Economy of United Kingdom, British Economy Unraveled
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- čas přidán 12. 05. 2021
- United Kingdom is the 5th largest economy in the world by GDP despite being the 78th biggest country.Made up of England, Scotland, Wales and Northern Ireland, UK is often described as one of the most globalized economies in the world.
If the world has to thank this region for one thing, that would be what's termed as the “Industrial Revolution”. From 1759 to 1839, the ‘Industrial Revolution’ shifted humans from hand production to machines. But, early 20th century, Germany and United States began to dare Britain’s economic lead.
After the end of World War II in 1945, British Empire was again among the victorious Allies. But their lead as an economic leader had diminished. Following the end of World War II, despite witnessing a somewhat prosperous growth in the 1950s and 1960s, the UK recorded weaker growth compared to other European countries. Lack of innovation, overseas competition, low-cost manufacturing by other countries, trade unionism, the welfare state, and the decline of the British empire were all blamed as possible reasons for this outcome. By the 1970s, they were referred to as the ‘sick man of Europe’.
The video also discusses Margret Thatcher and her neo-liberal economic policies and her actions away from socialism in the United Kingdom.
The video also discusses United Kingdom's car, aerospace and pharmaceutical industries, London's financial and insurance services, investments, its comparisons with Germany and France. It also briefly points out the norther oil field and its differences how Norway managed its oil money. The video also discusses National Health Service, Fish n Chips, Pound currency, English language. The topic also discusses its economy and GDP during recent times with Brexit and UK leaving the European Union.
You can also check other topics on economy on our channel: • Economy
Economy of countries: • Economy of Countries
What do you think of the economic future of the United Kingdom?
#british #UnitedKingdom #brexit
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Brexit has been a flop so far.
No it hasnt.
It's going to be pretty irrelevant when the next great depression starts, in 5, 4, 3, 2.....
@@moonfly1 whats been a success about it
Mark and simple gamer, can you both describe whats been a failure due to brexit and whats been a success?
@@markshirley01 we are not beholden to other peoples laws.
"the country has also been accused of selling weapons to war-torn regions which have witnessed human right abuses"
this phrase repeates in every country's review :DD
Mug
Hmmmm... So you only read Reviews of European, middle east and Latin American nations.
Not true. Only UK and US sell weapons. These two countries are very evil.
So did other industrialised countries like France, the united states, et al. Don't just have a go at us,
As has China, Russia, the USA, Belgium.
Well researched video. However, don’t forget tourism and the arts are also major contributors to the British economy. The British Isles form some of the most beautiful fragments of the european continent, it’s creative youth culture the most vibrant. It’s not just banks, cars, planes and spreadsheets, but a little bit more that gives GB it’s economic weight. Regards from Germany!
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Thanks for some great comments Philip. I’m more concerned about the health of my fellow British Males. German Males are much more healthier.
The problem with modern Britain, as i see it, is we went from the inefficiency of nationalised industries, to the inefficiency of nationally important industries being owned by one profit making company, with no competition, a mandate to turn a profit and not enough oversight. First Bus, Network rail, British Gas, BT, the NHS and I’ve forgotten loads more. Privatisation might work if you do it right. We don’t.
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A bunch of the "inefficient" nationalised bodies should have been left alone. Neither the national rail network nor the national health should be profit oriented. They should be enabling a profit making population base.
@@stevecarter8810 You say that, but I think you have forgotten how poor quality service was during nationalisation. Trains were constantly late. You get late trains now but not in the same league as what it was.
Spot on!
I agree - can anyone give me an example where the free market improves our services? All we've done is sell our crown jewels for shareholders to get rich whilst we get a more expensive, diminished service.
I am a resident in here ,moved when I had 24 ,currently 33 ,,,I love United Kingdom, i love his opportunity, civilisation, freedom,,,,Freedom on the hiest level, in the time of covid we had options, no one beat us ,obliged us for something,,,UK gives options, opportunity and education. You just need to open your mouth and say i want to learn,work ,,,etc and all is happening with or without money. British citizens are wonderful,,,honestly i belive UK is the "Camp of Civilisation " .I all for Brexit and I hope we don't get back in no other formation,,,have you seen what is happening in UE,USA,CHINA,,,etc ,,,,❤All my love for UK ,,,and if is like consume what we produce,,,im all for it.All our generation and more younger generation,,,even my future babys,,,they will fight for this country, work ,learn and spend the money ,,,in here.Britan have the younger generation to fight for her ,,,we don't need any support or alliance from outside!!!! And I am from UE , ,,but I wished not to be ever,,,,im grateful and thank you Britain for existing i all our life,,,we got you like you got us in all times!And don't forget we have for free,,,hospital NHS ❤❤❤Britain gives us all ,,,our people stand for her ,,,and mostly in here are more yung people then older,,,so Britain, Queen,,,you have my support in any times, god ,bad ,war ,,,I will defend you with my life !Thank you ,,,all our generation is Thankful and grateful,,,don't change ❤❤❤
Your love for UK is wonderful I’m happy for you I hope you live well, long and happily with us here in the UK 👍 We will work hard together through good times and bad times 😊
Nice to hear something positive for a change
Well said
You are as British as I am my friend. God save the Queen.
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Shakespeare wrote sonnets and plays, he didn't write a single novel.
He added 1700 words to the English language.
@@curtiscarpenter9881... it doesn't matter.
Correct
That wasn't a thing at the time. It wasn't until over a century after Shakespeare's death that the first novel was written.
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The industrial revolution started in 1709 when Abraham Darby of Coalbrookdale, Shropshire developed the means of smelting iron ore with coke to produce cast iron. Later, the Coalbrookdale company buot the world's first bridge of cast iron and developed the means to bore parallel cylinders leading to improvements to steam engine performance and they built the first steam locomotive to a design by Cornishman Richard Trevithick.
Lest we forget James Watt.
Or Richard Arkwright
Neh mate Mughal Islamic India was deindustrialised so Western World can become Industrialised!
Putting precise dates on 'when the Industrial Revolution began' is pointless. Others might say it started with those other events you mention - Ironbridge or Trevithick.
The British Cuisine is a myth. Some of the best Michelin star restaurants are here in the UK.
Not where I live mate lol. Can I get a Wetherspoons microwave meal 🙏
@Harry's Reviews : A lot of food in HK are delicious.. Michelin has lost its status... like, really really ? When Michelin started to classify which restaurant reached the star status and which did not... Wow.. people revolted in HK ! And they got their ass kicked ! lol....
Another amazing video
Thank you 🙏
The UK also has a very strong creative industry which is a great export.
There are many different surveys of this country, all of which have results depending on what your narrative is. Some would have you believe that we are destitute and others that we are so well off we have no worries at all. This is a great country, it offers so many opportunities to so many different people, all that is needed is human motivation to work and build our standards across not only Europe, but around the world. If I had one criticism, it would be that we need to bring back our national services such as water, electric and transport, but run it properly rather than use it as a way of lining pockets. The NHS is supposedly seen as a system that is admired by many other countries in the world, if that is the case, why then has no other country adopted it ? My wife and I have been married for 40 years and have never left this country for a holiday, this country has so much to offer but people do not see it, its beautiful, full of culture and the sights are stunning. If this is such a bad place to be, why are so many hundreds of thousands flocking here, legally and illegally..........
A Great country? One that like almost every western nation has been getting more and more unequal and hence what you are born into matters so much more since about 1980 (over 40 years).
Would you ever go abroad? Scared of flying? I know the uk has a lot to offer but there must be something you and wife could see abroad that you like surely
@@callum1855 I have served all over the world, seen many good things and many not so good. No fear in flying or sailing but still young enough (62) to get out under canvas and enjoy this wonderful country. There will come a day when I wont be able to camp, so who knows, maybe something different.
@@theoldhobbit3640 thank you for your service, good for you mate goodluck to you
'we need to bring back our national services such as water, electric and transport'...Yeah, because British Rail and the other nationalised utilities were so well run, weren't they! On strike all the time, massively overpaid and overmanned, customer hating, slow, late, error prone, and with no competition you couldn't take your business elsewhere.
Very informative channel. Thanks for sharing!
Thank you 🙏
The thumbnail "Why is Britain so rich?" is either a joke or clickbait. Looking at the distribution of wealth in this country and the purchasing power of the pound abroad, the vast majority of the British are certainly not rich. The percentage of children growing up in poverty is absolutely appalling.
And before people pull the "but what about 'real poverty in developing countries"-card, I mean poverty as in 'go hungry'. Having 20% of children qualifying for free school meals is an absolute shame for a developed nation. Having 16% of children having low food security (foregoing meals or living on smaller portions) is horrendous. And these numbers don't even include the CoL crisis.
Well said my friend....my energy bill has gone up by £100 - I'm certainly not rich!
@@alistairmonaghan6515 Every country is currently suffering from increased prices due to the pandemic and what is happening in Ukraine. Not just a British issue.
Poverty is all relative, in 1930 if you lived in poverty you had no home, no food and no money. In 2022 if you live in poverty you have no Playstation 5, no car, and you are paid benefits. Not the same is it?
@@sidesauce Nah mate that's not the point, i was born in south asia and live in the UK. Poverty in those countries you mention is obviously significantly worse, and more absolute as opposed to relative, but there is a very bad food scarcity problem in the uk and a lot of kids arent going with 3 meals. If you dont believe me you can search up how unicef had to intervene to feed hungry children in london during covid. The more general point is that this isn't something which should be happening in the so called 5th richest country in the world
Yep, it's a joke.
‘The Royal family’: shows picture of Harry and Megan 🤣😂🤣
If you go to places like Doncaster, Blackburn, Blackpool, Sunderland, Hull, Burnley, Rochester, Halifax, etc...you'd realise that the UK is not rich. London and the southeast of England is rich. Most of the rest of the country is poor. People are on low wages and there is a lot of poverty.
Heck you mean anywhere north of birmingham?
@@davidty2006 Rochester is in Kent and there are some places in the south (Margate, for example) that fit into the "poor" category. To be blunt, the common denominator is Brexit. Places that voted Remain tend to be well off and places that voted for Brexit tend to be deprived.
@@davidty2006 more like North of The South East and West of the South East …… oh and a lot of the inner city South East, but a fair point.
There are poor areas everywhere. That doesent make that the whole country is poor.
@@davidty2006 If you’d go to Cheshire you would realise it isn’t poor
Great channel. Subscribed
Lack of innovation? Innovation and discoveries originating in Britain after WW2, off the top of my head and in no particular order: supersonic passenger flight (jointly with the French), VTOL jets, the LCD screen, the microchip, ARM architecture (used by the ARM chip in your iPhone), MRI, head up displays, "tilting" trains, hovercraft, cloning of animals, graphene, text messaging, carbon fibre, and of course the Higgs Boson. Most of these came from "inefficient" nationalised or publicly funded organisations, incidentally.
Take the Higgs Boson off the list - it wasn't just Peter Higgs who theorised the particle, sadly for us flag wavers. Black holes however!!! Penrose shared the Noble Prize for their discovery so we can righteously plant the Union Jack on the nearest one (somewhere near Alpha Centuri I believe, it might take some time for Concorde to get there).
@@tb-cg6vd I'm no flag waver, and I think our innovation days are over, but we punched above our weight for a while, before we stopped investing in ourselves; the video annoyed me. Collaboration is the scientific way, as you suggest.
“Rolls Royce is known to the public for making cars, but most of their money manufacturing aviation related stuff”. Rolls Royce Motor Group is owned by BMW and is no longer associated with the aviation company.
All the British automotove industry is lost and disappeared just like many of its other industry sectors....
@@gartblaum It’s not. Who a car is owned by is arbitrary. Land Rover/Jaguar, Rolls Royce and bentley’s are still built and designed in the U.K. JCB is a company on the rise and Aston Martin and McLaren are independent and doing well.
@@scottwhitley3392 it might be to do with how vibrant and healthy the car industry used to be in the past.
@@scottwhitley3392 Fair enough, but Aston Martin is mostly owned by Canadian billionaire Lawrence Stroll. He bough his shares as recently as 2019/20. British auto manufactures are slowly but surely becoming internationally owned and governed.
@@harryriley7796 Probably why they are doing so well. British businessmen are abit shit.
Why is the UK so rich?
We had Robin Hood who stole from the rich and gave to the poor. Sorted out wealth distribution.
AND had Clannad compose background music to everything he did.
Other countries just can't compete with that.
What about sport and pop culture that we gave the world ? I would say that that has influenced other countries in ways unimaginable.
Good point. I don't know where it falls in terms of economic metrics, but sports, music and entertainment are a type of extremely valuable intellectual property and fuel specific segments of the service sector. A good example would be EMI and the Beatles. Worth billions with a "B" and producing a huge stream of revenues. Cheers!
Every country have their sports and music nobody needs your cricket or pop music
Every country have their sports and music nobody needs your cricket or pop music
This is what’s being smashed currently due to Brexit and Tories
I do agree. Football is English thing, I couldn’t imagine it has not been even mentioned in the video while the money around it is huge
Probably the biggest reason for poor economic performance in the 1940s and 1950s was the debt overhang from WW2. The debt was 250% of GDP, and reached 38% in the mid-1980s. There was a huge amount of demand taken out of the economy whilst this debt was reduced. A bout of socialism didn’t help, but Britain was locked into the Bretton Woods currency system until 1971. Germany, Japan etc operated autarchic economies that didn’t acquire overseas debt - and were able to take off and fly.
Germany was let off war debt?
@@vivlorimer6972 There was little external debt to be let off. No-one was lending to Nazi Germany. The old Reichmark was wiped out in 1946, and the Germans had to start again with the Deutschmark. Everyone got DM100 and told to get on with it. No rationing (only based on price), unlike UK where demand was artificially held down until 1954.
For any non Brits wondering about peoples views on thatcher its largely based on where you live, while Thatchers policies technically helped the economy as a whole it essentially killed the north to boost the south which is why southerners tend to like her when northerners despise her.
@@helloalanframe they dont but under thatcher they were naturally happy to let it happen as it benefitted them at the detriment of the north
True
If she didn't flip the economy from a manufacturing based one to a more serviced based one, the UK would have been screwed and this is true wherever you live in the UK
@@adrianhudson1116 fair point never thought of that
When I found out she died, i left work and had a pint in the pub on my own to revel
"Even the origin of England's national food "Chicken Tikka Masala" are up for debate"...oh really? and what's the debate about whether it's Indian or Indian??? 😂😂😂😂
It was invented by Pakistanis in Scotland. Nothing to do with India.
@@nigelrider3169 was about to say that 😂
It’s not Indian
It’s not Indian. It’s a British dish.
Its British not indian
Very cool overall summary :)
Thank you 🙏
I believe that the EU economies were divide as to their specialities eg: UK = Finance, Germany = Engineering, France = Farming and so on, this is the reason for the decline of manufacturing in the UK. Every country must show some self reliance if they are to prosper.
That Germany's economy continues to rely on manufacturing is a real problem for them when other countries can do the same for much, much less. The same with agriculture: without the truly eye-watering subsidies paid to French farmers by all of the EU's tax payers they would have gone bust decades ago.
@@edwardkenworthy7013That is oversimplistic, and Economies aren't simple. Germany's manufacturing isn't the problem pe se. It is that the economy relies so heavily on exports, and anyone with China as a large customer is entitled to be nervous as China falls to similar issues with finance and being a major exporter. Germany has a mixed economy, but it has had difficulties in developing its Eastern half since reunification. And the costs of that weigh heavy on the economy near 3 decades on. Moreover, like most developed economies, it has an ageing workforce, and so that will weigh on real economic growth. Plus the difficulties with energy supplies. Sadly, Germany like most of the developing nations is having to deal with a broken global financial system too, with banking being overgrown. The Neoliberal economic model is suffering everywhere, and Germany is suffering the least. Yes, they're going through a recession, but that is also happening everywhere where central banks went overboard with their stimulus. Germany is fiscally tight, but has the lowest debt to GDP ratio at only 56%. Britain would rejoice if its own was anywhere near that. So, Germany is at pivot point, where it will have to adjust to new conditions. It has a lot more leeway than many of their peers, so hopefully the economy will adapt to the lower growth future everyone is facing.
A current account deficit does not always mean a country is making other countries richer at its own expense, as stated at 06:40. If the deficit is driven by domestic investment it increases future productivity. This is in economics 101
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I would also imagine that a currrent account deficit can be caused by inward investment or borrowing.
'...William Shakespeare's way of writing novels'? Am I missing something here?
Only if it means novels written in Shakepsearian prose, if such a thing exists.
Yes, his novellas, screenplays, short stories and essays
The EU is a stagnant bloc with terminal demographics that has wet dreams of federalising, so I can understand Brexit from that point of view. The problem is it's quite obvious Europe should be united in some form or another, and can achieve great things when they pull together - like the European Space Agency and the Single Market
So… would you have been pro-brexit or anti-brexit? I’m curious
Yeah,while I don't agree with alot of things the EU does I also understand that it's the only way european countries can compete with superpowers like USA and China.
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EU countries can cooperate quite well enough state to state. You don't need a huge, anti-democratic, overarching bureaucracy for cooperation in Space.
The EU single market blocks trade rather than attracting it and the EU economy is stagnant as a result. This isn't a political statement, it's rather a statement of economic reality.
I saw first time to the this channel and I very impression. Maybe you can make video about Turkey economy in the future
the Raven will fly over Turkey soon!
will you do the economy of countries that are not as developed ? for example eastern europe?
The Raven will fly over most countries despite their present economic situation 🙂
thank you for the response, i have subscribed, keep it up :)
UK is the tech hub of continental Europe...The tech investment in London surpasses paris,Berlin,Amsterdam combined since the last 3 years or so..
London is the fastest growing tech hub in the world or among the fastest growing.
Hummmm!
What about Manchester?
And impossible to live!
Well thats debatable... Tech in europe is mostly centered around central europe... Except may be for space and military hardware
@@sohamsteel1345 Then you don't know much about the EU.
Margaret Thatcher was a great woman, if you're from down south
😂
Margaret Thatcher was a great women, full stop, if it wasn’t for her we would still be run by the unions
The south east*^
The last of the conviction politicians - the lady had courage to tackle the problems of the seventies. I was at uni at the time. Today's politicians are lightweights by comparison - just concerned with themselves and PR and optics. MT got more done in one month than they would get done in one year. Imagine MT taking on Brexit and illegal immigrants. The Tories have done nothing in ten years! That's the difference.
She should have stuck to roofing. 😁
Investment wise the UK is the largest investor in America and the second biggest in China. In 2019 it was the 5th biggest exporter and fifth biggest importer and economy.
So what? Britain still does not make a current account surplus so its slowly going broke
@@xtc2v So does France, the USA and even Japan. Your point?
@@novainvicta My point: ignore size of turnover. Immigration does not add to profitability in a 'client' state but a shrinking population will reduce a balance of payments deficit since the working majority are taking out from the state more than they are putting in
@@xtc2v Totally disagree. Immigration is what is driving any growth in the economy, largely as the video stated due to weak productivity increases, although I think the last 2 years might have spurred some investment into it, we will see. We need to pay old people their pensions, their use of the NHS, their care homes, free bus passes, license fee, cold winter payments etc. Retired people take from the economy while giving nothing back. I'm not bashing retired people, they deserve it and I'll deserve it when I'm 70, but we have a growing older population, so to be able to afford them and eventually us, we need a bigger working population. We Brits haven't been having enough children for a long time to naturally grow the working population we need so we need large immigration or we all get poorer. Either that or productivity grows through the roof, but history has shown we aren't investing enough in ourselves and workplaces for this to happen.
@CHRISTIAN KNIGHT yeah your kind of racist comment is why people don't say anything about it. But it's simple maths and economic theory.
Amaizing videos, could you talk about greek or spanish economy, and how will they face future problems such as unemployement, financial crisis...
Thank you 🙏 the Raven will fly over Greece and Spain soon!
@@EconomicRaven :)
@@EconomicRaven Not a very nice omen!😬
Whilst this is a good general overview, that is all it is. Some of the things put forth don’t actually tell what has happened to the UK, rather just the oversimplified version of it. The country has a political class that, in seeking to stay relevant, has whored out our economy for quick bucks. We don’t any major brands anymore. We practically let our rich keep their money tax free. And the don’t seem to see benefits of actually investing outside of London. It’s the oversimplified view that has led us into most our issues.
It was not economic to manufacture in the UK. It was not anything to do with class but the high value of the pound as we became oil producers in the mid '70s
India is the pivot of our Empire. If the Empire loses any other part it's dominion, we can survive, But if we lose India, the sun of our Empire will have set" - Victor Alexander Vruce, Viceroy, 1894.
*Britain lost India..
@Chloe Turner Power will shift to Asia
@Bessie Hillum "Your Queen still wears a stolen diamond"
@@user-zg2ou3gv2x out dated quote. We still send aid to India and Pakistan. Nothing in return except immigrants.
Interesting!
Nice presentation.
Never knew NHS was so popular in UK for its jobs :-)
The NHS was the BEST DECISION THE UK EVER MADE.
However the people who work in it seem to live in a fairy world of the money tree and benifits the private sector could only dream of.
@@markthompson6540
Profits for the rich are the only "benefits" of the private sector. The puclic sector that lacks the obsession of making profit is better of course.
Well it’s certainly not for its healthcare, with a 12m waiting list.
The NHS jobs issue annoys me a lot.
I'm not saying that they are all lazy and live in a fairy world of free money and never ending sick pay.
But if it was enforced that all public service workers had to do 5 years in private industry first they wouldn't be so thick .
@@Benzknees five million and that's due to the pandemic.
For several generations during the time of stability in the industrial revolution it was expected that people would have a job for life.
As with politicians who get elected too many times, complacency almost always sets in, as a result people don't always give their best effort or corruption creeps in, as people prefer to line their own pockets. When this happens a major shift had to take place to prevent a country falling into a downward spiral. This has happened in the UK, with only the first two Thatcher terms in office doing any thing significant to reverse this trend.
No matter how much you hate or love thatcher you cant deny her major influence on the countrys future
@@maxstewart6183 Yes those first two terms in office for the conservatives was enough to turn this country around from the disaster that was the 70's
That was Only after the second world war. The overwhelming majority of people up until 1947 had extremely precarious economic stability. They sold their labour and skill with no certainty of employment beyond the next pay packet.
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You really helped string the history together. You're filling the gap where british public school failed. Thanks for putting it together.
Thank you 🙏
@@EconomicRaven Margaret Thatcher policies of moving economy from Nationalized economy to private free market economy and the Tax cuts..... These are fiscal conservative policies..... Why did you call her policies Neo Liberal??????? She was a conservative not a Liberal!!!!! At least when it comes to the economy which you are talking about in this video........
@@bestproto5117 Because she was a neoliberal? Liberal economic policy is not the same as liberal social policy... "It is [neoliberalism] generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, austerity and reductions in government spending in order to increase the role of the private sector in the economy and society"
@@theebs1 let's leave social issues aside because in this video she is talking about economy .
In the US fiscal conservatives are the ones who keep cutting taxes deleting regulations and allowing free market growth and taking down welfare and government spending After all that's what Ronald Reagan and the conservative revolution was all about......
If you google fiscal conservative it tells you exactly what Margaret Thatcher kept doing in the 80's
@@bestproto5117 you're literally dumb the economic ideology that fiscal conservatives follow is neo-liberalism. I gave you the definition of neoliberalism above. Google is your friend. "Scholars tended to associate it [neoliberalism] with the theories of Mont Pelerin Society economists Friedrich Hayek, Milton Friedman and James M. Buchanan, along with politicians and policy-makers such as Margaret Thatcher, Ronald Reagan and Alan Greenspan."
Liberal in economics = free markets and free trade. Fiscal conservatives in America adopt liberal economic ideas. Conservative is not the opposite to liberal in the economic world, contrary to to the social and cultural world.
I could write a book on thatcher not one person on this planet even knew her better than myself.. She was 100yrs ahead of any countries leaders.. She saved Britain and assured its future..
Write it then.
Tell the working class, those going to food banks and facing heating poverty, how wealthy they are.
You mean those wealthy beyond the dreams of Creosus compared to someone in Africa? Ther is a reason thousands risk their lives to get to the UK for economic reasons and the ability to get money from the state without any need to labour.
Why though?
@@andrewallen9993 There's plenty at the top of African society that are extremely wealthy. Plenty of corrupt politico billionaires, multi-millionaires. The people are poor because they are stolen from.
@@babylonsburning1 And there are people on benefits in the UK complaining about how little they have who are as I said, rich beyond the dreams of poor black Africans.
I didn’t know the UK was rich. 50% of people between 21 and 38 are living “hand to mouth”. One out of every 3 people in the UK can’t afford to heat their home. The average wage is too low for basic necessities. When you look at the wages versus buying power, the UK is basically in line with many third world countries. This does go back to Thatcher, and the almost unbroken line of Conservative governments. Other countries in the region that have occasionally had socialist parties in power have a way better standard of living.
Read my comment Dave , it's the government that's rich not us f☆☆☆☆☆s , I think that's what they should stress in this video .
@Dave Publiday - I do love people who completely make up stats based on absolutely no knowledge and literally plucked out of the air. You are talking complete rubbish comparing the buying power of the average Brit with developing countries. You show your ignorance by using the term 3rd world which is a discredited and arrogant term. Your socialist wedded drivel would do well to live in the developing world to understand the real hardship of the average person living hand to mouth, not turning the notches down on their thermostat in a country that with the jet stream doesn’t even have freezing winters.
Not sure where you are living Dave or what you are reading, but that is nonsense. Those on benefits in the UK still receive more than 90% of the world's population. Home ownership at around 65% and median wage of £31,772. Travel outside your town and you will see very few old cars on the road and most people in the UK enjoy a holiday or 2 every year.
Spot the die hard labour voter. When you realise it doesnt matter if you vote for labour or tories to effects are the same.
@@A190xx Those on benefits might earn more than 90% of the world’s population, but they don’t live out there in the rest of the world, they live in the UK and have to buy things at UK prices. You’re being a little intentionally daft with your answer. Also, a median wage of £32,000 is awful. You’re saying HALF of the people in the UK ear less than £32,000…. The median wage in Switzerland is 60,000CHF, in Norway the average wage is £52,000. The UK is not a rich country, yes there are rich people there, but for most people money is an ever present concern.
Wow we have had a massive impact on this world, weather was nice today.
Mustn't grumble 🇬🇧
I am German and 2019 I moved to the UK because I know that the EU is heading towards socialism. I hope that after the pandemic the UK will return to a free market economy and lower taxes to boost the economy.
I hope you like it here
Do Italy next !
the Raven will fly over Italy soon!
well detailed pls do one on france and norway too
We have already made a video on Norway. You can find it on our channel
Cant believe she mentioned Shakespeares novels but not his movies. Leonardo Caprio was so well directed in romeo and juliet.
His articles in Playboy were even better.
Why is UK so rich?
UK: We got a good economy
50% of the world in 18-20th century: 👁️👄👁️
In terms of size we are a Tiny country but in terms of Potential & Track Record to date - HUGE.
You also forgot to mention the Blair years. He drastically changed the UK cultural and economic landscape. We are now suffering from his mismanagement. The amount of peole coming in to the country has put the NHS to stress levels it can't cope with. His expansion of the welfare state is also a major problem.
The damage done by Blair will echo far into the future.
High immigration was followed by Blair and the subsequent Tory governments due to the demographic fall in the workforce - the baby boomers retiring and needing supporting. The NHS far from burdened by the healthy young new immigrants is funded by their economic activity and staffed by them.
@@modestproposal9114 And what happens when these immigrants get old? Just keep importing more and more people to pay for them as they retire? No. I don't want it, nor do most of the native population.
@@modestproposal9114 Have you not seen the millions of Brits now being denied universal healthcare? What planet are you on? And high immigration has destroyed the essence of our nation full stop!
@@modestproposal9114 And you say subsequent Tory governments - that's a joke. None of those governments were proper Tory, they were just continuing Blairism.
The discovery of oil, and Britain's failure to join OPEC, are perhaps the two most significant events since 1945. Britain remains a colony of Washington.
Don't forget their legendary music industry bring back all that patent to their country
Mrs Thatcher did well in my opinion. But without the North Sea oil she wouldn't have been able To afford all she did.
Thatcher milk snatcher🥴🥴
@@HAIRYSLOVAKAPE Thatcher was told to cut education spending. She was only an MP at the time and had to do as she was told. Would you have preferred her to have cut lessons and materials?
@@xtc2v I went to school in the uk and i can tell you that it’s not much better now it’s disgraceful when teachers have to buy equipment such an pens because the government still doesn’t provide enough support.
@@HAIRYSLOVAKAPE Britain is technically bankrupt so what did you expect? Students now have to pay towards university. They still take soft subjects that are of no use in finding a job. I'd certainly call students lazy choices "disgraceful". What are the parents doing? Expecting the government to buy pens? It'll be their kids socks next. How about mum and dad take some responsibility for their progeny? Struggling childless taxpayers are already sick of subsidising these families. Despite high spending on education here in the UK nobody seems grateful for any of it. In poor countries parents and children respects knowledge and are desperate to learn no matter the obstacles. I reserve my respect for them
@@xtc2v sorry but this is just tory behaviour how can you say so much is getting done an so much help is given when 70% of MPs are privately schooled the fault is in letting communities grow apart and turn into shantytowns of what they used to be there is no initiative by anyone to male Britain great again.
Well informed and followed through with a good selection of facts. In places a bit biased, but then who isn't. I'm surprised tourism wasn't mentioned much. Isn't it a significant contributor?
Only London
@@greenfox1991 not necessarily, theres huge tourism in northern parts of the uk such as Manchester and Blackpool. Blackpool being a place fueled by tourism which was kickstarted by the local population in the 20th century. Cornwall is another contributor to tourism too
@@Carno_Yujia Kinda nope, 75% of UK tourism came from London. Second Edinburgh with 5%. Third Manchester with 4%
who the heck wants to visit the UK anyway? shitty weather, few historical sites compared to other countries, plain food, and extremely expensive?
@@shweshwa9202 Architecture, High Culture, Cuisine and History - despite your denial - are a few of the reasons that Britain, London in particular is a major tourist destination.
Music, literature, fashion, film industry and TV (Big brother and AGT) exports could be added. Oh and Harry Potter. And bad guys in films 🙂
India is the pivot of our Empire. If the Empire loses any other part it's dominion, we can survive, But if we lose India, the sun of our Empire will have set" - Victor Alexander Vruce, Viceroy, 1894.
*Britain lost India..
I live in Scotland, North Britain. Our economy is booming since Brexit, even with Covid unemployment rates have never been lower. For example, we are an asset based economy, with owning our own homes being very important to us. Our Housing Market is booming & doesn’t appear to be slowing down. Also, Credit is easily obtained, so consumer spending high.
Our infrastructure makes it easy to do business here, that, along with our stable economy, makes inward investment very easy.
The history of booming housing markets is not good. So be ready for it!
Now it's the kingdom where the sun never rises LOL Bloody clouds!!!
Not our fault . Our weather is much better than most countries
"India is the pivot of our Empire. If the Empire loses any other part it's dominion, we can survive, But if we lose India, the sun of our Empire will have set" - Victor Alexander Vruce, Viceroy, 1894.
*Britain lost India..
@@user-zg2ou3gv2x britain is still doing better than India, pakistan and Bangladesh combined.
@@wifisamust4916 No it's not. You are delusional. India figured out Cryogenic Rocket engines while Britain is struggling to put it's satellites in Orbit. The French are far better than Britain in every conceivable aspect. They kicked out Britain out of the Galileo navigation system after Brexit. India has its own navigation system! The GDP of India is far larger than the UK. India is self reliant in food production while Britain produces only 59 percent of the food, it consumes.
@@doctorpanigrahi9975 im sorry but come on, would you rather live in the UK and make £40,000+ a year or live in India doing the same job and make £5000. The fact that the British economy is even comparable in size let alone slightly bigger than India is absolutely insane.
India has such a low GDP per capita and low quality of life.
In 50 years I'm sure they might catch up a bit but no one in there right mind would prefer India unless they are rich and want to make use of the cheap low skilled labour 🤷♂️
Can you do Italy and France
the Raven will fly over France and Italy very soon!
I'm not convinced this explains GB'S current (supposed) 'wealth'.
I don't believe that Thather's policies did more good than bad.
The NHS is now effectively privatised.
It has been over 30 years and no-one living in the 1970s would want to continue on the direction the UK was heading. Other than staunch socialists, most people accept Maggie made the unpopular but necessary decisions.
@@A190xx As a Pole I can tell you that there will be always people saying crap. At the end of communism we had problems supplying basic needs to our people and yet socialists will say that capitalist reforms were too deep and too abrupt.
I use the NHS a lot. BUT I don't pay anything!
Forgoten say about cultural influence and power of UK: Harry Potter, The Lord of Rings, Shakespeare, Sherlock Holmes, Charles Chaplin, the battle of two roses that insperated The Game of Thrones. Globalization, industrialization, capitalism, inglish like a global language and other inventions are the inglish legacy for the modern times.
Also real life titanic, creating north america and Pacific
True, i dont think so. I cheking now and descovery that titanic was made in UK. Oh my god.
Other fact: Brazil is the bigger productor of coffe in the world and it is relacionated with the inglish demand and comercial rotes 👍
Very interesting
P.s.: The taj mahal was made for indians with the money of the inglish exchange
it's England and English not ingland and inglish.
Sorry, i don't speak inglish.
@@vitoralencar9114 Don’t worry, it’s a common misconception because RMS Titanic was travelling from England to the USA. That’s why in the movie you hear a mixture of accents from passengers, but every single worker on the ship is British lol
They have been through rough times.....but always recover, you can count on them to the right thing when the times call for it
Productivity growth was stronger pre thatcher.
This video is biased.
We keep being told there is no money and we can’t afford any public spending.
What an absolute load of bollox.
Rolls Royce Jet engines, and Car manufacturing are entirely different companies....
Subscribed.
The UK's history is rich depending on who you're talking with. The country is richer than most but most of the country is relatively poor compared to its neighbours
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Not really. France is closest and GDP per Capita is the similar and so is Germany. These 3 are all ahead of Spain Italy etc.
Exactly, the average salary is 27k, crazy
@@slomkowski0927 Most people earn less than the average. The rate is positively skewed due to very high earners pushing that average up.
@@PaGaNism I don't think so. I am earning more than the average. At the company I work for, a massive FTSE100 company, I can pretty much say nearly nobody directly employed by the company in the sector of the company I work for earn less than the average, except for apprentices, but also we aren't very high earners either. This is close to 10000 people. And this is in the north too. It really depends on which sector of the economy you work in.
Rather insightful video for its length. It provides enough of a digestible summary for the overview of Britain’s economy. I do think that mentioning the various colonies across the globe the country still has and their use as tax heavens is a significant contributor to the total economy.. Perhaps of topic,
Whilst British cuisine is aesthetically unpleasant, it’s certainty amazing particularly in taste with regard to Scottish cuisine which largely survived the Second World War rations in contrast to English cuisine. With such great dishes as Cullen Skink, Stovies, and Stornaway Black Pudding.
We gave the world the majority of international sports played today such as Tennis, Football, Cricket, Golf, Hockey, Netball, Rallycross, Rugby, Squash, Table Tennis, Water Polo, Basketball, Volleyball, Baseball
Tiddlywink !
Thatcher was necessary medicine. We overdosed unfortunately.
Finally someone gets neoliberalism
People always act like the world was perfect in the 70s then these neoliberal
Monsters destroyed everything
They fail to see mass economic stagnation and malaise across much of the west during that era and how the Neoliberals actually were success at jumpstarting the economy again
Reagan would have the largest Presidential Win in US history and Tatcher the longest reign in UK politics if they were just evil people who ruined everyone’s lives.
The problem came however in the 90s and 2000s where these reforms should have been rolled back and social structure put in places to limit the job losses, slow down de Industrialization and take care of those left behind
Unfortunately no one did and kept riding the neo liberal high
And thus we arrive at the 2010s, the recession, the poverty, the inequality
It wasn’t that Neoliberalism didn’t work, but that we kept using it past what it should have been for. You used the perfect analogy that I always use as well...
it was a necessary medicine but we overdosed on it and now our societies are in the ER yet again.
This is how I kinda see the deregulation in the US during the same time period. Some of it was good like in transportation while some of it was bad like rolling back financial regulations which enabled banks to be riskier with lending.
@@darthutah6649 precisely.
It’s broad neoliberalism ending the new deal paradigm
There’s a reason these politicians (Tatcher and Reagan were elected in stunning victories)
People can look back now and pretend they imposed deregulation on the masses tyrannically, but the history shows there was a clear mandate given to them by a public that felt something was wrong prior (cough stagflation), and they kept getting elected because they actually did fix some of the issues.
Unfortunately the created new ones and were too stuck reharshing the old debates of big govt vs small govt, socialism vs capitalism (which were the arguments at their time) to face the future and the challenges it presents
Neoliberalism must die, but we must recognize why we went for it in the first place and take those lessons with us to whatever new thing we want to move on to.
And it MUST be something New. Those who want to recreate the economy of1960 or 1950 will just end up with neoliberalism again 20, 30 years down the line,
@@BasicLib Tbh, Reagan gets too much credit for deregulation. It actually began under Nixon and it went on under Clinton.
Nutrition community might call that "Hormesis", too much of a good thing is bad, and treatments can only be good if administered in just the right dose.
The problem is no one knows what the "right dose" is until the damage is seen. Things are just too complex most of the time!
As a south african living in the UK, I love hearing stuff narrated in a familiar accent - so refreshing; thank you!
About cars I can only say this …If you want to buy status buy German , if you want to buy speed buy Italian buy if you want to buy CLASS you should buy British cars ! By far the classiest brands in the world !
Work for 50 years and then stand in a massive queue to get medical treatment and not hear English spoken.
Great video! Please do Iran, Russia and Turkey too 🙏
How about doing it yourself?!
Ok...shite..shite..and not as shite as first two.
The UK is the 20th biggest country in the world by population, not the 78th.
The financial (and insurance) sector does not make up ¾ of GDP, but far, far less.
78 th by the territory
Territory not population
@@pashamor The comparison for economic purpose is the population not the size of the land.
also they said 30% not 3/4
@@moritz9077 No they didn't. See 5:41.
UK is now also the world leader in Fintech development building on its centuries of expertise in financial seevices
With Great Britain's economic, cultural mindset and historiac experience it is well equiped to mould a bright future. A good leader is needed.
English has become the global language
There are two very important things you didn't mention why the UK is so rich.
1/ over priced property.
Because property is so over priced the value can used as leverage.
2/ and the most important reason of all, is democracy, even if leaving the EU turns out to be the wrong thing to do, it was the thing the democratic majority voted for.
If in a country you hold a referendum but don't like the result democracy says you have to abide by the result, that fact alone and the pursuit of true democratic rule keeps the UK wealthy.
It shows trust to the world.
Other countries such as France held a referendum and duly ignored the vote, which is a clear indication of a democratic system that is broken, and as such not a democracy and untrustworthy.
In a democratic system the democracy is the most important part, and is why the UK is still ranked so high.
Just look at the number of people risking everything to get to the UK compared to other countries, they even run away from many EU countries to try and get to the UK.
Without democracy the UK would be broke and worthless.
A true democracy is priceless and why the UK is so valuable to the world.
It's ironic then that the UK has possibly the most undemocratic democracy in the world, with an unelected 2nd chamber, an unelected head of State, and a First Past The Post electoral system that means the majority of votes don't count at all.
The same democracy in northern Ireland, how come that's different to the rest of UK.?
@@StockportJambo No it means people better get off their ass and vote or don't complain when the wrong people get in power.
It's always best to vote even if it's for the least popular that sends a message to those that do get in.
Also a govt that does not take into account the will of the people will be doomed as the Liberals have discovered.
@@terryfinnie2146 The reason for this is because each country runs it's own affaires under the broader umbrella of the UK.
The UK has a set of rules and laws that government the every country, but each country within the UK controlling of the day to day things that affect their lives.
Just the same as councils run the boroughs the govt helps the boroughs run, so the UK govt helps the individual countries run.
The UK govt is made up of members from each country, or the Parliament is and each country has a say on the way things are run.
However the only country not represented in the UK is England which is odd.
But that could be because London is the capital of the UK and England.
Never really heard a plausible explanation of why England is not represented like the other countries.
But democracy is the key to the success of the UK, and the odd thing is Scotland was one of the biggest contributers that made democracy such a huge success, they would be daft to walk away from that which they had such a huge hand in creating.
@@flitsies If one country has control of all the monies, how can that be deemed a proper democracy. The one with the majority always win.
Hmmm interesting to say the least. Couldve mentioned a few more complimentary points but thats just me.
There is honestly not a lot of good to say about the UK economy.
A condensed history of the UK's economy, so I don't think you can mention everything about it to satisfy those saying: you missed this or that!
I'm not sure about the images being shown when talking about Britain's decline - most seemed to be of the most prosperous parts of London. Surely stock footage of old industrial areas is easily available? And given the cars were driving on the right in that clip with a branch of RBC bank - I'd imagine it was shot in Canada!
Very informative. I wonder how much of GDP is sourced from theater and stage plays. Don't they attract foreign tourists?
@Rjgc Londons West End turned over nearly a billion pre Covid which was more than Broadway and that is down to a vast well of domestic creative talent. We are also developing an already large film industry with a vast pipeline of new stage space to rival Hollywood.
I think you did an okay attempt at explaining our economy but missed out some key areas such as Education and technology related industries. No mention of the UK’s COVID recovery either or its highly forecasted growth. Nice to not play too much into Brexit just yet though as we wont likely be able to analyse its affects more concretely until 5 years or so.
Growth? Turns out we are heading for recession. Yay Brexit!
COVId is a double edged sword. Dreadful start going down the road of America and getting the same result, then pulled it back with the vaccine creation and rollout. There is no forecasted growth, the UK is heading for another recession. Unfortunately the UK was badly hit by COVID due to it being a global hub with people coming in from all corners of the globe and bringing in desirable and undesirable things in with them.
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I am from Malaysia and have been here since 1979 working in the NHS. UK is a great country and full of opportunities for all and not the few. British people are more likely to embrace all nationailities and very inclusive. The British society recognises merit and not where you come from or who you are . I am so grateful and proud to be part of this wonderful country.
@@kwonguk welcome mate, glad you’ve had a good experience in the UK :)
The U.K is a global leader in soft power.
Very very rich indeed. People are sacrificing their meals and basic food items…the unemployment rate is 0 Zero
Margaret Thatcher was without doubt one of the very best Politicians of the last Century, she saved the UK almost on her own.
Correction: the sun still doesn’t set on the British Empire.
Because the gods do not trust the brits in the dark!
Good video. Rolls Royce aero engines though have been a completely separate business to Rolls Royce motors since 1971. Rolls Royce cars now owned by BMW
6:17... There are two different Rolls Royce
The island that created the industrial revolution, and ruled the biggest global empire, and a native language that's nearly universal, now embarking upon a new era of bilateralsm, and great promise.
Brittan became wealthy by stealing from their colonies
Go through a council estate and see how much poverty we have. People trying to live off £40 a week with no heating in freezing homes. Its shite.
Every country has poverty unfortunately. And people defined as being in poverty in the UK are still considerably better off than poverty stricken third world countries.
A better question would be "How did much of the world develop at he rate it did & become as wealthy as it it has?"
The UK not as advanced culinary wise than Italy or France? Obviously haven't been there of late. London's food scene easily bypasses anything the French or Italians can throw at it these days. Bad British food was true. 40 years ago.
Yes, no one talks about 'going out for an English' - they go out for an Italian, a Chinese, a Thai etc. There is a reason for this!
@@davidjma7226 Yes it is because people at home don't tend to eat Italian, Chinese or Thai regularly at mealtimes, so dining out is an opportunity to eat alternative dishes cooked well by professionals. Having said that, good luck getting into a pub in SE England at lunchtime to have a traditional British Sunday roast without booking first.
Importing food doesn't make it British, just as putting stuff stolen all across the world into the British Museum doesn't make it British either. British cuisine isn't great. Just accept inferiority on this sector gracefully.
@@adamlea6339 I agree. That's one dish mum used to cook at home every Sunday. The other six days were pretty grim.....bubble and squeak, macaroni cheese, egg and chips, black pudding and ham salad for example. And canned fruit with evaporated milk! I emigrated in the early eighties and lived in APAC and SE Asia fortunately.
Rolls Royce cars is a BMW subsidiary, Rolls Royce is a British Engine Company making jet engines. The UK has always had a belief in the free market, post war the planned economy faulted. Productivity, lack of, remains a problem. The economy is more diverse than Germany. Brexit is a wake up call, to reinvent it is economy to become globally orientated whilst developing a new arrangement with the EU.
One thing is the British are their most innovative in a crisis, starting by cocking things up being it Dunkirk or the start of the Corona virus it is a nation which learns quickly, pragmatism overriding dogmatism, winning a war and developing a new vaccine..
This is a great channel! I've watch UK, Italy, and Switz. I'm subscribing now!
Thank you 🙏
Well spoken, meisie. Seems as though you might be living in the UK, considering your interest.
The British car industry doesn't have to match up to other foreign car brands as they are owned by foreign companies and under foreign supervision the British work better,!!
The UK currently ranks as second most influential nation on earth, behind the US.
The us is basically England 2.0
Nope. Not even close.
How much of this wealth is offshore? and even with austerity, will the national debt ever stop climbing?