices spiraling as my pay rates have failed time and again to match inflation. I would estimate that between the start of the pandemic and now I have become 25-30% worse off in a financial sense.
Wages are the price of labour. Increase the supply and the price goes down. In your case there is an artificial floor.
What's needed is removing the supply
I am sorry to learn of your troubles
@@adenwellsmith6908 or increase your skills so you are worth more
If the supply increases, your are worth the same. @@sarahann530
If you get tired of minimum wage, I'd recommend getting into IT maybe, software is very accessible, easy to learn on the side, many entry level jobs, decent wage, freedom of working from anywhere. The only caveat is you have to be somewhat interested in that line of work otherwise it's probably miserable haha.
Badly paid and one of the worst State Pensions in Europe😢 there is an obvious widening gap between the have and have-nots. You can see jobs for lower income earners dissappearing too... self service tills in shops (which most of us hate), Banks closing etc. There precious little to feel good about.
Thing I've seen over the years is the British culture is the class society. And your class based on money is a relative thing. So as more people are pushed into poverty, the people who still have money get elevated in relative terms and support the government. Most of the people who still have money work in the management of the government departments or are subcontractors connected to the government managers through family. They very much support more and more people being impoverished and then feeling smug and superior looking down on those people.
Investment also means government investment. The UK at one point was spending half that of Germany on R&D and a recent report mentioned by TLDR (I think) stated that lack of national investment is why we have fewer graduate level jobs. So, as always, answer is small state Cayman islands thatcherism
Short answer is stagnant wages whilst we have taken on the biggest debt in a century = we’ve been robbed by the Tories for 13 years.
dont fret labour will sort it out straight away
@@stocko5448 lol u think I support labour? Calm down tory sympathiser
@@stocko5448 They'll be awful, but given the choice between a malignant tumour and a benign one, I'm choosing benign over cancer. Labour is a tumour, Tories are cancerous, both bad but one is much worse than the other.
The UK Government of the past decade or so doesn't seem to want anything to do with industry, they want a service economy. The whole thing is cultural attitude from top to bottom.
They don't acknowledge anybody that works in manufacturing, or any kind of physical job, then exclusively fixate on white-collar office staff as being the 'workers' of the UK.
So management-types are always paid crazy wages while the people that put the actual physical effort in are typically paid a pittance until redundancy, retirement or death.
The shop floor workers seem to be almost universally treated as disposable assets in the UK, there's always more to be hired, so you've got no chance to improve your lot.
They kill two birds with one stone.
They satisfy their russian financial investor clients, by making our whole economy rely on illegal financial services, with an offshore tax haven network.
They destroy our union and labour rights movements by removing the jobs that would give them power and move them to countries where people have little to no rights, don't get paid very much and will work harder out of fear.
A little bit of a nitpick but the graph shown at 05:50 shows data from 2021, not 2022. The Credit Suisse report is from 2022 but the data it covers is from 2021.
Another criticism I want to give is towards the statement that the wealth equality is highest in Belgium among the EU countries according to this graph, however the graph is talking about the difference between median wealth and wealth per adult. And yes, for Belgium this is indeed 70%. But if we look at the net personal wealth share of the top 1% and bottom 50% for both UK and Belgium, these are respectively 21.3% and 4.3% for the UK and 15.0% and 7.0% for Belgium in the year 2021 as per the data of the World Inequality Database. Meaning the 1% in the UK have almost 5 times as much net wealth as the bottom 50% does, while for Belgium this is only 2.1 times.
By this metric, not only is Belgium not more inequal then the UK, but is in the lower tier of all EU countries with several countries dwarfing this like Italy, Finland and Turkey where the top 1% has over ten times more net wealth then the bottom 50%. To say Belgium has the worst wealth inequality by this one metric alone is blatantly false.
Humm british people did not stop being european because they left the EU 😅
Anyway, as a portuguese I disagree with the title of this video. I’m sure my spanish, greek and eastern european fellows agree with me 😂
Disagree with the title too but the majority here seems to think otherwise
Yes. Germany, France and those in the north cannot represent the whole “Europe”.
@@thomcowley7332I suspect they automatically exclude the less developed ones in mind and only set their sights on such the rich as Germany
Eastern Europe also disagrees
It's typical Remainer strategy.
They pick and chose various examples depending on what they want to prove. Basically : any good economic news is thanks to the EU . Any negative economic news - It's nothing to do with the
EU....😂😂
The failure of austerity measures is central to the current problem. A lack of investment over many decades was made worse...by cutting investment. So why oh why are the government talking about more years of austerity. It's exactly the wrong thing to do.
What's really interesting is when you look at the UK minimum wage. If you include PPP adjustment, UK has the second highest hourly minimum wage in the world (just behind Luxembourg).
The problem I believe we face is our dependence on Income as a tax revenue, rather than wealth. VAT, PAYE, Sin Tax, all hit your middle class. Things like dividend tax, land tax, corporation tax, forex transfer tax, capital gains tax are your upper-class taxes and are all much lower and in some cases are subsidized.
Our tax system is like a person trying to extract water from a pond, by using different sized containers at different parts of the shore, believing it will somehow make a difference.
By 'more investment' people actually mean 'flog of yet more of your national assets to foreigners for a pittance and call the money they provide 'investment'"
UK immigration policies and enforcement gives them an excess labor pool which drives down wages like dominoes.Employment in the rest of Europe is more regulated.
Economics 101... the more supply you have of something the cheaper it is.Poor people don`t hire illegals, rich people do.Uncontrolled immigration effects the lower economic strata.
In the USA open borders has depressed wages for the non-college educated labor sector for the last 30 years. Fines for employing illegal workers here are a joke.People need to wake up to the policies enacted by parties thought of as helping the "little guy".
I think part of it is that most other anglosphere countries like Canada USA and especially Australia value skilled labor jobs way more UK seems to suffer from credentialism really bad their classism is based on academic achievement it seems
Companies won't train there staff, they provide the worst equipment available, they pay as little as they possibly can. A real shameful end having been the greatest in the world only a few generationsago. The government hasn't helped, they really don't give 2 shades of shit about the emerging workforce. I tried and tried to get on an apprenticeship. The services available were absolute nonsense. They wasted my time and stretched my temper. Young adults who are capable of learning real skills need shoehorned into work. I had all the same issues back in the 90's had to join the army in the end. White working class males are abandoned
Everybody who’s working class has been abandoned
bit of feedback on the "Income at various percentiles" graph. by having the three graphs next to each other but at different scales it becomes harder to compare. for example: as dutch citizen I was curious how the income growth compared here in the Netherlands. and at first glance you get the idea that each percentile has had about the same amount of growth. that was before i saw the different scales.
I understand that you want to show the detail in each line and I have no issue with starting the y axis of the graph at a higher value. but the change in scale can make the graph misleading. not that I think that you wanted to mislead us! but that can be the effect with this design
Sounds like we need to end austerity measures which most countries didn't take as a consequence of the banking crisis and it seems to have worked for them.
Austerity is a consequence. First what's austerity? Two sorts. Personal, where you take home less. Caused by tax and mass immigration.
Second, state austerity where there are spending cuts. Here we have had massive increases in taxes. So why is the government making cuts? The reason is the money is going on debts.
Government debt causes austerity.
@@adenwellsmith6908 Not according to every other European government that had to deal with the same crisis, apart from Greece which is hardly an example to follow.
Define austerity so we are clear what we are talking about.
I've given you two definitions, which one are you talking about.
@@mrmr446
Greece illustrates the issue. 10% of the goverment debt was the borrowing. 90% was pensions.
Same as the UK. The result will be the same
@@mrmr446
Why would anyone think the UK Gov "wants to fix it"? Low wages was always the goal. The problem was keeping the policies that created this hellscape in place when the Tories get voted out. And with Stamer they have their solution. Low Wages, wealth inequality and rapid privitaization are the permanent norm now, no matter who is in No 10.
After dinner speeches paying 10 k are designed to keep the status quo!
As one of the first so-called millennials, I've only been able to generate wage or income growth or credit interest here in the UK through entrepreneurial quaternary economic activity. This is unfortunate, because simply selling your time and energy as an employee is not a viable path to lasting prosperity?
Thats right.
Fundamental problem is the system. A system where the executives have no limit on how much they can pay themselves more than the average worker in their company will inevitably lead to the execs chipping away their worker's pay to fill their pockets. Same problem in the usa, 60% of people in america live paycheck to paycheck. Studies show that an executive's salary is around 400 times that of an average worker in the same company/corporate. And don't even start about the CEOs, their pay is like infinitely more than an average worker. These executives decide everyone's pay, including their own, and there is no limit on how much they can pay themselves. So unless there is some limit put on it by force, this problem will continue to grow in majority of the world's countries. Especially usa and uk.
B-b-but I thought skyrocketing wage growth was the primary driving factor in UK inflation. British workers were asking for so much money in order to get off their lazy asses and do a day’s work, that they had too much money to throw around, causing all these annoying price rises. I’ve seen that argument in the commons, economics videos and the news. It must be true.
Exactly. It couldn't possibly be commercial and financial interests, paying our government for policy changes and deregulation in order to create a compliant and dehumanised workforce, deceaved by hateful rhetoric towards hating one another, to further their grasp of control over our lives.
That's what Andrew Bailey would like you to believe rather than greedflation
Prices mainly rose because of kicking out EU farm workers and food production was cut by 60% because of that. But now they are bringing in workers from India to fix it
One thing not mentioned in this video is the very poor health of the UK population which the COVID pandemic exposed. We have a sickly population with many people suffering long term health conditions who as a consequence cannot hold down a full time job, long covid contributing to that, and with furloughing and lockdowns, we have a load of people in their 50's and 60's who have decided staying at home is preferable to being a wage slave and have taken early retirement. If you add my perception/experience that many people in the UK, especially in the south of England, seem to go around in a dream world and are so damned slow and gormless (when you are driving on an urban main road away from the town centre with minimal traffic in front of you I shouldn't be able to keep up with you on a bicycle; no it should not take 15 minutes to put your screechy sprogs in the car), it is no wonder we have a productivity problem.
My mum had no problem getting us in the car I and my sister would jump in the boot with the shopping, job done…
I would definitely opt for a more detailed video on how to fix the economy, I was hoping you would do a vid on this report but i felt it fell a bit flat without a more detailed look at possible solutions
Persistently high immigration hasn't helped either. At the upper end of the job market it's been a massive boon for filling skill shortages, but there's been too many low skill migrants also coming in which has contributed to wage erosion and a lack of investment. From a business's perspective, why bother increasing wages at the bottom end or investing in automation when you can easily hire someone from abroad to do the job even more cheaply? And though they claim to profess the opposite, it's quite clear that high immigration is Tory policy to benefit their mates in business.
Immigrants do the work the locals don't want. Try recruiting people for retail/hospitality in the UK. The only applications you get are from indians/pakistanis.
Economy video, please. Given how the US & UK are parallel in this case, I’d be very interested.
Thatcher and all her deciples since destroying the unions, its not difficult ti work out, lack of collective barganing means more value extracted by the owners
Yes, Thatcher caused stagnation that began in 2010, iq 1000
@@jakovvodanovic9165he's right though, can you name another country that has banned General Strikes besides the US and the UK?
Thatcher created a flexible labour force whilst Europe retained labour inflexibility.
That is definitely a contributing factor, look up the Employment Act 1982 if you want to know more.
Brits often mistake French strikes as a cultural phenomenon, when it's actually a legal distinction, if they had the same laws as we did, they would be as meek and subservient as we are.
Did you live through the 1970s and all that went with it, if you didn’t you cannot comment.
During the 70s we had trade unions using many tactics to bring the country to a standstill.
I remember doing my homework by candlelight as the unions were causing power cuts most days, my dad was on a 3 day week which meant 3 day pay and we were very poor.
If you wanted a telephone you had to wait 6 months to get one installed.
My father was a lorry driver, when he went to the docks if he did not show his union card he was not allowed in by the unions.
No union card meant you could not work, if you worked at a closed shop if the shop steward took your union card away you were fired, upsetting the shop steward was the worst mistake you could make.
I personally was at rover cars, I remember taking part in a strike vote where it was a show of hands, the senior steward and his mates went round and anyone who did not stick their hand up to strike was in for a shite load of pain(as in getting shit kicked out of them later). Or sent to Coventry etc.
Secondary picketing etc meant you could not cross a picket line if they sent flying pickets etc.
You might want to learn a bit about why we voted for maggie, the country was on its knees and almost bankrupt(we had gone once before to the imf for a loan)
My dad was a shop steward and even he voted for her
@@jakovvodanovic9165what gets me is the people talking about that her generally never lived through why she got voted in.
Which is justice served for the unions destroying the country in the 70's.
Just one advice for future videos, for any sort of charts please just write in brackets lower is better or higher is better to define your stats more clearly)
On the point of growth.
How often does a company growing mean higher wages for the average worker these days?
Also higher growth only means larger tax revenue if the company is paying it's taxes.
I feel like a significant reason the country is getting worse is mega corporations are pushing smaller companies out of business whilst paying poor salaries and shipping the profits tax free out of the country. This only compounds each year the company operates, yes they have to spend that sterling back in the UK but they aren't investing it back into the business they're selling it for other currencies and then it's used to buy properties driving up the housing market
This loss of wages is govt policy.
How they don’t set private sector wages
They also do nothing to help employed people with their rights. They don’t enforce rules. The crappy rules that exploit workers turned me off of work. Or at least working for someone else.
Even compared to Hong Kong, Singapore, Australia and Dubai, the wage is in the UK is quite a lot lower.
Great video 😊 and I love the jacket. And I'd love that full video on how to fix the economy
Nice job giving the source in the description. With page numbers
Uk wealth depends more on real estate and more on inherited wealth compared to other similar economies.
I think we need to increase companies' taxes, and when business owners remove money from the company, they are taxed at a high rate.
On the other hand, have it when companies invest in themselves through mashenary or capital purchases, they get 100% tax relief.
This will stimulate companies to invest in themselves more. Hopefully, this results in the growth of the company's
Also, I don't know how but some form of tax advantages paying staff more. But not upper management.
Encourage the owner to grow the company, not just take the money out of the company.
Excellent contribution 👍
ofc we want a full video, merry Christmas to you all xx
Regardless of political party, many in the UK have lost faith that the government and the civil service will stop the uncontrolled legal migration - note that is legal, the side of migration that we most have control over.
The effects of uncontrolled migration are seen in:
- increase of people on benefits. See the governments data of unemployment by ethnicity - despite the image fed to us, white British have the lowest unemployment rate compared to all other ethnicities.
- artificially lowering the minimum wage due to an abundance of cheap imported labour. We have parts of the indigenous population that rely heavily on low paid low skilled jobs, and they are having to compete with people who are used to earning below the poverty level of Africa, Indian Subcontinent, Middle East etc
- increase in house prices and rental prices
- more building on our protected Green Belt land due to the housing pressure
- more building on existing buildings and causing social tension as people live cheek by jowl. Legislation has been relaxed to encourage this in building. The UK already has some of the smallest homes, compared to Europe.
- increase in violence and crime. There is a general increase, plus some which is specific to certain ethnicities. Knife (and machete) crime is more frequent, however whilst it captures the headlines, many other forms of crime, not typical to the indigenous population are flourishing. The Asian (Indian subcontinent) grooming gangs rap_ing/assaulting/drugging white children.
- increased demand for extra policing, in the tens of thousands (look at the different police force's online wanted posters, there is a disproportionately higher number of foreign criminals, especially as a proportion of the population)
- increased demand for prison officers, and prison buildings (look at the prison population, where there is again a disproportionately higher number of foreign criminals, especially as a proportion of the population). We are already releasing criminals early, and not imprisoning others, due to a lack of prison places! And the increase in taxes to pay for these.
- increased demand on the judiciary. Our courts are blocked with massive queues, and everything is done to delay cases going to the CPS or going to court. We have a lack of staff and buildings. Very serious cases are rarely reaching the CPS or courts, or take years to go through the system. This causes a lack of justice, an increased risk to the population as criminals continue to live amongst us, and it encourages crime (justice needs to be swift to act as a deterrent).
- the loss of our capital city London. It is now predominantly populated by people who self identify as belonging to an ethnic minority. You rarely hear English spoken! This will impact tourism - a quarter of a million people work in the tourism sector in London alone.
- greater difficulty in seeing a healthcare professional, be it a GP, Consultant, or dentist
- hospitals frequently declaring emergencies as their A&E queues of ambulances with patients stuck in them grow longer. Even hospitals, in areas with a vast majority of white British population, if you go to the A&E it will be full of people from the middle east, Indian subcontinent, and Africa. Often you won't hear English being spoken!
- increased burden of disabled children, on healthcare, special education needs, and benefits (both for disability, and for the unemployed parents that stay at home caring for their disabled children), unnecessarily caused by cousin marriage, from people from the Indian subcontinent
- lack of school and university places. Pressures to change what is being taught, to suit a minority religious population
- the enormous congestion on all our roads. Even country lanes, which were once peaceful, have now become rat runs
- religious and social tension, especially from ethnicities that are not interested in integrating
- increased suffering of female children subjected to FGM and child marriage
- increased distortion of UK elections, as women from the Indian subcontinent lose their vote to their husbands
MORAL QUESTION - is it morally right to import cheap labour to be exploited?
And what about those skilled migrants, eg nurses and doctors, that are actually needed in their own country. Is it morally right for the UK to benefit from poorer countries paying to educate and train skilled workers?
MENTAL HEALTH BURDEN
The effects of a lot of the above pressures, are seen in a rapid increase in mental health problems across all ages, but especially in the young working adults, adults who should if anything, be the most resilient of society.
FINANCIAL BURDEN
At Budget time in March 2024, the UK National Debt is estimated to be £2.70 trillion!
BIRTH RATE FALSE THEORY
Some people believe in the theory, that we need to import people because of our lower birth rate, and that there is certain work that we don't want to do.
This ignores the fact that we need to increase productivity, especially with automation/robotics/AI (Artificial Intelligence), because other countries will certainly be investing in this, and all of these reduce job vacancies.
Our population might not apply for very low paid jobs, eg picking fruit, or nursing the elderly, but that is because the rates of pay are ridiculously low. Pay a fair wage in an economy that doesn't tilt the table by importing cheap labour!
WHAT CAY YOU DO?
Please watch, action, and share this SW CZcams video: A Parliamentary petition to suspend immigration to Britain for five years
Regardless of if you think this will give the results that we need, it is important for people to see, that there are many others who share their concerns, and this is one very simple and quick way to do it.
Many thanks, and don't forget to share👍
Give Well and similar US "target" based charity giving organisations look like the mean well but from someone who has worked on the ground are actually on of the most terrifying ideas you can imagine. Deciding the worth of lives and ignoring shiny car projects.
This was the subject of a recent Adam Conover podcast: “How the Wealthy use "Charity" to Screw Everyone Else”. After hearing about that, I’m very disappointed that several prominent CZcamsrs I watch are still promoting their ads.
Austerity policies are not a good way to recover from a financial crisis. No way we could have seen this coming...
But austerity is a necessary evil in response to fiscal mismanagement and unsustainable public spending.
Not disputing the overall message but I think it's somewhat industry specific. Tech and finance roles for instance, especially in the south east, probably pay substantially more than in the rest of Europe (apart from perhaps in Switzerland)
I really wish that this video had prefaced this entire discussion with an explanation of the difference between “National Economic Productivity” (which this video is about) and “Labour/Worker Productivity” (which it is not).
• National Economic Productivity
“Productivity at the national level is typically defined and measured in terms of Gross Domestic Product (GDP) per capita, per employed person or per hour worked. It is viewed by many as a key indicator of the economic health of the country.”
• Worker / Labour Productivity
The thing you think of when you talk about productivity, as in “How many cans of Peas can Bob (the guy who chews/spits out the Peas) at the Mushy Pea factory make in one shift.
TL;DR (lol):
Imagine the UK as a nation is a corner shop. "National” productivity would be linked with how much business the shop did compared to how many hours all its Employizens worked.
“Worker” productivity would be working at the Sandwich counter (this is an alternate universe where British Corner shops are bodegas), how many Sandwiches can you as an employee make per hour.
Compared to 1970, we are making literally 250%+ more sandwiches per hour (thanks to technological innovations like: nice lettuce, a spatula, indoor smoking bans, contact lenses, less pubes, and Amazon Alexa Enabled Bread Slicers - probably), yet our “real” wages (compared to inflation) have only grown around 13%. This report isn’t about that. It’s about how well the store is doing (and how much of it’s total sales end up getting paid to employees).
I’m not implying intent on TLDR whatsoever here - it’s confusing terminology and it takes a lot of work to unpack this stuff. I am plainly saying that Economists in general intentionally make the terminology confusing and difficult to unpack, because the things they are describing are pretty perverse once you take do a Scooby-Doo mask reveal on them.
Calling this report “Store Sales Compared to Sandwich Artist Salary” would not go over as well. Firstly this more accurate title makes implicit reference to how bonkers the whole Wage/Worker Productivity Gap has become(*). Secondly, it doesn’t casually and carelessly place the blame for the current economic conditions of the general concept of productivity, allowing most people to come away from coverage of it with an impression of “oh, people aren’t working as hard”.
THE REAL TL;DR:
Your reporting on the “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” can be as well researched, compelling and factual.
Unfortunately, by not translating the Economic jargon into real world terms, none of your audience actually learned about investments in energy company mergers. Without saying the full context of “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” most viewers have just watched a 10 minute long Xbox Live circa Halo 3 lobby tier insult to their sweet old Mum.
*Sources:
London School of Economics:
Wages-of-typical-UK-employee-have-become-decoupled-from-productivity
The Resolution Foundation:
Dead-end relationship?
Exploring the link between productivity and workers’ living standards.
PS: An increase of 250% in Worker Productivity to 13% Wage Growth since 1970 is an American Stat, in the UK it’s only a 25% difference with the decoupling happening closer to 2010.
PPS: I’ve now re-watched this video and read a bit more of the report itself….honestly I’m even more confused now about all of this.
I feel like this video is jumping back and forth between the two different types of Productivity interchangeably at different times points, which may be valid narratively - but is really throwing me for a loop.
I could be completely wrong in my analysis, so if anyone more qualified happens to see this I would definitely appreciate if you could give my dehydrated brain a nice big gulp of ice cold clarification.
How do you fix the UK's economy?
Me: The average life span is only 80 years...There's simply not enough time 😂🤣
I'd like a video on how to fix the UK economy, particularly as we have an upcoming election next year. Many thanks and keep up the good work!
Well you can do like the US. Reagan cut taxes and Trippled the debt and 4 year later bush added another 30% then the Dems cut spending to pay down the debt.
Your notice he quotes a report which goes up to 2007. Hmmm, so what happened in 2008 then? Thats where this started. Your notice he says by 2010 as well. House prices also rocketed during the Labour period. They built less social housing than the tories did in 2021/22 for nearly every year of their office.
Inequality is rising in all countries. Also notice how the high incomes in Germany didn't drop like the medium and low income. Same goes for (inherited) wealth matters more than work. Scary.
But of course with the UK Brexit and instability doesn't help.
Its not an exaggeration to say the average US pay for my role is double in the US, rising to triple on occasions.
Ive met new starters in the US on as much as 10 year experienced personal in the UK.
Being a contractor in my industry in the UK is a no brainer. I increased my pay by 400% when i was made redundant and went freelance. In the US new starters are on about 60-70% of my freelance pay with a decade experience.
Just curious, what field/career do you work in?
@@zurielsss not sharing that in a random youtube comment.
Judging by your political views I'm going to guess you're a writer for right wing news sources. Is my guess correct?
@kormityourboyyy491 what political views have you been able to divine the like, 4 youtube commnets?
The mind reading powers of shitposters on the internet really is staggering. It must be a really common power yet no scientists seem to have found it among the general population.
And no. Not even close.
The incomes from being a freelance contractor vs. an employee are not directly comparable, at least in the US. Taxes are computed differently, and you don’t have any of the benefits that typically come with full-time employment like group health insurance (which I’m sure is different from the UK), unemployment insurance, and retirement contribution matching. That said, the non-financial benefits like being able to set your own hours are great.
Economic reports always state that higher productivity leads to higher wages but I’d argue that the majority of that productivity goes into company profits. If a company buys an employee a machine that lets them do their work faster, they don’t have an incentive to pay the employer more, instead they have an incentive to buy more machines.
Does anyone ever consider that the causation might be the other way round? That paying people more leads to higher productivity? Certainly, if you pay people less, they have less incentive to work harder.
The UK doesn't make or export much, that's the problem. Can't think of the last time I saw a product that had "made in the UK" stamped on it. What are some of the British multinationals other than banks? Perhaps media.
It worked for Henry Ford. Plus those better off and more productive workers will have more income to buy things like cars.
Thanks for the video
Workers living standards in the UK have been falling since 1979 when Thatcher got in and governments continued to suppress the workers. Workers in the UK have to join trade unions and take part in it and take action. I f we had 78% membership instead of 22% we could start winning ground. If the workers keep accepting frozen pay or even pay cuts we will end up living on the riverbanks.