I love the fact that that from looking at their backgrounds you can tell who's the conservative! Love watching you guys, I've just subscribed! Rory your explanations and backstories are excellent and really help!
😂😂 if you came to my house you might believe that I too am a conservative, I have recycled my furniture etc, everything is pre-used and I am borderline Marxist. 🙄🙄
I don't think old furniture is a good enough indication, plenty of Tories with a modern set up at home. Dont judge a book by its cover, read the pages lol
You two are a really potent combination and I hope will encourage the next generation of politicians to think more long term. Let's hope it's possible in the current political system.
I still find it so bizarre that Rory Stewart keeps talking about these correct solutions and economics that will benefit the public and people in general... When neither party or any faction within them wants that? Like the knowledge of how to improve things is very clear the Nordic model and increasingly most of Europe understand it... Nationalised public services and redistribution away from personal "ownership" which allows for the funneling out of the wealth of insanely large monopolistic companies.
Happy to take you both to Ukraine to see some of the great work an ever decreasing number of Brits are delivering including a guy delivering military mine detectors and training front line units to use them to Brits visiting and supplying front line medics in Adviidika
Productivity dropped after the banks bust and the burden was put on the taxpayer. Austerity demoralised working folk so much, it was felt that work doesn’t pay. “ you can work 40 hours and not pay your bills or noticeably improve your lot, or work 50 hours for the same result. Also, we are making 0 hours contracts, so you aren’t valued or invested in…..why aren’t you loyal and going above and beyond in your work?!?”
Three govt say they want to make work pay but working people aren't stupid, why bother being more productive when all the gains they make are going to the top 1% Meanwhile all we have are higher costs and our living standards falling since 2008 haven't matched the doubling in wealth that the 1% have gained.
Got the opposite problem in my bit of public sector - we're so dedicated that our bosses are worried we're all working way way too many hours and the sickness figures bear that out. Actually sat in a wellbeing session today where they were advocating just working your hours and not caring so much. ...that's not me. I will work all the hours god sends, no problem - all I ask is clear direction and for the work to be appreciated and seen as relevant by the organisation. Which it isn't: and *that* is why I've been off sick this year with stress for the first time in 18 years working at the authority.
@DoktorLorenz Why is that you think, what happened in the last couple years that caused that?. Could it be that we had a pandemic and a war in Ukraine, because we have a global economy, when things happen globally that affects us greatly for example grain in the Ukraine or the lack of it caused a great strain on the global market, which raises prices on common household goods. Also, because of brexit, that has also caused a strain. We have to stop looking at things at things through a microscope and bubbles.
@@krishkrish8213 the Tories dismantled pandemic preparedness, shortly before the pandemic hit. Also dismantled the gas storage we had that was there to cushion gas price fluctuations. Not to mention selling off North Sea gas.
It's great to listen to you two discuss your knowledge, experience and thoughts on various matters. The respect you show each others opinion when you disagree is so refreshing to see. I hope you both do this for a very long time as your example is needed in today's World. :)
Would love a deep-dive on tax / fiscal policy options that would allow to fund public services … Also, growth/degrowth within the context of a climate crisis ? Happy to get links to previous episodes if it’s been talked about before ! Thanks 🙏
Inheritance Tax does need reform - it currently impacts 4% of the UK but within 10 years that will treble to 12%. The extra money available now though is because more people are pushed into a higher-rate tax bracket, so using that to cut IHT is yet another transfer of wealth to the super rich, which is wrong. Money should be used to pay down national debt as the repayments are nearly £100bn a year now due to borrowing during Covid.
I think more people paying inheritance tax is better than other forms of taxation. It isn't taxing productivity, and as a way of paying for the increasing number of old people it seems reasonable.
MPs who voted for Brexit weren’t called killers for it. Also MPs especially on the remain side loved to maintain an ambiguous position so that last would be useful to define their position.
@@Alex-yv4vr i posted the comment before he got to that explanation. Although, I'm not sure I agree with his justification. I actually agree with the sentiment of his point, but I just think he's being a bit hypocritical.
To be honest schools in state are poorly managed on the whole due to a lack of consistent workers, schools are old and there is no cohesive plan for educating people. What we need is an honest look at the fundimentals children need to adulthood, having dedicated teachers to one subject not general teachers and that the school day is not the more the many but few delivered with quality and sufficient pace.
It may be disappointing that corporate real-terms earnings are the same as in 2008. More disappointing personally- even in a middle-class job and with 15 years more experience and a more senior title, my real-terms salary is significantly lower.
There seem to be a misunderstanding from what i could gather from your preview guess. Productivity in the UK dint really changes. It just was a mirage before. The numbers were basically false because the number was inflated by false numbers in the banking industry.
Yet more sense spoken by two previous 'enemies' that have made such a fantastic double act. Absolutely correct in that this autumn statement involved no NEW money and it's just our own money that they've give a little bit back of. All come from the record high levels of tax and tax drift (or whatever the term is) that is trapping more and more people in higher tax bands. Even the increase in minimum wage doesn't cost the chancellor a single penny. It's down to councils and small business to find and extra £1.04/hr, of which the Chancellor takes 20% thank you very much, just to give back 2% in NI ... ...
I keep on wondering why no one looks at the communications industry as an easy source of tax to fund infrastructure rebuilding and repair and even some social programs. There's close to 90 million mobile phones in use in the UK and a flat monthly tax of, say £5, would hardly be noticed by 95% of the users. The monthly income, in rough calculations, would be around £450 million. That would fix a lot of potholes , fund the building of community and leisure centres and still have some left over to pay off the thieves and brigands. Why is it such a sacred cow, when it would be such an easy and relatively harmless tax to impose?
Inflation has gone down because of the energy markets getting over their hump. Inflation is actually going to go back up over the next 6 months mostly because all other markers for inflation has either stayed the same or gone up.
That’s correct. And because it’s only energy prices that have fallen , people will still be suffering from the massive hikes in mortgage costs and food prices. And to the average consumer energy prices will not even seem to have fallen by much, because the government has withdrawn the energy support they gave last winter.
Need to invest in local manufacturer. If 60% is consumers then if most products are made over sea and less and less locally that will bring down GDP and employment.
February 2003, in the run-up to the British parliamentary approval for the invasion of Iraq, Campbell was involved in the preparation and release of the "Dodgy Dossier". Commenting on weapons of mass destruction in Iraq, Campbell said, "Come on, you don't seriously think we won't find anything?". He resigned in August 2003 during the Hutton Inquiry into the death of David Kelly.
Rory inheritance tax is £350,000 you can pass that to surviving spouse who also has £350,000and then add property. So upon the death of the surviving partner inheritance tax is 40% over £1million.
What about a discussion on alternative lifestyles..healthy nourishing organic food, More control on unhealthy food, & more control of it! I.e. no Bake Off programmes. Less flights , etc; less new clothes. Less washing, & showers.
Interest rates aren't "high" - they are just getting back to normal. People have borrowed too much usually against houses and now reality is starting to bite ..
I think inheritance tax is not just about money. My house value has doubled since I purchased it 22 years ago and my estate will meet IHT thresholds. My family have never come across IHT before and it will be confusing, expensive and stressful for them to navigate this tax. My family have always been PAYE workers and have never had direct contact with HMRC. I would vote for IHT being removed like in New Zealand and Florida because it is such a stressful tax for the people left behind. The really rich people all set up systems such as trusts to prevent payment using solicitors and the people who tend to get caught up are the squeezed middle. With house prices going up so much it would be nice to pass on some money for the upcoming youngsters in my family to afford a deposit on a home. The money has been taxed once already and does feel to me that IHT is a disincentive to save for your families future. It is a vote winner I am sure. I am a working class lad from a one parent family who went to uni and got a good job but the rest of my family are solid working class people and will definitely struggle with IHT.
I think the tories are in damage limitation mode now. They know they're going to lose badly, so they're just trying to not lose the blue wall in the south.
"They know they're not going to lose badly" - NOT going to lose badly, did I read that right? The polls say the exact opposite that its going to be a massacre, might be worse than 1997.
May I suggest that you invite Lord Mervin King to talk about Brexit, inflation, central bank and state of the UK economy for the past two decades. He did an excellent interview on Hard Talk recently and offered one of the most nuanced and informative on the subject in a balanced and measured discussion.
Rory - (1) the reason productivity grew so much in the 1990s and up to the GFC is that household debt and corporate debt both grew so quickly, fuelling growth, which proved to be unsustainable and left the uk economy and banks highly exposed to the GFC. The starting point for your figures was also a low, ie the early 1990s. (2) The low productivity of the uk is actually correlated with low unemployment and a shift to the gig economy and inward migration. If the uk had unemployment rates like Italy, Spain or France it would be the less productive jobs that would have been lost, and hence average productivity would be higher. And Brexit has had a negative but actually quite small effect compared with many other structural and cyclical changes. As The Chancellor pointed out, since 2010 the UK has grown faster than other major EU economies. How do we square that with the view that Brexit has killed the uk economy? Leigh. Reigate
What's the point of MPs voting if they just follow the whips or don't vote? It seems like a pantomime to lend legitimacy to the whims of the executive.
Public sector wages may have gone up this year, but they've been squished for years before that. People have ssen their spending power plummet in real terms. Except possibly MPs.
It's only gone up. Because many regions were devolved. And then their previous lots of councilors were sacked and squeezed and automated. Those dept were spun out into private sectors. Hence, the public sector now is very lean. So many are now actually based on the market. But the thing is, it is people's own money now recirculating it , if you think about it. Hence in effect, every individual is basically an indie bank. At this stage, it's too complex... I've lost tracks.
I’d like to hear a post statement analysis special by you two. I’d be lying if I said national minimum wage rises and 2% NI cut isn’t welcome. Everyone likes more money in their back pocket. But… I can’t help thinking a) they’re trying to buy votes in an election year, and b) I’d rather see us fund public services properly.
Too many people like me in my 40s have stopped spending because 1. I cannot fit anything more in my tiny flat and 2. I’m still priced out buying a house even after 20 years …… so I’m only putting money into savings 3. But that is slow due to the big increase in tax … energy … food and especially rent …… so for me and those like me it’s just waiting for nothing to happen!
Austerity. Years and years of austerity have completely undermined the UK economy. And unless you reverse the entire mindset of austerity you are never going to improve the underlying economy and productivity. It's actually as simple as that.
Question: when an issue was not on a manifesto (such as gaza, for obvious reasons), should we not pay more attention to individual voting record, since there's no sensible argument that we voted for the party line? Also, isn't the pointlessness of individual behaviour (re individual MPs) the same argument that leads to people not voting? If individual MPs in Labour vote against the leader it can build consensus within the party that policy should change - the leader should not have 100% rule, no?
I think a lot of inheritances will evaporate with care home fees; not Rishi Sunak's non-non-dom status wife though, who will probably benefit more than nearly anyone...
John Mearsheimer, in 2015, accurately pointed out how the Ukraine/Russia dispute would pan out but British politicians, to my knowledge, have totally blanked him. Why is that. Johnson stopped Zelensky from making a deal thus sacrificing up to a million young men and Starmer backed him. Where was the new Robin Cook? Starmer probably thought they were trans.
MPs are not sheep, there to blindly follow the whim of their leader. They are there to represent their constituents, not to do whatever it takes to keep a job. MPs should own their voting record. Being called out for not supporting the calling for a ceasefire is totally justified. They had a choice.
Completely agree. Politicians and elites have been unaccountable for their decisions for too long. This is the result of people being frustrated and constantly being ignored and is totally justified.
This. And when it’s suggested that it’s social media’s fault for people’s eroding confidence in the political system, that’s a complete mischaracterisation of what’s occurring, when it’s actually the MP’s and their parties that are responsible for that. Easy to blame something else.
Sounds like no one in this comment section really listened to the argument they were making regarding this. Maybe you should all listen again to that 5 minute section of the podcast
with such a great example of smart,inteligent and capable politicians in these two,why in hell do we keep on having and seeing the likes of boris jonhson,liz truss,braverman,sunak,etc,etc.how sad,and what a loss.
Campbell isn't a politician he's a communications specialist and journalist. Stewart isn't a politician, he's a dutiful public servant who made the mistake of going into politics. Actual successful politicians are the likes of Truss and Johnson, our first past the post and media landscape makes sure of it. That's why!
Apologies, you clearly do prep each day!! Have now listened to the end, chats on ukraine / putin and Biden / Harris, short and up to date!! Again you guys have great perspectives and are agreeable!!!!! Would love to see you influence politics more!! Another suggestion would be to do your stuff less frequently, but devote more time in the prep, and less time on the delivery! To me, 30 mins is a good period of time!! A visit to Kiev sounds a good use of time. But you guys have more info on that idea!! Good luck, and please think about adapting your stuff in this ever changing world!!!!
Will David Cammeron involve Lord Green and HSBC banking in any of his time in this current government.If so in what capacity.Our system here in the UK is prone to unscrupulous dealings which end in media coverage damaging to the UK at all levels .
Rory, people are angry, uneducated and suffering from years of cuts in public services ....and the way people are treated in low paid jobs is exploitative....there is a correlation, don't be surprised if civil disobedience increases ....if people are ignored and exploited and see corrupt politicians practising nepotism and being unaccountable ...put the spotlight there...
Surely productivity is a result of investment in people and tools. The individual in the workplace cannot have a significant effect. Surely it is the leaders of the workplace that can have the greatest effect.
the problem is the UK political class and civil servants are all unable to generate a new plan for the UK because their level of risk is so low that the country is effectively doomed to continuing slide downwards in all metrics comparable to other countries. There are some truly world class companies in the UK but what is the next one ? What sector is it coming in ? Is it one company or a whole arena of lots of companies. As soon as the company gets to a point the US will buy it out and job creep talent creep will begin. We need a bold plan one that fits with our experience one we’re able to home grow then export, like nuclear energy modules then move the £ from a FIAT currency to one backed by energy output, issue grants for plants based on the level of production we would end up net exporters of green electricity a produced product and have a world leading industry.
I am not British or in Britain but have a labour party background (in Sweden). It seems to me in the UK you are fighting over how to spend money you don not have anyway . Is it the reporting or are there serious discussions and plans for growth, productivity, ivenstment, increasing the labour force etc etc? It is lacking in my country but we have no Brexit shadow putting glooom on everything at least. Surley if there was more growth (and then money) around it whould be easier to do the lovely things one wish too long term...
Watched the BBC1 trilogy on Julius Caesars rule, very pertinent to today's situation in government. No wonder you are obsessed with Roman history Rory, I would compare you to Kato by the way.
The inflation rate has stayed the same for all categories apart from energy. The prices of energy is still high but hasn’t risen higher. However, we aren’t getting the payments this year. So ultimately the lower inflation number is a fiction.
you should do a review after the big fiscal events instead of just before it. no measure on IHT but you are talking about it on the day where weve had no announcement on it
Remind me when it was we did austerity again? Because the budget has been blown out every year for decades. And for what? The country has only got worse. We need a British Javier Milei to get his chainsaw out.
Imo you are not entirely correct in assuming that inheritance tax affects only those who are very wealthy. We are just ordinary working people. I live in the house I was born in, and which we bought from my parents when they decided to move out of London. Prices, over which we have no control at all have risen year on year, pushing us substantially over the threshold for inheritance tax. Over the years,we have weathered through 15% mortgage, many years when inflation was greater then our pay increases, when we have paid our taxes, with no loopholes that seriously rich people seem to be able to find, and yet our house, will when we both die accrue a 40% donation in further taxation. Yes we could make our house a family trust and avoid the whole thing……..but is that not doing what big business and seriously rich people are decried for doing?
Why are informed people still surprised that economic projections are so inaccurate? This quote is from many decades ago. "The only function of economic forecasting is to make astrology look respectable." John Kenneth Galbraith
@31.20: This is what happens when we convince ourselves that censorship is no longer necessary in society, or that anonymous free speech is the way forward. The original idea that an unregulated social media comments on the Web were going to produce a balanced, informative and productive forum for debate was, to say the least, naive. It has resulted in the promotion of unfounded conspiracies, abusive and threatening posts, endless lies, along with further violent reactions. and now the promotion of populism. The fact that these particular podcasts receive so much approval for their balanced approach is testament to the general scarcity of quality discourse.
what jobs will be available for the young people- we need to grow green industry manufacturing- heat pumps, batteries, underloor heating, solar, electric cars- i have worked for several UK firms whch have grown massively in the last 5-10 years, mae the products, then train installers and reduce peoples bills
Govnt briefs in advance for fear of another Truss market reaction. Markets don't like spending suprises. In this case its smokes and mirrors as income tax thresholds are frozen.
why did productivity collapse? How do you increase productivity? please explain? If you increase productivity does umemployment go up? A machine is more productive than a human?
To say certain members of parliament would save huge numbers if IHT was abolished, works on the premises that all their wealth is taxed at that point.I am sure that the member that you mentioned has taken various legal measure to mitigate that risk. Remarks such as that are tabloid politics. I hope you aren't going to get dragged down to that level.
Don’t be stupid, Rishi will have a very expensive financial advisor that will set up his estate in such a way as to defraud that tax payer of 99% of his assets. £300m is nothing like what he’ll end up paying…
Ukraine is of peripheral interest to Eastern Europe much less US, UK or the rest of Western world. The is reflective of increasing difficulty in drumming up support, countries have to make a conscious choice to forego resources otherwise ear marked for their core interest. The media is ultimately in service to power whether explicit or implicit, I wouldn't be surprised to hear less and less on that topic.
'Better call off the attack because the SNP produced an amendment'. And if the majority of the UK parliament had voted for the amendment would it have meant nothing then? What's the point in the MPs voting on any topical issues then if you think it's pointless in this case. Gies peace, you're only dismissing this because Labour never had the courage to write the amendment themselves.
In these days of mudslinging and nonsense politics it's so great to hear you two adults fairly covering the facts and agreeing to differ where needed.
Thank you for shouting out to Ukraine💙💛
Do you have any contacts in Kyiv at all? I am trying to find someone who may have know Dr Oksana Leontyeva? Thankyou!
@@JC-KeepSmiling I do, but it's a multimillion city, so searching that way would be a bit like a needle in a haystack
@@MrFahrenheit9 I was hoping someone might be able to ask at the hospital where she worked but no problem. Take Care
@@JC-KeepSmiling good luck with your search!
I love the fact that that from looking at their backgrounds you can tell who's the conservative! Love watching you guys, I've just subscribed! Rory your explanations and backstories are excellent and really help!
😂😂 if you came to my house you might believe that I too am a conservative, I have recycled my furniture etc, everything is pre-used and I am borderline Marxist. 🙄🙄
I don't think old furniture is a good enough indication, plenty of Tories with a modern set up at home. Dont judge a book by its cover, read the pages lol
You have said the absolute truth.
@@maryj5593😂
@@maryj55931
Thank you , interesting conversation as always ❤ from 🇫🇮
As always sensible and measured. I wish there were more like this out there rather than the screaming skulls we normally see on unsocial media.
Agree 💯
Totally agree. Respect to them both.
You two are a really potent combination and I hope will encourage the next generation of politicians to think more long term. Let's hope it's possible in the current political system.
I love it when the camera cuts to Rory and hes pulling some mad facial expression 🤣concentration face
I find it confusingly odd
Lol over to Rory for constipation face.
he looked in pain, actually
I still find it so bizarre that Rory Stewart keeps talking about these correct solutions and economics that will benefit the public and people in general... When neither party or any faction within them wants that? Like the knowledge of how to improve things is very clear the Nordic model and increasingly most of Europe understand it... Nationalised public services and redistribution away from personal "ownership" which allows for the funneling out of the wealth of insanely large monopolistic companies.
Excellent talk! Thank you soooooo much both of you! I see you have taken up painting Alaistair! Good on you. I am an artist myself!
Fantastic show thankyou
Please keep this going. It’s so balanced and informative. Thank you.
Yh it shows both sides of the centrist dad political spectrum from slightly to the left to slightly to the right. Great stuff.
Excellent as always
Happy to take you both to Ukraine to see some of the great work an ever decreasing number of Brits are delivering including a guy delivering military mine detectors and training front line units to use them to Brits visiting and supplying front line medics in Adviidika
Rory's book is great as well.
Productivity dropped after the banks bust and the burden was put on the taxpayer. Austerity demoralised working folk so much, it was felt that work doesn’t pay. “ you can work 40 hours and not pay your bills or noticeably improve your lot, or work 50 hours for the same result. Also, we are making 0 hours contracts, so you aren’t valued or invested in…..why aren’t you loyal and going above and beyond in your work?!?”
Three govt say they want to make work pay but working people aren't stupid, why bother being more productive when all the gains they make are going to the top 1% Meanwhile all we have are higher costs and our living standards falling since 2008 haven't matched the doubling in wealth that the 1% have gained.
Got the opposite problem in my bit of public sector - we're so dedicated that our bosses are worried we're all working way way too many hours and the sickness figures bear that out.
Actually sat in a wellbeing session today where they were advocating just working your hours and not caring so much.
...that's not me. I will work all the hours god sends, no problem - all I ask is clear direction and for the work to be appreciated and seen as relevant by the organisation. Which it isn't: and *that* is why I've been off sick this year with stress for the first time in 18 years working at the authority.
@DoktorLorenz Why is that you think, what happened in the last couple years that caused that?. Could it be that we had a pandemic and a war in Ukraine, because we have a global economy, when things happen globally that affects us greatly for example grain in the Ukraine or the lack of it caused a great strain on the global market, which raises prices on common household goods. Also, because of brexit, that has also caused a strain. We have to stop looking at things at things through a microscope and bubbles.
@@krishkrish8213 the Tories dismantled pandemic preparedness, shortly before the pandemic hit. Also dismantled the gas storage we had that was there to cushion gas price fluctuations. Not to mention selling off North Sea gas.
@jezlawrence720
Same situation in my bit of public sector!
Trust you are on the road to recovery. 👏👏👏👏
Thank you both for providing informed grownup discussion
Love this podcast so informative 👍
"Very good" said .... Alastair Campbell!
Good taste furniture wise Rory!
It's great to listen to you two discuss your knowledge, experience and thoughts on various matters. The respect you show each others opinion when you disagree is so refreshing to see. I hope you both do this for a very long time as your example is needed in today's World. :)
Love these twoxxxx
can we buy rory a mic stand?
Very interesting and informative 😊
As is your chat, which is amazingly brilliant!
Would love a deep-dive on tax / fiscal policy options that would allow to fund public services …
Also, growth/degrowth within the context of a climate crisis ?
Happy to get links to previous episodes if it’s been talked about before !
Thanks 🙏
Inheritance Tax does need reform - it currently impacts 4% of the UK but within 10 years that will treble to 12%.
The extra money available now though is because more people are pushed into a higher-rate tax bracket, so using that to cut IHT is yet another transfer of wealth to the super rich, which is wrong.
Money should be used to pay down national debt as the repayments are nearly £100bn a year now due to borrowing during Covid.
Given the house prices in the UK, it surprises me that it's only 4% currently.
IHT was changed so if you had a more expenive house there was a higher IHT start point. @@bishwatntl
Actually not, super rich do not pay IHT as the more money you have the easier it is to not pay it.
I think more people paying inheritance tax is better than other forms of taxation. It isn't taxing productivity, and as a way of paying for the increasing number of old people it seems reasonable.
Alistair wasn't quite so against publishing the list of MPs who voted for Brexit. That wasn't divisive populism, was it?
No, it wasn't.
MPs who voted for Brexit weren’t called killers for it. Also MPs especially on the remain side loved to maintain an ambiguous position so that last would be useful to define their position.
That list was public record in the public domain. Had he made any nefarious implications you might just have a point. As he didn't, you don't.
He directly answered why this isn’t the same in the podcast
@@Alex-yv4vr i posted the comment before he got to that explanation. Although, I'm not sure I agree with his justification. I actually agree with the sentiment of his point, but I just think he's being a bit hypocritical.
To be honest schools in state are poorly managed on the whole due to a lack of consistent workers, schools are old and there is no cohesive plan for educating people. What we need is an honest look at the fundimentals children need to adulthood, having dedicated teachers to one subject not general teachers and that the school day is not the more the many but few delivered with quality and sufficient pace.
Rory's house looks really nice.
Oxfam Show room
I just re-watched Alastair's top gear interview, I want a round two in TRIP.
It may be disappointing that corporate real-terms earnings are the same as in 2008. More disappointing personally- even in a middle-class job and with 15 years more experience and a more senior title, my real-terms salary is significantly lower.
There seem to be a misunderstanding from what i could gather from your preview guess. Productivity in the UK dint really changes. It just was a mirage before. The numbers were basically false because the number was inflated by false numbers in the banking industry.
Love these podcasts
Yet more sense spoken by two previous 'enemies' that have made such a fantastic double act. Absolutely correct in that this autumn statement involved no NEW money and it's just our own money that they've give a little bit back of. All come from the record high levels of tax and tax drift (or whatever the term is) that is trapping more and more people in higher tax bands. Even the increase in minimum wage doesn't cost the chancellor a single penny. It's down to councils and small business to find and extra £1.04/hr, of which the Chancellor takes 20% thank you very much, just to give back 2% in NI ... ...
Public sector wages have gone up 7%? News to me.
I keep on wondering why no one looks at the communications industry as an easy source of tax to fund infrastructure rebuilding and repair and even some social programs. There's close to 90 million mobile phones in use in the UK and a flat monthly tax of, say £5, would hardly be noticed by 95% of the users. The monthly income, in rough calculations, would be around £450 million. That would fix a lot of potholes , fund the building of community and leisure centres and still have some left over to pay off the thieves and brigands.
Why is it such a sacred cow, when it would be such an easy and relatively harmless tax to impose?
Inflation has gone down because of the energy markets getting over their hump. Inflation is actually going to go back up over the next 6 months mostly because all other markers for inflation has either stayed the same or gone up.
That’s correct. And because it’s only energy prices that have fallen , people will still be suffering from the massive hikes in mortgage costs and food prices. And to the average consumer energy prices will not even seem to have fallen by much, because the government has withdrawn the energy support they gave last winter.
Need to invest in local manufacturer. If 60% is consumers then if most products are made over sea and less and less locally that will bring down GDP and employment.
Nobody talks about the huge fall in shipping rates in the last 18 months thats a huge driver to reducing inflation as 95% of our goods arrive by ship
We have the highest inflation out of the g7. Clearly the fall In shipping rates hasn’t had that much of an impact on our inflation
February 2003, in the run-up to the British parliamentary approval for the invasion of Iraq, Campbell was involved in the preparation and release of the "Dodgy Dossier". Commenting on weapons of mass destruction in Iraq, Campbell said, "Come on, you don't seriously think we won't find anything?". He resigned in August 2003 during the Hutton Inquiry into the death of David Kelly.
Rory inheritance tax is £350,000 you can pass that to surviving spouse who also has £350,000and then add property. So upon the death of the surviving partner inheritance tax is 40% over £1million.
Which public sector wages have gone up over 7%?
Rory’s face changes every time the camera pans back to him
What about a discussion on alternative lifestyles..healthy nourishing organic food, More control on unhealthy food, & more control of it! I.e. no Bake Off programmes. Less flights , etc; less new clothes. Less washing, & showers.
Interest rates aren't "high" - they are just getting back to normal. People have borrowed too much usually against houses and now reality is starting to bite ..
I think inheritance tax is not just about money. My house value has doubled since I purchased it 22 years ago and my estate will meet IHT thresholds. My family have never come across IHT before and it will be confusing, expensive and stressful for them to navigate this tax. My family have always been PAYE workers and have never had direct contact with HMRC. I would vote for IHT being removed like in New Zealand and Florida because it is such a stressful tax for the people left behind. The really rich people all set up systems such as trusts to prevent payment using solicitors and the people who tend to get caught up are the squeezed middle. With house prices going up so much it would be nice to pass on some money for the upcoming youngsters in my family to afford a deposit on a home. The money has been taxed once already and does feel to me that IHT is a disincentive to save for your families future. It is a vote winner I am sure. I am a working class lad from a one parent family who went to uni and got a good job but the rest of my family are solid working class people and will definitely struggle with IHT.
Yes agree very sensible comment.
I think the tories are in damage limitation mode now. They know they're going to lose badly, so they're just trying to not lose the blue wall in the south.
"They know they're not going to lose badly" - NOT going to lose badly, did I read that right? The polls say the exact opposite that its going to be a massacre, might be worse than 1997.
Lovely background, gentlemen.
I beg to differ regarding local authority pay rises....
Same
May I suggest that you invite Lord Mervin King to talk about Brexit, inflation, central bank and state of the UK economy for the past two decades. He did an excellent interview on Hard Talk recently and offered one of the most nuanced and informative on the subject in a balanced and measured discussion.
Rory - (1) the reason productivity grew so much in the 1990s and up to the GFC is that household debt and corporate debt both grew so quickly, fuelling growth, which proved to be unsustainable and left the uk economy and banks highly exposed to the GFC. The starting point for your figures was also a low, ie the early 1990s. (2) The low productivity of the uk is actually correlated with low unemployment and a shift to the gig economy and inward migration. If the uk had unemployment rates like Italy, Spain or France it would be the less productive jobs that would have been lost, and hence average productivity would be higher. And Brexit has had a negative but actually quite small effect compared with many other structural and cyclical changes. As The Chancellor pointed out, since 2010 the UK has grown faster than other major EU economies. How do we square that with the view that Brexit has killed the uk economy? Leigh. Reigate
Wouldn't mind being 1% behind Rory's kids inheritance.
What's the point of MPs voting if they just follow the whips or don't vote? It seems like a pantomime to lend legitimacy to the whims of the executive.
Well, they CAN rebel and they DO rebel
They can rebel but they need to make it worth it basically is how it works. Because rebel often and you will have consequences
Public sector wages may have gone up this year, but they've been squished for years before that. People have ssen their spending power plummet in real terms. Except possibly MPs.
It's only gone up. Because many regions were devolved. And then their previous lots of councilors were sacked and squeezed and automated. Those dept were spun out into private sectors. Hence, the public sector now is very lean. So many are now actually based on the market. But the thing is, it is people's own money now recirculating it , if you think about it. Hence in effect, every individual is basically an indie bank. At this stage, it's too complex... I've lost tracks.
I cld listen to these two forever
I’d like to hear a post statement analysis special by you two.
I’d be lying if I said national minimum wage rises and 2% NI cut isn’t welcome. Everyone likes more money in their back pocket.
But…
I can’t help thinking a) they’re trying to buy votes in an election year, and b) I’d rather see us fund public services properly.
It's all clawed back the year after, and tax will increase for the next four years based on the threshold being frozen.
Too many people like me in my 40s have stopped spending because 1. I cannot fit anything more in my tiny flat and 2. I’m still priced out buying a house even after 20 years …… so I’m only putting money into savings 3. But that is slow due to the big increase in tax … energy … food and especially rent …… so for me and those like me it’s just waiting for nothing to happen!
historically interest rates are NOT "very very high" they have returned to the norm
look back past 2008
Austerity. Years and years of austerity have completely undermined the UK economy. And unless you reverse the entire mindset of austerity you are never going to improve the underlying economy and productivity.
It's actually as simple as that.
Productivity figures don’t adequately reflect the impact digital economy.
You two need to watch the Duran.
Question: when an issue was not on a manifesto (such as gaza, for obvious reasons), should we not pay more attention to individual voting record, since there's no sensible argument that we voted for the party line?
Also, isn't the pointlessness of individual behaviour (re individual MPs) the same argument that leads to people not voting? If individual MPs in Labour vote against the leader it can build consensus within the party that policy should change - the leader should not have 100% rule, no?
I think a lot of inheritances will evaporate with care home fees; not Rishi Sunak's non-non-dom status wife though, who will probably benefit more than nearly anyone...
In fairness to UK workers, Productivity Growth has fallen in many other countries too. Australia's is 1.2% on a good day ...
Social media is a toilet.
John Mearsheimer, in 2015, accurately pointed out how the Ukraine/Russia dispute would pan out but British politicians, to my knowledge, have totally blanked him. Why is that. Johnson stopped Zelensky from making a deal thus sacrificing up to a million young men and Starmer backed him. Where was the new Robin Cook? Starmer probably thought they were trans.
MPs are not sheep, there to blindly follow the whim of their leader. They are there to represent their constituents, not to do whatever it takes to keep a job. MPs should own their voting record. Being called out for not supporting the calling for a ceasefire is totally justified. They had a choice.
Completely agree. Politicians and elites have been unaccountable for their decisions for too long. This is the result of people being frustrated and constantly being ignored and is totally justified.
Couldn’t agree more. Imagine how upset people are by these politicians actions to be driven to such action.
This is consequences for actions.
This. And when it’s suggested that it’s social media’s fault for people’s eroding confidence in the political system, that’s a complete mischaracterisation of what’s occurring, when it’s actually the MP’s and their parties that are responsible for that. Easy to blame something else.
Sounds like no one in this comment section really listened to the argument they were making regarding this. Maybe you should all listen again to that 5 minute section of the podcast
"Why do people leak their own policies? I suspect..." says the leakmaster general.
For property its actually £500k not £325k
Rory, pensioners, the grey vote don't pay national insurance. If merged, you lose the grey vote!
with such a great example of smart,inteligent and capable politicians in these two,why in hell do we keep on having and seeing the likes of boris jonhson,liz truss,braverman,sunak,etc,etc.how sad,and what a loss.
Campbell isn't a politician he's a communications specialist and journalist. Stewart isn't a politician, he's a dutiful public servant who made the mistake of going into politics.
Actual successful politicians are the likes of Truss and Johnson, our first past the post and media landscape makes sure of it.
That's why!
@@jezlawrence720 yes,you are right.honest politicians don't get much up the ladder.but ultimately votes matter and people elect the politicians.
Apologies, you clearly do prep each day!! Have now listened to the end, chats on ukraine / putin and Biden / Harris, short and up to date!! Again you guys have great perspectives and are agreeable!!!!! Would love to see you influence politics more!! Another suggestion would be to do your stuff less frequently, but devote more time in the prep, and less time on the delivery! To me, 30 mins is a good period of time!! A visit to Kiev sounds a good use of time. But you guys have more info on that idea!! Good luck, and please think about adapting your stuff in this ever changing world!!!!
"legalizing the sale of organs"... What could possibly go wrong?
Will David Cammeron involve Lord Green and HSBC banking in any of his time in this current government.If so in what capacity.Our system here in the UK is prone to unscrupulous dealings which end in media coverage damaging to the UK at all levels .
Rory, people are angry, uneducated and suffering from years of cuts in public services ....and the way people are treated in low paid jobs is exploitative....there is a correlation, don't be surprised if civil disobedience increases ....if people are ignored and exploited and see corrupt politicians practising nepotism and being unaccountable ...put the spotlight there...
Surely productivity is a result of investment in people and tools. The individual in the workplace cannot have a significant effect. Surely it is the leaders of the workplace that can have the greatest effect.
When Rory speaks, the audio doesn't seem to be in sync with Rory's video screening.
the problem is the UK political class and civil servants are all unable to generate a new plan for the UK because their level of risk is so low that the country is effectively doomed to continuing slide downwards in all metrics comparable to other countries. There are some truly world class companies in the UK but what is the next one ? What sector is it coming in ? Is it one company or a whole arena of lots of companies. As soon as the company gets to a point the US will buy it out and job creep talent creep will begin. We need a bold plan one that fits with our experience one we’re able to home grow then export, like nuclear energy modules then move the £ from a FIAT currency to one backed by energy output, issue grants for plants based on the level of production we would end up net exporters of green electricity a produced product and have a world leading industry.
I am not British or in Britain but have a labour party background (in Sweden). It seems to me in the UK you are fighting over how to spend money you don not have anyway .
Is it the reporting or are there serious discussions and plans for growth, productivity, ivenstment, increasing the labour force etc etc?
It is lacking in my country but we have no Brexit shadow putting glooom on everything at least.
Surley if there was more growth (and then money) around it whould be easier to do the lovely things one wish too long term...
This was meant to be fixed by levelling up, but that has failed and covid destroyed the public finances. £100bn a year in loan repayments.
productivity growth was a function of maths, not actual productivity. In reality what we have now is trhe real increase over that time period
Watched the BBC1 trilogy on Julius Caesars rule, very pertinent to today's situation in government. No wonder you are obsessed with Roman history Rory, I would compare you to Kato by the way.
Why has Alister NEVER been an MP
The inflation rate has stayed the same for all categories apart from energy.
The prices of energy is still high but hasn’t risen higher. However, we aren’t getting the payments this year. So ultimately the lower inflation number is a fiction.
Why in heaven's sake don't they review the Council Tax Bands? IMO it's long overdue and favours the wealthy unfairly
Because its not based on ability to pay
you should do a review after the big fiscal events instead of just before it. no measure on IHT but you are talking about it on the day where weve had no announcement on it
Remind me when it was we did austerity again? Because the budget has been blown out every year for decades. And for what? The country has only got worse. We need a British Javier Milei to get his chainsaw out.
Imo you are not entirely correct in assuming that inheritance tax affects only those who are very wealthy.
We are just ordinary working people. I live in the house I was born in, and which we bought from my parents when they decided to move out of London. Prices, over which we have no control at all have risen year on year, pushing us substantially over the threshold for inheritance tax.
Over the years,we have weathered through 15% mortgage, many years when inflation was greater then our pay increases, when we have paid our taxes, with no loopholes that seriously rich people seem to be able to find, and yet our house, will when we both die accrue a 40% donation in further taxation.
Yes we could make our house a family trust and avoid the whole thing……..but is that not doing what big business and seriously rich people are decried for doing?
Why are informed people still surprised that economic projections are so inaccurate? This quote is from many decades ago. "The only function of economic forecasting is to make astrology look respectable." John Kenneth Galbraith
@31.20: This is what happens when we convince ourselves that censorship is no longer necessary in society, or that anonymous free speech is the way forward.
The original idea that an unregulated social media comments on the Web were going to produce a balanced, informative and productive forum for debate was, to say the least, naive. It has resulted in the promotion of unfounded conspiracies, abusive and threatening posts, endless lies, along with further violent reactions. and now the promotion of populism.
The fact that these particular podcasts receive so much approval for their balanced approach is testament to the general scarcity of quality discourse.
what jobs will be available for the young people- we need to grow green industry manufacturing- heat pumps, batteries, underloor heating, solar, electric cars- i have worked for several UK firms whch have grown massively in the last 5-10 years, mae the products, then train installers and reduce peoples bills
Govnt briefs in advance for fear of another Truss market reaction. Markets don't like spending suprises. In this case its smokes and mirrors as income tax thresholds are frozen.
Why educated Argentinians voted for him? Isn’t that the question???
Please get a stand for your mic Rory 😀💙
Why?
why did productivity collapse? How do you increase productivity? please explain? If you increase productivity does umemployment go up? A machine is more productive than a human?
👀 What about the Dutch election result!!!!😮
To say certain members of parliament would save huge numbers if IHT was abolished, works on the premises that all their wealth is taxed at that point.I am sure that the member that you mentioned has taken various legal measure to mitigate that risk. Remarks such as that are tabloid politics. I hope you aren't going to get dragged down to that level.
Don’t be stupid, Rishi will have a very expensive financial advisor that will set up his estate in such a way as to defraud that tax payer of 99% of his assets. £300m is nothing like what he’ll end up paying…
Ukraine is of peripheral interest to Eastern Europe much less US, UK or the rest of Western world. The is reflective of increasing difficulty in drumming up support, countries have to make a conscious choice to forego resources otherwise ear marked for their core interest. The media is ultimately in service to power whether explicit or implicit, I wouldn't be surprised to hear less and less on that topic.
Is that Padmasambhava in the background, Rory?
'Better call off the attack because the SNP produced an amendment'. And if the majority of the UK parliament had voted for the amendment would it have meant nothing then? What's the point in the MPs voting on any topical issues then if you think it's pointless in this case.
Gies peace, you're only dismissing this because Labour never had the courage to write the amendment themselves.