Why the UK is Falling Behind the EU and US
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- Опубліковано 2 чер 2024
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Britain seems to be in a permanent economic crisis. Last year, an analysis found that the average Slovenian household would be wealthier than its British counterpart by 2024. How does Britain compare to other countries and can it recover?
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1. www.thetimes.co.uk/article/wh...
2. www.express.co.uk/news/uk/167...
3. www.telegraph.co.uk/news/2022...
4. www.telegraph.co.uk/business/...
5. news.sky.com/story/britains-e...
6. www.ons.gov.uk/employmentandl...
0:00 Intro
1:33 Do international comparisons work?
5:51 So how poor is the UK?
8:13 Sponsor
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
That is everywhere. The problem is, with a rising labor shortage, that industry will be the hardest hit. Fundamentally, restaurants as an industry are only viable with cheap labor and cheap rent. Right now, we have neither.
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Inflation is around 6.5% here in the UK, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?
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It's crazy how much of a country's economy is sustained by one city/metropolitan area.
It's because that's where all the government investment goes. There's a reason leveling up was popular, even though it turned out to be a complete scam. Just look at spending in public transport per capita in London vs rest of the UK as an example, or gdp per capita, or employment
@@jibjub2121Untill covid put it into massive debt London's transport was fully funded by Londoners not from general taxation. If you want more investment in transport in places like Manchester, Birmingham, etc have a go at your Mayors to increase your business rates/taxes. I'm sure you'd be more than happy to pay more taxes for the transport in your area right?
@@michaeld9108I mean, other places have richer regions helping the poorer regions. The US and EU both have it. States like California and New York send more to the federal government than they receive, Alabama and Mississippi are the opposite. The EU also has richer countries being net contributors and poorer countries being net recipients.
And let me tell you, this video isn't titled "why is the US and EU falling behind the UK?".
Get rid of your PM and replace him with someone better, you will be okay
@@manzarabbas7953yeah definitely, as if it wasn't the case for decades
The UK was also doing badly before joining the EU, and that was one big reason for joining. People forgot.
@@GeoDome how to lie with stats 101.
We thought we were, but the Wirtschaftswunder in Europe during the 1960s/70s a result of the US Marshall Plan a generation earlier.
Now Germany is top heavy age wise and things have changed, with manufacture there being transferred to China.
@@GeoDome It's important to reflect bigger periods, rather than specific Quarters in order to determine if a country is doing good or bad - especially the UK, since Q1 was awful (so, easier to get positive values).
If you compare to pre-pandemic levels:
Eurozone:+2.7%
Germany: +0.2%
UK: -0.2%
We were doing very well before the EU. We had a balnce of payments in 1970. The EU has milked us dry.
@@GeoDome "Netherlands: -0.3% (in recession)" Oh dear. Let's fact-check, shall we?
Economic Outlook Note - Netherlands: economic growth is projected to moderate to 0.9% in 2023 *before picking up to 1.4% in 2024* . Source OECD.
The British economy expanded 0.2% on quarter in Q2 2023, following a 0.1% growth in Q1. In the long-term, the United Kingdom GDP Growth Rate is projected to trend *around 0.40 percent in 2024* . Source: Trading Economics.
You might want to watch this video, because it seems you didn't. Short version: UK is F*cked Economically. Pointing to other countries and twisting figures won't change that.
“The UK isn’t poor just the majority of its citizens”
and most the wealth is brought here by foreigners 😅, they don’t owe the UK anything
The Brits LOVE poverty, that is why they keep voting Tory.
Correct just like Greece Spain Poland other.
It’s not true. The UK isn’t poor but the wealth is not evenly distributed.
@@dcoughla681that’s what he said
I'm Polish and I dont know about wealthier in monetary value, but in terms of quality of life definitely. I lived and studied in the UK for 3,5 years and when I returned to Poland I was able to get a better standard of life than in London (major city in Poland too). And I know that my friends are returning also. I'm pretty sure that the rich in the UK will be fine and they will make the statistics false by covering the poverty level. The gap between the rich and poor in the UK is visible now, I'm afraid what is it going to be in the future. And that is not too say that Poland is brilliant at handling things but at least we're still in the EU :)
London is insanely expensive, it's probably one of the most expensive cities in the whole of europe to live in, outside London it is far better, even though most regions feel economically ignored like the southwest.
IDK, in most of the south the housing market is fucked and rent prices have been going mental in Manchester, this isnt just a London problem
London compared to say Nottingham is another country, in terms of prices and affordability
Lived in both, 23 years now in UK
Yes. This is what is happening. The UK is becoming more inequitous.
It's not just cost of living.
It's the standard.
I've rented in the UK, and the quality \engineering and planning of English houses\flats is just substandard. English pay (and accept) a lot for living uncomfortable - couldn't belive how condensation, mould, thin paper walls, tiny spaces classed as "rooms", cheap materials used to build are generally accepted by everyone as normal.
Like someone said rich will be fine but middle class and below is living in really bad conditions and accepts it
Britian is done, housing market is broken and you get so much more for your money in continental Europe that I don't think I'd be ever coming back to the UK.
I guess brexit means brexit you got what you voted for, will see if brits will fill out the vacancies free'd by those leaving this hostile Island.
"The UK isn't that poor per household, it just looks that way because of all the inequality!" is a great way of showing how well things are going here.
Yell that to the millions forced to work for peanuts.
@@public.publicif that is in a country where living also costs peanuts, they cannot complain.
You can make a grand a day, but if living also costs a grand a day you are still poor. If you earn a pound a day, but living costs half a pound a day you are rich and becoming richer.
Honestly you can say the same with the US
@@Lando-kx6so yes you can, doesn't make it any better though.
The US and UK are in such poverty and inequality that each household is poor with the average being brought up by the super rich
As a Mississippian, it was funny to hear us used as a terrible case scenario.
Same for me, a Pole. It's like us becoming even vaguely comparable is an insult :P
Don´t worry, the margin is small, and actually you´re even a bit wealthier than the British... One just has to use the 2nd, correct metric, instead of the improbable 1st metric, and then, you´re wealthier... ;-)
do you have a spare room for a British refugee?
@@juliuszkocinski7478 For the better part of a century the UK has been slowly realizing it is not objectively superior to the rest of the world in every way. Hard lesson to learn ;(
@@juliuszkocinski7478As a Chinese I was so surprised to hear that Poland has a gdp per capita that’s only 50% more than ours (18,000 vs 12,500)
I’ve always thought Poland is at least close to 30,000, especially with lots of games being made in Poland (triple a games and indie ones).
I was so shocked that Portugal still has a gdp per capita of more than 20,000 when everything I hear about the country is how everything is always going to shit
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
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They've been predicting this for like 5 years now. It's like Christians with their second coming of christ. Either it's happening soon, or not.
Found out recently that the UK, when you remove London, is about as rich as the State of Mississippi. Nothing would surprise me anymore.
@@Benjamin58479colonisation karma
@Benjamin58479 the Empire died.
Britain wasn't poor before an empire and decolonisation is not the reason for it's poor state today. Using empire as an excuse for the UK's downfall is pathetic @@wrpg9955
With California levels of house prices
@@Benjamin58479 Boomers making all their money buying and selling properties and the wealthy infecting politics and giving their mates trillions of pounds in deals that ammount to nothing for the british public.
I am from the US and living in the UK. The UK feels like being on the edge of poverty at all times. The biggest issue for me is the horrible cost of rent and transport. If i didnt have a higher than average salary, I literally couldnt live here
But it's not just those two things, it's fuel, booze, Food and utilities on top of low paid jobs and an awful government system that needs a reform. This is all decades in the making.
Agreed, but I don't own a car or drink so those don't affect me. Food is fairly equivalent to the US from shops, though if you want to go out you are screwed. And you have a point about utilities. The per unit utility cost in the UK is some of the worst in the world
@@zachsmith8633 us brits need to decide if we want to be more like America or Europe. My wife is American, she loves it here, it wasn't really a choice for us at the time which country to live in but seeing how Murdoch and the big businesses controls the government we do now worry how our kids will get on. We should be able to help, but that's not the point.
Biggest problem in this country is the I'm alright jack mentality and the pure greed at the top of the business. Many people will never see bonuses in their pay packet, the squeeze on the working and middle class has gone on for far too long.
@@BoyeeSmudger Is booze that big of a point in the UK ? I mean , you have no upper limit with booze there is always more special more expensive booze.
But I am drinking occasionally some beer, whine and stronger stuff and I am not even paying 30€ per month in the supermarket.
Bars are naturally much more expensive.
You must be living in London
I'm 25, studied in London for 4 years and now working as a software engineer and I'm counting down months to going back to Poland (Warsaw specifically). The salaries in the UK are insanely low, while the rents are atrociously high and you're often left with no choice than to share a flat with strangers. In Warsaw, salaries in tech are honestly comparable to the UK's, while the cost of living is half as low. A nice one-bed flat shouldn't cost more than 650-700 GBP, which is what I'm paying now to share a flat in London with two more people. I won't even mention cleanliness and safety as comparing London and Warsaw in these respects would be mad :)
yeah i lived in warsaw for 6 years, great city! only thing i missed as an austrian were some mountains! :D
London is also way more important in several terms than Warsaw is so that could be why rent is so ridiculously high there.
Go nobody is stopping you haha what a joker
In the UK, some of the best-paid jobs involve collecting dividends on capital (sometimes from privatised public service monopolies), and not doing any work at all.
Also, having an ancestor thats in some shape or form related to William the Conqueror helps a lot, as some lord said not too long ago.
Engineers in the U.K. would double their salaries by moving to the US,
Doctors are eternally burnt out and only earn their worth after years of work
Scientists might as well have stayed stocking shelves than ever studying for a degree
Yet bankers and estate agents live like kings
And people wonder why the U.K. economy is underperforming
The only productive major industry the U.K. actually pays well for is IT
Its almost like right wing policies only benefit the rich 🙃
Yeah, I missed the inherited wealth train. They didn't tell me about it in high school.
It sounds like, based on quality of life of its citizens, the UK is doing absolutely horribly. Vote smarter.
Some of us try to but even then it's not enough. Too many deaf ears, figuratively speaking.
It's not horrible. British people just complain about everything & make things seem way worse than they actually are.
That's what 13 years of Tory governance gives you
@@Lando-kx6so Ehmmm... No. UK got much worse in the last 15 years. Yes, there are people that complain, but there is much bigger number of people that think everything is fine and the rest of the world is getting poorer as well.
No, the rest of the world isn't.
Although the Conservatives have done great damage to the country over the past 13 years, many of the UK's problems go back to long before 2010.
Median income is used precisely because it accounts for inequality better than mean measurements.
True. Median is there exactly for the case when inequality is high and you want to know how a regular family is doing.
When the metric is median, than inequality does not make look households poor. Poverty does.
It's still not perfect, especially with very hard transitions between income groups within the lower half and/or an astronomical wealthier upper half. The median would look okay (-ish), but could easily "hide" ten or even more percent in deep trouble.
@@marcromain64 No, median does not hide much. Yes, there could be a 10% very poor and 10% very rich, but the median will show the situation of the majority of the people. When it comes to socioeconomics, this is a very good tool for policy makers.
If you want to go more into details, you would look into quartiles or at percentiles. But the median is the 50th percentile and if you are a policy maker, it is a good place to start. Fix the 50th percentile, then you can look at 25th or 75th percentile.
Looking at the 10th percentile (the 10% very poor) and trying to fix that is unrealistic and probably impossible. Even the Scandinavian countries do have issues there - but the bulk of the population is doing well.
“Should we judge our nation based on our richest citizens or our average citizens? Because if we judge by our richest citizens the UK is doing great!”
'The British media has developed a habit of making unflattering comparisons' - the British media is a big part of the problem in this country, and has helped lead it down this dead-end with a its complacency and tummy-tickling.
Americans who think FOX News is bad would probably off themselves the second they saw the utter state of British Media. It's all owned by like 5 billionaires and they are very unsubtle about pushing their own right wing agenda. Murdoch's The Sun literally bragged about being the deciding factor in an election outcome once, just transparent corruption for all to see, and nobody dares pipe up because the English have perpetual serf mentality.
The United States as we know it is no more. All signs point to 2023 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2020, I've made about $600,000.
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Funny enough we manged to fix a lot of the economic issues inflation and unemployment are both lower than what we expected. Our biggest hurdle is Republicans constantly playing chicken with thr debt ceiling.
As an Asian has been visited to both UK and Poland for business as well as for leisure, I would say Poland is on par with UK as of 2022-2023, in terms of liveability and doing business. Poland is rising star, UK is fading star after Brexit…
Bro in terms of Human Development Index UK is 18th while Poland is 34th. I don't know where you went for business in Poland but there a big difference between life in Warsaw and the rest of Poland believe me.
@@harrypass1252This right here. I’m not even British but people think to seem metropolitan/ wealthy areas are representative of the entirety of a country when the case against that was made clear during this video.
@fatboyRAY24 That's what I mean and I was saying it's the same story for Poland. But it's worse for Warsaw then London. I read up Warsaw and 4 other regions (most likely surrounding Warsaw) has like almost 56% of the country GDP. While for London it's only 23% still significant considering how big the British economy is but obviously not to the same extent as Poland.
I fear for the future. Children can’t find basic things on the nhs like a dentist, growing up with rotting teeth and gum disease and worsening nutrition is bound to set a whole generation back.
Most UK services are in a terrible state now. I live in a small town of about 10,000 people and our NHS dentist has over 1,000 people on the waiting list to join them! Over 10% of residents are unable to get a dentist, it’s ridiculous, and they’re still building more houses! The dentists won’t even add anyone else to the list, so no dentist treatment available for me and many others.
Wait, so the stereotype of Brits having bad teeth isn't just a stereotype? 😢
@@andrelee7081 not only bruck up teeth, due to austerity and lack of nutrition, British kids have also slipped down the height rankings.
Wonky teeth and short asses
The worst about that is that the UK is not training more nurses, doctors and dentists, and they don't want to. When did they change the rule on student finance and who can go to uni? You will think with all the strain on NHS, that they will relax some of the rule to entice more young people into NHS, but no no, they are maintained and student fee allowed to increase! Can't see myself living another 10 years in this country
joining NAFTA 2 is the light in the dark for the uk
The top 10% in the UK are mostly rent seekers exploiting the other 90%. There are plenty of academic studies on the subject. Please look it up on Google. The worst offender is the Crown and everyone wants to be more like him. So why are UK housing costs and energy prices so high ? These are input factors that hurt her competitiveness
Austerity does things to a man.
And now the UK, like a lot of US states, gets to understand and use the phrase "Thank God for Mississippi."
Louisiana here. Only one addition: also thankful for Alabama, lol. They keep Louisiana from being in last place in the various rankings of the states. 😂
The UK is still richer than France, Italy and Spain so it's not actually doing that badly. The economy is slowly starting to recover and house prices are for once actually affordable for the working class
@@llanieliowe794what! Affordable housing where?
The UK has outperformed Germany and France and Italy since brexit just a fact go look
@@rayhans7887in western europe
The saddest part is, we can fix is so easily, but no one will. All of the problems in the uk are caused by the super rich controlling politics, everyone says the key is to build more houses to reduce the cost of housing, but the wealthy wont vote for it because they will lose their cushty lives and have to actually be productive. ALL we need to do is build more houses, thus reducing the housing cost and also nationalise the energy markets.
They care more about their property land values staying high.
Bingo
Ding ding ding, you get it!
F*ck all of our charlatan politicians and NIMBY backbenchers that stop progress at every turn. Britiain is f*cked.
A reckoning will come
vote your own president.
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GDP doesn't account for the actual distribution of wealth across the population and therefore the buying power of the average individual and subsequently how wealthy they are. That aside, when all of the different metrics say you're doing shit then it's a fairly safe assumption something is not right.
If anything, GDP figures mask the real trouble the UK is in. The same quality of life in many European countries is reachable with a lot less money needed.
Gdp per capita is far more useful as a metric, and the Gini coefficient can be used to gauge inequality. You can also look at gdp by region, which shows that London and the southeast far higher than elsewhere, which reflects the inequality
GDP far from perfect, but so are a lot of measures. for example, turkey and Cuba have similar life expectancies to the US, but that's more due to violent crime and 20% of Americans having subpar health cover than the median American actually living poorly.
The metrics aren´t shit, he just pretends so... Are you still awake? Why was the 2nd metric actually shit? Because he said so? And how come, humanity, in several centuries of research, has developed only shit metrics, and only TLDR knows about it???
Gdp per capita adjusted by ppp is a decent metric....
Yeah: you repeated what was stated; the median household income in Poland will surpass that of the UK. that's exactly what other sources stated nobody talked about 'the country being more productive or "wealthier"'. you could phrase it like this: living standards for the upper half of the population on average will be higher in Poland than in the UK. This statistic was brought up to explain why eastern Europeans are returning home from the UK. Workers don't care about GDP, they care about living standards.
Simple answer, we have had total incompetent governments for the past 20 years.
I couldn’t agree more.
As someone living in the UK who has just been in Slovenia, let me be clear.. the UK is a complete basketcase right now. The UK is not a good place to live or work compared to its neighbours. It's embarrassing.
As far as I can tell, ever since the UK started losing it's empire, it's been declining. There were advantages to being the first industrialized economy, but that obviously went away.
Luckily anyone who isn't a jeremy corbyn woke remoaner idiot will recognise this claim for the utterly farcical nonsense that it is.
@@recoil53The UK is a much better place to live now than it was in the 50's when it gave away the Empire. You can argue it's declined since the 08 crash but not the 1950's
@@aituk And the 70's?
I'm talking general trend
@@recoil53 Exactly, the 70's were terrible, that was half a century ago, things are much better now.
What you should have said was ever since Britain gave up its empire its been up and down with the lowest point being the 70s and the highest point being the mid 2000's.
Much more accurate than we're in general decline
To make a better comparison, use household income & outgoing, but exclude the 10% top household incomes/outgoings. U.K. is the only country I know of where the disparity between best/worst paid employee can be near x10.000 (yes there are bosses (employed bosses) who takes home over £100m in some years….
My gut feel, most households in U.K. are under far more financial strain than that of household in Poland and Slovenia. Also look at the debt levels of these households. An average Brit owes way more than their Polish and Slovenian counterpart, as Corp Britain was very efficient in making sure people took advantage of the low interest.
Another big thing is that households in Poland and Slovenia are constantly getting wealthier and increasing their standard of living, and have done so for the past 30 years while the British standard of living and incomes have been stagnant for a while now. Even if Brits are wealthier than Slovenes or Poles, it always feels better to keep getting richer than to barely hold on to what you have or even keep getting slightly poorer.
Brexit was a bad idea
And I can’t believe that there’s still an army of brex-simps continuing to back it 🤡
It happened? when?
@@uncletomcobley6950 Google it! UK left EU in 2020
@@uncletomcobley6950literally been over 3 years.
@@samfarrow348 because it's true
I'm a Brit that moved to the US. Can confirm the US is far richer than the UK and the quality of life is not close.
100% same here - wish I made the move earlier
The US isn’t bad as long as you don’t move to places like New York or San Francisco.
@@DCampusano1u sugar coating it a lot. Unless u live in the burbs of major cities or in booming parts of the sunbelt it’s not that great here. Northeast and rust belt r ROUGH in so many places
@@papaicebreakerii8180in many places is really majority of places take Detroit for instance the city of Detroit winch is very violent has 650,000 while metro Detroit has 4.5 million most of these are actually nice and somewhat affordable areas. It's the same for most metro areas in the US you'll notice the bad parts constitute a small amount of a total Metro.
It is disgusting that we look so down on countries that are claiming up, it's so wrong.
@01:11 He knows how to make it sound like the UK is doing fine, it's them European's who're getting rich! Ignoring that there's economic hardship and rising cost of living in the EU as well, just not nearly as much as in the UK. Poland isn't getting rich quick, brits are getting poorer.
We don't it just this video where they make it out like it's a really bad thing, In the UK we want other countries to do well its just the racist men in this video obviously don't
It's clearly something wrong when they chose to compare with the US instead of France, Germany or a other nation closer in terms of geo, population and economy. It's the same reason Brexit made sense to voters, they viewed the UK as equal to the EU. While most other European nations view themselves as a part of the EU.
India overtook us we don't put India down they can't blame us anymore for their problems like all successful country's who were part of the British empire if they fail behind they have only themselves to blame so why would we want other's to keep blaming us for their incompetent
Uk is so poor they panic when bread price go up by 1%>>>> poor peasants...
As someone who moved to the UK in 2014, whenever I was going to Poland for holidays I was seen as a wealthy man able to spend money like they are nothing, now, I barely go there cuz I simply cannot afford tickets, transportation etc, as life here in the UK costa me so much, while my friends and family in Poland seem to be living a good and stable life even despite huge inflation and crappy government in Poland.
It is funny to me how everyone is shitting on PiS when it is pretty good on many important fields and in comparison to UK looks great to me. Maybe I am mistaken.
@@_TkiT_Surely there are other aspects, rather important aspects like the rule of law and democratic values, where PiS fails utterly. Stoking xenophobic, nationalist sentiment when your country is built on the back of the EU doesn't sound like a genius move to me.
@@_TkiT_, exactly. How is a government like them crappy? lol Poles are getting spoiled. 😂😂😂
@@sickandtired1994 In Poland we do have a big inferiority complex towards the west which is very annoying.
If polish government is crappy,than you are dumb my friend
The UK is doing what the USA has been doing but to a greater degree. When wages have been cut in real terms by around 40% for most sectors and billions in profits used for stock buy backs or squirreled away offshore it's not adding to the economy.
what do you mean? Can you elaborate? In the UK they have a real pay cut. For example, If you take in inflation over the last 15 years, their doctors actually have a pay cut of 35%. While wage growth in the US can be faster, it is not lower than inflation so we actually have a significant wage increase over the same period compared to the UK.
@@Eli-pj8xm You cannot compare a socialized healthcare system where doctors receive grants, etc., to a privately based system for profits. Also, this is just baseline play; they get out of hours and overtime pay which tops up the income..
@@HaiLsKuNkY You mean the words "pay", "wages" and "pay cut" don't mean the same things in the US and the UK?
Purchasing power is the only thing that matters for people in the end. And in that metric Poland is already wealthier in some regions.
diversified industrial output explains why that is.
I remember listening to an economist talking about how Argentina went from one of the world's strongest economies to having naval vessels repossessed by other nations and it boiled down to 100 years of taking the wrong economic option everytime, when was the last time the UK took the right option?
I also think a lot of people still have the idea that Poland is some poor ex-Soviet backwater. While there may have been truth to that in the 90s, its definitely not the reality anymore
Without EU funds, Poland still would be some Soviet (now Russian) backwater.
@@EllieD.Violet without Germany destroying Poland and than the West handling it to Russia Poland wouldn’t need the funds that mostly anyway are circuiting back to the EU economy
@@logbinder6330Poland receives funds from all net contributors.
Now go and spin this fact into your rubbish.
Edit typo
@@EllieD.Violet lol but isn’t it the idea? Stronger together? Unless you want some countries to stay richer and some poorer? Oh wait UK is doing that to itself. Let me know how it works out and keep blaming the poorer for getting financial help from the richer
@@logbinder6330 I live in 2 net contributor members. So 'we' get nothing.
YOU brought WW2 and Germany into the game.
As Poland receives money from ALL net contributors ... go and weave ALL of those into your Polish victimhood tale.
Because wages in the UK have been frozen for 15 years.
Where as for Poland... it's been skyrocketing beyond the Moon.
But if the British invested properly their incomes would be skyrocketing.
why are Poles still flocking to the west then?
@@joeduffy3309Not anymore though, in 2017 there was 1.021 million Poles in the U.K. , falling to 0.671 million in 2021 to around probably around 0.55 million in 2023. Nearly a 50% decrease in 6 years. And Brexit didn't cause this because in Ireland which is in EU the number fell from 122,515 in 2016 to 93,680 in 2023, a 24% decrease. Poles are returning home, the ones left are probably tied down by something like their kid's school or paying a mortgage but I estimate by 2030 there'll be only around 300,000 Poles left in the U.K. similar to other countries figures.
@@RickysWisdom So still flocking to the west then in their hundreds of thousands, You've only mentioned two countries. There are millions of poles throughout Europe
@@joeduffy3309 Since 2018 Poland has a positive migration. More people are coming than leaving. You must be 40/50 years old and still have your old view.
We left a union of our biggest trade partner, and we have an incompetent government.
we have a trade deal which is the best trade deal the eu has ever signed.
Perhaps one of the sad parts as well is most of London’s wealth is from foreigners, who ultimately can/may just leave the country if it goes downhill
Dont forget the oligarchs and politicians
But it's almost unlikely the UK will go downhill. Hence, the reason why foreigners put so much money in London in the first place.
@@rrsharizam the rest of uk will get worse and worse though. London sucks up all the wealth for itself.
@@rrsharizam No, it's UK's history of looking the other way while taking money from drug lords, corrupt regimes, and other sources that should not see the light of day. It kind of legitimizes the money by being in a UK bank.
But Switzerland did the same thing and look at their banks.
Good.
I've earnt min wage for a long time now, and the past few years, I've never felt so poor. Food bills and fuel have come down, but I'm still not saving money and being reliant on the 'bank of mum & dad' to pay for the out of the norm expenses like the car (maintenance + insurance) or house repair. I have another job starting at some point, but its only a slight improvement in finances.
The UK is heavily reliant on the 'Average Household Income', not the individual. You NEED to be in a relationship to further your finances and share costs as that's how the finances are based upon.
As for the 'remove London' comparison. Sadiq Khan has said that London supports the whole country, but surely we need to make the rest of the country able to stand on its own feet?
It's not just London though, it's the whole of the south east and south. The south West (minus bristol/bath) is largely poor just like up north and the rest of England.
@@BoyeeSmudger I did say "make the rest of the country stand on its own feet". I live in Sheffield, which is supposed to be the UK's 4th city....but doesn't feel like it. The people money chasing commute to Manchester or Leeds. Been to Cornwall a few years ago. The nearby McDonalds was begging for staff/cheap labour, but with house prices being so steep and no jobs being able to support the cost, people move away. Being reliant on London keeping the rest of the country afloat isn't a good plan, as that bubble will burst at some point, especially when people and companies see how well the rest of Europe is doing
@@DashCamSheffield ah yes, my bad...
I am polish and British citizen who recently left the Uk after 9 years here.
Despite gdp data I must say that standard of living is higher for few reasons: housing: every time I visit I am astonished how well insulated and constructed are those homes in my home town Warsaw, they keep the heat well and often a heating bill is including in a building service charge.
Safety: again astonishing to see the difference between London and Warsaw in terms how night life loos and lack of drug dealers or crackheads on plain sight ( they do still exist I guess)
Purchasing power: inflation is very high currently nevertheless my friends who stayed in Poland experiencing a steady salary grow and in tech it’s already getting close to level of some Western European countries.
Overall I am pretty sure that unless something drastic happen we will see a Eastern Europe raising in significance while west would be seen as a once great countries that became a war zone due to social inequalities and unrest 😢
But you're still being subsidised via Germany's payments into the EU pot. Once you are told to stand on your own two feet things will be different.
US firms will head elsewhere once their concessions are removed.
Polish have not got a better standard of living
@@celtspeaksgoth7251 Poland is not subsidised, it's EU development funds that Poland used well. This can be compared to Marshal's plan that was given to UK and other European countries after WW2 but countries of Eastern block never received.
Btw big parts of UK (Cornwall etc.) were also receiving those funds before Brexit.
@@celtspeaksgoth7251
1. Who asked?
2. Subsidies that are there won't disappear
3. Even if they did things they build won't disappear
There are many reasons why people invest in Poland like:
Being one of the most stable and fastest growing countries in Europe.
Central location
Largest domestic market in central Europe
Investment-friendly policies
Low unemployment
Low private debt
Diversified economy
Good infrastructure
and so on...
I hope that after a hefty sip of copium you will find some other funny reason to undermine Poland as a country.
@@celtspeaksgoth7251 You are only partially right. Our governments were terrible many times but at least we used funds to finance roads/ports/rails/airports ect. A lot of countries used their money for complete nonsense. At the end it's boost for whole EU and polish people. Also you forget that we gave EU and UK free educated, young healthy workforce in millions. And huge 40 million market to sell/take by UK and EU companies, resulting in money flowing back to EU/ all of that boosting your own economy and production.
Millions living in poverty, 1000s of people sleeping on the streets,1000s dying due to delays in health care, people pulling their own teeth out because they can't afford a dentist yet £7 million a day spent putting migrants up in hotels, £millions spent on buying houses for refugees to live in whilst ignoring over 1 million families already on housing lists. Could that be why were falling behind?
Even now life quality in Slovenia is way better than in UK.
The standard of living in Poland is starting to look really good. For majority of people its much easier to afford rent than in western countries these days. Polish government has done several things we can only dream of in the US: child support, raising minimum wage.
Poland isn't caught up in woke nonsense. Instead focusing on real problems people face
Unfortunately as a country's fortunes begin to rise so too those the cost of living and other social issues, I wish Poland well but as sure as success puts money into pockets so too it brings higher prices. As Poland and other East European countries approach Western European standards they will face the same inflationary and other issues.
I can speak from experience, I am Irish when I was a younger person a generation ago Ireland was among the poorest countries in Europe now days Ireland is among the wealthiest in Europe but with this success has come a whole lot of difficulties, for instance it is now almost impossible for younger Irish people to afford their own home or even to find and afford simple rented accommodation and most rely on the bank of mamma and dadda for support, increased wealth has also brought a whole host of other issues from labour shortages to anti social behaviour to a loss in friendliness, neighbourliness and empathy. But then again I suppose these first world issues while being important are insignificant when compared to the many places around the globe where people struggle daily to just stay alive.
Poland receives more EU funding than any other country, even Greece. All paid for by Britain (before Brexit), Germany and France.
Poland gov is definitely more competent than ours, but also don't forget that they have received massive amounts of EU economic aid
@@ecnalms851 so have Africans but that only fueled more corruption
"Poland, what are you doing here?"
"Do you think there is alternative universe? Where im big and strong and you're small and weak?"
"Heh, dont be silly ,now go back to work!"
*reverses*
This NoIdeaAnimation will be realer day by day
That sounds like a much more neutral and sober depiction of what is happening to the UK than most of the over media covering it. That's what I watch TLDR. Good work guys!💪
That was one heck of an informative video! Thanks for that!
I live in the 'poorest' country in the EU, Bulgaria and I would add a few more metrics to build a more complete picture, I think the average debt per household in UK is around £70,000 so this logically is not wealthy, and does not reflect true purchasing power if you are in debt. The second is outright property ownership plus second homes and land is very high in Bulgaria. There has always been these myths about poor and wealthy. If someone has a decent job in Bulgaria away from the capital they have a much easier life than someone in UK.
Maybe that's a mortgage I have no debt nor do my daughters and grandsons
@@tenniskinsella7768 it says average not every
70k has to be mortgage debt.
Bulgaria has a better quality of life no doubt
@@nickob55 lol most household can't even borrow 70k loan, you are talking about mortgage which yes its a form of debt but every country has it and its caused by the house prices in the UK but its a very different form of debt compared to a loan
I guess in couple of years I'll be returning to Poland from the UK.
Wróć teraz ❤🇵🇱
@@xdlol59 no, thx
Italian who lived 8 years in Britain. The main issue of this country is that most people are ashamed they are having difficult life conditions and don't fight back, they don't research what happens outside the UK and feel it's the best place it can ever be although they are being scammed by one of the most classist and unfair systems in Europe.
Poland is developing very fast, something is being built in every city and town, many new roads are under construction or planned, including the Via Carpathia road route, as well as huge railway projects that are part of the Central Communication Port in Baranów near Warsaw, there is also a new Rail Baltica railway line is under construction, which will connect Warsaw with the capitals of the Baltic states, there are more and more skyscrapers in Warsaw, Warsaw already has a lot of skyscrapers that meet European standards, several new skyscrapers are currently under construction, The Bridge, Upper One, Skyliner II and Towarowa 22 and there are about 10 new plans in advanced plans and some of them already have a building permit, if this continues, maybe in some time Warsaw will take over the role of Frankfurt am Main as the main business center in Central and Eastern Europe
But one or two nukes will change that. Poland has delusions of grandeur, living above its means and bankrolled by Brussels.
Difficult, Poland is not even half the size of Germany in terms of population and Frankfurt is in a more central position.
@@Doge811 okay maybe I exaggerated a bit, in the coming years we will not overtake Frankfurt, but Warsaw already has one of the best and most modern office spaces in Central and Eastern Europe, office space in new skyscrapers is filling up with companies, let's see what the future will bring, Total tenant activity in the first three months of 2023 amounted to almost 159,000 sqm. and was 40% lower compared to the same period in 2022. Nevertheless, this result placed Warsaw in third place in Europe, behind Paris and London, and ahead of such metropolises as Berlin, Prague, Madrid, Munich, Hamburg, Frankfurt and Rome.
how does the amount of skyscrapers (foreign capital) make a country (it's citizens) rich? the CCP in Baranow, and both rail routs are still only on paper.
@@Mahler2332 you are wrong, Via Carpatia and Rail Baltica are already under construction, read about it, recently the first construction works at the Central Communication Port have also started, stations and railway lines that will be part of the High Speed Railway are already being modernized, for example, in the city of Łódź is being built a cross-city tunnel for railways, and another tunnel for long-distance lines is in the design phase, I'm not saying that Poland will become richer immediately thanks to these investments, but it will certainly have a positive long-term impact on the economy
“GDP per capita is lower in the UK due to greater inequality, not a weaker economic environment”
Tremendous cope Pom
the UK has become a country of the haves and have nots
Unfortunately, a lot of critical careers no longer pay the bills, you can't just 'get a better job' because SOMEONE NEEDS to be doing those jobs, so someone is going to be struggling no matter what.
I think it was very good of TLDR News first explaining why those number are a little bit tricky for comaping wealth in countries.
The UK has been for decades in and out of downturns or recessions, for almost every decade since the war. The very simple reason is we regularly spend more than we earn as a country. We have no industrial complex anymore, we dont even make cars on a grand scale (we just assemble for someone else ) and our Aircraft industry has been shot to ribbons. We have no provision for fuel storage, we cant even build a railway without costing the earth (HS2) We dont build ships either. All our prime companies are allowed to fall into foreign hands. Its all mainly the fault of governments over the years who decimated our industrial base (old fashioned) and put nothing back. We dont have a National Plan. Our once first class NHS has been allowed to deteriorate so that the 'private sector" can take over. Yet another political mess, with no coherent plan for the way forward. iT ALL COMES DOWN TO BAD POLITICAL LEADERSHIP. Every service you look at has been stripped bare and some of it left to the 'Private Sector" to rip everybody off (Water companies and the Railways) Everywhere you look, there is a long downward trend except for the rich, who just keep getting richer. This country deserves much much better than the two parties we a lumbered with, its not a democracy its a two party state enshirned by first past the post corrupt system. Our political system is corrupt. If I were young again, I would chose a country to emigrate to and see what was required skill wise, pass the oppropriate exams and leave.
One word: Brexit. Britain is becoming more and more isolated since they left the European Union and it will only continue unless they rejoin into the alliance.
I beg to differ the uk has joined aukus and the cptpp which is a larger bloc than the eu and the uk has avoided a recession whilst Ireland Germany are deep in one and France is currently in a mini civil war why would we rejoin a bloc that is declining in its share of global gdp
@@thomasbootham2707France in a civil war?🤔
@@TheMolabolakinda it’s a revolt against certain prices and how the police deal with things
@@Antarctic_Leader Those civil war like protests are normal in France, that is not something new since economy crisis.
Rubbish
The UK has so much potential. It consistently gets rubbished by our media but the reality is that the potential is there, but there are some hard hitting truths to work out.
Firstly is the sort of work we are doing. There is a lot of good jobs particularly in London. But there are a lot of jobs that aren't value adding, not really. Some of these jobs are necessary for a convenient society. Barbers for example, don't add much value, they aren't solving problems, but life is better because of them. If your job is doing something for someone richer than you because they can't be bothered to do it themselves , then you aren't really contributing on a personal level.
The majority of people working in the UK are employed in jobs that provide for people wealthier than them. Not many people are employed in growth jobs. We don't manufacture things, our construction industry is lagging behind Europe.
We need to invest in value adding industries. That means investing in life sciences research, investing in engineering, investing in green energy, investing in things that solve problems, then exporting those ideas and products to the rest of the world.
We have a highly educated and highly skilled labour force. But we are wasting it on barristas, delivery drivers and dog walkers. We need more engineers and scientists, and practical people who can put their ideas into practice by manufacturing medicine, high tech engineering and construction.
The UK is a feudal society with a feudal economy.
UK wont support training people for those jobs, & won't allow foreign workers into england who can do those jobs. No brown or black people. No one who "talks funny" no one wants to see that on the High Street. The tories are killing UK. 13 years.
Well said.
We need a balance of jobs. If we didn't have delivery drivers, How do you think our essential goods will get to the shops? Jobs providing services that improve quality of life are not wasted, there is far more to life than money on a balance sheet, and that is where neo-liberal capitalism fails. One problem in the UK is the high number of economically inactive people due to long term health issues which COVID has amplified, and is lilkely related to the generally poor health of the UK population plus an agiong demograph. It is harder for a country to be wealthy if there is a high proportion of the population that collectively need tens or even over £100bn/year spending on them for support, forever.
You decided to cut off your own legs the moment you left the European single market.
Great content! Thank you! 👍
The downwards spiral of the UK has been going on for 20-30 years. It just hasn't been as noticeable because you started wealthier then the rest of Europe, but this gap has now closed or even reversed.
If you realy want to push it, the "downwards spiral" of the uk has been happening since 1997 or 1979 or 1939 or 1914 or 1814 or 1066. Things have always been "okay" for the average person in the uk since forever. And things have always been running just well for the rich since forever.
Honestly, I don't believe the claim that UK will fall so much behind Poland will overtake it so soon in the future - especially since commentators don't focus on certain facts:
1) Poles and Brits have radically diffrent mindset and approach to certain things. For example, average young Pole would strive towards buying his own apartament (and will consider still living with parents as a possible option), having his own car, paying all of his bills (although not entirely) and buy new things very rarely, while average young Brit would more often buy expensive items and try to live in expensive places, even for the cost of renting everything - so both people's lifestyles will have diffrent affects of economies of their respective countries.
2) Right now Polish economy faces a lot of issues on its own, like relatively high inflation rate and poor PLN exchange rate (I want to make it clear: it's unlikely adopting Euro would have a positive effect in Poland's case. It's more complicated issue).
3) Although Poland has higher GDP growth than UK at the moment, its nominal GDP is still lower - and there is no gwarantee this situation won't change in the future.
4) Current economic situation is very much dictated by recent global events - like the pandemic recovery or embargo on Russian goods. It might be, should the global economy return to relative stability some time in the near future, that British GDP will grow much higher, while Polish slowly stangating.
I think vetter phrasing would be, that living for lower classes is easier in Poland than it is in UK - mainly due to Polish high economic equality, wealthare programs, and a better housing situation. But I sincerely doubt Polish GDP, or even purchasing power, will surpass that of UK this soon.
And if someone is thinking about moving to Poland: well, if you really want to, then sure, it's beautiful place, but have in mind Poland has much diffrent approach to living than e.g. UK or USA. Of course, Poland does have some flashy places and supermarkets, like e.g. in Warsaw or Katowice, but it's mainly focused on survival of its own people, rather than brining more comfort to those who can afford more. So if your only desire for future is to live simple life, buy your own place, have a stable job and a stable income and not buy an iPhone each year, settle a family perchance, I would say Poland would be a nice place to do so. But if you're looking for place focused mostly on young, upper-middle class population, to party, live your life to the fullest and comfortably enjoy your youth, then Poland has places like this, but it's harder to find than in the Western Europe. It's an economy ,,designed" not for consumption and comfort, but for survival.
As a Brazilian is stonishing to me to know the cost of living in UK.
Basically with the average UK citizen cost of living, in Brazil it could afford just live a near rich life. With security, housing, technology and best health access ... thats crazy.
For example when you consider the GDP PPP Brazil is ahead of France and UK, when i see the cost of living in UK I understand why.
Hope the UK gov. do better to its citizens 😕
And the average brazilian? How is your government doing?
Come check out NYC cost of living. I pay 11,000 USD a month for a 3 bedroom 2600 sqft apt and thats average
You could also mention HDI. Hello from Slovenia 🤗👋.
Yes,citizen wealth can be measured in gdp ppp ( purchasing power parity)
According to Wikipedia purchasing power parity in lithuania is 50k dollars annually and in uk 56k. But In uk london inflates this measurement for rest of the uk, while lithuania is is just one big village. So, lithuanian ppp somewhere very near to the uk if not considering london
Austerity doesn’t mean = we will save money to reinvest it in important things. it means WE WILL STEAL YOUR TAX AND GIVE ABSOLUTELY NOTHING BACK
Few things to add to this. In many other countries, they don't pay so many additional taxes(council tax), child care is cheaper and property prices, while not cheap, they can still be fairly affordable as the family gets more support from the state.
In UK, you get F all and pay high taxes. Before you gonna be upset with me, I live in UK. But have noticed how life has improved in Eastern Europe, while the life in UK has drastically degraded for many
I'm not going to be upset with you, just upset at what you say being true 😭
This is false. other countries pay local government taxes.
@@TrecesolotienesdosThey might be in the form of a local element of income tax rather than a separate tax on a property.
@exsandgrounder
Could you please tell me how a local income tax in lieu of a property tax would work? Would it make supply go down as property owners wouldn't want to build?
@@Trecesolotienesdos Could you tell me what countries, please? I'm aware of a Council tax NOT being a thing in many countries, like Germany, Slovakia, the Czech Republic, I believe Poland as well.
An example, police, fire fighters and so on are included in the income Tax.
One thing that you have to pay for your property is - collecting rubbish, as it is collected by the council. The price is like £30 a year.
Great video!
When E.U referendum happened this channel was small. I was one of the few commentators here, and I was having a back and forth argument with this channel in the comments where I was saying how simplified and fallacious their usage of stats was. It's nice to see that this channel has finally begun catching up.
GDP is a terrible way to measure quality of life. A huge part of UK GDP is the increasing cost of housing - specifically Imputed Rent which is the price a homeowner would need to pay themselves in rent if they were renting from themselves. I'm not even joking.
Capitalism doesn't care about quality of life as it does not appear on the balance sheet, hence externalising social costs to reduce financial costs is a winner. All that matters is what comes in and goes out financially.
I would like to see a video about the UKs plans to fix these issues. Such as not pegging energy prices to the price of gas.
The UK are in need of a strong patriotic leader, nobody on the horizon! The UK is done…
We really need to get rid of FPTP so we don't end up with either Labour or Tory every time.@@gsjame
Good to see you in videos again, jack. I have missed you.
Yeah, i missed him too, i guess it was about his hair somehow, the fewer hairs he had, the less we saw him. Now he's got his hair back, he's back!
Or maybe that is totally unrelated
The answer is plotting household income on a QQ plot, that way you assess at each income level how well each country fairs against its counter-part.
Median household income adjusted for purchasing power - must be more or less the best measurement I can think of if you want to answer the question of how rich a population in a country really is.
Median is always better than average. And adjustments for purchasing power is needed to offset the issues of exchange rates.
That said, as a Norwegian, UK feels a bit depressing to visit. Like the remnants of a glorious empire. A lot of things are old and run down.
Thoughtful explanation of the different metrics
Forbes (7 March 2016) "Is it still true that even Mississippi is Richer than Britain?" Brexit referendum: 23 June 2016
GDP per capita is essentially meaningless when we want to understand the wealth of the typical citizen. There is no perfect way to measure wealth certainly but when we want to look at how people are doing (which is what people are actually interestedt in here) GDP is not a measurement for this at all.
I am blessed with the good fortune to have a well paid job in the UK. But I really need to pivot out of this absolute joke of a country. I blame the Tories, they are a tapeworm that sucks all potential out of the UK economy for the benefit of themselves.
We apparently have wealth inequality, but the thing is- wealth is essentially uniformly distributed (I.e. the same) for about 90% of the UK population.
Good journalism
I know plenty of UK peeps moving to Poland due to cost. Beautiful country too.
I do wonder why this prediction of "UK poorer than Poland in 2030" is brought up so much lately.
Anyway, it'll be strange seeing a new wave of migrants from the UK to Poland. It was just a few years ago when the opposite would be true.
it's already happening. seeing more and more brits moving to eastern europe the past few years.
@@lulzyboy I have heard of this trend. Particularly interesting because it blatantly contrasts with the oft cited insurmountable barrier to relocation caused by brexit.
odd that all the4se migrants from France keep coming here then
@@keyboarddancers7751 the Brexit barrier is easily surmounted for highly educated brits, less so for those left behind. Though its not really something to celebrate when your educated citizens are relocating to work in another more comfortable economy.
I told this to my English colleague(he didn't like the Polish workers) 10 years ago that things may flip in near future. He laughed it off
Good explanation of the different measures! Thanks for that.
You might be interested to know that Poland has today officially been declared in recession, and the inflation there is about twice that of the UK still (the core inflation above 10%, overall above 13%). Don't think that same measure would give the same results still.
It's called corruption.
Since Thatcher UK has focussed on inward investment rather than British investment in British business.
Inward investment is rather like being invested in by the pawnbroker.
The world is globalised whether we like it or not and inward investment or domestic investment are not important on their own anymore, investment is what is important it's source far less so.
@@fitzstv8506 The world is globalised because politicians decided it should be - it is not an inevitable consequence of nature.
Inward investment means outward flow of profits, and external control based on external choices, so the source of investment _does_ matter.
That the UK is in the same league as Mississippi and Alabama is absolutely abysmal. Alabama and Mississippi largely look like they're a developing country, and they're the objectively most backward states. Heck, they're probably the only two states that would ban abortion at the voting booth, abd I'm also not even sure if interracial marriage would be legal there if the Supreme Court hadn't legalized it nationwide back in the 1960's.
The issue is london looks better than NY and cali while the rural uk is like Kazakhstan
@@hansr370that might be a bit of an exaggeration😅 but I do agree wealth inequality between the regions is a real issue
I don't remember economic downturn being on the side of the bus.
Thanks god I had moved from this island.
Damn the UK needs a land value tax/more affordable housing soon smh
The same thing is starting to happen here in Luxembourg. Many have already left during the Covid pandemic. House prices are sky-high, many jobs in more technical areas are unfilled, the minimum wage is not enough to pay all the bills without help from the state.... things are getting worse by the day.
What's surprising in Poland overtaking UK in terms of wealth? It would not be the first time in history. And why no-one ever came to conclusion that maybe Poland is developing faster (so called Polish economic mirracle) but while UK is not certainly becoming poorer but developing much slower?
Average prices are also pushed up by London, housing and rent is a lot cheaper in the north and Scotland.
Taxes are also extremely high, the highest since WW2. My biggest expenditure is not food, energy or even my expensive mortgage, it's the direct taxes levied on my income. And that's not counting the indirect taxes like VAT, fuel duty, stamp duty and many others. It's hard to get an exact figure, but I reckon around 45-50% of my gross pay goes into the Treasury's coffers in one form or another.
The government needs to realise they can't tax their way into proper growth or punish people for success.
The Nordic countries have some of the highest tax regimes in the world but they in turn enjoy the highest standards of living and well being in the world. I have no issue paying high or higher taxes if it brings better services and better quality of life.
They'll tax the fuck out of the working class, but the billionaire Prime Minister wasn't paying any taxes till last month, and his missus still doesn't. Absolute fucking joke of a country.
@@fitzstv8506 we’ve tried higher taxes and service quality is getting worse
@@fitzstv8506 The problem is that we have almost-Nordic income taxes but not the Nordic public services. In Norway my income level would give me 62.1% of it as take-home pay after tax and NI. In the UK, I currently get...62.2%.
If I'm not getting that level of service, why am I paying so much? What is the state spending all that money on?
@@chrisj9700 Ireland was a poor country then and the taxes in those times went to service Ireland's debts and to provide basic public services, Ireland is now a wealthy state with debt very much under control however the state services today do not reflect this wealth and that can only be attributed to bad Government.
The UK is very unequal. When it still was in the EU it had both the poorest and the richest parish level area. So for this question it makes a big difference whether by the average household, you mean the arithmetical average of the sum of wealth of all households or the household of the average British citizen / the median of all households. In the latter it isn't far fetched for the UK to be behind a lot of European countries already, and increasingly so. As for the US, it is even more unequal, but also even richer on the top end by a lot.
GDP per capita isn't great. For one even the UN is recommending to stop using GDP, because it isn't a true measurement of an economy, for example it does a lot better for manufacturing than services. And just dividing the GDP among all citizens is to ignore the very inequality that is a major issue here. On top of just rich people, it also just bunches in industry size and potential resources & territory into the pot, which don't necessarily do anything for the median households actual state.
Personally i think a big part of why the UK is performing so poorly comes down to them being stuck in the past. The brits and especially their upper class is still wallowing in delusions of grandeur from their imperialist days. And instead of facing reality they rather close their eyes to their problems and only look at the ever shrinking positives the country has to offer.
New generation needed. ❤
what makes you think this?
Who told them that leaving Europe was a good thing? Now this is the result.
It might not be quite fair but what is? The overall weakening the UK's economic has many reasons but it is undoubtedly weakening.
The main reason is Brexit and the illusion that UK can do what the U.S. does ignoring the difference in size. That includes the structural problems of economics in the UK ( a polite way of referring to the greed of the rich).
In fact, comparing to the US, the UK in Europe was a more comparable notion than out side of it.
However, what is done is done but following up a mistake with the same illusion that caused the mistake is being superstupid. The UK can not be the US but the same people who gave us Brexit still presisst in following the same sort of libertarian economics that the US follows. So, the UK has ended up with worst of the two worlds. Besides, don't these people see the division in the US between those against regulation and those in favour of it? Or do they think that this is nothing. Those who vote for Trump are those who want to vote against government regulation. That is really the basic reason for voting Trump.
I remember Brexiteers criticising the EU for being protectionist. They never noticed that the U.S. is just as much if not more protectionist. The U.S. canbe protectionist because of its size. If they place a large tariff on a product, that is enough to move the market. But if the the UK does it, no one cares. I am sorry no one even in Australis is going to care just because the UK was one a superpower. If people could give up that none sense then they could see themselves as European. The UK can't be as protectionist as either of them for different reasons. So, they are stuck between a rock and a hard place.
Stupid patriotism is of course as always the root of the problem, In the case of the UK it is even worse because once upon a time it had an empire where its economic policies did matter to the rest of the world.
Patriatism and xenophobia are not fundementally different but people can be proud of being patriatic while refuse to accept xenophobic as a label and there lies the problem. At least this is one dilemma the UK and the US share.
Protectionist is often used as a negative term, while in reality is quite the opposite. What can a goverment do better than to protect its citizens? Its also often necessary. Both the EU and UK have much higher standards when it comes to worker rights, health and safety, enviromental impact etc than places like China or even the US. That means that production is often more expensive because of the conviction its just the right thing to do. For example, while the US is wealther than the UK, its minimum wage is almost half, which would be considered exploitative in these parts. To make sure that workers wellbeing is reasonable and production is done in a sustainable way, tariffs have to be imposed, otherwise its just not viable. Companies in other countries would just undercut prices on everything with its much cheaper production costs. No protection would just result in an international race to the bottom.
@@ageoflove1980 1st of all purchasing power in US is a lot more than in the UK. So as usual we can't compare apples with bananas.
I never criticised protectionism. My point was that the US is just as protectionist as the EU but in a different way.
The EU is a regulatory super power. Because of its size, if it sets up a standard then it can't be ignored. It is worthwhile to manufacture products or services to the EU standards.We have seen that with tech giants. They can't afford to ignore the EU.
The US is an economic superpower.
The UK on its own is neither. Brexiteers were hoping that the UK could become like the US, low wages, with a lot less regulations, there by increasing productivity. Even if it meant being the 51st state of the US.
I am not judging the morality of the issue either. I am just saying that they seem to ignore the battle between the sides. So even if they got what they wished for it would only be the begining of a bigger battle that can only be won by walking back the democratic principles like voting rights as the Republicans are doing in the US. Who wins that battle remains to be seen.
I was pointing out the abuse of the idea of patriotism to justify xenophobia. Again it is not an ethical judgment. Look at Japan demographics. They prefer robats to non Japanies. This is why robotics is so strong in Japan but the cutural damage is all clear to see in Japan.
The Sparta civilisation was dismantelled because the elite wouldn't let non-Spartans have high ranks in the army. Spartans themselves couldn't be trained in the army because they had to pay for their own weapons.
Their patriotism/xenophoia dictated their demise. Like with Brexit they shot themselves in the foot and still demanded Spartans pay for their own weapons. Persistence on one stupidity had to include the other.
This is why Brexit was always going to be hard Brexit. It is not Brexit that is hurting the UK. It is its underlying reasons.
@@ExiledGypsy Couldnt agree more. My point was more of an expansion of what you were saying rather than a critique.
The moral being that facts and evidence should be prioritised over populist wank, UK and Brexit is what happens when you don't.
@@adamlea6339 Morality is a function of time. Therefore reasoning based on morality is not terribly transient and subjects to the whims of propaganda.
Therefore it can lead to abuse. We already see it today with political correctness pushing us back to more prudish times than the Victorians.
Besides, ethics can never be stronger than aesthetics and therefore is always a loser in power struggles.
You probably don't understand these things but I assure you they are timeless.
19 million people in Britain live below or at the poverty line, which is alarming for the seventh largest economy in the world
Not any more alarming than the rest of Europe, fact checked multiple times - close to the EU average of 17% at 16% so comparable to Ireland, Italy, Germany, France etc
@@ce1834 In the UK, an estimated 14.5 million people are living in poverty, which represents 22% of the population.
In total, around 13 million people are at risk of poverty in Germany in 2022. This means that 15.8% of the German population is poor.
@@ce1834Dont know whear you got 16/17% for ltaly,gov stats for 2022 give me 5,5 millon ltalians under the poverty line,thats 9% of the population.
Although I have to agree with the current UK situation, it’s kinda not fair to compare a country with the USA, which is over 40 times bigger in size. The Alabama situation though, makes sense when you put it that way but still.
00:25 Aha, where can I get one of those machines.
Thanks for this piece, but I‘d argue that comparing such ab abstract term like „wealth“ is the first mistake all by itself.
Wealth (even monetary wealth alone) has a multitude of meanings and is highly subjective due to the nature of valuation.
So instead, let’s put more real and comparable metrics of livelihood into perspective:
- purchase-power-adjusted available income -> after housing, healthcare, food and all other basic costs are paid
- availability of well-paid jobs in close proximity (how far is it to a good job?)
- availability of decent education in close proximity (how far or difficult to reach is the next school on average?)
- crime rate in your area (how likely are you to get violated by criminals today)
- food quality (how easy can you get a balanced and affordable food basket)
Another important factor is the so called Gini index. It measures how evenly spead the wealth is across a population. The UK by this metrics is one of the most unequal countries in Europe with so much of its wealth concentrated in the London elite. So if you compare France to the UK youll see economies of about equal size with similar sized populatians, therefore the GDP per capita is almost equal between both countries. This difference however is this Gini index, in which you can see that France has a much more egalitarian spread of this GDP over its population: In short, France has a lot less super rich people and a lot less desperately poor people depending on food banks to survive.