The UK's Decaying Economy: A Country Without Solutions?
Vložit
- čas přidán 14. 05. 2024
- Check out our previous videos! ⬇️
🔴Why Are Japanese Companies Dead?
• Why Are Japanese Compa...
🔴Why Are Muslim Countries Poorer?
• Why Are Muslim Countri...
🔴Why Are Big Companies Fleeing China?
• Why Are Big Companies ...
✉️ Business Enquiries → team@visualeconomik.com
#UK #Economy #Crisis
But UK has the lowest engineering degree ratio of college graduates among major economies. Manufacturing competitiveness is hard to restore once lost. It takes lots of infrastructure, time, expertise, talents, etc. No country has succeeded in "re-industrialization" after post industrial economy. Even USA couldn't
UK engineers are great at custom high end stuff with deep thinking. That's why you'll find them working everywhere else as the UK market is a bit rubbish. I'm in the USA market and have outsourced a lot - anything difficult goes to UK (or easier to go to UK engineer living somewhere else) but they underprice big time.
Tesla did it
@@MrIcetiger93 Tesla did what. It is struggling now to compete with Chinese EV companies.
Even if you got an engineering degree you won't get a job as an engineer in the UK. And even if you did the wage and conditions will be utterly pitiful.
Why would any country inflict this upon itself that’s what I don’t get
As Mum used to say, "they know the price of everything and the value of nothing". Everything here in the UK is done as shoddily as possible, or not all! so as to extract the most possible profit.
That explains the hs2.
exactly, your comment can't be repeated often enough...
The UK's current government and many major firms are corrupt. Sleazy contracts, stolen money...
She is 💯 right.
Indeed... Why do a proper job when you can keep scamming in perpetuity the tax payer i.e. you and me...
everything in britain is short-term whether they are political or economic decisions...
The joys of a democracy. Where we have career politicians whos only stress is the next election. Who cares what I put in place today the next guy can implement it or deal with the backlash as it does not.
@@willsham45 - agreed... it's akin to a pendulum clock...
The main problem in the UK is depression….its feels like a sick society… everyone depress to clinical level… young and old… 10 million today in a working age r economically inactive.. that they r not working neither looking for a job… one forth of working age population r on benefits… even more scary,, another 10 millions who actually working r suffer from depression, stress and anxiety and chronic pain which is likely due to mental problem… if these 10 millions left work, the UK would bankrupt.. today 23 millions receive social benefit… on average of 15 thousands pound per person..theres no economical module can support this… imagine if these 340 billion of pound spent on benefit would spend on investment, UK would be richer than any other nation… depression in the UK caused by multifactorial causes..weather,, ppl,, regulations and legislations,, social breakdown,, relationship breakdown and economy uncertainty… ppl and the government should work to sort out these issues… apart from the weather which ganna stay miserable forever
A lot of those issues are cronic issues here in the US. Other developed countries too I believe from what I've seen.
I doubt many countries citizens think their nations and lives are going in a postive direction.
Best comment. Cheers from California which is experiencing something similar.
Yep… breakdown of the family by government incentivizing breakups instead of allowing economic pressures to incentivize unity, breaks more than it fixes.
@@baronvonjo1929 Can we stop trying to relate every problem in the world to the U.S?
@@joeschmoe5583 No it's not. California's economy and problems are completely different from Britain's. Y'all hear anything negative in the world and try to relate it back to yourselves.
Nearly all of our economic problems stem from property prices being too high. Nobody has disposable income anymore.
Stop property prices increasing for the next 10 to 15 years and allow wages to catch up (so average house price are 3x average salary again, instead of 7x), then prevent property prices from ever increasing faster than wages again, which was a stupid idea in the first place.
There was a classic line from that Chernobyl miniseries a couple years back. That a lie told owes a debt to the truth and in time that debt is paid. There's something similar going on with economic policy in the UK and elsewhere. Since the end of the Cold war. There were certain assumptions made about the economy and what economic growth meant. There have been multiple opportunities to make course corrections or adjustments to that vision to make growth possible in a way that benefits the entire country. Instead, at every single decision point, leaders decided on the choices that enriched a small chosen few. As each missed opportunity stacks up, the UK is now at a point where changing course is going to be very very hard. The interest is coming due.
"at every single decision point, leaders decided on the choices that enriched a small chosen few...." Why? Because they (the rich) wrote the rules aided and abetted by the corrupt politicians... So everything is legal... Simples...
You didn't mention the UK's non-presence in tech which is a high growth industry and you didn't mention the public sector's lack of productivity as dragging productivity down.
The UK has a massive pressence in tech
@@Lando-kx6so Give me an example
so which eu countries have like a good presence in tech?
@PhilosophicalZombieHunter Arm Holdings which are said to be responsible for 90% of all computer chips.
@@koks49045 Technically, EU/UK suck at tech. Germany has SAP and there is a handful of pockets of innovation. But essentially, the EU is a regulatory powerhouse that killed off innovation on the continent.
There are always solutions, just not quick solutions. The solutions are known. Ireland was poor 50 years ago; they did the right things and got rich. The British just need to get down to work, to do the things that attract investments. And consume less, and invest the savings into productive assets.
You have to factor in EU subsidies and US multinationals using the Irish tax system to game the European tax systems... Yes the people did the hard work but the 2 factors I mentioned were very big drivers for success...
@@culaterw41pr Also most importantly, it seems nobody in the UK government currently has a plan which extends into anything even slightly inventive. The government is content basically running things as normal and changing policies minimally, in conventional ways.
Ireland isn't as rich as it seems, it's pretty much a tax haven for large international businesses.
Lol. Ireland is not rich. It's a corporate state.
joined the EU got bailed out, paddys cornershop then had a new bmw on the driveway..thats it!
leprechaun economics.
How is productivity going to be high if hard work is penalised with heavy additional taxation? If I want to dig myself out of loans by taking up weekend/ out of hours work I get obliterated by additional tax. Not much incentive in working overtime/outoff hours here.
Exactly. This is the issue in Europe in general. Hideous taxes.
Someone has to pay for all the invaders
UK services industry is doing very well. Last week only UK was ranked 4th in world by Total exports ahead of all the European countries.
The thing is there are problems in all of the EU countries but UK takes the spotlight (even though it’s doing well) because of the Brexit.
They never mentioned massive low wage migrantion year after year after year
Companies don't want to pay more so they are there to bring down wages. Even public sector does it advertising for doctors nurses and care workers in foreign countries instead of paying more to those striking fir higher pay
Yeah, liberally millions of people have arrived from overseas in only a few short years. I'm not really interested in the racist rhetoric, but the mathematical numbers of immigrants should concern any sensible person. If our own youth can't afford housing and get jobs, why are we replacing them with cheap foreign labour in record numbers? Even a blind man can see this is going to obliterate the youth long term. Many are just leaving England now.
Exactly. And high taxes
The UK has too many unskilled people many not in work.
Immigration in Germany is orders of magnitude higher than in the UK. Stop punching down
Your videos are so very well made and break down extremely complex matters into comprehensive language.
Excellent food for the brain!
Many thanks from Sao Paulo
The German economic model only works if you get cheap gas from Russia. Now all their companies are moving to the US
Lol not true. Gas prices are lower than pre war for months now.
because of that red policy of making the EU greener. Everybody FO before it's too late to run away from the red dream.
US blows up NordStream and gets Germany’s companies to move there. Pretty smart.
They're actually moving to the Arabian Gulf and big time too. There, there's one of the cheapest gaz prices and also zero taxes, so very big cash to be made.
The US market works due to their ability to borrow without limit based on Dollar monopoly! This model too would meet its doom soon
The place is an stinking dump. It’s not the island I was brought up in. The place is utterly infested .
Good video, could you do an analysis on Czechia 🇨🇿 I’m interested what you have to say 😊
Britian will become a backwater on the periphery of other Empires again as it once was during the Roman times
It surely seems that way
I have to agree from my own experience managers are a menace in UK. And that combined with unions and lack of direction ends up in nothing being done or done very poorly, because everyone just looks at whats now not what will be in the future.. It creates situations where rules in a company make no sense and are slowing down productivity and killing any morale still left.
And throw in all the DEI woke crap to depress intelligent people.
I blame all those presentation slide decks where everything is perfect but does not reflect reality...
@@culaterw41pr Especially the ones where the text enters with a whooosh.
@@culaterw41pr Problem is managers have no incentive or real power to really improve anything. Its not as bad as in Japan system, but its not far behind. Most managers are not even qualified. To stay as a manager its all about sticking with the click, not doing your job correctly. Everyone thats actually doing the work knows whats the issue and how to fix it (most of the time). But it all gets stuck in the middle management for years or never gets done. And if its done it makes things worse as it was more about pleasing someone than doing what makes sense.
@@ExcessumGaming Bonus land beckons ...Stick with the status quo...Nobody ever got fired for sticking with the status quo...
Very informative video. As a US investor in Britain companies such as British American Tobacco, Unilever amd Legal & General, I like to see where your economy is going.
The lack of productivity is also affecting Canada and why it's right behind you.
Our lack of fiscal responsibility over here in the US will eventually lead the dollar to follow the pound in weakness.
5:35 is a weird analysis
the graphs show a deviation from the norm, and you're saying it is 30% behind? this is really hard to relate to actual real numbers.
The main problem is that the government and the House of Lords are stuck in the 1950s and Great Britain will only advance if the old government is swept away and a new modern system is built upon the old.
Rearranging the seats on The Titanic will not save any more people, just waste the time of people who are destined to sink.
The people must be encouraged to grow on their own, not stifled by regulation or made busy with meaningless activities.
The Crown and The Lords must go and proportional representation established
so the taxes?
@@jillybe1873 - “proportional representation”
Worst decision the US ever made, regarding their Senate moving to proportionate representation, absolute worst.
But the majority not proportional political system gives you just 2 bad options and no solution.
I live in the UK and it’s frustrating because I see the potential of my country and how it’s falling behind peer nations.
I have 3 things I would focus on:
1 - reducing energy bills (a great way to start would be to get rid of the short sighted ban on onshore wind power that Cameron brought in, because onshore wind is by far the cheapest form of energy in the UK)
2 - I would create government backed venture capital funds that have the goal of supporting 1000 British based unicorns in the next 10 years (we need growth and startups are by far the best at that)
3 - a massive boost in expanding and modernisation in the rail network and a massive expansion in cycling infrastructure, these would have massive benefits in terms of the climate crisis and improved public health which would then boost productivity.
Relying on services as the main focus of Britain's economy is probably a risky strategy, since the coming AI revolution will probably wipe out many service jobs, in the same way that Amazon has already devastated high street retail outlets.
Most economies are service related except places like China and india
Germans invest for the long term.. UK is short term and wants quick results. In addition you have a large section of the population that does not want to work/can't/ or it is not "worth it to them". Go to a developing country and see the people running from place to place,working and delivering. UK doesn't work like like and is not competitive. Sad really
germany invests where it can make the most profit, and take the most advantage overseas. bosch products made in purpose built factories in china, vw buying up cheap skoda in eastern europe, then melding it with vw. their mistake was taking the risk of working with putin on energy, gas, oil etc.
The German football national team has more ngubus than Ghana.
means their style is no longer working
Is too much investment in the UK going into real estate? If yes, is this investment driving efficiency and productivity as much as possible?
How about a vacancy tax on both residential and commercial real estate?
No matter if for a land or a month, an empty property is inefficient use of land, and the building on the land. This means its inefficient use of the materials in the building and the labour that went into making the building.
The empty property tax should be strong enough to force AirBnBs, hotels, motels (and other vacant properties) to be rented on low demand days - even if at a loss.
This will lead to some short term rentals being converted back into long term rentals.
It will make residential and commercial rent cheaper. Giving consumers and businesses more money to spend elsewhere.
And if some investors decide to leave the real estate market, they’ll invest elsewhere (most likely pushing investment into improving productivity).
You’re completely right, the problem is that the biggest land barrons are also the law makers (or best mates with them). In other words, they’re never gonna introduce tax legislation that penalises themselves like that. I’m not sure if UK will ever truly be able to break free from its aristocratic roots and become a true democracy for the people
@@jasonn6739 "I’m not sure if UK will ever truly be able to break free from its aristocratic roots and become a true democracy for the people..." It cannot... Remember its HMG... His Majesty's Government... The name gives the game away...
It obvious. We pay so much tax yet all public services are privatised
Brilliant insights.
Can we correlate anything between people piling investment into the buy-to-let property industry (for quick and easy returns) rather than investing in actual UK industries?
I'm no economist, but investors taking the path of least resistance seems like a recipe for disaster down the line.
I think reversing the financial appeal of investing in buy-to-let, or owning one, can only be helpful as a course corrector.
With added benifits socially too.
BTL landlords will hate this as they dont see the greater game theory in it.
Thoughts?
3:50 you sure that the labor productivity hasn't "lowered" because manufacturers have to work faster for more money because of inflation? as well as other sectors
America is even sadder, most of our GDP doesn't even come from services but from consumption.
These videos are getting beyond stupid now, especially on topic of uk in last 2 years because they gain views internationally with apocalyptic titles with everything always being a crisis. Truth is, take out all the opinions and look at independent fact based statistics from imf, oecd, etc and uk is growing a tiny bit slower than France (f 0.7 uk 0.5) this year but then is projected to grow faster every single year until 2029 (f 1.4, 1.6, 1.5, 1.4 & 1.3) (uk 1.5, 1.7, 1.7, 1.6 & 1.4). Compared to Germany whose imf projections are from 2024 through 2029 0.2, 1.3, 1.5, 1.1, 0.8 & 0.9 the uk grows faster every single year. None of the three large European countries grow really well, but none are terribly far off the 2% growth per year and uk is probably the best of the 3 going by most recent projections. Gods knows there are things to fix but these absolutely ridiculous videos have gotten completely nonsensical at this point.
It is all about attracting viewers. There are billions of people that want to see the uk go down flaming. Lol
I was about to make this comment also. Videos like this are pure gold for all the Indians going on about the old days, and remainders who have not stopped crying about brexit
@@simonnewman4240 lol, we arent doing amazing but these ppl really know how to spin it badly
40 years ago, all my art and design professors coming from UK (I'm from HK) were the best trained with best fundamentals. I had dreamt about going to school there to further my design education. What happened?
joined the e.c/ eec/eu.. thats what.
@@jonsimmons4150 lmao the UK was already in the EU 40 years ago, go use google.
@@jonsimmons4150 And your source for this insight is? Absolutely no connection between the education and joining the EU... Education is and always has been controlled locally in all EU countries...
Thank you!
UK productivity north south divide. People have to move to London for the best opportunities which has priced many people out.
1. Need Cheap Energy
2. Need property investments that are reasonably profitable, but not excessively so
How come the United Kingdom, so democratic, tumbling down
economically ？
House of Lords is hardly democratic
Just adding my two cents - energy costs are also to high, it is difficult to make anything in the UK competitively
Both political parties have the same failing policies. High tax burden on entrepreneurs. IR35 crushing innovation and small startups.
Part renationalise the water, oil and gas companies. So 70% public government owned and part private owned. The money will go into a sovereign wealth fund to fund infrastructure.
The UK needs to restart it's manufacturing sector and focus on solutions such as high tech industry, engineering, aerospace, defence etc. Improve trade links and deregulation.
We are an island with virtually no fishing industry, good could be a quick improvement.
Emphasis on local and regional infrastructure rather than national.
Trade with the entire commonwealth as well as Europe with trade and services but also protectionism to protect British industry.
Lack of kids and aging population...this is the problem in all of Europe.
Makes all the anti migration rhetoric seem ironic. If the home office hurried up and processed valid asylum claims, both those problems could be partially mitigated.
@@nathansavage8692 Or we could make it affordable for people to survive at all, then maybe they could scrape by the money to have kids? No?
@@CandyKoRnencouraging childbirth solves the problem 2 decades down the line. Migration does it tommorrow.
@@nathansavage8692 Depends what type of migration, criminals who'd be either in prison or live on welfare isn't exactly an economical benefit to society
@@nathansavage8692 Yes but migration also presents issues later down the line like integration. It doesn't just "solve the problem."
Corruption and bad food are the reasons 👍
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
that requires a fair amount of research and good market timing
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
Is there anywhere I can get across this woman for a startup???
Determine your risk tolerance first and foremost.
Be aware that it costs money every time you buy and sell a stock. A lot of people think they can make a nice profit by buying a stock when it dips down a little and then dumping it when it recovers but they fail to factor in the considerable fees the brokers charge you to place your orders
Also be aware that it's basically gambling, it shouldn't be done with money you're going to need in the future, consider whatever you invest already lost
hername is Monica Lisa Payne, cant divulge much. Most likely, the internet should have her basic info, you can research if you like
You don’t get those trade deals.
The Problem for GB severe greater because the Service Sector will be replaced by KI .
😂😂😂, thought Rwanda refugees was their only problem, I hear about that daily, than their real problems affecting the country.
That is what is known as a distraction. It works well in the UK where the population lack critical thinking skills.
Ridiculous house prices, coupled with ridiculous stamp duty tax on money you have already been taxed on! Young people forced to drown in debt
we cannot afford houses, food, cars. and the wages dont go up with prices.
i'm 18 and the generations before us commonly dont understand how everything isnt as affordable for us as it was for them - we cant afford a house in our 20s, we can barely afford our first car.
Speaking on the investment issue, I'm a brit that has started a few companies, most have failed, but one succeeded. The limiting factor? Purely investment and geographics. Previous companies were formed in the UK, and raising capital was damn near impossible. The requirements are far too high and appetite for risk far too low, so we setup in the US instead. Investment was more or less immediate and flush and I attribute that to a fundamental difference in culture & institutions. The UK's finance and investment sectors are far too risk averse to consider anything other than a safe bet, and as such have pushed myaelf and several others out of the country in search of greener pastures. It's a sad, sad state of affairs that the immense ingenuity and inventiveness back home is being squandered as a result of such backwards thinking. When everything is accelerating, the UK (and europe) seems hell bent on slamming the brakes.
It's now the DK: Disunited Kingdom
(dis)UK...
Need to get my DUK car sticker then...😀😀😀
Not a new issue, Scotland and England have been under the same crown since 1603 but a lot of Scots still aren't happy about it. In Wales, people hark even further back to Owain Glyn Dwr fighting against the English. I'm not even going to bother talking about Northern Ireland. The UK is a disunited and unhappy family and it has been so for hundreds of years!
@@AA-hg5fk
Scots people never got to vote for it...
Upper crust Scots needed a bail out after their misadventures in Latin America so I was told by a Scots man...
Other explanations maybe available...
Small business support is zero, plus 100s of rules and strict regulations.
You can only take a loan if you show that you have 10 times the amount. In other words that you don't need money.
The UK needs to integrate into NAFTA to become a conduit between the EU and North America again.
Also, the dominance of the finance sector was horrible for regional inequality in the UK.
Having a more diversified economy by focusing on manufacturing would be a good thing (even though the UK is unlikely to catch up to Germany anytime soon.)
The UK has one of the EU’s strongest renewable energy potential due to the North Sea and Scotland’s wind.
Further Public Investment would also help.
I agree. We need to develop the renewable energy potential in the North Sea!
Is it a good time to pay high tution fee and study in UK? Is the ROI good?
My opinion, no it’s not. Unless you are studying to do something that requires a university qualification such as medicine or dentistry. The cost of university isn’t worth it. I know plenty of lawyers and accountants that didn’t go to university and instead did an apprenticeship. They get paid to learn and come up with zero debt and usually better jobs that the university graduate can get. University degrees all over the world are just not as valuable as they once were to the employer, at least in the UK.
U.K.’s higher education is only rivalled by the USA.
If you’re looking for higher education the U.K. is a fantastic option.
@@joshbentley2307 you are correct but the wages in UK are almost half of what you get in USA. If I am spending 40k Pound how long would it take to earn it back
@@darthashpie3370 our 🇬🇧gdp per capita (nominal) is around $50,000 in 2023-2024.
The USA’s gdp per capita (nominal) is around $80,000 in 2023-2024.
You’ve got to keep in mind the USA has much more wealth inequality and billionaires tho, for example the median wealth per adult is $50,000 higher in the U.K. when compared to the USA.
It depends on what degree/industry you want to go into.
Despite all of the media telling you the U.K. and USA are doing poorly there actually preforming really well, and are expected to grow steadily into the far future.
The U.K. just became the world’s 4th largest exporter for example and the USA is pumping massive amounts of investment into itself recently causing thousands of companies all around the world to move there.
@@darthashpie3370 also I don’t know how it works for immigrants but in the U.K. normally you won’t pay any money for your higher education until you reach the threshold, you only start paying it back when your income is over the repayment threshold of £25,000 a year, which is £2,083 a month or £480 a week. Repayments are calculated at 9% (or 9p in every £1) on everything you earn over the threshold.
I am surprised nobody sees unelected rulers as the probelm. May be that's the problem or part of it... a rather BIG part of it 🤔
Sort of agree, although not for directly political reasons. A country that in the 21st centurry still holds on to a monarchy -- and a very expensive one at that -- is clearly a country not ready to live in the present, much less one trying to move toward the future. If the nation's consciousness is still trapped in the "glorious" past of kings and empires (the latter being a major reason for the cognitive dissonance Brits experience about their relative importance in the world), then they can't properly evaluate their current situation as a middle income nation with no resources and little diplomatic reach, and make realistic plans to improve things. And meanwhile people are too used to their "keep calm and carry on" mentality to really fight for real change or even dare imagine what that change can look like. They just complain to each other over their too many pints of beer then go home to sleep in their poorly insulated houses and then start over again the next day.
Brexit was about the UK having more autonomy to create their own regulations and make bilateral agreements -- except they forgot that they have nothing of value to sell to the world, as even their "services" are basically just middling office jobs that are easily replaced by any degree holding worker anywhere else. Brits thought they could stand alone as a world power, forgetting that they haven't been a world power since the end of their empire and it was just their membership in the EU that maintained that illusion for so long. Now it's time to wake the hell up. And yes, I believe that a history of monarchy means that the social consciousness is prepped for just accepting crappy political situations without feeling a sense of personal responsibility to do something about it, hence why it keeps getting worse.
@g_wylde That was kind of what I had meant, but it's not the popular opinion in this neck of the woods 😊
@@g_wylde I disagree that the UK's problem is hinged upon its Monarchy. That makes no sense at all as the existence of the Monarchy is the reason why tourism still thrives in the UK. I'm Nigerian and I can tell you, you NEED that Monarchy to survive else, you won't be any better than Greece or Hungary.
Blame the perfect welfare state.
3:48 - 'Labor' productivity - WTF?!
Not impressed.
Uk is the second most unhappiest country in the world. No wonder with the governments we have had.
I predict we are in the Weimar Republic, Starmers Labour will behave as the Social Democrats did in that time, and the consequences will be similar.
Spiralling economic inequality is the main issue. It should be obvious.
I think Brexit represented an opportunity for ambitious leaders to take the bull by the horns and make positive change for the UK but unfortunately there’s no sign of strong leadership thus validating the remain-ers.
Brexit has had 5 (count ‘em) Prime Ministers! How many more do you need to make it a success???
@@mickeysmouse4800usa trade deal but the tories bottled it with Trump
Brexit never had a chance of working simply because no one really knew what Brexit even meant apart from leaving the EU. Leave the UK's biggest market.....then what?
@MrRacistSlayer US trade deal, strict immigration system, possible CANZUK deal. These market would be much more advantageous than Europe which is declining economically
As a software engineer, I am always surprised to learn about the pathetically low salaries in my profession in the UK. A London-based developer could be making one quarter of a similar Silicon Valley developer, and half of a Tel Aviv developer. Sometimes the salaries were even lower than in Ukraine before the war. That's despite the insane London real estate prices and generally high-ish cost of living. At the same time, unlike in Ukraine, developers are not well-paid compared to other UK professions, so the UK doesn't have many of them and cannot become an outsource location. This is just one symptom, but it shows a major issue in the UK: extremely high-productivity jobs are not rewarded.
Thanks Thatcher
what do you mean? Everything is going great. Millionaires and billionaires are making money. Why would the government change? They are millionaires and billionaires.
and tax near half of the salary of the average block who is already working like a dog and has no spending power to enjoy himself alone
@@MGrey-qb5xz That's his fault for not employing an OBE (Offshore Banking Expert) account who can move his money around and get him a zero percent tax rate. Taxes only apply to the poor.
First problem is basic economic management and honesty. And it's not a left or right issue, it's a matter of integrity and long term thinking. We need to stop running deficits, if the Tories want lower taxes, they need to be honest and lower government spending until there's no deficit, if Labour want high government spending, they need to be honest and raise taxes until there's no more deficit etc.
Similarly they need to stop lying with statistics, increasing GDP by importing a million immigrants a year isn't making people richer, but the government tricks people into thinking "the economy increase in size by 2.5% is the same as "we made you 2.5% better off. No, government should actually be required to tell people about GDP per capita or median GDP per capita, which proves that people aren't really better off at all, and would force the government to stop focusing on "make GDP go up" and instead focus on making Britain more efficient and productive.
What about doing a free trade agreement with Canada, Australia, New Zealand and Ireland?
😂
canzuk
Pretty sure the UK did get a free trade agreement with Australia, except it benefitted Australia far more than it did the UK. Free trade only benefits those who have something to trade, and even then it can be a double edged sword. The UK has nothing of value to trade, so all it can do is buy overpriced stuff from others and muddle along selling "services" (i.e. bullshit office jobs doing admin for other people) and hoping that helping foreign oligarchs game the stock market can fund our whole economy for life.
@@g_wylde how can it benefit australia more when there is next to nothing in australia the uk needs?
next to no manufacturing, nothing hi tech or high value is made, or built in australia.
anything technical, or with moving parts is made overseas. ikea is seen as a luxury product in australia.
uk makes eveything australia needs.
do say- what does australia have that the uk needs massivly?
i have worked in hi tech, manfacturing, defence, aerospace, subsea, and automotive for 35 years in france, uk and switzerland, and lived in australia for 9 years.
more heresay, and bluster from anti uk protagonists parroting soundbites and quips methinks.
ps, uk is building australias state of the art nuclear powered subs in the uk at bae in barrow in furness uk.
they wont be made from anything that comes from australia, except the eventual raw uranium, raw minerals like copper and bauxite and iron ore.
i know for damn sure, that multi billion dollar nuclear subs are worth more than sheep and cattle australia has.
@@jonsimmons4150 I agree with you except IKEA isn’t seen as a luxury. It’s seen as cheap flimsy junk made for uni students!
Is there a future for the Shetlands?
The last point about reforming the tax system to penalise consumption is one of the stupid ideas I’ve heard this month.
Mass Deportations is a policy that can cure many ills; if the economy needs low skill workers then we don't need compulsory education up to aged 18 & if we need medical professionals we shouldn't keep restricting the numbers of those being trained.
We are a relatively small country & historically have punched above our weight because of quality over quantity produced by broadminded curiosity & a high social tolerance for thorny eccentrics developing in an ecosystem of high social trust & high standslards ofneducation & enquiry; so we should get back to that.
Please trade with East Asia countries
Get out, Australia has just had its 3rd federal budget surplus, it spends 15% more per person GDP.
Love the bow tie + bracers.
Our environmental laws make industry impossible
I'm more of the believe that the public seems to get dumber and think with emotions instead of logic and their heads. they seem to want more gratification and relief in the short term sacrificing the future. We need a shift in paradigm where we think towards the future and sacrifice today so we can live a more prosperous and stable society. Yes we should sacrifice today.
Repeal the UK Climate Change Act 2008 - the world's longest suicide note for a developed economy. It's why UK puts off investors. Woke and green EU is also dying fast. Energy independency is key and cut back on Big Govt regs.
don't wanna nit pick here but a century ago is after WW1 and after WW1 New York has replaced London as the economic center of the world.
No mention so far to UK investment in Property, this is the way to make money in Britain today
I would propose a major tax on hoarded wealth that funds public enterprise creation, jobs, and social return on investment.
Investment in high quality human capital...while I could quote numbers, I will quote examples. As mamy as 7 classmate of my son didn't take their GCSE and dropped out. Customer services staf, born an brought up here, would wrote 'there' for 'their'... When I decided to rejoin work afyer a long career break for looking after my special needs child, I was pressured to the point of chronic anxiety to take ANY job, rather than support me to finish my CFA which I took to restart my career. To govt, I'm just a number, and this number should rather be in 'employed' category than 'high skilled employed' one because the latter delays the employment numbers and govt can't afford that. Not to mention the so called training they provide is ' MS office skills'. Clearly, the system doesn't support high skills whether it's children or adults. How far can you go with just, or without, a University education leave alone without GCSE
Well I suppose one advantage of the service sector is that it's not quite as heavy on extortionate energy costs as the manufacturing sector. For those employed in the these hi-flying careers in the service sector they are probably going to be ok but what about everyone else? It seems that under this thesis you COULD have a thriving service sector in isolation from everything else going on in UK society. Lack of affordable homes to buy or rent and lack of affordable energy are huge problems aren't going away anytime soon which leads to what we have which is a TWO TIER society in which the hi-flyers get the nice homes and everyone else has appalling living conditions. This dystopia already exists in our capital with raging unpredictable often life threatening crime day and night, raging flag waving mobs every weekend , a few nice homes and housing conditions for the high flyers and terrible housing conditions for everyone else. This video is far too narrow and blinkered in scope for my taste and fails to address the wider problems that form the seeds of a revolution. We are already in the throes of some sort of revolution as it is although whether it remains one controlled by the hard left in the years ahead as does at present remains to be seen!
Maybe Brexit was a bad idea.
The UK economy has still been doing better than Germany. Brexit is not the issue. Our problems sadly are far more deep rooted and multifaceted .
Germany maybe, Europe, no, almost all economies in Europe outperform Britain or Germany.@@mikerathmell6271
Maybe not. British govt likes red tape and paperwork.
The slowdown precedes Brexit.
But it was a bad idea
someone ones said "these how democracy work"
UK is relaying on demand from EU and China, it seems there is no way out for UK economy
The uk bit the hands that feed them. No wonder their economy is circling the drain.
Britain underperforming France. That's a shocker!
This is one of the reasons I left the UK
Now that all the loot money is over they are struggling
Doesn’t seem to stop you lot flooding over here in the millions? Must be the fact that indoor plumbing and clean drinking water are basic instead of luxuries.
Literally, the UK was only ever important due to all the stuff they were stealing from everywhere else. The moment they stopped being able to just rob their colonies blind, they had to start relying on the more equal but similarly co-dependent relationship with the EU to maintain an illuion of importance. Now that's gone too, the Brits are finally realising that they really are just a mediocre backwater of an island with nothing of inherent value to offer the world other than some basic (though crumbling) infrastructure that is a legacy from better times. Which is literally what England was at the end of the Middle Ages before they started all the colonising.
Pillock.
That's why they are in gaza
@gaz9957
oh yeah, add racist tendencies like the thread above portrays
If we can focus our efforts on practical sciences, and get lucky, then we might just make it.
We are STILL in austerity!!!! From 2007. 😮
They won't invest because it would provide a better life, they want to only manipulate you. Social class ceilings everywhere.
UK was at its financial pinnacle when it avoided free market economics by protectionist measures for the Empire, and specifically for UK within the Empire.
Thatcher began the move away from an economic system that benefited the nation to an ideological (contrary to evidence) neoliberal economy. That FLICKED us big time.
3:44 Labor? Pronounced Labb-or.
That time technology was largely western centric , in today's world that system cant work ...case point would be China , when it was protectionist it was largely poor but right after it opened itself up it grew rapidly. Same with India .
Technology is everywhere these days , who knew a country like Lithuania will create a multi billion dollar unicorn in Europe , that's the case in today's world in matters trade .
If for some reason countries closed off their border and put up barriers , economies will suffer globally the UK included
@@michaelmwalii6878 Premise: free markets benefit the economy:
British Empire: no free market. Premise disproven.
Rubbish! We didn't have an empire when Thatcher was in power so there was no captive market for all our outdated expensive production. Thatcher stopped subsidising the greedy few despite their bully boy tactics
Who would have thought that a private water company will not only add its costs but puts its profitmargin into the final bill...
@@michaelmwalii6878 China and India had the ability to experience rapid growth because protectionism was dismantled and manufacturing was moved to those countries. If protectionism was maintained, manufacturing wouldn't have moved there and industry would still be centralised domestically, which - while creating a myriad of problems in itself - is better than the current system where goods stay expensive and business margins are expanded instead of costs being lowered due to cheaper labour.
If everyone went back to protectionist measures they'd need huge capital investment to rebuild their manufacturing base and need to train and bring in the skills to operate and handle the improved supply chains. It would certainly be a better use of money than the current investment class who piss their money away in the third world or give it all away to the Americans. Privatisation was an even bigger disaster because crucial services shouldn't operate under a profit motive that prioritises the short-term over the long-term.
The biggest issue is that the UK needs a cultural fix, heavily divisive and tribalistic nowadays thanks to the policy nobody asked for. Class issues have always been a problem and they get even more exacerbated these days. Brits are always pessimistic, but, now so more than ever, everybody has just given up except the lucky few.
Summary: the policies of the 1980s and 1990s saw huge growth because they sacrificed the future for it. Capitalistic systems as they are now prioritise the short-term of 1-5 years instead of long-term projections and make no accounts for the most valuable resource of all - your own people - which sees the economy spiral out of control once large population groups leave the job market and the youngsters are saddled with ever-growing debts and a country they feel offers them nothing. Thus, the skilled leave and the rest rot. Going to be an interesting decade.
It’s insane how obvious the solution to the issue is. Housing. How can there be innovation and productivity when everyone’s money is being flushed into an asset that only appreciates the less you allow other people to have/make. It’s sad and lazy. It’s Idiotic where we are at now and was so predictable and easy to see coming.
The British public are too easy to fool hence we will remain a reliable battery funnelling money to mega wealthy as standards of living plummet through the floor.
We have a situation where young people are saying “what’s the point in working when I’ll see nothing from it?”. I don’t agree with that mindset personally but I get it because what exactly is the benefit of working hard with the way things currently are?
Burst the bubble for good. Until the country concedes that housing should not be for profit and allow disposable income to actually be used on things that will grow the economy we will be stuck.
Imagine a UK where instead of funnelling money into property that does nothing, the expectation was that the UK public reliably park a good amount of savings into some sort of UK index that funds British companies and companies that that have a strong presence here. The same foreign money that’s being used to dominate the housing market could be used to pay decent wages and fuel economic growth for said businesses.
Imagine how many entrepreneurial ideas that have gone by the wayside because rent and mortgages are people’s primary focuses.
If only it was just the economy that was messed up here. No we have so many problems right now that I’m not sure this train wreck can ever be salvaged.
Politicians focus on winning the next election. This means focusing on those who actually vote. Retirees. So there is little incentive to build the economy for the future.
Pandering to people who vote you into office rather than focusing on building the future for your country is a selfish way to make sure you keep on getting elected and a sure way get put your country on a path to self destruction. Good luck, uk. Your future looks bleak.
We need an FTA with the former commonwealth. Already have a world language and common law between us
CANZUKUS
Many of those Commonwealth countries have done better as independent entities and have got no interest in making Mama Britain Great Again.
Why? The richest market per capita in the world is 23 miles east of Dover... What exactly would be exported? If it's physical goods do you have any idea of the shipping costs and import duties needed to be paid... The Commonwealth is a bunch of disparate countries with nothing in common only who formerly ruled and exploited them...
Why do you sound exactly like that simon guy
In the end Germany won anyway, despite everything.😂
Please comment an angry retort below:
They won in the end probably because in the end of both world wars there was somebody who won and didn't really had a reason to punish them. USA couldn't have bad blood against them and so didn't punish them. I am of the opinion that The Versailles treaty was pathetic form of punishment. That is perhaps the 2nd best peace deal just behind my country Bulgaria. We only lost a bit to Serbs and Aegean coast access. Army regulations ofcourse. The only 1s who got shite peace deals were the Austro-Hungarians and Ottomans (sweet ngl). Both empires got obliterated and served death sentence at the end of world war 1. Germany stuck it up Frances ars just a little over 2 decades later. The remnants of both empires could never hope to do the same. They were simply left incapable of fighting any major entente power again. No bad feeling from me for Germany. However I'm just beyond honest and claim they had a light deal. France really didn't have it decent with Germany ending up the 1 it did after ww1. France litteraly had the entire war be on its soil. They end up taking a spit of land from German European territory.
@@stevekook-xw3is 👍
Culture will always dominate.
@@tabithan2978 that seems like a shortsighted observation(in my opinion).
@@stevekook-xw3is You got it all so wrong. Please read: Author Allan Nevins ‘Henri White - Thirty Years of American Diplomacy’ Harper Bro’s., 1930, pp 257 - 258. Also read: Author Dr. Nick Kollerstrom ‘How Britain initiated both World Wars’.
and their's not a complete or a very conceivable
The UK is dying and it's a situation of our own making.
We voted the tories in and have continued to do so since 2010.
We are the architects if our own downfall. Much like America and Trump. When you're given the option of a s#*t sandwich or a s#*t sandwich with mayo...you'll go with mayo coz it's easier to digest.
Productivity is down because...frankly what's the point?
You work 50+ hours a week to SURVIVE, not LIVE. How are you supposed to enjoy life?
The UK's problems are vast and varied.
Taxing consumption is an attack on the capitalist/ consumerist way of living that 🇬🇧 population is very used to living. If you tax consumption the whole economic & lifestyle of the population will be greatly adjusted. Maybe it’s what the people need. I just don’t think it’s what they would want though..
I buy very few items but I buy them at the highest quality possible.
Up VAT to 25%, remove all other taxes, and then institute a 2.5% annual tax on all assets held outside primary residence and necessary vehicles. Simple as. The second corporation tax is gone, GDP surges for 10 years!
jesus this so much
@@MGrey-qb5xz It's about 10,000 pages simpler than the current tax code. What more can you ask for?
Reset.
I know loads of people that simply don't work. They sit at home collecting benefits. The system enables this so I don't totally blame them!
Are you joking with these politicians, they will run it into the ground.
The UK could dramatically reduce its energy costs by investment in tidal energy like la Rance in France, and onshore wind which is much cheaper than offshore wind, even though the conservatives prefer it!
Oh but that would require the government to think pragmatically about energy, instead of focusing their policies entirely on what will most benefit the "culture wars". How can they possibly invest in renewable, clean and affordable energy if Rupert Murdoch will be so much kinder to them in the tabloids if they exploit the North Sea for overpriced oil instead?