14 Years of Economic DECLINE - Conservative Record 2010-24
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- čas přidán 27. 06. 2024
- The past 14 years, have seen major economic shocks, some global some self-inflicted. This video looks at the past 14 years in chronological order to see what went wrong and what went well.
0:00 Intro
0:52 Austerity
5:04 Brexit
8:14 Covid
10:02 Truss Budget
13:08 Economic Success
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► www.economicshelp.org was founded in 2006 by Tejvan Pettinger, who studied PPE at Oxford University and teaches economics. He has published several economics books, including:
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Sorry, there's a little glitch in video formatting at 3.12-3.16. For balance, an evaluation of Labour (97-2010). czcams.com/video/v5iF2s0ulq8/video.html
The Ukraine war was absolutely not the primary driver behind recent high inflation.
@@Battleneter I'm happy to pin it all on the Tories and the greed of oil companies scheming behind our backs. They planned to blame it on the war, and aggressively pushed the message that that was the cause because they knew it would echo a lot of the horrible English racism I hear every where I work (I'm English btw).
Remember, it's only called "benefits" when it's given to the poor. When it's given to the already wealthy, or to a business, it's simply "incentives".
Incentives actually refers to things given to incentivise an action
Funny how furlough wasn't called benefits.
@@wokeleftyOr State pensions for that matter.
@@wokelefty Is that username a middle finger to people FOR 'woke lefties' or ironically against them?
@@gerhard7323 Interestingly enough, when I retired, I was invited to apply for my Old Age Pension 'benefit.'
We are now reaping what the Cameron and Osbourne era sewed. In a time when money was practically free we should have been investing in infrastructure like roads, rail, hospitals and school etc and invested in education and training. We could've provided jobs, boosted the economy and set ourselves up for growth and made the UK a destination for business. Instead we have had a lost decade (or two I suspect) because of Tory ideology that has only been compounded by the disaster of Brexit. Yet people will still vote for them, the mind boggles. You cannot cut your way to growth, that has been proved time and time again.
90% of the press are pro tory, until we sort thst out we will always have the tories boot at our throats!
Thatcher and Lawson did the same with North Sea oil. That money could have been invested for the long term in skills and infrastructure, but Tory ideology wouldn't allow that - that's the sort of thing a failed state like Norway would do.
It's worse than what spain or italy did. They overbuilt useless infrastructure, with cheap debt while their debt, was as cheap as german debt. Then couldn't pay it back, when the market upped their rates. But at least they built a lot of usefull infrastructure as well, and taught their people usefull skills. The uk left everything to the freemarket, and got what little infrastructure and skills we did get, price gouged.
There is no real difference between the parties. We would have ended up in pretty much the same place today regardless.
@@voodo0983 What makes you say that? Prior to the 2010 election Brown's approach was to push for growth with policies such as the scrappage scheme and 'red Ed' Miliband did not support the level of austerity that Osborne and Cameron introduced for idealogical reasons (and which many economists now regard as unnecessary). There is also no way Labour would have introduced a 2 child limit on CB, and destroyed Sure Start (leading to many of the issues we have today with child poverty and inequality).
And then there is Brexit, which Goldman Sachs report has made the UK economy 5% smaller. Labour never had a right wing anti-EU wing of the party so we would not have left the EU.
Unless I'm missing something, how would everything have been the same?
3:12 got an encoding error there
I got a meltdown too!
Yes, sorry about that, don't know what happened
So austerity made everyone’s lives worse, stalled the economy and actually increased our debt. Its almost comical incompetence
Its like it was designed
Agreed
Zero seats!
UK's real problem is that it has not fully and properly transitioned its politics from that of a colonial power to that of a normal country commensurate of its own size, despite the 75 years of time past since WW2. This is evident from UK's high profile involvement in the Ukraine conflict, and the Asian NATO (AUKUS).
One would have thought UK had learnt something from the Suez crisis debacle in 1956 when it was made clear for the rest of the world UK was not a world power anymore. Sadly it learned nothing. The construction of two carriers that are now more or less useless because there are no funds to buy squadrons of F-35s to them is a good example.
We have forgotten we don't have an empire and are now a failing backwater Ex power.
What has this argument got to do with the economy?
Absolutely. The British welfare state has massively depended on cheap foreign labour both in the past and still today and was largely built on the wealth generated by the British Empire. That wealth is now gone. Brits need to understand that if they still want the benefits of a great public sector they have to pay higher taxes for it. I'm 100% behind taxing wealth not work, especially in the current cost of living crisis, but in the longer term the working and middle class also need to understand that they can't have their cake and eat it. Wages in the NHS are particularly atrocious and what used to be a great pension scheme has been undermined repeatedly to the point where it offers little or no security to the majority of the lower banded, mostly invisible, staff who keep it all running. The time will come where foreign workers realise they just can't afford to work in the UK because it costs more for food and shelter than they are earning and then where do the staff come from? One solution would be to build accommodation for key workers to rent cheaply: the property would remain a government asset while generating income and encouraging recruitment. But what Conservative government would like the optics on that...
You are 50 years out of date.
14years of hell under a Conservative Government who lacks the maturity and wisdom to Govern well. Sadly our young are the people who have been left behind and disenfranchised. The law needs to be changed to protect the country and the people from incompetence such as we have been forced to endure. We the people should have the power to call for an election when it becomes obvious that a government is failing us.We are all tired of the lies misinformation and reckless decision making that has adversely impacted all of us.
Every age group has been hit not just the young. The sons and daughters of the wealthy and upper middle classes are doing very very well
Agreed, well said
Yougov has the best pollster track record and that has Labour 27% ahead, into the election campaign. Labour are trending upwards. But LibDems in 2nd place in 90 odd seats, of which 80 are Tory to take and only one is Labour ( Sheffield Hallem), the rest mostly SNP.
Vote tactically!!
You should split this into shorter videos that can be shared. The quality of comment and graphs are brilliant but most folk don't have a long attention span these days and need to process one concept at a time. But you are awesome.
Watching this video just makes me feel sick… Every opportunity lost for 15 years. A shame.
To add to the £25 billion or so in providing housing benefit you have to add in the cost to the Treasury, and therefore to the taxpayer, in refunding to the BoE their QE costs of another £25-£30 billion a year . One arm of govt supports assets like house prices with QE and another arm of govt supports the chaos of the resulting soaring house prices with housing benefit. Complete madness and mismanagement.
whay would the govt need the tax payer to pay back to it, its own IOU's?
@@Phil_D_Wallerthe taxpayer via the Treasury compensates the BoE for the interest the BoE pays to the commercial banks for their deposits of QE money held in BoE reserves. It is outrageous that the taxpayer is indirectly paying to the commercial banks £25 to £30 billions a year as an interest payment on the £700 billions of "free" QE money which the BoE paid to the banks during its QE operations.
@@erongi233 what i am saying is do you think the treasury / govt and the boe arent the same thing? left pocket to right pocket. The BOE is wholly owned by the UK govt . its just smoke and mirrors. The UK govt/ the BoE doesnt need your IOU's as it creates its own out of thin air (bank reserves > deposits)
I personally dont think taxes work that way but thats for another day
@@Phil_D_Waller The bank reserves we are talking about are owned by somebody else, the commercial banks,Lloyds,Barclays etc.This was invented,BoE money used to buy gilts from the commercial banks. Because that invented money is owned by the commercial banks, the BoE has to pay them interest of around 5% on that money. That in total is around £30 billion a year. The Treasury then compensates the BoE for that £30 billion they have paid to the commercial banks. It is really the Treasury paying £30 billion to the commercial banks via the BoE.
@@erongi233 bank reserves are a liability of the cb, they are just settlement balances. They do have int paid on them but this was a policy choice to do so because they held them rather than govt debt which paid a policy rate. All I am saying is that the uk govt owns the boe, so really as I have mentioned before, it's taking £s from pocket a and shifting it to pocket b. And again I don't see taxes that way, I see taxes simply as a way of shifting resources from private to public use
Fantastic video as always
Michel Barnier, the chief brexit negotiator of EU, was specifically instructed by the EU council that UK could not have any benefits of EU that members who pay their fees have. UK could never have had single market access as members have and being in the customs union of EU was impossible for so many reasons but I give you one. it is the EU commission that negotiates all the trade and other agreements EU has on behalf of the memberstates. When UK left EU there were 759 different agreements signed by the EU on behalf of the member states with 168 countries. 295 concerned trade, 69 fisheries, 65 transport, 49 customs and 45 nuclear issues.
Turkey has a bespoke customs union with EU wich would perhaps be possible to negotiate. Norway is together with Iceland and Liechtenstein in the EEA agreement with EU. UK as a third country cannot get access like Norway has.
After Brexit, the UK, not being a member of EFTA, and not anymore an EU member, could not be an EEA member and could not be a candidate to become one.
Article 126 of EEA states that the Agreement shall apply to the territories which the Treaty establishing the EEC (today the EU) is applied and to the territories of Iceland, the Principality of Liechtenstein and the Kingdom of Norway . These three States are members of EFTA and, in accordance with articles 108 of the EEA Agreement, have established the EFTA Surveillance Authority and the EFTA Court. Both these institutions are only competent for these three States. Their role is to ensure the fulfillment by the EEA EFTA States of their obligations under the EEA Agreement. They are not competent for Switzerland, despite this country being a member of EFTA.
UK as a third country cannot establish these institutions outside the EEA agreement.
Procedurally, in order to become a member of the EEA the UK would first have to present its candidacy and negotiate and conclude an accession agreement to become an EFTA member according to article 56 of the Convention establishing the EFTA. This is because the EEA cannot apply to non EU member States, with the exception of Iceland, Liechtenstein and Norway, precisely because they are members of EFTA according to article 126 of the EEA. Thus, the UK will have to negotiate an accession treaty to EFTA with the four members of this organisation: Switzerland and the three EEA EFTA members.
Once becoming an EFTA member, the UK will then have to negotiate an EEA accession treaty with the 31 entities which are members of the EEA: the EU, its 27 member States and the three EEA EFTA members. The Parties could agree to proceed to both negotiations at the same time.
This is purely hypothetical since Norway and Iceland do not want UK in EFTA.
Appreciate your videos and your channel superb work. This video is nothing we don;t already know however its good to see sources and factual information to back up the feeling. Lets make this the end of the Tory party ! Sadly though Labour will be no different , we need radical new ideas, not the same old hat .
A great summary 👍
Thank you for your research. I find your videos are well done. RIght now I'm keeping an eye on Eledator
Thank you, you are often my go-to source for fact checking these matters
Very informative, thank you.
Thank you for the recap. Can you do another one about the future if the Labours is in charge ?
This is a most thoughtful parsing of the current gloom. Economic shocks X shifting policies X wrong choices.
Labor force participation declined, immigration went up. Pre-Brexit many immigrants were highly skilled Europeans drawn to London’s premier finance sector. Post-Brexit, many immigrants fill the low-level jobs empty from labor participation withdrawal. These are low productivity jobs.
Pre Brexit, many immigrants filled low paid jobs like farm work, food processing, cleaning, waitering and warehousing.
I totally agree, the problem we have is the politicaly inept constituents that keep voting conservative.
Agreed, well said
Because of the media.
Appreciate your videos but your having video/sound problems at times.
Public sector wages declining for 30 years, is it surprising people are not spending the money they dont have?
When Labour get in power things will carry on the same & they will announce soon after that the books are in a worse shape than first thought.
More austerity - there is no other way without taking on more debt.
I think there is an alternative which is for them to increase taxes on the wealthy. Also I think they should make difficult cuts in things like benefits and invest that money heavily into young people. Also invested into health
@@user-pp9yk3tu4z Firstly, taxing the wealthy will never work (even if there was a government that wasn't funded by the wealthy). Secondly, even if taxing the rich became a reality, the rich would simply leave the UK (taking their wealth with them). Thirdly, it's mostly young people who are on benefits, so you're contradicting yourself there (i.e. you're saying "cut benefits", but then "invest in young people"). Fourthly, the UK already invests very heavily into health. Despite all its faults, the UK's healthcare system is a pretty good one (not saying it's gonna remain that way though). Go take a look at the system here in the US - there is no public healthcare system. You have to pay for insurance (expensive), and even then, one diagnosis for something semi-serious could see you bankrupt and living on the street.
@@MnemonicCarriersays it’ll never work with no evidence😂 you should check out the Massachusetts millionaire tax. You might even learn something
@@MnemonicCarrier ok the point about wealth, yes the Uber wealthy might just pick up and leave I can say from example given I come from serious wealth that wealthy people can be taxed more and still want to live in this country. My mum earns £1mil + annually and she would not move abroad if say she paid 50% tax instead of 45. Say they introduced a new top tax rate of 50% for those earning over £500,000 that would work. Perhaps some might leave, but the vast majority wouldn’t. Yes I know the uk spends vast sums on the nhs and tbh I actually think there needs to be a serious discussion about changing the model as it is at the moment to something more like Germany, where there is a safety net and free care for those that need it but an insurance approach for wealthy people. And on your point about young people on benefits, how about investing in young people so that they get good jobs straight out of school so the state doesn’t have to look after them. How about trying to fix the housing crisis which might mean benefits like housing benefits could be reduced. Also make child care cheaper so that parents wouldn’t rely on the child benefit system so much
@@user-pp9yk3tu4z You raise some good points - I agree with dealing with the UK's housing crisis and helping young folks. The dynamics in the UK won't allow this though. No politician wants to see house prices cone down (which is what would happen if there was an abundance of affordable housing). As for helping British youth by preparing them for good jobs - this would mostly apply to London, as that's where all the serious money and opportunities are in the UK, and even then, most highly educated Brits will find better opportunities abroad (in the US). You know there's an IT joke in the US at the moment where managers question if they should outsource to the UK instead of India now (and they're only half joking). IT wages in the UK are far below US levels, in some cases 10x less! Every Brit I meet dreams about moving to the US. And $1 million a year is hardly considered "serious wealth" any more, it's more like the new "middle class". My wife's family owns a bunch of hotels, they have employees they pay over a million a year, but clever accountants use legal loopholes to make sure they pay less tax than a PA on $60K a year. These loopholes will always exist, because as the super wealthy always joke: "...Tax is for the poor..."
How is it possible a whole government can be influenced by one paper (later discredited) to decide the shape and form of a whole country’s economy!?
They weren’t they just wanted to privatise Government services for the benefit of the wealthy, and they want to go after the poor and young because that popular with their voters, the paper was just an excuse to justify what they were doing.
Osborne maybe didn't know at the time that the money's all gone joke was a standard played by every outgoing government.
Help to buy was the worst, could they not guess it was going to drive up prices? where was the 'help to build' starting a new self-build sector similar to Europe where there are far more self-builders.
With council houses the policy should be 1:1 for everyone that is sold one must be build. But beyond that government should be funding council house building. Maybe rather than spend another 0.5% of GDP on the military put that into council houses. That 15 billion a year would build 100,000 council houses. That would go a long way to stopping housing supply issues in the uk.
Just a reminder that nurses and doctors salaries are about 40% less than they were when Labour were last in power.
Foreign nurses also get bigger salary packages compared to British nurses. Be outraged
great to get expert opinion instead of political spin. The government have certainly fallen short over the past 14 years. What amazes me is their continual insistence that the plan is working! Time for change indeed....
Well despite the economy and country in general falling apart over the last 14 years, the very rich have continued getting richer at a substantial rate. So the plan is working. They just never explain what the plan actually is
They are not wrong they are completely right the plan is working, it has been working for 14years, for them.
A super video 🎉
Wait, do you think cryptocurrency will crash? I don't think so. I'm using Eledator, traders just do business instead of me :) I don't afraid even if crypto will crash
Great video!
Great analysis as always. Thanks.
The Tories' repeated failures at competent economic management over the past 14 years is an indisputable fact.
They have deliberately pursued ideological policies that have undermined growth, public services, and Britain's economic standing.
It is a fact that their policies like deregulation, dismantling international economic cooperation (Brexit), and prioritizing profits over investment have hampered growth, trade balance, and economic efficiency compared to other European nations.
The government's disastrous mini-budget inflicted by Liz Truss has caused financial market turmoil, forcing the Bank of England to intervene and increase borrowing costs for the whole country due to unbelievable financial "incompetence".
The Bank of England was then obligated to prevent excessive pound weakness or volatility by raising interest rates, despite forecasting economic stagnation. Supporting sterling's valuation and meeting market expectations was obviously a priority, although they may have stated otherwise.
Crunch the numbers and it's not just the last 14 years under Tory rule. If you fact check our economy you'll clearly see that the pound has gradually decreased in value against the dollar since the end of WW2, regardless of whether the Tories or Labour were in charge.
Very true, apart from a strong pound from 1985-2007 where it almost doubled in value
None of that stuff affects the well off, so from their point of view it's all been a great success
Oh, I love you guys, the best market analysis! Seriously, why not mention Eledator?
Nearly all what we have seen from austerity, Brexit, stagnation in productivity and wages, decline in public services, yet a surge in the wealth of the affluent is all part of the ongoing neoliberalistic project. There are few signs that any of this will change under Labour.
Isn’t there also 11M people not working who could be? Sounds like a burden on the system if they’re not ill or anything
@@slothsarecool So what's the breakdown and nature of that 11m?
This is one for people with poor memories. When the Conservatives came to power in 2010 Britain was starring into an economic abyss according to Andrew Marr.
Who really benefits from, and own, the politics, media and business
Can you address that directly?
tories and their donors i'm afraid. labour have the mirror newspaper, but the sun did back Blair in '97. even the BBC has been corrupted by the tory party now!
No. That woud be "antisemitic" and he would have his channel shut down.
3:13 audio cuts out for 5 seconds
Tory austerity brought the nations borrowing down. In our best financial year we only borrowed £700 million which in the context of government's usual level of borrowing is practically zero. Unfortunately there was much general bellyaching about aspects of the policy. The opposite policy of print and spend has been tried and does not bring prosperity only more debt. I'm sure we will all have a ring side seat to watch the forthcoming Labour government take its turn to waste our taxes. Only a crisis will eventually make governments put the finances of Britain first above their political ideologies
So if you were running a busy you wouldn’t borrow any money to invest you would only try and reinvest profits?
@@jimpaddy79 If a business is only selling within the UK it is not helping our balance of payments. Britain collectively has not made a fiscal surplus for 23 years so as" Britain Plc" we are a loss maker. Why randomly throw money at a loss maker? We need to turn that fact on its head before we allow our government to "invest" a penny. Government, unlike a business man, spends the taxes they collect to win votes and never considers how the spending is ever going to turn us a profit. On a personal lever I tried making an electronic product some years ago. I could not even buy the box, pcb and components in the UK for the money China was offering the assembled and packaged product to the wholesale market.
13:35 Public sector workers *always* lose out under a Tory government.
14:05 The Government _has_ increased tax for pensioners by not raising allowances with inflation, yet reducing NI - which we old gits do not pay.
I just don't understand why 'economists' show graphs of prices of things (like property) in nominal terms. They should compare in real-terms. You'll find property prices in 2024 at the same level as 2013. Conclusion - property prices have not risen in the UK in real-terms.
On a relative basis e.g. price to income ratio? I doubt it.
@@Ligerpride yes the increase in the affordability ratio is not due to soaring house prices, it’s due to incomes not keeping up with inflation. The average price of a house is the same as it was in 2013 in real terms, wages have not risen in real terms hence the affordability issue.
Only the English can have an austerity program where government spending goes up every year.
just plain old incompetence
I never hear anyone talking about the vast untaxed income that home owners get when selling. Many homes are not subject to stamp duty and stamp duty is not comparable to income tax. It seems unfair that first time buyers have to compete against previous home owners that are putting down tax free money when a first time buyer has paid income tax on their deposit earnt with a job.
Hear my point out.
I'd say you should think about it this way: on a house you live in that has gone up in profit the only way you can access that profit is by selling and not buying another home. Alternatively by selling and downsizing to a smaller home.
But yes, you'll pay more in tax slaving away in a warehouse job than what you would if you earned it via investments
Why is their money tax-free? How do you think they built their equity initially?
@@wardosravinif a home owners property goes up in value by 10k in a year and they then sell to buy a better house they have benefited by gaining use of a 10k better house without having to pay income tax on that 10k. A first time buyer however would have had to pay income tax on their savings to gain use of the same house. This is the case for almost all other sources of income, salary, dividends, benefits in kind. If an individual has gained benefit from an increase in wealth taxation is due. Why should wealth generated from the sale of a house be regarded differently to wealth generated from other means if the benefit (ownership of a new house) is the same?
@@CCP_Operativethe home owner has gained benefit from the profit made from the sale of their house. They don't have access to the cash anymore if it's in a new house but they gain the benefit of a better house.
@@adamwalker28 They paid their deposit the same way a new buyer would. It is a primary residence not (meant) an investment for speculation.
Could a medicinal/recreational cannabis scheme along the lines of a State like Florida’s be a viable, long-term replacement to UK nicotine levies?
I’m a young “Florida Man”, but most of my fellow consumers in the medicinal shops are older (thus, a taxable item weighted to the demographic shift- especially for the non-smoking, value added goods).
I don't think any of it was luck. It was all calculations and greed.
How dare you blame the Asian population!
Oh, the AGEING population 😂
To keep things balanced surely its worth looking at the previous Labour government?
Unless you have done that and I cant find the video.
Think your late to the show. Watched all the Labour videos about how great it was. Better still, lived through it and can remember how great it was 😊
Good video.
Whether the richest in society are richer this year than last should not be of interest. How we measure growth should reflect improvement or otherwise in living standards for the poorest.
The rich get richer BECAUSE they're taking it from the poor's living standards, so it DOES matter if they're richer than last year.
There are no labour shortages and never have been. If there were wages would be going up
The UK pays over £100bn a year on debt interest.
Yes, let's just keep borrowing and hope this sorts everything out, genius!
This idea that public sector works lose out when their pensions include over a 20% top off from the government and in retirement their pension is inflation linked is hilarious. Deluded.
Public sector pay % increase should never rise above private sector pay increases.
Sorry I thought the decline started well before that date ?
Thankyou for your unbiased analysis. It is very rare these days!!
UK incentivize unemployed people? then why work?
Hopefully Labour will get in, then we can all have a free lunch & be supported whilst not working!
What is the benefit of working?
Does it, UK has some of the lowest benefits in the developed world, what are you comparing it against
Suppose things had gone well over those 14 years.
Wouldn’t house prices and rents be even higher now?
If not why not? If yes then I struggle to see how the poor would now be significantly better off. Only property owners would be significantly better off no?
I bet the loss is 60 billion pounds!
if the tory era economic woes are due to external shocks, then so was the 2008 financial crisis. If 2008 was all the fault of labours economic mismanagement, then the same is true of the tories now. Pick a lane
Basically, it won't be totally wrong to say that the greedy Tories have throttled the golden eggs laying goose
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
Who is your advsor please? if you don't mind me asking
Carol Vivian Constable is the licensed advisor I use. Just research the name online. You'd find necessary details to work with and set up an appointment.
Thank you for the lead. I just searched Carol by her full name and easily spotted her profile, no sweat. I have sent her an email, hoping she gets back to me soon.
Help to buy allowed big developers to make plenty of cash though!
we have a big new housing estate, about 300k per house, they plopped 2 semi detached shoe box homes at the back, they are the governments affordable houses lol
Well there are a few good outcomes from Brexit like higher wages and more abundant jobs which I think a lot of people in the UK wanted and they achieved it with Brexit. For sure the outcome of higher wages and limited supply of educated EU manpower has been higher inflation, possibly lower GDP and shortages of manpower but that is the outcome that perhaps the people wanted who voted for Brexit and placed the conservatives in power. The funny thing is that the outcome may only unfold in the next 4-8 years which could be under Liberals and give them the credit for it. The UK has however issues that neither side appear to focus on like releasing land for large scale development of new cities and housing, you can't have both balance in price and limited supply, it is either or. UK also has a chronic concentration of higher wages in just a few cities but that might be a curse of island nations which Japan and Taiwan and New Zealend all suffer from as well and countries with limited land for settlement like Australia and Canada and Korea.
Liz ❤️
Lettuce wins!
Lol.
So the conservatives have sent the country backwards following the economic collapse in 2011? 😂😂😂😂😂
And how will labour fix it?
growth...growth in the economy naturally decreases the % of debt to GDP, increases tax intake so we can then pay off the debt and put back some of the services! we've missed out on the cheap credit that could have funded infrastructure during osbournes time, so its going to take a lot longer!
Labour + conservatives = uniparty
We won't fix it.
@@shaun906 And where will this growth come from?
@@trident6547 I'm an a Elec Engineer in renewables (elec generation and distribution) the closest job is 70 miles away? i need the gov to invest in the next revolution. so i can use my qualification!
Low growth in wages is a result of practically unlimited immigration into the UK. The increase people and the demand for accomodation pushes houses prices and rent up as well
"But more people = greater GDP" they say.
They sweep GDP per capita and the housing shortage under the rug
Doesn’t high growth also push house prices and rents up?
@@Lifelongloser Depends what supply and demand do. If wages rise you'd expect house prices to go up but if supply also rises it can offset it.
If wages went up wouldn’t the cost of everything go up and living standards decline, it would all reduce UK competivness
@@jimpaddy79 Like Switzerland?
When you govern for the narrow, selfish interests of the very wealthy and adopt short sighted economic ideology this is what happens. The Tories drastically cut government spending, many businesses that provided goods and services to govt went bust, put millions out of work who no longer paid tax, didn't have surplus money to spend on local businesses, and ended up on welfare, what followed was no surprise. This happened under Thatcher who centralised money supply and caused the closure of manufacturing industry. Then her govt deregulated the capital markets so all the investment, technology, manufacturing and skilled jobs flowed out to the cheapest sources of production in countries which are protectionist and never practised free trade. They did not honour GATT and later WTO rules, and the UK, US and other developed economies had massive trade and budget deficits. How massively stupid they are.
Don’t forget Brexit!
This was the straw that broke the camel’s back!
Shame!
A mistake repeated more than once is a choice.! (P. COELHO.)
Those net migration figures are awful to look at. In the space of 20 years my childhood home has 3x in value i.e. cost.
Why are you blaming immigration for house price rises
@@jimpaddy79 For the love of God, Allah, Shiva.... You must understand the basic premise of supply and demand.
Please tell me you know that?
@@CCP_Operative but if its all down to migration then why do other other devopled countries with similar or higher levels of immigration not have the problem with house prices to the same degree as UK.
UK population growth has actually been pretty consistent since the end of the ww2 and it's not particularly high for a developed economy. It's just the balance of British baby born verse migrants that has changed, with a decrease in the former and an increase in the later.
@@jimpaddy79 Population Growth 1960-2000: 6.5m 2000-2022: 8.1m More growth in the last c.20 years than the previous 40.
Other countries are having issues with housing, Australia, Canada, and the USA. The UK ranks fairly highly compared to EU nations in terms of people per square km.
It's not "all" down to migration there are other factors like the hard to navigate planning laws. But it is fact that we would need fewer houses not more if we had no migration. (Birth rate has been roughly 1.5 children per woman over the previous decades).
Anyway, please don't think that I am "anti-migrant" we've recived the benefit of foreign culture and skilled workers for decades. My take is that the last two decades have been governed with poor immigration policy that has led to overcrowding. We should heavily restrict migration numbers for the benefit of everyone who currently calls the UK their home.
Whats the point in me working harder to get 60% marginal taxes. Its better for me to not bother.
God is fair!
Labour chancellor left a note saying there is no money left and sold the U.K. gold stores. Hilarious stuff.
Actually the Labour Party were left debt of 340 billion from the previous Tory government, an left office with a trillion in debt . This was down to bailing out the banks they at to leverage 500billion to keep them afloat. The national debt now is 2.6 trillion. Did you know that’s more debt than every Labour government that’s ever held power put together.
@@jeffworthington9286 Yes, State intervention from both Labour and Tory has been a disaster.
A small State is much more desirable.
@@searchingfortruth4783
Small state was persuaded since 2010 and now look at the state of the uk
Under the last Labour government we had a growing economy with a triple A credit rating. Under the tories we have lost our triple A credit rating because of poor economic growth and even stagnation. The last Labour government had to spend many billions of pounds to bail out British banks because of the world's banking crisis. The world's banking crisis started in America. The world's banking crisis was caused by Americans. Gordon Brown and Alistair Darling were widely praised for their handling of the banking crisis. More than 300 academics (political scientists) voted Gordon Brown to be the best Chancellor of Exchequer Britain has ever had. Gordon Brown had 13 consecutive quarters of economic growth. Something that has never been achieved before. It is actually a myth that tory governments are more fiscally responsible than Labour governments.
Small state government nation look like terrible places to live, can you give me an example of one you would like to live in.
#ToriesOut #VoteTactically
Bad choices - simple.
#ZeroSeats
Consevatives have been in powerfor fourteen years.....ample time for Labour to have come up with fantastic plansfor their win??but no .......nothing zilch
Lions led by Donkeys
And yet UK growth since 2010 is 21% against Germany's 18% , France's 14% and Italy's 4%. Even allowing for increased population we're just behind Germany a little. Some disaster.
Well clearly our growth was as weak as European. But now compare it to the US which economy almost doubled in that same time.
The UK has been in trade deficit for 25 years, could have something to do with it 🤷♀️
@@vorong2ru Yes if only we had just 1 weeks summer holidays a year, worked 50 hours a week and had to pay for all our health care . our economy could boom ( and leave 20% in dire poverty).
@@joanneburford6364 The UK has had a trade deficit nearly every year since 1985 or 86 there was a four years period around 94/98 when the UK was in surplus since then as you say a 25 year deficit.
Well, while the border checks are so poor, this is the time get entrepreneurial. Smuggle all the drugs in while you can, because the way things are going, I'm pretty sure there's going to be a lot more drug and alcohol use.
'There were alternatives to the hard Brexit chosen, in the referendum, many leavers gave the impression we could stay in the Single market, the customs union was barely mentioned'
Mostly enjoy Tejvan, but still peddling this tired old disingenuous BS after all these years really annoys me.
Referenda are, by definition, binary.
The 2016 Referendum question was,
'Should the United Kingdom remain a member of the European Union or leave the European Union?'
It wasn't a suite of cherry pickable options or an MCQ paper for a good reason, just as the 1975 Referendum (held years after the fact) wasn't.
“Do you think the UK should stay in the European Community (Common Market)?”
Nor were ANY of the campaigners on either side in a position to promise ANYTHING.
The single market and customs union are essential components of the European Political Project and leaving it was essentially a political act NOT an economic one.
Due to its structure and ratcheting inevitable direction of travel one can no more be 'a bit in it' than be a 'a bit pregnant'.
So please, just change the record Tejvan.
Kamikwasi
Do you just say the bad things about the UK economy
Complete Tory ineptitude
Total disaster
Let's hope Labour get in! That should finish the Uk off nicely & let's watch the property market decline for years ahead!!
The uniparty will ruin it 🐭
Do you want property to go up or down?
@@jimpaddy79 Down, the Ponzi scheme has had its day.
.....conservative....😂
Housing being termed as a shortage of supply is a little misleading. As a nation we have been building ~200000 houses a year for 30 years. This would be ample to replace lost stock due to damage, and with a national birth rate of 1.65 children per woman the national population should be declining slowly. Immigration in the hundreds of thousands for 20 years has fuelled the housing demand. Our housing stock is some of the oldest in the world, many properties being Victorian and Georgian, meaning we don't have many houses being condemned or falling into disrepair in any great quantity.
Torries or Labour, it doesn't matter whom you vote, because you can't choose the politicians, they are chosen for you. There is a ruling class and us, the rest doesn't matter.