Experts explain: Why is the UK economy doing so badly?
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- Опубликовано: 21 ноя 2022
- The international economic thinktank, the OECD, has warned that the UK will have the lowest growth among the big group of seven industrial countries next year.
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Only Russia, facing sanctions from the West over its attack on Ukraine, will perform worse.
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Trouble is that in Britain it is never a good time for a wage rise and always the time for record profits.
@Julian shepherd Spot on
It’s ok give the Tory another 12 years
Not just UK, most of the world is like that unfortunately
Check OBR tax revenue down by £50 billion. Just because shell bp is mking money doesn't mean every business is. How's royalmail going?
Problem is, during high inflationary events is UNIVERSALLY not a good time for a wage rise. In many ways high inflation is worse, or at least more dangerous to an economy, than a recession. Let's be clear, inflation in the UK is getting dangerously close to the flipping range where high inflation turns into hyperinflation. There is genuine risk of the UK economy turning out something like Lebanon, and all this union strike action might get the economy there.
Unions need to calm down or they're going to make things far worse for everyone. You can not raise wages to get out of inflation, you just raise inflation at twice the rate which makes real wages go further backwards, not forwards. It solves nothing, it just makes it all worse.
I'm a Brit living in Germany since 2010 and I run a small business here. Before Brexit I would order materials from the U.K. , the prices were competitive and delivery was quick. Since Brexit, it no longer makes sense to order from the U.K. The prices are not as competitive but the most problematic part is that delivery is often delayed considerably, due to customs issues. I can't rely on receiving orders on time. This causes real problems for my business as I order materials for specific projects with tight deadlines. With inflation currently at about 10%, my primary concern is how to maximize my savings/retirement fund of about £600k which has been sitting duck since forever with zero to no gains.
That is everywhere. The problem is, with a rising labor shortage, that industry will be the hardest hit. Fundamentally, restaurants as an industry are only viable with cheap labor and cheap rent. Right now, we have neither.
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I'm not an economic expert but, I am happy to guess that the reason the UK is doing so badly is because of the absolute incompetence of the people who are meant to be in charge. It's a fatal combination of indifference to the greater good, and a complete lack of ability.
And France has had the knife out from Day 1
@@lesleycooper7544 Blaming the French is so eighteenth century
@@lesleycooper7544 France aren't running our economy
@@lesleycooper7544 Yes, France forced UK to pass Brexit. Eyeroll please.
@@lesleycooper7544 the system that really rules does not want any country to be self sufficient , and they have total control.
I might consider coming back to Britain, but what’s the offer exactly? Working in a factory in Basingstoke with 1960s technology for falling real-terms wages, paying a grand a month to rent a damp semi-detached house on a soulless estate where nobody knows or likes each other and there’s nothing to do but work and watch football on the telly?
Er, how dare you assume you can actually watch football on that money! You'll need a dodgy link from the US!
We can still drink, that makes things bearable.
I was dumped into the English public school system as a boarder whe the folks were employed in Britain. I admired the country for its efforts to put WW 2 behind it and introduce good social benefits for the people.
Today I weep as I watch a terrible Tory government reduce what is left to a shadow of those times of hope.
[In a Northern accent] Luxury.
@@wrestlingp hilarious 😂
This claim of "high skilled, high wage economy", is exactly what Thatcher claimed that she wanted, 40 years ago. At the same time she devastated industries that had "high skilled, high wage" employees, and replaced them with low skilled, low wage vacancies in new call centres and in the new service industries. The only place where "high skilled, high wage vacancies" were created, was in the City of London. So, 40 years later, the current Conservative Government are demonstrating that they have learnt nothing from the mistakes made in the past, and are indeed, intent on repeating them.
They achieved their goal on centralizing the capital, nobody is rich when everyone's rich. It's called inflation as the demand increase as more people earn money. The option is to make people earn less to obtain less opportunity to challenge the status quo. That's why no matter if we think of inflation as a good or bad thing it's based upon that none is able to beat the economy. Earn more money and the responsibility on producing a value increases. multi-company owners gets the most of it as each company is exponentially making them working at two places at once. Increase the stakes and people are reduced to own companies with workers willing to work for them. Eventually a collapse occur as the workers will rebel against the companies. The company's demand on increased value production increase salaries. Higher demand on production value since the workers are paid higher salaries. The end result is mega corporations as the exponential demand from people reduces production value of workers.
This is why the villains are the big companies, The bigger they are, more they're part of the creation on the destabilization of the economy. That's why the government usually own the biggest companies to pay them with taxes since the demand on production value continue to rise.
Thatcher clones
@@robertagren9360 "demand increases as more people earn money" you say. Except right now most people have less money and are spending less, so that's not the cause and the £ is worth less than decades ago so it's not that the currency is over valued either. As for "the villains are the big companies" yes, but not because of their effect on the currency markets, their power is keeping wages down and the tax take lower. The big multi nationals are indeed to blame but the issue is their being legally able to bribe government (lobby system, secret donations, dark money from the likes of Russian oligarchs and funding of far right "think tanks" that have a huge effect on policy) all in all they can effectively make policy for themselves at the detriment of everybody else. The answer to all these problems is to shine a light on all this corruption and manipulation, let people see how this mess operates and they will demand change.
There is no way of proving that the qualifications incoming workers claim to have are genuine - but as long as they work for less pay, that seems to be all that matters
And if they get paid cash in hand, that money will be sent back home and no taxes will get into the UK economy
I haven't been to Britain since I became an expat in 1989. Everywhere that I have been living,China,S. Korea,Thailand,Czech Republic during this period has been moving up. The UK during this period has been under delusions about its importance in the world which is unfortunately,rapidly diminishing. Does it make any sense in this new world where Britain is economically smaller than California ,and soon Jiangsu and other provinces in China, to buy and run 2 aircraft carriers? Or to try and police their version of the world. The billions and billions which must have been spent on Iraq and Afganistan. What is needed is a government which puts the people first, that has a realism about where the UK stands today,not the pampered Britain of Eton and Winchester, but the Britain of the vast majority which to survive satisfactorily needs investing in.
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Brexit was never about boosting the UK economy. It was about protecting billionaires from European money laundering laws and other regulations.
Yes it is pitiful how many people in the UK actually believe the politicians care about their welfare. They have been sold down the river.
Not only that but also workers rights, environmental protections, industrial standards. The UK led the world in all of the above but once the Tories were allowed back in they decide on a race to the bottom instead. It’s a tragedy not just for the UK but for Europe too.
Who would have thought leaving the biggest single market on the planet would negatively effect our economy🤔
You need to et Nigel Farage as minister of finance now! He alone can fix it😂😂😢😢
I wonder if the UK will ever get back in.
The EU had already granted them a number of special favors & exceptions to the rules they wanted just for being British.
They’d better not make those demands again when they come crawling back on their knees, covered in ashes, food bowl extended.
shocking. .....
@@bubb5225 if it does, it'll probably be decades. they definitely don't wanna allow a failing economy into the fold.
Exactly
Because the UK ruling government of 10 years has one interest:
Shrinking the state by any means, empowering the billionaires,
hoping the billionaires remember to invite them to the party when the economy suffers.
They are ideological dinosaurs with a complete lack of macro perspective and just do not understand the differences between root causes and symptoms.
All i ever have concervatives withnessed doing over 40 years no matter in which country and without exception is relentlessly and stubornly fight symptoms endlessly. And then being bewildered about how another symptom then pops up elsewhere that is usually worse and things only deteriorate further under their control.
And yet they keep being able to convince the public that they hold all the answeres to everything, dispite never having solved an issue without creating concequences they did not forsee that in the end only make the underlying problem worse and less controlable.
They trully are the personification of the dunner-kruger effect...
They completely lack any ability to reflect on themselves because their beliefs are unquestionable and they are only able to see the world from the perspective that is their own. And no matter how deep the hole becomes they are digging. Digging deeper is always their solution to fillling the hole they are standing in.
Even mounting succes stories of doing anything in a way that does not adhere to their religious ideology is simply rejected like it does not exist in order to protect their narrow point of view.
All they leave behind is fallout everywhere they gain power.
lol bro. the state in the UK is definitely not shrinking. it's becoming more intrusive
@@fauxbro1983 isn't that the conservative way?
@@fauxbro1983 Shrinking means getting smaller. Govt cutbacks cause shrinkage. Can you see now?
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The weeping, wailing and gnashing of teeth in Britain as a result of a lapse of reason in Tory ranks is audible around the world. The Tories cannot fix the mess. It will take REAL MEN OF GOODWILL TOWARDS THEIR COUNTRY. Time for Change!
Vote Reform.
labour would decimate.... absolutely decimate the British economy... and its society... tories not perfect.. by far... but the alternative is just dangerous...
@@rb1062 ...... they can't get power... all they can do is let in labour..
@@joecater894 🤣🤣🤣
@@joecater894 who told you that?
I find it ironic that there are so many businesses complaining about not finding people to fill job vacancies. I've applied to different job positions, all of which I am qualified for, and never hear back. I also think it is an issue on the side of the employer that the requirements for many jobs go beyond what the job is actually worth.
I also want to add that it is so, so sad to see how far the Labour party has strayed from its roots. I believe the UK has a two party system akin to the US where both leading parties are barely different from one another.
It seems you need more practice or experience for these jobs. If you are qualified, then there is no reason they dont reply to you.
@@wendali5980 Rude answer, you don't know this person and are assuming he needs more experience. Many times it is who you know that can open a door for you.
@@minimaxmiaandme.4971 But, its a correct answer. Its hard to imagine if companies shortage of staff, but they keep ignore people with correct skills.
I think you're absolutely right, on both points. A lot of jobs on offer, turn out to be slave labour, once you find out what's involved.
And where on earth are the Liberal democrats ? I've heard nothing from them. 🤷♂️
@@PhillColl1ns I totally agree with you. Things do happen like what you said. But for a qualified person, it doesnt matter if he/she missed one or two companies. Just try more times, there will be a proper position.
In my opinion, the remedy to weather this recession and high inflation is short-term trading, as opposed to long-term, most folks using these techniques are netting a ton of gains, sure the risks are higher but yet again isn't the current market equally as risky?
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings.
All that "trading" BS does is to line the pockets of traders..
nonsense I have been trading for 30 years and I have never found a trader that makes more then a delivery driver and most earn less and more then less loose everything as the markets are designed to beat you
@Rich Szabo thats my job and we are a scam
@Rich Szabo lol a ponzi scheme
You have employers like mine, large west London airport that thought Covid was a perfect “opportunity” to use fire and rehire to rip up employee contracts, lost half their workforce as a result and then struggled through 2022 as the pool of people willing to work shitty hours (5/6 weekends) for a shitty company wasn’t as big as they expected, those they’ve hired aren’t staying, and also finding those that stayed through fire and rehire are now actively leaving themselves for better jobs elsewhere.
A number of Blackrock/Vanguard had all restructuring plans in place ready for the plandemic.
Elon Musk: hold my beer...
They'll be the same companies that whinge about FOM. The only reason they are pro migrant is due to them being cheap and easy to manipulate. Wages in the UK for skilled work as the term unskilled is frankly disgusting when referring to a carer for example are pitiful. Pay more to your staff or go out of business.
@5:18 "We're missing butchers, baggage handlers, hospitality..." 😂 Thanks for explaining the reason, @pipoo1. Such a sense of entitlement that they think they can lay everyone off and expect to rehire the same number with worse contracts as they please!
Oh there’s nothing like doing unlimited overtime on double pay through an agency that charges at least double what you see on your pay slip, then after the peak summer season it’s re apply for your job, no more overtime pay, and three week alternating shifts, bank hols without enough to beat what you’d get on the dole. Cheap holidays at other peoples’ misery etc that’s a great way to recruit and gain employees’ loyalty. Such a pity.
I been an expat for 20 years now, and every time i visit home it seems poorer.
When i was young living in the UK i had never heard of a food bank and pawn brokers were something my grandparents told me about from pre wwii times.
Brexit made it worse for small businesses. My best mate from school had built up a nice little business exporting Jams, jellies and pickles into Europe and could not be bothered with all the paperwork so took early retirement and made his staff redundant.
The increasing poverty is tangible. You can trace it back to the financial crisis, the tides have turned. It is destroying the social fabric now too - people are so much more nasty now.
Expat lol more like a migrant worker
Same here. Only the blind stayed in UK
@@annaredding It's the Great reset with far worse times being planned as the food production is being destroyed via the green economy scam with millions of acres of prime Farm land being scooped up every year we will be in a Global crisis in 12 months.
What is the difference between an expat and an immigrant? I mean if you live abroad and you are not paying into the Treasury - that makes you an economic immigrant right?
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Unfortunately if we zoom out, this is the long decline of a once powerful empire. Happened before to empires gone by and is happening now un the UK today.
Unfortunately the road ahead will get much worse as most people are still in denial on how serious things really are.
they are relaxing in their £400,000 2 bed flats.
We know, not all of us are idiots. That's why I'm hoping Scotland joins back into the EU as soon as possible.
Correct! Causality, politicians can't tell the electorate the truth. People can't take the truth.
@@888ssss envy and jealousy. Only £400k? London is bit more expensive than that.
It’s actually quite a rapid decline
"Experts explain: Why is the UK economy doing so badly?"
Michael Gove 3 June 2016 "I think the people of this country have had enough of experts"
Michael Gove 2 oct. 2017 “So by selling more sows’ ears to China, we can buy more silk purses for British farmers.”
Michael Gove 30 oct. 2022 "Brexit has been 'a significant success' 😂😂 😂
I have spent the last 6 years being told by the uneducated idiots that I don’t understand economics and trade like them.....what with my BA and MSc in economics 🙄🙄
2016: "We've had enough of experts."
2020: "Trust the science. Listen to the experts."
2022: "It's all Putin's fault!"
Putin must be an expert or something.
Titanic actually 😊
Number 1 Jackass
A mate of mine lives around the corner from Gove and has been putting up vote labour/lib dem/green/snp signs on Gove's front gate regularly for years. Apparently he's complained to the council & police but they don't care
Why is the UK economy doing so badly? Answer: We have had 12 years of an incompetent Government who are never accountable for anything and who don't have the basic levels of common sense to see what is right from wrong and good from bad. Cameron, May, Johnson, Truss and now Sunak are all from the same stench of incompetency. That's why the UK economy is doing so badly.
I am surprised you think we have a govt. From what I can see, all we have are corporate appointees answerable only to U S corporations. U K will soon privitised everything that is worth anything.
Yep 12 years of a government giving free handouts, the people have got lazy and would rather work 16hrs a week because they get more money than working full time. A government that rather than tells people to work gives them handouts. A government that has borrowed 2 trillion to pay for power for all households, cost of living money, forlough for 2.5 years a government they locked its people down for 2 years making them more lazy. Then what do they do complain they are not getting more free money.
Inherited a bankrupt economy in 2010....Sorry...NO MONEY LEFT! Remember?
@@malthusXIII-fo3ep Spot on.
No offence but it seems that not being hold accountable for their action's are only the British, their ego is to big
The problem is they are quadrupling down on neoliberal capitalism, a paradigm that has run its course. When you have this level of inequality, this level of poverty, giving more money to producers and the top 1% won’t do anything but make the problems worse.
Germany France, Sweden et Al have high skill, high wage economies and they have free movement. They also have highly unionised work force and high employment regulation.
They also have high fuel costs and high inflation. Oh no....the UK must be doing something...wrong....to have the same financial pressures as everyone else right now apart from Saudi Arabia....
Germany and Sweden also have higher tax and Sweden doesnt have a minimum wage. Sweden is also a country of just 10.4m people and is the 22nd largest economy. The UK is the 5th largest economy with 68m people. Property cost and availability in Sweden is much cheaper than the UK. Germany also has a policy of people having to leave if they dont have work for more than 12 weeks, which the UK never did. Germany kept its labour market fully closed for the full 7 years after the new ascendant states in 2004 joined the EU. Only Ireland, Swedwn and the UK fully opened up immediately, all other EU countries took a graduated stance over the 7 years. Germanys population only increased by 3.5 m between 2000 and 2022, the UK grew by in excess of 7m. You cannot compare based on only one policy, you have to look at wider policies and impacts.
They achieved that at the expense of others in the EU.
Why did we never acheive this as part of the EU?
Look at a map and see the size of France, Germany and Spain. Then compare to the UK.
Without free movement it would be easy.
Germany is in meltdown and only Sweden has gone back to pre plandemic.
@@OsellaSquadraCorse buuuuuut France does not have an electricity shortage. Thanks to all that nuclear power.
Maybe leaving the biggest market in the world was a bad idea 🤔
B-b-bbbut sOveRIGNTY!!1111
@@popcornfilms1 And happy fish.
@@californiadreamin8423 fish that brits don't eat. The French mainly ate those types of fish while the UK is cod obsessed.
@@josh77577 And the fish trade from NW Scotland to France is now…..dead.
@@popcornfilms1 Bbbbullsssssiiittt
Never going to get better, it’s being tanked on purpose.
So it has nothing to do with the UK leaving the single market?
No talent/skilled migrants will come to the UK just because you have a nice migrant pointing system. The wages have to be competitive and not only in comparison to other countries but also in relation to the costs of living, which in England (London particularly) is very high. How much money stays in the pocket at the end of the week/month matters. Since UK weather is not a positive factor, taxes should be.
spot on
When you have an attractive benefit/welfare system, and offering low salaries for skilled migrants you know which people you will attract the most.
Why radically change the demographics of the UK? Why not build up from inside the country instead of beating them over the head with competition from low wage immigrant workers? It worked in the past.
@@The_Savage_Wombat are you sure a low wage immigrant workers are the ones needed? From the video I got impression that UK looks for the skilled ones, they won't be cheap. I guess there is no conflict doing both - opening for migrants and improving home workforce. I guess migration scheme would be a faster solution.
@@The_Savage_Wombat
The UK will always be looking for cheap skilled workforce. Look at the NHS a complete disaster of mismanagement.
British news people mocked Macron when he fully nationalized EDF (France's power company) when it was already majority owned by the government, saying it was a backward way of doing things. But he was then able to cap electricity price rise at 4% by having EDF operate at a loss! The French are not wandering if they should ""heat or eat". That's what a competent government does: anticipate, plan then act before an issue appears. Much to learn!
A lot of people mocked other people - EU (Germany) mocked Trump as well.
French have just announced there will be power shortages.
If you beleive a single word on your TV.
@@newbiekhyber The difference is the big Orange Fart deserved and still deserves it. He did nothing for anyone unless you're telling me you're into incest, rape & shooting children?
@@newbiekhyber Who didn't mock Trump? Trump mocks Trump.
@@Sayitlikitiz101 Looooool, that's funny. T will be back in 2024. Get ready for a giggle or 2
The 70's were a golden age compared to today's Britain. You got paid to go to University, there was plenty of cheap affordable places to live and Britain led the world in music and fashion.
Agreed - I don't think it's fully been realised yet that previous recessions/downturns (sh*tty times) hit people's jobs, but this one is hitting our homes. It's not about filling jobs or pay rises any more, it's about "I can't afford the rent, I'm not allowed a mortgage, I have nowhere to live".
You must be an old mf rn
Nonsense. “Labor isn’t working” was Thatcher’s campaign slogan and Monty Python’s “bicycle repairman” sketch - the able worker as superhero satire - was the 1970s reality. I was there, thrn
Were you alive in the 70's? It was dire! 3 day week, strikes, power cuts, high unemployment oh and recession.
@@mark.e.p There was no food banks, no children living in poverty like now. You've been brainwashed by the Tories.
Correct me if I am wrong, but Russia did not cut supply, all countries decided not to buy gas from Russia on the expense of their citizens, without any plan how to support rising living costs....
Yes, the sanctions seem to be affecting us more than Russia, who are now selling to China and India.
Matt Frei forgets to mention that the UK does have sanctions. But unlike Russia, the UK willingly placed these sanctions on itself.
Moreover, didn't the UK choose to sell off its gas storage facilities. Selling off the "family silver" for short-term gains.
We all support sanctions..we all support Ukraine ..
The age of austerity has now been rolled out for the middle class!
@jenny hubbock nato expansion into ukraine! Best to look at the overconfident west's sanctions agreement and how it has backfired. This is by the incompetence of our leaders that ruined our economies! This has strengthened russia and allied it to china. Look at the exchange rate - most countries are dumping the dollar!
I'd make everyone(I mean everybody) drive only a 1200 cc motor car - for a start! Quate that? And safer! Would they go loco if they go local?
A labour MP talking about putting a cap on immigration is the height of irony.
Glad someone else has said this today. Labour and Conservative are synonymous in my mind. Both snakes.
Is the UK Labour party still a 'labour' party? By the sounds of that interview, they've gone Tory Lite. Have they become so fearful of right wing Murdoch media that they have abandoned any ambition for the UK?
So it sounds like brexit is providing high skilled high pay jobs for immigrants and low skilled low payed jobs from the citizens of the UK. Didn't see that on the side of a bus. Also why is that is never put to these ministers, british journalist never seem to ask the right questions
They are too patriotic. They believe in their own superiority.
That really is a good point that should be said more. Indian scientists, British turnip pickers.
Nothing to do with Brexit. You clown haha
If you are "high-skilled" then the UK is the last place in Europe that you would want to work. Its low paid and has a high cost of living compared to rest of Europe. The education system churns out too many highly skilled people and there simply is not enough jobs for them. High supply, low demand = low wages for all.
Haven't seen a British journalist for years, just Tory mouthpieces
Take back control of something you never lost and lose everything you had......
And be too stupid to fix the situation
No. The energy price shock is just straight up profiteering. Raw energy prices are not at unworldly levels. It’s all visible by simply looking at charts showing the historical trends. And the energy prices weren’t so high back when the raw energy costs were at this level.
Lack of anti-trust enforcement, a traditional sign of corruption in the government
Same could be said for the price of everything now. Corporations created artificial scarcity to make people panic buy, but also to see just how much they could rinse people and now those prices are most likely never going back down.
Apparently, according to EDF, when they took over a new customer, that customer cost EDF £400. which the customer paid as part of his bill. I'm currently investigating this sort of info. I used to be a broker in the energy industry and I have to say that the biggest culprit so far is Ofgem, the regulator who couldn't regulate to save their own, let alone my life.
This is like asking why water is wet or why trees are green
It's a vicious circle. If you increase employment and wages in UK then you will have to pay more for the end product, this means that people who are buying the product will not have the money to buy the product because wages will never be high enough to keep up with the increase in product pricing (this is simple Economics). Your only way to keep the product prices down is to export production to countries with cheaper labour and lower raw material costs are abundant i.e. third world countries.
This in hand means that you lose jobs in your country and means that job market stagnates and unemployment goes up. So, you are damned if you do and damned if you don't. The only reason UK did well prior to BREXIT was because they paid low wages to immigrants for low end jobs from countries where jobs were scarce and pay was very poor even by UK standards.
Therefore people were working in UK for cheap and sending money to families back home which (when converted in local currency) the people ended up being a lot better off, this is what made it so attractive to work in UK or any first world European country (Germany, France, Italy, Spain, etc).
Now that UK has severed its ties with Europe no wonder the prices of everything have shot up, this would have been the case even without the war and pandemic. The fact that these two additional factors happened simultaneously have literally thrown even bigger problem in the UK. From business analytics perspective this is one of those events that you never plan for due to such an inconceivable rarity that it did not seem worthwhile investing resources in to put a contingency plan in.
However, risks should always be analysed on a regular basis and upgraded with a status, which means if the risk has come to fruition and it has now caused a problem then you need to dedicate huge amount of resources to focus on rectifying this problem, and this is where the government dropped the ball. Now, we are all paying the price of government inefficiency. Prime example, UK could have been a carbon neutral country a long time ago as well as massive green energy producer (wind, geothermal, wave, solar, etc), but this was not a priority and as such we are where we are now.
If the UK government didn't waste so much money fighting pointless wars they might be in a better position today.
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@Expert_Beatrice1
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@@mariojosh6717 Trade with her and remember to share testimonies with others
The trouble with the UK is that the politician's have not looked into the energy needs of the country long term. We were told we are putting up wind turbines, soon energy will be free!!! What utter BS. Self serving politicians who can only look into the next few years whilst they are in office and obsessed with being voted back in!!!
They said electricity would be free when they were building the hydro dams.
The Conservatives don't support building windmills.
The should follow China with a mixture of everything! Including coals to a small percentage. Should also go nuclear
Notice how the French nuclear program works and works very well. They invested long term and are reaping the rewards. The French has less carbon emission. They reprocess their fuel, so waste is a small problem. No-one is going to build Soviet reactors or obsolete designed reactors. People are scared about nuclear power. They had better be more scared of the consequences of not using it.
Vilifying renewables? Sounds like doubt merchant FUD.
Just stop voting for tories
Does the UK not have its own independent energy sources? As far as I know, BP is extracting oil from the North Sea, so how is there an energy crisis in the UK?
Didn't the news report that UK only imports about 5% of Russian gas....we have tens of years worth of gas in the North sea but because we have this vanity project of being seen to be carbon friendly we would rather some other country take it out and then ship it to us at exhorbitant cost
One of the most sensible comments here, in my opinion.
You’ve hit the nail right on the head 👍
No offense but what are you talking about? Energy companies are PRIVATE and once they’ve paid for the extraction license they are free to sell THEIR oil/gas at market price to maximize their profits. It’s not OUR gas it’s THEIRS. Either you demand the government to nationalize the energy sector so we can use our energy at a conveniently fixed price or at least demand a windfall tax.
Can’t be for a free market economy and then complain when companies only take care of their stock holders.
If the government were really “carbon friendly” they would invest in green energy so to cut fossil fuel dependence. Instead they use green buzzwords just to distract the public from the fact that they get bribes from energy companies to protect their interests. Liz Truss worked at Shell for years and then registered a £100,000 donation from the wife of a former BP executive to help her PM campaign. And that’s just the tip of the iceberg.
yes. this is not an energy crisis, it is a tory backed price gouge
You realise that option 2 is switching away from gas so we don't have to be reliable on it in the first place, right? Did that just sail right over your head?
The continued survival of life on Earth isn't a "vanity project", FFS.
With everything that is happening,most of us are a paycheck away from being homeless,hope we are all prepared,get yourself an alternate source of income
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn’t depend on the government. Especially with the current economic crisis around the world.
This is still a good time to invest in various stocks gold, silver and digital currencies
You’re right! If you are not conversant with the market,I’d advise you to get some kind of advice or assistance from a financial/investing coach. I diversified my $450k portfolio across various market with the aid of an investment advisor and I’ve been able to generate a little bit above $1.2m in net profit across high dividend yield stocks, Etf and bonds this red season. For me,it’s the most ideal way to jump into the market these days
so send more money to Ukraine...they are more important then your family needs....
@@floresramirez9331 And make another business bubble like the index fund one? ;)
@@annaredding Yes
Literally
The political class in the UK are completely out of touch. The majority of the country aren't against immigration, we are well up for incentivising skilled immigration. Putting up thousands of unskilled people with zero security checks in hotels everyday at our expense is what many find annoying. Spend less on them and incentivise skilled immigration, which in turn, will improve services for us and lead to economic growth. Open the floodgates to the right people. Currently those with degrees, trade skills and healthcare training simply can't justify moving here due to the hoops they have to jump through and the cost. Why can't we incentivise these people? Would it be different if they came across the channel in a dinghy? Its absolutely bonkers.
It's because the professional class of the UK don't want that, the typical remain voter, they don't want global competition from highly skilled labor.
They want masses of unskilled labor flooding into the market to keep service prices low and demand for houses nice and high so they can continue to cash in on their property portfolios.
It's the higher Middle to upper middle class that have engineered 90% of the s*** we are dealing with, they have literally been running campaigns against hiring foreign nurses from other countries because it 'discriminatory' or 'stealing from poor countries' blah blah blah.. it's very apprant these demographics don't want skilled competition and will continue to opposite a points based system that incentivizes skilled immigration.
Great questioning Matt.
Vacancy in the UK for a proper statesman to take charge of a huge mess ,,, are there any takers ?
MP's can claim christmas parties on expenses now, wow a kick in the TEETH!!!
Yes, you couldn’t make that up! Where’s Guy Fawkes when we need him!
@@jeffreyroberts7438 the mail on Sunday painted him as antisemitie and now no one likes him
Maybe business is transacted under the mistletoe as much as on a golf course meeting by corporate honchos? Why should we be po faced about it , Tis the season to be jolly after all??
The UK is in no way dependent on Russian gas, yet Germany is and its GDP reduction is less than the UK, yet the politicians keep telling us Putin is to blame.
The business men said it takes too long to train someone. If we keep taking that view we have had it . Tell them tough and to start training, a competent person will be a valuable asset through training not just at the end of it. A good business will plan for the future and expansion that includes their labour force. Stop letting business off .
Agree, it's a point that is missed so often.. businesses have gotten used to having it their own way, cheap wages and plenty of people..
Really infuriates me how much most companies demand in terms of skills, experience and qualifications for fairly simplistic jobs that they could train someone to do in matter of weeks to a few months.
It might take a trainee a few more months beyond that to become fully productive but if they pay them adequately they are guaranteed to retain them... The job market is a complete joke
Stop fucking about and get us back in the single market!
LoL why? It has restricted british business.
@@sw1000xg I don't understand. If you want me to tell you why? I can.
In every social media *AMK29X* is literally the number one trend so why would you even ask about it here
Please people in the UK. Start a real Labour Party. The old one has gone rogue.
We have short supply of IT workers, specifically in AI?
I work precisely in that industry and it certainly doesn’t feel like recruiters are desperate 😂 still a challenge to switch jobs
Well done video but I don't understand why Britain has such a shortage of workers. Get those on Universal Credit off their butts, retrain and put them to work. Did that in Canada and unemployment is a thing of the past now.
they are not offering any training.. they don't want skilled labour.. they are offering nothing useful..only low paid jobs no one wants.. you heard the man/ we have good jobs.. we need skilled ppl from abroad
imagine if UK had invested all profits from oil to build hydro and wind power.
Scotland has tons of wind power.
The British governments squandered their share of North Sea oil.
Spot on the benefits paid out in this country is killing it past governments have known this they also knew the power stations were coming to the end of their lives .Lack of investment and poor planning water wheels and hydro come to mind
The Tories squandered it on tax cuts for the rich instead. The trouble with Conservatives is that eventually they run out of other people's stuff to sell! #EnoughIsEnough #GeneralElectionNow
Then we would still need Nuclear Power 🤷🏽♂️
And why is the house price still so high?
Good on Starmer, and I say that as a Corbyn supporter, always though restricting immigration should be a left wing position. Cheap labour only benefits the bosses and hurts the workers, not to mention issues of culture and social stability.
Because you put an Indian chancellor before and now an Indian home secretary and now an Indian prime minister. They engineered the downfall of Britain as a payback for colonialism.
Maybe if the British still governed india, more of the toilets would work??
I say Karma. You reap what you sow. America should be next
@@skipmole612 You have a very good foresight ! Salute. I am being serious and there is no sarcasm intended. 😁
🙄
Who wants to move to the UK after you made it quite clear what you think about cooperation even with your nearest neighbour - EU? Also, the public health care system is a joke, and rent (especially in London) unaffordable. No one will move to Britain - I can tell you that much. All of my EU friends have either left or are thinking about leaving.
Hard to disagree. Also, UK become so nasty and barely functional, you'd have to pay extra money for people to come when there is a choice of countries that offer more security, may have less horrendously malicious Home Office (ask some international friends about visa extensions - broken families, money making on the fees, random refusals of visas for family visits - like a lottery with your family life), have functioning childcare systems, and better public services and public transport system. Anyone who lived in several countries knows UK is not competitive for best talent, unless companies would pay a mint to make up not only for things like high rent and poor housing quality, but also poor public services and nasty attitude. Love my second home lately.
eu never thought much about uk to begin with lets not pretend france and germany was good friends before no we are only good when we take the migrants passing through and when we are giving money out to ukraine
I live in the states, a friend was visiting Bath over the weekend, she posted pics on FB, the streets were packed all with bags of shopping. I don't see the struggle?
Question is when are we going to get the brexit dividends
The back end of never.
@@TheAegisClaw 🤣💯
Spent on migration… NHS, housing, lawyers, the minimum infrastructure upgrades…
Vote Reform. 🇬🇧
after you send another few billion pounds to Ukraine...
@@TG-ts3xn you got brexit you took back control remember
After watching this I still ponder the question why is the UK doing so badly
Bcas UK has nothing to give..no oil..no agricultures..no textiles..nothing..you cant buy all your life..
because you need to send more money to Ukraine...
Financial crisis, money printing, Brexit, staff shortages and belligerent incompetence in the time of a recession after a pandemic of a century and a local war that sent the energy prices up. Doesn't it seem like more than enough?
This question need should ask the new PM leader. Everyone still remember he said that " British with China were ending cooperstion together and we were done ". But he didn't know which who need who the most right now. Also he's super deep loyal to his master to against China instead of care UK economy get better.
Our rejection of Nuclear Power was a massive mistake, and the environment has payed dearly for it as we continue to rely on fossil fuels for our electricity
I wasn’t old enough to vote for or against brexit I’ve recently turned 20 and now I have to suffer in all the mistakes our people have voted for
Enjoy the cinema.
Don't give up and don't stop educating yourself
Your parents had to suffer their mistake for 2 decades.
Point for the EU is the free trade area and freedom of movement.
Case against what is the EU if it was just a free trade area fair enough, but it is not, the EU talks about ever closer Union, a United States of Europe. Trouble is the EU unlike the USA or Australia cannot set up a proper accountable form of Government. Perhaps there can be another in out referendum in 2036, 20 years since the last one, but by that time things could completely different. China and others beyond Europe could be calling all the shots and the whole EU argument irrelevant.
@@henrysevern Mostly agree, but not totally sure we could class the US or Australia as 'accountable' after what they did to their people in 2020 and 2021... The US is entirely dysfunctional and Australia became a set of police states under a dictatorship, with no accountability to any citizen.
Nobody voted to leave the free trade union - the point is never covered end oft-missed. Britain had to (if it followed the vote) trigger article 50 - it was the EU itself which then decided that remaining in the free trade / customs union (etc) was not permitted.
The UK didn't leave the free markets, the EU withdrew them from the UK. The end result is what it is, but it's an important distinction to make.
The other thing is 'blaming' anything on Brexit - the sad/truthful fact of the matter is that, thanks to lockdowns there is no specific and empirical way to tell what has or has not been a result of Brexit; but the current inflation and increases in costs are not
They are the payback required from lockdowns, which is why the same is seen in Germany, France, Sweden, Spain, Canada, the US, etc - none of whom voted for Brexit; all of whom are suffering from increases in energy, raw materials and increases in inflation.
Mmmmh... funny how there is never a shortage of workers at all levels in politics. Wouldn't it be great if we could talk about vacancies for councilors, MPs, and ministers? No shortage of bloviators then.
I heard Ukraine citizens are very clever in the world, then how did they selected Rushi Sunak as their Prime Minister and according to me this is not a smart decision done by Ukraine peoples.
If politicians were doing their job, they would have never left the country in such a vulnerable place!
The Tories: The bottom line is we need immigrants but we don't really want them.
Why do we need them? We wouldn't have a housing problem if we weren't being over run by illegal immigrants.
More like they pretend not to want them to stir up people's insular instincts to win elections.
But we don't need them we already have too many people here. And mass unemployment of over 500k is expected due to the rising taxes.
If immigrants are the solution why do we supposedly have a crappy economy after decades of mass immigration? Hmmmm.
@@sw1000xg then explain why businesses are struggling for people to undertake the work?
If only it had been possible to foresee that being utterly reliant on a hostile dictatorship for your energy might have negative consequences...
Who are we reliant on for our energy?
The UK hasn't been reliant on Russian energy. That's false.
Didn't realise Norway are a hostile dictatorship.
Housing and nhs crisis has started long before the war in Ukraine. U can’t blame Russia for all UK problems
@@user-zo7kb7tg3s And the NHS crisis started the day after the NHS started.
whether students in Uk will get any job now onwards as Uk is going towards bankrupcy
Where were the experts ?
A round of applause for all the Brexit voters.. you've really levelled us up haven't ya?
But. But. But… BREXIT!!!!
Brexshit.. we've sanctioned ourselves!
As far as I can remember it should've gotten better 4 to 5 years after the government introduced austerity measures in 2010. I'm still waiting for the better times while corporates have record profits every single year.
High skilled, high wage, a 'points based immigration system'. Can someone explain how this will service the critical shortage of care staff, farm workers and those in hospitality and other lower skilled, poorly paid jobs? Because the criteria for a points based system will fail in helping where huge issues exist in our economy. Because it is quite clear that our own pool of workers are not up for wiping bottoms, digging up potatoes in Jan or serving in bars, hotels and restaurants, the Eastern Europeans were.
The main problem of UK is gas and energy crisis, automatically many economy impacts influence it. It called multiplier economic
so send more money to Ukraine...they need it more then you do.
I wonder how many people will die due to this energy crisis.
Engineered depressions make some rich and many poor…it is a cycle….or the new term is Reset!
Part of the problem is Wealth distribution (inequality). If we can tax Abramovich, we can tax the rest of the 1% in the UK.... Wealth mainly comes from Assets, like houses, stocks, which CANNOT be moved out of the UK - they CAN be taxed if we want them to be... Meaning, the rest of us won't have the bear the FULL burden for economic woes.
@Wasssup Dawwwg i would.. but a 1%'er seems to have bought all the beds... and collectively the 1%'ers have pushed up the prices of ALL the beds too..
Time for an election.
Why bring ppl from overseas when most young ppl are stuck in catch 22s unable to find jobs because they lack experiance.
How about businesses invest in ppl instead of driving down the costs of their companies by getting ppl who will work cheaper than what most ppl could live on here
What experience can they have if they don't invest in education.
If they are any experts, we would not be in this mess. Ther are no experts only people who think they are.
I cannot believe that this guy completely ignored the impact of Brexit on the cost of gas supplies. If he ignored Brexit he could’ve mentioned that we have the lowest capacity for gas storage in Europe, because conservative decision to sell of storage. So even if brexit wasn’t a problem we will still be exposed. He also doesn’t mention that we have a very good oil and gas supply in the UK. However it is privatised and sold elsewhere. Lastly measures like insulating homes and switching to renewables could “insulate” us from further volatility. These accessible interventions would decrease the shock permanently.
In conclusion the UK economy is worsened because short termism and chasing profitable deals for business and not the people.To resolve this we need to reduce red tape with Europe, invest in green industries and nationalise the gas supplies.
With Mr Bean in charge, what do you expect ?
All these politicians are so full of BS!!!
So basically the answer is obvious but no one wants to do the answer because it’s a bad word
Please tell me it involves a guillotine?
The govt wants a high wage/high skill society, so why do they object to our skilled and professional worker having an inflation equivalent rise?
Greedy tories is the biggest problem
Just the games the rich and powerful playas they don’t feel the pain the rest of us do.
Hello Laura, how are you doing today.
Could we have some sound?
yes, you will need to invest into training of the "work-force" and into improving the entire culture around individual and public investment into productivity+education+next gen industries subsidies+grants+loans+incentives, etc
Why everything is so bad? Answer: conservatives are in charge
yup, its not been this bad since... (looks at data) the tories were last in charge. oh. its almost like there is a pattern eh? :P
but in America the libs are in charge and it is just as bad...same coin but other side...elites dont care about the people...
I didn't vote brexit, but....I'm getting tired of businesses coming up with horrible excuses not to train British work labour force old & new. Also increasing the wage, business still refuse to do the decent thing. If they can't even cope, then some of these businesses deserve to fail and go bankrupt.
Go get that software engineering job! Now’s your chance! 🤡
It's cheaper for them to import from the eu. It's what we've been saying for decades. Labour businesses who want cheap labour.
Clear case for Brexit.
@@TesterAnimal1 how would he get it out of blue 😆
Yes and that's if the English even turns up for the interview.
@@sw1000xg here's the thing. There's not a single country on earth where low skilled jobs are highly paid. If you voted for Brexit thinking a garbage man would make the same as an engineer, you're deluded.
Russia did not impose the gas shortage, the US/EU self-imposed it.
Free market doesn't work for providing people with skills and job training. With rent so high, people cannot afford to pay to upskill and they shouldn't be expected to go into debt to aquire skills/qualifications. It is the responsibillity of the government to prepare the people for the workforce, and they have been failing for the kast 20 years. There's no reason why we could not have followed the german model, and trained our own, while we were inside the eu. Reckless profit chasing is to blame and the majority of us have paid the price.
Britain lacks not gas. Britain sold its reserve guys over the summer to European countries due to lack of storage space, so they purchase it back at higher price in the winter
This happens when development means big buildings and large industries.
What is your definition ?
Never
The UK doesn't realize that it's days as a global power, economic or military, ended with Brexit. The Brits should stop their grandstanding and make as many friends as possible, starting with Russia.