@@noodleppoodle don't worry. The new guests, which are growing (as in born in the UK) at a rate of 75% every 5 years, which will increase (considering natives are hardly having children anymore) will soon put a stop to it. Reap what you sow and all that jazz
I've decided not to bother working hard and paying taxes under the current shower. Just lie flat. Pay off your debts and spend more time in the garden this summer :)
Have you ever worked hard ? You have debts !! Whose responsibility is that ? Let me guess…..it’s your responsibility, you smoke , you drink, you go on expensive holidays because you deserve one , and you have an enormous flat screen TV because you deserve one too.
@robbielad Lucky. I forgot to add in my first comment retiring is the exception to the always work hard thing. Otherwise retiring in comfort may not ever be an option
60 years ago, there would have been a huge row if the balance of payments were negative in any month. Government no longer cares. Politicians of all parties have allowed the selling off of the country's assets in their desperation to keep their jobs. I do not envy the future for my grandchildren
The balance of payments used to be a regular news item. It’s hardly ever mentioned now as if it’s unimportant . You’re right. Government no longer cares. My daughter moved to Denmark where the balance of payments has been positive since 1990. If they can do it, why can’t we?
We should have ripped up every free trade deal with asia back in 1992 when the USSR fell. They had already done huge damage to our industrial towns by then, and we only entered them to draw china away from the USSR. When the USSR had gone, so had the china threat. It will be painful, Trumps reshoring of manufacturing, but it needs to be done. Sadly Britains political class seem to be stuck in the 1990s-2007 age of increasing globalization, when the coming decades will belong to those who are most proactive in reversing that
It was never a £22Bn black hole. The UK OBR said it was about £5bn. It hardly matters now because Liebour have created a £70bn to £100bn black hole of their own!!!
😂😂😂 I move to Italy love your food 😂😂😂 my wife lived there ... I traveled always to Italy when I was young and beautifull .. Is it still cheap there 7euro for wine and a pizza ??? Country site of course
@@huidaoren you probably don’t remember 2013. Media were talking about a haircut and asset freezing. I’m not saying the UK will go the exact same path, but it got a lot worse before getting better little by little
Prior to Brexit, UK had the EU as a useful scapegoat. Now it does look difficult for British politicians and media to fool their own citizens regardless of whatever party they are working for
I'm currently of the opinion that it no longer matters who the chancellor is, or which political party is in Downing Street. The fiscal can has been kicked down the road since 2008 - nearly twenty years! And we have run out of road and are now approaching the cliff edge. I'm starting to think that any government, it doesn't matter who it it, is powerless to stop what is currently happening.
So, the last 14 years of Tory spending and budgeting has nothing to do with todays troubles. Johnson, was spending like a lotto winner and bought a lot of votes to get elected. The money wasn't there, but he lied to get Brexit through and now you are paying for it!
Do you even understand how much money in benefits is being paid to foreign nationals????? It's a lot. This combined with foreign nationals sending vast amounts of money back to the sh*tholes they came from is a mind-boggling amount of money. Let's add foreign aid to this, and let's add the money we are paying to France to stop the boats. Now let's add the amount of money the government has spent on counter terrorism since 1997. There is a very obvious problem in the UK, & nobody is willing to fix it.
@@dawoifee No they don't. That is drivel they tell you to fool you into thinking it is not a political choice. It is. If they taxed the wealthy they would balance to the books. They don't. The rich have captured government.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
Same here waking up every 14th of each month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera
Why Reeves thought a direct tax on all businesses that utilise low wage labour would work out well. Logistics, Supermarkets, Retail, hospitality, hotels and small businesses. It will depress the economy, depress jobs, and will have an inflationary impact.
Yes. She said no new taxes on "the working man". But taxing employer NICs, indirectly does tax the working man. Because companies will put up the prices of their products (which "the working man" has to pay for). That is your inflation. Also companies are less likely to employ people as a result.
@@stephenhowe4107 Politicians will slit your throat and say they promised not to shoot you. Worse still is that they think that tactic is legitimate. I think they raised this tax because if you employ low wage workers then you are a business firmly rooted in the economy with no chance to move elsewhere. they would have preferred to raise corporation tax but they dare not due to the risk of corporate flight. The consequences were not considered. A. How much will it raise. B. Does it break any direct promises.
In the seventies,80s , it was decided not to support our manufacturing industries , because we could not compete with Korea, Japan etc. The ''economic miracle'' of the 80s was seen as a vindication of this . BUT , a lot of this ''miracle'' was achieved by selling off council houses, utility companies and ''the family silver '' generally . We are keeping young people who have no academic pretensions/interest at school until they are 18 and many youngsters whose parents can afford it are spending further time undertaking ''mickey mouse'' courses with no employment at the end . Both my grandfathers left school at 12 and when I was at school, most left at 15 or 16, usually going into a job or apprenticeship . We are paying many people to be unemployed , with the associated mental health and crime issues this brings . I am not a socialist and do not believe that government / the public sector is good at running most things, but think we should make more stuff in UK and try to increase ''proper'' employment .
It was debt, all debt. Fine, so long as interest rates fall & you can roll over, even increase those debts at a lower rate. That stopped in 2011 or so, and has been actively reversing since 2021 or so. Thats why immigration has gone utterly insane since 2010. They have tried to replace a debt ponzi scheme with a people ponzi scheme. And its working about as well - ie, not very.
UK used to be the power house for ship building, aircraft, textile, vehicle, appliances etc manufactures 70-80 years ago. What has happened? Even RR cars are sold to foreigners. RR civil engines struggling to survive ( should ask China for joint venture to sustain biz now) . China civil aviation biz is booming and UK has opportunity to enter China market now to revitalise its aviation biz. Seek JV with China which is the second largest economy in the world. and has plenty of cash. UK politicians should spend more time to help industries instead of playing politics with the boss.
@@michaelloong964 Joining the EU. Our manufacturing was given away in return for our banker dominance in the square mile. We were forced to stop our own space program as part of the deal too, which once advanced our engineering & ability to be self sufficient. The globalists have been attacking us since the 60's.
@@michaelloong964they were a powerhouse when the competition was minimal as they were the first to industrialize. Before that they were a satellite of France and often colonized by the French. The world is returning to the old days of which unfortunately for the UK they are kinda screwed
I can see how this would happen. In the modern UK, nobody can be critical of others, "you failed" and "you are unfit" are replaced with "well we are doing really well but we could be better..." and all kinds of other forms of pretty lies to save face. Were it up to me, politicians would be prosecuted for things like this, but alas, they are immune to the laws that govern everyone else.
I wonder where all the money is going. It's not trickling down. So where is it going? Hmmm I wonder. Maybe we should stop the upward flow of money and accept we are in a class war, take it back to the benefit of the workers.
@@markotrieste The majority of the UK's "debt" is owed by the UK government, to the UK government. Consequently, the lion's share of "debt servicing" sums to zero, in effect. I might add, some of the debt even has a negative interest rate (yes, the government owns the bank that sets the interest rate), thus it "makes" money for the government. Welcome to the weird and wonderful world of macroeconomics.
It's not a class war; it's much simpler than that - it's the same thing that has happened for thousands of years - individual greed and vested interests. Most people do what they can to feather their own nest, some have the power to have a bigger influence.
UK needs serious spending cuts. Its taxes are absolutely brutal already, Reeves is already tiptoeing around the margins of what anyone can bear. Trying to boost the economy while staying out of the EU, your closest international market, is a waste of time. How is the extra productivity supposed to happen in a finite space that's already struggling?
There are FAR too many chancers and opportunists in Britain, putting up toll booths everywhere and taking their cut for adding no value. There needs to be a major crackdown on subcontractors and middlemen.
Thats the trouble. The US has such a huge GDP, in a large part, not far off 20% now, due to their healthcare model of insurance middleman. They dont add value, the US spends more & has the most dismal outcomes, but it still counts towards GDP.
So a plumber who subcontracts himself out is a bad thing? Many don't want someone above them, there ain't nothing wrong with that. Stop trying to control other people.
The latter was more about saving the Euro. Sterling can and will devalue to restitute UK competitivity. A country can not go broke on its own Fiat currency. Spain does not control the Euro, as the UK controls stirling
@ulrichbrossmann1225 ouch, but devaluation for a net importer is killing for inflation. And against e.g. the DM and NLG it already devalued to 1/4 of its value in the '60. Time to bring the foodstamps back!
Do you know what my greatest fear is at the moment? When nations are deeply entrenched in debt and domestic mismanagement, often governments will try to redirect public anger and outrage at external sources. Such as starting a war or conflict. It’s a tried and true method of preventing your own political power from being affected, and there’s already the convenient Russia-Ukraine war nearby to use…….
Always makes me laugh when either party accuses the other of their 'sums not adding up' We've had what, in the 80 odd budgets since 1945, perhaps half a dozen which balanced...last in 2002 or earlier? None of their sums ever add up!
@@paullester4502 after the Tories sold off all the manufacturing industry and privatised the rest, that went well (NOT) just look at the water companies hey TORYBOY
They are politicians , they do not know how things work , they do not have common sense , they do not care to fix anything , no matter what it will not affect them , they will be filthy rich for 10 generations. All the govermnets care is how to make bigger goverments , regulate and tax things to oblivion UK is not any different
I’ve just shared your link in reply to a post from Rachel Reeves! We want to see the statistical facts, the facts the likes of the BBC play down, thank you Joe 👍🇬🇧🏴🙏✝️
“We were blindsided by inflation (which has been a problem for years), recent events like the war in Ukraine (which is 3 years old), and the crazy expectation employees have of being paid!”
@@uweinhamburg The western media told me (in fact massively screeched at me) that it started on 24 Feb 2022. They also told me that Ukraine won it in 3 days.
@@hyhhy It was the Russia who wanted to win it in 3 days, not the other way arround. In the west also most people were sure Russia is going to win this in a few days, then weeks, then months. Russia performs way under the expectations.
Please, the Laffer curve is laughable. Trickle down economics, huh? It’s just like socialism, sounds great but regrettably does not work. After Trump‘s 2017 tax cut, 2018 and 2019 were the two biggest years for share buybacks in the history of Wall Street. That’s where the money went. No new factories, no new employees hired.
@@lucasedmund3600 the Laffer Curve is laughable. Trickle down economics, huh? After the Trump 2017 tax cut, 2018 and 2019 were the two biggest years for share buybacks in the history of Wall Street. It sounds great, all that good stuff trickling down to new factories and hiring new employees. Just like Socialism sounds great too, but it doesn’t work either.
Sooner or later, the government has to cut the governmental administration costs and this means cutting manpower. They will also have to cut back on subcontacting.
Why are you giving billions of taxpayers money to the so called Royal family. They charge the RNLI deny for the lifeboats storage as they own the coastal land!
They may just have to do some Quantitative Easing or Expanding the Balance Sheet, as Mr Obama did in 2010 and David Cameron did in his Premiership. The MPC, the BoE Guvnor should have no hesitation in implementing such a measure. For the same money, we would have a Recovery instead of a Recession (which God forbid).
From my perspective, for many years, monitoring the economies of many countries, I could never figure out what the British actually export, manufacture or sell. Apparently, the tourism is good. maybe there is not much more than the Castle or the Monarchy?
We sell bits of our country and euphemistically call it FDI. We don't pay our way in the world via exports, so sell off the housing stock, companies, whatever. I believe the Arabs now own many scottish lochs. Road pricing has nothing to do with electric cars or anything, its to package the roads to be sold off with a specific yield to the likes of blackrock etc. Thatcher sold off a lot, but she didnt get round to selling off schools, hospitals, roads etc. This lot will. Or rather the IMF will force them to, to secure a bailout. Basically we're getting the economic treatment usually reserved to third world failed states.
The Royal family loan land to the government which generates 160mil+ in government income 50mil is given to the Crown. Citizens benifit 110mil. Edit: those were outdated numbers. Just checked, in total the uk gets 1.7bil from royal family including land deals, tourism etc. Their payment from the government is currently 86mil going to 132mil in 2026.
Why are we still pretending that some entity is able to 'lend' any amount of 'money' to us? Where did this entity acquire the 'money' in the first place? The reality is that the 'loans' are a complete fantasy that only becomes real once the 'interest' of the fake amount has to be paid.
Only way to Get that loan is printing press. Inflation will be skyrocketing but govt will have no debt so no problem.thats how all western countries operated since 1945. Only problem is even with these unlimited printing money now they reached a point of no more printing as debt has reached unsustainable level. Only way out is all western countries currencies has to be devalued at an monumental scale in next 3 to 7 years and have to start manufacturing at the cost of your so called clean environment,squeezing the labour to be competitive. That's the only way out or go bankrupt in next 5 years and chaos in all western countries.your golden period on looted wealth is over now you guys really have to work hard and earn real money
Because it does matter. Printing a surplus causes inflation as it weakens the pound on the global market. As you just heard in the video, we are a net importer. What do you think happens when the value of our currency drops relative to other currencies? The average UK resident is already feeling the cost of living squeeze, you really want to make everything cost more because of poor economic theory?
@johnyysimmerz my friend that's the problem.western countries under US kept their currencies high artificially against their economical realities and that period of holding it high is over or just at the last stage and you guys can't print more. Your govt kept you all on imaginary robust economy,it was only fiat money from printing press all these years,created a socialist structure where every citizen gets too many benefits from govt. Govt was giving it by printing. Anyway good luck to you all. If anyone can move out of western country please do it within next 2 to 3 years. Time will be very difficult
My friend has been to the hospital for an appointment this morning and requires two walking sticks. They only had one second hand stick to give her, it had been returned hardly used but she was told that is all they have and they were not supposed to give out old equipment but had no choice. They have no money in their budget to order more. I wonder just how big this problem with equipment is ?
There’s normally no Inheritance Tax to pay if either: the value of your estate is below the £325,000 threshold you leave everything above the £325,000 threshold to your spouse, civil partner, a charity
Let me guess, the governments response will be to go deeper in debt. It's like watching a guy having a heart attack while reaching for another cheeseburger.
@@moleyrusselswartthere is one problem with that, government manages royal family's land and properties (castles, land etc) and government pays their bills. Last time i checked UK gets passive profits from Royals (tourism, money from leasing the land and other things), and that goes to UKs budget, the problem is you idiots elected incompetent government who would rather spend millions on surveillance of its own citizens and massive bailouts for London citys banks who are still having business with Russia. You never change UK, you always blame others for problems you voted into office.
Its important to understand the bonds offered are inflation linked so the rate offered is over the official inflation rate or inflation plus the extra 2%. Also one billion is chump change hence why it's so popular to pension funds and alike..
So what u are saying is we need to all pay a lot more tax so they don’t need as much to off set the massif amount of debt they inherited from the last government.
How can we be out of cash? They tax everyone. Tax our wages, tax our spending, tax our inheritance, tax our capital gains.... where is all this cash going?
They borrow a lot more than what they have coming in and completely without your consent. Enjoy. When you realise money is not real, it is based on belief alone, it becomes easier to see how the bankers have screwed everyone. And once they install digital currency then they will imprison us forever. Fractional reserve banking was the start of it, and we are now coming to the end of their plan. Oh and if you want to know what binds are, they are the population and their income.
That’s almost two decades people have been screaming to tax the rich and it’s definitely increased since the pandemic. I just don’t understand why nobody is out and out asking the government why they aren’t taxing the only people who can afford to pay without pain 🤔
Ahem, they are taxing the rich, by a colossal amount. The only people who don't think that's happening are entitled and ignorant communists. Off you pop, comrade.
Because the rich can afford to move elsewhere if you hit them hard, while the poor have no choice. E.g. After Brexit, the rich opened offices in the EU while the poor have to deal with paper work
Hi from Aellatha/ Greece Last November we reached the pre crisis GDP. Now we separated by €15bl. We payed the IMF and this year we gonna pay the EU ahead of schedule. Actually yesterday we asked €4bl by the international market and the offers was for €33bl. Now Aellatha/ Greece can loan money cheaper than France (just look the numbers) This crisis was probably one of the best things that ever happened to us due to the fact that it cleared the way to put our priorities straight and be organised. Now we expanding more than the rest of the EU. It was a v shape crisis. I hope for the best for the UK. And i think that the UK must rejoin the EU or the EFTA if it decides to do so.
@@christinek.8672The poor and the ill will be hurt the most in every crisis. The only choice is whether they will be hurt for a decade, or for decades. Greece went through a brutal decade of austerity and restructuring, but now their economy is finally showing results.
Employers do not 'pay' national insurance contributions. The worker pays, directly or indirectly. Employer based national insurance is administered by the employer and so employees may not be aware they are paying this, but an employee is only worth X amount to a company so if there is employer-based NI contributions to pay this will always come out of the potential salary of the employee, whether it's by not raising their salary, cutting their salary or just making the redundant as they are now too expensive. In the best case scenario, the company would raise the prices of their products and services, making these more expensive for the customers, but that is bad for the economy as a whole as it creates inflation. Companies don't have a magic supply of money and any increase in their costs will either hurt the customers, or hurt the employees. I know you understand this, but the UK government doesn't so it's important to make it clear to your audience.
That’s what i thought as well..Employers contribution are just lowering your gross salary you would receive otherwise. In fact the employee pays both the employees contribution and the employee. It may not look like it but in reality that’s what it is.
Friends of the UK find this deeply unsettling. Is this a self-inflicted wound, flowing from a failure of vision as reflected in the English decision to withdraw from Brexit? While it's easy to trash those voters for their credulous acceptance of Brexit arguments, those of us in the US can hardly criticize such thinking, given our own voters election of Trump. Perhaps we'll all sink together. :(
UK: Doesn't have enough tax revenue to make debt payments. Also UK: Borrows more so it can make the payment. With the greatest of respect, you're sunk. Default on all your debt, charge sufficient tax to run basic public services and vow never to borrow money again.
If bond yields are up, and no one wants to lend us money, whilst the government is banking on rate cuts from Threadneedle Street, does that mean the buyer of those bonds is going to have to be the BOE, meaning starting QE again?
Yea.. its hard times.. but wait till all of the Brexit benefits start coming in! Where is the Brexit benefits, lower taxes more spending on NHS, more export, cheaper food, lower living costs??? Rees-Mogg says now.. it can take 50 years. vote for him next election!!
Living in the Netherlands, I am informed that for travel to the UK each family member will in future require an ETA (Electronic Travel Authorisation) at cost of 10 Euros each in addition to an EU passport. I regret that UK is likely off our holiday list.
If 10 Euros is enough to derail your holiday, I suggest you cease holidaying and all luxury spending until you get out of the dangerous hole you are in
@@-_YouMayFind_- I don't have a passport either, and didn't need one the past 15 years. Here in Germany they have a fee of 70€ and you need new photos. For a city trip to London, that would be a relatively big cost-increase.
This is the outpost once known as " UK" owned by blackrock\vanguard wanting to make sure the currency the tax servants that remain , aren't making enough to escape. Y'all were considered when the WEF engaged in purchasing the lot of you.
The economy was wrecked by that UNELECTED lettuce called Truss, wanker! BTW in government you ALWAYS spend other peoples money Einstein....Maybe you should call those Brexit cons, like Farage or Baroness Bra for an explanation...
What has this got to do with anything? The UK is not and never had been a "socialist" country. Lower productivity, Brexit and an overreliance on the service industry, as well as staggering wealth disparity, are surely the biggest drags on GDP growth
@@thelleftaremad7556 It is because productivity slows down, gdp drops, and then the money stops flowing and then Labour runs out of other peoples money to spend.
The UK can still export to the EU, Brexit just made it harder and more expensive, and thus UK products that might've been competitive before are now often uncompetitive next to European products.
Rachel Reeves should tell the BOE to cut interest rates, and stop quantitative restrictions. This could free up 100bn for investment, and reduce the rate of cost of borrowing. This would instantly reduce our deficit, without tax increases or spending cuts.
Is it possible...we do not have to peruse quantatitve tightening…we can literally stop selling bonds. The current practice typically leads to recession, and with inflation near target, is the opposite of what is needed. The reason we are in thus mess is that growth isnt high enough.…so measures that would have a significant impact are needed. More tax will not raise growth. Less spending will not raise growth. The government has the power to stop this, even has the power to lower interest rates. Both would encourage growth. Lower interest rates would also lower debt repayment costs.
What a shocker ,raise taxes and revenues fall .Anyone heard of Art Laffler???Pretty obvious that the UK will have to go to the IMF.Starmer will have to ask Nigel Farage to go Cap in Hand to President Trump.
Because the Bank of England was buying gilts during conservative government era to maintain borrowing costs low offsetting the costs of Brexit and Covid.
Sorry but government cuts are in order. NHS demand needs to be dropped, copayments for higher earners or people taking the Mickey. New Referendum to join EU single customs union.
Simple question - On what basis and rationale would the Labour Government expect GDP to grow having just increased taxes on companies (plus changes in labour legislation the likely costs of which are also significant)? Taxation structure no longer meets the needs of the country. Government is too large and too costly. The opportunities provided by Brexit to reform our entire tax structures to pro growth are being squandered.
As the late great Margaret Thatcher said, "Socialism is great up until the point they run out of other peoples money to spend". It didn't take long for this lot to arrive at that point, but here we are couple with the private sector shrinking and the public sector growing.
You should know that the Gov doesn't pay the higher bond yield on all existing debt but rather only when it rolls over, so your extra $28B of interest costs over last 7 months has to be be way off. It only pays the new interest rate on new debt.
Yes I spotted that, higher interest is being demanded from buyers of new issues. Existing bond interest is fixed at time of issue (unless the bond is floating of course) .
Labour is carrying on what the Conservatives had been doing for years, a complete mismanagement of the economy and public spending/borrowing. Business confidence is at a complete low and Investment is leaving the country.
How do they get anyone to buy 30 year bonds only yielding 5.5%? real Inflation will exceed that chump change payout leaving bondholders holding the bag. Buying absolutely anything, land, gold, real estate, oil, silver, everything, will outperform a UK bond.
So, in summary, the UK is stuck with a pay day loan it cant pay back, and the provider is putting up the APR as it wishes? Simple home economics, don't spend more than you have coming in.
How's that Brexit thing working out? It was supposed to lead to an economic boom in the UK. Maybe a bit of pain up front as the economy adjusted, but then a boom. Maybe not.
If it cannot borrow more, or tax more, and refuses to lower public sector pay, then the only answer for the government is to print money to pay its bloated public sector. This will paper over the cracks for a couple of months but will inevitably lead to massive inflation.
There is a video of a little domino like an inch tall hitting a slightly bigger domino until eventually it knocks down a 4 foot tall, 100 pound domino.... and I was thinking that is the greatest visualization of the modern global economy.
But at least they're breaking all records... UK out of cash....and now there's in fighting about who's gonna write the letter to leave on the desk...''weve blown every penny'' !
Being an adult and realising you have been played by the Right would be an actual start. But you are far too busy being distracted by a couple of boats to do anything like holding 14 years of mismanagement to account and they know it!
When Starmer’s government were going on about helping "working people" I wondered what they meant. What exactly is supposed to be a working person? I heard it meant working & earning bellow a certain amount. So working people who earned more than a certain amount were by the government’s definition _not_ working people. I concluded there was a lot of loose & biased reasoning going on. So the government failed to sufficiently tax the "working people" so now we have a bad result. The UK economy is in a critical condition. The "working people" will now suffer worse for failure to raise raise tax in the right way at the right time. Things have to be paid for by the working people -- or they will be more worse off than ever.
While Labour are probably not helping it's absolutely the fault of previous governments. The UK did not get in this mess because of six months of this Labour government. It got into this mess because of the last 25 years of poor economic choices and neglect. 25 years ago the EU's GDP was the same as the USA's. Today the USA's economy is 50 percent bigger. FIFTY PERCENT!
And the USAs debt to GDP ratio is???? 125%. And their debt pile is $35.46 TRILLION. The interest on that makes our debt look small. Easy to grow an economy by saddling it with a ton of debt (ask Tony Blair) but that comes crashing down in the end a la 2008. Sure Lehmans was the match but the fire was built a long time ago. While Darling and Brown deserve credit for saving the world (and they did by stabilising the UK banks) they failed to hold anyone to account financially except the general public. Should have brought in a finance employee tax, paid back the debt and got the uk back to the debt and deficit levels it was before they bailed them out. Can’t tax the businesses or they just leave. People find it harder to. Except the uber rich who will just bugger off. This problem is the result of never fixing the 2008 fallout that Labour caused and the Tories didn’t fix either because it was easier to print money via QE.
The US is 15,5% of world GDP and the EU 15,2% of world GDP. The UK is 2.1% of world GDP. So the US and EU are bother over 15% of world GDP and the UK is well small.
Also neglecting to mention that the PREVIOUS govt decreased national insurance, AKA laying mines for the incoming govt. Also, again, a country is not a household.
I live in the UK, so i wouldn't say i enjoyed this video, but yes, it was informative.
Raising more queer flags should fix your economy. Maybe another vote for starmer in 4 years?
@@nbgoodiscore1303 it certainly won't hurt.
And what You do with it ?
@@noodleppoodle don't worry. The new guests, which are growing (as in born in the UK) at a rate of 75% every 5 years, which will increase (considering natives are hardly having children anymore) will soon put a stop to it.
Reap what you sow and all that jazz
I've decided not to bother working hard and paying taxes under the current shower. Just lie flat. Pay off your debts and spend more time in the garden this summer :)
Like working hard under the last numpties very worked well this is a bit of a nonsensical statement it would be a lot worse under the Torries
Have you ever worked hard ? You have debts !! Whose responsibility is that ? Let me guess…..it’s your responsibility, you smoke , you drink, you go on expensive holidays because you deserve one , and you have an enormous flat screen TV because you deserve one too.
Never stop working hard. Always do the best you can especially when this stuff hits.
I think that's a great idea. I gave up work end 2019. I never tire from not getting up for work 😍
@robbielad Lucky. I forgot to add in my first comment retiring is the exception to the always work hard thing. Otherwise retiring in comfort may not ever be an option
60 years ago, there would have been a huge row if the balance of payments were negative in any month. Government no longer cares. Politicians of all parties have allowed the selling off of the country's assets in their desperation to keep their jobs. I do not envy the future for my grandchildren
We the people voted for them ?
our fault !
I am not making children, this is my coping mechanism
Inflation has moved to the trade deficient,It is a manufacturing sector that gets an economy moving again,but they dont seem to understand that
The balance of payments used to be a regular news item. It’s hardly ever mentioned now as if it’s unimportant . You’re right. Government no longer cares. My daughter moved to Denmark where the balance of payments has been positive since 1990. If they can do it, why can’t we?
We should have ripped up every free trade deal with asia back in 1992 when the USSR fell. They had already done huge damage to our industrial towns by then, and we only entered them to draw china away from the USSR. When the USSR had gone, so had the china threat.
It will be painful, Trumps reshoring of manufacturing, but it needs to be done. Sadly Britains political class seem to be stuck in the 1990s-2007 age of increasing globalization, when the coming decades will belong to those who are most proactive in reversing that
It was never a £22Bn black hole. The UK OBR said it was about £5bn. It hardly matters now because Liebour have created a £70bn to £100bn black hole of their own!!!
Being from Italy all these news are like déja vu to me. Brace yourselves, my Brit friends
No one will make friends with China unless they are broke, and they know where to go when they are broke.
😂😂😂 I move to Italy love your food 😂😂😂 my wife lived there ... I traveled always to Italy when I was young and beautifull .. Is it still cheap there 7euro for wine and a pizza ??? Country site of course
We are *ALL* in this boat together. 🇺🇲
"There's a fairy crew out boating: boating, boating, in the sky." Solidarity in sinking, sinking, sinking. 😂
I am from Italy as well and it never really got that bad...
@@huidaoren you probably don’t remember 2013. Media were talking about a haircut and asset freezing. I’m not saying the UK will go the exact same path, but it got a lot worse before getting better little by little
Prior to Brexit, UK had the EU as a useful scapegoat. Now it does look difficult for British politicians and media to fool their own citizens regardless of whatever party they are working for
@johannagarda because the EU is doing so well at the moment isn't it...
Better than the UK *shrugs*
@@inbb510 No but Italy has a much bigger debt and still much lower interest rates than the UK. So in this regards strangely oh yes.
Britain is from economic perspective a sitting duck.
It isn't collapsing as it was supposed/expected to be by Brexiters, innit, dear inbb510@ ???
I'm currently of the opinion that it no longer matters who the chancellor is, or which political party is in Downing Street. The fiscal can has been kicked down the road since 2008 - nearly twenty years! And we have run out of road and are now approaching the cliff edge. I'm starting to think that any government, it doesn't matter who it it, is powerless to stop what is currently happening.
This. The high amount of national debt and the economic system dictate the policies no matter of whom is in charge.
It would help if we actually had a Chancellor who was a proven Economist. Then we might have a chance.
So, the last 14 years of Tory spending and budgeting has nothing to do with todays troubles. Johnson, was spending like a lotto winner and bought a lot of votes to get elected. The money wasn't there, but he lied to get Brexit through and now you are paying for it!
Do you even understand how much money in benefits is being paid to foreign nationals?????
It's a lot.
This combined with foreign nationals sending vast amounts of money back to the sh*tholes they came from is a mind-boggling amount of money.
Let's add foreign aid to this, and let's add the money we are paying to France to stop the boats.
Now let's add the amount of money the government has spent on counter terrorism since 1997.
There is a very obvious problem in the UK, & nobody is willing to fix it.
@@dawoifee No they don't. That is drivel they tell you to fool you into thinking it is not a political choice. It is. If they taxed the wealthy they would balance to the books. They don't. The rich have captured government.
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Same here
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It is very encouraging to see Evelyn Vera here, I started with 3k now with good returns.highly recommended..
I am surprised that Evelyn Vera is being mentioned here, I stumbled upon one of her client trading on CNBC news last week..
Why Reeves thought a direct tax on all businesses that utilise low wage labour would work out well. Logistics, Supermarkets, Retail, hospitality, hotels and small businesses. It will depress the economy, depress jobs, and will have an inflationary impact.
Yes. She said no new taxes on "the working man". But taxing employer NICs, indirectly does tax the working man. Because companies will put up the prices of their products (which "the working man" has to pay for). That is your inflation. Also companies are less likely to employ people as a result.
REEVES CANNOT WAIT ANYLONGER TO BE INFLATED!! WHATEVER HER IDEA OF INFLATION IS OK X
It's deliberate
well what do you suggest? Taxing RICH people? We need them to invest in EU and America while the plebs are angry to the browns
@@stephenhowe4107 Politicians will slit your throat and say they promised not to shoot you. Worse still is that they think that tactic is legitimate.
I think they raised this tax because if you employ low wage workers then you are a business firmly rooted in the economy with no chance to move elsewhere. they would have preferred to raise corporation tax but they dare not due to the risk of corporate flight.
The consequences were not considered. A. How much will it raise. B. Does it break any direct promises.
In the seventies,80s , it was decided not to support our manufacturing industries , because we could not compete with Korea, Japan etc. The ''economic miracle'' of the 80s was seen as a vindication of this . BUT , a lot of this ''miracle'' was achieved by selling off council houses, utility companies and ''the family silver '' generally . We are keeping young people who have no academic pretensions/interest at school until they are 18 and many youngsters whose parents can afford it are spending further time undertaking ''mickey mouse'' courses with no employment at the end . Both my grandfathers left school at 12 and when I was at school, most left at 15 or 16, usually going into a job or apprenticeship . We are paying many people to be unemployed , with the associated mental health and crime issues this brings . I am not a socialist and do not believe that government / the public sector is good at running most things, but think we should make more stuff in UK and try to increase ''proper'' employment .
The globalists running this country don't care about countries or borders or us. They want global Marxism.
It was debt, all debt. Fine, so long as interest rates fall & you can roll over, even increase those debts at a lower rate. That stopped in 2011 or so, and has been actively reversing since 2021 or so.
Thats why immigration has gone utterly insane since 2010. They have tried to replace a debt ponzi scheme with a people ponzi scheme. And its working about as well - ie, not very.
UK used to be the power house for ship building, aircraft, textile, vehicle, appliances etc manufactures 70-80 years ago. What has happened? Even RR cars are sold to foreigners. RR civil engines struggling to survive ( should ask China for joint venture to sustain biz now) . China civil aviation biz is booming and UK has opportunity to enter China market now to revitalise its aviation biz. Seek JV with China which is the second largest economy in the world. and has plenty of cash. UK politicians should spend more time to help industries instead of playing politics with the boss.
@@michaelloong964 Joining the EU. Our manufacturing was given away in return for our banker dominance in the square mile. We were forced to stop our own space program as part of the deal too, which once advanced our engineering & ability to be self sufficient. The globalists have been attacking us since the 60's.
@@michaelloong964they were a powerhouse when the competition was minimal as they were the first to industrialize. Before that they were a satellite of France and often colonized by the French. The world is returning to the old days of which unfortunately for the UK they are kinda screwed
I can see how this would happen. In the modern UK, nobody can be critical of others, "you failed" and "you are unfit" are replaced with "well we are doing really well but we could be better..." and all kinds of other forms of pretty lies to save face.
Were it up to me, politicians would be prosecuted for things like this, but alas, they are immune to the laws that govern everyone else.
Except natural law, which is only enforced about every two hundred and fifty years.
@docmike8601 No one can be held accountable in woke world of misadventure ...
Not bothered anymore. Moving to Turkey in April. Cannot be as bad as this lot.
Gradually, then suddenly - that is how it happens
I wonder where all the money is going. It's not trickling down. So where is it going? Hmmm I wonder.
Maybe we should stop the upward flow of money and accept we are in a class war, take it back to the benefit of the workers.
The video explains it quite well: it goes into servicing the accumulated debt. Basically paying the wealth of boomers
@@markotrieste The majority of the UK's "debt" is owed by the UK government, to the UK government. Consequently, the lion's share of "debt servicing" sums to zero, in effect. I might add, some of the debt even has a negative interest rate (yes, the government owns the bank that sets the interest rate), thus it "makes" money for the government. Welcome to the weird and wonderful world of macroeconomics.
fake refugees costing us £50 billion a year when you include legal costs crimes hotels etc.
Other counties .
It's not a class war; it's much simpler than that - it's the same thing that has happened for thousands of years - individual greed and vested interests. Most people do what they can to feather their own nest, some have the power to have a bigger influence.
UK needs serious spending cuts. Its taxes are absolutely brutal already, Reeves is already tiptoeing around the margins of what anyone can bear. Trying to boost the economy while staying out of the EU, your closest international market, is a waste of time. How is the extra productivity supposed to happen in a finite space that's already struggling?
May be return to feudalism an plow the fields.
There are FAR too many chancers and opportunists in Britain, putting up toll booths everywhere and taking their cut for adding no value.
There needs to be a major crackdown on subcontractors and middlemen.
@@benfowler1134 hyenas feasting on the carcass before the lions arrive
Thats the trouble. The US has such a huge GDP, in a large part, not far off 20% now, due to their healthcare model of insurance middleman. They dont add value, the US spends more & has the most dismal outcomes, but it still counts towards GDP.
So a plumber who subcontracts himself out is a bad thing? Many don't want someone above them, there ain't nothing wrong with that. Stop trying to control other people.
@@pizzamad3334 Well, stop apologising and justifying the UK middleman parasite economy then
@@pizzamad3334the plumber is providing a valuable service. Not just fleecing you like till booths, parking fines, sneaky taxes etc
inflation linked bond as economic instrument is just surreal...like the times we live in
Even Argentina wasn't stupid enough to do that.
It's a bet that the future will be much better - in a situation where all indicators show in the opposite direction.
Remember when Spain, Greece,Italy were going bust, the EU bailed them out.welll guess what. We are going bust, but no one to bail us out
You don't ask Dracula for a blood transfusion. Savvy?
The latter was more about saving the Euro. Sterling can and will devalue to restitute UK competitivity. A country can not go broke on its own Fiat currency. Spain does not control the Euro, as the UK controls stirling
Wasn't Greece one of the reasons Brexit supporters wanted out of the EU ??
You know EU shackles and bureaucracy and bla bla bla ....... 🤔
@ulrichbrossmann1225 ouch, but devaluation for a net importer is killing for inflation.
And against e.g. the DM and NLG it already devalued to 1/4 of its value in the '60.
Time to bring the foodstamps back!
It's almost like we didn't want a safety net and are now hurtling towards the dirt 😂
Meanwhile, the 500 super-rich saw their wealth increase by $1.5 trillion in 2024 alone.
Thank you for your research and efforts
Do you know what my greatest fear is at the moment? When nations are deeply entrenched in debt and domestic mismanagement, often governments will try to redirect public anger and outrage at external sources. Such as starting a war or conflict. It’s a tried and true method of preventing your own political power from being affected, and there’s already the convenient Russia-Ukraine war nearby to use…….
Ask the Argentinians last time they saved Thatcher with a little war over sheeps on rocks somewhere.
Young fighting men have nothing to fight for in the West so relax. We've been told how toxic and dangerous we are for the past decade.
So well presented. Thank you.
Britain is done . Gone.
Thanks, you explain things clearly, succinctly and you sum things up well. Good luck to us all.... ✨😊✨.
"Economy" - that's not an economy. That's a money pit.
Very interesting thank you.
Nothing new. Uk has been out of cash since 1999. This is the last year the UK ran a trade surplus. We've been in trade deficit every year since then.
Well, at least we've still got our gold reserve. Oh, I forgot the last Labour government sold it off cheap.
Always makes me laugh when either party accuses the other of their 'sums not adding up'
We've had what, in the 80 odd budgets since 1945, perhaps half a dozen which balanced...last in 2002 or earlier?
None of their sums ever add up!
Bill Clinton in his campaign speech> UK industries disappear and hence no economic activities, no revenue.
@@paullester4502 after the Tories sold off all the manufacturing industry and privatised the rest, that went well (NOT) just look at the water companies hey TORYBOY
Why does the name Tony Blair suddenly pop into my head…? Oh, I remember. He did increase something….mass third world immigration. Hooray.
Higher costs for businesses and they expected GDP to grow, are they insane?
They are politicians , they do not know how things work , they do not have common sense , they do not care to fix anything , no matter what it will not affect them , they will be filthy rich for 10 generations. All the govermnets care is how to make bigger goverments , regulate and tax things to oblivion UK is not any different
Not nearly as insane as voting for economic sanctions on your own country otherwise known as Brexit
same logic in germany
Yes
@@encoreunefois1X Umm what sanctions? EU-UK Trade and Cooperation Agreement (TCA) has now come into effect.
I’ve just shared your link in reply to a post from Rachel Reeves! We want to see the statistical facts, the facts the likes of the BBC play down, thank you Joe 👍🇬🇧🏴🙏✝️
You do not tax yourself into prosperity.
That was well put.
Explain that to a commie. Good luck!
“We were blindsided by inflation (which has been a problem for years), recent events like the war in Ukraine (which is 3 years old), and the crazy expectation employees have of being paid!”
The war in Ukraine started with the invasion of crimea 20 Feb 2014
@@uweinhamburg The western media told me (in fact massively screeched at me) that it started on 24 Feb 2022. They also told me that Ukraine won it in 3 days.
@@hyhhy It was the Russia who wanted to win it in 3 days, not the other way arround. In the west also most people were sure Russia is going to win this in a few days, then weeks, then months. Russia performs way under the expectations.
Conservatives f*c* around for decades and hide their malfeasance.
@@hyhhy nonsense
She didn't learn about the Laffer Curve at Uni then.
Please, the Laffer curve is laughable. Trickle down economics, huh? It’s just like socialism, sounds great but regrettably does not work. After Trump‘s 2017 tax cut, 2018 and 2019 were the two biggest years for share buybacks in the history of Wall Street. That’s where the money went. No new factories, no new employees hired.
Please. That Laffer curve has been debunked so often it has become a running joke in economics.
@@lucasedmund3600 the Laffer Curve is laughable. Trickle down economics, huh? After the Trump 2017 tax cut, 2018 and 2019 were the two biggest years for share buybacks in the history of Wall Street. It sounds great, all that good stuff trickling down to new factories and hiring new employees. Just like Socialism sounds great too, but it doesn’t work either.
thank you so much for interesting news!
Sooner or later, the government has to cut the governmental administration costs and this means cutting manpower. They will also have to cut back on subcontacting.
Why are you giving billions of taxpayers money to the so called Royal family. They charge the RNLI deny for the lifeboats storage as they own the coastal land!
Welfare has to dissolve mostly benefit payments and NHS is now chargeable.
They may just have to do some Quantitative Easing or Expanding the Balance Sheet, as Mr Obama did in 2010 and David Cameron did in his Premiership. The MPC, the BoE Guvnor should have no hesitation in implementing such a measure. For the same money, we would have a Recovery instead of a Recession (which God forbid).
From my perspective, for many years, monitoring the economies of many countries, I could never figure out what the British actually export, manufacture or sell. Apparently, the tourism is good.
maybe there is not much more than the Castle or the Monarchy?
We sell services. How do you not know this after monitoring for 'many years'?
Money laundering via City of London.
We sell bits of our country and euphemistically call it FDI.
We don't pay our way in the world via exports, so sell off the housing stock, companies, whatever. I believe the Arabs now own many scottish lochs.
Road pricing has nothing to do with electric cars or anything, its to package the roads to be sold off with a specific yield to the likes of blackrock etc.
Thatcher sold off a lot, but she didnt get round to selling off schools, hospitals, roads etc. This lot will. Or rather the IMF will force them to, to secure a bailout.
Basically we're getting the economic treatment usually reserved to third world failed states.
@@johnyysimmerz Thanks
Pharmaceuticals, high-tech, arms, motor vehicles and parts, precious metals, oil and related products. Lots of stuff, really.
The UK is an Authoritarian state. My family has vavationed there 3 times because of our former ties. No more.
Hold up. Didn't the royal family just get something like a 50 million pound raise? What the hell cancel that
🥺 But you have to support the poorest billionaires 🥺 Royal family doesn’t even have a yacht when even the poorest billionaires have at least two 😭
The Royal family loan land to the government which generates 160mil+ in government income 50mil is given to the Crown. Citizens benifit 110mil.
Edit: those were outdated numbers. Just checked, in total the uk gets 1.7bil from royal family including land deals, tourism etc. Their payment from the government is currently 86mil going to 132mil in 2026.
For how many minutes of added debt would that last??
As much as I don't like the idea of having a king, 50 millions a year is a drop compared to the trillions of accumulated debt.
@ For that you need to thank for the rich tax avoiders. They give the tax cuts to the richest and then borrow the money to fill the hole.
Why are we still pretending that some entity is able to 'lend' any amount of 'money' to us? Where did this entity acquire the 'money' in the first place?
The reality is that the 'loans' are a complete fantasy that only becomes real once the 'interest' of the fake amount has to be paid.
Only way to Get that loan is printing press.
Inflation will be skyrocketing but govt will have no debt so no problem.thats how all western countries operated since 1945.
Only problem is even with these unlimited printing money now they reached a point of no more printing as debt has reached unsustainable level.
Only way out is all western countries currencies has to be devalued at an monumental scale in next 3 to 7 years and have to start manufacturing at the cost of your so called clean environment,squeezing the labour to be competitive.
That's the only way out or go bankrupt in next 5 years and chaos in all western countries.your golden period on looted wealth is over now you guys really have to work hard and earn real money
Dont you have to abuse an untouchable somewhere? Or have 6 more kids?@@jatinshah2549
Well, the plan is to default, and start a new credit based system.
Because it does matter. Printing a surplus causes inflation as it weakens the pound on the global market. As you just heard in the video, we are a net importer. What do you think happens when the value of our currency drops relative to other currencies?
The average UK resident is already feeling the cost of living squeeze, you really want to make everything cost more because of poor economic theory?
@johnyysimmerz my friend that's the problem.western countries under US kept their currencies high artificially against their economical realities and that period of holding it high is over or just at the last stage and you guys can't print more.
Your govt kept you all on imaginary robust economy,it was only fiat money from printing press all these years,created a socialist structure where every citizen gets too many benefits from govt.
Govt was giving it by printing.
Anyway good luck to you all.
If anyone can move out of western country please do it within next 2 to 3 years.
Time will be very difficult
And the British pound is becoming less and less valuable against, for example, the US dollar. Especially the last few weeks with a sharp dip.
Jeez Joe -- hammering Britain's economy that I reported over a year ago on this channel.
but your a nobody
Thanks for the update, Tony
So, that's what 15 years of Conservatives do to you.
Just print more ? Isn't that what the tories did most of last 14 years ?
My friend has been to the hospital for an appointment this morning and requires two walking sticks. They only had one second hand stick to give her, it had been returned hardly used but she was told that is all they have and they were not supposed to give out old equipment but had no choice. They have no money in their budget to order more. I wonder just how big this problem with equipment is ?
Don't you have a British online marketplace?
Don't you have 2nd hand shops?
I'm sure £5 will get you a pair of sticks.
You have that new aircraft carrier over there. They had no problem buying that. /s My grandfather called this "skewed priorities".
@@petervanderwoude6316or we could go out with begging bowls too but it's not an answer, is it?
@@stevencharnock9271 It’s counter productive as your friend with one stick could only walk in circles and just kept returning to the hospital.
In our area they're available via community health. Hth
I retired 5 years early then planned after the budget, no point having money left when you die for the government to take the majority of it
Start gifting it to family. 7 years after the gift has been received its tax free
Turn it into precious metals and do it with cash. 100% tax free inheritance.
There’s normally no Inheritance Tax to pay if either:
the value of your estate is below the £325,000 threshold
you leave everything above the £325,000 threshold to your spouse, civil partner, a charity
@paulvcarter Just owning a home will eat up most of that. Plus people leave things to their kids often.
Remember when interest rates were ~0% everyone saying governments should borrow and build stuff!
Some one shud buy uk.
Let me guess, the governments response will be to go deeper in debt.
It's like watching a guy having a heart attack while reaching for another cheeseburger.
Where did the sunny highlands and the unique horns go?
Exact this had been promised by the remainers.
Here is a novel concept.... Tax the Rich.... Trillions of Pounds are tied up in 500 uber-rich
get Charlie and his family to pay their fair share for a start.
Why should wealthy people have to bail out Liebours mess
@@dg-wb4xg Hate to break it to you... its been a mess for the last 30 years... Remember Ms. Thatcher
@@moleyrusselswartthere is one problem with that, government manages royal family's land and properties (castles, land etc) and government pays their bills. Last time i checked UK gets passive profits from Royals (tourism, money from leasing the land and other things), and that goes to UKs budget, the problem is you idiots elected incompetent government who would rather spend millions on surveillance of its own citizens and massive bailouts for London citys banks who are still having business with Russia. You never change UK, you always blame others for problems you voted into office.
@@cliffcolter9161 well, that was then and this is now. You had brown Blair since then
Its important to understand the bonds offered are inflation linked so the rate offered is over the official inflation rate or inflation plus the extra 2%.
Also one billion is chump change hence why it's so popular to pension funds and alike..
This is enough to warm a Poor Cold Pensioner ⛄⛄⛄
Nonsense, everyone knows that all pensioners are millionaires like the King and Mick Jagger! 🤣
Stop moaning and put an extra jumper on.
So what u are saying is we need to all pay a lot more tax so they don’t need as much to off set the massif amount of debt they inherited from the last government.
How can we be out of cash? They tax everyone. Tax our wages, tax our spending, tax our inheritance, tax our capital gains.... where is all this cash going?
They borrow a lot more than what they have coming in and completely without your consent.
Enjoy.
When you realise money is not real, it is based on belief alone, it becomes easier to see how the bankers have screwed everyone.
And once they install digital currency then they will imprison us forever.
Fractional reserve banking was the start of it, and we are now coming to the end of their plan.
Oh and if you want to know what binds are, they are the population and their income.
try and book hotel accomodation
Well two aircraft carriers, nuclear deterrence bombs on rockets, a lot of politicians who get paid for presence but not actual work. The list is long.
Ask Zelensky bank account
Scottish cops blew a ton on celebrities...
To cover up their Grooming gang in Fife
And are spending even more investigating
And paying compensation
All by design. Create problem to offer solution.
That’s almost two decades people have been screaming to tax the rich and it’s definitely increased since the pandemic. I just don’t understand why nobody is out and out asking the government why they aren’t taxing the only people who can afford to pay without pain 🤔
Ahem, they are taxing the rich, by a colossal amount. The only people who don't think that's happening are entitled and ignorant communists. Off you pop, comrade.
Tax the rich any more and they will leave. Governments know this and set tax rates accordingly. They are already squeezing the maximum juice they can.
Because the rich can afford to move elsewhere if you hit them hard, while the poor have no choice. E.g. After Brexit, the rich opened offices in the EU while the poor have to deal with paper work
@@innocento.1552 We haven't left the EU, the so called deal saw to that.
@@innocento.1552tax land
Hi from Aellatha/ Greece
Last November we reached the pre crisis GDP.
Now we separated by €15bl.
We payed the IMF and this year we gonna pay the EU ahead of schedule.
Actually yesterday we asked €4bl by the international market and the offers was for €33bl.
Now Aellatha/ Greece can loan money cheaper than France (just look the numbers)
This crisis was probably one of the best things that ever happened to us due to the fact that it cleared the way to put our priorities straight and be organised.
Now we expanding more than the rest of the EU.
It was a v shape crisis.
I hope for the best for the UK.
And i think that the UK must rejoin the EU or the EFTA if it decides to do so.
But that happened on the back of poor families and the ill people. That was very unfair.
@@christinek.8672The poor and the ill will be hurt the most in every crisis. The only choice is whether they will be hurt for a decade, or for decades. Greece went through a brutal decade of austerity and restructuring, but now their economy is finally showing results.
Greece might be in a better position, but it is still drowning in debt.
Employers do not 'pay' national insurance contributions. The worker pays, directly or indirectly. Employer based national insurance is administered by the employer and so employees may not be aware they are paying this, but an employee is only worth X amount to a company so if there is employer-based NI contributions to pay this will always come out of the potential salary of the employee, whether it's by not raising their salary, cutting their salary or just making the redundant as they are now too expensive. In the best case scenario, the company would raise the prices of their products and services, making these more expensive for the customers, but that is bad for the economy as a whole as it creates inflation. Companies don't have a magic supply of money and any increase in their costs will either hurt the customers, or hurt the employees. I know you understand this, but the UK government doesn't so it's important to make it clear to your audience.
That’s what i thought as well..Employers contribution are just lowering your gross salary you would receive otherwise. In fact the employee pays both the employees contribution and the employee. It may not look like it but in reality that’s what it is.
The Uk government is bloated and mismanaging the economy…we need Elon mush here to improve government spending efficiency
You left out the bit where the government legislates that the employer has to pay a minimum wage, holiday pay, pension contribution etc
Friends of the UK find this deeply unsettling. Is this a self-inflicted wound, flowing from a failure of vision as reflected in the English decision to withdraw from Brexit? While it's easy to trash those voters for their credulous acceptance of Brexit arguments, those of us in the US can hardly criticize such thinking, given our own voters election of Trump. Perhaps we'll all sink together. :(
Don't you guys have any former reality TV stars who are also felons that you could put in charge? That'll fix all your problems
**** you and the horse you rode in on. You're jealous that you haven't had a leader since Margaret Thatcher.
the 12 min videos format is perfect
UK: Doesn't have enough tax revenue to make debt payments.
Also UK: Borrows more so it can make the payment.
With the greatest of respect, you're sunk. Default on all your debt, charge sufficient tax to run basic public services and vow never to borrow money again.
You remember what private Frazer would say now. We're doomed!
Joke is on the one who lends them still money.
print money to pay debt. Learn from the Fed,
If bond yields are up, and no one wants to lend us money, whilst the government is banking on rate cuts from Threadneedle Street, does that mean the buyer of those bonds is going to have to be the BOE, meaning starting QE again?
Yea.. its hard times.. but wait till all of the Brexit benefits start coming in!
Where is the Brexit benefits, lower taxes more spending on NHS, more export, cheaper food, lower living costs???
Rees-Mogg says now.. it can take 50 years. vote for him next election!!
BRAVO!!!!
That’s good I will be 91 my daughter will be 68
Hi Joe!
What about the economy in Iran? Any data?
Nothing but lies.
Lack of Industry and innovation. No government can solve that problem. Some will do better than others, but is just a matter of time.
Living in the Netherlands, I am informed that for travel to the UK each family member will in future require an ETA (Electronic Travel Authorisation) at cost of 10 Euros each in addition to an EU passport. I regret that UK is likely off our holiday list.
How large is your family, that a 10 eur per person cancels the trip? 😅
@@ilyap8453 It is still extra costs which you don't when visiting other countries. I don't even have a passport so... haha
If 10 Euros is enough to derail your holiday, I suggest you cease holidaying and all luxury spending until you get out of the dangerous hole you are in
@@-_YouMayFind_- I don't have a passport either, and didn't need one the past 15 years. Here in Germany they have a fee of 70€ and you need new photos.
For a city trip to London, that would be a relatively big cost-increase.
Come over in a dinghy, it won't cost you nothing, free hotel spending money included.
Don't bring your passport 😅😁👍
This is the outpost once known as " UK" owned by blackrock\vanguard wanting to make sure the currency the tax servants that remain , aren't making enough to escape. Y'all were considered when the WEF engaged in purchasing the lot of you.
“The problem with socialism is that you eventually run out of other people's money.”
― Margaret Thatcher
The economy was wrecked by that UNELECTED lettuce called Truss, wanker! BTW in government you ALWAYS spend other peoples money Einstein....Maybe you should call those Brexit cons, like Farage or Baroness Bra for an explanation...
And she was wrong.
What has this got to do with anything? The UK is not and never had been a "socialist" country. Lower productivity, Brexit and an overreliance on the service industry, as well as staggering wealth disparity, are surely the biggest drags on GDP growth
@@mstevens7175 Indeed!
@@thelleftaremad7556 It is because productivity slows down, gdp drops, and then the money stops flowing and then Labour runs out of other peoples money to spend.
Good One
As for trade, Brexit was supposed to unleash us on the world stage. Instead we just lost the ability to export to the EU!
The UK can still export to the EU, Brexit just made it harder and more expensive, and thus UK products that might've been competitive before are now often uncompetitive next to European products.
Great easy to understand video you have a new subscriber.
Rachel Reeves should tell the BOE to cut interest rates, and stop quantitative restrictions. This could free up 100bn for investment, and reduce the rate of cost of borrowing. This would instantly reduce our deficit, without tax increases or spending cuts.
She should also tell the golden geese to lay more eggs and the unicorns to be less noisy.
But inflation will then rocket.
Creating money is easy. But its value goes down in proportion.Money and wealth are completely different things.
Gavin is in cloud cuckoo land with that idea, if it was even possible which it isn't
Is it possible...we do not have to peruse quantatitve tightening…we can literally stop selling bonds. The current practice typically leads to recession, and with inflation near target, is the opposite of what is needed. The reason we are in thus mess is that growth isnt high enough.…so measures that would have a significant impact are needed. More tax will not raise growth. Less spending will not raise growth. The government has the power to stop this, even has the power to lower interest rates. Both would encourage growth. Lower interest rates would also lower debt repayment costs.
Great video. 👍
What a shocker ,raise taxes and revenues fall .Anyone heard of Art Laffler???Pretty obvious that the UK will have to go to the IMF.Starmer will have to ask Nigel Farage to go Cap in Hand to President Trump.
Because the Bank of England was buying gilts during conservative government era to maintain borrowing costs low offsetting the costs of Brexit and Covid.
Just imagine if the rich elite and companies actually paid their taxes,...
Sorry but government cuts are in order. NHS demand needs to be dropped, copayments for higher earners or people taking the Mickey. New Referendum to join EU single customs union.
Simple question - On what basis and rationale would the Labour Government expect GDP to grow having just increased taxes on companies (plus changes in labour legislation the likely costs of which are also significant)? Taxation structure no longer meets the needs of the country. Government is too large and too costly. The opportunities provided by Brexit to reform our entire tax structures to pro growth are being squandered.
Taxes of a country is the business of the country in every EU country. You have how shall we say been lied to. Sorrz.
@@TorianTammas Drivel
Their plan was to remove red tape for building infrastructure to drive productivity. The tax raises were not to drive growth but to plug the deficit.
As the late great Margaret Thatcher said, "Socialism is great up until the point they run out of other peoples money to spend". It didn't take long for this lot to arrive at that point, but here we are couple with the private sector shrinking and the public sector growing.
Long road ahead. Very easy to blame labour but they just got the reins and the horses are dead.
You should know that the Gov doesn't pay the higher bond yield on all existing debt but rather only when it rolls over, so your extra $28B of interest costs over last 7 months has to be be way off. It only pays the new interest rate on new debt.
Yes I spotted that, higher interest is being demanded from buyers of new issues. Existing bond interest is fixed at time of issue (unless the bond is floating of course)
.
London Bridge is falling down
I pay 40% income tax, 20% VAT and 15% in duties and stealth taxes. What is the point in working so hard?
Labour is carrying on what the Conservatives had been doing for years, a complete mismanagement of the economy and public spending/borrowing. Business confidence is at a complete low and Investment is leaving the country.
How do they get anyone to buy 30 year bonds only yielding 5.5%? real Inflation will exceed that chump change payout leaving bondholders holding the bag. Buying absolutely anything, land, gold, real estate, oil, silver, everything, will outperform a UK bond.
The idea is to buy at 5.5% and then sell when inflation drops.
Nobody holds bonds to maturity, lol
when you at the time asked Brexiters what does Brexit mean, they would say 'Brexit means Brexit' XD
Yes the cost of borrowing is going up and that is the sign of default on debit that is coming to the UK .
So, in summary, the UK is stuck with a pay day loan it cant pay back, and the provider is putting up the APR as it wishes?
Simple home economics, don't spend more than you have coming in.
How's that Brexit thing working out? It was supposed to lead to an economic boom in the UK. Maybe a bit of pain up front as the economy adjusted, but then a boom. Maybe not.
After Brexit UK lost a big market for its products.
Maybe Britain should be added to Trump's shopping list? 😂
Could join the Dollar.
That won't help, all he does is default on payment.
UK would make a nice golf resort for Trump and a theme park.
If it cannot borrow more, or tax more, and refuses to lower public sector pay, then the only answer for the government is to print money to pay its bloated public sector. This will paper over the cracks for a couple of months but will inevitably lead to massive inflation.
1929 crash and 2008 is coming in 2025 😂
There is a video of a little domino like an inch tall hitting a slightly bigger domino until eventually it knocks down a 4 foot tall, 100 pound domino.... and I was thinking that is the greatest visualization of the modern global economy.
But at least they're breaking all records... UK out of cash....and now there's in fighting about who's gonna write the letter to leave on the desk...''weve blown every penny'' !
Stopping the damn boats might be a start.
The gov say they costing us 6bn a year bet the real number is more like 50
Being an adult and realising you have been played by the Right would be an actual start. But you are far too busy being distracted by a couple of boats to do anything like holding 14 years of mismanagement to account and they know it!
@@dooley-ch 😂😂
@@dooley-ch Aye, it's just a couple. So, 10 people? Please uninstall yourself
When Starmer’s government were going on about helping "working people" I wondered what they meant. What exactly is supposed to be a working person? I heard it meant working & earning bellow a certain amount. So working people who earned more than a certain amount were by the government’s definition _not_ working people. I concluded there was a lot of loose & biased reasoning going on. So the government failed to sufficiently tax the "working people" so now we have a bad result. The UK economy is in a critical condition. The "working people" will now suffer worse for failure to raise raise tax in the right way at the right time. Things have to be paid for by the working people -- or they will be more worse off than ever.
While Labour are probably not helping it's absolutely the fault of previous governments. The UK did not get in this mess because of six months of this Labour government. It got into this mess because of the last 25 years of poor economic choices and neglect. 25 years ago the EU's GDP was the same as the USA's. Today the USA's economy is 50 percent bigger. FIFTY PERCENT!
Any Government interference in Business is the problem.
And the USAs debt to GDP ratio is???? 125%. And their debt pile is $35.46 TRILLION. The interest on that makes our debt look small.
Easy to grow an economy by saddling it with a ton of debt (ask Tony Blair) but that comes crashing down in the end a la 2008. Sure Lehmans was the match but the fire was built a long time ago.
While Darling and Brown deserve credit for saving the world (and they did by stabilising the UK banks) they failed to hold anyone to account financially except the general public. Should have brought in a finance employee tax, paid back the debt and got the uk back to the debt and deficit levels it was before they bailed them out. Can’t tax the businesses or they just leave. People find it harder to. Except the uber rich who will just bugger off. This problem is the result of never fixing the 2008 fallout that Labour caused and the Tories didn’t fix either because it was easier to print money via QE.
The US is 15,5% of world GDP and the EU 15,2% of world GDP. The UK is 2.1% of world GDP.
So the US and EU are bother over 15% of world GDP and the UK is well small.
Also neglecting to mention that the PREVIOUS govt decreased national insurance, AKA laying mines for the incoming govt. Also, again, a country is not a household.
Tax the rich.