Higher Taxes and Fewer Public Services - Why the UK Economy is FAILING
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- Опубликовано: 14 мар 2023
- A look at why the UK is facing the highest tax burden since 1948 at a time when public services are failing. Reasons for low growth - long-term and short-term
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► www.economicshelp.org was founded in 2006 by Tejvan Pettinger, who studied PPE at Oxford University and teaches economics. He has published several economics books, including:
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I didn't have time to go into inequality, but it does makes this difficult situation worse. ruclips.net/video/6nXYqGYlP1c/видео.html
The "Hunt" for the
Brexit Ex-oneration
is not going so well.
:-))
Tories kiss the feet of the Richie Ritch kid.
You can thank Brexit for it. . . . :-))
Tories are up to their Dirty tricks again.
They're setting up Britain for a massive
Austerity 'Measure.'
We are months away from AGI and the technological singularity so we will see rapid technological advancements and a loss of jobs so we must introduce a universal basic income.
@@higreentj As someone who works in this field and is also married to a software engineer I think you might be slightly overestimating the progress that has been made. There is considerable recent progress, but even so AGI won't really be here in any meaningful and generally applicable sense for another decade or so.
Unfortunately, as often happens when tech makes progress there are a LOT of investors and marketing types who eagerly seize on every little advance and then understandably hype the heck out of it in an attempt to capitalise on the tech they have to the max. There will then follow a period of gradual disillusionment (as one tended to get in the early days of Microsoft - when each version of Windows was over-promised and the under-delivered).
So you aren't completely wrong, but I honestly don't think this will really hit home fully until the mid 2030's at the earliest.
Some economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
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As a Doctor , I have 3 months until the end of training. As soon as my training is completed I plan to head to Australia. The uk is a sinking ship. If I don’t leave now, my children will ask me one day why I never did
good luck
So the state and tax payer subside your education and u repay them by moving abroad. We have a massive shortage of doctors, a bit selfish really.
Same for us, we genuinely don’t want to leave other than we just can’t earn a fair wage in the uk and housing in particular has become a huge barrier to living/progressing in the UK.
I don’t see how the government plans to fix this mess and subsequently I’m not planning to stay any longer than I have to.
@@mattj905 fair play. Just don't think its right a guy uses our education system and gets heavy subsided to train to be a doctor; and then leaves the country. Does not pay back the debt or give back to the community. just think its a bit selfish. But u do u i suppose.
@@sirfinleygaming9490 Is the training free? I read that UK students pay up to £9,250 (€11,070) per year in tuition fees for medical universities. I think it is perfectly alright. If UK cannot hold on to its trained workforce the problem is not with those who leave but with those in government making wrong decisions and policies.
This needed to happen, for too long, the UK, it's government, much of the media have used the EU as a scapegoat for many of the wrongs in the UK when really, the UK should have been fixing its own problems and not blaming others.
Things really went south in the UK after the financial crisis around 15 years ago, where blaming others was the name of the game, with the EU getting the brunt of the blame for a lot of the things wrong in the UK.
Brexit needed to happen to stop this blame game that many in the UK kept putting on the EU and now many in the UK are starting to wake up that the EU wasn't the problem after all and the problem was much closer to home with our own government and unfortunately, things are likely going to get worse for the next decade or two before real change in the UK can happen, basically, where enough of the public, media and government stops hating on the EU and blaming them for all the wrongs in the UK.
So Brexit needed to happen, and it needed to be painful for the Brexiteers to really feel the impact of that, and this is needed to happen over decades, which we are talking about a lot of damage and decline as the UK sits in the shadows of the EU and the moral of the story is, always research things before voting on something that could impact you negatively, Brexiteers are getting a painful lesson in this because many tend to be less educated and lower class in poorer regions in the UK, ironically, the regions being impacted the hardest by Brexit.
I've also got to say, the Tory government played a blinder on the Brexiteers in getting them to vote for something that isn't in their interest and like always, it's not the government that pays the price, it's the people that are paying the price and the sad reality is, we've hardly even started yet as the damage of Brexit is long term, simple by being the only rich European country that doesn't have any special deal with the EU, which puts the UK at a major disadvantage compared to EU countries but also at a disadvantage compared to countries like Switzerland and Norway which have much better deals with the EU.
All true (and +1 vote from me). However the saddest part is that many of those enthusiastic Brexiteers and misguided deniers of their own culpability, will be dead before the lesson has fully played out, leaving their offspring, who, to quote from Hamlet, could already see that there was indeed "something rotten in the state of Denmrak" and that it wasn't the EU that was to blame, to pick up the pieces and face the consequences.
If I was being philosophical I suppose I could observe that it often the case that a generation must suffer the consequences of earlier errors, but in this case it does seem rather cruel and ironic.
I agree brexit needed to happen, I didnt want it do but with hindsight its just the beginning of the learning process.
I suppose youve heard the description of the UK as a 'submerging' economy drifting from 1st world to 2nd world, which is amazing because so many economists said this couldn't happen. Once a country leaves the 'low income' bracket, advances through 'middle income' and becomes 'rich' having safely avoided the 'middle income trap' it stays rich! Anyway economist clearly dont know so much and we're on the edge gazing into an uncertain future. Its this demographic thing that'll really rock us because no-one has any experience of fixing or even fighting such a thing and presumably the last time it happened science wasn't around to record how things turned out.
The EU itself is reeling from an energy and inflation crisis.. why this obsession with UK in particular?
All European countries rely on Russia for survival, and this includes the UK.. the sanctions on Russia have screwed everyone.
its got nothing to do with the EU.. it was how our own governments were using the situation of being in the EU. Unfortunately, this necessitated leaving.. otherwise the HMgov would continue to hide behind it.. and we'd have no accountability.
BS, you remouners are always twisting it. It was about domination was what it was about, still is. The road is long.
RIP UK 🇬🇧. LAST ONE TO LEAVE PLEASE TURN OFF THE LIGHTS.
That will be the remainers lol they are too thick to leave with out their fom.
The lights won't need turning off; Brits can't afford to turn them on!
Blow out the candle, electric is too expensive
Wot lights ? Battery went flat ages ago !
You forgot to mention that despite all that terrible news and the impact on British peoples' lives, Brits now have all the sovereignty they can eat. Excellent video, again.
The problem started at Thatcher not at Brexit.
@@thekingoftheworld9553 Brexit is only going to make it worse though. 🙄
@@thekingoftheworld9553 This is the end of the old capitalism
Sovereignity, what difference to anybody's life does that make? absolutely nothing, too many Brits think we still have a big say in world matters little English mentality will and have caused havoc it's so depressing
@@progpuss it sure is very sad
Look on the roads. Every second car an audi, every second audi a V6 or V8 engine. Luxury lifestyle but funding this on finance and debt. This debt is now eating us alive and nobody dares look at this.
Bailiffs are going to be in demand pretty soon when it all gets repossessed
I’ve never seen the UK held in such bad sentiment by its own. Then you have the government who constantly make bad decisions. The increase in taxes are insane. They’ve literally rinsed us in every way they can, CG, VAT, dividend tax, CT, increase in energy, council tax -all I’ve done is work and work hard and smart - I’m doing better professionally now but I take home less than I did 10 years ago! I’m only 43 yet I’m burnt out and moving to part time work next year - they’re not killing me anymore to subsidise their short falls. I’ll make do with less in exchange for my life back!
As a German person I had to smile at the claim that European countries finish big projects faster. In Germany there have been multiple big projects with huge delays and balooning budgets (see Airport Berlin/Brandenburg, Stuttgart 21 or the Elbphilharmonie)
I am Polish and I always thought that projects , like infrastructure, take extremely long and are always delayed. ... until I moved to UK years ago.
Trust me,UK delays are on whole another level.
Same with Polish healthcare system. Only now I can see and appreciate what I had back in Poland.
Well done, good summary. Greetings from 🇩🇪
I feel like it's a constant avalanche of financial pressure - day after day it's all turmoil and bad news.
When or how will this nightmare end?
We need to pressure the current power with people power, the scales need to be rebalanced.
Perhaps it is time to dig up the good old pitchforks.
If Liz Truss had been given a chance there could have been some real growth
@@seancrowe3353 The markets, ie the professionals dont care if she is right or wrong but what the effect is as they can make money either way. Overwhelming consensus was NO. Same with Brexit, consensus expected hit to GDP 5% and its right on the money. Stop beliving in unicorns. Use logic not idealism or wishful thinking because you are betting your mortgage and your kids mortgage on this.
@@Finderskeepers. don't have a mortgage
Another great video, thanks Tejvan. I’d be interested to hear if you’d ever consider going into podcasts in the future?
A comment to recognise the higher quality production…well done fella
Always on point. Thank you.
Tories have asset stripped this country.
The UK economic outlook right now is an unfortunate confluence of several negative factors with no easy way out. The amount we're taxed is insane and will undoubtedly get worse. Excellent video.
The amount you are taxed is not insane. The level of public service that you get for it is insane, as in insanely low.
"The amount we're taxed is insane and will undoubtedly get worse. "
Unless you're rich, obviously. The Tories don't tax rich people. This government is continuing its project of redistributing our wealth to the already wealthy.
The average American is 40% wealthier than the average person in the EU or UK , just think about the, 40% ! The EU is the last thing the UK needs we need to copy success not failure.
@@ab-ym3bf How is 45% effective tax rate on all income for upper middle class + 20% VAT on most spending not insane? How many public services young professionals in their 30s and 40s use anyway? How many highly skilled people who come here from overseas pay these crazy taxes and have "no public funds" written in their residence permit?
@@WaitButHow because that is anout the average for every European country? Nothing extra ordinary about it.
What is extraordinary is the low level of public services you get for that money in the UK. I would worry more about that, where does the money go to.
Excellent channel. Clear concise analysis. 👍
What a great video, thank you for making this and publishing it for free.
Excellent commentary! 😃
I moved to Estonia after Brexit. I've missed my country and wanted to move back with my wife but there are so many hoops to jump through when you have a European family, and the pay is not much better after taxes than what I have here. And everyone has a summer cabin here, could you imagine that in the UK?
Nah, the UK government don't care about me so I've made my bed.
Great discussion
Thanks for the video
Please give your analysis of the Financial Plan 2023. The good, the bad and the ugly!
Many thanks.
Love the videos. Keep up with the great work.
👍👍👍
Will try later. Childcare good direction. Lower tax on wealthy pensioners very expensive and inequality, better ways to stop GPs retiring eraly.. Growth prospects of OBR much more optimistic than Bank of England which is hopeful, but still pretty grim considering.
@@economicshelp1 OK many thanks. Looking forward to the video 👍👍👍👍
Good work Charlie...
A big state monopoly with poor service and expensive price. What a puzzle :-)
The tory policy is working perfectly (for them the very rich )
Brexit did not just put up barriers to trade; we now have extra costs and mountains of paperwork on that.
It also was a significant factor in increasing the other problems:
We lost workers at the low-wage end of the range;
We lost taxpayers who were helping to fund our services and support our demographics;
We lost workers in the hospitality industry;
We lost workers in healthcare and elderly care;
We lost inward investment which had come to us because we were a gateway into the EU and we speak English;
We lost companies which relocated to mainland Europe because most of their business was there;
We lost some of our flagship service sector, which also relocated to Europe;
We lost prestige and attention in the world because little Britain is only 10% of the size of the EU;
We lost some of our “special relationship” with the USA because we did not listen to their warnings, so now Ireland is more important to them;
We lost our stable economic situation which had been of great benefit.
I am old enough to remember when Britain was the “sick man of Europe”; joining the EEC/EU saved us and made us prosperous.
We are heading into decline again now.
You need to ask “why?”. Why was the public persuaded to vote to leave?
First, there had been decades of negative propaganda from the gutter press, like the Daily Fail - it struck a xenophobic chord and sold newspapers.
Then there were prominent protagonists for Brexit - and Cameron was useless at countering them.
You also need to ask who were the protagonists and why?
Farage and Reese-Mogg are multi-millionaires.
The extremely wealthy wanted to keep their offshore tax evasion schemes, loopholes the EU was planning to close.
Britain is a very unequal society.
www.theguardian.com/inequality/2021/jan/03/richest-1%-have-almost-a-quarter-of-uk-wealth-study-claims
A lot of money went to the leave campaign…
Britain has so many serious problems it is difficult to know where to start.
Perhaps we need a revolution, like the French had….
So what you are saying then is that all those greedy employers who relied upon the cheap abundance of EU labour to generate huge profits are now ****ed. 🤣🤣🤣 Directors bonused and Shareholder dividends should not be a motivational factor to appease the idol. while shouting at others about being stupid racists for not buying into their unacceptable lifestyle. Perhaps they should have paid the 1M unemployed Brits a decent wage, rather than pretending that welfare was a comfortable lifestyle choice and levelling up was coming. They say what goes around, comes around and as a nation we are now reaping what we have sown.
I'd never realised there was a link between strong exports in one sector (oil) and others being curtailed (manufacturing). I guess just supply and demand in the form of exchange rates?
I need to be fair . Canada and the USA are also facing similar challenges with ageing population and the increasing population
Conflating bond rate increases with a £2bn tax cut is simply not sensible. The reason bond rates went up is because the BoE decided to become the first central bank in the world to start selling government bonds from the QE program. Also associating free trade with a group of countries that underperform their peers consistently by 1% and also have a common customs tariff designed to protect home markets is just nuts.
House prices have been going up 3% faster than inflation since 1948 when the town and country planning act nationalised private property rights.
Hola!
I shall continue listen your videos since Wednesday when I am better from the ... injection they put me twice per month to Slow down my brain.
Take care.
I shall listen some music
Hasta pronto
the combination of brexit and covid has been particularly unclky for UK. The fact that a lot of trade relations stoped and had to be restarted after, just made it easier to switch away from UK for EU ...
On top of savings in public spendings up to the collapse point, the contra-productive savings every where are just killing the UK.
The destructive effects of Brexit could have been predicted in advance with a bit of objective research and fact finding. Unfortunately the UK public can't be bothered to educate themselves on complex matters and instead choose to be programmed by fluffy feeling stimulation, hence why the UK is going down the toilet. Similar things will happen again and again and again in the future until the UK public learns to analyse objectively in place of sucking up factoids and propaganda from vested interests.
Could complacency be one reason in the decline of UK?
Yes, complacency in people being so easily led to vote against their own interest, again, and again
I think there's an element of truth in that. I suspect many people still believe Britain is Great when it's below average at best
Complacency caused by English hubris.
@@skyblazeeterno it’s dead on it’s arse, and I’m British
The importation of illiterate & unskilled 3rd world labor doesn't help either. It's not just pulling a sickie & the good ol' British skive. UK has a lot of lazy b*stards who deserve their poverty. UK folk are just asking to be manipulated, they'll compliantly believe anything.
What does productivity growth look like and how does it impact the average worker?
What negative factors restricting growth have been removed ? 🤨
We have to get rid of this appalling government please can they just go
I wonder how long it’ll be before the general public mood will catch up with what competent economists have been saying for ten years, that austerity was a complete failure and should never be put forward ever again as a sensible economic policy
Thanks
Failed state syndrome. Its a healthy middle class that makes a thriving economy. Not the already rich and trickle down economy does NOT work.
"trickledown" only works where the wealthy are running productive/innovative business's and employing people. Competing on a global scale and bringing wealth to the country. However, the UK has a lot of stagnant wealth tied up in land, which isn't used and taxes/laws that make innovation a non-starter.
Can we estimate how much oil revenue the UK could've put into its coffers if it hadn't privatised oil?
The NHS would be unmatched, public transport cheap, the economy would be far stronger.
@@daftdigital Nah they would steal everything anyway.
@@daftdigital The UK would have been stronger for sure, but it was never going to be the situation we saw in Norway because Norway oil was accounting for a much smaller population, so the money went a lot further.
Problem is with the UK, governments tend to think about the short term picture and not the long term and with competent governments, the UK could have done much better like Norway did, but we were never going to have the success that Norway did.
But seriously, why does the British people keep voting for the Tories? They've been a disaster for the UK on Brexit and many will argue they've been dragging the UK down since the financial crisis, it's clear the Tories don't care about the people and only care about keeping power and if the British people really want change, they really need to change their voting patterns, because voting for more of the same and expecting different results is just stupid.
@@paul1979uk2000 well obviously the public doesn't have any real appetite for the Tories as they got less than half the votes yet due to our insane fptp system they got rewarded with a unhealthy majority of seats. We desperately need PR but fptp favours both Tory and Labour and it's very unlikely they will implement it
@@paul1979uk2000 because Tories are not great, but labour is even worse . Just to remind you- a lot of bs incl pre Brexit vote bs was made by labour. We need an alternative to them both.
had to refuse a high paying job in London simply because most of my money would have been sunk into rent...rent that is increasing by a significant margin year on year. Not sure how that city plans to retain talent. A lot are planning to pack up and go abroad.
You're going to have an aged population with 0 young people.
What does productivity and GDP growth matter anyway? Over the last 50 years it's ALL been siphoned off by the top few per cent. A fair redistribution and most people would be better off even with 0% growth.
💯
When there is higher gdp and productivity, most people became better off - even in 80s when inequality rose rapidly. But, when GDP growth falls, more and more fall inot poverty trap. Ideally, you need to solve both - inequality and growth
I enjoy the content of your channel. If you want to improve, work on the charts. Some are not clearly labeled to express what is being shown (e.g. a percentage of what?). All of them disappear far to quickly to add any value. Even for simple charts 10s is minimum.
15% drop in import/export penetration?? What are the actual figures for our trade with EU? Reading ONS, export to EU is up. I love your videos and would respect your objective analysis on this, free from OBR projections, which have a habit of being revised to less dramatic scales.
7m a day on housing criminals in hotels doesn't help
Elaborate
m = £million
It certainly does for the hoteliers making great profit on this legalised human trafficking. Open your eyes and follow the money!
I know before brexit we could return them via Dublin protocol but now we forced to house them.
Brexit voters should be taxed more to pay for it
They have over 25 years of lost GDP with me i haven't been employed since i last worked when i was 24 years old in (1998) then i quit the employment scene. The best part is people who have worked around me are now shagged health wise.
There may be trouble ahead
But while there's moonlight and music
And love and romance
Let's face the music and dance
Before the fiddlers have fled
Before they ask us to pay the bill
And while we still have the chance
Let's face the music and dance
There may be tear drops to shed
So while there's moonlight and music
And love and romance
Let's face the music and dance
Let's face the music and dance
Ships are sinking but the orchestra is amazing
How do you account for the lack of wage growth combined with the labour shortage?
We do have some unusual traits in the UK we pay a lot of people to stay out of the workforce, we have high female participation in the workplace, we have a lot of migrant labour and we have a very large public sector. Do any of these labour market... habits have any bearing on the matter? There is a thriving contract labour market selling unsecured labour at roaring prices, but most do not take this route, perhaps only the contractors reap the reward of labour shortage that employees fail to exploit? Most contractors are male, maybe cultural adaptation to change in the workplace is much slower in a female dominated workplace? Does migrant labour have any personal interest in productivity or improvement of their place of work, is it akin to the economic curse of slavery that periodically besets mankind? Does the government hold down wages by virtue of its vast size and overwhelming power in pay disputes, particularly in the realms of specialised workers who cant easily transfer into a different role.
No easy answer. But in short high inflation and low productivity growth, many other points, some of which you raise too.
@@economicshelp1 negative wage growth troughs on your chart correlate with the bursting of the property bubble in 2008 and the tech stock bubble in 2021, Im not convinced inflation has much to do with this stagnant wage growth because high inflation is only associated with 2021-present, back in 2008-2020 we had comparatively mild inflation(price rises). I don't have a good handle on when precisely the expansion of the money supply 'happened' in the labour market and thus 'when' the inflation finally happens either.
Who was talking about an "anti-growth coalition"?
Other countries need our money. We now elect leaders to represent us in managing the world. Not managing the UK.
Thankfully I moved most of my investments to Europe after Brexit in 2016. Its been a win win ,
When comparing 1940's NHS to now, it’s not really fair, but it something that no one really admits too, politicians blame the NHS (Demanding matron comes back, remember that from the conservatives 😉), and the NHS asks for more funding to provide more treatments and pay for staff.
In the 1940 - 50's - 60's hospitals for the most part where really just sanatoriums, where you went and either got better through rest or sadly you didn’t and passed on, but crucially not too expensive to run.
Now there are many many treatment options, all more expensive than the last, cancer treatment can cost well in excess of £1,000,000 per person (and money well spent it is too). because of this expense, not all treatments can be offered at once, because if you did, you would spend all your money in the first month of the year, and then your hospital would be labelled mismanaged and put into special measures by politicians so you get waiting lists often, but not is all cases, artificial to space out the spend over the year
It’s a large and sad political game, but in short, its very wrong to say that service levels are dropping for all the money we have invested - its just not true
Whether it is worth spending so much on one person ought to take into account their age, potential quality of life after and likelihood of treatment success... we have to be realistic and not selfish, such as the elderly were in wanting the schools to be closed in the hope that they would not contract Sars-CoV-2 from their grandchildren.
It really doesn’t make a jot of difference which political party governs, it all ends in bust!
Bond rates increased because Pension Funds were forced to sell bonds,which they are forced to hold by the government,due to bad investments,not by Truss s economic plans.
European countries do not have this leasehold system of apartment ownership.
Too many professional benefit claimants and no longer enough tax payers to pay for them. No incentive for working people to stay in the uk
Better to retire early with a pension than later when they may decide to retrospectively change your pension rights, as unclear what actually protects pension contributors.
Has anyone noticed the pot holes there getting bigger and not being filled in but that's what they want to destroy anyone who as a car.
I live in the south-east in an area with one of the highest Tory majorities there is, and the roads round here are an absolute disgrace. Council tax up of course, THIS COUNTRY CANNOT AFFORD THE CONSERVATIVES ANY MORE. SUNAK OUT
Great Vlog. Always so informative. Thanks.
From the year 2000 in good moments our GDP has peaked at 2.4% and sometimes 3.5%. So that conservative loss of 4% from Brexit has condemned us to pretty much permanent recession, or close to it.
Now the Government are taking us into the Trans-Pacific Partnership (TPP). They are not a big market for us and never will be, being a fraction of the size of the EU. We will have less control over our trade relationships with them than we did with the EU too. This bizarre government will shout that it is a great step forward, but we already have trade treatise with these countries we are merely giving up more control for virtually no gain.
It will take generations to repair the economy after we get this fiscally suicidal bunch of ideologically driven morons out of power.
If we go into recession, will unemployment rise to add yet another burden?
I find it hard for unemployment to not rise. Many of the jobs currently out there are due to high amounts of government spending into infrastructure, in a way us trying to spend our way out of a recession. if it wasn't for the millions invested into telecoms, infrastructure and the NHS i.e. construction of new facilities etc. we'd be in a recession since 2020
@@bangdobrich
Have they spent on the NHS infrastructure though? Most of the new hospital projects were never started.
I don't know about Telecoms investment, perhaps you could enlighten me.
Certainly new house builds have ground to a halt and that will affect many companies dependent on that.
You may well be correct about us going into recession in 2020, I am unsure, but have no evidence to the contrary.
Certainly if we do go into a full recession we could expect unemployment to rise, I agree.
We are in difficult times to be sure.
The average American is 40% wealthier than the average person in the EU or UK , just think about the, 40% ! The EU is the last thing the UK needs we need to copy success not failure.
@@garyb455 Gosh, such a simplistic statement covering so many issues.
America has a completely different economy. They have a lot of natural resources for a start. Secondly they have rather low standards when it comes to food quality. They do not have much of a public health service, so subtract that off the extra wealth of each American.
Finally they are quite extremely neo liberal overall. So there are very few services provided by the State. Again subtract that off peoples income.
Overall the American model does put more wealth into peoples pockets, but at a huge price. I have lived in America and having lived in Venezuela before that, I was shocked when I first arrived. I had never seen so many people with advanced disease begging on the street and I saw a grim poverty which I never expected to see in a developed nation.
We absolutely cannot copy their economic model because of the differences in resources. And, we certainly do not want to copy such a harsh economy which abandons so many citizens. It has a poor educational system too by the way, except for the rich.
The 2008 crisis it´s not over in Europe, it never has been, it is not just a UK thing. I admit that I had expected that, being out of the euro, UK would have managed to recover at least better than us. most countries that were in the union but outside the euro managed to.
Are you sure you're talking about Britain? This sounds a lot like Canda. I would like ot see a side by side comparison.
Just as normal then
Sir, what do you think about Net Zero and sustainability targets of the UK? Green energy and low carbon emissions are so important for our future but I am not sure that companies can manage to reach targets without government's significant support.
Half of your "stats" are wrong or false. The -0.6% actually turned out to be 0.4%. While Germany were in minus.
The UK is a mess now… I’m glad I left 👍👍👍
The title is wrong. It should be "Higher taxes and FEWER public services."
It should be 'Britain's Fxxked and Here's Why'
It's the TORIES!! Fault this happened!
This is why all my investments are in overseas companies. The UK does not encourage innovation. The first chance it sees to tax the hard working it will do it.
Bare in mind that those who can afford to study in UK are oversees students who pay loads of money for it! UK young people dont have the drive or money to study which opens the doors for those who migrate for work.
Rubbish, there are plenty of UK students in universities across the UK.
It's all down to age demographics.... too many older and less economically active people vs fewer young economically active people.
Why don't you mention the effect of cheap labour on productivity and GDP per capita.
The UK has been in big trouble for a while, mainly because politicians like to publicly whip the people/sectors that create jobs.
I also think that the current tax burden creates too much friction. The UK would do better to introduce a progressive capital gains tax and increase the personal allowance
The UK is dead it just hasn't stopped moving, long live the UK Countries - Wales, Scotland, Northern Ireland, Southern Ireland and England as seperate entities working together.
Uk was alright till they opened there doors eu citizen , then everyone came then work illegally. RIP UK 😢😢
Pare away the ingredients and the cake gets smaller,
Everybody get smaller portions and so are too weak to do what they used to do, so they pare again .
What they do with the ingredients they hold back, they never sell holes, but we can guess .
It’s the economics of the madhouse.
A better title for this would include "and what can be done"
The trouble with the idea that we have a shortage of workers is that it's....bollocks. ok we have a shortage in certain sectors but overall we have far more unemployed than vacancies which is why we are not seeing wage increases across all sectors
🤷♀️
Britain was the first industrial nation and it was the first nation to become post-industrial. Britain had the biggest colonial empire in the history of the planet and then the world moved on and the colonies became free.
Europe as a whole is of diminishing economic importance in global terms and Britain is ahead of Europe in becoming less important more quickly.
Britain became weary of consumerism but became so unequal that large groups of people can hardly consume more than the basic minimum to sustain themselves.
Britain (or the UK if you prefer) is realising that the global environment is badly damaged and all the signs are for that damage to accelerate.
Britain was a successful country that eventually realised how hollow success can be. In many ways we gave up on chasing what we used to think success was. Having long given up on religion we are collectively unsure what the point is.
Britain has left the rat race and its people are finding their own meaning in whatever way they can. We know the established political parties don't really have any workable plans to put the country back at the 'top' of anything and many of us don't care.
UK population deserve all of this decline.
What do we need now? FOOD
how to get it? Grow it
Keep 6 hens for eggs
Keep bees for honey
have a pond for fresh fish
Then think about shelter + heating.
We BRITISH can build ourselves + our country.😊
Grow it where..does everyone have a secure garden? Where are they keeping these chickens? Where are they storing their bees? How do we get a pond in sixth story flat?
16 years of torries i think all of this could have been expected
The "Hunt" for the
Brexit Ex-oneration
is not going so well.
:-))
Greedy guts at the top are taking everything
Therese Coffey has certainly no issues with skyrocketing food prices looking at her
The good news is we can now sell Marmite to the Pacific Rim whoop whoop
£650? Gross underestimate I'd say??
I think as a country develops, rate of growth naturally has to fall. These long-term problems of productivity and low investment are not going to go away or be solved.
Rate if growth does fall in a mature economy. But this has nothing to do with being a mature economy. Most major European countries are mature economies and don't show the symptoms the UK has. They still grow productivity and investment.
Dunce MPs and socialism of high green energy costs EU regulations and high taxes
Aerospace and nuclear power were also causes that have contributed to the UK's demise.
Well that's gonna need some explanation
@Ollie Tizzard Millions were spent on aerospace R&D technologies that no other nation wanted. Concorde and the Harrier Jump jet were fine examples. The same went for Nuclear Power too. This stemmed from the "white heat" programmes of the mid-sixties.
That's an interesting perspective. But to say "contributing to the UKs demise" sounds hyperbole, I doubt those things move the economic needle compared to the factors mentioned in the video. At least no to for the last 30 years or so. Re the aerospace industry I would agree you could make the argument that the sector was bloated postwar with multiple similar companies competing for government defence tenders or pursuing misguided civil white elephants like the Brabazon. However overall there's advantages to having a strong aerospace and RandD sector, we're chronically short of STEM graduates and consequently startups/ innovators in that field in the UK. France in the 60s had exactly the same approach with large aerospace companies and the State "picking winners" and now aerospace is a far more robust and profitable contribution to it's economy (look at Airbus for instance). Do you object to those industries in general or the amount of state support they got?
@Ollie Tizzard Yes, because France decided to focus more on launching satellites and is responsible for nearly 15% of all space objects circumnavigating the earth today. Also, French companies such as Dassult are world leaders when it comes to manufacturing software to aid aircraft design such as the Boeing 777. I think that France is also one of the two countries in the world that manufacture flight simulators too.
Ah life in the gutter, the glorious price of Brexit 🤣😂🤣😂
1) over reliance on services and especially finance
2) over reliance on cheap overseas labour and/or overseas skills (why train brits, when some other country can train their own.. then you can take the skills?)
3) over reliance on migration to keep the old/young population balance.. thus society not optimised for raising children
4) over reliance on cheap energy at the time.. i.e. gas... again, globalisation / supply chains... not investing in a range of capabilities, nuc etc.... no skills!!
5) mismanagement of resources.. by HMgov and civ service.. we see crazy mod spending on white elephants... crazy big spends on projects not beneficial to most people HS2 etc..
6) Brexit and what's to come is a move away from that.. but as any junky knows.. its hard to get off the bad stuff... and UK is a junkie addicted to short-term low investment strategies the people won't accept anymore..
Its important to realise that brexit isn't preventing people / skills / cheap labour.. since brexit only ensures UK can or otherwise choose to allow in skills... its gov policy to try to invest in UK workforce first to fill a skills gap.. having listened to the concerns raised that led to brexit.
.. oh and i missed one out...
Mismanagement of assets people need to live.. the gov have allowed them to become investment opportunities and allowed for the have's so they become inflated in price.. meaning the have-some's (most people) are heavily overleveraged in gaining ownership.. since they relied on cheap borrowing to facilitate it for the have-some's... this makes for a crisis in waiting..
The government should explore new sources of tax , like entry fee of museums or immigration tax from tourists at the airport.
Also , there should be a taxation reform. The government is turning the UK into a developing country.
The UK is becoming a regressing country.
We should just become part of Russia if no one wants to trade with us and invest in our proud and great land. Russians would appreciate the Spice Girls and Ed Sheeran too while sympathising with our need to break international law.
The government is trying the U.S.
I think Russia is perhaps not the best choice given the fact we are sanctioning them.
Best idea here! After all, Russian oligarchs were the sugar daddies that bankrolled the British economy during the 2000s and gave the illusion of a prosperous nation. There are great synergies to be found between the UK and Russia.
The Golden Era is over.
The UK's "...Golden Age..." ended long ago.
The reality, as an analyst writing in 'The Financial Times' put it, is that the UK and the USA are basically poor countries which have a small number of very rich people living in them.
Over the last decade, incomes in France rose by 34%, and by 27% in Germany.
In the same period, average incomes in the UK DROPPED by 2%.
Yet the British people keep voting for politicians who keep doing MORE of the same policies which cosset the rich and further impoverish the majority of the people.
To be fair, the same is true of poor Republican voters in the USA, who have always voted against their own interests....
@@gloin10 And what has the two countries got in common? A two party sytem that has been on lifesupport for many decades already. But it is more important for the politicians to momentarily gain more or less total power only to see their work being shredded when the other party takes over the government.
The video maker's analysis is reasonable, but the ears of those in power are deaf. Money laundering in London is much more important than growth or an increase in the standard of living. The latter two only become "artificially" important when an election is near....but a few slogans (as on the side of the Brexit bus) will normally suffice to turn the voters' heads.
Doctors have had their pay cut by over 30% in real times since 2008 - they're all leaving. Healthcare spending isn't going to the people actually providing the care, nor into the infrastructure of the hospitals (they're all falling apart at the seams). Rip everyone in the uk
UK oil? You mean the oil you pilfered from Scotland without payment?
We ain't gonna do shit until we also tax the rich and corporations both of which pay a ridiculously low rate.
Investment today --> jobs in five years --> taxes in five more years
Great. UK costed so much to UE before Brexit.
Now, we just have to make sure that never UK come back. NEVER