Why Britain's Economy is F***ed
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- Опубліковано 26 лис 2022
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It's not been a good few months for the British economy. So in this video we unpack why the UK economy is in such a difficult spot, how the UK can revive it's fortunes and why Britain is struggling compared to other European and major nations.
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News Alert! Inflation hasn't just started to affect us. People have been suffering greatly from inflation for almost a century, but notably after 1971. During the industrial revolution, prices of products and services were auctioned down to the point that consumers could literally buy them for as little as a penny thanks to a free market and sound money. All of the problems we have today are a result of government meddling.
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If the UK wants a swiss deal, the EU will not allow that. The EU hates the swiss deal that they already have why would they want a second one
Why is it bad for the EU?
What it's that?
Plus it is in their interest to punish the UK for leaving. They will make a deal but they cannot allow more benefits out of the union than in.
@@amandaw9958 It's not about punishing. It's a matter of not being to eat the cake and have it too
@@mreese8764 It gives Swiss businesses favorable access to the EU market, while EU businesses dont have the same access to the Swiss market. Furthermore, it has to be constantly renegotiated (any time an EU law changes), and is just a pain in the A***.
We’re a stupidly unequal society. I’m a STEM PhD, 70% of my income goes on rent and I have like 60+k of student debt. How are new high tech start ups supposed to happen when we literally have no money? In the mean time, my landlady has 5 houses, is retired, produces literally nothing and makes like 1000% more than I do in a year maybe more. Why would anyone actually make start ups, if you have money just be a landlord?!
It's a society built to coddle the idle rich. Useless aristocrats and capitalists are given everything and everyone else is expected to suffer and serve.
1. We got played and betrayed by the people and the government.
2. The untested truths spun by different interests continue to churn and accumulate in the sandbox of political correctness and value systems.
3. Everyone is grown/growing up being told the same thing.
Hello, i am from india.. currently planning to pursue MSc from UK in computer science. Is it safe to go to UK? I am going there on student loan, so i need to pay back that too. Also will i get job there after completion of the degree?
So in short, the Tories have taken us from one of the most competitive nations in the developed world to one of the worst?
From a manufacturing nation to a laughing stock pretty much sums up the UK.
TOXIC TORIES
😂😂😂 People in UK vote based on their media not on what their experts say tell them is right & wrong. And what do you expect when you don't listen respect experts but instead listen media propaganda experts.
+
ABSOLUTELY!
I’m no political scientist, but even my novice opinion was that Brexit seemed like a horrible idea in the realm of economics and trade.
Well if you stop selling your stuff and buy at higher prices, what are you gonna get?
Yeah same. Everyone I know, myself included voted remain because we did the research before voting. It’s so frustrating being dragged into this mess and I just hope our country can re-enter the EU.
We haven't had Brexit yet.
We have left yes but we haven't done any of the things we were promised we would do.
@@Anankin12 Buy more to save more? ;-)
@@SaintGerbilUK That's simply because we were never gonna have any benefits to leaving the EU. Everyone just voted leave because they just wanted to see what would happen
Brexit is a bit like treating a cut on your finger by amputating the whole hand. There was a problem before, but the "solution" ends up just making it worse.
Well perhaps the media and remainers shouldn't have acted so irrationally towards Corbyn's "Remain and reform".
I believe the phrase is "cutting off one's nose to spite one's face".
Brexit to me is like someone breaking your leg and then they say lean on me.
It's really not.
"In ten years time growth will have been about 2% slower than would have been if in EU. But still growth." isn't disaster, losing one's arm.
"Today you have 100. In a decade you'll have 113 when probably would have been 115 if stayed in EU" isn't Armageddon.
@@HeadsFullOfEyeballs The UK didn't just cut off their nose or their hand though - the electorate took a gun and shot themselves in the head. If you can't sell your goods theres no money coming in and if you shut off your largest and your nearest market for your goods as well as making it 10 times more expensive for businesses in the UK you can't then complain if your economy isn't performing. Im fascinated as to what their solution is going to be because they just can't re-join the EU not for at least the next 50-60 yrs anyway. They need to go cap in hand to the EU and try to get a new deal to begin with anyway
As has been said, the UK is the first country to impose economic sanctions against itself by raising completely insane trade barriers with its biggest trading partner by far - the EU.
We wanted freer trade the EU did not
@@adarkimpurity and we took the short bus approach and f****d ourselves over to appease a bunch of knuckle draggers
@@adarkimpurity freer trade with whom? Our trade deals are with countries we have little or nothing to exchange with, and they're tenuous at best.
We were hoodwinked and swindled. A few people in the cabinet shorted against the GBP tanking and are reaping the benefits.
NOTHING the Tory government has done in the past 12 years has been for our benefit unless you're so wealthy that Britain's economy is just another horse to bet on.
Open your fucking eyes.
@@surrenderfleet No, you are riding the shortbus with how ignorant you are.
@@SD-tj5dh Faux melodrama won't get Labour elected. Try presenting something tangible to argue rather than just wetting your bed publically.
I used to buy regularly from UK businesses online before Brexit, the selection is often better than others. I stopped doing so because it became more expensive and inconvinient. Everytime I buy anything, I have to pay import tax, do customs declarations and my stuff will take longer to arrive because it will be held up by the customs.
Buy from UK ? What exactly? just curious.
@@karthikj8969 eveything. Go Shopping and you now it LOL
@@karthikj8969
I can not answer for Earl, of course. But in my case it's about (2nd hand) audio CDs (yes, i still use a CD-player) and TV features (mostly BBC stuff) or things from performer like Jonathan Pie. All the things that typically do not cross the channel.
So where are you buying from now?
Yeah us Irish used to have a good shop on our doorstep but now I have to go to France and Germany. The new PC was build in Germany and the racing wheel etc. from France. Brexit is going to destroy the UK and not to mention a lot of irish exports.
"Things aren't going well for the British economy" a very british way of saying we're buggered
A very globally common rhetorical device called "understatement". If I had a buck for every ordinary thing the British claim to be "very British"...
@@LOLERXP Yeah! F this guy, how dare he have pride in his homeland, you tell him. In that very British way of writing you have.
@@LOLERXP it’s not that deep bro
@@LOLERXP white Americans make up 57% now white Canadan 72% white British make up 74% white European by country is in the west 71% while the east is 88% we are a dying breed
I love how the British are ignoring or minimising the giant elephant in the room - Brexit!!! If you can't sell your goods to your largest market and your closest market geographically, your economy is fucked unless you dramatically re-structure your economy and that takes years if not decades to do
We’re not ignoring it. We’re all well aware. Just a loud but dwindling portion of the public refusing to admit it and politicians too afraid of ‘U-turning’. They’re hoping if they just wave their flags hard enough everything will be fine.
All I can do is apologise for how pig headed and embarrassing my nation is.
@@Snugggg "wave flag hard enough" got me killed 💀
This all comes down to old blood British arrogance and feeling like they're still some kind of empire. It's literally all that it is, at the very least UK politicians. Without this shit there would have been no brexit. I hope the people that voted to leave will enjoy the coming decades of slow growth until they decide to join back again and we will all remember it as the clownshow it is 🤡
@@maximusasauluk7359 Indeed, in a way, the Brits are no different than the Russians.
@Bubble Pricker the EU is not a source of cheap labour. The rest of the world is. Even the poorer countries of the EU are wealthy by world standards, and many of them nowadays enjoy a decent standard of living which is making them even more picky when it comes to relocating.
The immigrants who will work for a pittance are typically South Asians and Africans. They're not EU citizens, so Brexit changed nothing there.
@@ds5379 The average Polish salary is $23k and the average British salary is $45k. You can in theory undercut a British worker by bringing in a Pole. Of course though this difference is no where near as great as it once was and greedy bastards are now looking elsewhere for even cheaper labour.
The failure to recover export volume after COVID is kind of a familiar pattern. Imagine that you build a building, but as you looked at it, you said, "This thing has like 30% more support beams than it needs. That's wasted money. I can eliminate this, and this, and this, and save a bunch of money without compromising the structure!" Except you only calculated the loads in calm weather. Those additional supports are there to take the load when the building is under more strain than normal, and the first storm that comes along is going to critically stress the remaining beams and lead to cracking and internal damage, if not outright collapse.
Brexit was removing the support beams, and COVID was the storm.
Brexit was like planning a holiday based on a leaflet some scammer dropped in your door showing a beautifull complex with a giant swimming pool and naked super models walking around and all for a great price - except when you got there you find donkies and a half finished construction site and what money you had for buying hats is now stolen and you're waiting in the rain looking for your passports.🍽
That was a very well put analogy. Thanks.
I’m not in the UK nor have I ever been, but I’m an architect and I can relate perfectly 😊.
It’s a shame Mr Elon Musk somehow managed to convince his customers that they didn’t need radar since they already have surround cam, but when the storm hits they will find out why you need something that doesn’t rely on vision to navigate, just like the UK (will not admit) has found out
Beautiful analogy.
Fantastic analogy
@@Substance2020 good grief, you people have lost your damn minds 😂🤡
So many young people like myself didn't even get to vote in brexit because of our age (which is fair we weren't voting age yet) but I'm 20 now, almost 21 and it's so frustrating to see this massive event in our countries history I didn't get a single say in.
It sucks for you that you got no say in it, but I think the entire problem is that alomst everyone got a say in it. Most of the people were completely unqualified on the issue, to make a proper opinion based on all the facts. Eventhough it was quite obvious brexit would be terrible.
Deserved
i was a british person working abroad and also didn't get a say and my daughters now have to suffer this idiotic move, fair enough you say - except conversely foreigners working in uk for many years also didn't get a say, no wonder 37% prevailed after being lied to and scared by farage and johnson, who didn't even believe in brexit himself!
"Democracy"
A lot of people have died since before Brexit even took place hahaha
That's the eternal question in Democracy: when your life is ending, how legitimate is it to participate in decisions that will affect the entire lifetime of other people?
So what we are saying is, under Blair, Britain was historically productive. Further, the three big lagging causes of productivity issues, and our poverty today, is 1) COVID 2) Truss and 3) Brexit. COVID response, and NHS underfunding for ten years, is the Conservative failure to plan, and adequately deal in a timely manner (read Spike for a thorough analysis of the terrible response to the pandemic, defying science and delaying over and over). Truss was the Conservative leader. And Brexit was Cameron's way of stopping back-bench Conservative in-fighting. We need PR, a general election and a new bloody set of ideas at the top ... enough of this nonsense.
Well said. As a young person in this country, I am sick and tired of having my future dictated to me by old tories using an outdated and unfair system.
@@_Azulite_ Yep having dogmatic ideologues screw every practical aspect and freedoms of your lives as cosmopolitan young people with the likes of Brexit.
Blair and Brown - basing their economics on socialist principles - had the lowest rate of inflation, lowest unemployment (bear in mind that there was no 0-hour contracts; in fact they would have been illegal), the highest rate of growth, highest average wages, and introduced the highest minimum wage in the EU at the time - oh and the pound was the 3rd strongest currency, the US dollar being around 2.3 to the pound and the Euro at around 2.5 to the pound
What the Right-wing was worried about was the "Boom and Bust" cycle - that we had to get rid of the Socialists before the "Bust" - not realising the Bust was always going to happen because of the debt trading and mortgage debt-trading - loopholes that Blair and Brown should have closed
The Tory's Austerity screwed the economy from 2010 onwards. You could also say that Thatcher did her bit before that with her deregulation of the banks (along with Reagan in the US), and of course her fire sale of council housing stock. That was probably a £100bn give away at today's prices. I won't even go into the cheap sell off of nationalised industries and public services. Would the 2008 crash have happened without her and Reagan?
he sold the nhs to Luxemburg there your reason
"UK households will see a drop of 7% in disposable income" My wife and I are disabled and have no disposable income. We currently have to be careful how much we eat and wrap up to save fuel. A 7% drop in income would no doubt kill us.
Sorry to hear. What is your disability?
Your sacrifice will strengthen the herd. -- JR-M.
Where are your children?
@@madameclark3453 My wife suffers from EDS and I have knackered legs from a motorcycle accident.
@@himoffthequakeroatbox4320 Just. Fucking. Wow.
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@Georgina Louis Personally I work with CASEY ALLEN GRAY a registered Investment advisor. Quite renowned, search her name to get in touch
Ahh the humble fake comments conversation to sell a scam. Very convincing
As a Scotsman I genuinely find it hilarious now when people say Scotland can't vote on independence and that we wouldn't survive. England is dragging the UK into the grave and all we're trying to do is save ourselves.
Join Canada as 4 new provinces! 🇨🇦🇬🇧
I don't think anyone seriously thinks Scotland can't survive as a country by itself. Of course it could, eventually. But it's about how much pain do you want all at once? You think Brexit is bad, try splitting up a state that's been together 300 years. It would make all the Brexit wrangling since 2016 look like a picnic, and all the undermined economic confidence that entails. I think demographics is on independences side eventually. The sclerotic Westminster system is eroding every part of the UK
@@ollietizzard5180 as the Uk economy is tanked anyway, Scotland should just aim for the least damaging option
As a Scotsman myself, I want independence however, what I need the SNP to do is to grow a spine, be honest and state the pros and cons of independence and provide solutions on how they will rectify the problem in order for Scotland to thrive. A great example is a few years after WW1, German people were dependent on the state and the chancellor at the time looking to the future went on record and told the Germans that you'll get the bare minimum benefits however, if they chipped in and made the country great again, their contribution would be tripled which was carried on by Hitler as a pre curser to the 1000 years Third Reich and every German chancellor since, regardless of party, have always put Germany's development first, so in my view they actually won the war.
For Sturgeon, what she needs to do is to force independence because unlike Catelunya, we should be okay but we will struggle for a few years, vote to join the EU which might take many decades to join or make an alliance with the Nordic countries. Scotland will then need to change the laws forcing all the political party to think long term for Scotland's future in they are in power, if they are going to invite private investment, make sure that some private enterprise is run without government interfering for eg the Straiton Project which was canned due to the SNP wanting to run it like a civil service department and wanted more control over it which was short-sighted however, including a golden share rule in industries important to Scotland would negate any issues we may face from private enterprises in the future, nationalise energy/public transport companies but run it like a business but be efficient in about doing so. Build a hard border to stop the English from moving over, property rules changed so that you have to be a resident to own one and change the residency laws to 10 years to stop abuse. This is just a small snippet of my ideas.
Exactly.
And a HUGE number of those dragging England into the grave aren't even British....
I’m British and voted remain. My parents both voted leave. Even today with irrefutable evidence staring them in the face they STILL refuse to accept that Brexit was an absolutely terrible idea. We don’t talk about it anymore because it makes me so angry. The most frustrating thing is that they are both comfortably retired and won’t be impacted by the long term negative effects like I will.
oh, they will be affected. Only a matter of time.
Cope traitor
@@benp1697 Tf is your problem?
Me and my family voted to remain. We knew the politicians were full of shit.
You're living in denial. The current issues stem from ukraine and the EU's petty retaliations to brexit.
Conservatives running the UK during(and towards) a failing economy is pretty standard
Not failing
Why do they keep voting these criminals in then???
@@nicodesmidt4034 the general public is incredibly stupid and buy into the lie that the next tory is the perfect person to fix the mistakes made by the previous tory.
@@Lando-kx6so Of course it is.If you have millions of kids going hungry and millions suffering from 'in work poverty' your economy is failing 100%
@@idonthavealoginname Yeah and the only difference made by Labour winning the next General Election. Burden is on their shoulders. Made by Blair when he wanted to build infrastructures for other countries and borrowing lots of money. That us folk have to pay for.
I think you missed one of the most significant reasons why the British economy is in the doldrums: the austerity that the government has pursued for almost a decade from 2010 to 2019. Its direct result is reduced investment in everything from the NHS personnel and facilities to research and development.
Yes, this! The video pointed out the terrible post-2008 performance but didn't give a reason.
He hasnt mentioned that probably because he knows its a lie, look at funding since 2010, it consistently increased, nothing was ever reduced.
@@Durram258 it has, but substantially reduced. I am not talking about spending, I am talking about investing. Since founding, the NHS spending has increased 3.7% on average but that has slowed down considerably to 1.4% from 2010 to 2019. With bulk of the increase going to salary increases, minor repairs and to keep up with inflation, there was no money left for investing in capital improvements and new technology. During that time the UK median age has increased from 39 to 40.5 meaning the NHS has not kept up with the demand, and I fear the best of the NHS is already behind us. It’s all downhill from here.
@@EliF-ge5bu Yeah that dip is purely reduced increases, that isn't austerity, austerity is actively and significantly cutting.
The NHS cant keep up with demand because we have 500,00 people coming into the country every year who are more NHS dependent than native people.
The NHS was never good, never has been, its only ever been mediocre and could manage due to the population staying the same for decades more or less.
Its due to the fact that a 10million increase in population which is 85% due to immigration is simply unsustainable for public services, which is one reason why education and policing is also suffering.
Also last point, having higher spend on public services does not equal better economy, the private sector can handle most things better than the government and actually give a better service at a lower cost. Public systems cant unless subsidised, problem is you cant subsidise everything.
@@Durram258 I think messages crossed here. When talking about British Austerity, you can't compartmentalize only the NHS, and that wasn't the intention of my original post. I just used it as one of the examples.
Of course, the government cannot reduce the NHS spending, it simply cannot because we are talking life and death situation here. However, the increases we are talking about are the nominal increases. When you factor in inflation (I read somewhere it averaged 2.66% in the period 1989-2022), it is actually a decrease in spending.
This "reduced increases in spending" is so pervasive in all sectors of the British economy. Low wages and low investment means low productivity, low growth and low tax revenue. Low growth means low wages and low investment. It's a vicious cycle. They are calling it the British productivity puzzle.
I am with you that higher spending on public services does not equal to a better economy. If that is the case, the EU and the UK or Canada for that matter will have economies significantly better than the US, which is where I am from. What matters in the end is how well you manage the economy, and this is where the UK government fails spectactularly.
I won't argue about the merits and pitfalls of immigration, being an immigrant myself. What I will say is, not all immigrants are a burden to the system. Some of them are highly educated, highly motivated people who will contribute more to the economy than the value of benefits they take.
I am originally from India and working in the UK since 2015. As a citizen from a commonwealth country, I got a chance to vote in Brexit. I voted to stay knowing how UK and Europe are mutually benefitting. Someone who came in 2015 was able to see it. Why not the rest 51%?!
Maybe because some folks dont want to see people like you everywhere in UK...
@AttackTheGasStation1 He's Indian.... Thats not in the EU sweetie.
Because the Baby Boomers still prefer to read newspapers owned by Rupert Murdoch
@@AttackTheGasStation1 must really suck for people like you then, to see someone like him as the PM of your country after the brexit vote
LOL
@@AttackTheGasStation1 You mean someone with the same ethnicity as our current prime minister?
Man looking at the GDP forecasts for 2023 and seeing Britain at the bottom and Ireland at the top is irony at its finest.
Also I understand that the correct measure for Irish gdp is gni+ or gni* but it’s a simple graph so it could be misleading
I’m still considering how long it’s gonna take for The Irish island to unite.
@@galfinsp7216 polls show a majority support a United ireland in both parts of Ireland.
I'll just come out and say it. We should just bite the bullet and become a corporate tax haven. It would upset Ireland and the eu but its probably our best move. We already have a lot of rules that support it and we are close to the eu without being beheld to its laws. Just need to undercut Ireland by maybe 0.1%. It would get us in a lot of trouble and might start a race to the bottom but it is what it is.
@@galfinsp7216 according to star trek its 2024
@@thee-sportspantheon330 Truss tried your plan.
Thats an own series worth of material. Brexit, covid and such are just the endgame.
Yep, it's almost like severing economic relations with your largest trading partner might be bad for the economy.
Isn't the UK economy also famously over-financialized? I'd be interested in watching a video of yours exploring the long-term economic impacts of that
What does that mean for a dumby like me
@@El_Jefe_Maestro from my understanding financialization is the increasing proportion of an economy occupied by the financial sector.
@@NickNockClock Oh I see, that makes sense. I have heard (not sure if true or not) that the financial sector is one of the few sectors/industries in the UK that pays comparable wages/salaries as the US counterpart. So wouldn't be surprised to hear the UK's financial sector is oversized.
When factories and workers are ineffective they print money as the product become more expensive. Finances are made to compensate these costs. Which in turn means that the supply decline as the pricetag increases. Over time people are being chopped off from companies that the core of the business earn higher, the owners gain money by firing people. This generation end up lost as those jobs are vanished. It's estimated that a total recovery is happening after 8 years and that the market recover in 3 years, this is vague numbers that new graduated workers enter who will pick jobs who benefit their living standard. They're the most conservative workers driving in the cheapest car available and considered cheapest worker who doesn't ask for much.
That's why the new UK will be a second hand country, rebranded second hand products and cheap labour as UK citizens realize the new policies do not benefit capitalism.
Trussia is the new UK. Just like Russia UK has become a satellite outside of EU.
and finance sector is leaving now too. which is our main sector in the the UK.
I’d love to see a solution video. It amazing just how wrong everything has gone. Great video BTW. 👍
So would I. Lizzy Truss was onto something with her budget, but she got screwed over by the club. Now we have a puppet in charge. Labour would be no better
@@Xollob2 Her budget was unfunded... how do you think we would fund tax cuts for the big corps? By taxing the population more ofcourse and lowering public spending
@@Xollob2 Lizzy Truss bumped her head (and the British economy) very hard to the wall of reality. And by "the club" I think you mean people who can operate a calculator?
get a time machine and go back to 2017 and vote for Corbyn?
I don't know, purging/expelling politician lied in Brexit campaign, bojo, farage and their underlyings?
"the UK had the third lowest productivity growth in the G20, ahead of just Italy and Greece". I am pretty sure Greece is not part of the G20, and neither are most of the countries you showed on that graph.
Great so we don't have Greece as an excuse of doing better...😅
Good memory, Greece is not in the G20. But the whole EU is. Which is funny because France, Germany, and Italy have their own memberships.
Copied from Wikipedia:
As of 2022, there are 20 members in the group: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
@@Lomhow the graph they presented also shows New Zealand, Switzerland, and Israel, which are neither in the G20 nor in the EU.
@@chriskost7291 I mean even in the first graph showing growth rates in 2023, you couldn't use Greece as an excuse since it had a pretty good growth rate while UK was negative...
@@Robert89349 Yes I agree!!
I am A British guy living in Belgium. When I caught covid in October 2020 I was called by a government sponsored support group if I needed someone to go shopping for me and was given a contact number should I suffer any mental health issues or long term health issues because of coved. I did not need it but it was a great idea to get people back to full health and to work. When I go back to England to visit family I can see the decline all around me, from families problems getting a doctors appointment, the NHS and inner city decline. It is absolutely depressing and not the country I left over 20 years ago. My Belgian partner does not want to go with me as he finds it too depressing. Both my ageing parents voted to leave the EU, during my last visit I was chatting with my 86 year old father and he told me that he now believes he made a mistake and would vote to remain if there was a vote tomorrow. All in all, what the UK and especially England has done to itself defies logic and in the end just makes me really angry.
listening about UK's post-brexit struggles is my guilty pleasure
remember almost half of us voted to stay. Why wish ill on all the innocent people who never wanted this brexit stupidity.
Same for me, minus the guilty.
How spiteful do you have to be over the perceived loss of a referendum that existed only to resolve a spat within the tory party? You were made into a pawn in someone else’s game by marketing tactics, and got emotionally attached to it.
If we had just left without the media circus, no one would have cared about Brexit.
@@doc0core fair
@@user-fp5dw4ff3d i don't wish ill anyone, i just laugh at this funny country
This is why being governed by ideologues is a bad idea.
they're not ideologues they're oligarchs
every ideology is wrong. no one can explain the world in a box. the sooner people realise that and that no rich, famous or powerful person will save them, the sooner they will be able to advertise for real world policies that can actually, little by little, make things better
@@dinamosflams depends how broad your ideology is. 'be excellent to each other' etc ;)
UK pays so badly. I'm a Brit, living in Australia. The average household income is over £65,000 here. It's about £32,000 in the UK. And a professional household would easily bring in £100,000 a year. The UK really needs to have higher wages
The general public will never realise this because they have become infatuated with the Conservative lie of trickle down economics.
@@_Azulite_ Australian workers rights are dar better than the UK. Zero hour contracts don't exist, to start. I hear that the mines in Western Australia are so desperate for people they're taking backpackers. It's a tough job in the middle of nowhere, but the pay is high.
@@danellis-jones1591 That's simply not true. 0 hour contracts do exist, I live in Melbourne and I'm on one. Its called a "casual" contract. The mines do pay well, but its a difficult industry to get into unless you know someone who can recommend you. The mines are also located in remote regions, meaning you suffer socially. Drug use often runs rampant in these community.
being a very natural resources rich nation and the main supplier of steel/aluminium, etc... for china is certainly helps.
You don't get higher wages without better output. If you charge higher wages, you should be able to provide output comparable or better than your competition. So, do you believe the output of UK in any field is better than its competitor? Australia is bit different, it has resources that is necessary for the world to tap in, so probably the better country to compare is Germany, if UK has a better product than Germany then it can charge higher wages
I wonder what happened around 2010 that could cause the economy to continually decline.
Tories got into power at that time, that’s the main reason I guess.
My feeling is that the low productivity situation is a result of the Tory's austerity policy following the financial crisis. The cutting of public services means that people don't have the support when it's needed and so those who are able have to do more to support others who are struggling. This together with the day-to-day frustrations and inconvenience of living in a country with underfunded public services (health service delays, child care costs, unreliable and uncomfortable transport, local councils doing less-and-less, etc, etc) are bound to have a toll on the population's productivity. When people have so many more daily demands outside of work it's certain to impact their focus and effectiveness when at work. The situation makes it more likely that people will leave their employment if they are able to (ill health or early retirement), and a smaller labour pool means those who are still working can easily become overloaded, which further drives down productivity.
The never ending 2010 austerity policy was an insane response to the 2008 crisis.
Totally agree. And they say a huge percentage of women are not going back to work after pandemic due to lack of support for sick kids and the cost of childcare
Yep we need that video as to how we can solve this mess we're in
go back in time.
@@relaxedsack1263 to the Empire? There's no going back.
a general election? so ideas get flushed out?
@@chesterdonnelly1212 Just back until Brexit would do it. Britain did great in their de-imperialism kept most of their friends in the market of course never gonna be a rich but it was inventible. Brexit in hindsight is just so clearly Russian propaganda.
@@relaxedsack1263 Russian propaganda? Is this a conspiracy theory?
I hope the situation gets better soon in the UK. ❤️ from USA
@@z.t.500 I voted to stay, the retards who voted leave didn't have a clue what they were thinking and now they're paying for it dearly, I'm chilling in Australia rn
@@z.t.500 Like Poland?
@@user-vp6cq4sv3d but Poland is still in EU and they dont plan to leave??
@@user-vp6cq4sv3d Good example, look at Polish economic development since joining EU.
Well at least they don't have school shootings like one supposedly civilized country does.
Really interesting video! Would love to see your thoughts on how the U.K. can solve its economic crisis.
Btw do you have links to the studies/analysis?
5:27 "the obvious solution" is to rip out the layers & layers of imposed bureaucracy, the NHS was designed with Matrons in charge & an admin staff of around 2 or 3 per hospital, now admin outnumbers working staff 2 or 3 to 1.
At the same time somehow doctors are still often required to spend time doing paperwork, and get batshit insane unoptimized schedules, and doing work they really shouldn’t be doing because of a lack of modern equipment. The problem with the productivity trap is that, when people earn crap wages and you are lucky to get budgets that rise with inflation, the only cost effective option is hiring more poorly paid workers to deal with admin overhead than to actually resolve the problem with better digitization or equipment, which grows the problem even more.
The NHS needs a massive injection of funds with the explicit goal of improved digitization and and the purchase more modern diagnostic equipment that can free up staff to do other things. As long as the most you are getting is funding rising with inflation, the most you can hope for is staffing to grow with productivity staying the same or falling.
NHS bloat, and the fact their mission is constantly being expanded is a major issue; but fixing it is not a vote winner, so nothing will get done no matter the government.
What we are seeing is the obvious result of the years of cost-cutting to local governments, and UK infrastructure, the UK's ability to bounce back has been hindered by the tories. Those that are ill don't get treated to get back into work. This is not just for the NHS its all departments, Transport, Education, the Police, and more its because of a decade of under-investment because of ideology.. We are also so London-centric in investment compared to countries like Germany we are fragile and weak against the effects of covid, brexit and Liz Trust fk ups.
The simple fact is this: poor people don’t pay tax because they can’t, rich people don’t pay tax because they won’t. The UK post-Thatcher built its entire economy on people who can threaten to pack up and leave if they’re inconvenienced enough exploiting people who earn so little they can’t realistically contribute much.
Now of course taxing the rich and the poor is something you COULD do, but it’s a pain in the ass pull off compared with other methods. What the UK needs, and what mainland Europe has, is a functioning middle class with a strong skills-based economy and well-paid jobs, which would benefit the most from public services and therefore possessing the willingness and means to support them.
Being a dumping ground for multibillion dollar corporations and billionaires looks good on paper but if that’s the vast majority of your tax base and you’re currently struggling to attract investors, you’re in the worst possible position to actually raise money to fund your government.
@@thebaker8637 Exactly, similar is happening in the Netherlands, lots of tax advantages, big corporations with deep pockets that pay little tax because of the aforementioned advantages, and a stagnant middle class. People keep living longer putting more demand on the social security systems. But salaries aren't keeping up and housing in a big part of the country is unaffordable as the housing crisis has spilled out of the major cities which means people have even less discretionary spending. The government doesn't realise that those big corporations will never make up for the loss of income tax on a kneecapped middle class, and housing is a necessity and if it keeps getting more expensive that's just money that will keep going into investor's accounts with tax benefits instead of the local economy.
If clothes get more expensive you shop at a cheaper store or shop less, if renting a single bedroom in a shared house costs more than the mortgage you can get from the bank there is no more scaling down that can be done, you just have bite the bullet and make sacrifices elsewhere.
@DoubtingThomas Yeah lets make our military even weaker to save some pennies.... stupidity as always
@@thebaker8637 Simple really, dont have some a massive wasteful and useless public sector, then people dont have to pay as much tax, whether they are rich or poor.
@@Durram258 Lots of the public sector is indeed wasteful and useless. That’s the entire premise behind low productivity and little growth past the GFC.
The real solution would have been for the government to raise money at a convenient time (by raising taxes or borrowing) to modernize and overhaul the public sector. For example, to make a push for proper NHS digitization. Or purchasing equipment that is easier to operate so doctors are less needed for diagnostic tests. All of a sudden a lot of the administrative overhead could be cut out and you’d be left with better services at a lower cost. Then you can use the savings to hire more people in key areas or give out raises, and some of it to lower the tax base. Of course, austerity in the 2010s went directly against this paradigm. The UK decided not to invest its way out of the recession, which led to where we are.
Alternatively: government could just get rid of a lot of the services they provide by privatization, then indeed we’d need to be paying less tax. But the private sector also has a productivity problem: their interest rates are higher and people don’t really wish to invest in the UK at this point. Private companies don’t have the borrowing power or the economies of scale of a government. Also, opinion polls consistently show the UK electorate wants public services, not privatization. So this would be not only unpopular but also counterproductive.
I vote definitely yes please for the 'how we can solve this mess' video
You can't, only mitigate against it
The people who think they can game the system, outnumber the people who know it needs to be fixed. People vote bread and circuses, not hard work and moderation.
Don't expect to get joyful answers. It won't be easy and fast to get out of the mess.
@@ThomasVWorm I didn't vote for anything. Let me make it clear that I am not so naive to think that the economy can be 'fixed', just like that. I simply have an interest in economics, particulary now that it is very relevant. I just want to see what these guys have to say about it.
Give all the money in the UK to Mogg and let him either run off with it to the Bahamas or fix it.
Really informative video, thanks! Your analysis is non partisan and evidence based. Subscribed!
Definitely would like to see a follow up video on possible solutions.
Join Canada as 4 new Provinces.
Reunion!
Did your ruling class also use the pandemic as excuse to line their pockets at the expense of the tax payer?
That was the point of it
I remember not so long ago a video questioning whether or not Sunek could turn things around. I was expecting this video sooner.
Why would EU want a Swiss style arrangement with UK when they don't want it with Switzerland?
The issues go way back to the late 80s/early 90s. Productivity has been sluggish because instead of investing in training, education and automation of its population and economy, the UK and its businesses have been obsessed with importing cheap foreign labour en masse, which not caused other societal issues but held down productivity and wage growth. Successive governments have also relentlessly privatised and sold off British industries, often to foreign owners who skim off the cream.
Solving this means having politicians, bureaucrats and other officials who actually love the country instead of traitorously selling us out at every opportunity. And yes, this is an issue among all three major political parties.
Yep, I would like to see a video in which the solution to the UK's current issues is being presented.
@@ThomasVWorm I live in the Netherlands, so Brexit doesn't affect me (or not directly anyway). However TLDR News clearly do see a solution, so I'm curious to hear about it.
A swiss or norewgian or iceland style of deal with the EU is reserved for EFTA countries. And EFTA won't let uk in, because they love their exclusiv Club of small countries that is not ruled by big countries.
The EFTA is a Deal that garantes a slower integration with the EU. norway accepts more EU regulations than some EU Nations themselves for example. Brexiteers do not want something like this for sure.
The EU also announced that they will not be adding anyone to the EFTA anymore.
@@zesky6654 the EU has no say inside the EFTA. the EFTA is a little EU just with other countries
@@TremereTT I guess the EU does have 27 "says" in the EFTA...
@@kolerick No, EFTA doesn't contain any EU members (but indirectly EU has a lot of saying there as 'the elephant in the room').
But Jacob Rees Mogg is going fix everything by arbitrarily setting fire to a bunch of laws that help facilitate trade. Can't possibly imagine that won't make everything better somehow.
That man is a degenerate
Did you ever see the video of him as a child? Disney Villain stuff. The Male Cruella De ville. It's amazing how someone that sociopathic and evil can get working class support. Britons seem to enjoy being trodden on by their Lords and ladies.
@@irieite9666 his dad was also a 'close mate of jimmy saville' too. if you get my drift.
I'm no political expert, but when was the last time the British were truly alone? Before they colonized? Before the British lost their European land? Maybe the economic woes that Britain is facing are the norm for an isolated island nation, but because they have been involved for so long that it just feels like a decline.
What do you consider isolated? You seem to have an odd definition along the lines of “without a trade union or empire”. That’s hardly isolation.
It’s the junk jobs from call centres, fast food delivery, nail parlours, coffee outlets, energy switch handling etc.
The fact that our economy for the last 20-30 years, has been reliant near exclusively on service industries; backed by a finance service industry, means that its just been a question of how long it will take to fail, not if it will fail; but the offer of hard work over benefits will never win votes.
Can you please post links to the source data? I would love to dig deeper in the data as well as share the information to skeptics and Brexit supporters.
It usually says it on the slides in the corners
I had a friend who lives in London. He was constantly frustrated that he couldn’t find a job even with a law degree. I asked him point blank, how easy is it start a business in London? He said nearly impossible with all of the taxes and regulations! I said bingo! That’s why your economy sucks! Entrepreneurs and small businesses are the creators of jobs! If you can’t let them set up shop, then no jobs! PERIOD! It’s that simple! Unfortunately established businesses don’t want the competition so they bribe the politicians in both parties to put up taxes and regulations (pretending to go after the big guys, yeah right) keeping the little guys out! Lots of good old fashioned cronyism very little prosperity! Right now I have a friend in Jordan. He can’t find a good job either. Betcha it’s more than impossible to set up shop anywhere in Jordan!
UK to Europe:”we’re fucked!”
Europe to UK:” no, you’re fucked!”
EU or Europe,which one?
@@ruairievans both at the moment
"Most importantly of all" That's brave! Well done TLDR!!
12 years off austerity and bad tory policy decisions, Brexit, covid lockdown and Ukraine war. But since the latter economic effects happened everywhere most of this can be blamed on the conservatives.
Wages are very low and bills are extremely high the average person has to cut costs instead of spending resulting in less growth, less business and fewer jobs.
In order for things to get better the conservatives must be booted out of power.
12 years of public sector being greater than 40% GDP every year when not one single year that high from 97-07.
So not austere at all. It's just the story telling power exceeded the UK public's year 8 maths ability. So we think there has been austerity.
@@xenoplayz4524
Your anecdote Vs actual macro data. Hmm. Which to believe?
@@danielwebb8402 mm i don't know maybe looking at the current state of the economy the worst growth in Europe. Whos been in power for 12 years the conservatives. Almost the entire public sector is on strike over austerity. Well at least the best part is the torys are likely to get annihilated in the next election :) down 20 points in the polls.
@@xenoplayz4524
The worst growth in Europe? You know the OECD report this video hangs its hat on. Has UK with growth for this year higher than Euro area (it doesn't do EU as a category)? Lower than Spain, higher than Germany, France, Italy, Germany.
So worst growth in Europe?
@@xenoplayz4524
So your point is, as my original comment, the public sector believe in stories not maths. Or aren't even aware of the macro figures. I can believe that. Entirely plausible.
Inflation because of ceaseless money printing, low production because of lockdowns, low disposable income because of taxation and high prices, high debt because of massive deficit spending.
Wow, must be brexit.
Loving the videos!
If Britain is so bad, then how bad is the rest of the world going? There is a reason so many folks are trying to move to the UK. Australia's economy is shite also, the whole industrial world is in a slump.
The problem was the disparity between low middle and high earners after 2008 because the lower earners have less disposable income they cant add to the economy and the more debt they will add to the economy. It became a top down economy very quickly once the conservatives got in. They blamed poorer people for not being responsible with their money and should therefore have less of it. This of course is a lie, as it was the sub prime mortgage issues that poisoned the global economy from the USA which meant a re assessment of UK debt.
The simple fact is this: poor people don’t pay tax because they can’t, rich people don’t pay tax because they won’t. The UK built its entire economy on people who can pack up and leave if they’re inconvenienced enough exploiting people who earn so little they can’t realistically contribute much.
Now of course taxing the rich and the poor is something you COULD do, but they’re generally extremely difficult or time consuming to pull off compared with other methods. Hence, what the UK needs, just like mainland Europe, is a functioning middle class with strong skills and well-paid jobs that would benefit the most from public services and therefore having the willingness and means to support them.
Being a dumping ground for multibillion dollar corporations and billionaires look good on paper but if that’s the vast majority of your tax base and you’re currently struggling to attract investors, you’re in the worst possible position to actually raise money to fund your government.
Funny how Finland's economy took huge -8,2% GDP blow from financial crisis of 2008-2009 then recovered somewhat strongly in 2010-2011 and went to another recession in 2012 which lasted all the way to 2015 and Finland still didn't got any support packages. It is the hypocrisy of EU that always when Southern countries are in the trouble (practically all the time) they need to be helped but when Finland's in trouble Nokia and biggest industries falling nobody comes to help. I know that UK isn't in the EU anymore but it's just the cold fact that EU is using smaller and wealthier countries only to pay to bigger and poorer countries. By that they're making sure that for example Finland and Denmark will grow slower and Southerns will just and just stay afloat. Double standards are ruling power in the EU.
As a non Brit investor, I say UK is not attractive for investment unless you are a green head investor. Tax is a big thing. Your currency makes price not competitive. Your hiring law is restrictive. Therefore, you will need local folks for direct investment.
I'm skeptical about long Covid. Most of my businesses are in 3rd world countries. No welfare. People who had Covid come back to work no problem. No one wait for treatment that will never come.
I was thinking the same about long COVID actually, of what treatment are they talking about?
My girlfriend has told me to watch later as it will upset her, but I'm sure I will, as per usual, love the informative content, see you soon!
Well you don't have to tell her all about it 🤨, do something nice for her instead and forget about this doom and gloom we can't do much about.
Why would she get upset?
My Mum’s the same, happy for my Dad and I to watch this stuff as long as we do it out of her earshot so she doesn’t get anxious or upset.
@@Cowboyking92 its pretty depressing is why
But your girlfriend would be totally fine if you would have been watching any Tik tok videos or any Netflix web series. This is issue with people now a days. They see informational content as bad and unimportant but will spend hours in watching cringe videos.
I would like to add, that the general UK population is very disenfranchised with the whole idea of going to work since the pandemic. There's been a lot of movement over here for quiet quiting. I've noticed people don't take sh*t from their bosses anymore since being furloughed either. The UK is a completely different nation from what it was 3 years ago and the people are very fed up with the working 50-60 hrs a week to still not being able to afford to put the heating on or having to go hungry, so they leave their job get themselves on benefits the deal drugs on the side because it's just an easier lifestyle, like what they had on furlough.
You make it sound like a bad thing that people are quitting shitty jobs with shitty bosses?
Who is working 60 hours a week and can't afford heating? Government pays benefits upto £50,000 a year. So you can have a kid be working and making 50k and the Government will give you child support per child. Then if you don't have children and can't pay for your heating with a 60 hour salary I'm guessing there's vices involved.
@@DevilsAvocado69 GIGO. You obvious know nothing about the UK. Local Authority Association database has the statistics on poverty. And nearly 1 in 4 working households are on Universal Credit. And you forget that you can calculate one's entitlement to Universal Credit online, and even a family with 10 kids under 18 wouldn't get anywhere that. So please, get your facts straight.
And please, stop with the BS about dealing drugs on the side. Very few people do that, and most of them end up broke and in jail.
@@BigHenFor Quote the fact I got wrong.
Its fascinating watching so many revel in their desire to watch the UK struggle.
Of course, when times are truly awful, they would look to the UK for military help.
The British are your greatest ally in this world.
I'm confused as to why the "Swiss-style relationship" is being talked again since that option was already mentioned and explored during the earlier stages of Brexit. The Brexiteers didn't want it back then and as far as I can see, that opinion doesn't seem to have changed. I think it was clear from the very start that the Brexiteers wanted free access to the EU market without having to follow their regulations, retain free movement within Schengen while somehow limiting other people freely moving into the UK, etc etc. But, even the Swiss-style relationship has obligations, so it's never going to cut it for them.
Alright, I would like a follow up video on what the UK could do to correct these issues. Now we know the causes of the problem, so, we need to figure out the solutions and actually implement them.
What gives you the idea that anything can be done to fix things? Brexit happened, now people in UK have to pay the bill. There is no going back. EU won't consider taking UK back anytime soon.
I'd love a video on this because the only solution I can come up with is to pull a u turn and go all in on a rejoiner policy
yup. also tax the rich. why are we paying 30% tax on our incomes when billionaires often pay nothing or 1-2%? workers are taxed much more highly than people who have unearned wealth incomes.
we can also try to reclaim some of the hundreds of billions the tories gave their mates recently. its theft
Rejoin won't be a quick thing, so it won't help now.
Pre-Brexit, Britain was a country i was actually considering moving to. Now, it's just a sad, sinking boat.
Please make a video showing the most feasible solutions for fixing the economic crisis.
Is pretty interest video you could make is doing a comparison between France and the UK since 2016
We have a very similar history and we have economies that (where ) about the same size, and literally the same population
À tale of two countries
But they won't like the answers. As the result doesn't coincide with "Waa, waa, I don't like Brexit".
That imagined 5% hit for example already. Since 2016. 2016-19 UK grew 6.7% and France 6.9%. Entirely consistent.
UK higher in 21 and 22 (21 just because bigger drop in 2020).
Agree is best comparable as same size economy and population.
The less people returning to the workforce post Covid. As reasonably a 63 year old who lost their job in 2020 won't havd bothered looking since. UK employment rate is 76%, France's 68%.
but france not stupid enough to sell off all their energy, they also sell a lot to the UK, meaning the UK subsides france. annoying for us but clever of france. i dont think france has the same awful press and media the UK has. maybe rupert mudoch cant handle the french language? :P
@@danielwebb8402 oh dear.... where to start.... so much BS in a few lines of text....
@@kanedNunable
France has a greater % nuclear. Which has helped them. Lesson there is "Ignore hippies" not "Privatisation bad".
The result of them having more public sector energy companies this year has been..... more taxpayer subsidy not less. Greater government borrowing.
@@danielwebb8402 In the real world nuclear energy has been a big drain on France this year. There is a huge backlog of maintenance, so many plants are shut down. France has been importing electricity from places like Germany.
There is a simple answer to this, Tories. Bloody Tories.
we also have a total refusal to invest in the economy intelligently. there are countries that have lower interest rates than us but higher debt to gpd ratios bc they didn't have Truss. Greece and Italy both have higher ratios (208% and 156% respectively in 2022), but pay less relatively less interest.
Imo, the actual way out is government investment (keynsianism, we can pay down the debt when the economy is good), or pursue degrowth policies so the smaller economy doesn't impact quality of life so much.
The problem with predictions are they are generally wrong. Mainly because they are generally based on trends.
Hence few people and no major body predicted the financial crisis.
Please make a video about how it would be fixed!
There are so many people in my age range (I’m 18), including me, that are planning to leave the UK 😴
Agreed. The UK is economically collapsing, and British people are slowly losing their culture and will become a minority soon.
Sameeee
Good idea. Work on getting the skills needed to make a success of living elsewhere. Don’t be somebody else’s poor migrant.
Def would be interested in a breakdown of potential solutions to these economic issues
I’m amazed the GBP is holding up so well .
Well, it was worth $2 in about 2007 and has fallen to as low as S1.03 this year - currently at $1.20 but that won't last. It's another significant hit to everyone in the UK - even without inflation, absolutely everything has become more expensive as a result.
Completely false: “The only country with an inflation rate anywhere near as high is Germany”.
Poland is currently at 17,9% mate.
I know that you’ve been talking only about G7 but it’s worth nothing that it’s not only the UK. It’s all of Europe that’s currently utterly fucked.
One problem with the video. We already had a 'mini-budget' before Liz Truss, it was called austerity, and made it economic recovery from the financial crisis take even longer than if we just kept government spending exactly the same pre-crisis, it began the defunding and disintegration of our critical institutions and helped create a new underclass of extremely poor people in the UK. Inequality also really starts getting bad from that point on as well.
Fuck it, you can go back even further and blame Thatcherism and the privatisation of some many government services and assets, the end of a lot of homegrown British industries, and the selling of our oil and gas reserves on the cheap for creating a country with less power to help its economy in the first place.
We've been weak for a while.
I think that one of the reasons the UK economy has slowed is because the people have had enough. We are the only European nation where the government genuinely doesn't care about its people, and now we are striking and refusing to work longer hours and work difficult jobs for next to nothing pay, so people would rather just stay on benefits or work to just make ends meet. We live in a society that makes it next to impossible to buy a house, so what's the point?
Yes please. Make that video! 🙏🏾
WTF do you mean "cost the government £30bn"?
THAT'S OUR TAX MONEY!
I was a remainer but I don’t think it a good idea to discuss brexit issue again. Brexit is already done, no matter we like it or not. The important thing is to move on and make most of the opportunities provided by brexit. Brexit is not a black and white issue, and there are many reasons why the majority of the people in the UK chose brexit. EU itself has too many problems.
"and make most of the opportunities provided by brexit..."
Name one of them, please. Just one.
In my humble opinion the whole problem is Brexit closed a lot of doors and opened none.
There is no productivity growth puzzle. The UK essentially is a real estate economy. 2000-2007 were bubble years for real estate. That bubble burst in 2008 along with UK's productivity. The property prices have since recovered and even risen but the rate of increase is much slower now.
3:55 LOOK HOW HIGH WAGES HAVE GONE!
Could you do a video on the current economy in germany?
@@kevinnforero18
German real wage growth is -4%. UKs -3%
@@danielwebb8402 that's due to inflation and is hopefully a temporary issue
@@kevinnforero18
Did you get a greater than 10% pay rise this year? Well done if so.
Conspiracy/ government stats
Tomatoe/ tomato
@@danielwebb8402 Can you stop with the conspiracy theories?
@@Senpai-hb8yw
?
You don't believe the German government wage data? You think they are conspiring to publish too LOW a number?
1 word. brexit. y'all chose it. suffer it
It was a 50/50 vote, and the UK has a population of 70 million people. Don’t you fucking dare blame half of those people based on the end result.
The pound is up against the dollar so I don't see why people are saying it's performing poorly since it's going up against the dollar right now and still performing at least 15% better than the Euro and 20% against the dollar despite the global conflict taking place that benefits the dollar.
Yes It would be great to have a video focusing on Solutions
Please make a video about how to fix it. As a political science major I love this kind of shit.
It's the Tories. Everything they touch turns to dirt
min 2:33 Productivity ... key word for Economists to reveal, unveil and lead us to.
I definitely want a follow up video please TLDR News.
TLDR should set up their own political party
I mean this isn't political it's just facts. You can earnestly and honestly have different political opinions on how to address those facts without disagreeing on reality.
The problem is this bizarre post truth situation where when asked for any benefit of brexit the brexiteer answer is there's too many to list. That's disagreeing with reality with a bizarre collection of news media providing cover. The counterweight to that isn't more political parties but more news media providing information for the public to understand the problems politicians are claiming exist and why they exist.
@@cupguin the UK is overrun with propaganda from the press etc. a handful of rich foreigners run the UK and most of the electorate are horribly misinformed on things. doesnt help the gov lie with impunity daily on the TV.
Most people that voted for brexit did so to reduce immigration even if there were some minor economic consequences. What do we have now? About twice the immigration plus lower gdp growth...
In Canada we also have a single payer nationalized Healthcare system. It is not the exact same thing as the nhs, but it's pretty close. If there is no price mechanisms (which has a rationing effect), the you have to pay for it with other means. You pay for it with your time (wait times). Egregious waiting times are a predictable effect of not having to pay directly for it.
Thanks, great vids to show my students
I'd like to point out that there is a government change right at this collapse of uk productivity.
Why? The people who voted for that government aren't going to change their minds because of something as insignificant as the truth, and others are well aware.
brexit is also to blame for this situation
I’m no economist but up until brexit 95% of my online purchases were from the UK. Nowadays, I only purchase from the UK if I cannot find the same in the rest of the EU because of the extra costs involved.
1) Austerity.
Healthcare, childcare and education are all vital state infrastructure but the Tories have underfunded them.
2) Brexit.
We have put in place unnecessary trade barriers in between us and our nearest neighbour. We also now have labour shortages in many sectors.
3) Housing.
People are spending to much of their income on expensive rents and mortgage and a shortage of housing means that if people find a job in a different part of the country that they would be more productive at they are unable to move to take it up.