Do visit my global economics Channel. Latest videos is on rise and fall of Japan ruclips.net/video/MNYMNzdSQwc/видео.html - interesting lessons for all modern economies.
Britain has raised generations of people from the Oxbridge nexus to run Britain with emphasis on finance, insurance, banking, and real estate of land ownership. So London thrived but the UK has never had a coherent industrial policy - lost the aerospace industry, the space industry, the auto industry, the steel industry, and companies were allowed to be bought by American global businesses that used the British factories as offshoots of the global business. Easy to shut down. UK citizens have been misled for a hundred years by these people.
Isn't it wonderful. Now we can leave our industrial and innovation behind and lead with our nations true strength. It's multiculturalism and diversity. We can rule the world if every just. Got. On . Board...
American businesses were closing down even worse than the UK not taking over the UK. The USA had some 200 car making companies in 1930-1940s by 1970 it was down to 3. Cities in the USA like Detroit and Baltimore totally collapsed in just a few decades just like the heart of UK auto industry but even worse becasue of race riots setting the cities on fire. It was Japan and Germany and to some level Italy and France that managed to export cars to the world while USA and UK were in collapse. The USA did rebound in the 1990s thanks to cheap dollar after the 1970s-1980s crisis was over and USA domestic demand rebounded in to 1990s but the US car companies made mistake after mistake, FORD bought Jaguar and Land Rover but a few years later in 2008 had to sell them to save the company at a HUGE financial loss. The same for Volvo and had to shut down Saab. It was all a huge disaster the American car makers lost money in the end. There is for sure the problem of private companies, venture capital and whatever buying out others like some US companies for sure buying UK companies but that is recent becasue of currancy games as far as I know.
When I was at University in the 1970s, I shared a room with an Economics student. He told me there was a joke that if you asked two economists what was wrong with the British economy, you would get three different answers.
@@Ikbeneengeit No serious economist thinks that Keynes is anything but a quack. His ascendancy in Britain directly tracks Britain's decline, and the same is true in the US.
Most of Britain's top people in government and business got there because of wealth and family contacts getting them into select schools and universities, then onto the top positions through the same connectioe. All without any genuine experience of most of the populations everyday lives and struggles. Their arrogance, self importance and privilege has been disastrous for the many.
I worked in a global leading US tech company. This company bought a pioneering UK company and I was sent from India to go there and facilitate technology transfer to India. Soon, they announced shut down plan for UK company. They bought the company only to get access to the marquee customers UK company had build over decades. They didnt want people or the site, they just wanted the business.
@@anwarmi2000 WELCOME TO THE CAPITALIST SYSTEM THAT HAS DRIVEN THE MIDDLE CLASS FROM COMFORT STREET TO STRUGGLE STREET AND THE POOR MOVED UNDER THE BRIDGE
And the UK public think America is an ally. America benefited from WW2 while the UK plummeted, borrowing and handing its butt in the air to its so called special friend to repay the War debt...we absorb USA's brainless culture like MacDonalds where the UK public stuff their faces with US junk food while watching US television programmes...I have a US Jeep but atleast its good😂
@@SkyGlitchGalaxy THE ANSWER IS TO REJECT THE CAPITALIST SYSTEM COMPLETELY, AND PUT IN PLACE A SYSTEM THATS WORKS FOR ALL CITIZENS NOT JUST THE RULING ELITE , CHINA SEEMS TO HAVE FIGURED IT OUT SOME THING ALONG THOSE LINES THAT BENEFITS EVERYONE NOT JUST 2% OF THE POPULATION CHINA HAS BROUGHT 200 MILLION OUT OF POVERTY WHILE THE CAPITALIST SYSTEM HAS MOVED THE WORKING CLASS FROM COMFORT STREET TO STRUGGLE STREET AND THE POOR MOVED UNDER THE BRIDGE ALL CAPITALIST COUNTRIES IN THE WORLD HAVE THE SAME BAD ECONOMIES ,EVEN JAPAN AND SOUTH KOREA ,AUSTRALIA ,CANADA ALL OF EUROPE AND THE USA JUST A FACT THE CAPITALIST SYSTEM IS WELL PAST ITS USED BY DATE MOST COUNTRIES ARE IN DENIAL INCLUDING BRITAIN 🍁🇨🇦🍁. BRICS IS THE NEW WORLD ORDER AND THE FUTURE AMERICA IS YESTERDAY'S NEWS
After 100 years, Britain is largely still run by the tiny class of people and mindset that helped to start World War One. Militarily, we won, but economically it was an unmitigated disaster, triggering the break up of the British empire which that class had fought so hard to preserve for itself. It's been downhill ever since, with us trying militarily to prove that we can "still punch far above our weight", instead of concentrating on putting bread on the table for all our citizens.
The empire still exists but differently. Now they just convinced them to come willingly on their silly boats so when the economy collapses or we get ww3, they will be mass drones to deal with the disaster.
I don’t get how house prices “going up 35% in a single year” can at all be seen as part of an “economic miracle”, seems to me to be an economic disaster.
@@timothyrussell4445 not at that time. Remember the % of the population owning houses was increasing in the eighties so it was not a concentration of ownership, rather it was those individuals who benefitted from Thatcher's policies not least easy credit that drove house prices up then.
Main issue not discussed here 1) UK is NOT a manufacturing economy its a service economy with focus on Banking & Finance which was affected by Brexit & Covid. UK is running mostly because of London, outside London, UK is in pretty bad shape and things are only going to get worse unfortunately. I think all the signs are there if you watch the news.
Focus on banking & finance ? Actually UK banks are holding money of every scoundrel, corrupt dictators, leaders, mafia dons, Russian mafia etc. Principals & ethics be damned.
The class system is still entrenched in English society. A lady with law degrees tried to get work with solicitors but couldn't because she came from a working class background and not an upper class background. Her father had not been a barrister or judge so she stood no chance.
Same issue in Malaysia since 1971 but there the policy of 'bumiputra' or sons of the soil meaning Muslim Malays does the same thing. It's called the New Economic Policy ( NEP). A racist, biased and no meritocracy policy still being practiced today against non-Muslims. Singapore who was ejected from Malaysia in 1965, took the other route - meritocracy- and left Malaysia behind !
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
Britain always has favored the rich with it's economic policies to the detriment to the middle class/poor. It isn't bad luck...it's decades of bad governance.
You have a socialist health care system, socialist education system, socialist transportation system, socialist environmental and construction policies. It is uneconomical to produce anything in the UK. A finance sector which works in collusion with government, which is technically fascism. Why are you surprised? No one paying attention outside Britain is surprised.
The UK has been around for 1,300 years and has had bigger problems before. You have to believe in the rebirth of the UK. The British have already shown many times that they are strong and can overcome big problems. As a resident of Poland, I never thought that in my lifetime Poland would emerge from communism and be in a united Europe. You must not lose hope. The UK's great days are yet to come!
@@jerzytyrakowski907 UK's fertility rate is 1.49 (the replacement rate is 2.1) and it keeps falling every year. Just by this statistic, it's clear that the UK is doomed, unless they start child marriage or someshit.
@@jerzytyrakowski907I disagree. With no natural resources, no colonies to exploit, no manufacturing base, and a class riven society, Britain is history. Brexit was just the final nail in the coffin.
Britain did not become broke defending the Empire in the first half of the 20th century, it was involvement in two European wars. Australian PM John Curtin thought Churchill was mad pursuing a "Europe First" rather than "Empire First" strategy in 1942 because it inevitably meant the end of the Empire and along with it Britain's status as a global power. By 1945 Britain was broke and could not even afford to support the British Pacific Fleet relying on the Australian government to supply and fund infrastructure and logistics support. Australia was also required to provide the bulk of the British Commonwealth Occupation Force in Japan. In 1968, Harold Wilson had closed the bases and withdrew forces from SE Asia in order to fund welfare, under his East of Suez strategy. The British had finally acknowledged that Britain was no longer a global power although the odd Brit still lives in a state of denial.
The two world wars did serve the UK the most. For the last 500 years, the foreign office always identified the biggest country on the continent and allied with the 2nd power to look for a war on the continent, in order to have destruction of these 2 competitors, as wars will obviously mostly concern the continent. After WW1 Britain obtained the destruction of the industrial capabilities of France and Germany, the destruction of the German naval forces both military and non military, as well as Namibia. The second WW saw the same exact result, minus territory gain in Africa. Let's not kid ourselves. The big problem the UK has with the EU is that this little play is made impossible and Britain is left on its own , without any ability to divide and conquer. So unless a new attitude is found, the UK is sinking, as surely as the titanic. The EU was conceived as a life boat for European nations to continue being relevant and independent, not from each other's, but from the big powers outside of Europe. The UK failed to understand that and continued with its own obsolete scheme.
@@sylvaincroissant7650 If defeat was so catastrophic for Germany, why did it recover so quickly both times? Also, Germany lost WW2 on the Russian front and WW1 by US entry. And Britain failed to capitalise on victory both times, due to class distinction, fantasism, and inertia.
@@johnkeane1419 as I mentioned earlier, England obtained what it wanted. Mutual destruction of the French and the German industries, the destruction of the German Navy, and the German colony of Namibia. Talk about big gain and capitalisation... A few years later when the Ottoman empire disappeared as a result of WW1, it also gained control of all of the oil-rich countries in the middle east (while France took Syria and Liban...). Talk about capitalization to the fullest.... The big military winner of WW1 was France, with Foch Being the supreme commander of the allied forces, and the sacrifice of 1 600 000 French soldiers had been necessary, by comparison to The marginal role of the US, with 50 000 casualties from the US. Yet France did not gain anything. It took back Alsace Lorraine which had been French continuously since louis Xiv, but no more territory, and no guarantee was obtained. Thus in reality both Germany (the technical loser of the war) and France, were stabbed in the back. Not Britain. WW1 was a blast for the foreign office . Even Belgian gained some new German territories, and Italy obtained the south Tyrol, in exchange for its late entry into the conflicts. Britain and the US made sure that France would not gain any territory and /or a position of dominance because that was the whole point of this war. So France was super pissed, and accused of being unreasonable. History is actually funny in a sense.
@@sylvaincroissant7650 .A European war cannot be anything but a cruel, heartrending struggle, which, if we are ever to enjoy the bitter fruits of victory, must demand, perhaps for several years, the whole manhood of the nation, the entire suspension of peaceful industries, and the concentrating to one end of every vital energy in the community….a European war can only end in the ruin of the vanquished and the scarcely less fatal commercial dislocation and the exhaustion of the conquerors. Democracy is more vindictive than Cabinets. The wars of peoples will be more terrible than those of kings.” W S Churchill Who forgot all about the above and cheered us into a catastrophic disaster Getting in That stupidity while in investing in manufacturing Re why Churchill left the Conservative Party and joined The Radical Free Trade fringe of the Liberal Party
How did Norway have the insight to invest a proportion of oil revenues into an investment fund which now funds their government budgets and why did we not?
Allowing successive governments to be “captured” by big business. Allowing big business and finance to legally avoid paying their fair share of taxes, despite making profits out of the British people. Allowing mass immigration ensuring that wages are suppressed and the cost of housing is increased. Failing properly to regulate utilities, transportation, telecommunications, selling off British owned assets to the highest bidder and allowing them to run down infrastructure and services whilst extracting maximum profits to the cost of the British people. Failing to invest in the training and education of its indigenous population and instead relying on the unsustainable importation of over 10,000,000 immigrants and millions more to come. Allowing the ideology of globalisation, no borders, free trade and diversity to terminally weaken a once great culture and society.
As an American, I have had MANY U.K. friends, and still do now. HOWEVER, to describe the demise of the U.K. in MANY WAYS, it can easily be condensed into one (1) word - ARROGANCE !!!!
@@mjbucar The same arrogance (Manifest Destiny and Exceptionalism) which the USA has displayed and exercised throughout the world since WW11. The end result will be exactly the same.
The Britain was great when it could exploit the resources of its vast colonies. Once the flow stops the only path is down. The same is true of the other European empires.
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With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
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First "modern" regime change by Dutch king William III of Orange invading Britain, founding the bank of England with a small group of financiers. British call it the glorious revolution of 1688 ;-)
Economic cannibalism and leveraging by the financial sector, particularly Private Equity, has placed the United States on the same path as the UK. The path is accelerating with tax policy favoring astounding wealth concentration.
The problem with success in the past is that the Brits just keep holding on to it without looking for a future. If a policy position isn't taking them towards a past state, it is not worth pursuing. It is a nation stuck in its success running off of steam
It ran out of steam long ago. Its a failed state. Young people have nothing in the UK the older generation have it, and they are retired. 50% of the UK's population is over 50/55 years old..It is a mess
Many young adults in the UK who have a great degree live and work as an expat in other countries. America is getting like that as the boomer population has much of the wealth. But America does have the cloud or digital capital. In America there is google, apple, microsoft, and tesla, whereas Britain doesn't have that.
I just read an article called "Is the UK Becoming A Third World" Country in The Luxury Playbook that says exactly what you describe and goes even more in depth. Unfortunately we are doomed.
The Government is not being openly honest how bad things will get for the UK for example the united Kingdom could end up worst then a middle eastern country soon we are already witnessing the decline and it's looking dire how can any future generation have a future
Liberals don't produce value, they extract it. Without the Indian subcontinent and sub saharan Africa to fleece from, we'll just catabolize out own economy.
@@cinnacinnamonrollgirl Correct. I left the UK for the UAE 10 years ago and I am earning 5 times the wage of my brother, doing the same job. I also don't pay income tax. I cannot see myself going back to the UK. My life over here is significantly better in quality, finance, health care and safety, plus I get to do amazing things and push the envelope in my job.
Was the Tory government honest? Labour has already said that the situation is far worse than expected and uncovered lies made to hide it. Remember how the Tories used a traditional joke note left by Labour to misrepresent their social investment and used it as an excuse for their criminal austerity? Labour just mentions the true situation left by 14 Tory years of public money exploitation by the rich and their friends. I hope they'll get all the despicable PPE net of murderers in jail and call back all the millions that Sunak was so quick to condone. Government is for service, not to get rich!
The rot set in towards the end of the 19th century, when the UK production of steel and chemicals was overtaken by the USA and Germany. The UK was no longer the centre of industrial product innovation that it had been - that crown shifted to the USA in particular and to other European countries too. Both world wars caused stagnation in industrial investment, the only plus side of which is the first class industrial museums we have today, because the lack of investment in emerging techniques meant that old, outdated equipment survived for far too long. The over valuation of the pound with Churchill's ridiculous return to the Gold Standard was repeated after the Bretton Woods agreement where a bankrupt UK tried to support an overvalued price for the pound. As a child, I often wondered why people referred to a half crown (12.5p to younger readers) was referred to as 'Half a dollar'! A survivor of the unsustainable £4 = $1 of the immediate post WW2 era. The truth that the UK had run a balance of payments deficit since Victorian times was brought home as countries no longer used the pound as a reserve currency and as the Empire was dismantled. The newly independent countries turned to the dollar as the reserve currency of choice. As long as the sterling area as a whole produced a balance of payments surplus, the pound could maintain its value, but once sterling lost its role as a reserve currency and the UK was on its own the value was difficult to sustain as Black Wednesday proved decisively. Yet the London public school and Oxford educated elite continued to believe that the good old days were attainable and, as you rightly pointed out, had no respect for getting their hands dirty (Apart from figuratively) The way people have been fooled by unaffordable tax cuts when investment continues to be needed astounds me. Thank you for your clear and detailed analysis.
Basically agree. However, implicit (or possibly absent) from your analysis is the factor that, in the absence of an international trade surplus, a healthy internal economy is required. The continued focus on the balance of payments has led to impoverishment of the internal market owing to resources being diverted from the latter to the former during downturns. A healthy internal market, through good levels of money circulating in the community, supports business levels, thus increases production and service levels, improves profitability, stabilising prices, and thus making exports more competitive. Saving money by reducing benefits and restricting wages acts against a healthy internal economy when these policies are driven by a tradition of preferring an export surplus that has not obtained for several generations.
@@judewarner1536 Agreed. The Wilson Government of 1964 tackled the Balance of Payments crisis with measures such as the Selective Employment Tax which was a tax on the number of employees of each enterprise. Those in the manufacturing sector received a refund, but this was not available to the service sector. The idea was that this would make workers move from one sector to another. Of course this somewhat naïve idea didn't take account of whether there were transferrable skills in the services sector. It was also intended to boost exports. Again, it didn't seem to consider that goods produced for the home market may not be suitable for export markets. Indeed, at the time, I saw that it failed to see that if there was an untapped export demand, manufacturers would be increasing production to meet that demand anyway. The main effect was to raise prices. All kinds of services had 3.5% SET added to the price. Perhaps the weakness of the UK economy is the dependence on services as the main employer, the home market having been effectively penetrated by foreign manufacturers, who, at best, may choose to have satellite UK operations, eg. Siemens, Komatsu, Toyota, CAF etc.
@stephenfrost2272 there seems to be a naivety in government about the intended effect of changes vs unintended negative effects that are sometimes greater than any positive effect that actually resulted. Changes seem to constantly increase the complexity of the situation despite lip service to simplification. Our government requires a certain revenue to sustain spending and development, and when budgets are squeezed, new sources of tax revenue are searched that are invariably more complex and expensive to collect than the classic sources. For some reason, our governments always seem to build in loopholes that only the more wealthy can benefit from! In an exchange with the top manager in the VAT and Duties Department, some years ago, when I was inveighing against B-2-B VAT being charged on every value added process in and between businesses (perhaps one of the craziest ideas in the crazy EU) he informed me that VAT, especially at point-of-sale, was the cheapest tax to collect, as well as being a legal requirement of the EU . I had suggested that the B-2-B VAT should be eradicated in favour of a progressive point-of-sale tax system that would gradually replace ALL the other forms of taxation, that were an imposition on business costs and passed down the line to consumers in any case. The advantages of a retail-only point-of-sale tax system are that it is the least admin-heavy and cheapest to collect, is transparent, and least avoidable. The more you spend and the greater the non-basic component of your spending, the more tax you pay... simple. Personal taxation such as income tax and NI could be rolled into such a system, leaving net income = gross income and spending decisions made completely personal. Obviously, there's more detail to this idea. The outline above is only a taster of a highly simplified and integrated system.
@@SaadMughal-ko5fw I'm guessing that's a joke. The real answer is that it's just way cheaper to import food. UK food costs are about 7% lower than the EU average.
I remember 14 years ago, young as I was, I bought into the need for austerity, as everyone else did, that we needed to balance the books. Seems like it was a catastrophic mistake, from whoever instigated this. I would hope that now I would have the wisdom to learn that it wasn't even needed, as the video showed, because lending rates were low and our debt wasn't even that high.
Yes, nowadays UK is like a serf or 51st state to their US Masters. Every Empire does fall. I do think UK should have just let the Empire end in dignity and not import so many from the third world, especially around London and Birmingham.
For most of those 100 years, there was the small matter of occupied territories and colonies that could generate wealth and resources. And, most of all, be forced to purchase British-made goods through "trade".
The wheels of karma are turning fast.UK became rich and powerful due to stolen and plundered wealth from the occupied territories and colonies. The govt became very rich and the British royals amassed great fortunes too.Now it is the turn of UK citizens to suffer the fate of being poor again like they were before for the sins committed by their ancestors.
When Brexit happen Boris wanted a trade deal with Australia but stipulated that Australia must cease mining coal and selling it to international buyers and using it internally. He was diplomatically told to get stuffed and so he relented. Before 1973 the UK had been Australia's biggest trading partner and then the UK went into the Common Market and turned it's back on Australia. So that when Australia was approached by Britain after Brexit Australia screwed Britain to get a trade deal mostly in Australia's favour. Funny how many Brits look upon companies like Cadbury and Campbells at British but they're not, they're American and the profits they make flow to America.
The Empire angle is overstated . With a few exceptions it cost far more to maintain the Empire than it ever brought in money. By the 1930s the Empire was a vast millstone around the UK's neck. Check out what Home Secretary Herbert Morrison wrote about it at the time- it wouldn't be printable here.
Prices of goods have gone up 20% in 3 years. Mortgages have gone through the roof, sometimes doubling but most peoples wages are stuck in 2011. The protests are caused by underlying anger.
No it doesn't. What explains the working class protesting now is that the government cares more about foreigners than it does about them. That's why the riots were triggered by what seemed to be (because the attackers identity was concealed) another Islamist terror attack, in combination with a muslim being arrested near the vigil while masked and armed with a machete, again, before the attacker had been correctly identified as a Tutsi...or is it a Welshman? That is the actual reason; immigration and it's consequences. Hell, even the last graph of this video unintentionally spilled the beans. 12:53 economic growth is being largely swallowed by population increase. No matter how hard the native Brits work, the rewards of their labour will be showered on new arrivals. And if they dare to complain, the police will bash their teeth in.
No it doesn't. What explains the working class protesting now is that the government cares more about foreigners than it does about them. That's why the riots were triggered by what seemed to be (because the attackers identity was concealed) another Islamist terror attack, in combination with an..."""asian""" being arrested near the vigil while masked and armed with a machete, again, before the attacker had been correctly identified as a Tutsi...or is it a Welshman? That is the actual reason; immigration and it's consequences. Hell, even the last graph of this video unintentionally spilled the beans. 12:53 economic growth is being largely swallowed by population increase. No matter how hard the native Brits work, the rewards of their labour will be showered on new arrivals. And if they dare to complain, the police will bash their teeth in.
I reject the lack of luck argument. It was a lack of economic management in government, a lack of investment by industry & government, poor quality senior management in many facets of industry. key industries were either privatised or allowed to be sold off to foreign competitors. Chances to invest in the future were not taken. Of course this is obvious with hindsight, and no one can get it right every time, but we seem to have got things wrong far more often than the average western government. It's almost like the people elected to run the country, haven't a clue as to how things really work. Bad luck is more likely to happen to people who are unprepared.
@@LiamE69 Yes it is. The same way the West & Central African CFAs are still funding France. Take those former colonial(or perhaps neocolonial) implements away and these European nations will revert back to a backwater state.
@@Self-is-UltimateReality Asinine. It had a large share of world GDP because it had a large share of world population. Before the industrial revolution that is all that mattered. It was not rich in any meaningful way. There was nothing to steal. When Britain was able to produce more and better cloth and steel cheaper than a country 20 times its size it got rich, in the same way China is getting rich today. It got rich by making things, not by stealing them.
Greedy corporations and Greedy banks. The steel industry, the textile industry, the pottery industry, the fishing industry, the coal industry, the ship building industry and our car making industries all shipped abroad to profit corporations and their shareholders at the expense of British workers. What have we left - a low paid service industry and a bloated greedy financial centre based in London. Hundreds of billions splurged by our nanny state has killed off entrepreneurship, plunged millions into a life of poverty and squandered literally billions into a black hole called the NHS. The UK is broke. Our debt is over three TRILLION and growing by £5,000. every second. Let this sink in - That is £49,000 of debt for EVERY citizen in the UK.
We spend billions of pounds but don't make anything of value. For a while we provided good services, but after leaving the EU I don't know why europe would choose to bank or consult with us when they could choose ireland
Rivalry. Frankfurt & Paris want to become the premier banking centres of Europe. Once one gains the upper hand, London & to some extent, Dublin will diminish in importance. London will still be important though as it is the epicentre of one of the world's biggest money laundering industries.
Ireland has a corporation tax rate of 15% unlike our now 25% Britain is in decline under high taxation and legislation killing investment growth and wealth generation... Entrepreneurs are leaving and the capable are retiring early because aspirations are dead it's not worth working hard.... Socialism makes you poorer
@@cormackeenan8175 no socialism makes you poorer because socialists don't want to pay for it, and it disincentivises the only people that do pay for it, the Top 10% pay 60% of the tax while 55% of the population take more from the Tax payer than they contribute... Socialism has always failed, it's why I stopped working hard, I wasn't going to work an 80 hrs week to pay 62% Tax
the graphic at 0:38 paints a vivid picture in my head of all the poles coming to london to work and to send the money they earned back home to Poland. That was 20 years ago. I cannot help but come to the conclusion that we had a major part in making Poland the rich nation it is today.
I am Czech and I always wonder, why British people keep complain about imigration from eastern Europe, especially from Poland, but not so much about imigration from Africa and Asia? Is it because they are afraid of being marked as racist? People from eastern Europe mostly worked in UK, did not take social money, did not participated on criminal activities like Africans or Pakistanians, did not force their religion to British, did not rape British woman. Can you someone explain me, this aversion to Poles?
@@otosonet6693 My friend. You have mistaken my comment as me complaining that Poles took the opportunity to make some good money. I was only a child back then but I remember how many Polish friends my parents and I had during these times. The current demographic I see now flooding our streets are the Hong Kongers which like the Poles are here to make a better life and like the Poles are also becoming my friends. And by the way. I think the Czech National Anthem is the most beautiful anthem in the world.
@@otosonet6693 We DO have a serious problem with immigration from Africa/Asia etc, but are terrified of being called racist because it lands us fired from our jobs or in jail. There are real life repercussions to us speaking up about it. People from Eastern Europe came here to work, but they took all of that money and sent it back home... they didn't spend it here, thus it didn't circulate back into the economy. It had a massive impact on England as massive amounts of money were syphoned off and sent elsewhere. Yes, Eastern European immigration WAS bad for us, they worked... but it didn't benefit the UK whatsoever, infact, it did untold damage.
Some good points. There is another angle too, which you didn't go into: the US and many other industrialised nations have also encountered similar problems, particularly since the late 70s. We need to remember that the economic spoils since then have been increasingly concentrated among the top earners, especially the top 1%, while earnings for those on the average industrial wage has remained stagnant or even fallen slightly. Working conditions have deteriorated as hours become longer, with less job security and employment rights. This has resulted from the neoliberal orthodoxy spawned by Thatcher and Reagan, which has only gathered momentum ever since, though particularly under the Tories and MAGA Republicanism across the pond. Keynes would indeed be turning in his grave! The great danger now is that those same forces have set their sights on fomenting hatred and undermining our democracies through the stoking of far right hatred and suppression of civil rights, and at a time when our planet is beginning to reel against its over-exploitation in the form of climate change.
You can add that increasing automation (e.g. computers) has reduced the number of workers required and that some towns were devastated by the loss of their main industry (coal mine, steel plant) with nothing offered to replace it. Against that, a minimum wage aims to limit exploitation, although zero hours contracts don’t always give employees a good deal. Recent “far right” protests seem to have various motives relating to immigration, e.g. some places are seeing immigrants assigned to them and put up in hotels or council houses (if there are any left…) which prices local people out of property rental and purchase markets. There is also a perception that certain immigrants are above the law, as criticising them is “Islamophobic”. For example, whilst some protesters who posted incorrect information about the Southport attacker on X have already been jailed, the two brothers who assaulted armed police officers at Manchester Airport (before one of the brothers got kicked and stamped on…) are apparently free on bail despite CCTV footage…
@@stevenrix7024Yep that’s what essentially happened to us in Dayton Ohio. We lost all of our heavy industries, mainly auto, and they were replaced by retail.
The UK was had a colonial exploitive business model until colonialism collapsed. The rest of the world propped them up during WWI and WWIII. Because the UK is now a food importer they can never catch up the way they are currently operating. They need to go back to Victory Gardens and simple, healthy foods until they can get back on track.
all the people on the comments screeching about the conservative party - I absolutely agree, but you are being completely disingenuous by omitting labour in that as well. What is the difference between the conservative and labour party? 1%. It’s literally 1%. Remember Liz Truss’ mini budget - they were arguing about a 1% rise or cut or something (I cannot remember), but all I remember was that the parameter of debate was 1%. The people who are talking about the conservative party are also a part of the metropolitan, middle class, typically london and m25 class - who are the ones who are in charge of this country.
The Daily Mail and it's readers keep telling us that the Labour party is communist. That the UK is now run by communists. They certainly don't think that Labour and Conservative are the same. Nor did many of the rioters and their supporters. There are plenty of comments around the riots all blaming Starmer and the far left Labour party for the riots. Even though Labour had only been in power for a month, they are apparently to blame for everything!
I was a bachelor's student of economics here in Germany in 2016 and few weeks after the Brexit vote, three professors of economics gave a big special lecture one evening on what could happen with Brexit in the field of microeconomics, macroeconomics and finance/investment and what has happened so far was fortunately not the worst predictions, but still frighteningly appropriate. I didn't go to an elite university, there were no elite professors with worldwide fame. Ordinary academics knew that leaving the EU would be a disaster. Here you can also see how the British people were deliberately incited and lied to with the Leave campaign, the voices of the liars who promised a magical economic miracle after Brexit were unfortunately louder.
Clearly you only half the story and there were many reasons why people voted for brexit. Heath took us into the then common market WITHOUT a vote as there was so scepticism that he was worried that a referendum would not give the answer he wanted. He assured us it was for trade only! He lied. The 1975 referendum asked if we wanted to stay. The deception continued and we voted to stay. But we didn’t vote for what it was allowed to morph into. Heath actually admitted to the deception shortly before he died. The government documents confirming this lay dormant for the statutory 30 years. The 1975 referendum was the first vote I had and I will NEVER forgive Heath and successive governments . Moreover if people had done their homework more diligently it would have become apparent that a vote to leave was very possible if not probable. It was a massive misjudgement of Cameron and the so called political elite and it beggars belief that Cameron was made a lord and brought back into government. He must have hide of a rhinoceros. Finally in the lead up to brexit there were lies on BOTH sides of the argument
What nonsense, Brexit is supposedly responsible for the decline of the UK economy but Germany hasn't left the EU, yet the Germany economy is in dire trouble, even someone with an economics degree should be able to recognise it isn't that simple...
I lived and made Business in London 25 years ago and was shocked how far behind little Britain was even at this days they lived in a bubble. Now the bubble is bursting 🥱🥱🥱🥳🥳🥳🥳🤠🤠🤠🥳🥳🥳🥳
@@stevekook-xw3is Australia, New Zealand, USA, UAE, Singapore, Ireland, Hong Kong before CCP take over. Canada is doing bad but still better than UK.
My dad was Irish(passed away this past November). He never taught me to hate the British but I think I went through a phase with this when I was about 13. It didn't last long but the point is that I feel awful for the U.K. Lots of people in the comments here are acting as if it's karma yet those same people came from slave masters and genocidal maniacs not long ago, we just don't shine a light on their histories.. The English have been conquered and have conquered others. We are all the same this way, both victims and victimizers. I wish for the best for the people of the U.K
yea and no...UK is coming to its original state. To find where the dismantling will go to, you need to check the state of economy pre-1800 when It lost American colonies and India was under the control of mughal empire, English east India company was just a company. Problem with today is in globalized world you still have a king that keep millions of acres under his control and the population get crumbs like "lots for growing some vegetables".... To be free they should be a republic first.
Keeping the history aside, the UK culture was never that of competition. The British Empire was about captive markets. The UK was lucky to get a head start in industrialization, but once again, its culture brought inefficiencies and it lost to the US. Also, that inefficiency and entitlement culture is also very much part of its former colonies. For example, Canada, Australia, India, etc. are not any better.
@@Adnancorner As if the King or Queen of the UK are responsible in any way for the economic blunders made by the politicians, the UK is already a parliamentary democracy, it just happens that its politicians are dumb. Changing form of government wont change anything, its the politicians who must be held accountable.
I watched a video about Queen Elizabeth I yesterday, specifically about when England was under threat of invasion from the shifty Spanish. It got me thinking about the over thousand years of England and its history. And it seems evil to me that that continuity is being destroyed in only our lifetime, for the modern god of identity politics. And once it’s dead, it will never come back. It is a complete eradication of a fascinating society, and it’s being done with a cheer.
in 1913, 50% of global capital investment came from London...? And where precisely did they get the money to do this??? And what did they invest in such that their own population back home continued to live in poverty??
@@MsFallenPrime You obviously do not smoke enough to figure it out the obvious. The answer is at 56s in. All that money coming from the empire was reinvested as global investment seeking profits for the rich, NOT investment into Britain for the British people, who were still without shoes and food and dying of tuberculosis in the East End (*). Try putting the pieces of the jigsaw together and you might be able to get an idea of the bigger picture. (* Nothing changes it seems)
The most important bit of information missed, since 1997 Tony Blair (with advice from Bill Clinton and the US/UK banks) New Labour stated a massive currency "spend now pay later" printing spree which fuelled the FTSE, housing market, salaries and the GDP figures the sole indicators of economic "health" it was not actual real economic growth, an analogy is any company could declare a healthy condition and profits if they have a money printing machine in one of the companies offices. We have now reached the "pay later of this spend now pay later Ponzi scheme, I am amazed they kept it going so long, it almost ended in 2008 but now it is 10 times worse, and the economic and social consequences are unimaginable.
I think you raised the most pertinent issues. The foremost of which is the utter lack of investment into infrastructure, which, as you rightly pointed out in the bit on the railways, all but nullified Britain's first mover advantage. Unlike the continental countries, Britain's infrastructure wasn't as substantially wiped out. However, that meant that Germany and France did have more of a blank slate to build on. This shouldn't serve as an excuse of sorts either, because even these countries, with their infamous bureaucracies, still managed their Marshall Plan money in more productive endeavours. The ratio of money utilised with regard to investment vs welfare was much worse than either of the two continental states, as in welfare was prioritised over productive investment in terms of money allocated, even in the distribution of welfare where unemployment benefits are a fourth of the level in other comparable European states but housing has more allocation. There's also this weird breakup between the old age and survivors portion and the sickness and disability portion are evenly matched. Which is very different from other states in Europe where one or the other is about 10-15% higher or lower than the other, probably to address the difference in demographics. SO what I'd really love to know if anyone has a clue as to why that is so..... I think there's a similarity between Japan and Britain, coincidentally similar island nations sitting on either side of Eurasia, with regard to the overdominance of the capital city in terms of investment priority. However, similar to Germany, Japan invested far more of its American aid into productive investment. The blank state status due to the devastation of WWII applies there too but more than that I do think you have hit the nail on the head in terms of the priorities of the elite in terms of the direction of investment. Japan also experienced the same over inflation of real estate as a proportion of GDP but there is a story to be researched and told in terms of why Japan experienced that first and it took till the 2008 crisis for that to be apparent in Britain and why Japanese companies are more successful while British brands have been sold to other countries, including mine (writing this from India!).....
Very simple - you continue to print insane amounts of cash and devalue your currency then watch as it sinks against all other assets. Then sit on top of a 100% debt to GDP ratio. Fiat currency is done - theres no turning that ship around . Night night.
The UK should have followed the Nordic model when it discovered North Sea Oil. Norway invested the income in its infrastructure and to extract income from the world economic growth. Britain wasted the money on personal tax cuts for the highest income earners, but retained high corporation tax on companies. Unlike Norway, the UK lost the capital and had to increase taxes on its own citizens which made the country poorer by slowing down the economy. Then it leaves to European market, the only influence it had left to rebuild wealth - Brexit is the finish of UK.
6:15 It isn't just the North that is left behind. It's anywhere outside London. We're originally from Leeds and now live in the South, and places like Portsmouth are equally as forgotten and left behind
*Larry Burkett's book on "Giving and Tithing" drew me closer to God and helped my spirituality. 2020 was a year I literally lived it. I cashed in my life savings and gave it all away. My total giving amounted to 40,000 dollars. Everyone thought I was delusional. Today, 1 receive 85,000 dollars every two months. I have a property in Calabasas, CA, and travel a lot. God has promoted me more than once and opened doors for me to live beyond my dreams. God kept to his promises to and for me*
It is the digital market. That's been the secret to this wealth transfer. A lot of folks in the US and abroad are getting so much from it, God has been good to my household Thank you Jesus
The irony is that the commentator pointed out that an economic recovery was felt post 1993 after the UK exited the ERM and post the reforms made by Thatcher. Whilst i can agree not all was done perfectly, however the notion that spend spend spend was the answer clearly failed given that was Labours answer to everything. With regards to brexit the commentator was quick to portray the decision to leave the EU as the recent problem and referenced a hard Brexit, however that wasn't quite the case. A hard Brexit would've been the UK leaving on 29th march on WTO terms of which an economic shock no doubt would've been felt, however the EU knowing it's net exports to the UK amounted as 2nd place after the USA would've resorted to real trade discussions under article five without costly demands to settlements and border demands notably with northern Ireland and waters. Indeed this video doesn't demonstrate how the EU collectively is fairing for it's no picnic for the eurozone either at the moment. Indeed other countries left unions in the past including Greenland of which by comparison to the UK a much smaller nation, yet left the EEC in 1985 and faired better. The UKs exit from the ERM was proved to be the right decision as the commentator stated (yet condescendingly sounded pro EU). Singapore left Malaysia in the mid 60s, a mere swamp land with fishing villages that went on to embrace freer global trade and economic liberty to become a world economic powerhouse. This leads to another key reason for decline that the commentator touched upon but did not mention the aftermath on the switch from fossil fuels to green policies that are strangling growth in the name of climate change. Arguably it is this that is clobbering economic growth for industry and all sector's whilst drives up costs in pretty much everything the consumer does through ever high taxes and levies alongside tighter bureaucracy. Home ownership of the 80s again is often blamed for housing shortages howefer that fundamentally is ill-advised given its not as if one plays house swop evey year to make room for others had government kept hold of housing stock, rather it is just a case of demand going up as new builds shrink on top of the restrictions builder's are faced with. The UK is hard on it's citizens but soft on just about everybody else that enters, whilst it's establishment alongside that of the bureaucrat's in the EU are hell bent on a WEF agenda that destabilises the West towards a collective global utopia.
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
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Inflation is around 6.5% here in the UK, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?
‘’Marisa Breton Dollard’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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I live in Spain now because the weather is awesome, however every time I go home I see busy bars and restaurants, new buildings everywhere, it just seems really affluent compared to Spain.
I don't know where you are living right now in Spain, but i can assure you that "busy bars and restaurants" and "new buildings everywhere" describe Spain better than UK. In fact, the biggest and most expensive mega project in the EU is currently happening in Madrid, Spain.
This video hardly scratches the surface of the complexity of the problem. It's a slightly biased list of highlights with no explanation. it's so much more complicated than this.
Immigration is good , but from nations which have reasonable population.. you can't expect Japan , Korea or Philippe immigrants like those in Pakistan, Afghanistan.. That's where Britain lost its track
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Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
During the Second World War both Germany and the UK had planned economies. Germany lost the war, so it decided that economic planning was not a good idea. The UK won the war, so it decided that economic planning was the way forward. The UK didn't go the whole hog with economic planning like the Soviet Union did, so it didn't fall behind to the extent the Soviets did, but compared with Germany, by 1970, it wasn't doing nearly as well.
Sounds like a mini America but without the immense pools of wealth (for the 1% at least), somewhat decent workers rights and some access to healthcare without the threat of bankruptcy.
I'd say being more insular is what this country needed back in 1913 or certainly in 1945 - far too much posturing on the world-stage and not enough focus on the UK. I appreciate politicos find that sort of stuff dull but it's the bread & butter of domestic policy that really matters. I groan every time we talk about 'influence'.
During 1930# the British Govt raised taxes for farmers in India. Millions of Indians died due to hunger. The curse of those innocent & helpless Indian victims is haunting the british.
Agreed the British have never accepted that Empire, Slavery and immigration are correlated and linked together, the narrator said something interesting '2.5 million is the influx of immigrants that came from the colonies in the 1950's , I guess that number would have doubled since. No Empire/ No immigration. Don't blame everything on the immigrants, such as me.😮😮
@@StarstreakHVM Of Course but blame your Government and the Royal Family of those days, we Black and Brown people should have been left alone, now your country is now flooded with us, because of Slavery and Colonialism, You cant buy houses, because they are expensive, no NHS, No Schools. I mean I am Lucky because both of my Parents studied Medicine in the early 1960's, GP's then were paid at least £250,000 per year, not now, the Starting Salary for a GP is £100,00 0 per year, crap money.
Britain rose to economic ascendancy after adopting laissez faire, Manchester policies. There was less regulation and intervention than in France as far back as the 1600s. Bismarck's welfare system inspired both Britain and American to adopt the ideas of the German Historical School of economists. This was ironic because most of their work (e.g., by Knies and von Schmoller) was never translated into English. America rose to ascendancy as Britain adopted the ideas of Lloyd George and chose to fight multiple twentieth century wars. America retained classical liberal ideas a bit longer, and it didn't adopt a central bank until 1913. America then followed Britain in adopting Keynesian policies and big government, and now America is in decline. The historical record is straightforward and clear. but most academics, who are on the government dole, will disagree. As well, real wages in both Britain and America increased more rapidly when government spending was under 15% of GDP. The reason is money illusion, the inability of workers to bargain in inflationary circumstances. In a way, I don't feel sorry for the Anglophone common man and woman. They have voted for the systems that have impoverished them. As Joseph de Maistre put it, "A people gets the government they deserve."
To cut a long story short Conservative economic policies have led to periods of stagnation and destroyed UK industries while making investments into future capabilities practically impossible (on a national scale) while lessening the amount of control the government has on crucial sectors (power generation, telecoms, water processing, transport, etc) by privatising them in favour of a short term pay-off.
the new Labour Party austerity will destroy what is left of UK economy, the same as in 2010 when Cameron cut spent during a recession. But brits will blame the tories and enjoy poverty!
@@AHoardyBoi sure ! ahhahahah do not fall for Labour Party propaganda : " blame and tax " . Austerity, as they are going to do, has historically never worked in reducing dept/gdp ratio. We will end up with lower GDP, and higher dept
In terms of austerity, the UK hasn’t had a balanced budget since Gordon Brown was Chancellor, about 20 years ago. The Tories got in a few years after the Global Financial Crisis of 2008 and attempted to reduce the budget deficit (I.e. still spending more than the government was receiving, but by reducing amounts) but was met by howls of “savage austerity”. So here we are, at a debt/GDP ratio of 100% vs just 40-50% 20-odd years ago, with no sign of any political party being daft enough to do anything about it…
This is just a classic case of a country that was once in a powerful economic position but had no plan for the future. This resulted in decades of underinvestment, which has resulted in the situation the country faces today. I would argue that maybe Britain was never that great….its easy to be successful when you have large parts of the planet working for you for next to nothing. Britain was like a spoilt child that had it easy, but once those privileges were removed just didn’t know how to truly stand on its own two feet.
I totally agree with the lack of vision statement in your comment. I think that it's noteworthy that the lack of a long term vision is something that in her past came from the King or Queen of the day and this is something the nation has seemingly abandoned since WW2 instead falling solely within the responsibility of the elected government which is a much more temporary of a thing verses the reign of a sovereign.
Excellent, should be prescribed viewing for all economics students. Four things you might have mentioned: - Nincompoopery - distressingly prevalent for at least a century. In other words, useless politicians. - Free trade, or rather its dangers. All countries in their history have applied protections when it has suited them - we are long overdue in revisiting this option. Indeed we should be using Brexit to rebuild manufacturing industry. Over-reliance on the service sector can only ever end in tears. - Importing ever-increasing numbers of cheap unskilled labort can only depress wages, productivity and GDP pc, worsen the wealth gap, push up housing costs, degrade the environment even further, and lead to serious disunity. - It's clear that 'the market' has too often failed, but that state initiative has been denied purely on ideological grounds, even by those who should know better. In short what we need is a strong dose of NATIONALIST ECONOMICS!
Until the Agricultural and Industrial Revolutions the internal economy of Britain was based on subsistence and any significant surplus was driven by international trade. Before 1914, the internal economy of Britain, was based on the exploitation of a virtually powerless common people. When poverty, poor harvests, or depressions created famine conditions, eventually leading to riots, the rioters were ruthlessly put down. Deaths during suppression were followed by executions, whippings and imprisonment. In the colonial period, executions and imprisonment were gradually replaced by transportation. As a consequence of two world wars and liberal legislation, the internal economy increased in importance but the eyes of the government and big business (effectively the same thing) were and are fixated on the trade surplus / deficit as the defining factor in the economy. Whenever there was an economic upheaval, resources were and are diverted from the community to support business, especially international trade. Until big business and the government learn to recognise the importance of money circulating in the community to the health of the nation's modern economy, the policy of starving the community to support international trade will continue to weaken the country.
Really good video and what UK did with this Brexit is a mistake, Europe is a natural trader for the UK, it would be like if Canada would say screw it we stop trading with the US and we will figure it out its not making any sense .
@@yunusgokcen174I also think Brussels don't want to undermine the integrity of the single market and customs union. As a brit, I still think it's a monumental mistake to abandon the EU because of that. It's a huge factor as to why we are in decline. The global trade deals have not materialised and brexit has failed.
We used to love visiting the UK , the last time we were there 9 out of 10 people in London were migrants , they weren't frendly like the real Englishman . We won't go back !
I find it amusing that so many Brits seriously believe that the royal family bring in tourists and earn their very large keep. A simple google search reveals that Britain is way down the list for both numbers and money spent, behind the US, Spain, France, Italy. The retention of a lot of people sucking on the taxpayer teat is a symbol of the inability to look forward, and the obsession with past glories. The British mindset needs to change radically before progress can be made.
White British Londoners are now a minority as compared to all the different races of people now living in London and most of London now resembles a combination of a Middle Eastern and African and Asian and West Indian city and the rest of Britain is quickly going the same way. There are now about 300 different languages spoken in London and the rest of Britain.
Britain fought too many wars, two big ones, and lost all its colonies. The US copied the UK and German technologies. The rich people took control of the governments. Talent left for the US. Physically, the UK has a small land mass and population. That usually has a disadvantage. Most Empires follow the same path.
The financialization of the UK economy since the 60s has been a disaster for the midlands and north of England. London is doing fine. Everyone else is in real trouble.
The UK seems very tactical, not strategic. Very short term, not long term planning. Maybe it would be better for the north of England to achieve a for of home rule, away from the pull and domination of London, with its focus on banking, services etc. It's already like a different country up north. Make it official. Better for the north, better for the aristocrats down south.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
The author suffers from a Guardianista bias. Some points I agreed with, notably the disastrous reign of Churchill as chancellor. One thing he completely ignores is the role of the trade unions in paralysing innovation and driving up costs. The North-South divide is largely the legacy of the unions. He also ignores the huge losses made by nationalised industries before they were privatised. British Leyland alone soaked up £11 billion in subsidies in today's money. Economic models that claim Britain would be richer in the EU are about as useful as the climate models that predicted all the Arctic ice would be gone by 2014. The EU has become a declining economy stifled by excessive regulation. Since Brexit, the British econm=omy has performed better than the French and German economies.
Two world wars destroyed almost the entire Europe. But to be fair, the first one was started by an eagerness to prove, while the 2nd one was a direct consequence of the harsh policies applied to Germany. It was hard for the UK to stay out of WW2, unless dumping all the agreements they made. And to be fair, the UK never was the "neutral" type of country 😅
@@timothyrussell4445 There was indeed. But that decision, by the Asquith government, balanced the opposing sides and made the war a long struggle, devastating for all involved. Had Britain remained neutral, Germany would have quickly won. As it had in 1870.
Brexit is constantly blamed for all the problems facing the UK but the reality is that its fundamental weaknesses are really just the canary in the western coalmine that have merely been exposed by political obfuscation, flawed economic policies and manifested by a glaring inability to govern itself after years of colonial status under the EU, a body which is clearly struggling to literally paper over the widening cracks that are the direct result of its own rigid dogma. The EU project is all but finished in its present form, though not surprisingly, it refuses to recognise this simple fact.
New Labour did spend record amounts on health and education but a lot of this went to privatisation of services. e.g. PFI, Poly clinics, academies, ...
Thanks to a glorious GOLDEN TORY ECONOMY handed to Blair on a plate in 1997. Billions rolling in but criminally wasted by Robber Brown. From enterprise and free market success to welfarism, debts, deficit and mass importation of the 3rd world. TORY GLORY to Labour's knacker's yard.
As a Brit we must be mindful here because some comments are biased because they hate the U.K, and will only focus on the bad and never showcase what we do best. Rolls Royce jet engines and nuclear reactors. JCB Tractors are British and world class. Formula 1 sports cars are mostly designed and built in the U.K., in the midlands. McLaren automotive in Worthing is just one example. DragonFire laser guns and Britains naval ships are all British built and designed in the U.K.. The Type 26 and Britains new Dreadnought stealth nuclear submarines. Britain is highly innovative and is good at high quality manufacturing but it costs more. We also have world class universities like Oxford, Cambridge and imperial college London that produce cutting edge technologies for the world. Our scientists lead the world and so do our inventors but sadly our government has done collateral damage and prevents our best people developing their ideas in the U.K. because of excessive bureaucracy and lack of support and funding.
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Do visit my global economics Channel. Latest videos is on rise and fall of Japan ruclips.net/video/MNYMNzdSQwc/видео.html - interesting lessons for all modern economies.
First time listening to your work,, and I must say,, I’m impressed. Thanks and we’ll done. I’ll be listening to more.
By self-inflicted blunders, I assume that you mean an orchestrated choreographed, longitudinal effort at cultural financial and moral sabotage?
hi, leaving Europe was letal to many of us..
@@meggysaurusrexYes well said!!! 👏👏👏. We’re not a failed state, we have been under attack for decades by Marxists and globalists within
@@Doidera-h5fWe haven’t left Europe, just the political EU
Britain has raised generations of people from the Oxbridge nexus to run Britain with emphasis on finance, insurance, banking, and real estate of land ownership. So London thrived but the UK has never had a coherent industrial policy - lost the aerospace industry, the space industry, the auto industry, the steel industry, and companies were allowed to be bought by American global businesses that used the British factories as offshoots of the global business. Easy to shut down. UK citizens have been misled for a hundred years by these people.
Upstairs, Downstairs; hasn't changed to this day. Lower classes seem to be proud to serve their Lords and Masters, its a British culture thing.... 🤣
Decline is not connected to that… he says it’s about decolonization. Britain should take India, Australia, etc back
Isn't it wonderful. Now we can leave our industrial and innovation behind and lead with our nations true strength. It's multiculturalism and diversity. We can rule the world if every just. Got. On . Board...
@@AMldn Good luck with that
American businesses were closing down even worse than the UK not taking over the UK. The USA had some 200 car making companies in 1930-1940s by 1970 it was down to 3. Cities in the USA like Detroit and Baltimore totally collapsed in just a few decades just like the heart of UK auto industry but even worse becasue of race riots setting the cities on fire. It was Japan and Germany and to some level Italy and France that managed to export cars to the world while USA and UK were in collapse.
The USA did rebound in the 1990s thanks to cheap dollar after the 1970s-1980s crisis was over and USA domestic demand rebounded in to 1990s but the US car companies made mistake after mistake, FORD bought Jaguar and Land Rover but a few years later in 2008 had to sell them to save the company at a HUGE financial loss. The same for Volvo and had to shut down Saab. It was all a huge disaster the American car makers lost money in the end.
There is for sure the problem of private companies, venture capital and whatever buying out others like some US companies for sure buying UK companies but that is recent becasue of currancy games as far as I know.
When I was at University in the 1970s, I shared a room with an Economics student. He told me there was a joke that if you asked two economists what was wrong with the British economy, you would get three different answers.
Just as in any other profession, you get good ones and bad ones
Economics is first and foremost the study of human behavior. I think people forget that sometimes.
Ignoring Keynesian theory is just dumb though. Any serious economist would agree.
@@Ikbeneengeitagreed but unfortunately both sides of the political Isle uses this.
@@Ikbeneengeit No serious economist thinks that Keynes is anything but a quack. His ascendancy in Britain directly tracks Britain's decline, and the same is true in the US.
When you go on holiday, you now feel like staying abroad.
Less foreigners when abroad
Hahaha definitely not me- where are you going on holiday?
You think that now, just wait and see how you feel in four years' time.
And some of the people who say stuff like that are also fans of mass immigration and ‘diversity’ - the hypocrisy is staggering
Groceries cheaper in Spanish holiday resort than UK ALDI
Most of Britain's top people in government and business got there because of wealth and family contacts getting them into select schools and universities, then onto the top positions through the same connectioe. All without any genuine experience of most of the populations everyday lives and struggles. Their arrogance, self importance and privilege has been disastrous for the many.
Only been that way for...oh 1000 years or so. Why change now?
I worked in a global leading US tech company. This company bought a pioneering UK company and I was sent from India to go there and facilitate technology transfer to India. Soon, they announced shut down plan for UK company. They bought the company only to get access to the marquee customers UK company had build over decades. They didnt want people or the site, they just wanted the business.
@@anwarmi2000 WELCOME TO THE CAPITALIST SYSTEM THAT HAS DRIVEN THE MIDDLE CLASS FROM COMFORT STREET TO STRUGGLE STREET AND THE POOR MOVED UNDER THE BRIDGE
And the UK public think America is an ally. America benefited from WW2 while the UK plummeted, borrowing and handing its butt in the air to its so called special friend to repay the War debt...we absorb USA's brainless culture like MacDonalds where the UK public stuff their faces with US junk food while watching US television programmes...I have a US Jeep but atleast its good😂
Yeah. So, the solution is to make the people and the site more useful..
Not to ban foreign ownership.
@@SkyGlitchGalaxy THE ANSWER IS TO REJECT THE CAPITALIST SYSTEM COMPLETELY, AND PUT IN PLACE A SYSTEM THATS WORKS FOR ALL CITIZENS NOT JUST THE RULING ELITE , CHINA SEEMS TO HAVE FIGURED IT OUT SOME THING ALONG THOSE LINES THAT BENEFITS EVERYONE NOT JUST 2% OF THE POPULATION CHINA HAS BROUGHT 200 MILLION OUT OF POVERTY WHILE THE CAPITALIST SYSTEM HAS MOVED THE WORKING CLASS FROM COMFORT STREET TO STRUGGLE STREET AND THE POOR MOVED UNDER THE BRIDGE ALL CAPITALIST COUNTRIES IN THE WORLD HAVE THE SAME BAD ECONOMIES ,EVEN JAPAN AND SOUTH KOREA ,AUSTRALIA ,CANADA ALL OF EUROPE AND THE USA JUST A FACT THE CAPITALIST SYSTEM IS WELL PAST ITS USED BY DATE MOST COUNTRIES ARE IN DENIAL INCLUDING BRITAIN 🍁🇨🇦🍁. BRICS IS THE NEW WORLD ORDER AND THE FUTURE AMERICA IS YESTERDAY'S NEWS
sorry but USA company is never good news in Europe
After 100 years, Britain is largely still run by the tiny class of people and mindset that helped to start World War One. Militarily, we won, but economically it was an unmitigated disaster, triggering the break up of the British empire which that class had fought so hard to preserve for itself. It's been downhill ever since, with us trying militarily to prove that we can "still punch far above our weight", instead of concentrating on putting bread on the table for all our citizens.
Germany only lost due to America's entry into the war. Britain was on the verge of collapse.
british empire had to go, one way or another. And it bought unimaginable happiness to people of the colonies.
The empire still exists but differently. Now they just convinced them to come willingly on their silly boats so when the economy collapses or we get ww3, they will be mass drones to deal with the disaster.
@@devamjani8041 . . . . many of whom want to come to UK now - and do!
Cash then home all foreigners
I don’t get how house prices “going up 35% in a single year” can at all be seen as part of an “economic miracle”, seems to me to be an economic disaster.
Yes, It is very easy to make the houses cost more. You simply need to add a ton of laws so no more houses can be built.
@@juangomezfuentes8825this and help to buy aka money ends up in the landlord's pocket are the main causes.
@@juangomezfuentes8825 or make credit easier to come by as occured post big bang of 1986.
Exactly. It's pension funds and shay shell companies that have the dough to buy them up, and ordinary people can't compete with that.
@@timothyrussell4445 not at that time. Remember the % of the population owning houses was increasing in the eighties so it was not a concentration of ownership, rather it was those individuals who benefitted from Thatcher's policies not least easy credit that drove house prices up then.
Main issue not discussed here 1) UK is NOT a manufacturing economy its a service economy with focus on Banking & Finance which was affected by Brexit & Covid. UK is running mostly because of London, outside London, UK is in pretty bad shape and things are only going to get worse unfortunately. I think all the signs are there if you watch the news.
Focus on banking & finance ?
Actually UK banks are holding money of every scoundrel, corrupt dictators, leaders, mafia dons, Russian mafia etc. Principals & ethics be damned.
All of these things were mentioned in the video
it's because YOUR government closed all manufacturing factories
Then we need to get industrial
@@w1ncommunity486 Again !
The class system is still entrenched in English society. A lady with law degrees tried to get work with solicitors but couldn't because she came from a working class background and not an upper class background. Her father had not been a barrister or judge so she stood no chance.
Same issue in Malaysia since 1971 but there the policy of 'bumiputra' or sons of the soil meaning Muslim Malays does the same thing. It's called the New Economic Policy ( NEP). A racist, biased and no meritocracy policy still being practiced today against non-Muslims. Singapore who was ejected from Malaysia in 1965, took the other route - meritocracy- and left Malaysia behind !
as it should be Pleb
We have been betrayed by countless politicians
Exectly 💯
A country has the politicians it deserve
does not make any sense!!!?😮
No, the voters are just as stupid and selfish as the politicians.
You shouldn't trust the Johnsons, Farages, Tommies, Raabs of the world...
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
She is really a good investment advisor. Was privileged to attend some of her seminars.that's how I started my own crypto investment
Britain always has favored the rich with it's economic policies to the detriment to the middle class/poor. It isn't bad luck...it's decades of bad governance.
I would call it class favouritism.
The working class liberation ruined Britain
You have a socialist health care system, socialist education system, socialist transportation system, socialist environmental and construction policies. It is uneconomical to produce anything in the UK. A finance sector which works in collusion with government, which is technically fascism. Why are you surprised? No one paying attention outside Britain is surprised.
typical socialist mantra lol, no amount of taxing muh rich people will ever change UK's situation
Neoliberalism killed western countries like no war ever did...
Getting involved in two world wars, loss of freebies from the colonies, delusion of empire and exceptionalism, Thatcher, Tories, and Brexit! RIP
Best summary one will see.
14 Tory years and UK is Afrikaans slum
The UK has been around for 1,300 years and has had bigger problems before. You have to believe in the rebirth of the UK. The British have already shown many times that they are strong and can overcome big problems. As a resident of Poland, I never thought that in my lifetime Poland would emerge from communism and be in a united Europe. You must not lose hope. The UK's great days are yet to come!
@@jerzytyrakowski907 UK's fertility rate is 1.49 (the replacement rate is 2.1) and it keeps falling every year. Just by this statistic, it's clear that the UK is doomed, unless they start child marriage or someshit.
@@jerzytyrakowski907I disagree. With no natural resources, no colonies to exploit, no manufacturing base, and a class riven society, Britain is history.
Brexit was just the final nail in the coffin.
Britain did not become broke defending the Empire in the first half of the 20th century, it was involvement in two European wars.
Australian PM John Curtin thought Churchill was mad pursuing a "Europe First" rather than "Empire First" strategy in 1942 because it inevitably meant the end of the Empire and along with it Britain's status as a global power.
By 1945 Britain was broke and could not even afford to support the British Pacific Fleet relying on the Australian government to supply and fund infrastructure and logistics support. Australia was also required to provide the bulk of the British Commonwealth Occupation Force in Japan.
In 1968, Harold Wilson had closed the bases and withdrew forces from SE Asia in order to fund welfare, under his East of Suez strategy. The British had finally acknowledged that Britain was no longer a global power although the odd Brit still lives in a state of denial.
Actually, many still do.
The two world wars did serve the UK the most. For the last 500 years, the foreign office always identified the biggest country on the continent and allied with the 2nd power to look for a war on the continent, in order to have destruction of these 2 competitors, as wars will obviously mostly concern the continent.
After WW1 Britain obtained the destruction of the industrial capabilities of France and Germany, the destruction of the German naval forces both military and non military, as well as Namibia. The second WW saw the same exact result, minus territory gain in Africa.
Let's not kid ourselves.
The big problem the UK has with the EU is that this little play is made impossible and Britain is left on its own , without any ability to divide and conquer. So unless a new attitude is found, the UK is sinking, as surely as the titanic. The EU was conceived as a life boat for European nations to continue being relevant and independent, not from each other's, but from the big powers outside of Europe. The UK failed to understand that and continued with its own obsolete scheme.
@@sylvaincroissant7650 If defeat was so catastrophic for Germany, why did it recover so quickly both times?
Also, Germany lost WW2 on the Russian front and WW1 by US entry. And Britain failed to capitalise on victory both times, due to class distinction, fantasism, and inertia.
@@johnkeane1419 as I mentioned earlier, England obtained what it wanted. Mutual destruction of the French and the German industries, the destruction of the German Navy, and the German colony of Namibia. Talk about big gain and capitalisation...
A few years later when the Ottoman empire disappeared as a result of WW1, it also gained control of all of the oil-rich countries in the middle east (while France took Syria and Liban...). Talk about capitalization to the fullest....
The big military winner of WW1 was France, with Foch Being the supreme commander of the allied forces, and the sacrifice of 1 600 000 French soldiers had been necessary, by comparison to The marginal role of the US, with 50 000 casualties from the US. Yet France did not gain anything. It took back Alsace Lorraine which had been French continuously since louis Xiv, but no more territory, and no guarantee was obtained. Thus in reality both Germany (the technical loser of the war) and France, were stabbed in the back. Not Britain. WW1 was a blast for the foreign office .
Even Belgian gained some new German territories, and Italy obtained the south Tyrol, in exchange for its late entry into the conflicts. Britain and the US made sure that France would not gain any territory and /or a position of dominance because that was the whole point of this war. So France was super pissed, and accused of being unreasonable. History is actually funny in a sense.
@@sylvaincroissant7650 .A European war cannot be anything but a cruel, heartrending struggle, which, if we are ever to enjoy the bitter fruits of victory, must demand, perhaps for several years, the whole manhood of the nation, the entire suspension of peaceful industries, and the concentrating to one end of every vital energy in the community….a European war can only end in the ruin of the vanquished and the scarcely less fatal commercial dislocation and the exhaustion of the conquerors. Democracy is more vindictive than Cabinets. The wars of peoples will be more terrible than those of kings.”
W S Churchill
Who forgot all about the above and cheered us into a catastrophic disaster
Getting in That stupidity while in investing in manufacturing
Re why Churchill left the Conservative Party and joined The Radical Free Trade fringe of the Liberal Party
As a brit i know whatever happens, the civil service and clowns in goverment will do its absolute best to make our lives worse outside the m25👍🏻
How did Norway have the insight to invest a proportion of oil revenues into an investment fund which now funds their government budgets and why did we not?
Norway has white population more then 90 percent
Social democracy (The Nordic Model) vs neoliberalism (Thatcherism)
@@randomguy7175 You are evidence that your comment is irrelevant.
@@randomguy7175 At the time both countries did, the UK and Norway so I don't think that has anything to do with it.
As said; Social Democracy.
Allowing successive governments to be “captured” by big business. Allowing big business and finance to legally avoid paying their fair share of taxes, despite making profits out of the British people. Allowing mass immigration ensuring that wages are suppressed and the cost of housing is increased. Failing properly to regulate utilities, transportation, telecommunications, selling off British owned assets to the highest bidder and allowing them to run down infrastructure and services whilst extracting maximum profits to the cost of the British people. Failing to invest in the training and education of its indigenous population and instead relying on the unsustainable importation of over 10,000,000 immigrants and millions more to come. Allowing the ideology of globalisation, no borders, free trade and diversity to terminally weaken a once great culture and society.
Sadly there's no sign of the bad choices changing under the new administration.
Oh this chancellor will be as big a disaster as George Osbourne, Norman Lamont, Kwasi Kwarteng & Nigel Lawson.
Starmer is taking Britain full communi$t. The iron curtain is descending upon you. Question is, what are you going to do about it … ?
@@ma3stro681 You seem to be confused as to what communism is.
I'm guessing this comment is coming from a conservative who is still in denial.
@@ma3stro681help you don’t know what communist means
As an American, I have had MANY U.K. friends, and still do now. HOWEVER, to describe the demise of the U.K. in MANY WAYS, it can easily be condensed into one (1) word - ARROGANCE !!!!
Just like the US and they way it has lost everything to China.
@@mjbucar The same arrogance (Manifest Destiny and Exceptionalism) which the USA has displayed and exercised throughout the world since WW11. The end result will be exactly the same.
Pretty funny, coming from an American!
@@johntechwriter LOL
Pot kettle
The Britain was great when it could exploit the resources of its vast colonies. Once the flow stops the only path is down. The same is true of the other European empires.
Very very true 👍🏿
Same thing is happening to the USA in real time.
Same thing is happening to the USA in real time.
Absolutely true. Now USA will join Europe soon. Colonial loot money and wars.
@@pradyumnanayak9844
Nope. It’s complete garbage.
. . .
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety.
Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions.
Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Jennafer Beaver Turner is the licensed advisor I use.
Just research the name. You'd find necessary details to work with to set up an appointment
Thanks, I looked her up on Google and was very impressed by her credentials. I reached out because I need all the help I can get. I've scheduled a phone call with her.
Hmm....British Empire falls, and the pound sterling falls with it....I wonder if there is a connection....
Absolutely. See the US Dollar today
We sided with the wrong side in 1939. That was our downfall
There is indeed: having your currency as the dominant/most traded in the world underpins hegemony.
First "modern" regime change by Dutch king William III of Orange invading Britain, founding the bank of England with a small group of financiers. British call it the glorious revolution of 1688 ;-)
Yeah but it didn't fall they gave it up. They granted independence to all the countries that requested it.
Economic cannibalism and leveraging by the financial sector, particularly Private Equity, has placed the United States on the same path as the UK. The path is accelerating with tax policy favoring astounding wealth concentration.
The problem with success in the past is that the Brits just keep holding on to it without looking for a future. If a policy position isn't taking them towards a past state, it is not worth pursuing. It is a nation stuck in its success running off of steam
It ran out of steam long ago. Its a failed state. Young people have nothing in the UK the older generation have it, and they are retired. 50% of the UK's population is over 50/55 years old..It is a mess
Many young adults in the UK who have a great degree live and work as an expat in other countries. America is getting like that as the boomer population has much of the wealth. But America does have the cloud or digital capital. In America there is google, apple, microsoft, and tesla, whereas Britain doesn't have that.
I just read an article called "Is the UK Becoming A Third World" Country in The Luxury Playbook that says exactly what you describe and goes even more in depth. Unfortunately we are doomed.
The Government is not being openly honest how bad things will get for the UK for example the united Kingdom could end up worst then a middle eastern country soon we are already witnessing the decline and it's looking dire how can any future generation have a future
Liberals don't produce value, they extract it. Without the Indian subcontinent and sub saharan
Africa to fleece from, we'll just catabolize out own economy.
If you don't invest and just extract for decades, things will only get worse.
well the UAE is better than the uk
@@cinnacinnamonrollgirl Correct. I left the UK for the UAE 10 years ago and I am earning 5 times the wage of my brother, doing the same job. I also don't pay income tax. I cannot see myself going back to the UK. My life over here is significantly better in quality, finance, health care and safety, plus I get to do amazing things and push the envelope in my job.
Was the Tory government honest? Labour has already said that the situation is far worse than expected and uncovered lies made to hide it. Remember how the Tories used a traditional joke note left by Labour to misrepresent their social investment and used it as an excuse for their criminal austerity? Labour just mentions the true situation left by 14 Tory years of public money exploitation by the rich and their friends. I hope they'll get all the despicable PPE net of murderers in jail and call back all the millions that Sunak was so quick to condone. Government is for service, not to get rich!
The rot set in towards the end of the 19th century, when the UK production of steel and chemicals was overtaken by the USA and Germany. The UK was no longer the centre of industrial product innovation that it had been - that crown shifted to the USA in particular and to other European countries too. Both world wars caused stagnation in industrial investment, the only plus side of which is the first class industrial museums we have today, because the lack of investment in emerging techniques meant that old, outdated equipment survived for far too long.
The over valuation of the pound with Churchill's ridiculous return to the Gold Standard was repeated after the Bretton Woods agreement where a bankrupt UK tried to support an overvalued price for the pound. As a child, I often wondered why people referred to a half crown (12.5p to younger readers) was referred to as 'Half a dollar'! A survivor of the unsustainable £4 = $1 of the immediate post WW2 era.
The truth that the UK had run a balance of payments deficit since Victorian times was brought home as countries no longer used the pound as a reserve currency and as the Empire was dismantled. The newly independent countries turned to the dollar as the reserve currency of choice. As long as the sterling area as a whole produced a balance of payments surplus, the pound could maintain its value, but once sterling lost its role as a reserve currency and the UK was on its own the value was difficult to sustain as Black Wednesday proved decisively.
Yet the London public school and Oxford educated elite continued to believe that the good old days were attainable and, as you rightly pointed out, had no respect for getting their hands dirty (Apart from figuratively) The way people have been fooled by unaffordable tax cuts when investment continues to be needed astounds me.
Thank you for your clear and detailed analysis.
That should read $4=£1. Sorry for the mistype!
Basically agree. However, implicit (or possibly absent) from your analysis is the factor that, in the absence of an international trade surplus, a healthy internal economy is required.
The continued focus on the balance of payments has led to impoverishment of the internal market owing to resources being diverted from the latter to the former during downturns.
A healthy internal market, through good levels of money circulating in the community, supports business levels, thus increases production and service levels, improves profitability, stabilising prices, and thus making exports more competitive.
Saving money by reducing benefits and restricting wages acts against a healthy internal economy when these policies are driven by a tradition of preferring an export surplus that has not obtained for several generations.
@@judewarner1536 Agreed. The Wilson Government of 1964 tackled the Balance of Payments crisis with measures such as the Selective Employment Tax which was a tax on the number of employees of each enterprise. Those in the manufacturing sector received a refund, but this was not available to the service sector. The idea was that this would make workers move from one sector to another. Of course this somewhat naïve idea didn't take account of whether there were transferrable skills in the services sector. It was also intended to boost exports. Again, it didn't seem to consider that goods produced for the home market may not be suitable for export markets. Indeed, at the time, I saw that it failed to see that if there was an untapped export demand, manufacturers would be increasing production to meet that demand anyway.
The main effect was to raise prices. All kinds of services had 3.5% SET added to the price.
Perhaps the weakness of the UK economy is the dependence on services as the main employer, the home market having been effectively penetrated by foreign manufacturers, who, at best, may choose to have satellite UK operations, eg. Siemens, Komatsu, Toyota, CAF etc.
@stephenfrost2272 there seems to be a naivety in government about the intended effect of changes vs unintended negative effects that are sometimes greater than any positive effect that actually resulted.
Changes seem to constantly increase the complexity of the situation despite lip service to simplification. Our government requires a certain revenue to sustain spending and development, and when budgets are squeezed, new sources of tax revenue are searched that are invariably more complex and expensive to collect than the classic sources. For some reason, our governments always seem to build in loopholes that only the more wealthy can benefit from!
In an exchange with the top manager in the VAT and Duties Department, some years ago, when I was inveighing against B-2-B VAT being charged on every value added process in and between businesses (perhaps one of the craziest ideas in the crazy EU) he informed me that VAT, especially at point-of-sale, was the cheapest tax to collect, as well as being a legal requirement of the EU . I had suggested that the B-2-B VAT should be eradicated in favour of a progressive point-of-sale tax system that would gradually replace ALL the other forms of taxation, that were an imposition on business costs and passed down the line to consumers in any case.
The advantages of a retail-only point-of-sale tax system are that it is the least admin-heavy and cheapest to collect, is transparent, and least avoidable. The more you spend and the greater the non-basic component of your spending, the more tax you pay... simple. Personal taxation such as income tax and NI could be rolled into such a system, leaving net income = gross income and spending decisions made completely personal. Obviously, there's more detail to this idea. The outline above is only a taster of a highly simplified and integrated system.
As an Australian I'm always amazed that the UK is unable to produce enough food to feed itself, a situation that has most lost it 2 world wars.
No. The UK is unable to produce British people with balls who will stop living from grandma's pension and go to work.
The sun hardly shines so hard to grow staple grains. Its rains all day so hard to grow edible crops.
@@SaadMughal-ko5fw I'm guessing that's a joke. The real answer is that it's just way cheaper to import food. UK food costs are about 7% lower than the EU average.
I remember 14 years ago, young as I was, I bought into the need for austerity, as everyone else did, that we needed to balance the books. Seems like it was a catastrophic mistake, from whoever instigated this. I would hope that now I would have the wisdom to learn that it wasn't even needed, as the video showed, because lending rates were low and our debt wasn't even that high.
Yes, nowadays UK is like a serf or 51st state to their US Masters. Every Empire does fall. I do think UK should have just let the Empire end in dignity and not import so many from the third world, especially around London and Birmingham.
For most of those 100 years, there was the small matter of occupied territories and colonies that could generate wealth and resources. And, most of all, be forced to purchase British-made goods through "trade".
The wheels of karma are turning fast.UK became rich and powerful due to stolen and plundered wealth from the occupied territories and colonies. The govt became very rich and the British royals amassed great fortunes too.Now it is the turn of UK citizens to suffer the fate of being poor again like they were before for the sins committed by their ancestors.
@@chrislee528 Thanks for admitting that it's punishment. It really, really makes it easy to prove that you are just our enemy.
When Brexit happen Boris wanted a trade deal with Australia but stipulated that Australia must cease mining coal and selling it to international buyers and using it internally. He was diplomatically told to get stuffed and so he relented. Before 1973 the UK had been Australia's biggest trading partner and then the UK went into the Common Market and turned it's back on Australia. So that when Australia was approached by Britain after Brexit Australia screwed Britain to get a trade deal mostly in Australia's favour. Funny how many Brits look upon companies like Cadbury and Campbells at British but they're not, they're American and the profits they make flow to America.
The Empire angle is overstated . With a few exceptions it cost far more to maintain the Empire than it ever brought in money. By the 1930s the Empire was a vast millstone around the UK's neck. Check out what Home Secretary Herbert Morrison wrote about it at the time- it wouldn't be printable here.
@phillycheesetake only if you think it's an undeserved punishment. Which it clearly isn't.
This is good, explains why the uk working class is protesting now.
Prices of goods have gone up 20% in 3 years. Mortgages have gone through the roof, sometimes doubling but most peoples wages are stuck in 2011.
The protests are caused by underlying anger.
Have been protesting since Thatcher!
UK has been supporting south Asian Islamists for the past 80 years
So I think they should be allowed in UK
If you love them so much take them with you
No it doesn't. What explains the working class protesting now is that the government cares more about foreigners than it does about them. That's why the riots were triggered by what seemed to be (because the attackers identity was concealed) another Islamist terror attack, in combination with a muslim being arrested near the vigil while masked and armed with a machete, again, before the attacker had been correctly identified as a Tutsi...or is it a Welshman?
That is the actual reason; immigration and it's consequences. Hell, even the last graph of this video unintentionally spilled the beans.
12:53 economic growth is being largely swallowed by population increase. No matter how hard the native Brits work, the rewards of their labour will be showered on new arrivals. And if they dare to complain, the police will bash their teeth in.
No it doesn't. What explains the working class protesting now is that the government cares more about foreigners than it does about them. That's why the riots were triggered by what seemed to be (because the attackers identity was concealed) another Islamist terror attack, in combination with an..."""asian""" being arrested near the vigil while masked and armed with a machete, again, before the attacker had been correctly identified as a Tutsi...or is it a Welshman?
That is the actual reason; immigration and it's consequences. Hell, even the last graph of this video unintentionally spilled the beans.
12:53 economic growth is being largely swallowed by population increase. No matter how hard the native Brits work, the rewards of their labour will be showered on new arrivals. And if they dare to complain, the police will bash their teeth in.
I reject the lack of luck argument. It was a lack of economic management in government, a lack of investment by industry & government, poor quality senior management in many facets of industry. key industries were either privatised or allowed to be sold off to foreign competitors. Chances to invest in the future were not taken.
Of course this is obvious with hindsight, and no one can get it right every time, but we seem to have got things wrong far more often than the average western government. It's almost like the people elected to run the country, haven't a clue as to how things really work.
Bad luck is more likely to happen to people who are unprepared.
Phyrric Victories
Especially getting involved in 1914
You said a key point ; india ( mostly out of Britain's other colonies ) was basically funding Britain's economy.
That simply isn't true.
@@LiamE69 Yes it is. The same way the West & Central African CFAs are still funding France. Take those former colonial(or perhaps neocolonial) implements away and these European nations will revert back to a backwater state.
@@willia3r If India was funding the British how come the British could not afford to maintain it as a colony?
You are spouting revisionist nonsense.
@@LiamE69India contribution to the world economy before brits came 27%
After brits gone 2%
Where did the money ?
@@Self-is-UltimateReality Asinine. It had a large share of world GDP because it had a large share of world population. Before the industrial revolution that is all that mattered.
It was not rich in any meaningful way. There was nothing to steal.
When Britain was able to produce more and better cloth and steel cheaper than a country 20 times its size it got rich, in the same way China is getting rich today. It got rich by making things, not by stealing them.
Greedy corporations and Greedy banks. The steel industry, the textile industry, the pottery industry, the fishing industry, the coal industry, the ship building industry and our car making industries all shipped abroad to profit corporations and their shareholders at the expense of British workers. What have we left - a low paid service industry and a bloated greedy financial centre based in London. Hundreds of billions splurged by our nanny state has killed off entrepreneurship, plunged millions into a life of poverty and squandered literally billions into a black hole called the NHS. The UK is broke. Our debt is over three TRILLION and growing by £5,000. every second. Let this sink in - That is £49,000 of debt for EVERY citizen in the UK.
We spend billions of pounds but don't make anything of value. For a while we provided good services, but after leaving the EU I don't know why europe would choose to bank or consult with us when they could choose ireland
Rivalry. Frankfurt & Paris want to become the premier banking centres of Europe. Once one gains the upper hand, London & to some extent, Dublin will diminish in importance. London will still be important though as it is the epicentre of one of the world's biggest money laundering industries.
Ireland has a corporation tax rate of 15% unlike our now 25%
Britain is in decline under high taxation and legislation killing investment growth and wealth generation... Entrepreneurs are leaving and the capable are retiring early because aspirations are dead it's not worth working hard....
Socialism makes you poorer
The fourth Reich EU only wants UK money. 12bn every year to keep Barnier in champagne
@@mikedudley4062 lazy people makes you poorer not socialism.
@@cormackeenan8175 no socialism makes you poorer because socialists don't want to pay for it, and it disincentivises the only people that do pay for it, the Top 10% pay 60% of the tax while 55% of the population take more from the Tax payer than they contribute... Socialism has always failed, it's why I stopped working hard, I wasn't going to work an 80 hrs week to pay 62% Tax
the graphic at 0:38 paints a vivid picture in my head of all the poles coming to london to work and to send the money they earned back home to Poland. That was 20 years ago. I cannot help but come to the conclusion that we had a major part in making Poland the rich nation it is today.
Poland is thriving because it has low taxes ... I don't think the author wants to admit that.
I am Czech and I always wonder, why British people keep complain about imigration from eastern Europe, especially from Poland, but not so much about imigration from Africa and Asia? Is it because they are afraid of being marked as racist? People from eastern Europe mostly worked in UK, did not take social money, did not participated on criminal activities like Africans or Pakistanians, did not force their religion to British, did not rape British woman. Can you someone explain me, this aversion to Poles?
@@otosonet6693 My friend. You have mistaken my comment as me complaining that Poles took the opportunity to make some good money. I was only a child back then but I remember how many Polish friends my parents and I had during these times. The current demographic I see now flooding our streets are the Hong Kongers which like the Poles are here to make a better life and like the Poles are also becoming my friends.
And by the way. I think the Czech National Anthem is the most beautiful anthem in the world.
@@otosonet6693 We DO have a serious problem with immigration from Africa/Asia etc, but are terrified of being called racist because it lands us fired from our jobs or in jail. There are real life repercussions to us speaking up about it. People from Eastern Europe came here to work, but they took all of that money and sent it back home... they didn't spend it here, thus it didn't circulate back into the economy. It had a massive impact on England as massive amounts of money were syphoned off and sent elsewhere. Yes, Eastern European immigration WAS bad for us, they worked... but it didn't benefit the UK whatsoever, infact, it did untold damage.
Video goes into the deep, long term problems of the UK economy. Replies go on about immigration. One track minds. The answer to every question.
Some good points. There is another angle too, which you didn't go into: the US and many other industrialised nations have also encountered similar problems, particularly since the late 70s. We need to remember that the economic spoils since then have been increasingly concentrated among the top earners, especially the top 1%, while earnings for those on the average industrial wage has remained stagnant or even fallen slightly. Working conditions have deteriorated as hours become longer, with less job security and employment rights. This has resulted from the neoliberal orthodoxy spawned by Thatcher and Reagan, which has only gathered momentum ever since, though particularly under the Tories and MAGA Republicanism across the pond. Keynes would indeed be turning in his grave! The great danger now is that those same forces have set their sights on fomenting hatred and undermining our democracies through the stoking of far right hatred and suppression of civil rights, and at a time when our planet is beginning to reel against its over-exploitation in the form of climate change.
You can add that increasing automation (e.g. computers) has reduced the number of workers required and that some towns were devastated by the loss of their main industry (coal mine, steel plant) with nothing offered to replace it. Against that, a minimum wage aims to limit exploitation, although zero hours contracts don’t always give employees a good deal.
Recent “far right” protests seem to have various motives relating to immigration, e.g. some places are seeing immigrants assigned to them and put up in hotels or council houses (if there are any left…) which prices local people out of property rental and purchase markets. There is also a perception that certain immigrants are above the law, as criticising them is “Islamophobic”. For example, whilst some protesters who posted incorrect information about the Southport attacker on X have already been jailed, the two brothers who assaulted armed police officers at Manchester Airport (before one of the brothers got kicked and stamped on…) are apparently free on bail despite CCTV footage…
@@stevenrix7024Yep that’s what essentially happened to us in Dayton Ohio. We lost all of our heavy industries, mainly auto, and they were replaced by retail.
America is walking down the same path
The UK was had a colonial exploitive business model until colonialism collapsed. The rest of the world propped them up during WWI and WWIII. Because the UK is now a food importer they can never catch up the way they are currently operating. They need to go back to Victory Gardens and simple, healthy foods until they can get back on track.
all the people on the comments screeching about the conservative party - I absolutely agree, but you are being completely disingenuous by omitting labour in that as well. What is the difference between the conservative and labour party? 1%. It’s literally 1%. Remember Liz Truss’ mini budget - they were arguing about a 1% rise or cut or something (I cannot remember), but all I remember was that the parameter of debate was 1%.
The people who are talking about the conservative party are also a part of the metropolitan, middle class, typically london and m25 class - who are the ones who are in charge of this country.
The Daily Mail and it's readers keep telling us that the Labour party is communist. That the UK is now run by communists. They certainly don't think that Labour and Conservative are the same. Nor did many of the rioters and their supporters. There are plenty of comments around the riots all blaming Starmer and the far left Labour party for the riots. Even though Labour had only been in power for a month, they are apparently to blame for everything!
Good history and review of UK economic highlights.
Same thing that's happening to the US, the rest of Europe, and Japan, central bankers.
I was a bachelor's student of economics here in Germany in 2016 and few weeks after the Brexit vote, three professors of economics gave a big special lecture one evening on what could happen with Brexit in the field of microeconomics, macroeconomics and finance/investment and what has happened so far was fortunately not the worst predictions, but still frighteningly appropriate. I didn't go to an elite university, there were no elite professors with worldwide fame. Ordinary academics knew that leaving the EU would be a disaster. Here you can also see how the British people were deliberately incited and lied to with the Leave campaign, the voices of the liars who promised a magical economic miracle after Brexit were unfortunately louder.
Failing to understand brexit wasn’t about economics.. you will never understand the decision.
Clearly you only half the story and there were many reasons why people voted for brexit. Heath took us into the then common market WITHOUT a vote as there was so scepticism that he was worried that a referendum would not give the answer he wanted. He assured us it was for trade only! He lied. The 1975 referendum asked if we wanted to stay. The deception continued and we voted to stay. But we didn’t vote for what it was allowed to morph into. Heath actually admitted to the deception shortly before he died. The government documents confirming this lay dormant for the statutory 30 years.
The 1975 referendum was the first vote I had and I will NEVER forgive Heath and successive governments . Moreover if people had done their homework more diligently it would have become apparent that a vote to leave was very possible if not probable. It was a massive misjudgement of Cameron and the so called political elite and it beggars belief that Cameron was made a lord and brought back into government. He must have hide of a rhinoceros.
Finally in the lead up to brexit there were lies on BOTH sides of the argument
What nonsense, Brexit is supposedly responsible for the decline of the UK economy but Germany hasn't left the EU, yet the Germany economy is in dire trouble, even someone with an economics degree should be able to recognise it isn't that simple...
I lived and made Business in London 25 years ago and was shocked how far behind little Britain was even at this days they lived in a bubble. Now the bubble is bursting 🥱🥱🥱🥳🥳🥳🥳🤠🤠🤠🥳🥳🥳🥳
Funny how former Brit territories and colonies prosper more than UK.
Out of curiosity which countries do you mean?
Just Singapore perhaps?
@@stevekook-xw3is Australia, New Zealand, USA, UAE, Singapore, Ireland, Hong Kong before CCP take over. Canada is doing bad but still better than UK.
Australia!? US !?
Add India and China
My dad was Irish(passed away this past November). He never taught me to hate the British but I think I went through a phase with this when I was about 13. It didn't last long but the point is that I feel awful for the U.K. Lots of people in the comments here are acting as if it's karma yet those same people came from slave masters and genocidal maniacs not long ago, we just don't shine a light on their histories.. The English have been conquered and have conquered others. We are all the same this way, both victims and victimizers. I wish for the best for the people of the U.K
yea and no...UK is coming to its original state. To find where the dismantling will go to, you need to check the state of economy pre-1800 when It lost American colonies and India was under the control of mughal empire, English east India company was just a company. Problem with today is in globalized world you still have a king that keep millions of acres under his control and the population get crumbs like "lots for growing some vegetables"....
To be free they should be a republic first.
Rest in peace to your Pa, God bless 🙏
Heavenly Father is punishing England for the loot of India 🇮🇳.
Keeping the history aside, the UK culture was never that of competition. The British Empire was about captive markets. The UK was lucky to get a head start in industrialization, but once again, its culture brought inefficiencies and it lost to the US. Also, that inefficiency and entitlement culture is also very much part of its former colonies. For example, Canada, Australia, India, etc. are not any better.
@@Adnancorner As if the King or Queen of the UK are responsible in any way for the economic blunders made by the politicians, the UK is already a parliamentary democracy, it just happens that its politicians are dumb. Changing form of government wont change anything, its the politicians who must be held accountable.
I watched a video about Queen Elizabeth I yesterday, specifically about when England was under threat of invasion from the shifty Spanish. It got me thinking about the over thousand years of England and its history. And it seems evil to me that that continuity is being destroyed in only our lifetime, for the modern god of identity politics. And once it’s dead, it will never come back. It is a complete eradication of a fascinating society, and it’s being done with a cheer.
Great video. So useful to have this history. Thanks for making
in 1913, 50% of global capital investment came from London...? And where precisely did they get the money to do this??? And what did they invest in such that their own population back home continued to live in poverty??
It's their own currency, what do you smoke?
@@MsFallenPrime You obviously do not smoke enough to figure it out the obvious. The answer is at 56s in. All that money coming from the empire was reinvested as global investment seeking profits for the rich, NOT investment into Britain for the British people, who were still without shoes and food and dying of tuberculosis in the East End (*). Try putting the pieces of the jigsaw together and you might be able to get an idea of the bigger picture. (* Nothing changes it seems)
That's the benefit of being the reserve currency. You can simply print money.
Treassure and commodity stolen from the colonies.
The most important bit of information missed, since 1997 Tony Blair (with advice from Bill Clinton and the US/UK banks) New Labour stated a massive currency "spend now pay later" printing spree which fuelled the FTSE, housing market, salaries and the GDP figures the sole indicators of economic "health" it was not actual real economic growth, an analogy is any company could declare a healthy condition and profits if they have a money printing machine in one of the companies offices. We have now reached the "pay later of this spend now pay later Ponzi scheme, I am amazed they kept it going so long, it almost ended in 2008 but now it is 10 times worse, and the economic and social consequences are unimaginable.
I think you raised the most pertinent issues. The foremost of which is the utter lack of investment into infrastructure, which, as you rightly pointed out in the bit on the railways, all but nullified Britain's first mover advantage. Unlike the continental countries, Britain's infrastructure wasn't as substantially wiped out. However, that meant that Germany and France did have more of a blank slate to build on. This shouldn't serve as an excuse of sorts either, because even these countries, with their infamous bureaucracies, still managed their Marshall Plan money in more productive endeavours. The ratio of money utilised with regard to investment vs welfare was much worse than either of the two continental states, as in welfare was prioritised over productive investment in terms of money allocated, even in the distribution of welfare where unemployment benefits are a fourth of the level in other comparable European states but housing has more allocation. There's also this weird breakup between the old age and survivors portion and the sickness and disability portion are evenly matched. Which is very different from other states in Europe where one or the other is about 10-15% higher or lower than the other, probably to address the difference in demographics. SO what I'd really love to know if anyone has a clue as to why that is so.....
I think there's a similarity between Japan and Britain, coincidentally similar island nations sitting on either side of Eurasia, with regard to the overdominance of the capital city in terms of investment priority. However, similar to Germany, Japan invested far more of its American aid into productive investment. The blank state status due to the devastation of WWII applies there too but more than that I do think you have hit the nail on the head in terms of the priorities of the elite in terms of the direction of investment. Japan also experienced the same over inflation of real estate as a proportion of GDP but there is a story to be researched and told in terms of why Japan experienced that first and it took till the 2008 crisis for that to be apparent in Britain and why Japanese companies are more successful while British brands have been sold to other countries, including mine (writing this from India!).....
Very simple - you continue to print insane amounts of cash and devalue your currency then watch as it sinks against all other assets. Then sit on top of a 100% debt to GDP ratio.
Fiat currency is done - theres no turning that ship around . Night night.
Fun fact: Norway invests very little oil money in its own economy. It goes into the stock market or is spent on an oversized public sector.
Yes, the economy is used to support its own people.
The UK should have followed the Nordic model when it discovered North Sea Oil.
Norway invested the income in its infrastructure and to extract income from the world economic growth.
Britain wasted the money on personal tax cuts for the highest income earners, but retained high corporation tax on companies.
Unlike Norway, the UK lost the capital and had to increase taxes on its own citizens which made the country poorer by slowing down the economy.
Then it leaves to European market, the only influence it had left to rebuild wealth - Brexit is the finish of UK.
Norway had more than 50% of the oil and a population one tenth of the UK.
6:15 It isn't just the North that is left behind. It's anywhere outside London. We're originally from Leeds and now live in the South, and places like Portsmouth are equally as forgotten and left behind
*Larry Burkett's book on "Giving and Tithing" drew me closer to God and helped my spirituality. 2020 was a year I literally lived it. I cashed in my life savings and gave it all away. My total giving amounted to 40,000 dollars. Everyone thought I was delusional. Today, 1 receive 85,000 dollars every two months. I have a property in Calabasas, CA, and travel a lot. God has promoted me more than once and opened doors for me to live beyond my dreams. God kept to his promises to and for me*
There's wonder working power in following Kingdom principles on giving and tithing. Hallelujah!
But then, how do you get all that in that period of time? What is it you do please, mind sharing?
It is the digital market. That's been the secret to this wealth transfer. A lot of folks in the US and abroad are getting so much from it, God has been good to my household Thank you Jesus
Big thanks to Ms. Susan Jane Christy❤️✨💯May God bless Susan Christy services,she have changed thousands of lives globally
How can I start this digital market, any guidelines and how can I reach out to her?
The irony is that the commentator pointed out that an economic recovery was felt post 1993 after the UK exited the ERM and post the reforms made by Thatcher. Whilst i can agree not all was done perfectly, however the notion that spend spend spend was the answer clearly failed given that was Labours answer to everything.
With regards to brexit the commentator was quick to portray the decision to leave the EU as the recent problem and referenced a hard Brexit, however that wasn't quite the case. A hard Brexit would've been the UK leaving on 29th march on WTO terms of which an economic shock no doubt would've been felt, however the EU knowing it's net exports to the UK amounted as 2nd place after the USA would've resorted to real trade discussions under article five without costly demands to settlements and border demands notably with northern Ireland and waters. Indeed this video doesn't demonstrate how the EU collectively is fairing for it's no picnic for the eurozone either at the moment. Indeed other countries left unions in the past including Greenland of which by comparison to the UK a much smaller nation, yet left the EEC in 1985 and faired better. The UKs exit from the ERM was proved to be the right decision as the commentator stated (yet condescendingly sounded pro EU). Singapore left Malaysia in the mid 60s, a mere swamp land with fishing villages that went on to embrace freer global trade and economic liberty to become a world economic powerhouse.
This leads to another key reason for decline that the commentator touched upon but did not mention the aftermath on the switch from fossil fuels to green policies that are strangling growth in the name of climate change. Arguably it is this that is clobbering economic growth for industry and all sector's whilst drives up costs in pretty much everything the consumer does through ever high taxes and levies alongside tighter bureaucracy.
Home ownership of the 80s again is often blamed for housing shortages howefer that fundamentally is ill-advised given its not as if one plays house swop evey year to make room for others had government kept hold of housing stock, rather it is just a case of demand going up as new builds shrink on top of the restrictions builder's are faced with.
The UK is hard on it's citizens but soft on just about everybody else that enters, whilst it's establishment alongside that of the bureaucrat's in the EU are hell bent on a WEF agenda that destabilises the West towards a collective global utopia.
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
It is critical for everyone to prioritise investing in a variety of income streams that are independent of the government in light of the ongoing global economic crisis. Investigating stock, gold, silver, and digital currency opportunities is part of this. Despite the difficult economic climate, now is still a good time to think about making these investments. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Inflation is around 6.5% here in the UK, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?
‘’Marisa Breton Dollard’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I’ve seen commentaries about advisors but not one looks this phenomenal.
A two speed economy fits so well a two-tier policing.
and no word on the failed immigration policy (look who enters the Uk) and the stupid russia sanctions (UK lost insurance market to india and china)
I live in Spain now because the weather is awesome, however every time I go home I see busy bars and restaurants, new buildings everywhere, it just seems really affluent compared to Spain.
I don't know where you are living right now in Spain, but i can assure you that "busy bars and restaurants" and "new buildings everywhere" describe Spain better than UK. In fact, the biggest and most expensive mega project in the EU is currently happening in Madrid, Spain.
This video hardly scratches the surface of the complexity of the problem. It's a slightly biased list of highlights with no explanation. it's so much more complicated than this.
Can you do a video?
Immigration is good , but from nations which have reasonable population.. you can't expect Japan , Korea or Philippe immigrants like those in Pakistan, Afghanistan..
That's where Britain lost its track
the 9F shown was a phenomenally powerful and versatile locomotive! they had a criminally short life but were a total powerhouse!
Useless corrupted politicians
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that's awesome 👌
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
Cryptocurrency investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
The best video you've done - with some excellent information.
pretty amazing how this channel gets 100k+ views with only 50k subs! bravo
The colonial nations love seeing UK fall 😅
During the Second World War both Germany and the UK had planned economies. Germany lost the war, so it decided that economic planning was not a good idea. The UK won the war, so it decided that economic planning was the way forward.
The UK didn't go the whole hog with economic planning like the Soviet Union did, so it didn't fall behind to the extent the Soviets did, but compared with Germany, by 1970, it wasn't doing nearly as well.
"The UK won the war...". ❓😂
All the MPs and PMs have let us down so pay them less
The UK is fast becoming a more insular, reactionary and parochial nation 😑
Sounds like a mini America but without the immense pools of wealth (for the 1% at least), somewhat decent workers rights and some access to healthcare without the threat of bankruptcy.
I'd say being more insular is what this country needed back in 1913 or certainly in 1945 - far too much posturing on the world-stage and not enough focus on the UK. I appreciate politicos find that sort of stuff dull but it's the bread & butter of domestic policy that really matters. I groan every time we talk about 'influence'.
@@Lawrence4000-s3k Like Jordan Peterson puts it, start by cleaning up your own room.
@@mikitz I really wouldn't listen to anything that guy says
@@mikitz Absolutely 😄
During 1930# the British Govt raised taxes for farmers in India.
Millions of Indians died due to hunger.
The curse of those innocent & helpless Indian victims is haunting the british.
Agreed the British have never accepted that Empire, Slavery and immigration are correlated and linked together, the narrator said something interesting '2.5 million is the influx of immigrants that came from the colonies in the 1950's , I guess that number would have doubled since. No Empire/ No immigration. Don't blame everything on the immigrants, such as me.😮😮
So you're admitting that immigration actually IS bad?@@Walley28
@@Walley28then there are no immigrants in Sweden?
Exept from our old colonies:
Norway
Finland
Estonia
Latvia
Germany!
@@StarstreakHVM Of Course but blame your Government and the Royal Family of those days, we Black and Brown people should have been left alone, now your country is now flooded with us, because of Slavery and Colonialism, You cant buy houses, because they are expensive, no NHS, No Schools. I mean I am Lucky because both of my Parents studied Medicine in the early 1960's, GP's then were paid at least £250,000 per year, not now, the Starting Salary for a GP is £100,00 0 per year, crap money.
👍
Britain rose to economic ascendancy after adopting laissez faire, Manchester policies. There was less regulation and intervention than in France as far back as the 1600s. Bismarck's welfare system inspired both Britain and American to adopt the ideas of the German Historical School of economists. This was ironic because most of their work (e.g., by Knies and von Schmoller) was never translated into English. America rose to ascendancy as Britain adopted the ideas of Lloyd George and chose to fight multiple twentieth century wars. America retained classical liberal ideas a bit longer, and it didn't adopt a central bank until 1913. America then followed Britain in adopting Keynesian policies and big government, and now America is in decline. The historical record is straightforward and clear. but most academics, who are on the government dole, will disagree. As well, real wages in both Britain and America increased more rapidly when government spending was under 15% of GDP. The reason is money illusion, the inability of workers to bargain in inflationary circumstances. In a way, I don't feel sorry for the Anglophone common man and woman. They have voted for the systems that have impoverished them. As Joseph de Maistre put it, "A people gets the government they deserve."
Well said.
To cut a long story short Conservative economic policies have led to periods of stagnation and destroyed UK industries while making investments into future capabilities practically impossible (on a national scale) while lessening the amount of control the government has on crucial sectors (power generation, telecoms, water processing, transport, etc) by privatising them in favour of a short term pay-off.
That's the story the video wants to tell. In reality, most of the damage was done by trade unions and left-wing government.
@@warlord195711 🤡
the new Labour Party austerity will destroy what is left of UK economy, the same as in 2010 when Cameron cut spent during a recession. But brits will blame the tories and enjoy poverty!
Agreed. Reeves won't impose a wealth tax, because at heart she's just a neoliberal Tory
You can thank reckless expenditure under the tories for that
@@AHoardyBoi sure ! ahhahahah do not fall for Labour Party propaganda : " blame and tax " . Austerity, as they are going to do, has historically never worked in reducing dept/gdp ratio. We will end up with lower GDP, and higher dept
Can blame both quite happily thanks.
In terms of austerity, the UK hasn’t had a balanced budget since Gordon Brown was Chancellor, about 20 years ago. The Tories got in a few years after the Global Financial Crisis of 2008 and attempted to reduce the budget deficit (I.e. still spending more than the government was receiving, but by reducing amounts) but was met by howls of “savage austerity”. So here we are, at a debt/GDP ratio of 100% vs just 40-50% 20-odd years ago, with no sign of any political party being daft enough to do anything about it…
This is just a classic case of a country that was once in a powerful economic position but had no plan for the future. This resulted in decades of underinvestment, which has resulted in the situation the country faces today. I would argue that maybe Britain was never that great….its easy to be successful when you have large parts of the planet working for you for next to nothing. Britain was like a spoilt child that had it easy, but once those privileges were removed just didn’t know how to truly stand on its own two feet.
I totally agree with the lack of vision statement in your comment. I think that it's noteworthy that the lack of a long term vision is something that in her past came from the King or Queen of the day and this is something the nation has seemingly abandoned since WW2 instead falling solely within the responsibility of the elected government which is a much more temporary of a thing verses the reign of a sovereign.
Excellent, should be prescribed viewing for all economics students.
Four things you might have mentioned:
- Nincompoopery - distressingly prevalent for at least a century. In other words, useless politicians.
- Free trade, or rather its dangers. All countries in their history have applied protections when it has suited them - we are long overdue in revisiting this option. Indeed we should be using Brexit to rebuild manufacturing industry. Over-reliance on the service sector can only ever end in tears.
- Importing ever-increasing numbers of cheap unskilled labort can only depress wages, productivity and GDP pc, worsen the wealth gap, push up housing costs, degrade the environment even further, and lead to serious disunity.
- It's clear that 'the market' has too often failed, but that state initiative has been denied purely on ideological grounds, even by those who should know better.
In short what we need is a strong dose of NATIONALIST ECONOMICS!
Thank you for this vid.. subbed and interested to watch more
I'm 40. Same age as Prince Harry. If I don't suddenly die, I think I'll see the end of the monarchy in my lifetime.
Until the Agricultural and Industrial Revolutions the internal economy of Britain was based on subsistence and any significant surplus was driven by international trade. Before 1914, the internal economy of Britain, was based on the exploitation of a virtually powerless common people. When poverty, poor harvests, or depressions created famine conditions, eventually leading to riots, the rioters were ruthlessly put down. Deaths during suppression were followed by executions, whippings and imprisonment. In the colonial period, executions and imprisonment were gradually replaced by transportation.
As a consequence of two world wars and liberal legislation, the internal economy increased in importance but the eyes of the government and big business (effectively the same thing) were and are fixated on the trade surplus / deficit as the defining factor in the economy.
Whenever there was an economic upheaval, resources were and are diverted from the community to support business, especially international trade. Until big business and the government learn to recognise the importance of money circulating in the community to the health of the nation's modern economy, the policy of starving the community to support international trade will continue to weaken the country.
Wow, the Tories really have made some poor decisions for the nation.
But great decisions for their backers.
tories and labour are both god awful, we can hardly call ourself a democracy
What exactly did or has a Labour administration in the last 25 years done that's been so great?
All based on their selfish greed by exploiting the financial markets with offshore tax haven accounts.
@@vanguard8889 They probably havent (though I could name some) - but they've not been as ruinously bad as Tories have.
Great analysis of the UK's relative decline. New subscriber here!!
A fantastic analysis. Deep, insightful and very informative. Sad as the facts may be one can only agree with you
High taxation = crippled nation. End of.
Really good video and what UK did with this Brexit is a mistake, Europe is a natural trader for the UK, it would be like if Canada would say screw it we stop trading with the US and we will figure it out its not making any sense .
Problem is Brussels obsession with controlling memberstates
@@yunusgokcen174I also think Brussels don't want to undermine the integrity of the single market and customs union. As a brit, I still think it's a monumental mistake to abandon the EU because of that. It's a huge factor as to why we are in decline. The global trade deals have not materialised and brexit has failed.
We used to love visiting the UK , the last time we were there 9 out of 10 people in London were migrants , they weren't frendly like the real Englishman . We won't go back !
I find it amusing that so many Brits seriously believe that the royal family bring in tourists and earn their very large keep.
A simple google search reveals that Britain is way down the list for both numbers and money spent, behind the US, Spain, France, Italy.
The retention of a lot of people sucking on the taxpayer teat is a symbol of the inability to look forward, and the obsession with past glories. The British mindset needs to change radically before progress can be made.
UK has been supporting south Asian Islamists for the past 80 years
So I think they should be allowed in UK
If you love them so much take them with you
@@ProudTurkroachbhai Turkish logo se inta dushmani kyu😂
White British Londoners are now a minority as compared to all the different races of people now living in London and most of London now resembles a combination of a Middle Eastern and African and Asian and West Indian city and the rest of Britain is quickly going the same way.
There are now about 300 different languages spoken in London and the rest of Britain.
@@Tony11806 good 👍
The empire map is post WW1, not 1913, after Britain had taken over former German colonies.
Superb video. Subscribed
Britain fought too many wars, two big ones, and lost all its colonies. The US copied the UK and German technologies. The rich people took control of the governments. Talent left for the US. Physically, the UK has a small land mass and population. That usually has a disadvantage. Most Empires follow the same path.
What broken Britain? Answer: Boris Johnson!
think there is more to it than that
@@waxwing235zcctBoris dragged us our of the EU single market.
The financialization of the UK economy since the 60s has been a disaster for the midlands and north of England. London is doing fine. Everyone else is in real trouble.
It started before that. England's selfish Aristos had no interest in British Industry in the 1800s and the northern banks all fled south to London.
The UK seems very tactical, not strategic. Very short term, not long term planning. Maybe it would be better for the north of England to achieve a for of home rule, away from the pull and domination of London, with its focus on banking, services etc. It's already like a different country up north. Make it official. Better for the north, better for the aristocrats down south.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
Mate your unique demeanor is pretty suave, like how you crack a mild pun once in a while. Try and keep language impartial. Wish you all the best!
The author suffers from a Guardianista bias.
Some points I agreed with, notably the disastrous reign of Churchill as chancellor.
One thing he completely ignores is the role of the trade unions in paralysing innovation and driving up costs. The North-South divide is largely the legacy of the unions.
He also ignores the huge losses made by nationalised industries before they were privatised. British Leyland alone soaked up £11 billion in subsidies in today's money.
Economic models that claim Britain would be richer in the EU are about as useful as the climate models that predicted all the Arctic ice would be gone by 2014. The EU has become a declining economy stifled by excessive regulation. Since Brexit, the British econm=omy has performed better than the French and German economies.
Yes let's all blame the unions, that's the way!
Yes, England is doing far better than France and Germany...in terms of Homelessness Rates.
In fact, we are the top amongst OECD countries 😂
@@geoffsaunders5030 Yes, the unions were absolutely at fault for ruining British industry.
Unions stifled workplace innovation but the Latin mumbling 'elites' were producing cars with square steering wheels.
@@geoffsaunders5030Shoddy British manufacturing quality and labor costs killed your industrial base. Labor has a fair share of that blame.
Most of our ills, economic and otherwise, are consequent on one catastrophic blunder: declaring war on Germany in August 1914.
Two world wars destroyed almost the entire Europe. But to be fair, the first one was started by an eagerness to prove, while the 2nd one was a direct consequence of the harsh policies applied to Germany. It was hard for the UK to stay out of WW2, unless dumping all the agreements they made. And to be fair, the UK never was the "neutral" type of country 😅
Not sure you can sum up that decision in one sentence; there was a lot of stuff going on there.
@@timothyrussell4445
There was indeed. But that decision, by the Asquith government, balanced the opposing sides and made the war a long struggle, devastating for all involved. Had Britain remained neutral, Germany would have quickly won. As it had in 1870.
Brexit is constantly blamed for all the problems facing the UK but the reality is that its fundamental weaknesses are really just the canary in the western coalmine that have merely been exposed by political obfuscation, flawed economic policies and manifested by a glaring inability to govern itself after years of colonial status under the EU, a body which is clearly struggling to literally paper over the widening cracks that are the direct result of its own rigid dogma. The EU project is all but finished in its present form, though not surprisingly, it refuses to recognise this simple fact.
Brexit was always short term pain for long term gain.
@@dallasclarke Indeed, but how much pain is necessary before the penny drops.
This is of a quality that is simply astounding
New Labour did spend record amounts on health and education but a lot of this went to privatisation of services. e.g. PFI, Poly clinics, academies, ...
Thanks to a glorious GOLDEN TORY ECONOMY handed to Blair on a plate in 1997.
Billions rolling in but criminally wasted by Robber Brown.
From enterprise and free market success to welfarism, debts, deficit and mass importation of the 3rd world.
TORY GLORY to Labour's knacker's yard.
As a Brit we must be mindful here because some comments are biased because they hate the U.K, and will only focus on the bad and never showcase what we do best. Rolls Royce jet engines and nuclear reactors. JCB Tractors are British and world class. Formula 1 sports cars are mostly designed and built in the U.K., in the midlands. McLaren automotive in Worthing is just one example. DragonFire laser guns and Britains naval ships are all British built and designed in the U.K.. The Type 26 and Britains new Dreadnought stealth nuclear submarines. Britain is highly innovative and is good at high quality manufacturing but it costs more. We also have world class universities like Oxford, Cambridge and imperial college London that produce cutting edge technologies for the world. Our scientists lead the world and so do our inventors but sadly our government has done collateral damage and prevents our best people developing their ideas in the U.K. because of excessive bureaucracy and lack of support and funding.
UK is done, it's a third world country with third world issues
The UK only contributes at the highest level, never at a mainstream level that can impact general prosperity. Class, again.
It's been a long time since jcb was world class ,I own jcb machines they are cheap and you get what you pay for now ie cheap
Had not the British looted India 🇮🇳? Please answer. Heavenly Father is punishing England for the loot of India. It's the divine justice. Amen.
@@johnkeane1419very true 👍🏿