If only prime ministers would come on tv once per month and talk as clearly, honestly, openly, articulately, factually, truthfully & with as much clarity as this…. the country would actually look at their prime minister with some level of pride, belief, appreciation and admiration!
We now have an embedded culture of sneering at any decent western progressive ideas. Much of it following a certain play book, of those with an interest in us failing.
Need to change the political system, as every party wants the other ones to fail, so they can be in power. It obviously isn't the best way to run a country.
The cabenet should have ministers from both parties, probably along the lines of the proportion of votes that party got. We need to stop this us vs them and party politics nonsense and maybe this would force them to have to work together.
I’ve always thought it was dumb to give some 4 years to do stuff then maybe have their opposition reverse it when they get in. Surely having all these short term goals that only happen for a few years is just a waste of money and should rather be invested in something long term.
Or if the utilities were still nationalised then give them a budget each tear - not this use it or lose it nonsense, and let them make their own plans for upgrades and repairs. Have a minimum base level that no party can reduce it below, but have the option for giving them more.
I had no idea Torsten Bell was now an MP, I used to listen to him on podcasts - he is a serious asset for the Labour Party if they can get him in the right position
0nly if he's a Libertarian, and not a Lefty Globalism, spend, Spend, SPEND nut because we owe 100% of GDP. The Labour Party will just mass-import even more cheap labour who will cost us more than they pay in taxes, kicking the can down the line. The UK is an evil entity that should be disbanded anyhow, and as a non-fake Green total economic collapse is desired sooner rather than later. Therefore, Reform or even The Greens would be the best party as both have the potential to bring down Britain. Problem is Reform have Libertarian ideals so could be very good for the Economy. Greens would muck it up the most with crazy spending so VOTE GREEN TO RUIN THE ECONOMY so 10 MILLION PEOPLE LEAVE! Blah.. blah..
Torsten Bell is a rare breath of fresh air. I’m usually a conservative voter, but I’d vote for this guy every time. He is clear, honest and looks to what is possible in the kind of detail needed.
That's like being one of the better astrologists😂 I've yet to see one that can explain how we deal with the crazy levels of debt we now have, mostly thanks to the huge mistakes of previous economists.
If only he knew why the word "Great" appears in "Great Britain" (nothing to do with achievement - it's a geographical descriptor to differentiate the island from Brittany).
@@frankshailes3205 I thought that, too, but he probably means that the common view is that it means a great country. He lives in Wales where most of the Britons are concentrated, so he should know. 🙂
@@sharpvidtube and massive problem of high concentrations of capital with a very few. See Noam Chomsky's analysis "Requiem for an American Dream" which could equally be applied to most Western economies.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Given the prevailing market conditions and the potential risks associated with the current economy, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.
Julia Hope Marble the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
He’ll be in reserve for when they want to get rid of Rachel Reeves and Keir Starmer, which will probably in a couple of years time when the PLP will be concerned about loosing their seats.
This dude is the type of politician that is needed BUT he is not the type of politician that Starmer's Labour needs. This man will never see cabinet under Starmer, who would prefer and probably make sure that he is kept as far back in the room as possible. I don't know what Starmer is playing at - I have never liked the fact that he has never defined what he stands for - but from what I am seeing it is nothing good and what Bell is talking about here does not fit into Starmer's Labour direction.
Look at his Wikipedia. Cardboard cut out clone. His brothers a civil servant and his mother was a ‘policy analyst and activist’! . Where are the ‘normal people’
@@mark4levdoing other things? People specialise in complicated things. The discourse would be a lot less productive if you had Gaz from spoons proposing unresearched ideas, versus someone who has spent a long time looking into these things.
@@mark4lev There are plenty of labour MPs from humble backgrounds, such as Angela Raynee, who share the perspective of normal people. But we need economists too because they understand the issues better than anyone
None of this "planning" will work unless the deregulation of financial institutions, under Maggie Thatcher's "Big Bang", is reversed. Otherwise crashes will keep happening, underwritten by the taxpayer.
It's highly dishonest of Torsten to say inequality has not risen and only mention income inequality. What he is leaving out is that wealth inequality has shot up over the last few years. That means people have no assets to fall back on. They cannot afford a house so they have to rent one so a landlord siphons off 40% of their income. Etc And at a macro scale, the rich have also been acquiring assets that used to belong to the state. So now the state is in the same trap - renting assets and services from the private sector at inflated prices so the capitalist class can earn a rent. Meanwhile we get shtty services and terrible value for money.
Wealth inequality is not well understood (people mix it up with income), but before anything else the U.K. would need better data on the issue. Do we even know who the wealthiest 10,000 people in the country are? Not even sure if HMRC knows this, all they know is the income people declare.
Rachel Reeves is a seriously sharp operator and will be fine in the job. She has been given a job with no good news stories available for the foreseeable future... but will do what is needed.
All these politicians do is try to treat the symptoms of a fundamentally flawed system that is capitalism. A system that prioritizes profits and wealth accumulation of a few, over the prosperity and flourishing of society as a whole. Until the system itself is changed, the status quo will remain.
@anab0lic The other system that is based on the feudal system, is the communism model in this day and age, and I don't think anyone truly wants that...
@@stevendenny7260 I thought she was OK, but taking away the winter fuel allowance from pensioners is insane. Have to hope we don't get a cold winter, I can't see her surviving if lots more pensioners freeze to death this winter. Maybe they will do something to help all those that are just above claiming benefits, but still can't afford the crazy heating bills? I still think it was a decision that's so stupid, she will be lucky to keep her job.
Surprise, surprise privatising the water industry lead to no investment, The water industry is a no risk business. A private management board seek to maximise profit for shareholders. So investments would only be made if it gave a profitable return, While the infrastructure was still adequate, then why waste money improving the system?
Usually the mainshare holder is the government unless they sell that off. Basiclly something paided for with public money and then privatisation happens and the public just get screwed by it. The issue for the UK is the government and ministers now have too much power as they have to much money/control over the UK.
Inequality in The UK is a direct result of letting landlords/estate agents run thier feudal business with an open hand, letting foriegn investors buy property like popcorn and not taxing the individuals on thier physical assets like houses,land, cars etc but on thier income !
Very true the people my age with landlord parents are significantly richer by a large margin then other people my age, because their parents gave them properties
It's not about income but where does the income go? A salaried employee paying rent may have exaclty the same income as a landlord but the landlord gets to keep theirs by taking yours. Then they get interest and appreciation for the privilage. This is what drives our ineqaulity.
Exactly the rich have increased their wealth by the equivalent of 1000% ( if that was possible) in the last decade. That’s where all the money is going. Just look at the record profits they are reporting that’s coming out of our pockets for the ever rising prices.
Gary economics talks about this. The greatest driver of inequality is the decades of transfer of money from ordinary working people into the pockets of the wealthy who turn it into assets The wealthy make money from assets and from debt. If a person gets a mortgage or a bank loan…..that’s from a public company which the wealthy own shares. With decades of privatisation the wealthy have taken ownership of govt assets as well: social housing, contracted out services, water infrastructure, national grid, energy etc etc.
Yeah but it is about income. When one class takes 100's of X more money at the point of profit production, they spend that money on property and force people to rent by forcing property prices up.
So why not buy a rental property and you can do the same? because you would need to pay out a 30k deposit and kit out a house, pay the council tax and the mortgage even if it was empty, then someone will move in and hate you for your efforts whilst trashing the place, you'll also have to contend with interest rate fluctuations and property maintenance.
@@RobinHarris-nf4yv yep and they don’t pay taxes on those assets, and they hoard their money in tax havens so they don’t pay tax and rich people are tight ( according to research), and prone to be more dishonest ( again research) so the money isn’t getting recirculated into the economy. They are just sucking the economy dry And the more money they put into the economy the richer and greedier they get. You see they hang out with each other so in their world and minds they aren’t that rich ( again research suggests). Research also suggests rich people are out of touch with the reality of ordinary people. I don’t think they even see us as human. That’s why putting millionaires in power will always be bad for ordinary people. That’s why they don’t understand why taking extravagant gifts ( not gifts) makes ordinary people angry. A large percentage of people are struggling to eat prime minister and you have just told them it’s going to get worse….. or🤬
High inequality means overworked and under paid . Wages stay the same and taxes are going up . We need to address 1 in 5 children below the poverty line. Parents are relying on food banks . Parents cant afford to buy clothes for there children. People are being overworked on low pay this results in people claiming more disability benefits because there overworked and they have mental health issues. There is lack of work in small towns . Working people are always attacked. High rent means more homelessness. You cant get mental health support which means there is a mental health crisis . Towns look run down . Businesses are closing down . There is nothing for young people to do
What??? Actually, Age is the biggest determinant of wealth and income for obvious reasons. Then it's education and intelligence, again obvious reasons Being young and unskilled, unintelligent makes you poor. Being older and intelligent makes you rich. Being a mix makes you in-between. So I bet that 1 child in '1 in 5 children below the poverty line' belong to mothers who are
Those are the symptoms of a dysfunctional system. Torsten is right that numerous things will need to happen to begin to rectify it. No 1 ignore any politician that says its easy to solve eg Borris/ Ferrage.
This is the absolute core of the issue. The cost to live is so high, people are so overworked that there’s little demand left over to actually support such a level of overemployment; Hence, the kneeling public sector and high tax rates.
Good point! Austerity backfires and costs more in the long run. It would've been cheaper to leave sick and disabled people alone, instead of creating a massive, costly bureaucracy to keep the boot of the state on their necks, making them prove over and over how deserving they are, while taking away help previously available to assist them into work. Right wingers don't care about any of that. Tell them it's cheaper to give homeless people free money or accommodation than to leave them on the street where they end up costing us more through extra spending on the healthcare and criminal justice systems that occur with homelessness and they'll eventually admit they would rather spend more money to make sure people who they think don't deserve help don't get it.
I wish I could believe that Britain can get better, but I was born in '97. I've seen almost thirty years of things getting worse, but I've LITERALLY never seen anything in this country get better.
Yes, fibre optic technology is obviously better than dial-up, but I'll be amazed if you can tell me how having the internet in every second of my life is a good thing.
Things were beginning to get better towards the end of John Major's government and continued to do so until the financial crisis of 2007/8. The lived experience got considerably worse when the Tory/LibDems coalition with austerity and then the lunacy following the 2015 ge. We might, just might have some hope now but it's a shaky start.
@@martinjohnson1534 you have been brainwashed by an increasingly hysterical left wing media and political parties that practice the politics of moral outrage. The uk is better on every single socioeconomic measure now than it was in 1997. Inequality is lower (or at worse , the same), real disposable incomes much higher, absolute poverty much lower, crime and unemployment much lower. Spending on public services and welfare is much higher in real terms per capita. Life expectancy has increased. Taxes are lower on the average worker. We have more social and legal rights, more police, more drs, nurses per capita.
@martinjohnson1534 because you can have a better education for free via the Internet than anyone else in the history of the earth previously. But always it's easier to complain than it is to do.
Water is not 'regulated' - the 'regulators' should be sacked and imprisoned the same as the water barons. No utilities should be run by the private sector.
I'm a free market guy and I do somewhat agree with you but if the government wasn't weak and corrupt and actually enforced the necessary environmental laws, then it would be far, far easier to keep them in line and create a healthier environment but since it is the most important resource, I would probably agree and make that a government run industry as this so something that is too important for the free market.
@@WhiteIkiryo-yt2it it's never been a free-market: consumers have 1 choice of supplier, it's quite essential so you have to buy it, and it's heavily regulated as the best raw economic outcome would be disastrous socially, environmentally and highly unsustainable. some things are better for the government to control so at least you're not paying profits out and decisions made will at the least be trying to make it the system better
@@WhiteIkiryo-yt2it Things that people need to survive and profit should not be contemplated in the same business model. Profit extraction necessarily comes at the cost of human lives.
If you look at something like investment in roads in the UK i remember back when i was a kid that they used to plain off all the old tarmac and resurface again from scratch but at some point that policy altered into doing as little as they can possibly get away with creating an infrastructure that has become as laughing stock in the UK. I then moved to France in 2016 and watching how much they invest in local infrastructure projects locally is eye watering. Two years ago the local town where we food shop (Saint Hilaire du Harcouert) spent more money redeveloping a car park (4.3 million euros) than my old district council (Mole Valley) had available to spend on all its services (2.3 million pounds). Because they are always improving things it makes you feel good, it makes you feel confident. Businesses open who in turn introduce more taxes into the local budgets and it only gets better. Now the UK has higher taxes but where are the improved local services and infrastructure?
What drives me mad is when they put about 30 patches on 100m of road. I can't believe that it costs the people doing the patching less to do that than resurface the road. At which point I guess that a big problem is how the contract is written for the resurfacing. I guess it is done by area of road not cost to the contractor, so a full resurfacing looks very expensive.
The 'great' is not an adjective in the way he suggests, it's historic reference to relative size. Part of the problem in UK is that most people from there think they are 'Great' in the exceptional sense when they are much poorer and worse off than many other nation states.
Everybody talks about this phantom British cockiness and overconfidence and love of empire that doesn't actually exist outside of movie villains. The truth is, the UK is one of the most demoralised nations on Earth. Everyone in the middle class and upwards claims to be part French, Irish, Russian, Welsh anything other than English, it's baffling, putting down Britain and pretending one is continental and travelled is the past time of every university graduate.
It's so refreshing to hear young MPs on television discussing serious economic problems and not the culture war and small boats. Any Conservatives disagreeing with these ideas should be pressuring their party to do the same.
You can't have economic growth if you don't feel safe on your streets, if more and more people come to your country who don't have the same values and don't like you all that much. Nobody is solving these problems. Tories said they would and only made them worse, Labour care more about what people say online than actual criminals.
@@rutessian but by the numbers we don't have a crime problem in this country we have an inequality problem. We might have a crime perception problem but our figures are pretty average among the G7. And, conflating immigration with crime shows your hand a little.
@@Londonmale89 Are those the numbers from the same civil service bureaucracy that allowed grooming gangs to operate unimpeded for more than a decade? Is it the same people who charge and convict someone for an online post in a day but will ignore assault and battery and other "minor" crimes if the perpetrator is of a certain upbringing? And you call me biased.. No, your government is biased.
Part of the reason he is so good to listen to, is because he isn't being interviewed as an MP. If this was a political interview, the presenter would have an agenda and wouldn't let him say what he wanted to say.
Partly correct. However who wants to work hard when the wealthy are creaming off the money? you stop trying when their doesn't appear a way to improve. Same across the world by the way. Our uk income is taxed at 40% above 50k and yet capital gains is 24% on millions. Middle earners and everyone else (are being screwed) so that those with wealth can literally gain money for doing sod all! there are numerous other areas in the same situation. eg Housing, where wealthy landowners and real estate developers deliberately withhold developing land to maximise profit etc, etc. Everyone need to wake up.
@@gerryparker7699absolutely right. I'm tired of hearing outcry whenever there is talk of aligning capital gains with income tax. Increase CGT and lower income tax. Should be the other way round, earned income encouraged over passive incomes from existing wealth.
The important thing is, don't do something crazy and extreme like voting for someone like Farage who wants net zero annual immigration. With annual emigration running at just over 500K annually, this would mean that the UK would only be able to accept just over 500,000 immigrants per year -- An insanely low number which would likely throw the UK back into the stone age and leave us at risk of attack from wooly mammoths and sabre-tooth tigers.
Why did we stop investing? Three words, 'The English Disease'. The Great and the Good's inability to see beyond the end of the current quarter. Everything geared towards maximum, short term share holder value. Meaning nothing for long term investment.
Now that is what a real leader sounds like. Realistic but positive with actual tangible goals that aren’t about politicking or whatever. No demagoguery or slogans.
Torsten has marvelously realistic and compassionate views. I am glad he is now in government and hope he has a major influence on our economic policy. Well done and thankyou
The reason why the young are more hopeful is because they were not a live 20-30+ yrs a go, so they have no idea how good life was vs now. As they age, sadly they will experience the same , the UK getting noticeably worse decade by decade.
1. Government pensions are killing the country yet recent budget did nothing to temper these. 2. Recent budget has decimated all " non rich" incomes. To say the minimum wage on FULL TIME EMPLOYEE makes them £9k better off yet most are on zero hours so can't even get full time. 3. Pensioners today saved and looked after their money to provide for their old age. The recent budget took indiv8duals years of planning and saving and effectively junked their entitlements. But government Pensions continue to be protected teachers get a 28% annual pension contribution paid for by private industry tax payers and those with savings. 4. Jobs, unemployment is soaring and AI hasn't fully impacted yet so the cist of benefits is skyrocketing 30 years ago spending on housing benefits circa £4b and expense on actual housing circa £22b today those nu.bers are higher bu the spend on benefits is now about £27b so that why we can't build houses, we can't afford it and immigration has significantly significantly worsened the situation. 5. GDP is going nowhere I believe it will worsen over the next 5 years. Labours idea is tax us through this period which will just accelerate the downward trend. 6. This Labour government doesn't care about the people of the UK. All we will see is more laws to deprive us of everything, seems Torstein thinks this is a good thing! TRUMP is appointing business people to fix g9vernment problems because they are used to fixing stuff. Controlling government massive inefficiencies and over spending is critical to starting to fix things. You couldn't trust these inexperienced MPs ro fix anything like this, good heavens Labour MPs don't even represent their constituencies for feat of their "leader"
I wonder how he will cope ina Party that is running austerity, refusing to invest and sticking too a nonsense fiscal rule. And stuffed with people who've lately been exposed as acting in bad faith
We need the government efficiency department too. Our money seem to be draining away, in the unknown direction, without any clearly published accounts. This should hecome transparent and debatable.
Did he explain how to fix Britain? - if so I missed it - he picked out under investment - that's been a thing since WW2. I don't think government makes much difference - UK has been declining for over 100 years, we are going through a demographic problem now as birth rate is dropping like most advanced economies. Energy costs which are the basis of economic growth are going to go up and whilst he stated we should have invested in Nuclear 20 years ago which is correct we didn't and Labour didn't - the current Labour policy on energy is suicidal costs will go through the roof and without low energy costs the UK economy will continue to suffer - Look at Germany now they have lost cheap russian gas - they are screwed! PS Conservatives were just as bad which makes my point re. Gov valid it makes little difference.
The problem is the government gets in the way. A strong economy is one that embraces free market capitalism and industry. The government needs to invest in nuclear as the number 1 issue when it comes to power as while a green economy is a nice idea, it is not practical as green energy can only supplement a grid of our size, not replace. Nuclear is the way to go, especially with the new Japanese project to develop brand new reactors which give off hydrogen as a by product which they will use for hearing homes and as hydrogen fuel cells for vehicles, making the emissions problem a thing of the past...there might be a chance of a Hindenburg style accident if someone drives like an idiot but that is a risk worth taking and if we partner with the Japanese now, we can greatly benefit.
If you dont understand basic economics, perhabs you should work on that instead of making blanket statements, that at best are partley true, and a good chunk of utter nonsense. Like the complete drivel about Germany's gas problems, that have so far resulted in an economy that have preformed better then most, a non problem, made up by idiots and Russian stooges, to manipulate the weak minded !
I’m not Labour in the slightest, but this guy really seems to speak openly and genuinely. I don’t trust the others as far as I can throw them. Wish there were more like him in politics
I think it’s amazing how many people, including myself until recently, having not attained a high amount of success in politics or anything else, think we know what’s really going on and how to fix them. Instead, I have realized I only know things aren’t quite right. Also, it’s all so complicated I can’t figure it out. I’m now just going to vote for someone new until we start getting improvements.
Torsten talks a lot of sense and I've ben a fan of his for a while, it will be a to see what he does when the labour party dont move in the right direction. Im hoping he won't sell out like Lamy and Thornbury.
@@FreeSpeech-q7v He already has! Did you miss the part where he slagged UBI? I believe that this was the whole point of this video. Get them out the next election. USELESS! Two sides of the same coin.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 1.8million.
@@williamDonaldson432 This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
It would be a very innovative suggestion to look out for Financial Advisors like Annette Marie Holt who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
Not that old thank you, but yes those with money have manipulated the taxation, political and media system to favour those with wealth, not just individually but across the generations. We are being royally screwed.
@@kr050actually a lot of it comes from the older generation who didnt do ok and dont want to see the younger generation. They want them to suffer as they did. Misery loves company.
Yes. That would have been when the effects of the policies of the Atlee government were still present in our society and economy. They've all been pretty much reversed now - by both Labour and Tories.
I'm 71 and live very modestly. I can remember my parents' generation had a family structure where one person could earn enough to cover the costs of living. Nowadays, many hard-working families can only dream of a life without struggle.
The one thing we HAVE learned since the 1987 Market Crash is that AUSTERITY doesn't work. The economy can only be fixed by those with the greatest income / wealth flexibility shouldering ALL the burden.
The UK has had no austerity. Spending has gone insane under the tories and labour have just borrowed an extra 2 billion on top of what was forecast. The government borrowing and spending devalues your paycheck. A good economy has nothing to do with taxes and spending by the state, it's state meddling that has made the economy so bad to begin with. Less government spending, less beurocracy, lower taxes = strong economy. It would help if they closed the borders as well as mass immigration is suppressing wages and inflating asset prices.
@quillo2747 Austerity is the erosion of personal spending by the suppression of wage increases, tax allowance freezes, benefit cuts and benefit freezes, while inflation continues to increase the cost of living. Government pays lip service to reduced government spending, during periods of austerity, but it rarely happens. It's only been two years, but many people have already forgotten that the Tory government spent / borrowed ££billions keeping businesses and families afloat during the pandemic lockdowns, in a very unTorylike fashion... they usually only support businesses. Those borrowings and the interest charges probably account for the shortfall that's horrified the incoming Labour government. I'm surprised it's that little. No effort has been made to repay ANY of the national debt resulting from that borrowing, partly because once in a generation inflation has been eating into disposable income for two years and the incredibly stupid method of hiking interest rates to "cool" inflation that simply added to the cost of living... crazy!
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2024. A global recession, defined 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.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance.
That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of $550k, which is about 10 times more than I average on.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Sophia Maurine Lanting turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
@@OptimisticHominid not really No Labour MP can talk about Brexit damage And in any case rejoining EU would not sort out our economy…..it didn’t when we were members
If he mentions Brexit, he gets instant bad press from every angle. Why mention Brexit, when there were clearly issues in the UK from 2007 - 2016 which need to be fixed, and which don't open you up to unwanted quagmire, like Theresa May did?
FYI, I voted against Brexit and I'm still against it. You must think about the situation we are in now and how we can make the best of it though. By reintroducing the Brexit debate, you could hold the country back another 10 years with another 6 PM's
It's refreshing that he's focussing on simple changes that'll improve lives. I voted to remain but I don't know if discussing the flaws / bad outcomes of Brexit will necessarily help very much. He seems practical and forward thinking.
He became disillusioned because of people like him. His talk is great but then he votes to keep the 2 child benefit cap and voted to take away winter fuel allowance. Total sell out.
@@RealDareel He came to my university a little before he ran as an MP. He talked a lot about austerity and alleviating child poverty. I guess this is either proof of how our parliament system corrupts people’s values, or how totalitarian Stamer’s leadership is
the eu are waiting for the leave boomers to shut up or go away, they are not interested while farage the erg and their ilk are still going on about freedoms. if the tories get back in in 10 years time, the anti eu rhetoric starts again. the eu wont take the risk.
It really isn't. Sterling's value is above where it was when we left, we've got a record level on inward investment, and Britain is not a wasteland. The sky did not fall in, you're just scared of having to make your own way in the world instead of being told no by your overbearing EU nanny. If Switzerland can get by without it, so can we.
This guy really knows his stuff. I like how he doesn't deflect, he takes the question, clearly explains why things are the way they are, and then says what we should be doing to fix it.
I really hope we can turn things around. It's sad to see so many struggling while others thrive. 😟 But Torsten’s ideas give a glimmer of hope that change is possible! Maybe it's time we all start talking more about solutions rather than just problems. 🌍✨
I listened to Torsten not long ago where he did a podcast breaking down the issues on the economy and was immediately impressed by him, not just the fact he is young but he is incredibly level headed, honest and fair but the most unique thing of all is that its refreshing to see someone so optimistic and hopefully which doesn't exist in politics today. I personally can't stand Starmer but I would actually reconsider if Torsten became Prime Minister one day, I just hope he doesn't get chewed up and corrupted by the horrid system that is our government.
“Great Britain?” is a superb book. It opened my eyes to many things which I had never given thought to. Labour, tory, green or anything in between, it is well worth a read.
Torsten's book was so good I re-read it immediately. Now he is a Labour MP I hope Starmer listens to him. Their challenge in engaging Torsten's sensible economic policies within the UK political landscape.
Looking through the comments I'm shocked but not surprised that people seem to rate this guy. There is so little actual Economics being discussed here. Its all politics. Things that will really make a difference are monetary policy, how to get internal investment up in our companies, a simple and sensible tax code instead of the mess we have today that perversely incentives behaviour, and how to make Britain happy to accept that inequality in society is ok - and a natural and inevitable sign of success.
You didn't listen to Bell's point - we have a greater inequality than nearly all comparable countries and have failed appallingly by comparison. Correlation is not necessarily causation, but all the evidence shows that the rich are buying up a larger and larger share of our assets and the poor are having to pay heavily to use them. This only creates more poverty and less success.
Inequality, yes, sure, everyone needs something to strive for. But to the degree that it is the case here (and in the US)? No, that is damaging for the country.
I was thinking the same thing. Good economists throughout history such as Milton Friedman or Thomas Sowell say things that make sense. All of the economists on bbc, channel 4 etc say things that sound good but make no sense. Unfortunately, most people just hear a bunch of stats and buzz words and think someone knows what they're talking about and has valid solutions.
@@jackbrown400 Except that Friedman's ideas (along with other proponents of neoliberalism) are what led to the 2008 crash, are why wages got decoupled from productivity in the 1970s, and why wages remain depressed. According to Unlearning Economics, Thomas Sowell's book 'Basic Economics' gets quite a lot wrong about Economics. Saying things that make sense might indicate a full and complete understanding of a topic, such that they can present it to people such as us, who are not educated on the topic, and have it make sense. However, it might also mean they're trying to sell us a bridge. The idea of Occam's Broom, where inconvenient facts are swept under the rug, is good to keep in mind.
@@CmdrTobs You give more money in the first instance in order to get people back on their feet and able to function well, and then improve their ability to look after themselves. This is whaat separates expenses from investments. An investment will pay for itself. Example: in Many continenatl countries, let's take Switzerland, you get 70% (single person) or 80% (you have kids) of your salary when you lose your job. This means that you can keep functioning.If you find a job that suits you, but pays less than the 80%, with prospects of pay increases, the state pays the difference for a few months. When this happened to me, I was back up over the 80% withing 6 months. Everybody benefits although it looks like a bigger expense for the state at first. Instead, UK jobseekers are made vulnerable in every possible way (physically, socially, mentally) by a very mean and punitive system, and they are trapped in poverty, unable to travel and apply for jobs. When I was teaching the longterm unemployed, my colleagues and I sometimes helped students financially because we knew they had a good chance to get such and such job if only they could invest a bit in the beginning. It was an interesting phenomenon because more than once, the students said "Oh, so you mean I can really get it?". "Of course, do not be too cocky at the interview, do not tell anybody I gave you ... But go with confidence." It boosted them. And they did get the jobs, usually!!! I always say: sometimes, fixing the small stuff fixes the big stuff to some extent. Topdown is iften a mistake.
@@CmdrTobs lol nope?!? That's very dismissive... So you don't consider other people's opinions to be valid. That a fact is in fact perceived from only one point of view and that anything else cannot be. So joining a large market and supply of quality workers and materials has nothing to do with economics at all? Lol.. Sorry I meant pwahahahaha...
@@AlexSometimes UK isn't embargoed. The merits aren't proven. Political union beyond the national level isn't proven. The EU as a political premise isn't proven. The trend has been to trade 1% less, relatively, with the EU every year for the last few decades. By 2050 ~15% of our trade will be with the EU under treaties agreed when they were 70% of trade. Since opting out of the single currency, the question was when to leave, not if.
He’s hit on something really big here. The short-term-ism of this country is truly staggering, I’ve always wondered why it’s the case in a country as ancient as ours, where some of our greatest monuments many decades to build, but he’s explained it really well.
“Great Britain” is NOT a value judgement. It is simply the name of the big island (England + Wales + Scotland). It is the greatest in size of our group of islands, the British Isles, which includes Wight, Man, Anglesey, Skye, Orkneys, Shetlands, Western Isles,…
It's also a value judgement. Britain was the first country to industrialize, allowing it to create the largest colonial empire, which lasted for ~300 years. This inevitably changed the culture of Brits, who began to see themselves as both privileged and exceptional, leading to widespread racism, which only reduced after the Empire collapsed. However, even today, many Brits still hearken back to those "golden" days and consider them to be the norm, when they were actually an exception. For example, officers in the Royal Navy still regularly sing "Rule Britannia".
Great Britain is where the majority of Britons in the World live, hence the name. Wales and Cornwall in effect due to being forced out of Britain by the Romans.. The second largest concentration of Britons is in Brittany in France
There was an independent report published in 2020 under Boris Johnson that was quietly squashed and slid under the rug. To summarise, it said that if you raised corporate tax and tax on higher earners by1-2% for just 5 years it would raise £260 billion. This would fill lots and lots areas and would not 'punish' the wealthy for too long. It's literally possible to get the money back that we need to invest in infrastructure, health, roads, prisons, public sector staff, energy independence. It IS very possible
Okay, so, the problem there is that the high earners, and the corporations, are the exact 2 classes of tax-payers that decide for themselves how much tax-liability to have. The reason that huge corporations such as Google, Amazon, Starbucks, and thousands of other, not so large corporations, all pay next to nothing in tax is because tax is decided based on profit. So, what they all do is set up a company in Switzerland that 'owns' the brand and logo as intellectual property, then that company charges all the regional companies to use the logo and brand - and charges whatever is needed to bring the cost up to a point that effectively cancels the profit. With shell companies, and many accounts in the Caymans etc. basically any amount of billions the corporation decides on becomes untaxable. If you put up tax, they just put up how little of it they need to pay. You get not a cent more. Similar deal with the very wealthy individuals. They have the best lawyers and accountants to plan out exactly how much tax they wish to avoid (not evade, evasion is illegal). If you tax UK property they'll simply take their money out of UK property, into some offshore shell account, into a corporation, that will buy that property, and offset the tax liability by renting its brand and logo, just like with the corporates. Or they'll not worry about UK property at all, and just put the funds into something else that has every loophole and avoidance in place so that the government, whatever it asks for, only gets what the wealthy individual is willing to pay. Their accountants do this for a living and are the best at their jobs. To get even a penny more out of taxes, you first have to change the entire system. Changing the system makes people nervous and crashes the economy, costing more than you'll make (in the shorter term, say 10-15 years). Thus, once again, the issue is one of trying to fix things with short-term thinking. We need growth and stability and an aura of 'good faith' before we can even think of destabilizing the economy to such a massive, fundamental extent.
@@britishknightakaminininja1123 If the rich take their money out of property in the UK and invest in other countries, what happens to the property? I assume it will be sold for a lower price, since it won't be as good an investment as before. Who could that benefit?
@@jagolago-bob note that I specifically suggested they could privately sell the properties to their own, tax-sheltered shell companies and thus have pretty much total control over not only the price, but their tax liability on the purchase too.
I think the majority of people are absolutely amazed at how much property in major cities, particularly high-end residential property, is owned not by any resident, but by offshore companies and corporations that seem to exist for little else but to 'invest' in luxury and high-end property. I believe that a vast majority of these are tax-sheltered shell companies.
@@britishknightakaminininja1123my point was that if the owners of the property /land were taxed it wouldn't be an investment any more. The prices would drop, allowing "normal" people to afford them. This would in turn lower pressure on companies to give large pay rises to employees and would also relieve pressure on people who struggle to pay their rents and mortgages. She'll companies, wherever they are based can be easily taxed at source because their investments are in the UK. This would make Britain more attractive to investors who want to produce things in Britain. It seems like a win-win idea to me. Of course the ultra rich landowners wouldn't be happy, but I'm willing to bet the vast majority of the population would benefit.
@@jasonmcclatchie6877 That's how they avoid tax. There are so many opportunities for the wealthy to legally avoid tax on wealth, that it's obscene and like they designed it like that. Corruption by the back door.
Sorry I'm obviously missing something. Why is Torsten a minister?? In the treasury or business. We must have an amazing govt if we can't fit him in it!!
He was a lobbyist for the RF...which was passed off as a neutral group when it was ultra left-wing. Then he became a Labour MP. Amply displays the corrupt and toxic MSM. SHOCKING!
He keeps getting his facts wrong - the situation is far worse than he states. Those on a modal income, the income you are most likely to get, are 20% WORSE off since 2010 (Band of England figures!) In 2010 the modal income was £19,500. Today it is £24k - and that has the purchasing power of just £15,500 measured in 2010 pounds. You must look at the real figures and not the nominal fiction the ONS pushes out!
Ownership of the answer requires critical thinking which I am sure many of us have noticed has been sadly lacking for a long time, why else did we even go anywhere near Brexit? The economist, Richard Murphy has even felt it necessary to do a video on the subject this morning from a Labour perspective: ruclips.net/video/79naHT6Mtis/видео.html.
He's like a tory 'UBI would make people poorer', WHAT?! How can having more money than now make people poorer?! Fundamental difference between Unconditional vs Conditional (i.e. the current means testing system) If the amount of UBI is £1600, it is UNCONDITIONAL which allows you to keep ANY income you earn in ADDITION to your £1600, as oppose to the current system where it is pound for pound, meaning you can't earn more, it would taper off, thereby discouraging employment.
😂 he is a right of centre politician. Think old school one nation Tory. Ask yourself what happened to the bankers in 2008 Vs what happened to everyone else.
@@LawsonCypressCones UBI would mean immediate inflation as people have more money to spend, as a result prices go up and we end up in the same place we were before. Except now people are used to freebies
@@SohamMehta-bg3ds isn't that a very good argument for never increasing the minimum wage, in fact reducing it! Yes if you just print money and hand it out that would be stupid but if you give everyone a UBI and then tax it back off the wealthy you are just doing a radical form of a regular welfare state except possibly cheaper to administer. No need to spend time filtering deserving from undeserving poor. Just track earners like we do now. Big savings! You'd probably still need to give more to the disabled though and that would partially collapse it. They would only need more money if their disability increased their costs, not if it just stopped them working.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
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If only prime ministers would come on tv once per month and talk as clearly, honestly, openly, articulately, factually, truthfully & with as much clarity as this…. the country would actually look at their prime minister with some level of pride, belief, appreciation and admiration!
We now have an embedded culture of sneering at any decent western progressive ideas. Much of it following a certain play book, of those with an interest in us failing.
Hear! Hear! ( "Green Fire" geoff nelson hill, IngramSpark distribution to bookshops.)
A PM talking honestly? No chance.
@bimblewimble9440 most PMs are Tories.
@@prasiet1 A PM or a regular minister just answering a direct question would be a start.
Also, our short termism is a massive problem. As a country we need a cross party 10 year improvement plan.
Need to change the political system, as every party wants the other ones to fail, so they can be in power. It obviously isn't the best way to run a country.
The cabenet should have ministers from both parties, probably along the lines of the proportion of votes that party got.
We need to stop this us vs them and party politics nonsense and maybe this would force them to have to work together.
I’ve always thought it was dumb to give some 4 years to do stuff then maybe have their opposition reverse it when they get in. Surely having all these short term goals that only happen for a few years is just a waste of money and should rather be invested in something long term.
Tories are not capable of planning, or cooperating. They work to short the pound and line the pockets of their donors with public money.
Or if the utilities were still nationalised then give them a budget each tear - not this use it or lose it nonsense, and let them make their own plans for upgrades and repairs. Have a minimum base level that no party can reduce it below, but have the option for giving them more.
I had no idea Torsten Bell was now an MP, I used to listen to him on podcasts - he is a serious asset for the Labour Party if they can get him in the right position
After this they will try and sack him 100%
They'll have him for this, mark my words.
The right position to help them line their own pockets.
@@TheTomcantdecide Rachel Reeves literally uses his quotes verbatim in her speech yesterday you bin liner
0nly if he's a Libertarian, and not a Lefty Globalism, spend, Spend, SPEND nut because we owe 100% of GDP. The Labour Party will just mass-import even more cheap labour who will cost us more than they pay in taxes, kicking the can down the line. The UK is an evil entity that should be disbanded anyhow, and as a non-fake Green total economic collapse is desired sooner rather than later. Therefore, Reform or even The Greens would be the best party as both have the potential to bring down Britain. Problem is Reform have Libertarian ideals so could be very good for the Economy. Greens would muck it up the most with crazy spending so VOTE GREEN TO RUIN THE ECONOMY so 10 MILLION PEOPLE LEAVE! Blah.. blah..
Torsten Bell is a rare breath of fresh air. I’m usually a conservative voter, but I’d vote for this guy every time. He is clear, honest and looks to what is possible in the kind of detail needed.
How very awful of you to be a conservative voter, are you unwell
Conservative voters shouldn’t do intellectual things
You do get that according to his analysis people like you (conservative voters) are the problem, right?
He is a Tory.
I agree
Torsten is seriously one of the better economists I hope he has some influence on Labour.
That's like being one of the better astrologists😂 I've yet to see one that can explain how we deal with the crazy levels of debt we now have, mostly thanks to the huge mistakes of previous economists.
@@sharpvidtube They weren't mistakes, it's all been deliberate.
If only he knew why the word "Great" appears in "Great Britain" (nothing to do with achievement - it's a geographical descriptor to differentiate the island from Brittany).
@@frankshailes3205 I thought that, too, but he probably means that the common view is that it means a great country.
He lives in Wales where most of the Britons are concentrated, so he should know.
🙂
@@sharpvidtube and massive problem of high concentrations of capital with a very few. See Noam Chomsky's analysis "Requiem for an American Dream" which could equally be applied to most Western economies.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Biden is worst thing that happened to us
TRUMP 2024
Given the prevailing market conditions and the potential risks associated with the current economy, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.
Fantastic! Can you share more details?
Julia Hope Marble the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I have literally no idea why Torsten Bell isn't a senior minister in the treasury. He is exactly the type of politician that we need!
😆
He’ll be in reserve for when they want to get rid of Rachel Reeves and Keir Starmer, which will probably in a couple of years time when the PLP will be concerned about loosing their seats.
Yes he’s fab
He'll be chancellor and pm
This dude is the type of politician that is needed BUT he is not the type of politician that Starmer's Labour needs. This man will never see cabinet under Starmer, who would prefer and probably make sure that he is kept as far back in the room as possible. I don't know what Starmer is playing at - I have never liked the fact that he has never defined what he stands for - but from what I am seeing it is nothing good and what Bell is talking about here does not fit into Starmer's Labour direction.
More of Torsten Bell please
Look at his Wikipedia. Cardboard cut out clone. His brothers a civil servant and his mother was a ‘policy analyst and activist’! . Where are the ‘normal people’
@@mark4levdoing other things? People specialise in complicated things. The discourse would be a lot less productive if you had Gaz from spoons proposing unresearched ideas, versus someone who has spent a long time looking into these things.
@@Capri-x8m who do you think is going to do it?
@@mark4lev There are plenty of labour MPs from humble backgrounds, such as Angela Raynee, who share the perspective of normal people. But we need economists too because they understand the issues better than anyone
@@ster2600 Angela rayner has mixed with left wingers her whole life. She’s met very few normal people quite frankly.
Completely agree that one of the key issues in politics and business today is short termism.
if it happens after april its not real
None of this "planning" will work unless the deregulation of financial institutions, under Maggie Thatcher's "Big Bang", is reversed. Otherwise crashes will keep happening, underwritten by the taxpayer.
Seriously impressed with the clarity of thought and articulateness of Torsten. ....and a fellow Castle climber!
Man got will never help your economy!🤣☝️
@@AbuHasan-nw1jjman got?
@@AbuHasan-nw1jj you might well be right Abu
@@keelferm You made that as "Man's God will never help your economy" ?
In that case, he is!
lol
It's highly dishonest of Torsten to say inequality has not risen and only mention income inequality.
What he is leaving out is that wealth inequality has shot up over the last few years. That means people have no assets to fall back on. They cannot afford a house so they have to rent one so a landlord siphons off 40% of their income. Etc
And at a macro scale, the rich have also been acquiring assets that used to belong to the state. So now the state is in the same trap - renting assets and services from the private sector at inflated prices so the capitalist class can earn a rent. Meanwhile we get shtty services and terrible value for money.
He's saying the gap hasn't grown.
Everyone is worse off.
I bet he knows more than us....
@@alingard1 he is talking about INCOME.
He is ignoring WEALTH inequality.
UK wealth inequality remains lower than it is i Germany and even Norway.
@leegregorypeck so your point 👉
Wealth inequality is not well understood (people mix it up with income), but before anything else the U.K. would need better data on the issue. Do we even know who the wealthiest 10,000 people in the country are? Not even sure if HMRC knows this, all they know is the income people declare.
Can’t get enough of bass-boosted James Acaster!
😂
🤣
This guy should be made chancellor he has a good brain and is a good communicator and seems to have that missing factor moral virtue.
I think that if you look at what Resolution Foundation stands for, there you will see the line of sight of what the Chnacellor wants to do.
Rachel Reeves is a seriously sharp operator and will be fine in the job.
She has been given a job with no good news stories available for the foreseeable future... but will do what is needed.
All these politicians do is try to treat the symptoms of a fundamentally flawed system that is capitalism. A system that prioritizes profits and wealth accumulation of a few, over the prosperity and flourishing of society as a whole. Until the system itself is changed, the status quo will remain.
@anab0lic The other system that is based on the feudal system, is the communism model in this day and age, and I don't think anyone truly wants that...
@@stevendenny7260 I thought she was OK, but taking away the winter fuel allowance from pensioners is insane. Have to hope we don't get a cold winter, I can't see her surviving if lots more pensioners freeze to death this winter. Maybe they will do something to help all those that are just above claiming benefits, but still can't afford the crazy heating bills? I still think it was a decision that's so stupid, she will be lucky to keep her job.
What a fantastically refreshing voice. We need more people like him running the country.
Surprise, surprise privatising the water industry lead to no investment, The water industry is a no risk business. A private management board seek to maximise profit for shareholders. So investments would only be made if it gave a profitable return, While the infrastructure was still adequate, then why waste money improving the system?
Same goes for all the sold off utilities and public assets
After water and electricity were privatised - I checked, and the same people at the top, doing the same job got vast (100/150%?) rises...
Usually the mainshare holder is the government unless they sell that off. Basiclly something paided for with public money and then privatisation happens and the public just get screwed by it. The issue for the UK is the government and ministers now have too much power as they have to much money/control over the UK.
Yorkshire water is majority owned by as Australian pension fund not surprsingly they've not invested in the business in the UK who'd have thought it!
Inequality in The UK is a direct result of letting landlords/estate agents run thier feudal business with an open hand, letting foriegn investors buy property like popcorn and not taxing the individuals on thier physical assets like houses,land, cars etc but on thier income !
Very true the people my age with landlord parents are significantly richer by a large margin then other people my age, because their parents gave them properties
Lol.
It's not about income but where does the income go? A salaried employee paying rent may have exaclty the same income as a landlord but the landlord gets to keep theirs by taking yours. Then they get interest and appreciation for the privilage. This is what drives our ineqaulity.
Exactly the rich have increased their wealth by the equivalent of 1000% ( if that was possible) in the last decade. That’s where all the money is going. Just look at the record profits they are reporting that’s coming out of our pockets for the ever rising prices.
Gary economics talks about this.
The greatest driver of inequality is the decades of transfer of money from ordinary working people into the pockets of the wealthy who turn it into assets
The wealthy make money from assets and from debt. If a person gets a mortgage or a bank loan…..that’s from a public company which the wealthy own shares.
With decades of privatisation the wealthy have taken ownership of govt assets as well: social housing, contracted out services, water infrastructure, national grid, energy etc etc.
Yeah but it is about income. When one class takes 100's of X more money at the point of profit production, they spend that money on property and force people to rent by forcing property prices up.
So why not buy a rental property and you can do the same? because you would need to pay out a 30k deposit and kit out a house, pay the council tax and the mortgage even if it was empty, then someone will move in and hate you for your efforts whilst trashing the place, you'll also have to contend with interest rate fluctuations and property maintenance.
@@RobinHarris-nf4yv yep and they don’t pay taxes on those assets, and they hoard their money in tax havens so they don’t pay tax and rich people are tight ( according to research), and prone to be more dishonest ( again research) so the money isn’t getting recirculated into the economy. They are just sucking the economy dry
And the more money they put into the economy the richer and greedier they get.
You see they hang out with each other so in their world and minds they aren’t that rich ( again research suggests).
Research also suggests rich people are out of touch with the reality of ordinary people. I don’t think they even see us as human. That’s why putting millionaires in power will always be bad for ordinary people. That’s why they don’t understand why taking extravagant gifts ( not gifts) makes ordinary people angry.
A large percentage of people are struggling to eat prime minister and you have just told them it’s going to get worse….. or🤬
High inequality means overworked and under paid . Wages stay the same and taxes are going up . We need to address 1 in 5 children below the poverty line. Parents are relying on food banks . Parents cant afford to buy clothes for there children. People are being overworked on low pay this results in people claiming more disability benefits because there overworked and they have mental health issues. There is lack of work in small towns . Working people are always attacked. High rent means more homelessness. You cant get mental health support which means there is a mental health crisis . Towns look run down . Businesses are closing down . There is nothing for young people to do
What???
Actually, Age is the biggest determinant of wealth and income for obvious reasons.
Then it's education and intelligence, again obvious reasons
Being young and unskilled, unintelligent makes you poor. Being older and intelligent makes you rich. Being a mix makes you in-between. So I bet that 1 child in '1 in 5 children below the poverty line' belong to mothers who are
Those are the symptoms of a dysfunctional system. Torsten is right that numerous things will need to happen to begin to rectify it. No 1 ignore any politician that says its easy to solve eg Borris/ Ferrage.
This is the absolute core of the issue. The cost to live is so high, people are so overworked that there’s little demand left over to actually support such a level of overemployment; Hence, the kneeling public sector and high tax rates.
Good point! Austerity backfires and costs more in the long run. It would've been cheaper to leave sick and disabled people alone, instead of creating a massive, costly bureaucracy to keep the boot of the state on their necks, making them prove over and over how deserving they are, while taking away help previously available to assist them into work. Right wingers don't care about any of that. Tell them it's cheaper to give homeless people free money or accommodation than to leave them on the street where they end up costing us more through extra spending on the healthcare and criminal justice systems that occur with homelessness and they'll eventually admit they would rather spend more money to make sure people who they think don't deserve help don't get it.
People are having children they can’t afford that they then rely on others to finance.
I wish I could believe that Britain can get better, but I was born in '97. I've seen almost thirty years of things getting worse, but I've LITERALLY never seen anything in this country get better.
Did you grow up with dial-up Internet?
Yes, fibre optic technology is obviously better than dial-up, but I'll be amazed if you can tell me how having the internet in every second of my life is a good thing.
Things were beginning to get better towards the end of John Major's government and continued to do so until the financial crisis of 2007/8. The lived experience got considerably worse when the Tory/LibDems coalition with austerity and then the lunacy following the 2015 ge. We might, just might have some hope now but it's a shaky start.
@@martinjohnson1534 you have been brainwashed by an increasingly hysterical left wing media and political parties that practice the politics of moral outrage. The uk is better on every single socioeconomic measure now than it was in 1997. Inequality is lower (or at worse , the same), real disposable incomes much higher, absolute poverty much lower, crime and unemployment much lower. Spending on public services and welfare is much higher in real terms per capita. Life expectancy has increased. Taxes are lower on the average worker. We have more social and legal rights, more police, more drs, nurses per capita.
@martinjohnson1534 because you can have a better education for free via the Internet than anyone else in the history of the earth previously. But always it's easier to complain than it is to do.
Water is not 'regulated' - the 'regulators' should be sacked and imprisoned the same as the water barons. No utilities should be run by the private sector.
You're a few decades too late to stop the Tories selling it off.
I'm a free market guy and I do somewhat agree with you but if the government wasn't weak and corrupt and actually enforced the necessary environmental laws, then it would be far, far easier to keep them in line and create a healthier environment but since it is the most important resource, I would probably agree and make that a government run industry as this so something that is too important for the free market.
@@WhiteIkiryo-yt2it it's never been a free-market: consumers have 1 choice of supplier, it's quite essential so you have to buy it, and it's heavily regulated as the best raw economic outcome would be disastrous socially, environmentally and highly unsustainable. some things are better for the government to control so at least you're not paying profits out and decisions made will at the least be trying to make it the system better
@@WhiteIkiryo-yt2it Things that people need to survive and profit should not be contemplated in the same business model. Profit extraction necessarily comes at the cost of human lives.
100% right.
If you look at something like investment in roads in the UK i remember back when i was a kid that they used to plain off all the old tarmac and resurface again from scratch but at some point that policy altered into doing as little as they can possibly get away with creating an infrastructure that has become as laughing stock in the UK. I then moved to France in 2016 and watching how much they invest in local infrastructure projects locally is eye watering. Two years ago the local town where we food shop (Saint Hilaire du Harcouert) spent more money redeveloping a car park (4.3 million euros) than my old district council (Mole Valley) had available to spend on all its services (2.3 million pounds). Because they are always improving things it makes you feel good, it makes you feel confident. Businesses open who in turn introduce more taxes into the local budgets and it only gets better. Now the UK has higher taxes but where are the improved local services and infrastructure?
What drives me mad is when they put about 30 patches on 100m of road. I can't believe that it costs the people doing the patching less to do that than resurface the road. At which point I guess that a big problem is how the contract is written for the resurfacing. I guess it is done by area of road not cost to the contractor, so a full resurfacing looks very expensive.
Boils down to the fact that you have to invest to get a return. In infrastructure, people and services.
Yep, its super demotivating to pay such high taxes and see nothing in return
Love this guy, he communicates so well and comes over no nonsense and pragmatic. A refreshing poilitician.
The 'great' is not an adjective in the way he suggests, it's historic reference to relative size. Part of the problem in UK is that most people from there think they are 'Great' in the exceptional sense when they are much poorer and worse off than many other nation states.
Everybody talks about this phantom British cockiness and overconfidence and love of empire that doesn't actually exist outside of movie villains.
The truth is, the UK is one of the most demoralised nations on Earth. Everyone in the middle class and upwards claims to be part French, Irish, Russian, Welsh anything other than English, it's baffling, putting down Britain and pretending one is continental and travelled is the past time of every university graduate.
@@CmdrTobs "past time" or "pastime"?
Commander of vocabulary - not 😮!
@@andrewrobinson2565 ouch, something tweaked you.
@@CmdrTobs Yes, and I tweaked you because of it. Call me the admirable Admiral. 🇫🇷🇪🇺☀️
@@andrewrobinson2565 What aroused you?
It's so refreshing to hear young MPs on television discussing serious economic problems and not the culture war and small boats. Any Conservatives disagreeing with these ideas should be pressuring their party to do the same.
You can't have economic growth if you don't feel safe on your streets, if more and more people come to your country who don't have the same values and don't like you all that much. Nobody is solving these problems. Tories said they would and only made them worse, Labour care more about what people say online than actual criminals.
@@rutessianbrilliant post. 😊
@@rutessian but by the numbers we don't have a crime problem in this country we have an inequality problem. We might have a crime perception problem but our figures are pretty average among the G7. And, conflating immigration with crime shows your hand a little.
@@Londonmale89 Are those the numbers from the same civil service bureaucracy that allowed grooming gangs to operate unimpeded for more than a decade? Is it the same people who charge and convict someone for an online post in a day but will ignore assault and battery and other "minor" crimes if the perpetrator is of a certain upbringing? And you call me biased.. No, your government is biased.
@@rutessian 'Biased' wasn't the word I was looking for.
Part of the reason he is so good to listen to, is because he isn't being interviewed as an MP. If this was a political interview, the presenter would have an agenda and wouldn't let him say what he wanted to say.
Torsten Bell is a breath of fresh air! Never thought someone could be so clear and honest!
Low productivity in the UK, low levels of skills and education opportunities. It’s hard to see how the UK gets out of this hole.
Partly correct. However who wants to work hard when the wealthy are creaming off the money? you stop trying when their doesn't appear a way to improve. Same across the world by the way. Our uk income is taxed at 40% above 50k and yet capital gains is 24% on millions. Middle earners and everyone else (are being screwed) so that those with wealth can literally gain money for doing sod all! there are numerous other areas in the same situation. eg Housing, where wealthy landowners and real estate developers deliberately withhold developing land to maximise profit etc, etc. Everyone need to wake up.
@@gerryparker7699absolutely right. I'm tired of hearing outcry whenever there is talk of aligning capital gains with income tax. Increase CGT and lower income tax. Should be the other way round, earned income encouraged over passive incomes from existing wealth.
10 years of austerity, which most economists said was not necessary. Brexit and billions wasted during Covid!
only fans
@@gerryparker7699 did you not feel the trickle the Tories promised?
What an intelligent guy. Gave me some hope!
Kristan- thanks for allowing us to hear Tristan talk
This guy is good. I hope he does not get lost in politics 🤞
He does sound very genuine with common sense ideas, unlike most politicians. Will watch with interest.
I hope he can survive politics and westminster, he's too good for them.
We are not falling behind; we have greater and greater catch-up potential!
😂😂😂
He said nothing. Er reservoirs! Brilliant.
There’s that British delusional exceptionalism we benefit from so much.
The important thing is, don't do something crazy and extreme like voting for someone like Farage who wants net zero annual immigration. With annual emigration running at just over 500K annually, this would mean that the UK would only be able to accept just over 500,000 immigrants per year -- An insanely low number which would likely throw the UK back into the stone age and leave us at risk of attack from wooly mammoths and sabre-tooth tigers.
Applying physical models to economics?
Why did we stop investing? Three words, 'The English Disease'. The Great and the Good's inability to see beyond the end of the current quarter. Everything geared towards maximum, short term share holder value. Meaning nothing for long term investment.
And in 2016 everyone else stopped investing in us, too.
Now that is what a real leader sounds like.
Realistic but positive with actual tangible goals that aren’t about politicking or whatever.
No demagoguery or slogans.
Great video. I've listened to the book on Audible - nice to see Torsten talking about it.
Torsten has marvelously realistic and compassionate views. I am glad he is now in government and hope he has a major influence on our economic policy. Well done and thankyou
The older are less optimistic bc they see things getting worse. The young can only hope for better
The reason why the young are more hopeful is because they were not a live 20-30+ yrs a go, so they have no idea how good life was vs now. As they age, sadly they will experience the same , the UK getting noticeably worse decade by decade.
Exactly, because older people have seen better times, while the young know no better.
The opposite was the case 30 years ago.
1. Government pensions are killing the country yet recent budget did nothing to temper these.
2. Recent budget has decimated all " non rich" incomes. To say the minimum wage on FULL TIME EMPLOYEE makes them £9k better off yet most are on zero hours so can't even get full time.
3. Pensioners today saved and looked after their money to provide for their old age. The recent budget took indiv8duals years of planning and saving and effectively junked their entitlements. But government Pensions continue to be protected teachers get a 28% annual pension contribution paid for by private industry tax payers and those with savings.
4. Jobs, unemployment is soaring and AI hasn't fully impacted yet so the cist of benefits is skyrocketing 30 years ago spending on housing benefits circa £4b and expense on actual housing circa £22b today those nu.bers are higher bu the spend on benefits is now about £27b so that why we can't build houses, we can't afford it and immigration has significantly significantly worsened the situation.
5. GDP is going nowhere I believe it will worsen over the next 5 years. Labours idea is tax us through this period which will just accelerate the downward trend.
6. This Labour government doesn't care about the people of the UK. All we will see is more laws to deprive us of everything, seems Torstein thinks this is a good thing!
TRUMP is appointing business people to fix g9vernment problems because they are used to fixing stuff. Controlling government massive inefficiencies and over spending is critical to starting to fix things. You couldn't trust these inexperienced MPs ro fix anything like this, good heavens Labour MPs don't even represent their constituencies for feat of their "leader"
I wonder how he will cope ina Party that is running austerity, refusing to invest and sticking too a nonsense fiscal rule. And stuffed with people who've lately been exposed as acting in bad faith
Yes, we’ve seen, (give it here Kia) for who and what he is.
Acting in bad faith? How?
@@Dayrile123 If Labour, actually winning an election is enough.
You are wrong
Labour Derangement Syndrome is real. The Torygraph is leaking.
We need the government efficiency department too. Our money seem to be draining away, in the unknown direction, without any clearly published accounts. This should hecome transparent and debatable.
Hopefully I'll remember to rewatch this in 5 years to see if he did anything.
This is such a breath of fresh air. Keep it comin', Torsten.
Here in Ireland we go one step further with roundabouts - we completely kill the concept by putting traffic lights on them. Drives me crazy!
To be fair, in cities where traffic is heavy, I do appreciate crossroads more than roundabouts.
WOW! The next generation of Labour Ministers - Torsten Bell, Darren Hughes and Chris Bryant. Yesss before I die please guys. 😍😍😍😍😍😍😍😍
Did he explain how to fix Britain? - if so I missed it - he picked out under investment - that's been a thing since WW2. I don't think government makes much difference - UK has been declining for over 100 years, we are going through a demographic problem now as birth rate is dropping like most advanced economies. Energy costs which are the basis of economic growth are going to go up and whilst he stated we should have invested in Nuclear 20 years ago which is correct we didn't and Labour didn't - the current Labour policy on energy is suicidal costs will go through the roof and without low energy costs the UK economy will continue to suffer - Look at Germany now they have lost cheap russian gas - they are screwed! PS Conservatives were just as bad which makes my point re. Gov valid it makes little difference.
The problem is the government gets in the way. A strong economy is one that embraces free market capitalism and industry. The government needs to invest in nuclear as the number 1 issue when it comes to power as while a green economy is a nice idea, it is not practical as green energy can only supplement a grid of our size, not replace. Nuclear is the way to go, especially with the new Japanese project to develop brand new reactors which give off hydrogen as a by product which they will use for hearing homes and as hydrogen fuel cells for vehicles, making the emissions problem a thing of the past...there might be a chance of a Hindenburg style accident if someone drives like an idiot but that is a risk worth taking and if we partner with the Japanese now, we can greatly benefit.
If you dont understand basic economics, perhabs you should work on that instead of making blanket statements, that at best are partley true, and a good chunk of utter nonsense. Like the complete drivel about Germany's gas problems, that have so far resulted in an economy that have preformed better then most, a non problem, made up by idiots and Russian stooges, to manipulate the weak minded !
I’m not Labour in the slightest, but this guy really seems to speak openly and genuinely.
I don’t trust the others as far as I can throw them. Wish there were more like him in politics
Boy did the Tories and Farage mess up,
They didn't mess up, they did exactly what they wanted and did very well personally out of it.
How refreshing 🙌 someone willing to speak the truth and apply common sense, expertise and actual experience…the basics of running an organization 👍
The old are gloomier because they can see the difference in the country they grew up in and feel sorry for the younger generations
We need more smart people like him to make a real positive difference to our country.
I would definitely vote this man to the highest order 🎉
But unfortunately, we’ve got Rachel Reeves. Who really is in the wrong party.
That's the problem with this country they would vote for anyone who says anything they want to hear.
What a fab interview! Great, probing questions but with a spirit of openness and curiosity. & Torsten Bell is quite simply a living legend!
The State needs to intervene on behalf of voters not corporates.
I think it’s amazing how many people, including myself until recently, having not attained a high amount of success in politics or anything else, think we know what’s really going on and how to fix them. Instead, I have realized I only know things aren’t quite right. Also, it’s all so complicated I can’t figure it out. I’m now just going to vote for someone new until we start getting improvements.
Torsten talks a lot of sense and I've ben a fan of his for a while, it will be a to see what he does when the labour party dont move in the right direction.
Im hoping he won't sell out like Lamy and Thornbury.
He will
@@FreeSpeech-q7v let's wait and see, he does seem like he has integrity, but time will tell.
He is different to those two but never say never. Humans eh..
@@MeBeardedWonder we will see
@@FreeSpeech-q7v He already has! Did you miss the part where he slagged UBI? I believe that this was the whole point of this video. Get them out the next election. USELESS! Two sides of the same coin.
Wow a sensible approach to the issues facing the UK 😊😊🤔
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 1.8million.
@@williamDonaldson432 This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
It would be a very innovative suggestion to look out for Financial Advisors like Annette Marie Holt who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
Torsten is a very clear communicator. We should be seeing more of him!
Perhaps the older people can remember when Britain as a society wasn't so divided and inequality (both wealth and income) wasn't so entrenched.
Yes. Many know this. But many also think that they did okay, so young people today should be able to do okay too.
Not that old thank you, but yes those with money have manipulated the taxation, political and media system to favour those with wealth, not just individually but across the generations. We are being royally screwed.
@@kr050actually a lot of it comes from the older generation who didnt do ok and dont want to see the younger generation. They want them to suffer as they did. Misery loves company.
Yes. That would have been when the effects of the policies of the Atlee government were still present in our society and economy. They've all been pretty much reversed now - by both Labour and Tories.
I'm 71 and live very modestly. I can remember my parents' generation had a family structure where one person could earn enough to cover the costs of living. Nowadays, many hard-working families can only dream of a life without struggle.
The one thing we HAVE learned since the 1987 Market Crash is that AUSTERITY doesn't work. The economy can only be fixed by those with the greatest income / wealth flexibility shouldering ALL the burden.
That's why we.left the uk last year.
The UK has had no austerity. Spending has gone insane under the tories and labour have just borrowed an extra 2 billion on top of what was forecast. The government borrowing and spending devalues your paycheck.
A good economy has nothing to do with taxes and spending by the state, it's state meddling that has made the economy so bad to begin with. Less government spending, less beurocracy, lower taxes = strong economy. It would help if they closed the borders as well as mass immigration is suppressing wages and inflating asset prices.
@@quillo2747 Another one who has the kool aid on a drip (sigh).
@@quillo2747correction: the tories made huge cuts to serves and then spent a lot of money terribly. Labour seems doomed to do the same.
@quillo2747 Austerity is the erosion of personal spending by the suppression of wage increases, tax allowance freezes, benefit cuts and benefit freezes, while inflation continues to increase the cost of living.
Government pays lip service to reduced government spending, during periods of austerity, but it rarely happens. It's only been two years, but many people have already forgotten that the Tory government spent / borrowed ££billions keeping businesses and families afloat during the pandemic lockdowns, in a very unTorylike fashion... they usually only support businesses. Those borrowings and the interest charges probably account for the shortfall that's horrified the incoming Labour government. I'm surprised it's that little. No effort has been made to repay ANY of the national debt resulting from that borrowing, partly because once in a generation inflation has been eating into disposable income for two years and the incredibly stupid method of hiking interest rates to "cool" inflation that simply added to the cost of living... crazy!
More MPs like this please, honest and science based
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2024. A global recession, defined 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.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance.
That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of $550k, which is about 10 times more than I average on.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Sophia Maurine Lanting turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Love Torsten
Not a word on Brexit...insane!
Yes, the Brexit cheerleaders have gone very quiet on this topic
@@OptimisticHominid not really
No Labour MP can talk about Brexit damage
And in any case rejoining EU would not sort out our economy…..it didn’t when we were members
If he mentions Brexit, he gets instant bad press from every angle. Why mention Brexit, when there were clearly issues in the UK from 2007 - 2016 which need to be fixed, and which don't open you up to unwanted quagmire, like Theresa May did?
FYI, I voted against Brexit and I'm still against it. You must think about the situation we are in now and how we can make the best of it though. By reintroducing the Brexit debate, you could hold the country back another 10 years with another 6 PM's
It's refreshing that he's focussing on simple changes that'll improve lives. I voted to remain but I don't know if discussing the flaws / bad outcomes of Brexit will necessarily help very much. He seems practical and forward thinking.
I recommend looking up Gary Stevenson for a better take on the state of inequality and the bold policies needed to fix it.
Love to see him in an interview with Rory Stewart. He's very new.
Rory became disillusioned.
Rory is such an odd character, he should’ve been a Royal rather than a politician
He became disillusioned because of people like him. His talk is great but then he votes to keep the 2 child benefit cap and voted to take away winter fuel allowance. Total sell out.
@@RealDareel He came to my university a little before he ran as an MP. He talked a lot about austerity and alleviating child poverty. I guess this is either proof of how our parliament system corrupts people’s values, or how totalitarian Stamer’s leadership is
@@RealDareel boring Corbyn cultist comment
Don't agree with everything he says, but I really appreciate somebody giving clear answers and laying their position out. Good guy
Undo Brexit whatever the doomsters were saying before Brexit it's much worse, and get rid of Tufton Street
the eu are waiting for the leave boomers to shut up or go away, they are not interested while farage the erg and their ilk are still going on about freedoms. if the tories get back in in 10 years time, the anti eu rhetoric starts again. the eu wont take the risk.
It really isn't. Sterling's value is above where it was when we left, we've got a record level on inward investment, and Britain is not a wasteland.
The sky did not fall in, you're just scared of having to make your own way in the world instead of being told no by your overbearing EU nanny. If Switzerland can get by without it, so can we.
@@clementattlee6984Hello Ms Truss!
@@clementattlee6984 No FALSE! Sterling is 15% LOWER! LOOK AT YAHOO! (or anything!?!) Please don't make false statements it looks silly!
@@clementattlee6984 what are you on? can't be water.
This guy really knows his stuff. I like how he doesn't deflect, he takes the question, clearly explains why things are the way they are, and then says what we should be doing to fix it.
Let's talk about BREXIT !!!
Yeah. UK was fanatistic before brexit.
@@CmdrTobsit was certainly better
@@markshirley01 Nah, was pants.
@@CmdrTobs it may have been pants I wouldn't argue with that, but we are now worse off
@@CmdrTobs Oh we should thank the Brexiteers for their help then. Just shows how gullible the population is and corrupt some politicians are.
I really hope we can turn things around. It's sad to see so many struggling while others thrive. 😟 But Torsten’s ideas give a glimmer of hope that change is possible! Maybe it's time we all start talking more about solutions rather than just problems. 🌍✨
I listened to Torsten not long ago where he did a podcast breaking down the issues on the economy and was immediately impressed by him, not just the fact he is young but he is incredibly level headed, honest and fair but the most unique thing of all is that its refreshing to see someone so optimistic and hopefully which doesn't exist in politics today. I personally can't stand Starmer but I would actually reconsider if Torsten became Prime Minister one day, I just hope he doesn't get chewed up and corrupted by the horrid system that is our government.
Two of my favourite people made this a must-watch. ❤
“Great Britain?” is a superb book. It opened my eyes to many things which I had never given thought to. Labour, tory, green or anything in between, it is well worth a read.
Optimism when applied to the UK: the triumph of wishful thinking over reality.
Torsten's book was so good I re-read it immediately. Now he is a Labour MP I hope Starmer listens to him. Their challenge in engaging Torsten's sensible economic policies within the UK political landscape.
He should be chancellor - Reeves is hopeless!
Looking through the comments I'm shocked but not surprised that people seem to rate this guy. There is so little actual Economics being discussed here. Its all politics. Things that will really make a difference are monetary policy, how to get internal investment up in our companies, a simple and sensible tax code instead of the mess we have today that perversely incentives behaviour, and how to make Britain happy to accept that inequality in society is ok - and a natural and inevitable sign of success.
You didn't listen to Bell's point - we have a greater inequality than nearly all comparable countries and have failed appallingly by comparison.
Correlation is not necessarily causation, but all the evidence shows that the rich are buying up a larger and larger share of our assets and the poor are having to pay heavily to use them. This only creates more poverty and less success.
Inequality, yes, sure, everyone needs something to strive for. But to the degree that it is the case here (and in the US)? No, that is damaging for the country.
I was thinking the same thing.
Good economists throughout history such as Milton Friedman or Thomas Sowell say things that make sense.
All of the economists on bbc, channel 4 etc say things that sound good but make no sense. Unfortunately, most people just hear a bunch of stats and buzz words and think someone knows what they're talking about and has valid solutions.
@@jackbrown400 Except that Friedman's ideas (along with other proponents of neoliberalism) are what led to the 2008 crash, are why wages got decoupled from productivity in the 1970s, and why wages remain depressed.
According to Unlearning Economics, Thomas Sowell's book 'Basic Economics' gets quite a lot wrong about Economics.
Saying things that make sense might indicate a full and complete understanding of a topic, such that they can present it to people such as us, who are not educated on the topic, and have it make sense. However, it might also mean they're trying to sell us a bridge.
The idea of Occam's Broom, where inconvenient facts are swept under the rug, is good to keep in mind.
I’m a simple person, I see Torsten, I click. I’ve yet to hear a bad take from him.
He contradicted himself. Minimum wage was a success??? How. Then he said inequality is the worst in the developed world. Wake up!!!
Think of the gig economy and the benefit caps. These are so destructive and affect millions.
The socialist tends to focus on first order effects. Always a case of give more money, less poverty... if only the world was that simple.
@@CmdrTobs You give more money in the first instance in order to get people back on their feet and able to function well, and then improve their ability to look after themselves. This is whaat separates expenses from investments. An investment will pay for itself. Example: in Many continenatl countries, let's take Switzerland, you get 70% (single person) or 80% (you have kids) of your salary when you lose your job. This means that you can keep functioning.If you find a job that suits you, but pays less than the 80%, with prospects of pay increases, the state pays the difference for a few months. When this happened to me, I was back up over the 80% withing 6 months. Everybody benefits although it looks like a bigger expense for the state at first. Instead, UK jobseekers are made vulnerable in every possible way (physically, socially, mentally) by a very mean and punitive system, and they are trapped in poverty, unable to travel and apply for jobs. When I was teaching the longterm unemployed, my colleagues and I sometimes helped students financially because we knew they had a good chance to get such and such job if only they could invest a bit in the beginning. It was an interesting phenomenon because more than once, the students said "Oh, so you mean I can really get it?". "Of course, do not be too cocky at the interview, do not tell anybody I gave you ... But go with confidence." It boosted them. And they did get the jobs, usually!!! I always say: sometimes, fixing the small stuff fixes the big stuff to some extent. Topdown is iften a mistake.
I would vote for Bell.
We need to be part of something bigger.... Like the European union .... Stop messing it up...
Nope, diseconomies of scale, economic and political.
@@CmdrTobs lol nope?!? That's very dismissive... So you don't consider other people's opinions to be valid. That a fact is in fact perceived from only one point of view and that anything else cannot be. So joining a large market and supply of quality workers and materials has nothing to do with economics at all? Lol..
Sorry I meant pwahahahaha...
@@CmdrTobs wait... Are you be sarcastic?
@@AlexSometimes UK isn't embargoed.
The merits aren't proven.
Political union beyond the national level isn't proven.
The EU as a political premise isn't proven.
The trend has been to trade 1% less, relatively, with the EU every year for the last few decades. By 2050 ~15% of our trade will be with the EU under treaties agreed when they were 70% of trade.
Since opting out of the single currency, the question was when to leave, not if.
The EU is not the magic bullet to any of our problems. You only want to go back in so you don't have to queue at the airport when going on holiday.
He’s hit on something really big here.
The short-term-ism of this country is truly staggering, I’ve always wondered why it’s the case in a country as ancient as ours, where some of our greatest monuments many decades to build, but he’s explained it really well.
Torsten is a breath of fresh air in British politics. Be honest with the British public politicians. We can take it.
Your voting track record says otherwise.
Loved what he said about the tories keeping saying what ‘they’ think it worked in the 80s…
“Great Britain” is NOT a value judgement.
It is simply the name of the big island (England + Wales + Scotland).
It is the greatest in size of our group of islands, the British Isles, which includes Wight, Man, Anglesey, Skye, Orkneys, Shetlands, Western Isles,…
It's also a value judgement.
Britain was the first country to industrialize, allowing it to create the largest colonial empire, which lasted for ~300 years.
This inevitably changed the culture of Brits, who began to see themselves as both privileged and exceptional, leading to widespread racism, which only reduced after the Empire collapsed. However, even today, many Brits still hearken back to those "golden" days and consider them to be the norm, when they were actually an exception. For example, officers in the Royal Navy still regularly sing "Rule Britannia".
Great Britain is where the majority of Britons in the World live, hence the name. Wales and Cornwall in effect due to being forced out of Britain by the Romans..
The second largest concentration of Britons is in Brittany in France
There was an independent report published in 2020 under Boris Johnson that was quietly squashed and slid under the rug. To summarise, it said that if you raised corporate tax and tax on higher earners by1-2% for just 5 years it would raise £260 billion. This would fill lots and lots areas and would not 'punish' the wealthy for too long. It's literally possible to get the money back that we need to invest in infrastructure, health, roads, prisons, public sector staff, energy independence. It IS very possible
Okay, so, the problem there is that the high earners, and the corporations, are the exact 2 classes of tax-payers that decide for themselves how much tax-liability to have. The reason that huge corporations such as Google, Amazon, Starbucks, and thousands of other, not so large corporations, all pay next to nothing in tax is because tax is decided based on profit. So, what they all do is set up a company in Switzerland that 'owns' the brand and logo as intellectual property, then that company charges all the regional companies to use the logo and brand - and charges whatever is needed to bring the cost up to a point that effectively cancels the profit. With shell companies, and many accounts in the Caymans etc. basically any amount of billions the corporation decides on becomes untaxable. If you put up tax, they just put up how little of it they need to pay. You get not a cent more.
Similar deal with the very wealthy individuals. They have the best lawyers and accountants to plan out exactly how much tax they wish to avoid (not evade, evasion is illegal). If you tax UK property they'll simply take their money out of UK property, into some offshore shell account, into a corporation, that will buy that property, and offset the tax liability by renting its brand and logo, just like with the corporates. Or they'll not worry about UK property at all, and just put the funds into something else that has every loophole and avoidance in place so that the government, whatever it asks for, only gets what the wealthy individual is willing to pay. Their accountants do this for a living and are the best at their jobs.
To get even a penny more out of taxes, you first have to change the entire system. Changing the system makes people nervous and crashes the economy, costing more than you'll make (in the shorter term, say 10-15 years). Thus, once again, the issue is one of trying to fix things with short-term thinking. We need growth and stability and an aura of 'good faith' before we can even think of destabilizing the economy to such a massive, fundamental extent.
@@britishknightakaminininja1123 If the rich take their money out of property in the UK and invest in other countries, what happens to the property?
I assume it will be sold for a lower price, since it won't be as good an investment as before. Who could that benefit?
@@jagolago-bob note that I specifically suggested they could privately sell the properties to their own, tax-sheltered shell companies and thus have pretty much total control over not only the price, but their tax liability on the purchase too.
I think the majority of people are absolutely amazed at how much property in major cities, particularly high-end residential property, is owned not by any resident, but by offshore companies and corporations that seem to exist for little else but to 'invest' in luxury and high-end property. I believe that a vast majority of these are tax-sheltered shell companies.
@@britishknightakaminininja1123my point was that if the owners of the property /land were taxed it wouldn't be an investment any more.
The prices would drop, allowing "normal" people to afford them.
This would in turn lower pressure on companies to give large pay rises to employees and would also relieve pressure on people who struggle to pay their rents and mortgages.
She'll companies, wherever they are based can be easily taxed at source because their investments are in the UK.
This would make Britain more attractive to investors who want to produce things in Britain.
It seems like a win-win idea to me.
Of course the ultra rich landowners wouldn't be happy, but I'm willing to bet the vast majority of the population would benefit.
Tax the money not the people
That’s precisely what we have through inflation - but that isn’t what you meant.
Tax the assets, nobody very wealthy keeps it in the bank.
@@jasonmcclatchie6877 That's how they avoid tax. There are so many opportunities for the wealthy to legally avoid tax on wealth, that it's obscene and like they designed it like that. Corruption by the back door.
Cut taxes. Cut the size of the parasitic state.
Replace council tax with land value tax on owners of property!
He's got my vote
Sorry I'm obviously missing something. Why is Torsten a minister??
In the treasury or business. We must have an amazing govt if we can't fit him in it!!
Not a minister I meant
The problem is guys like him spend time fixing stuff and so spend less time politicking.
Real answer: he’s only been an MP for 2 months, hasn’t moved up the ranks / proven himself / made the connections / etc.
He needs to vote to freeze pensioners a few more times before Starmer's politburo begin to trust him to not rock the boat.
He was a lobbyist for the RF...which was passed off as a neutral group when it was ultra left-wing.
Then he became a Labour MP. Amply displays the corrupt and toxic MSM. SHOCKING!
The kid Bell is one of the best to ever do it
he should lead UK, , also educated young people are leaving UK, The elephant in the room of Brexit and its pure idiocy
Could this guy run for PM? I will vote for him regardless of the party
He keeps getting his facts wrong - the situation is far worse than he states. Those on a modal income, the income you are most likely to get, are 20% WORSE off since 2010 (Band of England figures!) In 2010 the modal income was £19,500. Today it is £24k - and that has the purchasing power of just £15,500 measured in 2010 pounds. You must look at the real figures and not the nominal fiction the ONS pushes out!
Rare to see someone showing natural leadership qualities in our modern time. I have a good feeling about this guy.
"Change absolutely nothing just be more competent" is not going to fix a fundamentally broken system
Refreshing take on the state of the country
Ownership of the answer requires critical thinking which I am sure many of us have noticed has been sadly lacking for a long time, why else did we even go anywhere near Brexit? The economist, Richard Murphy has even felt it necessary to do a video on the subject this morning from a Labour perspective: ruclips.net/video/79naHT6Mtis/видео.html.
What's wrong with deference?
Was surprised to find a man named Torsten is not a Tory.
He's like a tory 'UBI would make people poorer', WHAT?! How can having more money than now make people poorer?! Fundamental difference between Unconditional vs Conditional (i.e. the current means testing system) If the amount of UBI is £1600, it is UNCONDITIONAL which allows you to keep ANY income you earn in ADDITION to your £1600, as oppose to the current system where it is pound for pound, meaning you can't earn more, it would taper off, thereby discouraging employment.
😂 he is a right of centre politician. Think old school one nation Tory. Ask yourself what happened to the bankers in 2008 Vs what happened to everyone else.
@@LawsonCypressCones UBI would mean immediate inflation as people have more money to spend, as a result prices go up and we end up in the same place we were before. Except now people are used to freebies
@SohamMehta-bg3ds how do you handle inflation? Taxation
@@SohamMehta-bg3ds isn't that a very good argument for never increasing the minimum wage, in fact reducing it! Yes if you just print money and hand it out that would be stupid but if you give everyone a UBI and then tax it back off the wealthy you are just doing a radical form of a regular welfare state except possibly cheaper to administer. No need to spend time filtering deserving from undeserving poor. Just track earners like we do now. Big savings! You'd probably still need to give more to the disabled though and that would partially collapse it. They would only need more money if their disability increased their costs, not if it just stopped them working.
Always been impressive. Hopefully he will soon be elevated within the Government.