Yes because of government fiscal (deficit spending on ballooning benefits) and bank of England monetary policy (e,g. QE and funding deficit spending) over the past 25 years but he doesn't mention any of that. Add to that mass immigration which has suppressed wages at the bottom and helped create a housing crisis. If we'd have stuck to sensible (high skill) immigration levels coupled with investment in technology productivity and wages would have increased Unfortunately we've had the opposite with businesses expoliting unlimited low skilled cheap (slave) labour and not investing. We're now in a complete mess.
@@stumac869 A lot of this isn't exactly true.. or I should say is half truth.. Starting with the question about immigration, one of the largest factors in keeping prices on things like food low was low skilled immigration going into areas like farming, in fact if it wasn't for that most farming in the UK would either result in food prices being way higher then they are today, most food getting imported in from places like Africa as local farmers cannot compete, of most farming being automated (today more and more farming is getting automated) On housing, Forgetting for the moment that the only people who can afford a home is someone who makes good money, so if you only let in migrants who make good money you're not actually addressing the housing issue going by your logic.. the largest factor in house prices increasing isn't from immigration, its from rates held too low for too long and NIMBYism.. its very very very hard in the UK to build more homes because when someone buys a house, the first they they will often do is stop someone else building more near them.. People in the UK have a strange relationship with housing in that they've been taught over the decades that a house is a retirement plan.. its not, The flip side of this is a growing number of elderly people who live alone in houses with 3 or 4 bedrooms that are totally wasted because despite holding millions of pounds in equity and being very very cash poor they don't want to sell. So you have lots of family homes effectively being held back. What's keeping wages low in the UK is a lack of investment in productivity, jobs that can be automated should be automated, they're not economically viable and need to be move away so investment can be made allowing workers to produce more.
@@chrisbacon84 My previous landlord had over 100 houses back in 2014 he will have a lot more than now. You can't compete with that without an effective tax system. He was about £1 million in debt but the bank didn't care because over 100 houses that's nothing and he'd simply buy a few more every year off the rental income. He will have well over 110 now. He had about 50 in Cardiff, 50 in Merthyr Tydfil and 10 in London. He owned an estate agent that did the rentals and a company that employed 6 people to do out all the new ones he'd buy every year. Your right about Nimbyism being a nightmare. I was impressed with all the house building when I went to Lisbon this year. Cranes and building work everywhere. It didn't look great to look at all the construction being done but it won't take them long and they'll have a lot more capacity. I wonder if the regulations are looser there. It's not like the unemployment rate is massive at 4.2% as some of those will be so rich they won't want to work as they don't need too. What's super annoying about owning your own home is the deposit all these renters could obviously afford there own place if there wasn't a landlord in the way.
Exactamondo. 85% of net profit moves upwards. Trickle down is BS. Inequality just keeps increasing but there’s still no front bench discussion about a wealth tax....
PrOdUcTiVitY Is what you say when you’re economist that doesn’t actually have a clue, or you’re being purposefully disingenuous because you’re trying to distract from inequality.
@@JM-yf3olyou can have multiple issues at the same time. we have high inequality and no growth. if you want poorer people to have more money then you can do that by fixing either of these things. the easiest way to increase growth is to increase productivity. more productivity = more money per hours worked = economic growth = everyone gets richer. stating that an increase in productivity can lead to us all being richer does not mean that you dont think that inequality is too high. both need to be worked on. if we massively reduced inequality, the poor would have more money, but their wages still would not increase after that due to our lack of growth
With technology the way it is, we couldn't be any more productive. Compare a factory from 1910 to now, it's much more productive I terms of outputs, if they rich want more productivity then just hire robots for everything and they will see productivity is finite.
@@Natta44 We could be more productive via better education and training so that the people working can do their jobs better and more efficiently, better workspaces and workplace culture can increase productivity by benefitting mental health. thats without even mentioning innovation where if you think we've hit a wall, we simply haven't. infrastructure investment can also increase productivity, e.g internet speeds or train journey times
I’m 37 and working since graduating in 2009, and whenever people on the news say “times are going to get tough “ and I’m like yeah but when has it ever been good? 😂 been skint my whole life. It’s just the standard.
These are exactly my words! 😅 I'm also 37 and always answer then "well, I haven't experienced any good times yet". It's all that we know. Unfortunately. Kind of lost generation.
Same here, 36 years old. Graduated in 2012. Decent job that I enjoy but pay just doesn’t go as far as it used to. I’ve given up and I’m just concentrating on savouring what I have as a means to some kind of satisfaction.
Wages now are pretty much the same as they were in 2010, but costs have more than doubled in that time. People need to get away from the idea that £30k is a lot of money. It was a decent wage in 2010, now that's the same as £15k was in 2010, which many would say is too low. I don't think people understand inflation properly and recruiters/managers think about how much they earned back when they started, rather than judging the current economic situation
@peterdavis9656 that's because, I'm sorry to say this, you're probably earning less in real terms than you were in 2010. My guess of costs doubling is not based on the overall inflation figure but the cost of food, rent, etc specifically. £30k now is pretty close in terms of disposable income to £15k in 2010. Prices would have to deflate for this to improve. I'd say you're worth more than £30k, 14 extra years of experience. Any route to you doubling that salary over the next 3 years? That's where we're at in the UK atm
Started my career in 2010 on 21K. On 60ish all in now. Don't feel as well of as I thought I'd be. I can understand why kids now just look at this ridiculous system and shrug.
Apparently” Brexit” is not a reason for the present economic problems in the UK that the BBC is allowed to mention. Pretty amazing that Amol Rajan - when talking about economic shocks - manages to mention the economic crises of 2007, the pandemic and the energy crunch but somehow misses “Brexit”.
@@ryanf6530 is it? Pretty sure Germany was at a surplus for years while the UK was stagnant. Growth was better earlier this year correct, compared to Germany, but overall Germany has a decent economy. If I had £1k and lost £900, but then gained £500, while you had £1k and lost £100 but never recouped it, who has more money? My growth rate is much better, but you have more money...
My aunt left school at 16 with rubbish O level results but walked into primary school teaching (training fully subsidised). Her and partner, a recently immigrant, bought a 4-bed townhouse in leafy North London age 32 for £270k in ‘87. Sold in 2017 for £1.3m. Yep, that’s £1m of free money in her back pocket. Owns three other properties. Takes half a dozen luxury holidays a year. The townhouse is now split into three flats at £650k. Each. Oh. and add £50k for the ground floor garden flat. Auntie gets a ton of meds and care all free on the NHS, even paracetamol (that’s £14 each time, on the taxpayer). There is something seriously, seriously wrong with this picture. But nothing will change or improve without revolution.
Ru serious? The guy is blaming productivity. We already have high productivity it's just this government is bloody useless at developing infrastructure and investing back into the country.. instead they'd rather give corrupt contracts to their mates
The issue is not a lack of productivity but an excess of greed at the very top of society & government. The gap between rich & poor widens, opportunities for those at the bottom of society diminish & social unrest & conflict begin to rise. The failure of the state is due to a lack of leadership, lack of accountability for political failure & ever creaping corruption of the political system. That applies to all parties in the UK who were either corrupt in government or ineffectual as opposition to it.
The UK government is broke. I’m sure the MPs are very well off themselves, yet no one asks where the money has gone?? It’s there, just tied up in non productive assets like expensive housing or in tax havens or in the ultra rich who have trusts which are untouchable. I haven’t even mentioned corps like Amazon - who everyone uses - or energy companies which pay little tax. Or the fact that UK gov sold off the countries assets to foreign entities which strip mine it for shareholders
1:05 ... But let's be clearer please, because in fact it wasn't "the whole country“ who had “a terrible time during the pandemic and the cost of living crisis“, was it? The very richest citizens got significantly richer during this exact period, sucking up public resources, all while living in ways that clearly demonstrated just how unaffected they were by the restrictions (flying in private jets, partying on private islands, or in Downing Street, etc) Everyone else had a terrible time indeed, and that is set to continue until we collectively act to radically reverse this worsening inequality.
Torsten made many interesting points, but it was disappointing that his only mention of economic inequality was to dismiss it as a relevant aspect of this discussion. It would be very interesting to hear Torsten in conversation with Gary Stevenson about these topics.
The pandemic exposed inequality so much. It really proved we are closer to victorian England than ever kn terms of wage growth, opportunities, health, education etc.
What also doesn't make sense to me is that pension benefit is higher than statuary maternity pay. Especially considering those on maternity pay are expected to support their children. They will also have additional expenses, including but not limited to housing costs. Make it make sense. Considering we have an aging population with less births than deaths surely economically we should be encouraging more births not encouraging people to retire?
But those pensioners are grandparents, many of whom step in with financial and social support. I know I have saved my daughter £1000s, enough to buy a house, by doing all the childcare free. My generation didn’t get any maternity pay, we were expected to stay at home as housewives, which has massively impacted the amount of pension which women get. This is why most of the pensioners living in poverty are women. Yet, I think it is right that women have these rights in law. It is my generation which fought for those rights such as maternity pay, equal pay for women, the right for childcare while women are working. Instead of slamming one generation for the sake of another, organise yourselves, start getting political and fight for what you think is right, as we did. I make no apologies for my age and the life I have had. I worked hard for it.
The 6th wealthiest country on the globe with average citizens 17th wealthiest. Very small amounts of tax revenue generated off the backs of working people meaning constant cuts to services. When will this country wake up and realise we need more money - whos got it? The rich... What are they doing with it? Investing it to take MORE money out of circulation and into their pockets. Where does this end? Back to Victorian Britain I imagine...
Torstens long list of "If's" at the end basically mean that if you're in your late 30s, early 40s its pretty much over for you. Gen Z would reap the benefits of those "if's" coming true but even then it would be towards the end of their working lives.
Is still better than lots of people in lots of other countries at lots of times in the past! And if it's better for our children that wouldn't be so bad.
@@partlyflammableit’s all relative. People may be poor but at least they have family and a community to belong to. We don’t even have that anymore thanks to neoliberalism
but it will be too late for us in our late 30s / early 40s. By the time the benefits of more house building, growing economy etc are felt we will be reaching retirement age :(
It’s ridiculous how they mention the financial crisis the pandemic the inflation issues etc. and completely miss out Brexit, they mention the fact the U.K. has lagged for productivity and lagged behind for wages and has not done as well as other countries but misses out the big difference between us and those other countries that we shot ourselves in the foot with Brexit so had to contend with one more big shock to the economy than everyone else.
I'm 39, just the cohort being discussed when they talk about the last 15-20 years. Until now I've never heard anyone explain this so well, even though i'm sure we all feel it. I'd have liked them to talk more about house prices and the % of income spent on rent/mortgage costs compared to previous generations, but nevermind, they did touch on home ownership rates towards the end.
Just tax landlords 75% on rental income and simultaneously pass a law that for a period for 25 years, non-British citizens cannot buy property here. The landlords would put the homes on the market and we'd have our healthy deleveraging in the market. As it is, we are heading for the real estate crash of a lifetime, which will take down the stock market, the employment market, the Pound, the economy more broadly, the pensions market, etc etc.
It's easy to say we have low productivity growth, which is true, but no-one seems to know how to fix this. 1) low productivity has been low in both private and public sectors but especially low in public sector. I am not sure of the fix for the public sector but it's very disappointing to see Labour give wage rises not linked to reform and now talking about further increases in funding for NHS when it already receives large amount of funding. We have underinvested in public buildings for many years, e.g. good changes to school curriculums but crumbling schools. We should perhaps have a govt dept focused on re-building schools and hospitals and its funding would come from long-term borrowing for investment but it would be outside the day-to-day spending on NHS and education. We have had too much immigration, particularly low-skilled immigration. The last 20 years we have experienced high levels of immigration and low productivity yet no-one, in power, seems to think it is causal. Even the language in the podcast used the term "despite", it is not despite it is because! The sooner the BBC gets rid of this biased incorrect view the better. We need high-skilled immigration but not low-skilled. Additionally, the focus on post-secondary education has been poor in this country for decades but particularly so the last 20 / 30 years. We are producing too many graduates for jobs that shouldn't require a degree (for example my dad left school at 16 in the 1960s and entered journalism, today to enter journalism would require a degree which is a waste of resources). We don't have enough people learning trades. We have too much welfare-dependancy, especially long-term sickness. Covid has not helped but the problem existed beforehand. Our society has become atomised which has contributed to mental health problems. We have poor diets and low amounts of exercise. In terms of dieting, unfortunately the govt doesn't even know the solution, for example it makes salt an evil when it is actually a blessing. All it can come up with are simplified ideas like taxing sugar but low sugar versions of many products are as bad, or worse, than full-sugared versions!
Mortgages and rents are basically killing peoples spending power. Then running a car is another brutal cost. Food is ok but yeah more money. Here in Southampton a normal 3 bed house is £230,000+ with rent being £1100+ for a similar property. We saved for a long time to get a deposit and still needed help from parents to get on the ladder. Paying 4.89% on a 35 year mortgage to make it affordable. £1100 we pay between us most of that is interest to the bank 😢 literally just working to pay banker bonuses Add the bills on top we dont have a lot left to play with
That bloody cheap, try Oxfordshire 3 bed semi anywhere for £400-500k. (£1800+ to rent) Those commuting to London might be getting good pay but everyone else is struggling.
Corporations are making more and more money while they aren’t paying the wages. We have taken a step back in society and unregulated capitalism is fuelling that. Companies wanting more more more but they don’t give that out in wages. It’s a failure in the system thanks to greed
"IF this economy starts growing; IF we start building houses..." those things are not going to happen: especially the latter. Why? Because we have yet more Thatcherites in number 10: even worse, we have Thatcherites who've swallowed Osbornomics. You know, that economic plan that got us here in the first place.
The minimum wage is a big constraint on wage growth. The minimum wage is very much an argument of ethics over economics. There is no doubt it puts a break on wage growth. In the States, where there is wage growth the Minimum wage is a notional $7.25 per hour or about £6.60 an hour.
Exactly this, every time the minimum wage rises the cost of essentials must rise too because the cost of getting those essentials to the store etc has now increased. All this means people on minimum wage are no better off and people earning more than the minimum wage are worse off.
Yea as a 35 year old man in this country . We have been raped left right and centre all to prop up 65 plus older people . Not fair . And the old people sit in million pound house saying how bad life has done them .
Like all old people sit in million pound houses. They purchased at the right time. Blame successive governments for letting 10million come settle here since 1997.
For the last 20 years governments have appeared to prioritise rising house prices above all else. It makes people 'feel' richer but the only way to give people more purchasing power is education and proper investment in business and technology. This whole country sinks so much cash into mortgages when lower house prices and a different culture could drive much better creativity and innovation. That's my opinion!
The age of academic degrees being worth for financial independence is ending. Less youngsters will end up being tied to the UK to repay their debts and may invest their time and money exploring the world 🌍 I wonder how many will come back.
Im working and doing more work than i have ever done before. Being forced to do the job of 2 to 3 people. For below inflation wage increases. If i didnt have famil here i would emigrate.. no idea where as cant name anywhere which is better. ????
I like the idea of a land tax. It could replace council tax and, for most people, wouldn't be much different. But i'd like to see large landowners feel the pinch. Make exceptions for productive land (i.e. farmland) and land opened up and put to use for the public good.
The government need to stop prattling on about Growth, and concentrate on Productivity and GDP/ Person and we may make some progress in helping improve the living standards in the UK. It is so easy to big up the UK growth, just keep on importing loads more cheap labour. Easy win. but the overall living standards will continue to plummet.
@@paulies5407 Brexit, by economists measurements, has been more than double as damaging than Covid to the economy and already been nearly four times as damaging as the GFC. To make things worse the effect of Brexit is continual unlike the other two. So no, far from minimal.
Britain loves optimism and positivity. The positive news rallies people to work harder!! We never hear good from the news! That’s a great contributor to a demoralised work force ! 😮
Why are the restaurants full of delivery people picking up food. Why are the supermarkets full of luxury food, why are the roads full of BMWs Jags RangeRovers, who is buying all the £300,000 houses being built everywhere
Mate were you not listening; it’s the boomers. I live with one (lodger) and she’s the one buying the luxury food from Sainsbury’s while I budget hard at Lidl, she’s the one with a fancy new car and a campervan she bought with her lump sum while I take the bus everywhere, she’s the one with four investment properties and is thinking of buying a fifth while I live extremely frugally to try and build a house deposit. She’s the one going to coffee shops with her friends all the time while I feel guilty going to spoons once a month for a pint. She’s the one going to £300 ‘singing weekend retreats’ and holidaying 7-8 times a year while I manage a trip to the seaside in a caravan park once a year. She was a midwife and a single mother and managed to build all this. Her boomer friend across the street is a millionaire from inheriting her parents property and renting it out, then buying more property on an English teacher’s salary. 27% of pensioner households have a total wealth of above £1 million. They are the ones spending, their whole life has been on easy mode.
@JD-ny9qj so they are buying all the new properties to rent out, they are the ones in the countless new McDonalds? Im sorry its not easy for you, me either but it cant be as simple as you say
@@lostgleammedia the new flashy cars are mostly people making terrible financial decisions by leasing and financing cars for £600 a month. Don’t be fooled. People are straddling themselves with massive monthly payments just to show off. They’re not paying £70k for a car outright. Even someone who would have 350k in the bank probably wouldn’t do that considering how big a chunk of savings that would be. Your second point of £300k house. That’s a pretty great house price these days especially between 2. With a 10% deposit that’s like £1262 per month so £600 each, ~29% of monthly income if you have 2 people on 30k. Which is very doable. I think the issue is that a 300k home in many places gets you very little and if people wanted a home as good as their parents / grandparents have it would cost them 50/60% of income per month which is not doable really. Also to build a deposit becomes extremely difficult for a house of that value. Double hard as a single person.
@@J_B17 i understand, what i don't understand is that a lot of the housing being built on every spare bit of land is expensive detached houses. Who is buying all these detached houses if Britain is poor.
Im 41, I grew up poor. Lived in Leeds, then we moved to the West Mids, Wednesbury. Got a job after GCSE, then an apprenticeship earning 70 GBP per week. Then went to university. Tuition fees of 3k per year, with student loans. But I moved SE. My degree was in technology but I could also program. I got a job in the SE and today I have my own 3 bed house. I could pay of my mortgage but I fixed it for 10 years at 3%, I eanr more in savings. I graduated in 2007, and was renting a room in a HMO. The government decided to decmiate my savings rates due to QE and ZIRP while bailing out home borrowers and landlords. My point is if you think government is going to fix anything you have another thing coming. Once the government goes bankrupt seek an IMF bailout only then will anything be fixed. This is why democracy fails because doing the right thing might may not be the most popular thing.
Wages are actually up in real terms YoY. From ONS - Annual growth in real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers’ housing costs (CPIH)) was 2.2% for regular pay and 1.1% for total pay..
Instresting how gen x don't get a mention. Some x ers born in the 60s have more in common with the boomera i was born in the 70s and won't have the retirement my parents have. I was like lots for my friends, not poor but along way from well off.
@@cameronmmj9291 they struggle for other reasons,.UK small businesses are fckd by Brexit no access to the biggest trading market, but yeah we can ignore facts
@maciej9855 smes struggled in the 2008 recession, 4/10 had employment redundancy 5/10 drops in sales. Market conditions change for a number of pestle reasons. Brexit is not an impediment to business, its just an impediment to some businesses that are not atuned to success outside of the EU. All businesses have to adapt to to survive or they go bust, that's capitalism 101. It is the same for any business, economy, scenario. To blanket blame brexit for every economic issue is just idiotic. Wage stagnation comes from simple economics. There is more competition for jobs. More people in higher education, competition for white collar jobs is up, women staying in employment, globalisation/off-shoring, are all factors for increased demand for jobs that keep wages suppressed. This was a problem long before the UK left the EU and is prevalent in every successful western economy.
I'd like to know who he classifies as a baby boomer, because those born in 1945 will be 80 in 2025, that's well past retirement age. You can't be putting blame on those knocking on death's door.
The flow of money has also gone to those new arrivals who generationally have never paid in to generate it and have no loyalty to the U.K. or to pay taxes. If you look at Birmingham it is bankrupt and the country will go if changes do not take place and a sense of fair play and love of country is not given back.
Because they do not want to live frugally. They do not want to live with mum and dad rent free so money is wasted on rent. They rather have a bf/gf than get married and settle down so they can combine their income and savings. They want to eat out all the time. Want to purchase expensive items...list goes on and on and on. And before anyone starts on me, i am 31. Married with kids. Me and wife lived at our parentd house after graduating. We both earned £25k each and saved every penny. At 29 we got a house in the NW of England with a deposit of 70%. And we will be mortgage free in 3 years. We are NOT doctors or lawyers or high earners by any means. We drive a basic 2k car, have 0 debt other than mortgage. If we can do it, ANYONE can.
Yeah, but you're sensible and intelligent enough to recognise the situation. We have a crappy education system, and people have become very delusional. Those who aren't fortunate enough to live rent free do need help though, the renting and social housing issues are just a joke. I too sacrificed and sacrifice to stay financially sound, but it still feels like i've got one hell of a short end of a stick in some areas of life.
Stop with this easy scapegoat of "low productivity is the reason". It sounds like you're reading from a script by people who don't want you to know why income hasn't increased and why everything around you is expensive.
Fined for buying petrol, fined for going to work (NI, and income tax), fined for living in a house (council tax). No wonder people do t want to be more productive
Love to know how other millennials are skint. I might have a good career now but even when I had an okish one or crap one I always had money. Like i went to uni never used those specific skills. Went to do some basic I.T then from there got paid a decent wage. Just learnt as I went. Then programming.etc etc. even when I was on 15k in a call centre I always had money. I learnt every trade I could so I can do my own construction/DIY. Budget everything, bulk buy what is cheaper. Few expensive hobbies but I always put away 30% of my wage. I play life like a game find a way to get better at it each day. If you sit there saying you can't afford anything. Dude I applied for a job I didn't even know how to do. My first programming job I hadn't wrote an app yet 😂. I went with the approach don't be poor jfdi. No idea how people end up in such situations.
Consumerism…….If you work a low paying job you should not be.. 1. Smoking 2. Eating /drinking out 3.Listening to music on £300 headphones. 4. Buying takeaways for dinner 5. Wearing expensive clothes. 6. Upgrading gadgets while a new version comes out. See it all the time, buy buy buy constantly spending money. Then wonder why you have zero in the bank.
It's funny because growing up as poor as I did, and still considered a poor person now, I don't feel skint. I think it's about perspective and priorities, most people have plenty of money. It's just far more important to them to have the latest Alexa than it is to invest in themselves to do more instead of have more. Bit harsh for me to say, but it's true.
If you don't feel skint you probably aren't. Do you own a home or are you renting ? My salary is £30,500. I tried to rent a 1 bed flat but at £1k a month I have to prove I'm on £33k minimum. I'm looking for a bed sit. Do I feel skint yes. Finding any job is a struggle I do obviously have a job but places within an hour travel or even 2 hours travel to live are all expensive. So moving somewhere else isn't really an option either. Some places are £400 a month but are literally 4 hours from anywhere.
Anything negative about the economy *loading brexit comment* *disregard information that shows EU economies also struggling, in many ways worse than the UK*
The flow of money has gone to the top faster than anytime in history.
Yes because of government fiscal (deficit spending on ballooning benefits) and bank of England monetary policy (e,g. QE and funding deficit spending) over the past 25 years but he doesn't mention any of that. Add to that mass immigration which has suppressed wages at the bottom and helped create a housing crisis. If we'd have stuck to sensible (high skill) immigration levels coupled with investment in technology productivity and wages would have increased Unfortunately we've had the opposite with businesses expoliting unlimited low skilled cheap (slave) labour and not investing. We're now in a complete mess.
@@stumac869 A lot of this isn't exactly true.. or I should say is half truth..
Starting with the question about immigration, one of the largest factors in keeping prices on things like food low was low skilled immigration going into areas like farming, in fact if it wasn't for that most farming in the UK would either result in food prices being way higher then they are today, most food getting imported in from places like Africa as local farmers cannot compete, of most farming being automated (today more and more farming is getting automated)
On housing, Forgetting for the moment that the only people who can afford a home is someone who makes good money, so if you only let in migrants who make good money you're not actually addressing the housing issue going by your logic.. the largest factor in house prices increasing isn't from immigration, its from rates held too low for too long and NIMBYism.. its very very very hard in the UK to build more homes because when someone buys a house, the first they they will often do is stop someone else building more near them.. People in the UK have a strange relationship with housing in that they've been taught over the decades that a house is a retirement plan.. its not, The flip side of this is a growing number of elderly people who live alone in houses with 3 or 4 bedrooms that are totally wasted because despite holding millions of pounds in equity and being very very cash poor they don't want to sell. So you have lots of family homes effectively being held back.
What's keeping wages low in the UK is a lack of investment in productivity, jobs that can be automated should be automated, they're not economically viable and need to be move away so investment can be made allowing workers to produce more.
@@chrisbacon84 My previous landlord had over 100 houses back in 2014 he will have a lot more than now. You can't compete with that without an effective tax system. He was about £1 million in debt but the bank didn't care because over 100 houses that's nothing and he'd simply buy a few more every year off the rental income. He will have well over 110 now. He had about 50 in Cardiff, 50 in Merthyr Tydfil and 10 in London. He owned an estate agent that did the rentals and a company that employed 6 people to do out all the new ones he'd buy every year. Your right about Nimbyism being a nightmare. I was impressed with all the house building when I went to Lisbon this year. Cranes and building work everywhere. It didn't look great to look at all the construction being done but it won't take them long and they'll have a lot more capacity. I wonder if the regulations are looser there. It's not like the unemployment rate is massive at 4.2% as some of those will be so rich they won't want to work as they don't need too. What's super annoying about owning your own home is the deposit all these renters could obviously afford there own place if there wasn't a landlord in the way.
The money is there... its just at the top, not sure I can take anyone seriously who says further productivity is needed
Exactamondo. 85% of net profit moves upwards. Trickle down is BS. Inequality just keeps increasing but there’s still no front bench discussion about a wealth tax....
PrOdUcTiVitY
Is what you say when you’re economist that doesn’t actually have a clue, or you’re being purposefully disingenuous because you’re trying to distract from inequality.
@@JM-yf3olyou can have multiple issues at the same time. we have high inequality and no growth. if you want poorer people to have more money then you can do that by fixing either of these things. the easiest way to increase growth is to increase productivity. more productivity = more money per hours worked = economic growth = everyone gets richer. stating that an increase in productivity can lead to us all being richer does not mean that you dont think that inequality is too high. both need to be worked on. if we massively reduced inequality, the poor would have more money, but their wages still would not increase after that due to our lack of growth
With technology the way it is, we couldn't be any more productive. Compare a factory from 1910 to now, it's much more productive I terms of outputs, if they rich want more productivity then just hire robots for everything and they will see productivity is finite.
@@Natta44 We could be more productive via better education and training so that the people working can do their jobs better and more efficiently, better workspaces and workplace culture can increase productivity by benefitting mental health. thats without even mentioning innovation where if you think we've hit a wall, we simply haven't. infrastructure investment can also increase productivity, e.g internet speeds or train journey times
I’m 37 and working since graduating in 2009, and whenever people on the news say “times are going to get tough “ and I’m like yeah but when has it ever been good? 😂 been skint my whole life. It’s just the standard.
Go easy on the boozing then.
I haven’t drunk for years 😂
These are exactly my words! 😅 I'm also 37 and always answer then "well, I haven't experienced any good times yet". It's all that we know. Unfortunately. Kind of lost generation.
Same here, 36 years old. Graduated in 2012. Decent job that I enjoy but pay just doesn’t go as far as it used to. I’ve given up and I’m just concentrating on savouring what I have as a means to some kind of satisfaction.
Do you own your own home? Alot of millennials don't.
What do you mean, "feel?". We f****ing are skint
The UK now is basically Japan since the 90s. A lost decade fast becoming two lost decades.
An imperial nation readjusting to being a non imperial nations, that's why. We are living in a graveyard.
Wages now are pretty much the same as they were in 2010, but costs have more than doubled in that time.
People need to get away from the idea that £30k is a lot of money. It was a decent wage in 2010, now that's the same as £15k was in 2010, which many would say is too low.
I don't think people understand inflation properly and recruiters/managers think about how much they earned back when they started, rather than judging the current economic situation
Got to agree. Weirdly I was on 15k in 2010 and I'm now on 30k. I certainly don't feel any richer!
spot on
@peterdavis9656 that's because, I'm sorry to say this, you're probably earning less in real terms than you were in 2010. My guess of costs doubling is not based on the overall inflation figure but the cost of food, rent, etc specifically. £30k now is pretty close in terms of disposable income to £15k in 2010.
Prices would have to deflate for this to improve. I'd say you're worth more than £30k, 14 extra years of experience. Any route to you doubling that salary over the next 3 years? That's where we're at in the UK atm
Started my career in 2010 on 21K.
On 60ish all in now.
Don't feel as well of as I thought I'd be. I can understand why kids now just look at this ridiculous system and shrug.
Apparently” Brexit” is not a reason for the present economic problems in the UK that the BBC is allowed to mention. Pretty amazing that Amol Rajan - when talking about economic shocks - manages to mention the economic crises of 2007, the pandemic and the energy crunch but somehow misses “Brexit”.
Spot on ....
Germany's economy is performing even worse than the UK's. So it's definitely not Brexit.
@@ryanf6530Germany isn’t the only eu country
@@ryanf6530 Brexit reduced private investment which drives productivity
@@ryanf6530 is it? Pretty sure Germany was at a surplus for years while the UK was stagnant.
Growth was better earlier this year correct, compared to Germany, but overall Germany has a decent economy.
If I had £1k and lost £900, but then gained £500, while you had £1k and lost £100 but never recouped it, who has more money?
My growth rate is much better, but you have more money...
My aunt left school at 16 with rubbish O level results but walked into primary school teaching (training fully subsidised). Her and partner, a recently immigrant, bought a 4-bed townhouse in leafy North London age 32 for £270k in ‘87. Sold in 2017 for £1.3m. Yep, that’s £1m of free money in her back pocket. Owns three other properties. Takes half a dozen luxury holidays a year. The townhouse is now split into three flats at £650k. Each. Oh. and add £50k for the ground floor garden flat. Auntie gets a ton of meds and care all free on the NHS, even paracetamol (that’s £14 each time, on the taxpayer). There is something seriously, seriously wrong with this picture. But nothing will change or improve without revolution.
The smell of revolution in general is getting pretty strong worldwide
Don't get me started on the beautiful Victorian townhouses which have been partitioned into flats and maisonettes. I could weep.
@@Vroomfondle1066 capitalism was sort of working before the boomers screwed it up
270 in 87 is a massive amount of money.
@@jmoz ... but a teacher & a probation officer could afford it...
Get this man in parliament and into the cabinet. Fast.
Ru serious? The guy is blaming productivity. We already have high productivity it's just this government is bloody useless at developing infrastructure and investing back into the country.. instead they'd rather give corrupt contracts to their mates
Torsten is being parachuted into a safe Labour seat as an MP this election. Wouldn't be surprised to see him on the front benches next year.
One of the very few MP’s I would trust and listen to. I think KS should do the same.
The issue is not a lack of productivity but an excess of greed at the very top of society & government. The gap between rich & poor widens, opportunities for those at the bottom of society diminish & social unrest & conflict begin to rise. The failure of the state is due to a lack of leadership, lack of accountability for political failure & ever creaping corruption of the political system. That applies to all parties in the UK who were either corrupt in government or ineffectual as opposition to it.
The UK government is broke. I’m sure the MPs are very well off themselves, yet no one asks where the money has gone?? It’s there, just tied up in non productive assets like expensive housing or in tax havens or in the ultra rich who have trusts which are untouchable. I haven’t even mentioned corps like Amazon - who everyone uses - or energy companies which pay little tax. Or the fact that UK gov sold off the countries assets to foreign entities which strip mine it for shareholders
6 of one and half a dozen of the other. the greed at the top leads to lower productivity, which leads to lower growth
Winter Fuel Allowance means tested to pensioners is same "rough justice" as under 40's feel
1:05 ... But let's be clearer please, because in fact it wasn't "the whole country“ who had “a terrible time during the pandemic and the cost of living crisis“, was it?
The very richest citizens got significantly richer during this exact period, sucking up public resources, all while living in ways that clearly demonstrated just how unaffected they were by the restrictions (flying in private jets, partying on private islands, or in Downing Street, etc)
Everyone else had a terrible time indeed, and that is set to continue until we collectively act to radically reverse this worsening inequality.
Torsten made many interesting points, but it was disappointing that his only mention of economic inequality was to dismiss it as a relevant aspect of this discussion. It would be very interesting to hear Torsten in conversation with Gary Stevenson about these topics.
Over Taxed. Spending OTHER people's money.
The pandemic exposed inequality so much. It really proved we are closer to victorian England than ever kn terms of wage growth, opportunities, health, education etc.
What also doesn't make sense to me is that pension benefit is higher than statuary maternity pay. Especially considering those on maternity pay are expected to support their children. They will also have additional expenses, including but not limited to housing costs. Make it make sense. Considering we have an aging population with less births than deaths surely economically we should be encouraging more births not encouraging people to retire?
But those pensioners are grandparents, many of whom step in with financial and social support. I know I have saved my daughter £1000s, enough to buy a house, by doing all the childcare free. My generation didn’t get any maternity pay, we were expected to stay at home as housewives, which has massively impacted the amount of pension which women get. This is why most of the pensioners living in poverty are women. Yet, I think it is right that women have these rights in law. It is my generation which fought for those rights such as maternity pay, equal pay for women, the right for childcare while women are working. Instead of slamming one generation for the sake of another, organise yourselves, start getting political and fight for what you think is right, as we did. I make no apologies for my age and the life I have had. I worked hard for it.
No mainstream politician can or will do anything about it. They are just interested in maintaining their positions in power.
We're all skint apart from the very wealthy, something politicians refuse to admit
...and they wonder why we aren't having any kids
They don’t want you to have kids. It’s not by accident. It’s by design.
The 6th wealthiest country on the globe with average citizens 17th wealthiest. Very small amounts of tax revenue generated off the backs of working people meaning constant cuts to services. When will this country wake up and realise we need more money - whos got it? The rich... What are they doing with it? Investing it to take MORE money out of circulation and into their pockets. Where does this end? Back to Victorian Britain I imagine...
The comic who said she didn't live in Britain anymore because it was very Oliver Twisty wasn't joking
Marry someone rich is the best way to go. Or only fans
Capitalism without capital, yep.
That's because the country was bankrupted by New Labour in 2008 and they're back in.
almost feudalism
You can’t convince people to work harder when all the evidence of the last 20 years points to the fact that they won’t benefit.
Torstens long list of "If's" at the end basically mean that if you're in your late 30s, early 40s its pretty much over for you. Gen Z would reap the benefits of those "if's" coming true but even then it would be towards the end of their working lives.
This is me 😢
Is still better than lots of people in lots of other countries at lots of times in the past! And if it's better for our children that wouldn't be so bad.
oh I just said the same thing but you said it better, this is me too.
@@partlyflammableit’s all relative. People may be poor but at least they have family and a community to belong to. We don’t even have that anymore thanks to neoliberalism
but it will be too late for us in our late 30s / early 40s. By the time the benefits of more house building, growing economy etc are felt we will be reaching retirement age :(
It’s ridiculous how they mention the financial crisis the pandemic the inflation issues etc. and completely miss out Brexit, they mention the fact the U.K. has lagged for productivity and lagged behind for wages and has not done as well as other countries but misses out the big difference between us and those other countries that we shot ourselves in the foot with Brexit so had to contend with one more big shock to the economy than everyone else.
Why do pensioners not have to pay National Insurance?
The top 10% own too much of the wealth and there is no check on housing price increases.
What makes me laugh is in the UK the gov put a cap on energy prices, but they can't put a cap on house prices increases. Interesting 🤔
I'm 39, just the cohort being discussed when they talk about the last 15-20 years. Until now I've never heard anyone explain this so well, even though i'm sure we all feel it. I'd have liked them to talk more about house prices and the % of income spent on rent/mortgage costs compared to previous generations, but nevermind, they did touch on home ownership rates towards the end.
What's absolutely crazy to me is how people can be better off, with more disposable income, than those working. It doesn't make sense..
As in… you don’t understand how they do it?
Housing costs are 50% of post tax income .... Georgism is a better system.
No mention of Brexit?
Just tax landlords 75% on rental income and simultaneously pass a law that for a period for 25 years, non-British citizens cannot buy property here. The landlords would put the homes on the market and we'd have our healthy deleveraging in the market. As it is, we are heading for the real estate crash of a lifetime, which will take down the stock market, the employment market, the Pound, the economy more broadly, the pensions market, etc etc.
It's easy to say we have low productivity growth, which is true, but no-one seems to know how to fix this. 1) low productivity has been low in both private and public sectors but especially low in public sector. I am not sure of the fix for the public sector but it's very disappointing to see Labour give wage rises not linked to reform and now talking about further increases in funding for NHS when it already receives large amount of funding. We have underinvested in public buildings for many years, e.g. good changes to school curriculums but crumbling schools. We should perhaps have a govt dept focused on re-building schools and hospitals and its funding would come from long-term borrowing for investment but it would be outside the day-to-day spending on NHS and education.
We have had too much immigration, particularly low-skilled immigration. The last 20 years we have experienced high levels of immigration and low productivity yet no-one, in power, seems to think it is causal. Even the language in the podcast used the term "despite", it is not despite it is because! The sooner the BBC gets rid of this biased incorrect view the better. We need high-skilled immigration but not low-skilled.
Additionally, the focus on post-secondary education has been poor in this country for decades but particularly so the last 20 / 30 years. We are producing too many graduates for jobs that shouldn't require a degree (for example my dad left school at 16 in the 1960s and entered journalism, today to enter journalism would require a degree which is a waste of resources). We don't have enough people learning trades.
We have too much welfare-dependancy, especially long-term sickness. Covid has not helped but the problem existed beforehand. Our society has become atomised which has contributed to mental health problems. We have poor diets and low amounts of exercise. In terms of dieting, unfortunately the govt doesn't even know the solution, for example it makes salt an evil when it is actually a blessing. All it can come up with are simplified ideas like taxing sugar but low sugar versions of many products are as bad, or worse, than full-sugared versions!
They aren't 'random economic events', it's called Greed. Inequality is at an all time high and is only getting bigger, that's the problem
I bought bitcoin in 2010.
Life is good.
Mortgages and rents are basically killing peoples spending power.
Then running a car is another brutal cost.
Food is ok but yeah more money.
Here in Southampton a normal 3 bed house is £230,000+ with rent being £1100+ for a similar property.
We saved for a long time to get a deposit and still needed help from parents to get on the ladder. Paying 4.89% on a 35 year mortgage to make it affordable. £1100 we pay between us most of that is interest to the bank 😢 literally just working to pay banker bonuses
Add the bills on top we dont have a lot left to play with
That bloody cheap, try Oxfordshire 3 bed semi anywhere for £400-500k. (£1800+ to rent) Those commuting to London might be getting good pay but everyone else is struggling.
@@philiphawkins4684 I am surprised Southampton is that cheap! Oxford is posh mans area, so no surprises there.
seriously a 'normal' 3 bedroom house in Southampton for 230k is CHEAP.
@@superadders19 that's on the low low low end and you'd be lucky to get one
Corporations are making more and more money while they aren’t paying the wages. We have taken a step back in society and unregulated capitalism is fuelling that. Companies wanting more more more but they don’t give that out in wages. It’s a failure in the system thanks to greed
"IF this economy starts growing; IF we start building houses..." those things are not going to happen: especially the latter. Why? Because we have yet more Thatcherites in number 10: even worse, we have Thatcherites who've swallowed Osbornomics. You know, that economic plan that got us here in the first place.
The minimum wage is a big constraint on wage growth. The minimum wage is very much an argument of ethics over economics. There is no doubt it puts a break on wage growth. In the States, where there is wage growth the Minimum wage is a notional $7.25 per hour or about £6.60 an hour.
Exactly this, every time the minimum wage rises the cost of essentials must rise too because the cost of getting those essentials to the store etc has now increased. All this means people on minimum wage are no better off and people earning more than the minimum wage are worse off.
Yea as a 35 year old man in this country . We have been raped left right and centre all to prop up 65 plus older people . Not fair . And the old people sit in million pound house saying how bad life has done them .
Like all old people sit in million pound houses. They purchased at the right time. Blame successive governments for letting 10million come settle here since 1997.
For the last 20 years governments have appeared to prioritise rising house prices above all else. It makes people 'feel' richer but the only way to give people more purchasing power is education and proper investment in business and technology. This whole country sinks so much cash into mortgages when lower house prices and a different culture could drive much better creativity and innovation. That's my opinion!
So many talks about the problem, so little talks about what we can do individually and collectively. 'wait for the gvmt to sort it' is soul destroying
Everyone has just enough to stop them kicking up a fuss.
Keep preaching.
Tax the rich. Problem solved.
Poor people shouldn't be taxed like they are
Seriously the second I inherit enough wealth from family, I’m emigrating
Same! UK is an overcrowded, unfunded, delusional wreck holding onto past better days. Pains me to admit this
Dont pay your TV license, biggest scam going.
Spot on!
Could be solved overnight by giving a tax cut to the U45s...
The age of academic degrees being worth for financial independence is ending.
Less youngsters will end up being tied to the UK to repay their debts and may invest their time and money exploring the world 🌍 I wonder how many will come back.
Oh, oh, I know! It's because we don't have money.
Im working and doing more work than i have ever done before. Being forced to do the job of 2 to 3 people. For below inflation wage increases. If i didnt have famil here i would emigrate.. no idea where as cant name anywhere which is better. ????
Tax land and homes more than incomes from work aka Georgism.
I like the idea of a land tax. It could replace council tax and, for most people, wouldn't be much different. But i'd like to see large landowners feel the pinch. Make exceptions for productive land (i.e. farmland) and land opened up and put to use for the public good.
The government need to stop prattling on about Growth, and concentrate on Productivity and GDP/ Person and we may make some progress in helping improve the living standards in the UK. It is so easy to big up the UK growth, just keep on importing loads more cheap labour. Easy win. but the overall living standards will continue to plummet.
brexit not a word about it eh?
Is he wearing pinky rings 😂😂
Like he’s some sort of mob boss
Imagine being a man and commenting on what another man wears. Strange behaviour.
Since covid, it's been about 25% inflation. I've had 16% in raises simce then so although that's still good, it's well under inflation.
Thank you for not mentioning the elephant in the room… because of course Brexit of course has had no effect at all has it 😂😂
Minimal compared to 2008 and covid.
@@paulies5407 Brexit, by economists measurements, has been more than double as damaging than Covid to the economy and already been nearly four times as damaging as the GFC. To make things worse the effect of Brexit is continual unlike the other two. So no, far from minimal.
Why are you not talking about Brexit? 😂
Britain loves optimism and positivity. The positive news rallies people to work harder!! We never hear good from the news! That’s a great contributor to a demoralised work force ! 😮
It’s because they are skint
We are hitting the limit of growth.
No mention of brexit of course, which hasn't helped things, or corporate greed and the rich in tax havens
Why are the restaurants full of delivery people picking up food. Why are the supermarkets full of luxury food, why are the roads full of BMWs Jags RangeRovers, who is buying all the £300,000 houses being built everywhere
Mate were you not listening; it’s the boomers. I live with one (lodger) and she’s the one buying the luxury food from Sainsbury’s while I budget hard at Lidl, she’s the one with a fancy new car and a campervan she bought with her lump sum while I take the bus everywhere, she’s the one with four investment properties and is thinking of buying a fifth while I live extremely frugally to try and build a house deposit. She’s the one going to coffee shops with her friends all the time while I feel guilty going to spoons once a month for a pint. She’s the one going to £300 ‘singing weekend retreats’ and holidaying 7-8 times a year while I manage a trip to the seaside in a caravan park once a year. She was a midwife and a single mother and managed to build all this. Her boomer friend across the street is a millionaire from inheriting her parents property and renting it out, then buying more property on an English teacher’s salary. 27% of pensioner households have a total wealth of above £1 million. They are the ones spending, their whole life has been on easy mode.
@JD-ny9qj so they are buying all the new properties to rent out, they are the ones in the countless new McDonalds? Im sorry its not easy for you, me either but it cant be as simple as you say
@@lostgleammedia the new flashy cars are mostly people making terrible financial decisions by leasing and financing cars for £600 a month. Don’t be fooled. People are straddling themselves with massive monthly payments just to show off. They’re not paying £70k for a car outright. Even someone who would have 350k in the bank probably wouldn’t do that considering how big a chunk of savings that would be.
Your second point of £300k house. That’s a pretty great house price these days especially between 2. With a 10% deposit that’s like £1262 per month so £600 each, ~29% of monthly income if you have 2 people on 30k. Which is very doable. I think the issue is that a 300k home in many places gets you very little and if people wanted a home as good as their parents / grandparents have it would cost them 50/60% of income per month which is not doable really. Also to build a deposit becomes extremely difficult for a house of that value. Double hard as a single person.
@@J_B17 i understand, what i don't understand is that a lot of the housing being built on every spare bit of land is expensive detached houses. Who is buying all these detached houses if Britain is poor.
@@lostgleammedia Britain is a wealthy country with extreme inequality
Well thats just fantastic
Overtaxation on labour, not enough on capital gains
we need universal income I'm afraid
Im 41, I grew up poor. Lived in Leeds, then we moved to the West Mids, Wednesbury. Got a job after GCSE, then an apprenticeship earning 70 GBP per week. Then went to university. Tuition fees of 3k per year, with student loans. But I moved SE. My degree was in technology but I could also program. I got a job in the SE and today I have my own 3 bed house. I could pay of my mortgage but I fixed it for 10 years at 3%, I eanr more in savings. I graduated in 2007, and was renting a room in a HMO. The government decided to decmiate my savings rates due to QE and ZIRP while bailing out home borrowers and landlords. My point is if you think government is going to fix anything you have another thing coming. Once the government goes bankrupt seek an IMF bailout only then will anything be fixed. This is why democracy fails because doing the right thing might may not be the most popular thing.
Is that Tom from Parks and Recreation?
Because the price of everything has increased and wages haven't... next
Wages are actually up in real terms YoY. From ONS - Annual growth in real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers’ housing costs (CPIH)) was 2.2% for regular pay and 1.1% for total pay..
Because we are? 🤷♂️
The problem is we live in an ageing population and the majority of the wealth is held by boomers and its not trickling down
Why does nobody mention currency devaluation.... The money supply DOUBLED over COVID. Go figure
No talk of demographic collapse, if you think the pension bill is high now, you ain't seen nothing yet
Instresting how gen x don't get a mention. Some x ers born in the 60s have more in common with the boomera i was born in the 70s and won't have the retirement my parents have. I was like lots for my friends, not poor but along way from well off.
All roads lead back to the problem of interest. If interest was limited, you'd see wealth and opportunity flowing across all tiers of the economy.
Braindead suggestion
Brexit another shock, wake up
In a similar way France and the Mediterranean economies are struggling, do we blame the EU 😂
@@cameronmmj9291 they struggle for other reasons,.UK small businesses are fckd by Brexit no access to the biggest trading market, but yeah we can ignore facts
@maciej9855 smes struggled in the 2008 recession, 4/10 had employment redundancy 5/10 drops in sales.
Market conditions change for a number of pestle reasons. Brexit is not an impediment to business, its just an impediment to some businesses that are not atuned to success outside of the EU. All businesses have to adapt to to survive or they go bust, that's capitalism 101.
It is the same for any business, economy, scenario. To blanket blame brexit for every economic issue is just idiotic.
Wage stagnation comes from simple economics. There is more competition for jobs. More people in higher education, competition for white collar jobs is up, women staying in employment, globalisation/off-shoring, are all factors for increased demand for jobs that keep wages suppressed.
This was a problem long before the UK left the EU and is prevalent in every successful western economy.
No mention of Brexit then.
No, because it's not relevant. Germany's economic performance is even worse than the UK's. That's not the answer you were hoping for, though, was it?
@@ryanf6530not mentioning Brexit damage is big
@@ryanf6530NPCs 😂
Because they are.
Why do all of us feel.so.sk8nt? Bell is a broken record. .
James Hype not mad about it 😂
I'd like to know who he classifies as a baby boomer, because those born in 1945 will be 80 in 2025, that's well past retirement age. You can't be putting blame on those knocking on death's door.
It's a generation of people born between 1945 and 1965 - not just those born the same year war ended, but presumably you already knew that.
The flow of money has also gone to those new arrivals who generationally have never paid in to generate it and have no loyalty to the U.K. or to pay taxes. If you look at Birmingham it is bankrupt and the country will go if changes do not take place and a sense of fair play and love of country is not given back.
Why do they “feel” skint? Oh I dunno maybe because they ARE skint
Because they do not want to live frugally. They do not want to live with mum and dad rent free so money is wasted on rent. They rather have a bf/gf than get married and settle down so they can combine their income and savings. They want to eat out all the time. Want to purchase expensive items...list goes on and on and on. And before anyone starts on me, i am 31. Married with kids. Me and wife lived at our parentd house after graduating. We both earned £25k each and saved every penny. At 29 we got a house in the NW of England with a deposit of 70%. And we will be mortgage free in 3 years. We are NOT doctors or lawyers or high earners by any means. We drive a basic 2k car, have 0 debt other than mortgage. If we can do it, ANYONE can.
Yeah, but you're sensible and intelligent enough to recognise the situation. We have a crappy education system, and people have become very delusional. Those who aren't fortunate enough to live rent free do need help though, the renting and social housing issues are just a joke. I too sacrificed and sacrifice to stay financially sound, but it still feels like i've got one hell of a short end of a stick in some areas of life.
2:49 Ehh Brexit!! ??
Tax the super rich
They seem to be spending plenty on Ubers etc don’t see them going without anything?
Not skint, just disappointed.
Stop with this easy scapegoat of "low productivity is the reason". It sounds like you're reading from a script by people who don't want you to know why income hasn't increased and why everything around you is expensive.
Fined for buying petrol, fined for going to work (NI, and income tax), fined for living in a house (council tax). No wonder people do t want to be more productive
because they are! hahahahah, just kidding, it's terrible! Why not start taxing the rich and the corporations to redistribute a little.
All that moaning sounds funny in context of a globar war that is round the corner
Capitalism can only sustain growth until you physically cant grown the economy anynore . Its wealth hoarding at the top thats the issue
Jews.
The rich richsplaining why everybody else is poor.
Love to know how other millennials are skint. I might have a good career now but even when I had an okish one or crap one I always had money.
Like i went to uni never used those specific skills. Went to do some basic I.T then from there got paid a decent wage. Just learnt as I went. Then programming.etc etc. even when I was on 15k in a call centre I always had money.
I learnt every trade I could so I can do my own construction/DIY. Budget everything, bulk buy what is cheaper. Few expensive hobbies but I always put away 30% of my wage.
I play life like a game find a way to get better at it each day. If you sit there saying you can't afford anything. Dude I applied for a job I didn't even know how to do. My first programming job I hadn't wrote an app yet 😂.
I went with the approach don't be poor jfdi. No idea how people end up in such situations.
Consumerism…….If you work a low paying job you should not be..
1. Smoking
2. Eating /drinking out
3.Listening to music on £300 headphones.
4. Buying takeaways for dinner
5. Wearing expensive clothes.
6. Upgrading gadgets while a new version comes out.
See it all the time, buy buy buy constantly spending money.
Then wonder why you have zero in the bank.
It's funny because growing up as poor as I did, and still considered a poor person now, I don't feel skint. I think it's about perspective and priorities, most people have plenty of money. It's just far more important to them to have the latest Alexa than it is to invest in themselves to do more instead of have more. Bit harsh for me to say, but it's true.
If you don't feel skint you probably aren't. Do you own a home or are you renting ? My salary is £30,500. I tried to rent a 1 bed flat but at £1k a month I have to prove I'm on £33k minimum. I'm looking for a bed sit. Do I feel skint yes. Finding any job is a struggle I do obviously have a job but places within an hour travel or even 2 hours travel to live are all expensive. So moving somewhere else isn't really an option either. Some places are £400 a month but are literally 4 hours from anywhere.
The whole country is constantly boozing - there's half your problem.
4 minutes in and talking about once in a lifetime events without even mentioning the Brexit word…
Sad!
No, because it's not relevant. Germany's economic performance is even worse than the UK's. That's not the answer you were hoping for, though, was it?
@@ryanf6530 40B a year is not relevant. Thank you the insight, Nigel! 🤡
@@ryanf6530mate it's been a disaster for the economy.
Anything negative about the economy
*loading brexit comment*
*disregard information that shows EU economies also struggling, in many ways worse than the UK*