can't do anything if i can't find anywhere to live lol. does rishi expect hundreds of thousands of people to live on our streets, because that is where we're going. All housing developments near me have stalled no work has been done since september 2023.
Ronald Reagan and Margaret Thatcher cynically called it 'trickle down'. Nothing trickled down but huge amounts were hoovered upwards. Privatisation and tax cuts have had the same effect and contributed little, if anything, to the general well-being of the majority of the British people.
@@chrishewitson7135 I am always amazed by how much poorer people defend this inequality because they have conservative views and thereby hurting their own chances.
@@tremere26 They're not hurting their own chances. People just have different abilities and the able will float to the top. And because intelligence is .8 genetic and high intelligence runs in families societies will always stratify largely based on cognitive ability and various social classes with limited upward mobility will arise. The smart will do well regardless of wether their parents were rich (but statistically they're more likely to be because intelligence is a major predictor for economic status) and the dumb will fail regardlesas of wether their parents were poor or not (and again, they're statistically more likely to be poor because being dumb predicts both poverty and having dumb offspring). The solution to all of this is to accept that ability is to a large degree innate and spend the most resources on those with the highest ability and promote large numbers of children among the smart just like for instance Mormonism does (Mormons are the only Western population group where intelligence correlates positively with fertility). A generous welfare state is nothing but political methamphetamine: it will make people feel good in the short term but destroy society in the long term. It will only amplify already existing dysgenic fertility patterns and lead to an ever-expanding dumb and sick underclass. We need to simply let the trajectories of people's lives unfold as they will and accept that there will be winners and losers, and not worry too much about the losers.
Our economy is like a flailing fish, fighting for its life. The normal state of the U.k. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
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The UK is a perfect example of self-inflicted damage. Anyone with a brain could see this coming. In fact people have been saying it for years... the issue is that the people in power were more interested in helping their rich customers and friends rather than to bother avoiding this inevitability. As a result, the poorest suffer the most. I believe these people should be held accountable for the ruin they've caused and the consequenses should be as severe as the consequences are for murder... because these people have willfully and deliberately caused financial ruin, deaths, a huge spike in mental health problems, massive wealth inequality and a drop in quality of life not seen in the history of this country.
Yes 10 best professor economists researchers said BEFORE BREXIT not to vote for it , what they did? They voted....I blame the rich ones as they were fear of EU tax evasion laws, so they sacrificed UK people to hide their money.....
They only did those things because you elected them, and you keep electing them!! Stop talking as if the UK is not a democracy: It is, this is what the people voted for, and the people are 100% responsible!!! And until the British People relearn how to take responsibility for their own actions, things will continue to get worse...
This is a case of those with voting against those without. The rich and old have been voting in favour of policies to protect themselves and make things better for themselves because they were a much larger voting block. The country peaked about 40 years ago. It'll never recover to that level because in order to do so, people will need to basically vote all policies in favour of passing the bill down the line and giving themselves everything. But even then, the bill still exists from the past generations.
OH LOOK... Not ONE mention of the flooding of the UK by mass immigration.... 11 MILLION from the EU and now mass global immigration in the millions.....leaving nothing but poverty for the UK's native population.... Without these elements mentioned, this video is pointless and worse, a vile globalist, anti British, lie and misinformation...... GARBAGE............. Anyone with a brain can see this.....
I am living in Vilnius, Lithuania. I've got an offer for a job in London (same title as now). Now get this, the salary increase would be 17%!. The differences between Vilnius and London cost of living is more than double.
Our politicians bet the house on the utopian idea that we could survive purely as a service economy. Morgan Freeman narrates: *"In fact the UK could not survive as a service economy"*
Well if you recall, a large part of the reason for shifting to a service economy was because of the destruction on manufacturing being wrought on the economy by an extended period of constant strikes and go-slows by unions. Now the unions may well have had legitimate grievances, but their actions meant that no-one, at home or abroad, could trust that whatever they were buying would be delivered on time, nor that it would be of sufficient quality. That in turn led to equipment being sought from overseas instead. Even Japanese cars, which were in those days seen as a joke, were more reliable than British cars. So the manufacturing economy withered away, and the service economy grew. Is that a bad development? Yes, I think it is. But unless manufacturers can be assured that they can manufacture without constant wildcat strikes, they are unlikely to prefer to invest in the UK than elsewhere. Whilst I would not disagree with the statement that "the UK could not survive as a service economy", I'm not sure that I would take the word of an actor, Morgan Freeman or anyone else, as an authoritative source for the economics of a country.
All developed countries have seen services increase as a proportion of GDP over time. The UK's economy is no more dependent upon services than the US, and not significantly more dependent than France. The UK is the second largest exporter of services in the World, and has the same level of total exports as France despite exporting less goods and more services. Whilst the exports of goods remain important, I wouldn't underestimate the importance of the UK's comparative advantage in services.
@@michaelandrews4783 I know that a lot of people do, but the union issues to which I refer came before the Tory government, and indeed they led to it as the Tories could legitimately say, and did say, "Labour isn't working". At that time, unemployment had gone to more than 1 million for the first time ever, and the Tories drove that home in the election. Of course, it went to more than 2 million after the Tories won the election. But the rot was already there by the time the Tories got into government. And I'm sorry, but the Tories had nothing to do with what the unions did were doing when we had a Labour government.
The UK wasted some opportunities but let's be clear. You're comparing a country with a population of less than 5 million when the largest fields were discovered versus one with over 55 million. Eleven times the number means the wealth per head is literally eleven times lower. Small petrostates are often incredibly wealthy, have plenty of capital to invest and the wealth concentrates if the government is generous. Norway is no doubt very grateful for the liberation in 1945 by British forces to become the country it is today.
@@pgr3290 Even still. A rough calculation shows the country would have £20k per British citizen if they had managed it like a sovereign wealth fund as Norway did (Norway has circa $270k per citizen). Instead profits likely went to a multinational oil company.
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The UK is the perfect example of what happens when the state is basically at the service of multinationals. High dividends, tax cuts and austerity will take you so far since theres absolutely little benefits to this equation. Cut in services basically underfunds all infrastructure, creates crumbling infrastructure and has completely divided the country by regions. The average citizen has no benefits to the wealth or tax cuts. Housing has practically gone all private making it unaffordable
If they were smart they'd fund everything they can to keep the plebs healthy and happy, because it's hard to exploit people when they're coughing up blood or dead. It's a win win for all involved, they just make slightly less money to squirrel away in the short term.
Not so. Look at Ireland. Ireland is a tax haven that pays businesses to Research in Ireland. They are doing well (though the people themselves don't feel it), precisely because they are at the service of multinationals
Could you please define austerity as you mean it. The economics term is often used to mean different things because it seems to be contrary to the English meaning.
@@sandrop.92 Very easy! If the majority of the new roles created are out of reach of the average Irishman/woman, how do they benefit? Services? But there has been no tangible increases to quality of Irish healthcare, schools or basic services. Much of the money handed to Irish government in Tax goes back to businesses as R&D write-off. Also, the immigration needed to support this growth in business is causing a massive housing crisis for most Irish folks looking for a place in Dublin. History is littered with cases where wealth is distributed amongst the few whilst the majority do not benefit. Take the British Empire and the Industrial Revolution. Factory owners and merchants were incredibly wealthy, but most people lived in squalor and died at 40.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
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In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
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As an Italian I can confirm also fun fact Since post war world 2 no Italian government has ever finished the mandate Someone or something g along the way made always fall the government before the next election
I’m from Canada and still always converting to our dollar, it’s like $14 😅, stuff here is absolutely nuts if you’re bringing in savings from another currency
Why would you but an icecream cone for 9 euros? I could buy 6 icecream cones for that price in Latvija, and if someone charged me 54 euros for that I wouldnt but a single one, candy is not healthy anyway.
Yeah in the majority of England a single ice-cream wouldn't be close to £7! I feel like £2-£2.50 is more of a typical UK price. Soho London is notorious for extortionate prices.
My partner works quite high in the government and she told me (off the record) that during covid she often thought the wastage of money and building up as much national debt as possible was almost deliberate, being serious there's no way politicians could be so incompetent and foolhardy. What a strange/ bizarre time that was?
"We need to boost productivity of the North and reduce energy prices"! Proceeds to then cancel HS2, continue to privatise the health service, issue reports on abolition of pensions, and welcome millions more low skilled assylum seekers. Our business secretary Kemi Badenoch's only job was McDonalds fgs.
They could have used north sea oil reserves to setup a sovereign wealth fund like Norway did and own 5% of global GDP whilst using dividends to pay pensions. Instead they gave contracts to their mates in return for favourable 'advisory' roles in big corp and sold the country down the river.
Using oil for that right now is a bad ideal all around. It's a very, very short term boost given the world is moving away from it (and will do more quickly as it becomes more and more obvious that burning the stuff is destroying our only home). The Petro states in the Middle East worked this out decades ago which is why they own so much around the world these days in massively diverse sectors. They know the end of oil is coming. The best way to improve things is to invest heavily into the regions with better public transport and other infrastructure. We need London like investment everywhere else in the country. It'll diversify the economy too because we won't be beholden to a single sector (finance) to make the economy. We need a CrossRail in the North from Liverpool to Leeds (and even Hull, I guess they deserve nice things) and better connectivity further north to places like Newcastle. The south west is in MASSIVE need of investment, they always get the shittiest end of the stick when it comes to spending. All these things will mean we ALL benefit, not just the few at the top who already have and own everything. But that isn't the point, the system has been designed to work this way since some bloke called Bill came over from that their Normandy and had a scrap near a place called Hastings.
When the North Sea was providing maximum income, Thatcher's chancellor, Nigel Lawson slashed income and other direct taxes, especially for the rich. The top rate of tax came down from 60p in the pound to just 40p by 1988. He also reduced the basic rate of income tax; but the poor wouldn't have seen much of those pounds in their pockets, as, thanks to the Tories, they were paying more VAT.
Oil revenue doesn't create a Norwegian-Dubai lifestyle in countries with populations greater than 10 million people with Saudi Arabia the only exception to that rule.
@@Peglegkickboxer In the case of Saudi Arabia it doesn't create the lifestyle there either, unless you're among the elite. It's far more egalitarian in Norway.
HS2 is a good example of low UK productivity. Billions have been spend so far, yet not a single metre of track has been laid, in a meantime China built hundreds of miles of high speed railway. Saudi Arabia will be long finished with their utopian Neom city, while here we would still be discussing the HS2.
the "utopian Neom city" has been long cancelled and was never going to be completed, from the mistreatment of its workers brought in from India to its lesser mistreatment of expats who do the majority of skilled labour, the project has been a complete disaster. And thats just the logistics of building a project like that, not the fact that Neom is poorly engineered, and doesn't make any fundamental sense for a city.
The length of track laid is not a good measure of the productivity or progress of a rail project. Laying track is something that happens right at the very end of the construction process, so a single meter of track won't be laid until the vast majority of the work has been completed.
The mistakes were deindustrialisation in the late 70s and 80s the rest of northern Europe such as Germany kept their manufacturing and now are better off as a result.
@jasminehasan890 That is very true now. Europe is heading in the same direction as the Midwestern American rustbelt with a crappy service economy diversification plan. Europe is learning the same lesson that Latin America, Africa, and Asia has when it comes to supporting American Neocon proxy wars and policies. As Kissinger said, being an enemy of the US is bad. But being a friend can be deadly. He must have said it after Vietnam. European elites are bought out by the US these days and its corrupt military industrial complex. Not too many years ago, they use to protest American policies like Iraq. Europeans need to learn to chart their own course away from the US instead of overly depending on them for security and policy. The days of the Marshall Plan are over. Mutually beneficial development is not in the empires interest. The mass of the American people are also tired of the empire, crumbling infrastructure, ignorance of home problems, and being the world's cop. Watch the Americans walk away from Ukraine as they did with Vietnam and Afghanistan. You in Europe will be left with the mess. Your elite politicians will still be detached and say we need to be more crazy Neocons than most Americans are. Sanction half the world and then wonder why you are not growing or why most of the non-Western world is not listening to you really. The West is getting isolated. As a Westerner living in India, I can see that with some concern. Ukraine run by an undemocratic corrupt Bandera puppet is not really worth all that for Europe. That is how the Global South and most of the world see Ukraine. They also do not understand this counterproductive Western obsession with never working sanctions, which never punish the politicians. It does create more antipathy towards the West amongst the public in these countries rather than towards the policians they are trying to punish. Yes, you all are right. Natural resource rich Russia has much to offer the world. The manufacturing power of China and Global South has the cheaper energy, food, and mineral advantages that Europe used to get. Thank, Neocon Western hubris, for thinking financial power has more influence than real commodities or products.
The average wage & standard of living has declined due to the people that have been running this country. They set the rules, decides who gets the cash & who gets taxed...
@@DOCTORDROTT another person comparing today's lifestyle with the wrong parts of the past. Access to technology, healthcare and cheap credit doesn't make us wealthy.
@@DOCTORDROTT I bought my home in 1987 it was 5 times my income. How do my kids buy now my home is £325K+ . My electricity price increased 300% in 8 years. If you cant see the rich are hoovering up all the money and assets you must be rich.
The UK reminds me of Argentina, I heard an Argentinian economist when asked how Argentina went from a top economy in terms of gdp per capita to a basket case and suggested a 100 years of always taking the wrong economic decision, when is the last time the UK has choosen the right economic decision?
@cattysplat The Tory faithful voted for Liz Truss, the money faithful didn't want to risk their money, livelihoods, companies, your pension fund on a mad fiscal experiment after a mad isolating experiment, the Tories could have stuck with their choice, if you have an issue take it up with them!
It is very similiar to Argentina. Most of the world has been suffering for over 100 years under socialist policies, Argentina is turning around rn finally, hopefully the UK and the rest of the world follows.
Standards declining apart from the richest backpockets. Bank bailout from public funds has never been replaced an Britain dont really produce anything worthwhile anymore but imports substandard properties at extortionate prices which don't help
Normal Tebbit was an ideologue who never let a fact get in the way of his beliefs. That's why we're in this mess. Free Market? Free Markets in the best sense of the phrase cannot exist under the sway of a dominant sector - whether that is the state, or a bunch of rentier Capitalists. As Michael Hudson argues in his book "Killing The Host", we don't have a Free Msrket, and it is less the fault of the state alone. It is that the stare and the economy are being run to enrich the financial sector, by vampirising the rest of the economy, including industry. As the economic thinks who argued for it envisaged it, it would be a mixed economy, where the state would facilitate the flow of capital to industry, but also prevent rent seeking from taking over the economy. It should be a symbiotic relationship, but it has become a parasitical one, because the financial sector is too big, and fails to direct capital into the real economy. Instead, finance is bleeding it dry by preferring to earn its profits through unproductive and unsustainable rent seeking. In doing so they are gradually diverting away cash flow from capital investment to speculation and asset bubbles, because those activities are more profitable for them, as they keep the money they make circulating amongst their peer group. That means that wages will continue to fall in real terms over time, and the state will be starved of revenue to function as the level it needs to do to support the productive capacity of the economy.
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸also paid for my son's surgery (Oscar). Glory to God.shalom..
What you said distorts absolutely everything about profitability and the level of risk. You didn't say how much money you have invested in the stock market in total, perhaps 2,000,000 euros/dollars or some other currency, or even more?... What I am saying is that there is a significant difference between whether the investment return is in line with a large total investment, or whether you have received a huge return with small investments. MANY SCAMS HERE, YOU ARE NOT UNIQUE EVEN! Hendrixix joe.
Stagnation just means nothing has got better. There are no natural resources, there is no technological innovation. We import migrants for cheap, low skill labour, driving the average salary down. And so nothing has improved.
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
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I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
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@@SamthebritishgentNever will happen. The only people that would are workers, and not only is it very rare to see someone from working class in power, but any workers movements are crushed, or too concerned with 1920s Soviet politics (Trotskyism, stupid ideology).
Als Deutsche können wir von den Britten lernen, wie es nicht geht. Die haben sämtliche Investitionen in die Bildung, Infrastruktur, ... verpeilt und jetzt haben die den Salat. Wir machen es leider nicht anders. Jetzt haben wir die Möglichkeit zu investieren, aber wir sparen lieber, damit wir später noch mehr investieren müssen, als jetzt. Zudem wird die nächste Regierung wahrscheinlich auch wieder konservativ und dann geht es uns auch nicht anders. Es ist traurig.
As a person from the US who is now working in the UK - there are two aspects which have impacted the UK economy. 1. Investment in people. The UK’s entire apprenticeship scheme is not geared for the modern technology economy. To think that someone who knows nothing about maths can do AI/ML/data science has caused so many issues, causing companies to offshore/nearshore their innovation. But you can’t solely blame it on companies. UK students can graduate with a degree in three years. A degree in engineering where they have barely taken any engineering classes, but are considered a well rounded individual. Seems the UK university system is just geared to produce managers and accountants. 2. Culture - UK culture likes bureaucracy. Hear enough about working committees and steering groups… every decision is by popular vote. So by the time you make a decision, it’s either the wrong decision or the opportunity is long gone. You may not want to compete with China but in many cases, China is competing with you. And they want to win, while I hear often times in the UK - “its ok to not be number one” If you have the skill and have the motivation, you will win. Taxes are surely a problem but I think the root cause is bureaucracy.
Tend to agree with most of that, but not the 'bureaucracy' being the cause. Much of northern Europe has similar, if not more worker representation, and performs well over time. Similarly, have you dealt with US public services?! Have you seen their websites? Hardly a model of modern design and efficiency. The US might be richer on average, but is has vast income and wealth disparity and a protectionist economy in quite a few sectors (including monopolistic global Big Tech firms). The UK is in a mess, but it's not because of red tape, it's arguably because poor regulation (a form of 'bureaucracy') has allowed minimal investment in staff training and development, investment in R&D exploitation, and in national infrastructure.
@@RTWuk I'd suggest that @logicae4096 is not making a US v UK argument, but is simply pointing out the observations of how the UK works from an outsiders perspective. The question is not really whether the US also has inefficiencies, but whether what he says is correct. Is he correct in saying that: - the UK has a lack of investment in people? I would say yes. - the UK apprenticeship scheme is not geared for the modern tech economy? I would say yes. We have a painfully small number of apprenticeships, preferring to send young people to university where they can run up a huge amount of both student debt, and the living costs maintenance grant has now been turned into another loan. - that we have working committees and steering groups. Again, we do have those. We also have quangos. We also have bloated local councils where cuts are regularly made to services while increasing the compensation paid to executives. We also have civil servants who are almost unsackable - if they do a bad job, they just get shifted to another department or promoted. - China is competing with us, even if we are not competing with China? Again, I would say yes. He correctly points out a lot of things that are causing problems. That is not to say that his own country does not have problems - all countries do. But sometimes those of us within can't see the wood for the trees, because as far as we know, it has always been like that. Someone who comes from outside can see things that we cannot. I would welcome his observations, and would only wish that they could have an impact on changing things for the better. Alas, I fear that they will not.
As a British American, I appreciate this comment. I often say the US needs more apprenticeshiip but your point about people not knowing math is a good one. I disagree that the UK university system is worse. The US one is where people have to take math, science, language, english, and other subjects for three years before choosing a major. The UK is where people begin their university career straight off the back studying their core subject.
in 1920s they have so many colonies under them which they can easily exploit and they were much more productive compared to other countries... ... of course they were much richer then?
The thumbnail is very misleading, it lumps the Republic of Ireland in with the UK. The economic situation in Ireland is quite different to that of the UK.
@@aric7726 It literally has the first two letters of POOR on Dublin. Truth is that most British people don't recognize Irish independence in any way whatsoever.
It's an terrible video, completely skewed biased incomplete data, factually incorrect everywhere, but it's presented as true fact. YT should ban videos like these.
WOW!!! I can't believe it! An economicd video that doesn't imply that am economy isn't growing because workers have too many rights . No so called " flexible labour market" reforms mentioned ( AKA slaves that can be fired easily) . Its as if real economic policies are meant to benefit society as a whole and not just a few! That's it , im subscribing!
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much pound in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
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Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Linda Aretha Reeves” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Australia when through a quick change of PM's - RUDD, GILLARD, RUDD, ABBOTT, TURNBULL, MORRISON and now ALBANESE between 2007-2022 - that's 7 in 15 years.
While I am British, I grew up in Guernsey, but lived in the UK for 6 years in the 20teens. Honestly, I don't know how some people actually survive with wages being as poor as they were, not to mention the massive student debt that they sell as not being much... Bla, and then stealth tax it into your tax payments. What they don't tell them, is that the 60k debt is the half (or more) the cost of a house in many areas of the country! I am grateful for where I grew up and moved back to, because we actually have a much better economic balance. I would never move back to the UK mainland.
@@johnwright9372not THAT much actually. The UK was traditionally a nation that depanded more on Trade than industry, exception being the time of the peak of the British Empire ofc when it produced AND sold rzther than act as traders everywhere. It sought colonies because it had countless ressources the Island didnt have, and losing them marked the switch to service oriented economy which further weakened industry in exchange of more PIB production because services are seen as producing more wealth than the alternatives. But Services alone depands on the state of the global economy to truly thrive. And lets be real its not bad but its not great so thats already something. Add in the fact that just like the US the UK's democracy was made by rich men for rich men with nothing to really break that status quo you end up with an elite that couldnt care less about the people beyond using it to secure their power. But that was less significant when Industry dominated and the ressources from the colonies and subsequent trade brought further prosperity to hide the issues within.
@@johnwright9372No it's not. Us Brits are spineless, worthless cowards who have only been good historically at taking from others through violence and guess what? We're not good at violence anymore
I work with a polish lad. He says hes going back home this year because his economic prospects are better there than they are here and have been for a while
Also helps that fact that ever since he probably arrived in the UK, hes been sending money back home. Ask him for a photo of his gaff back home 😂. This was always the plan. same with all the others coming here and sending their welfare money back home to build mansions. Funny thing is, a lot of people never go back to their properties since they're incentivised by pension so they decide to stay a little longer until they're too old lol
Poland will pass UK in average income in a few years. Good thing for us Brexit happened, so we won't get flooded by piss cheap British workers over here in EU. Good riddance!
@@SiMe-ht3pm A lot of people do that... Which is sad. Very sad. Iam from Hungary, and i live in UK. I have not spent a single money back. Ther is no reason for me why to. I moved here to UK because i was planing my life longer term here. Buy a house, make a family etc.
The biggest problem Britain has is that policy is determined by false political dogma. The notion of "free" markets and a lack of government intervention compared to similar ecomonies has meant that we've been outcompeted in our own markets by foreign companies backed by their own governments. Thats why we have a "private" railway with trains operated by the German government, or "private" electricity generation owned by the French government. It's why our last blast furnace is closing down, because it cannot compete with Chinese state-owned steel corporations. Even the US, the most capitalist and "free" market of them all, uses its military as a means to subsidise its heavy industry with taxpayer money and a series of protectionist policies that ensure value for purchased goods stays within their shores. Boris Johnson said he wanted Britain to be the Saudi Arabia of wind, but he forgot to mention that Saudi Aramco is a state-owned company that puts its profits back into its economy. We once had a chance of having our own Aramco in the North Sea, but Thatchers policies cost us £400bn in GDP and a potential for a sovereign wealth fund that would today be worth £800bn, had we followed the Norway model. I've got 2 GCSEs and i swear i could do a better job than the muppets we have in power now. If you love this country you should NEVER vote them into power again, or anyone else who doesn't love this country to their core for that matter. Rant over.
Saudi Aramco oversees around 100 times the oil reserves ever held in the UK sector of North Sea. It also gives almost all the oil income to one ruling family. I think you need to think before commenting next time
@@tomjohnson9833 Wild how you could be so arrogant yet so ill informed. The ownership of Aramco is as follows: 90.19% Government of Saudi Arabia, 8% Saudi Public Investment Fund, 1.81% Private investors. That's where the money goes. Yes, The King of Saudi is the Head of Government but the profits from the company go into government budget. That's why the standard of living is wildly high in Saudi, and the average Saudi citizen is wealthier than the average Brit. A higher percentage of the value of each barrel of oil extracted is retained by the government of Saudi Arabia than that of the British Government and the North Sea. The same is true for the Norwegian state-owned company, Equinor. Anyway, it was Boris Johnson who said Britain should become the Saudi Arabia of wind, not me. And if you want to read up on how Thatcher failed Britain in the North Sea, then look it up because you are clearly and embarrassingly ill-informed. Not to mention that is all somewhat besides the point, that you need to have state-owned Energy for the country to truly benefit from the generation of wealth, rather than a handful of international companies who hold onto the money aside for a few % per barrel of tax revenue.
@wertrocks123 the Saudi King and Crown Prince are absolute monarchs. They ultimately control all income and public spending in the kingdom. The income from Aramco is funnelled to the people in the form form of generous social protection, but the people don't vote for their leaders, or have any control over where its spent. One could argue that its just money to keep the masses on the side of the house of Saud. So I'm not wrong. You mention oil companies only paid the UK "a couple of percent" of the value of the oil extracted in taxes back to the UK. Its actually been around 30% on average, and remember that Saudi oil is much easier to extract and access than oil from the bottom of the North Sea. You make no effort to engage with my main point, which was your failure to grasp the radically different scales of oil reserves between the UK and Saudi.
@wertrocks123 the Norwegian case is similar to Saudi when compared to the UK. Historically, Norway has had around twice the oil reserves of the UK. But Norway's PIF is mainly funded by natural gas, and Norway has 10 times the UK's gas reserves. The UK's largest gas fields were in the Southern North Sea off East Anglia, and most were already becoming less productive before thatcher took power. You'll ignore this distinction between UK and Norwegian reserves just like you did the Saudi case, and you'll focus on something trivial or be deliberately obtuse to avoid embarrassment. But I know you'll read it.
It's a surprise for me.. and I live there but the local paper is usually flashing bread and games, so not too surprising when I stop and think about it.
Nottingham isn't exactly mega-rich, but this figure is misleading. The borders of Nottingham as a council area include all the more deprived inner city areas but exclude wealthier places like West Bridgford, despite it being walking distance to the centre. So they get excluded from calculations despite being very much part of the city in all practical / economic terms.
Ww2. The cold war ended, oil and gas industry with the wars in Iraq and Afghanistan war operations ceased in 2014, increase of technology advances and covid lockdowns
Fantastic again! I'm really looking forward for the Germany one. Glad to support such a new channel. Thanks for all the work gone into the video-making process, keep up the good work.
tbh digging up Manchester would be hell on earth for the people though. the city would do much better with extended overground, and extensions to outer towns.
Does the thumbnail for this video annoy anyone else? The image on the left has Ireland in 1920 with a line showing a border which doesn't yet exist, then on the right makes it seem as if it is significantly worse off than it was in 1920.
Yes it was & that's why we wanted out - taking back control of our economy and our borders (well most of them, except for one in particular) and all that - we all know how Brexit is working out for the UK economy. The majority of sources indicate that the Irish GDP is growing faster than that of the UK with a better economic outlook. That aside, you do have to forgive people sometimes for shimmying Ireland in with the UK. It can be singularly or a combination of all that is convenience, arrogance or ignorance.
East Germany got a massive amount of help from West Germany and donations from many EU members. The UK helped by cancelling Germany's remaining war reparations. It was far more than a "one nation" policy that created growth as you claim
Germany was and is the largest donor in the EU; it receives less from the EU budget than it pays in. The UK also received EU aid for its underdeveloped areas
Not to mention that eastern Germany was allowed into the EU just like that, without the need to fulfill ANY accession criteria. And now the former stasiland is voting for the AFD en masse.
Manchester is shown as a region rather than the city of Manchester. For a par of the two it should be showing the West Midlands region which marry up the two on population. Hope that this is going to be watched by those in the shadow cabinet as they will see the up hill task that they face after the next election.
As it's talking about economics it makes sense to use Greater Manchester and not the city of Manchester which doesn't even include all of Machester's city centre. It should have used the West Midlands for Birmingham though.
Because Manchester is awkward. The actual city represents such a tiny part of what most people consider as 'Manchester'. Even Leeds, which most people will consider a much smaller city, is bigger than Manchester. Not entirely related but I would say Greater Manchester is far more integrated than the West Midlands due to its fairly decent rail and tram services between the outer cities. It's nothing like the TfL but it's better than what Birmingham offers.
Can someone give me the link to where "1 in 10 have no gas or power at least monthly" ? I can't find any poll on that Edit: I did find it actually.. also I thought he meant people get outages, no it's people cannot pay their electric bill so the company shuts it down
Wealth is either grown, mined or manufactured. A service economy creates nothing and just shuffles paperwork around. It is much better to grow the size of the pie than compete for a larger slice.
I dont think you know what service is. Service is IT, programming, and other tech industries, healthcare, education, as well as traditional service sector jobs. I’ll make an example: a company makes a paint (aka manufacturing), someone paints your house (service).
@@linuswittstrom4917 exactly… IT & programming, healthcare, education etc do not actually create wealth. The money to pay for them comes from elsewhere in the economy. Either it is mined, grown or manufactured or it is taken from other parts of the economy.
Feel like politicians ignore the fact funding isn't the only issue with the NHS. Most NHS staff you'll meet (most, certainly not all, we all know great exceptions) really do not give a single damn about the patients. So even if you do get appointments, operations or any "care". Between the staff and funding, don't expect to come out of it better
@@rogerwilco2 You can bang on about workers being passionate about their work while completely ignoring that stressing them out can completely drive the passion out of them.
The figures for car production are shocking to me. In Australia all three car manufacturers closed down after 2000-2010. Their argument was that since Australia only consumed 1 million new vehicles per year,it wasnt profitable enough to keep their plants running. Yet the UK is well below that level.
What UK needs is Finnish/Scandinavian double/triple glazed windows. with the increasing heating and AC costs, the windows would pay themselves in a matter of few years
We've had double glazed windows for decades. Gas is more than heating, it's also hot water for showers, some have gas cookers/stoves, and stuff like that.
@@The_Prizessin_der_Verurteilung UK double glazing is actually pretty crap and often 'blows' or has mould around it. I've lived in Finland, their triple glazing is incredible in comparison. Even in a much colder climate homes are far better and Finland uses district heating not gas.
Life is garbage in the uk overcrowded dump. Even when you earn a decent wage you spend five hours stuck in traffic. Most high streets are full of Takaways selling kebabs and bats the chicken of the sea.
It's not over crowded. India is over crowded. Germany is just as populated per square kilometre if not even more so. It's just been badly run by the Tory's for 14 years.
@@SilverWave64The present UK government’s solution is stopping processing of asylum claims, state people trafficking to Rwanda and vice versa with outsourcing of accommodation for asylum claimants to private sector providers. Wasteful, oppressive, costly and contrary to HRA and international conventions.
Agree, though worth bearing in mind between one quarter and one third of the *entire* UK population lives in the London and south east commuter region.
unfortunately it's more or less the same in France or Germany , what's happening now in the UK is not something special, Europe as a whole is on decline , and nobody knows what's the exit strategy
Haven't got a graph but apparently the European Union is now a 1/3 smaller in economic size than the USA ( compared to when the Euro was adopted). Europe just doesn't have the vibrancy of the USA.
War. War is the exist strategy. You see Growth is relative and if you plunge the world into War, the War economy and the after rebuilding competition along with new economic paradigm based on the past lessons will be born. Above all every one will start equal. Government will be forced to nationalize big companies which will refund the infrastructure.
UK waste money on their royals that steal large areas of land and tax payer money and use up security workers that could have served the public instead.
You will be fine in the UK as long as you are born into the correct family. The wretched class system is also something that needs to be urgently addressed.
Maybe put a limit on the amount of homes people can buy? I'd set it at one per person. And then heavily tax landlords with multiple property's. All the while enforcing a rent cap/ limit (per area) which in turn incentivices current landlords to sell up instead of raising the rent to cover the tax increase. It would free up a load of housing which in turn would make house prices cheaper. Thoughts?? @@user-xb5zu6zu7j
Nah, being a racist and implementing racist policies has never actually helped anyone. If you need more homes you need to build more homes, it's as easy as that.
I just read an article called "Is the UK Becoming A Third World" Country in The Luxury Playbook that says exactly what you describe and goes even more in depth. Unfortunately we are doomed.
Despite vaccuming of the wealth of former colonies, you are saying lifestyle of average uk citizen hasn't improved. Seems like that wealth went directly in pockets of rich.
At 2:34. Really, unheard of in modern Western democracies? I see this man is unlearned in the ways of Italian politics since the 1950s. Rome is infamous as a merry-go-round for Prime Ministers. Even Japan, that model nation of probity and prudence, goes through frequent bouts of 1-year wonders in its Prime Ministership, with the 1990s being quite alarming in how many Japanese Prime Ministers were defenestrated.
@@jamesthomas4841 The vast majority of that debt is held by Japanese creditors. They buy up huge amounts of government debt, even though it provides very low ROI in comparison to other investments, as almost like a national duty. That's the reason you never hear of Japan teetering on the cusp of a sovereign debt crisis. This is unlike almost all other nations with similar debt overhangs, where international creditors call the shots and so demand far higher ROI. Maybe this is not prudence, but it's definitely probity. ;)
A key issue is that the UK government spends so far beyond the country's means that it is no longer viable. Public sector pensions are still worth half of salary again for all of these workers (even after the reforms that hardly changed anything), and the government subsidises so much, and wastes so much. This means even with record taxation, so high that businesses can't possibly thrive, the government has record debts and ever growing borrowing. It is hard to see how this will turn out well, and it doesn't look like any government will do anything about this until it is far too late.
@@AccidentalExpat143 the outputs may be essential to some, but the way the government achieves them costs many multiples of what they need to cost. Liz Truss spending £0.5m on a private jet to Australia? I know of other examples of governments using huge numbers of people to get things done where a much smaller number could do it, and paying people far more than they would get anywhere else. Examples of this are reported all the time. You could look at PPE as well, the fact it was an emergency isn't enough of an excuse, and these types of things happen all the time. If the government cared about public money they would do something more meaningful about defined benefit pensions.
Nonsense to claim that that the increased taxes are too much for businesses to thrive. They are lower than many very successful nations on the continent. And we've been living beyond our means precisely because we've refused to raise taxes and so been forced to borrow.
It appears that there's currently a brain drain of graduates from Britain, as many see going overseas to places where they're actually wanted far more than in this country, one major indicator being the rate of pay against the cost of living being generally much better overseas than here in this country. Until this is addressed, for many for whom hard work no longer equals results, education is increasingly seen as being just a way of getting into deep debt during an exceptionally economically challenging time, rather than a genuine way out of poverty.
It is not just pay....I myself graduated in mechanical engineering went for graduate schemes everywhere through UK never selected to work, and I see that greedy employers choosing third world people to employ using that diversity cars....those guys work hard for minimum wages....company saves a lot....So it is sad they do not need us anymore so I moved to Germany and happily work for Aorbus
@@eddierussel5911but you just complained about UK importing 3rd worlders as if compared to Germany they aren't doing the same by hiring you. 😂😂 UK has become the third world, should Germany ban UK economic migration as you believe the UK should?
The austerity policies of the 2010-2015 coalition government strangled Britain's recovery from the 2008 Financial Crisis. While countries like America and Germany invested their way back to health, the UK bought David Cameron's lie that we needed to tighten our belts and take an axe to pretty much everything
Should not have sold all your legendary car makers to India and China. Same will probably happen to Germany in the coming decades. Both countries have the same problem, dependency on foreign energy and raw material supplies. Instead of becoming independent, at least in terms of energy, Germany went the opposite way and even shut down their remaining nuclear power plants.
Although, good. You ought to amend 01:37 which states (paraphrasing) that we have elected increasingly populist leaders, with three images one of Boris Johnson, Liz Truss and Rishi Sunak. Only Boris Johnson was voted for and like the other two, initially he was installed by backbench Conservatives in place of Theresa May. Seriously Britain though does not have what the modern world requires to succeed. It has for hundreds of years moved from one industry to another as competition has caught up. Most readers would associate highly expensive watches with Switzerland but at the time of Marie Antoinette it was Britain who ruled. But with new technology, theories and competition from France, Britain decided to move on. So it has been with the LCD, Graphene, Motor Bikes, fighter aircraft, ships, steel, mobile phones and cars etc., The problem is that the masses could be deployed making things that pay a decent wage save for the mantra that labour costs in the UK are too high. Amazing then that Germany can still make pencils and wheelie bins, meanwhile we are constantly importing people for jobs as diverse as doctors, delivering pizzas and Uber taxis drivers. Hopeless. We prefer to pinch doctors and nurses from abroad to save on training our own. We wasted North Sea oil revenue on closing 'old' industries, paying the workers affected social security and mindlessly reducing taxes to 40%. Meanwhile Norway did the opposite and is considered seriously wealthy by virtue of putting most of the money into sovereign wealth funds. A wealth fund does exist by virtue of oil monies for the Shetland and Northern Isles, I believe. There is little we will not export such as telephone help lines located almost anywhere but Britain. We are ruled by very incompetent people and as an electorate we are very gullible. Brexit has caused immeasurable harm and the US Inflation Reduction Act stands behind like Brutus about to apply the coup de grace. Britain is now a poor country with a small minority of rich people, those in parliament shuffle the chairs on the Titantic by increasing taxation but you cannot tax yourself rich. Edit: I forgot to say this somewhat shocking fact. An FT journalist looked at the impact of removing the richest/largest City from a country's economic performance with the result that UK average income would be below that of worse US state, Mississippi, if London were not included. I think that shows what we are facing. If there is a positive outcome to Brexit it is twofold: (i) We can not longer hide behind being a member of the EU which benefited the City of London and hid our manufacturing decline. (ii) All that ails us is becoming increasingly apparent as too the panic amongst our leaders to cover up the cracks. Such as increasing corporation tax from 19% to 25%.
I loved my recent trip to London but everything was so expensive - what I would pay for AUD in Australia, I was paying for Pounds in London - a $20 meal in Australian pub was 20 pounds in a London pub - I wondered how people even live there - the only cheap stuff was alcohol and makeup!
@@alstar70 About 20 years ago, I lived in Toronto for a time, and I found something similar there. Everything was the same in terms of numbers - it just had a $ sign instead of a £ sign. So anything that would cost me £20 in the UK was $20 in Canada. At the time, the exchange rate was about £1 = $2, so from my perspective, everything cost half of what it would cost in the UK.
See the problem is you do not even know how politics works in Britain as a British person. You do not vote for a leader, as in the US, you vote for the party. When you actually realise this as a nation you can actually vote for the correct party. Leaders in the party's just tow the line on the policies of the party's consensus at the time. So no one leader has the real power to enact anything without the backing of the whole party.
@@sunilthakore5715 Theoretically you are correct in that the system is set up that way. But in reality, when people go to vote, it is actually on the basis of either the party ("I've always voted Labour, and so did my dad, and my grandad" vs "I've always voted Conservative, that's just the sort of person I am") or in the swing constituencies, people will choose based on policies or on their belief in the leader of a party. There are many people who don't even know the name of their local MP - they just put an X in the box next to the party name/logo. So although the system is set up along the ideas that people will vote for their local MP, the reality is that it doesn't work that way.
You can provide whatever data you want, but the moment the EU allowed all the rif raff countries in the Eastern Block to join the EU, is when I saw a huge decline in UK quality. By 2014 I could no longer get same day or same week NHS appointments, then it creped up to a month and so on. What no one is talking is how many people were in the UK to make as much money as possible, this meant that many claimed back their taxes and went back home where they purchased their dream homes cash, and then in addition a few rental properties too. Properties in the Eastern Block used to cost between £3,000 to £5,000, this were flats, so think about that. When the money started to pour in, property prices shot up to 500% and 1000%. There is a lot of data that has not been looked at, why opening the flood gates was not a good idea for the UK. The UK was and still is, first choice for economical migrants. The UK land mass is the same as Romania, the population is almost 4 times of that, and larger than France who has a much bigger landmass than us. The UK infrastructure just can't handle the current population. The UK has an old mentality and did not keep up with demand.
The worth of all natural resources on UK soil is estimated to be worth £10.7 Trillion that is 3.5 times more than what the economy is currently worth. The UK also owns 45% of the North Sea Oil. The main problem is they aren't producing or selling as much as they need to, to increase this as stated by the video the output has been low, the last four conservative leaders haven't helped either. Let's say if the population growth is stale or grows incredibly slow, the GDP per capita of the actual potential of resources with equate to £158,000.
Aren't you really insinuating that the Labor party is on the side of the people who are the losers of globalization? The mistake of Brexit was that the public entrusted the process to an elite that was not willing to build a less globalized but more equal country.
According to Marianna Masacato government investment in research is virtual for economic growth. It’s not very neoliberal. Wealth in Australia is down to mining and idiotic rising house prices, nothing long sighted.
As someone with a background in psychology, I look at this through a behavioral lens. Whenever a nation loses confidence, disconnects itself from the rest of the world and starts to look inward instead of outward, it loses productivity and consequently becomes poorer. This happened to China, at the time the richest nation on earth, when it decided to isolate itself from the rest of the "barbaric" world in 1434. Some four centuries later it had become so technologically stagnant and backwards that it was promptly defeated and carved up by the more technologically advanced Europeans. Same thing has happened and is happening to the UK. It underwent a loss of confidence after World War II which saw it jettison its overseas empire and embark on a period of isolation and inward looking. History is repeating itself today when the UK, due to another loss of self-confidence disconnected itself from the EU and embarked on a second wave of isolation. And it's paying dearly for this decision with loss of productivity and poverty. This is ALWAYS the consequence of isolation and disconnecting oneself from the rest of the world. On a sidenote, I cringe every time I hear the neo-term "income inequality". An inequality occurs when an individual is DENIED something he/she has a RIGHT to. To my knowledge, no one has a RIGHT to a high income. This should more properly be referred to as an "income disparity".
This is my reading of the UK’s recent decline also, I’ve got a background in psychology but I do in history. I just wanted to say that the trends you listed are great examples and you made some excellent points.
I disagree. Refusing to be isolationist cost Britain the empire. Post-war globalism has wrecked the standard of living of the average person and elevated the fresh-off-the-boat unskilled migrant above the natives. The "elites" of Britain are far more concerned with global matters than those of their own people. Those same people have continued to reject any calls for acting in the national interest or the interests of the people. Leading to the shitshow we have.
"To my knowledge, no one has a RIGHT to a high income. This should more properly be referred to as an "income disparity"." - you have my upvote. excellent, ser
I have been working for an overseas British entity which is managed by its UK office, for the past 2 years. One thing I have noticed is how badly things are managed and how their priorities are all wrong. The technical people who deliver all the customer services and earn the money for the entity are squeezed...they are understaffed, are given low-spec computers, and are generally unhappy. The support/admin staff have better computers, and multiple screens, given incentives like employee of the month, etc. Last year, there were over 350 visits from the UK side with the visitors sometimes begging the team to have meetings with them on something just because they have to show in the report why their visit was necessary even though nobody is benefitting from it. Then there are so many EDI (equality, diversity, inclusion) events, seminars, and visits from UK staff but none of the EDI guidelines are actually put into practice. We have now hired more managers and deputy managers who are all assigned new shiny offices and have secretaries, who are expected to boss the technical team. The reason for the new hires is that the entity is not yet profitable....I wonder why?
The UK education system still seems largely geared towards producing colonial overlords from the children of the privileged elite and harsh inconsiderate enforcers and servants from the rest of them. They are not being educated to be useful and productive members of a modern economy.
Green energy is what UK slows down. Even Germany (world leader)admitted that. Renewable energy is more expensive than standard because reliability of the grid. Expensive energy is horrible for growth. I am not against wind farms and solar but UK needs more reliable energy like nuclear in France.
How you supposed to have higher productivity in higher skilled jobs when they are the same wage as low skilled part-time jobs. That is why people don't want to put themselves through debt getting a "high-skilled job" because that job won't get them out of dept hence why you have younger people choosing the lazy route often as it provides no benefit studying or doing a degree due to useless political interventions by the UK gov whom has chosen to get their productivity by increasing numbers of foreign workers whom are apparently high skilled yet do not know English. The UK is a mess due to politics. In fact the whole world is in a mess due to political scheming. History has always taught us one thing and that is how the great fall always and seem to fall harder. Once rich then poor who would have known. Nature is meticulous in whom it gifts is but remember it always does it for its own gain not yours.
There is some really dopey stuff in this. The worst has to be the gullible nonsense about spending more on things like education and infrastructure. The real problem with the UK is that spending more on this kinda stuff will probably make matters worse. Education spending does not predict education outcomes - Denamrk spends less than Wales. Wales used to have world-class education system up until the 1970s - it was unequal, but you couldn't argue with the outcomes. Today, Denmark pisses all over Wales and Wales scraps with the likes of Romania to not be the worst in Europe. Welsh decline was made by politicians and political control. To a lesser extent, the same is true of England and it has a lot of lessons for US too.
You are correct. The UK and western Europe's problems don't stem from a lack of government intervention. There is way too much government spending and taxation in these countries.
I'm a proud Briton living outside the UK since 1997. I've lived in France, Spain, Switzerland, Italy and now Latvia. When i visit my family and see that even the charity shops are boarded up . . . I just hope that everyone in the UK realises that food banks are not charity . . . I've been there and can assure you that to the people who need them they are survival itself. I'm doing ok now, but I will not be moving to the uk until Health, Education and social welfare return to centre stage. Good luck, Mr Starmer.
Spot On. That’s like counting the Black Country and Lichfield for example. Greater Manchester isn’t the City of Manchester. Birmingham has always been the second city.
@@FlintlockonLike you people wouldn't have a nervous break down if you were lumped in with another country, bankrupt and still the most arrogant bunch. Mentioning 1920 just highlights the UK's problem always pining for the past.
Refusal to build infrastructure to stimulate the economy is another factor
that was in the video
Keynesian politics?
refusing to build affordable homes killed productivity dead.
And China is an example of the risk of building too much infrastructure, i.e. roads to nowhere.
can't do anything if i can't find anywhere to live lol. does rishi expect hundreds of thousands of people to live on our streets, because that is where we're going. All housing developments near me have stalled no work has been done since september 2023.
You mean that giving more money to rich people hasn't worked out well for the majority? I'm so shocked
The trickle down theory of economic growth (low taxes for the wealthy) has been discredited for forty years but still the Tories believe in it.
Ronald Reagan and Margaret Thatcher cynically called it 'trickle down'. Nothing trickled down but huge amounts were hoovered upwards. Privatisation and tax cuts have had the same effect and contributed little, if anything, to the general well-being of the majority of the British people.
L🤫L Ponzi scheme economics 😬
@@chrishewitson7135 I am always amazed by how much poorer people defend this inequality because they have conservative views and thereby hurting their own chances.
@@tremere26 They're not hurting their own chances. People just have different abilities and the able will float to the top. And because intelligence is .8 genetic and high intelligence runs in families societies will always stratify largely based on cognitive ability and various social classes with limited upward mobility will arise. The smart will do well regardless of wether their parents were rich (but statistically they're more likely to be because intelligence is a major predictor for economic status) and the dumb will fail regardlesas of wether their parents were poor or not (and again, they're statistically more likely to be poor because being dumb predicts both poverty and having dumb offspring).
The solution to all of this is to accept that ability is to a large degree innate and spend the most resources on those with the highest ability and promote large numbers of children among the smart just like for instance Mormonism does (Mormons are the only Western population group where intelligence correlates positively with fertility). A generous welfare state is nothing but political methamphetamine: it will make people feel good in the short term but destroy society in the long term.
It will only amplify already existing dysgenic fertility patterns and lead to an ever-expanding dumb and sick underclass.
We need to simply let the trajectories of people's lives unfold as they will and accept that there will be winners and losers, and not worry too much about the losers.
Our economy is like a flailing fish, fighting for its life. The normal state of the U.k. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
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Slight correction: we haven't voted for increasingly populist leaders, Conservative Party members have chosen our last two PMs.
Saw that and thought like only one of those was elected
Not even the Tory members got to vote on Sunak.
@@angevinnwho made him Pm then 😂
@@Kartik-ij2vy in technicality the king in practice the inner members of the conservative party.
@@Kartik-ij2vy he stood unopposed so he was the de facto winner
The UK is a perfect example of self-inflicted damage.
Anyone with a brain could see this coming. In fact people have been saying it for years... the issue is that the people in power were more interested in helping their rich customers and friends rather than to bother avoiding this inevitability. As a result, the poorest suffer the most.
I believe these people should be held accountable for the ruin they've caused and the consequenses should be as severe as the consequences are for murder... because these people have willfully and deliberately caused financial ruin, deaths, a huge spike in mental health problems, massive wealth inequality and a drop in quality of life not seen in the history of this country.
Yes 10 best professor economists researchers said BEFORE BREXIT not to vote for it , what they did? They voted....I blame the rich ones as they were fear of EU tax evasion laws, so they sacrificed UK people to hide their money.....
They only did those things because you elected them, and you keep electing them!!
Stop talking as if the UK is not a democracy: It is, this is what the people voted for, and the people are 100% responsible!!!
And until the British People relearn how to take responsibility for their own actions, things will continue to get worse...
This is a case of those with voting against those without.
The rich and old have been voting in favour of policies to protect themselves and make things better for themselves because they were a much larger voting block.
The country peaked about 40 years ago. It'll never recover to that level because in order to do so, people will need to basically vote all policies in favour of passing the bill down the line and giving themselves everything. But even then, the bill still exists from the past generations.
OH LOOK... Not ONE mention of the flooding of the UK by mass immigration.... 11 MILLION from the EU and now mass global immigration in the millions.....leaving nothing but poverty for the UK's native population.... Without these elements mentioned, this video is pointless and worse, a vile globalist, anti British, lie and misinformation...... GARBAGE............. Anyone with a brain can see this.....
This, especially in the case of Brexit - all aimed to make the rich - richer. No sustained growth, just a decline.
I am living in Vilnius, Lithuania. I've got an offer for a job in London (same title as now). Now get this, the salary increase would be 17%!. The differences between Vilnius and London cost of living is more than double.
jeez
also in lithuania you wont get stabbed to death by 3rd worlders...
Be careful, London is not safe.
Don’t take that
Stay in Vilnius my friend, the uk isn't worth it.
Our politicians bet the house on the utopian idea that we could survive purely as a service economy.
Morgan Freeman narrates: *"In fact the UK could not survive as a service economy"*
Well if you recall, a large part of the reason for shifting to a service economy was because of the destruction on manufacturing being wrought on the economy by an extended period of constant strikes and go-slows by unions.
Now the unions may well have had legitimate grievances, but their actions meant that no-one, at home or abroad, could trust that whatever they were buying would be delivered on time, nor that it would be of sufficient quality.
That in turn led to equipment being sought from overseas instead. Even Japanese cars, which were in those days seen as a joke, were more reliable than British cars.
So the manufacturing economy withered away, and the service economy grew.
Is that a bad development? Yes, I think it is. But unless manufacturers can be assured that they can manufacture without constant wildcat strikes, they are unlikely to prefer to invest in the UK than elsewhere.
Whilst I would not disagree with the statement that "the UK could not survive as a service economy", I'm not sure that I would take the word of an actor, Morgan Freeman or anyone else, as an authoritative source for the economics of a country.
@@craigs3007 The Morgan Freeman thing wasn't a quote. It's a rhetorical device.
All developed countries have seen services increase as a proportion of GDP over time. The UK's economy is no more dependent upon services than the US, and not significantly more dependent than France. The UK is the second largest exporter of services in the World, and has the same level of total exports as France despite exporting less goods and more services. Whilst the exports of goods remain important, I wouldn't underestimate the importance of the UK's comparative advantage in services.
@@craigs3007 Blame the Tories not Unions
@@michaelandrews4783 I know that a lot of people do, but the union issues to which I refer came before the Tory government, and indeed they led to it as the Tories could legitimately say, and did say, "Labour isn't working".
At that time, unemployment had gone to more than 1 million for the first time ever, and the Tories drove that home in the election. Of course, it went to more than 2 million after the Tories won the election.
But the rot was already there by the time the Tories got into government. And I'm sorry, but the Tories had nothing to do with what the unions did were doing when we had a Labour government.
The UK also squandered it's North sea oil reserves unlike Norway.
Norway had/has vastly more reserves.
@ThumosUK Actually Norway didn't have more reserves.
@@andrewwotherspoona5722 You're right. I stand corrected. They did squander it compared with what Norway has done with its sovereign wealth fund.
The UK wasted some opportunities but let's be clear. You're comparing a country with a population of less than 5 million when the largest fields were discovered versus one with over 55 million. Eleven times the number means the wealth per head is literally eleven times lower. Small petrostates are often incredibly wealthy, have plenty of capital to invest and the wealth concentrates if the government is generous. Norway is no doubt very grateful for the liberation in 1945 by British forces to become the country it is today.
@@pgr3290 Even still. A rough calculation shows the country would have £20k per British citizen if they had managed it like a sovereign wealth fund as Norway did (Norway has circa $270k per citizen). Instead profits likely went to a multinational oil company.
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The UK is the perfect example of what happens when the state is basically at the service of multinationals. High dividends, tax cuts and austerity will take you so far since theres absolutely little benefits to this equation. Cut in services basically underfunds all infrastructure, creates crumbling infrastructure and has completely divided the country by regions. The average citizen has no benefits to the wealth or tax cuts. Housing has practically gone all private making it unaffordable
If they were smart they'd fund everything they can to keep the plebs healthy and happy, because it's hard to exploit people when they're coughing up blood or dead. It's a win win for all involved, they just make slightly less money to squirrel away in the short term.
Not so. Look at Ireland. Ireland is a tax haven that pays businesses to Research in Ireland. They are doing well (though the people themselves don't feel it), precisely because they are at the service of multinationals
Could you please define austerity as you mean it. The economics term is often used to mean different things because it seems to be contrary to the English meaning.
@@Silverfish-qv8ig Please explain how a country is doing "well" eventhough "the people themselves don't feel it".
@@sandrop.92 Very easy! If the majority of the new roles created are out of reach of the average Irishman/woman, how do they benefit? Services? But there has been no tangible increases to quality of Irish healthcare, schools or basic services. Much of the money handed to Irish government in Tax goes back to businesses as R&D write-off. Also, the immigration needed to support this growth in business is causing a massive housing crisis for most Irish folks looking for a place in Dublin. History is littered with cases where wealth is distributed amongst the few whilst the majority do not benefit. Take the British Empire and the Industrial Revolution. Factory owners and merchants were incredibly wealthy, but most people lived in squalor and died at 40.
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Narrator: “4 leaders in 5 years, unprecedented in western democracies”
Italy: Hold my Peroni
Australia: 😂
Italy: Those are rookie numbers. You've gotta bump that up!
😂😂😂
Check Romania in the last 15 years 😅
As an Italian I can confirm also fun fact
Since post war world 2 no Italian government has ever finished the mandate
Someone or something g along the way made always fall the government before the next election
I bought an ice cream for my son in soho yesterday, it was £7.80 for a single cone. Prices of everything has rocketed wages are stagnant for 15 years
Yes
I’m from Canada and still always converting to our dollar, it’s like $14 😅, stuff here is absolutely nuts if you’re bringing in savings from another currency
Why would you but an icecream cone for 9 euros? I could buy 6 icecream cones for that price in Latvija, and if someone charged me 54 euros for that I wouldnt but a single one, candy is not healthy anyway.
That's just stupid london prices. I personally wouldn't have bought that out of principle. I can afford it but why support a rip off and encourage it.
Yeah in the majority of England a single ice-cream wouldn't be close to £7!
I feel like £2-£2.50 is more of a typical UK price.
Soho London is notorious for extortionate prices.
My partner works quite high in the government and she told me (off the record) that during covid she often thought the wastage of money and building up as much national debt as possible was almost deliberate, being serious there's no way politicians could be so incompetent and foolhardy. What a strange/ bizarre time that was?
Ofcourse it's deliberate they are crashing the west,judgement starts in the house of God. ie chrisidom
I believe it was deliberate.
Most of that money was "wasted" on companies owned by major donors of the Conservative Party.
When you realise it’s being done deliberately it starts to make sense
Most western countries leaders are doing everything in their power to destroy their countries.. makes you think doesn’t it
It was deliberate, for sure
"We need to boost productivity of the North and reduce energy prices"! Proceeds to then cancel HS2, continue to privatise the health service, issue reports on abolition of pensions, and welcome millions more low skilled assylum seekers. Our business secretary Kemi Badenoch's only job was McDonalds fgs.
Correction. The narration states that the increase is 0.85% each year. The correct figure stands a 0.085%, that is less that one percent!
actually you are wrong, 0.085 is less than 1/10 of 1%, 0.85 is "just" under 1%.
@@Battleneteranything less than 1% is less than 1% only...be it 0.85% or 0.085%...both are less than 1%
Either way it proves its an appalling deal trumpeted as a fantastic deal to trying to make the disaster of brexit look good.
Delete the comment
@@Hussainpiplodwala I was just correcting his specific math mistake the context he stated, read it again.
At the peak of the Empire people starved in the streets of London.
That's true.
It was not the British Empire. It was the empire of a restricted group of individuals
They could have used north sea oil reserves to setup a sovereign wealth fund like Norway did and own 5% of global GDP whilst using dividends to pay pensions.
Instead they gave contracts to their mates in return for favourable 'advisory' roles in big corp and sold the country down the river.
Using oil for that right now is a bad ideal all around. It's a very, very short term boost given the world is moving away from it (and will do more quickly as it becomes more and more obvious that burning the stuff is destroying our only home). The Petro states in the Middle East worked this out decades ago which is why they own so much around the world these days in massively diverse sectors. They know the end of oil is coming.
The best way to improve things is to invest heavily into the regions with better public transport and other infrastructure. We need London like investment everywhere else in the country. It'll diversify the economy too because we won't be beholden to a single sector (finance) to make the economy. We need a CrossRail in the North from Liverpool to Leeds (and even Hull, I guess they deserve nice things) and better connectivity further north to places like Newcastle. The south west is in MASSIVE need of investment, they always get the shittiest end of the stick when it comes to spending.
All these things will mean we ALL benefit, not just the few at the top who already have and own everything. But that isn't the point, the system has been designed to work this way since some bloke called Bill came over from that their Normandy and had a scrap near a place called Hastings.
When the North Sea was providing maximum income, Thatcher's chancellor, Nigel Lawson slashed income and other direct taxes, especially for the rich. The top rate of tax came down from 60p in the pound to just 40p by 1988. He also reduced the basic rate of income tax; but the poor wouldn't have seen much of those pounds in their pockets, as, thanks to the Tories, they were paying more VAT.
Oil revenue doesn't create a Norwegian-Dubai lifestyle in countries with populations greater than 10 million people with Saudi Arabia the only exception to that rule.
@@Peglegkickboxer In the case of Saudi Arabia it doesn't create the lifestyle there either, unless you're among the elite. It's far more egalitarian in Norway.
@@Peglegkickboxer Still better used for the public rather than a minority of already ultra-wealthy people.
HS2 is a good example of low UK productivity. Billions have been spend so far, yet not a single metre of track has been laid, in a meantime China built hundreds of miles of high speed railway. Saudi Arabia will be long finished with their utopian Neom city, while here we would still be discussing the HS2.
the "utopian Neom city" has been long cancelled and was never going to be completed, from the mistreatment of its workers brought in from India to its lesser mistreatment of expats who do the majority of skilled labour, the project has been a complete disaster. And thats just the logistics of building a project like that, not the fact that Neom is poorly engineered, and doesn't make any fundamental sense for a city.
HS2 is even worse@@jakealcock5905
The length of track laid is not a good measure of the productivity or progress of a rail project. Laying track is something that happens right at the very end of the construction process, so a single meter of track won't be laid until the vast majority of the work has been completed.
Neom is getting built and they're do ground works as we speak
Would not even trust the UK to build a roundabout ...
The mistakes were deindustrialisation in the late 70s and 80s the rest of northern Europe such as Germany kept their manufacturing and now are better off as a result.
Cutting off cheap energy, their industries are going away soon
Very true. Europe is deindustrislizing.
@@dnotleytherethe West is
@jasminehasan890 That is very true now. Europe is heading in the same direction as the Midwestern American rustbelt with a crappy service economy diversification plan. Europe is learning the same lesson that Latin America, Africa, and Asia has when it comes to supporting American Neocon proxy wars and policies. As Kissinger said, being an enemy of the US is bad. But being a friend can be deadly. He must have said it after Vietnam. European elites are bought out by the US these days and its corrupt military industrial complex. Not too many years ago, they use to protest American policies like Iraq. Europeans need to learn to chart their own course away from the US instead of overly depending on them for security and policy. The days of the Marshall Plan are over. Mutually beneficial development is not in the empires interest. The mass of the American people are also tired of the empire, crumbling infrastructure, ignorance of home problems, and being the world's cop. Watch the Americans walk away from Ukraine as they did with Vietnam and Afghanistan. You in Europe will be left with the mess. Your elite politicians will still be detached and say we need to be more crazy Neocons than most Americans are. Sanction half the world and then wonder why you are not growing or why most of the non-Western world is not listening to you really. The West is getting isolated. As a Westerner living in India, I can see that with some concern. Ukraine run by an undemocratic corrupt Bandera puppet is not really worth all that for Europe. That is how the Global South and most of the world see Ukraine. They also do not understand this counterproductive Western obsession with never working sanctions, which never punish the politicians. It does create more antipathy towards the West amongst the public in these countries rather than towards the policians they are trying to punish. Yes, you all are right. Natural resource rich Russia has much to offer the world. The manufacturing power of China and Global South has the cheaper energy, food, and mineral advantages that Europe used to get. Thank, Neocon Western hubris, for thinking financial power has more influence than real commodities or products.
@@jasminehasan890 That is very true with the direction these days
The average wage & standard of living has declined due to the people that have been running this country.
They set the rules, decides who gets the cash & who gets taxed...
Utter rubbish . People don't know how well off they are now
@@DOCTORDROTT Well off? My ancestors where married with a house and children at my age when I cant even afford a car.
@@DOCTORDROTT Don't let the facts get in the way of your blindsided tory narrative.
@@DOCTORDROTT another person comparing today's lifestyle with the wrong parts of the past. Access to technology, healthcare and cheap credit doesn't make us wealthy.
@@DOCTORDROTT I bought my home in 1987 it was 5 times my income. How do my kids buy now my home is £325K+ . My electricity price increased 300% in 8 years. If you cant see the rich are hoovering up all the money and assets you must be rich.
The UK reminds me of Argentina, I heard an Argentinian economist when asked how Argentina went from a top economy in terms of gdp per capita to a basket case and suggested a 100 years of always taking the wrong economic decision, when is the last time the UK has choosen the right economic decision?
Liz Truss attempted to make the right economic decisions - but the swamp wasn't having a bit of it...
@richarddobson4marrickville The swamp gave her her job. The free market had one look at her plans and decided to take their money elsewhere!
@@porcupineinapettingzoo You should be disturbed that the rich and powerful can control who gets to be put in government.
@cattysplat The Tory faithful voted for Liz Truss, the money faithful didn't want to risk their money, livelihoods, companies, your pension fund on a mad fiscal experiment after a mad isolating experiment, the Tories could have stuck with their choice, if you have an issue take it up with them!
It is very similiar to Argentina. Most of the world has been suffering for over 100 years under socialist policies, Argentina is turning around rn finally, hopefully the UK and the rest of the world follows.
England is sinking, but many still believe they are exceptional !!! And thats the main problem.
Its years of constant propaganda drilled in them. They believe in it. Politics
Despite the government intervention? no. Partly because of it.
Yeah as soon as I heard that I knew this video was made by a moron
exclusively*
Solely because of it. Every economical issues are due to government intervention into the economy.
Standards declining apart from the richest backpockets.
Bank bailout from public funds has never been replaced an Britain dont really produce anything worthwhile anymore but imports substandard properties at extortionate prices which don't help
The system is to blame. The government too, but mostly the system.
Tebbit used to say get on your bike.... However in the UK moving to get a job has never been so hard owing to the cost and inavailability of housing.
Normal Tebbit was an ideologue who never let a fact get in the way of his beliefs. That's why we're in this mess. Free Market? Free Markets in the best sense of the phrase cannot exist under the sway of a dominant sector - whether that is the state, or a bunch of rentier Capitalists. As Michael Hudson argues in his book "Killing The Host", we don't have a Free Msrket, and it is less the fault of the state alone. It is that the stare and the economy are being run to enrich the financial sector, by vampirising the rest of the economy, including industry. As the economic thinks who argued for it envisaged it, it would be a mixed economy, where the state would facilitate the flow of capital to industry, but also prevent rent seeking from taking over the economy. It should be a symbiotic relationship, but it has become a parasitical one, because the financial sector is too big, and fails to direct capital into the real economy. Instead, finance is bleeding it dry by preferring to earn its profits through unproductive and unsustainable rent seeking. In doing so they are gradually diverting away cash flow from capital investment to speculation and asset bubbles, because those activities are more profitable for them, as they keep the money they make circulating amongst their peer group. That means that wages will continue to fall in real terms over time, and the state will be starved of revenue to function as the level it needs to do to support the productive capacity of the economy.
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@hendrixix_joe 34.5k.. How much do you invest to make that much though?
youtube bots are crazy now😭
What you said distorts absolutely everything about profitability and the level of risk. You didn't say how much money you have invested in the stock market in total, perhaps 2,000,000 euros/dollars or some other currency, or even more?... What I am saying is that there is a significant difference between whether the investment return is in line with a large total investment, or whether you have received a huge return with small investments.
MANY SCAMS HERE, YOU ARE NOT UNIQUE EVEN! Hendrixix joe.
Stagnation just means nothing has got better. There are no natural resources, there is no technological innovation. We import migrants for cheap, low skill labour, driving the average salary down. And so nothing has improved.
you must just believe more ... Bojo Pinnocchio promised higher wages ... .. or did he lie to the public ??
It went from being "Great Britain" to just "Acceptable Britain".
Too true.
Great Britain t l-rated Britain
Mediocre Britain now
More like Broken Britain 🇬🇧
Broken Britain.
It went down hill since it became diverse Britain.
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
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This is so good, I'll have to watch it a couple of more times to take it all in.
Do you hate British people? Most people do
Wish my british friends all the best and a rising economy for the future! Greetings from Germany 😊
Eventually we will be ok we just need someone with guts to say we need to go back to manufacturing
@@SamthebritishgentNever will happen. The only people that would are workers, and not only is it very rare to see someone from working class in power, but any workers movements are crushed, or too concerned with 1920s Soviet politics (Trotskyism, stupid ideology).
Germany is next Britain. Don't worry
Als Deutsche können wir von den Britten lernen, wie es nicht geht. Die haben sämtliche Investitionen in die Bildung, Infrastruktur, ... verpeilt und jetzt haben die den Salat. Wir machen es leider nicht anders. Jetzt haben wir die Möglichkeit zu investieren, aber wir sparen lieber, damit wir später noch mehr investieren müssen, als jetzt. Zudem wird die nächste Regierung wahrscheinlich auch wieder konservativ und dann geht es uns auch nicht anders. Es ist traurig.
As if Germany's faring better.
As a person from the US who is now working in the UK - there are two aspects which have impacted the UK economy.
1. Investment in people. The UK’s entire apprenticeship scheme is not geared for the modern technology economy. To think that someone who knows nothing about maths can do AI/ML/data science has caused so many issues, causing companies to offshore/nearshore their innovation. But you can’t solely blame it on companies. UK students can graduate with a degree in three years. A degree in engineering where they have barely taken any engineering classes, but are considered a well rounded individual. Seems the UK university system is just geared to produce managers and accountants.
2. Culture - UK culture likes bureaucracy. Hear enough about working committees and steering groups… every decision is by popular vote. So by the time you make a decision, it’s either the wrong decision or the opportunity is long gone. You may not want to compete with China but in many cases, China is competing with you. And they want to win, while I hear often times in the UK - “its ok to not be number one”
If you have the skill and have the motivation, you will win. Taxes are surely a problem but I think the root cause is bureaucracy.
Tend to agree with most of that, but not the 'bureaucracy' being the cause. Much of northern Europe has similar, if not more worker representation, and performs well over time. Similarly, have you dealt with US public services?! Have you seen their websites? Hardly a model of modern design and efficiency. The US might be richer on average, but is has vast income and wealth disparity and a protectionist economy in quite a few sectors (including monopolistic global Big Tech firms). The UK is in a mess, but it's not because of red tape, it's arguably because poor regulation (a form of 'bureaucracy') has allowed minimal investment in staff training and development, investment in R&D exploitation, and in national infrastructure.
@@RTWuk I'd suggest that @logicae4096 is not making a US v UK argument, but is simply pointing out the observations of how the UK works from an outsiders perspective.
The question is not really whether the US also has inefficiencies, but whether what he says is correct.
Is he correct in saying that:
- the UK has a lack of investment in people? I would say yes.
- the UK apprenticeship scheme is not geared for the modern tech economy? I would say yes. We have a painfully small number of apprenticeships, preferring to send young people to university where they can run up a huge amount of both student debt, and the living costs maintenance grant has now been turned into another loan.
- that we have working committees and steering groups. Again, we do have those. We also have quangos. We also have bloated local councils where cuts are regularly made to services while increasing the compensation paid to executives. We also have civil servants who are almost unsackable - if they do a bad job, they just get shifted to another department or promoted.
- China is competing with us, even if we are not competing with China? Again, I would say yes.
He correctly points out a lot of things that are causing problems. That is not to say that his own country does not have problems - all countries do. But sometimes those of us within can't see the wood for the trees, because as far as we know, it has always been like that. Someone who comes from outside can see things that we cannot.
I would welcome his observations, and would only wish that they could have an impact on changing things for the better. Alas, I fear that they will not.
Corruption and byrocracy is the reason why the entire West is going to shit this century.
As a British American, I appreciate this comment. I often say the US needs more apprenticeshiip but your point about people not knowing math is a good one. I disagree that the UK university system is worse. The US one is where people have to take math, science, language, english, and other subjects for three years before choosing a major. The UK is where people begin their university career straight off the back studying their core subject.
@@simatian2019 Not saying US schools are any better…. Outside of the top 50, there are some really questionable educational practices in the US!
it's all been sent abroad and into Politicians offshore accounts, That's where it is...
in 1920s they have so many colonies under them which they can easily exploit and they were much more productive compared to other countries... ... of course they were much richer then?
The thumbnail is very misleading, it lumps the Republic of Ireland in with the UK. The economic situation in Ireland is quite different to that of the UK.
Not for much longer with your governments delusion that mass immigration is the answer to all its problems.
If you look in the corner at France, it's just two maps in different colours cropped to the British isles
@@aric7726 It literally has the first two letters of POOR on Dublin. Truth is that most British people don't recognize Irish independence in any way whatsoever.
It's an terrible video, completely skewed biased incomplete data, factually incorrect everywhere, but it's presented as true fact. YT should ban videos like these.
@@aric7726 What are these British Isles of which you speak?
WOW!!! I can't believe it! An economicd video that doesn't imply that am economy isn't growing because workers have too many rights . No so called " flexible labour market" reforms mentioned ( AKA slaves that can be fired easily) . Its as if real economic policies are meant to benefit society as a whole and not just a few! That's it , im subscribing!
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much pound in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
i'm in dire need of an advisor can you please give me the name of the F/A you use?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Linda Aretha Reeves” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Australia when through a quick change of PM's - RUDD, GILLARD, RUDD, ABBOTT, TURNBULL, MORRISON and now ALBANESE between 2007-2022 - that's 7 in 15 years.
The same thing as the UK?
Not the same. There's a change in party between Rudd-abbott and again between Morrison-albanese.
@@Orion-mi4eu yes, its same even with party change they kick out the person the people voted for their yes man/women
While I am British, I grew up in Guernsey, but lived in the UK for 6 years in the 20teens. Honestly, I don't know how some people actually survive with wages being as poor as they were, not to mention the massive student debt that they sell as not being much... Bla, and then stealth tax it into your tax payments. What they don't tell them, is that the 60k debt is the half (or more) the cost of a house in many areas of the country! I am grateful for where I grew up and moved back to, because we actually have a much better economic balance. I would never move back to the UK mainland.
Is Guernsey not part of the problem ? Helping people shelter wealth from a stretched UK government ?
@@ajwest3081 This. This. And This.
No more colonies to loot. That's what happened.
agree!
Our economy increased after decolonisation whilst most former colonies economies decreased, keep crying.
That theory is wrong.
@@johnwright9372not THAT much actually.
The UK was traditionally a nation that depanded more on Trade than industry, exception being the time of the peak of the British Empire ofc when it produced AND sold rzther than act as traders everywhere.
It sought colonies because it had countless ressources the Island didnt have, and losing them marked the switch to service oriented economy which further weakened industry in exchange of more PIB production because services are seen as producing more wealth than the alternatives.
But Services alone depands on the state of the global economy to truly thrive.
And lets be real its not bad but its not great so thats already something.
Add in the fact that just like the US the UK's democracy was made by rich men for rich men with nothing to really break that status quo you end up with an elite that couldnt care less about the people beyond using it to secure their power. But that was less significant when Industry dominated and the ressources from the colonies and subsequent trade brought further prosperity to hide the issues within.
@@johnwright9372No it's not.
Us Brits are spineless, worthless cowards who have only been good historically at taking from others through violence and guess what?
We're not good at violence anymore
I work with a polish lad. He says hes going back home this year because his economic prospects are better there than they are here and have been for a while
Also helps that fact that ever since he probably arrived in the UK, hes been sending money back home. Ask him for a photo of his gaff back home 😂. This was always the plan. same with all the others coming here and sending their welfare money back home to build mansions. Funny thing is, a lot of people never go back to their properties since they're incentivised by pension so they decide to stay a little longer until they're too old lol
Poland will pass UK in average income in a few years. Good thing for us Brexit happened, so we won't get flooded by piss cheap British workers over here in EU. Good riddance!
Poland is on the up in its own little way
@@SiMe-ht3pm poland isnt a third world country man, uk wages wont be building mansions over there, the albanians will be though
@@SiMe-ht3pm A lot of people do that... Which is sad. Very sad. Iam from Hungary, and i live in UK. I have not spent a single money back. Ther is no reason for me why to. I moved here to UK because i was planing my life longer term here. Buy a house, make a family etc.
The biggest problem Britain has is that policy is determined by false political dogma. The notion of "free" markets and a lack of government intervention compared to similar ecomonies has meant that we've been outcompeted in our own markets by foreign companies backed by their own governments. Thats why we have a "private" railway with trains operated by the German government, or "private" electricity generation owned by the French government. It's why our last blast furnace is closing down, because it cannot compete with Chinese state-owned steel corporations. Even the US, the most capitalist and "free" market of them all, uses its military as a means to subsidise its heavy industry with taxpayer money and a series of protectionist policies that ensure value for purchased goods stays within their shores. Boris Johnson said he wanted Britain to be the Saudi Arabia of wind, but he forgot to mention that Saudi Aramco is a state-owned company that puts its profits back into its economy. We once had a chance of having our own Aramco in the North Sea, but Thatchers policies cost us £400bn in GDP and a potential for a sovereign wealth fund that would today be worth £800bn, had we followed the Norway model. I've got 2 GCSEs and i swear i could do a better job than the muppets we have in power now. If you love this country you should NEVER vote them into power again, or anyone else who doesn't love this country to their core for that matter. Rant over.
Saudi Aramco oversees around 100 times the oil reserves ever held in the UK sector of North Sea.
It also gives almost all the oil income to one ruling family.
I think you need to think before commenting next time
@@tomjohnson9833 Wild how you could be so arrogant yet so ill informed. The ownership of Aramco is as follows: 90.19% Government of Saudi Arabia, 8% Saudi Public Investment Fund, 1.81% Private investors. That's where the money goes. Yes, The King of Saudi is the Head of Government but the profits from the company go into government budget. That's why the standard of living is wildly high in Saudi, and the average Saudi citizen is wealthier than the average Brit. A higher percentage of the value of each barrel of oil extracted is retained by the government of Saudi Arabia than that of the British Government and the North Sea. The same is true for the Norwegian state-owned company, Equinor. Anyway, it was Boris Johnson who said Britain should become the Saudi Arabia of wind, not me. And if you want to read up on how Thatcher failed Britain in the North Sea, then look it up because you are clearly and embarrassingly ill-informed. Not to mention that is all somewhat besides the point, that you need to have state-owned Energy for the country to truly benefit from the generation of wealth, rather than a handful of international companies who hold onto the money aside for a few % per barrel of tax revenue.
@wertrocks123 the Saudi King and Crown Prince are absolute monarchs. They ultimately control all income and public spending in the kingdom.
The income from Aramco is funnelled to the people in the form form of generous social protection, but the people don't vote for their leaders, or have any control over where its spent. One could argue that its just money to keep the masses on the side of the house of Saud.
So I'm not wrong.
You mention oil companies only paid the UK "a couple of percent" of the value of the oil extracted in taxes back to the UK. Its actually been around 30% on average, and remember that Saudi oil is much easier to extract and access than oil from the bottom of the North Sea.
You make no effort to engage with my main point, which was your failure to grasp the radically different scales of oil reserves between the UK and Saudi.
@wertrocks123 the Norwegian case is similar to Saudi when compared to the UK.
Historically, Norway has had around twice the oil reserves of the UK. But Norway's PIF is mainly funded by natural gas, and Norway has 10 times the UK's gas reserves.
The UK's largest gas fields were in the Southern North Sea off East Anglia, and most were already becoming less productive before thatcher took power.
You'll ignore this distinction between UK and Norwegian reserves just like you did the Saudi case, and you'll focus on something trivial or be deliberately obtuse to avoid embarrassment. But I know you'll read it.
UK is an island ! economy must be outward oriented, yet Brexit... if there's definition for shooting oneself in the foot, this is it
Nottingham has the lowest income per person: no surprise there.
Call Robin Hood.
It's a surprise for me.. and I live there but the local paper is usually flashing bread and games, so not too surprising when I stop and think about it.
Didn't Nottingham vote Brexit,wait wait brexshite I mean 😊
Nottingham isn't exactly mega-rich, but this figure is misleading. The borders of Nottingham as a council area include all the more deprived inner city areas but exclude wealthier places like West Bridgford, despite it being walking distance to the centre. So they get excluded from calculations despite being very much part of the city in all practical / economic terms.
@@aziraphaleangel West Bridgford is in Rushcliffe. The figure is not misleading.
Why did Ireland also become poor on your thumb nail?
Because in 1920 (thumbnail) - Ireland was part of the UK. His choice to add it to the present - possibly inspired by 'tabloid (style) sensationalism'
Ww2. The cold war ended, oil and gas industry with the wars in Iraq and Afghanistan war operations ceased in 2014, increase of technology advances and covid lockdowns
Fantastic again! I'm really looking forward for the Germany one. Glad to support such a new channel. Thanks for all the work gone into the video-making process, keep up the good work.
Thankyou so much - really appreciate it
Can't do basic infrastrucutre investment like HS2, 3rd/4th runway at heathrow, Cross Rail 2, Underground system in Manchesteer etc.
tbh digging up Manchester would be hell on earth for the people though. the city would do much better with extended overground, and extensions to outer towns.
Does the thumbnail for this video annoy anyone else? The image on the left has Ireland in 1920 with a line showing a border which doesn't yet exist, then on the right makes it seem as if it is significantly worse off than it was in 1920.
What a dumb map - it includes both Ireland and the UK as poor. Ireland is a separate country FFS
Ireland is no better! Our country has become a tax haven for large companies and once again the working population are starved!
Its awful video and factually incorrect throughout
Your thumbnail is wrong, Ireland is not part of the UK.
No you are not and you will never be again brother. We are with the Irish. ☘💚☘
Although not as an EU Citizen, given the importation of thousands of migrants diametrically opposed to Irish culture and values. @@eucitizen78
It was in 1920
Yes it was & that's why we wanted out - taking back control of our economy and our borders (well most of them, except for one in particular) and all that - we all know how Brexit is working out for the UK economy. The majority of sources indicate that the Irish GDP is growing faster than that of the UK with a better economic outlook. That aside, you do have to forgive people sometimes for shimmying Ireland in with the UK. It can be singularly or a combination of all that is convenience, arrogance or ignorance.
He says, in English
UK isn't yet in bad trouble, bad trouble will start very soon as they made very bad choices
East Germany got a massive amount of help from West Germany and donations from many EU members. The UK helped by cancelling Germany's remaining war reparations. It was far more than a "one nation" policy that created growth as you claim
Germany was and is the largest donor in the EU; it receives less from the EU budget than it pays in.
The UK also received EU aid for its underdeveloped areas
@@nettcologne9186 Yeah. Sports Direct in Shirebrook was built with it 🙄
Not to mention that eastern Germany was allowed into the EU just like that, without the need to fulfill ANY accession criteria. And now the former stasiland is voting for the AFD en masse.
Uk also payed in more than it got out don't forget@@nettcologne9186
Good point. There are no consistent rules in the EU ....only "feelings"@@Just_another_Euro_dude
Manchester is shown as a region rather than the city of Manchester. For a par of the two it should be showing the West Midlands region which marry up the two on population.
Hope that this is going to be watched by those in the shadow cabinet as they will see the up hill task that they face after the next election.
It's shown like greater London, when referring to London people don't tend to refer to the city of London.
As it's talking about economics it makes sense to use Greater Manchester and not the city of Manchester which doesn't even include all of Machester's city centre. It should have used the West Midlands for Birmingham though.
@@Jgvcfguy That is what is used to mistakenly claim that Manchester is Britain's second city which it isn't.
@@philipdouglas5911
Precisely!
Because Manchester is awkward. The actual city represents such a tiny part of what most people consider as 'Manchester'. Even Leeds, which most people will consider a much smaller city, is bigger than Manchester.
Not entirely related but I would say Greater Manchester is far more integrated than the West Midlands due to its fairly decent rail and tram services between the outer cities. It's nothing like the TfL but it's better than what Birmingham offers.
Absolutely brilliant analysis 👏🏽👏🏽👌🏽👌🏽
Can someone give me the link to where "1 in 10 have no gas or power at least monthly" ?
I can't find any poll on that
Edit: I did find it actually.. also I thought he meant people get outages, no it's people cannot pay their electric bill so the company shuts it down
Wealth is either grown, mined or manufactured. A service economy creates nothing and just shuffles paperwork around.
It is much better to grow the size of the pie than compete for a larger slice.
keeps idiots who would otherwise want to cause trouble for the elites in useful employment
Tell the Singaporeans.
That's not true.
I dont think you know what service is. Service is IT, programming, and other tech industries, healthcare, education, as well as traditional service sector jobs. I’ll make an example: a company makes a paint (aka manufacturing), someone paints your house (service).
@@linuswittstrom4917 exactly… IT & programming, healthcare, education etc do not actually create wealth. The money to pay for them comes from elsewhere in the economy. Either it is mined, grown or manufactured or it is taken from other parts of the economy.
If Great Britain could adopt an economical approach to the US since Brexit, it could help.
Feel like politicians ignore the fact funding isn't the only issue with the NHS. Most NHS staff you'll meet (most, certainly not all, we all know great exceptions) really do not give a single damn about the patients. So even if you do get appointments, operations or any "care". Between the staff and funding, don't expect to come out of it better
That is a sign of an overstressed and understaffed workforce.
@@rogerwilco2 Funny how bad nurses are just stressed but bad builders are cowboys.
@@rogerwilco2 You can bang on about workers being passionate about their work while completely ignoring that stressing them out can completely drive the passion out of them.
The figures for car production are shocking to me. In Australia all three car manufacturers closed down after 2000-2010. Their argument was that since Australia only consumed 1 million new vehicles per year,it wasnt profitable enough to keep their plants running. Yet the UK is well below that level.
they just used as excuse to move to china
Great video mate. Well done
Thankyou!
What UK needs is Finnish/Scandinavian double/triple glazed windows. with the increasing heating and AC costs, the windows would pay themselves in a matter of few years
We've had double glazed windows for decades.
Gas is more than heating, it's also hot water for showers, some have gas cookers/stoves, and stuff like that.
it's also money. you can't sell the energy savings.
@@The_Prizessin_der_Verurteilung UK double glazing is actually pretty crap and often 'blows' or has mould around it. I've lived in Finland, their triple glazing is incredible in comparison. Even in a much colder climate homes are far better and Finland uses district heating not gas.
We actually need less insulation. A lot of this green insulation nonsense has caused serious mould issues in houses.
@@MrEdrftgyuji No we need more insulation. You haven't heard my neighbours...
Life is garbage in the uk overcrowded dump. Even when you earn a decent wage you spend five hours stuck in traffic. Most high streets are full of Takaways selling kebabs and bats the chicken of the sea.
It wouldn't be overcrowded nor full of awful takeaways, if only boarders were properly controlled.
It's not over crowded.
India is over crowded.
Germany is just as populated per square kilometre if not even more so.
It's just been badly run by the Tory's for 14 years.
@@user-vu7rv1xf1l Or people who aren't supposed to be here would simply be deported instead of given 5 star luxury hotel rooms.
@@SilverWave64The present UK government’s solution is stopping processing of asylum claims, state people trafficking to Rwanda and vice versa with outsourcing of accommodation for asylum claimants to private sector providers. Wasteful, oppressive, costly and contrary to HRA and international conventions.
thats what u lot get for voting brexit haha have fun suffering
Would be more accurate to show the Houses of Parliament rather than Buckingham Palace when using the title UK Government
It would be great if for a while, whenever one shows an image or clip from the UK, it can't be from London.
Agree, though worth bearing in mind between one quarter and one third of the *entire* UK population lives in the London and south east commuter region.
UK is London. England is the regions
Can’t be helped. London is the basket where the UK lays her eggs.
unfortunately it's more or less the same in France or Germany , what's happening now in the UK is not something special, Europe as a whole is on decline , and nobody knows what's the exit strategy
Haven't got a graph but apparently the European Union is now a 1/3 smaller in economic size than the USA ( compared to when the Euro was adopted). Europe just doesn't have the vibrancy of the USA.
@@reddog5031 you haven't got the graph because it doesn't exist and utter crap. The EU economy grew by almost 10 times since it adopted the Euro LOL
War.
War is the exist strategy.
You see Growth is relative and if you plunge the world into War, the War economy and the after rebuilding competition along with new economic paradigm based on the past lessons will be born.
Above all every one will start equal. Government will be forced to nationalize big companies which will refund the infrastructure.
@@garciacalavera6830 It adopted the Euro in 2002, with like 10 countries joining since then. That aint saying much.
UK waste money on their royals that steal large areas of land and tax payer money and use up security workers that could have served the public instead.
You will be fine in the UK as long as you are born into the correct family. The wretched class system is also something that needs to be urgently addressed.
Mental health is also a big factor, probably not helped by the economic conditions
The way to deal with a housing issue is to reduce foreign residency permits and have no tolerance on those who dont have them.
Mabe strart building. Encourage self bild homes? Release cheap land available ONLY for local UK residents?
Maybe put a limit on the amount of homes people can buy? I'd set it at one per person. And then heavily tax landlords with multiple property's. All the while enforcing a rent cap/ limit (per area) which in turn incentivices current landlords to sell up instead of raising the rent to cover the tax increase. It would free up a load of housing which in turn would make house prices cheaper. Thoughts?? @@user-xb5zu6zu7j
Nah, being a racist and implementing racist policies has never actually helped anyone.
If you need more homes you need to build more homes, it's as easy as that.
I just read an article called "Is the UK Becoming A Third World" Country in The Luxury Playbook that says exactly what you describe and goes even more in depth. Unfortunately we are doomed.
Despite vaccuming of the wealth of former colonies, you are saying lifestyle of average uk citizen hasn't improved. Seems like that wealth went directly in pockets of rich.
The colonies were net drains on the British economy.
At 2:34. Really, unheard of in modern Western democracies? I see this man is unlearned in the ways of Italian politics since the 1950s. Rome is infamous as a merry-go-round for Prime Ministers. Even Japan, that model nation of probity and prudence, goes through frequent bouts of 1-year wonders in its Prime Ministership, with the 1990s being quite alarming in how many Japanese Prime Ministers were defenestrated.
Japan has the highest debt to GDP ratio of any developed economy so I am not sure it is a model nation for either probity or prudence.
@@jamesthomas4841 The vast majority of that debt is held by Japanese creditors. They buy up huge amounts of government debt, even though it provides very low ROI in comparison to other investments, as almost like a national duty. That's the reason you never hear of Japan teetering on the cusp of a sovereign debt crisis. This is unlike almost all other nations with similar debt overhangs, where international creditors call the shots and so demand far higher ROI. Maybe this is not prudence, but it's definitely probity. ;)
There's a load of rubbish in this video to be honest.
he gave sources, unlike you. @@mattm7007
Even Italy laughs at UK politics these days. And rightfully so. We're a fucking shit show.
And the Governments answer is IMPORT more people !!!!!!!!
A key issue is that the UK government spends so far beyond the country's means that it is no longer viable. Public sector pensions are still worth half of salary again for all of these workers (even after the reforms that hardly changed anything), and the government subsidises so much, and wastes so much. This means even with record taxation, so high that businesses can't possibly thrive, the government has record debts and ever growing borrowing. It is hard to see how this will turn out well, and it doesn't look like any government will do anything about this until it is far too late.
Where does the government waste money? Because I have a feeling what you consider waste someone else may consider essential.
@@AccidentalExpat143 the outputs may be essential to some, but the way the government achieves them costs many multiples of what they need to cost. Liz Truss spending £0.5m on a private jet to Australia? I know of other examples of governments using huge numbers of people to get things done where a much smaller number could do it, and paying people far more than they would get anywhere else. Examples of this are reported all the time. You could look at PPE as well, the fact it was an emergency isn't enough of an excuse, and these types of things happen all the time. If the government cared about public money they would do something more meaningful about defined benefit pensions.
Nonsense to claim that that the increased taxes are too much for businesses to thrive. They are lower than many very successful nations on the continent. And we've been living beyond our means precisely because we've refused to raise taxes and so been forced to borrow.
It appears that there's currently a brain drain of graduates from Britain, as many see going overseas to places where they're actually wanted far more than in this country, one major indicator being the rate of pay against the cost of living being generally much better overseas than here in this country. Until this is addressed, for many for whom hard work no longer equals results, education is increasingly seen as being just a way of getting into deep debt during an exceptionally economically challenging time, rather than a genuine way out of poverty.
It is not just pay....I myself graduated in mechanical engineering went for graduate schemes everywhere through UK never selected to work, and I see that greedy employers choosing third world people to employ using that diversity cars....those guys work hard for minimum wages....company saves a lot....So it is sad they do not need us anymore so I moved to Germany and happily work for Aorbus
UK is finished. The most talented always leave.
@@valuetraveler2026 they have Indians, Africans and other third world cr*p but these people do not work hard as us
Brain drain is real. Hidden by 600000 net migration in
@@eddierussel5911but you just complained about UK importing 3rd worlders as if compared to Germany they aren't doing the same by hiring you. 😂😂 UK has become the third world, should Germany ban UK economic migration as you believe the UK should?
The austerity policies of the 2010-2015 coalition government strangled Britain's recovery from the 2008 Financial Crisis. While countries like America and Germany invested their way back to health, the UK bought David Cameron's lie that we needed to tighten our belts and take an axe to pretty much everything
Should not have sold all your legendary car makers to India and China. Same will probably happen to Germany in the coming decades. Both countries have the same problem, dependency on foreign energy and raw material supplies. Instead of becoming independent, at least in terms of energy, Germany went the opposite way and even shut down their remaining nuclear power plants.
Although, good. You ought to amend 01:37 which states (paraphrasing) that we have elected increasingly populist leaders, with three images one of Boris Johnson, Liz Truss and Rishi Sunak.
Only Boris Johnson was voted for and like the other two, initially he was installed by backbench Conservatives in place of Theresa May.
Seriously Britain though does not have what the modern world requires to succeed.
It has for hundreds of years moved from one industry to another as competition has caught up.
Most readers would associate highly expensive watches with Switzerland but at the time of Marie Antoinette it was Britain who ruled. But with new technology, theories and competition from France, Britain decided to move on.
So it has been with the LCD, Graphene, Motor Bikes, fighter aircraft, ships, steel, mobile phones and cars etc.,
The problem is that the masses could be deployed making things that pay a decent wage save for the mantra that labour costs in the UK are too high.
Amazing then that Germany can still make pencils and wheelie bins, meanwhile we are constantly importing people for jobs as diverse as doctors, delivering pizzas and Uber taxis drivers.
Hopeless. We prefer to pinch doctors and nurses from abroad to save on training our own.
We wasted North Sea oil revenue on closing 'old' industries, paying the workers affected social security and mindlessly reducing taxes to 40%. Meanwhile Norway did the opposite and is considered seriously wealthy by virtue of putting most of the money into sovereign wealth funds.
A wealth fund does exist by virtue of oil monies for the Shetland and Northern Isles, I believe.
There is little we will not export such as telephone help lines located almost anywhere but Britain.
We are ruled by very incompetent people and as an electorate we are very gullible.
Brexit has caused immeasurable harm and the US Inflation Reduction Act stands behind like Brutus about to apply the coup de grace.
Britain is now a poor country with a small minority of rich people, those in parliament shuffle the chairs on the Titantic by increasing taxation but you cannot tax yourself rich.
Edit: I forgot to say this somewhat shocking fact.
An FT journalist looked at the impact of removing the richest/largest City from a country's economic performance with the result that UK average income would be below that of worse US state, Mississippi, if London were not included. I think that shows what we are facing.
If there is a positive outcome to Brexit it is twofold:
(i) We can not longer hide behind being a member of the EU which benefited the City of London and hid our manufacturing decline.
(ii) All that ails us is becoming increasingly apparent as too the panic amongst our leaders to cover up the cracks. Such as increasing corporation tax from 19% to 25%.
I loved my recent trip to London but everything was so expensive - what I would pay for AUD in Australia, I was paying for Pounds in London - a $20 meal in Australian pub was 20 pounds in a London pub - I wondered how people even live there - the only cheap stuff was alcohol and makeup!
@alstar70 London prices are not indicative of the rest of England. I live in the North West and I wonder how londoners manage.
@@alstar70 About 20 years ago, I lived in Toronto for a time, and I found something similar there. Everything was the same in terms of numbers - it just had a $ sign instead of a £ sign. So anything that would cost me £20 in the UK was $20 in Canada. At the time, the exchange rate was about £1 = $2, so from my perspective, everything cost half of what it would cost in the UK.
See the problem is you do not even know how politics works in Britain as a British person. You do not vote for a leader, as in the US, you vote for the party. When you actually realise this as a nation you can actually vote for the correct party. Leaders in the party's just tow the line on the policies of the party's consensus at the time. So no one leader has the real power to enact anything without the backing of the whole party.
@@sunilthakore5715 Theoretically you are correct in that the system is set up that way.
But in reality, when people go to vote, it is actually on the basis of either the party ("I've always voted Labour, and so did my dad, and my grandad" vs "I've always voted Conservative, that's just the sort of person I am") or in the swing constituencies, people will choose based on policies or on their belief in the leader of a party.
There are many people who don't even know the name of their local MP - they just put an X in the box next to the party name/logo.
So although the system is set up along the ideas that people will vote for their local MP, the reality is that it doesn't work that way.
You can provide whatever data you want, but the moment the EU allowed all the rif raff countries in the Eastern Block to join the EU, is when I saw a huge decline in UK quality. By 2014 I could no longer get same day or same week NHS appointments, then it creped up to a month and so on. What no one is talking is how many people were in the UK to make as much money as possible, this meant that many claimed back their taxes and went back home where they purchased their dream homes cash, and then in addition a few rental properties too.
Properties in the Eastern Block used to cost between £3,000 to £5,000, this were flats, so think about that. When the money started to pour in, property prices shot up to 500% and 1000%. There is a lot of data that has not been looked at, why opening the flood gates was not a good idea for the UK. The UK was and still is, first choice for economical migrants.
The UK land mass is the same as Romania, the population is almost 4 times of that, and larger than France who has a much bigger landmass than us. The UK infrastructure just can't handle the current population. The UK has an old mentality and did not keep up with demand.
I think Britains economy declined because they lost their big ass empire and had to start relying on themselves more
The worth of all natural resources on UK soil is estimated to be worth £10.7 Trillion that is 3.5 times more than what the economy is currently worth. The UK also owns 45% of the North Sea Oil. The main problem is they aren't producing or selling as much as they need to, to increase this as stated by the video the output has been low, the last four conservative leaders haven't helped either. Let's say if the population growth is stale or grows incredibly slow, the GDP per capita of the actual potential of resources with equate to £158,000.
Stagnation of wages and decline of living standards coincides with certain party being in power.
Aren't you really insinuating that the Labor party is on the side of the people who are the losers of globalization? The mistake of Brexit was that the public entrusted the process to an elite that was not willing to build a less globalized but more equal country.
wrong
Indeed.
According to Marianna Masacato government investment in research is virtual for economic growth. It’s not very neoliberal.
Wealth in Australia is down to mining and idiotic rising house prices, nothing long sighted.
Why are Anglo saxons so bad at running countries? Seriously WTF
Why is the Republic of Ireland and the UK shown as a unit in 2024??
Its one of the constant frustrations of being Irish. The brits are a dim bunch and cant seem to move on from 1922
As someone with a background in psychology, I look at this through a behavioral lens. Whenever a nation loses confidence, disconnects itself from the rest of the world and starts to look inward instead of outward, it loses productivity and consequently becomes poorer. This happened to China, at the time the richest nation on earth, when it decided to isolate itself from the rest of the "barbaric" world in 1434. Some four centuries later it had become so technologically stagnant and backwards that it was promptly defeated and carved up by the more technologically advanced Europeans. Same thing has happened and is happening to the UK. It underwent a loss of confidence after World War II which saw it jettison its overseas empire and embark on a period of isolation and inward looking. History is repeating itself today when the UK, due to another loss of self-confidence disconnected itself from the EU and embarked on a second wave of isolation. And it's paying dearly for this decision with loss of productivity and poverty. This is ALWAYS the consequence of isolation and disconnecting oneself from the rest of the world.
On a sidenote, I cringe every time I hear the neo-term "income inequality". An inequality occurs when an individual is DENIED something he/she has a RIGHT to. To my knowledge, no one has a RIGHT to a high income. This should more properly be referred to as an "income disparity".
This is my reading of the UK’s recent decline also, I’ve got a background in psychology but I do in history. I just wanted to say that the trends you listed are great examples and you made some excellent points.
I disagree. Refusing to be isolationist cost Britain the empire. Post-war globalism has wrecked the standard of living of the average person and elevated the fresh-off-the-boat unskilled migrant above the natives. The "elites" of Britain are far more concerned with global matters than those of their own people. Those same people have continued to reject any calls for acting in the national interest or the interests of the people. Leading to the shitshow we have.
"To my knowledge, no one has a RIGHT to a high income. This should more properly be referred to as an "income disparity"." - you have my upvote. excellent, ser
You only have to cross the Channel to realize the UK is performing badly. Though it is plain to see without the need to get your passport out.
I have been working for an overseas British entity which is managed by its UK office, for the past 2 years. One thing I have noticed is how badly things are managed and how their priorities are all wrong. The technical people who deliver all the customer services and earn the money for the entity are squeezed...they are understaffed, are given low-spec computers, and are generally unhappy. The support/admin staff have better computers, and multiple screens, given incentives like employee of the month, etc. Last year, there were over 350 visits from the UK side with the visitors sometimes begging the team to have meetings with them on something just because they have to show in the report why their visit was necessary even though nobody is benefitting from it. Then there are so many EDI (equality, diversity, inclusion) events, seminars, and visits from UK staff but none of the EDI guidelines are actually put into practice. We have now hired more managers and deputy managers who are all assigned new shiny offices and have secretaries, who are expected to boss the technical team.
The reason for the new hires is that the entity is not yet profitable....I wonder why?
The UK education system still seems largely geared towards producing colonial overlords from the children of the privileged elite and harsh inconsiderate enforcers and servants from the rest of them.
They are not being educated to be useful and productive members of a modern economy.
why are you using the dollar sign when talking about the UK economy?
Since when has Manchester been a second city? Oldham and Rochdale are the poorest places in the UK with Stockport not far behind.
Green energy is what UK slows down. Even Germany (world leader)admitted that. Renewable energy is more expensive than standard because reliability of the grid. Expensive energy is horrible for growth. I am not against wind farms and solar but UK needs more reliable energy like nuclear in France.
How you supposed to have higher productivity in higher skilled jobs when they are the same wage as low skilled part-time jobs. That is why people don't want to put themselves through debt getting a "high-skilled job" because that job won't get them out of dept hence why you have younger people choosing the lazy route often as it provides no benefit studying or doing a degree due to useless political interventions by the UK gov whom has chosen to get their productivity by increasing numbers of foreign workers whom are apparently high skilled yet do not know English. The UK is a mess due to politics. In fact the whole world is in a mess due to political scheming. History has always taught us one thing and that is how the great fall always and seem to fall harder. Once rich then poor who would have known. Nature is meticulous in whom it gifts is but remember it always does it for its own gain not yours.
Fantastic video! One suggestion, leave the graphics of graphs and statistics up a bit longer on the screen so we can read them :).
UK was by no means rich in 1920 - In a middle of a recession and still reeling from ww1
There is some really dopey stuff in this. The worst has to be the gullible nonsense about spending more on things like education and infrastructure.
The real problem with the UK is that spending more on this kinda stuff will probably make matters worse. Education spending does not predict education outcomes - Denamrk spends less than Wales. Wales used to have world-class education system up until the 1970s - it was unequal, but you couldn't argue with the outcomes. Today, Denmark pisses all over Wales and Wales scraps with the likes of Romania to not be the worst in Europe. Welsh decline was made by politicians and political control. To a lesser extent, the same is true of England and it has a lot of lessons for US too.
You are correct. The UK and western Europe's problems don't stem from a lack of government intervention. There is way too much government spending and taxation in these countries.
wrong about infrastructure
@@valuetraveler2026 Please explain.
Romania has an excellent education system compared to Wales thanks to communism.
Drive through Europe and you see factories and manufacturing I don’t think anyone born after the 90s has seen such things
I'm a proud Briton living outside the UK since 1997. I've lived in France, Spain, Switzerland, Italy and now Latvia. When i visit my family and see that even the charity shops are boarded up . . .
I just hope that everyone in the UK realises that food banks are not charity . . . I've been there and can assure you that to the people who need them they are survival itself.
I'm doing ok now, but I will not be moving to the uk until Health, Education and social welfare return to centre stage.
Good luck, Mr Starmer.
Latvia’s standard of living is two-thirds that of the UK. Not a wise choice perhaps?
The invisible hand, why you keep deleteing comments mate?
Did they delete this?
UA-cam
So you're going to include the whole of Greater Manchester, but not the whole of Greater Birmingham (which is 2.5 million)
Spot On.
That’s like counting the Black Country and Lichfield for example.
Greater Manchester isn’t the City of Manchester.
Birmingham has always been the second city.
@@manfat3000If you count the metropolitan West Midlands - including the Black Country, but not Lichfield (Staffs) - it's over 5 million.
KARMA is catching up England fast.
Eh last time I checked Ireland isn't part of the UK
It was in 1920 and Northern Ireland is still part of the UK today so i guess it is just a simplified graphic and not something to take seriously.
@@FlintlockonLike you people wouldn't have a nervous break down if you were lumped in with another country, bankrupt and still the most arrogant bunch. Mentioning 1920 just highlights the UK's problem always pining for the past.