The economy: Why the recession is worse than you think
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- Опубліковано 14 лют 2024
- As the UK officially entered recession, Chancellor Jeremy Hunt was keen to talk up the country's economic prospects, insisting things are looking up with inflation coming down.
But is he right to be so positive?
GDP per head - a better measure of living standards - suggest the economy might be in a weaker position than official figures show.
Read more: news.sky.com/story/uk-economy...
#recession #chancellor #economy
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Not to worry, our PM is a multi-millionaire. He will be fine.
Billionaire basically with his wife’s wealth actually
Phew. I can rest easy now
the boy from Goldman Sachs ? fiscally involved with the likes of modeRNA & INFOSYS .... what could plausibly go wrong !??!?!
Yes. Its always poor and middle class suffer
UK should just change the definition of a recession like the US. Problem solved
In the 1960s, there were 8 million UK manufacturing jobs and half that number in the public sector. Today that situation is reversed. I am 76 years old and I have never met anyone in my adult life who actually makes anything. Plus the fact that UK productivity is poor. This country has been in gradual decline for decades and God help the next generation.
Aisha may Allah be pleased with her used to host parties where the imams used to compete how much "liquid" they could put on her. The one who covered the most white liquid got the most hasanat. Subhanallah! 😂
UK industry destroyed by 1979 thanks to socialism and anarchy, mafia unions.
Thatcher started it killing industry in favour of finance
It all started with Thatcher and her Dogma, also her hate for anyone who worked for a living.
the only thing we make now are nuts and bolts
I believe I should watch a video on "How to survive the current recession" given the state of things. Actually, it's a complete failure. The fact that some people could still earn more than $400k in a short period of time astounded me. If that's still the case, please explain how.
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA Carol Vivian Constable, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Impressive, I took a look at your advisr. I set up an appointment. I’m looking forward to her reply, I hope she sees my message.
The usual BS from Hunt - so when inflation went up it was because of Ukraine and therefore nothing to do with the Govt. but when it's falling it's "Our plan is working". Maybe one way of keeping costs (and inflation) down would be better control over the likes of British Gas who announced today profits up from £72m to a whopping £751m
My parents are Conservative supporters and we own small businesses and all of them are currently making record profits. Under Labour we were okay but under conservative we make more money so we will continue to support them in 2024. I dont lnow why people hate them so much
Europe and UK are american colonies
@@ghosthdel3098 why do people hate them so much, could it be because they are blind to the fact that so many of the population are not making fantastic profits.
@@ghosthdel3098recessions happened under labour too.
Undertakers always do better under Tories.
Feels like the UK is finished
Its not UK. It all the western world countries. Something missing is each group is only looking inside their own country currently. Take a step back and look at CA, US, EU, NZ, AU and they all having much the same problems. All have a housing crisis. All have an immigration criris, All have a retail problem.... a few of the symptoms are a little different in each country. But the underlying problems exist in all western world countires.
Corruption and greed.
The US economy is hitting record highs@@slider799
@@slider799The EU killed the rest of the Economy!
@@slider799Thats a Fact all included China are worse Economy at the same Time! I hope we became not 29 !
And don't forget, they will still hike your council tax and every other bill in April
How else is Ukraine going to fund the war without our tax? That’s why we pay it…to send it abroad 😒
The council hike the council tax , the water companies hike the water bills etc, nothing to do with the goverment.
@@RevealedFilmsor pay for the illegal gimmegrants
Meanwhile British Gas profits went from 72M to 751M
"Cost of Living Crysis" = big business profiteering
It’s been coming for years, the reason I left 10 years ago was because I couldn’t see much of a future for my family or myself there.
My wife an I left 20 years ago, and became multi-millionaires. Couldn't have done that in the UK.
As usual the Tories are blaming everyone except for the people responsible which is them
Don't think for one moment that's limited to the Tories. The other sides would do exactly the same.
For last 8 years I think we been in a recession for christ sake
who voted for Rishi ? hes not our PM
I didn't vote for the Tories, they're NOT my government. In fact 63% of the country didn't vote for them.
I guess we can't blame him for this mess then can we?
Brown 2007? Callaghan 1976?
politician pay cut??? they not been helping much for the last 30 years so why their pay keep going up. while most of us struggling
The WEF put him into place 🤷♂️
Don't worry. Billionaire Ritchie Sunak and his privileged government are all keeping warm and eating well.
What about the royal family?
@@SUJAMUK Business Insider and The New Statesman have reported about the world's biggest landowners in 2011. The King could now own 6.6 billion acres of land
Envy is certainly the best way to individual prosperity.
OMG someone actually said the Brexit word
We need Farage as PM because Reform will do something about immigration
Depression
... is how I feel whenever I see/hear a Tory MP
@@dantapaws8395I quite agree the Tory’s are 💩 the problem is so are the other crowd
So Jeremy Hunt points out we’ve had a pandemic and the war in Ukraine - I’m wondering if is there any other event which could have adversely affected the economy?
The worst event was the Tories getting into power.
Brexshit
And d Indians landed on d moon 😂😂
Nothing at all. Hunt is right.
Which is ironic as Russia dealt with a pandemic and war and also sanctions but there economy is buoyant 😂
Our EU and USA neighbours have also had a pandemic and war in Ukraine. They have not had a decade + or right wing ideological tory lunacy. Therein lies the difference.
Right wing? The "Conservative Party" is left of centre by most countries' standards. They aren't remotely conservative.
Thanks for saying it like that. My standards for the tories dropped so low that I almost believed them when they blamed it on Ukraine and the pandemic.
@@joshklaver47 Who cares, they’ve still fucked the country
The UK is not a neighbor of the US, the UK is nearly cannon fodder for US wars
Wrong ... they did!!!!
When I was in UK. I saw empty boarded up streets under a constant grey sky, litter everywhere.
Homeless people sleeping in doorways. A women with cat whiskers makeup casually walking into Tesco with her pajamas. Opioid addicts out of their mind and women so drunk they urinated on the streets.
It's a sad declined country.
Was it Birmingham 😂😂 or maybe Croydon 😅??
Brexit and 14 years of Tory Government.
Nah. Brexit rocks
@@RogerMellie-yk3gw it's rocked us to our knees for sure
@@ozzie2612 Hardly. I get near minimum wage and life is dandy. People are just used to their lives of luxury.
@@RogerMellie-yk3gw would like to get used to their lives of luxury , no chance with the torys
The rot set in during the Blaire/Brown years...
We're Booming ... British gas profiles up 943% this year .... Thanks to the conservative Plan ?
Who besides the gas industry will profit from this?
Enough GE Britain is broken.
The bank of England control interest rates. So what has the government done exactly? Gaslight the public with BS.
Just touting the party line at the end there blaming all the external factors for the issue nothing to do with 14 long and gruelling years of failing Tory policies
We've been in stagflation for some time. It's not a surprise that we've slipped into a recession with inflation hear to stay.
Here 😂
The United Kingdoms national debt is now close to becoming unsustainable debt status and approximately one third of said debt is indexed linked, largely due to the irresponsibility and incompetence of the officials of the bank of England. This country is dangerously close to economic, fiscal and monetary collapse and anyone relying on state assistance, support and or services which includes many are likely to find the present and the future will be so very different from the past particularly as the UK is currently spending approximately thirteen percent of annual gross domestic product on the interest alone.
Exactly. They’ve not admitted it but the reason they installed the workplace pension is because there will be no state pension in future. Britain is going to be a very harsh unforgiving place in 30 years.
Still not as bad as USA long ways to go but following the same path
This comment is very informative👍🏽
The national debt 96.5% of GDP is lower than France , the USA ( 124%) Japan (252%) for example, its manageble like it was in the 1960s when we were paying down the debt of WW2.
Britain wanted a Victorian age authoritarian puritanical society, but someone forgot to inform them it comes packaged with a Victorian era economy.
Bad management.
Meanwhile here in Las Vegas USA we're not In a "recession" and inflation isn't as bad as we think😂 All my utilities have doubled,my groceries have doubled in 1 year,the Cart is going downhill on fire and we're all going for a ride...Good Luck my friends
2000 are applying for a minimum wage job here in uk
It even worse in the UK. Inflation and unemployment are higher in the UK
@@creepybastard3165 People have given up even trying to get those here, California raised the minimum wage and all the major pizza chains laid off delivery drivers.We have homeless camping under overpasses,parks,every freeway exit has someone asking for money..and then the Drug Zombies on the corners or the people freaking out in the middle of the street.Everywhere is bad nowadays it sucks
Good luck troy mate from England.
Same in Australia: denial that we're in a recession
Gary Economics covers this very articulately. Economists will say things are going to get better, things will get worse.
Hunt could always tax the rich.
the rich don't have there money in this country
This👏🔥
He won't do it because he's one of them. Only working classes are screwed
@@Souscheffthey do. Assets including property, can't move them mate.
@@steve17m13 This is one good reason to put one's wealth into Bitcoin. Ask visionary MIT genius, Michael Saylor.
More ladbrokes and coral though
And Turkish barbers 💈
American sweet shops too 👍
And car wash
And Peruvian pan pipe bands
The reason our recession is worse than it appears is because the majority of the economy has been in a huge recession for a while now. For the past two years, the financial sector has been the only reason why the UK economy was still 'good', at least on paper. But that's it. Just paper. Only a tiny minority of people actually work in the financial sector so no one actually feels this.
Ok, everyone needs to stop panicking! “The plan” is clearly working … albeit still undefined.
No one is buying?
Just remember people, officials don't think there is a recession since they make hundreds of thousands for doing nothing and living it up in luxury.
Brexit Britain, the sunlit uplands were actually people burning their stuff to stay warm.
This isn’t because of brexit 😂
brexit has done us , sadly just under half knew it would
Britain is the new Iceland
@@addydiesel6627 my mum went there
Meanwhile the German monarchs are laughing at the British peasants
To many people in the country
But brexit was going to solve the immigration problem right?
how much profit the energy companies made in last 5 years?
That’s it Jeremy pass the buck.absolute tripe
we had a pandemic , ukraine war is not our war we not got bombs falling on london , we do have british gas with 750m profits this year up 10 times from 75m
Thank the WEF for all this.
Yeah they're in the government rishi is one of them
@@ch0293you didn’t know that?
And before WEF it was EU…
Definitely not conservative party that has been in power for 14 years
Tories and global capitalism
*14* woeful years of Conservative Governments. Apart from the very wealthy, whose lives have improved in that time?
Doesn't matter who is in power, they're all feeding out of the same trough and think we are ok with it. The rich get richer no matter which crooks are in power !
No money left 2010. ASBO Britain broke and bankrupt.
It was Labour though who saddled the country with 1 trillon in debt until 2010, in 1997 the economy was growing 5% and we had 400 millon in surplus, Brown and his policies which was still in effect today have resulted in the highest tax burden ever, and Covid added 300 billion to the debt so now stands at 1.3 trillon, U.S is 33 trillon in debt, most of which is owned by UK, France and Japan in gilts and bonds, not China as they sold off there stakes a long time ago.
They've been concentrating on woke policies & legislation since 2020. Conservative by name only.
Mine is really good
But EPL clubs are becoming more valuable. The salaries and the sale values of EPL players are increasing as well
Thats beause the EPL is a British export which generates income from around the world via TV rights for those directly involved (players, agents, managers etc). If every industry in the UK did what the EPL does then things in the UK would be in a much better state than its in now.
Sky just waking up to the fact that poor people have been in recession since 2008
How can this be , didn’t we get Brexit done.
No, we got done by Brexit.
everyone knows it will because only the rich can afford to live
I like that Brexit is finally being referred to as a “pummel to the economy” which it always was.
Not by the brexiteers though.
They will never admit how stupid it is moving away from an economy of 27 were UK was one of the countries with most influence
the uk was never previously in a recession while in the EU?
@@MalcolmXpatNot the point. It has now been artificially put into one by Brexit and the morons in our government.
The entire world is struggling.. not sure why brexit is always mebtionec
I live in France exactly the same in
France no différent than England.
About time things got better relentless and miserable it's ridiculous it's like were being smothered on a daily basis.
But didnt sunak say wages have increased more than inflation. Then why aren't they shopping.. stop lying government. Uk people have never been poorer. But it makes me feel warm that the millionaires have had a fantastic time.
6 months on we just round the corner still bloody long corner
Recessions are a goldmine of knock down prices where the rich snap up bargins, and sell their assets on for massive profits, once the economy picksup again. While people pay the highest price for economic downturns ❤️👊
This is global. It's happening in slow motion, but it's happening. Not even China is being free of it. It's time to apply very responsible and strong financial management, personally and family wise too.
"The Party Of Fiscal Responsibility." What a bunch of complete Jeremys. 😏
Tax laws for personal income need to change. No loop holes
The weather looks fkn miserable!
We're getting a lot of Brits relocating out here, particularly from your health sector. Wages and conditions in the UK are terrible 🇦🇺🦘
yep all the docs, nurses will be going
I'm self employed and have worked in domestic construction for 35 years. Work has slowed gradually for the past i would say 10 years to the point it has come to an almost standstill. I've always been happy with what i earned, not a huge amount, a comfortable amount i was happy with. But my work has tanked and i'm looking for something else and i cannot believe the wages out there, i had no idea. How some people get by i do not know, not bragging but i was earning more on building sites 30 years ago. It's not good out there and it's going to be dog eat dog very soon i think.
Not much better in Australia. Costs have skyrocketed here too
Save Australia 🦘
We are still fkd from the financial crash, like it or not.
Erm ….. let me think. If energy costs are what’s fuelling costs then price capping and windfall taxes on the obscene profits of the energy companies springs to mind. #corporategreedcrisis
It is a matter of government budget allocation.
I hope so❤
No recession in our house.😂😂
Yes and yes
They could've easily helped the economy. Electric and gas prices have dropped at wholesale and are at pre pandemic levels since almost a year yet the price cap hasn't come down at all.
This can't be right. We've been told all these new additions to our population are an economic benefit?
Most our population choose not to work and fake being disabled
I know right, strange isn’t it that all these engineers, scientists and doctors who’ve bolstered our society haven’t helped our economy?? It’s almost as if they’ve contributed f@@k all whilst stripping away all of our resources like healthcare and housing
UK has been on the downfall for decades. We are way poorer than the US in terms of wages.
Oh I wonder why they would have energy problems 🤔
Has the uk ever thought of putting the people into crippling debt through deficit spending to artificially prop up growth numbers?
Debt doesn't automatically make your economy grow 😂😂
@seanthe100 it was sarcasm but that's what the u.s. is doing..gdp does grow from government spending
Same thing europa😢
If only the funds were allocated in the right place 😢
Stay home, save the NHS
We're not in the pandemic now.
Everyone’s fault except the conservatives!!
They used to have an empire!
The same country who said they don’t need the rest of Europe to survive 😂
‘Nothings changed’
Forces beyond their control. How convenient.
Don't worry about numbers , we're all skint
No mention of Brexit?
now all that's left to do is get in the boat and row into the sunset 😂
I thought Brexit meant we would be better off.
I fail to understand why this Hunt guy can barely contain his smile when delivering such devastating news for the majority of people in the UK? Damn, and I thought EU politicians were fucked!
Here we go again excuses excuses excuses
I work for a federally funded transit company instead of offering over time opportunities they’re over hiring so they don’t have to pay overtime this is happening to a lot of major companies across the country things are about to get crazy
Rest of the world is rushing towards UK for work and people within the country is struggling due to government policies.
Don't worry at least British gas profits are up 1000%.
Obviously With Energy prices set to go down in april, everything else will also. All set up!
He forgot to mention uncontrolled immigration and OPEN BORDERS!
It's not uncontrolled legal migration is by design Thatcherism at its finest
50billion Euro per year in Germany for Immigration illegal! He ruinied the Social Budgets in the Community and the Politics Failure! The Politician Class doesnt understand we had more than enough and the Criminality grow fast!
This is great news, which means the BoE will reduce the interest rate.
Why don't we believe a word Hunt is saying? Could it be because he's a Tory, a party whose spokespeople, in common with those of UKIP, TBP, and Reform UK and their right-client media, have form on this count? Leave was the most self-destructive thing this country has done for ages, and that includes voting the Tories in for two thirds of the years since WW2.
The can cannot be kicked anymore, just blame it all on Putin 🤦♂️
none of its the tories fault, lol skynews
Who's been in charge the last 14 years then
@@jamesholt4449 vvankers
Dat kom problem
What about foolish decisions?
I only buys things on sale.
It's not though is it? We were suppose to have the "deepest and longest recession" going. In fact, I've been waiting for a "recession" for over 6 years now. Germany is in recession, Ireland is big time, Japan and many others.
The most played with Statistics!
What's the reason ?
Praying for the U.K. It's a great country but like so many others, the leadership stinks. Politicians are all "reactionary" instead of preventative with few good ideas except blame it on Ukraine, Covid.
Spending on HS2 covid expenditure billion give a way cost of energy just look around an town and city stay positive we need better!
Why do the news/msm always go to micro brewery’s to get a report 😂😂
I’m sure there are many other places they can report on but they seem to love a micro brewery these days for some reason 😂😉🧐
The chicken shops, vape shops and Turkish barbers seem to be doimg well though so all good
nail bars
Drug fronts
Enjoy Brexit 😂