We’ve gotten too used to low interest rates, cheap credit, cheap imported goods and food produced by low earners abroad and every modern convenience at our disposal. We are spoilt brats
Serfs to the Norman overlords. Beaten and cowed in 1066 and ever since looking up to the Norman ruling classes and their Tory agents in an almost pathetic beaten dog-like awe and obedience.
Stop making it look like having more money or wanting more money is a bad thing that’s like telling a body builder stop going gym because your already built … it makes no sense we need to blame the governments distribution ratio from poor to rich
@@marvintpandroid2213 I understand I just didn’t like he’s tone of language we need to stop stigmatising wanting more money or being rich and wanting to be richer
The tories are out for themselves and their donors. If the party had any integrity they would vote this down. It would end up in an election but this is nothing more than a cynical cash grab.
"Growth" is code for removing workers rights and reducing or stagnating wages so that rich business owners might consider setting up or remaining in the UK.
@@adarkimpurity the markets (LSE, gilts and forex) reacted exactly the same way the economists predicted. Is there a single piece of evidence that this is going to work?
My personal budget. 1. Increase tax free allowance to £20k / Reduce NI contributions for low earners / boost minimum wage in line with inflation. 2. Increase 40% rate to £70k from £60k 3. Increase 45% rate to 50% rate from £200k 4. Increase corporate tax to 25% (20% rate for small businesses) 5. Increase taxation on unearned income to 25 6. Laser focus on closing down loopholes & investigating tax avoidance/evasion.
Not enough. Corporate taxes for multi nationals should be 50% plus and unearned income (eg rentals) should be taxed at a much higher rate or traced as income.
@@russellbowden6789 so far she is killing ukrainians and delegitamising palestinians by meeting the israeli prime minister and promising she will move the israeli embassy to jerusalem
It was kind of weird the media always talked like this as if there was going to be any actual action taken by any one ever to implement a policy of leveling up. There wasn't, there isn't, all the Tories have done is literally class war from the rich on the poor.
But as James said in the other video, the British (English?) electorate will voting for them again, turkeys voting for Christmas. I have to assume that large swathes of the electorate either suffer from total delusion, benefit substantially, or suffer from Stockholm syndrome. I cannot fathom that anyone with a sound mind and a bit of logic would ever vote for these trashers of the country ever again.
You hit the nail on the head, Tories realise they don't have long in government left, so they are trying to give as much of the country's money to their mate's, and as quickly as possible. Knowing they will get some of that money for in kick backs.
The red wall is going to make a comeback because they now realise Johnson used them and has given them nothing in return. The Class of 2019 are joke first-timers who don't have a clue and the likes of Dennis Skinner wouldn't have stood for this. Some predictions have put the Tories to lose 100+ seats and Labour to eventually end up with a majority of 30. The other problem for the Tories is the Lib Dems are polling well in the Home Counties and affluent areas of the south, areas which should be blue. Scotland will be the same boring one horse race it always is, f--k knows what Wales will do, Northern Ireland will be usuns and themuns as ever.
Correct also foreign Tory party backers and American oligarchs will find it cheaper to buy UK property and businesses plus as an added bonus American corporations will find it cheaper to buy parts of the NHS.
Should be a law in election rules that when a prime minister is changed mid term, that a general election must happen within 6 months. And no deviation from the manifesto upon which was voted in previous general election can take place. End of the day. We now have another new government with a new plan, potentially devastating to our country, and we have had no say in it at all.
Feels like democracy has died in this country. An unelected PM has come in and drastically changed the government policies and position compared to what we voted in, and we can't do anything about it for years. I hated Boris for his lack of integrity but this is even more out of touch and I really fear where this is heading. When so many working class people are in desperate need of the most help, this government care more about the rich and are coming up with all sorts of BS to justify it. She's going to ruin this country and I can't do anything about it.
@@staycasual7203 As someone who also works in a huge corporate, I'm panicking about the winter (despite earning £40k) while our CEO got a 25% payrise in one of the worst fiscal years we've ever had. The same CEO back in July implemented an iron rod "back to the office" policy which is costing his staff a fortune in commuting. We even 'hired' a new C-Level executive, trumpeted his name in corporate comms, only for him to back out before his start date because he seemingly got a better offer from another megacorp. And before you ask, yes I'm considering another job.
The French have a history of making their leaders accountable, whereas the UK has been a country of serfs, those in power know they can do whatever they want and the people will just moan and grudgingly accept it.
@@nathanielbugg7355 Bugg boy zip it. Dont bother talking about stability when the pound is resembling a third world country. Keep allowing low talent Gordon Gekkos to rob your countries wealth whilst licking their boots for crumbs. The UK is a great country let down by morons who think they are superior and usually vote for the CONjobs.
Chomsky wrote some very interesting analysis on the current "modern" apathy which he saw as a result of "mass distraction" chiefly through popular culture. That said the English (British and Irish) actually have a very proud history of revolt. You only have to look at the non conformist of the 17th century, who disposed of our King a whole century before the French, through to the Chartists and early Unions. In fact I like to believe that this agitation and collective spirit still burns in us all, albeit dimly at present.
@@simonwhiting6929 It only seems like the Jocks have any fight left in them. The North literally voted for the boogeyman in the last GE all for Brexit and the door was left ajar for the vultures to swoop. Dreadful luck old boy. I also blame the left for this. Mass immigration isnt popular and it must be discussed openly to block the real fascists from taking advantage. Do the government have a plan in place if India and Pakistan goes to war for example? One shambles after another it seems.
Now she shows her true colours. Absolutely disgusting that taxes are cut for the super rich while you and I are thrown the bone of a 1% reduction in income tax. And what about the huge profits made by the energy companies? Nothing, no windfall tax on them to help the British public.
The Tories have frozen the personal tax allowance for four years. You will be paying tax on a larger portion of your wages. Institute of fiscal studies on channel four news said that people would be paying more tax over the next four years. only the rich will be paying less tax.
@@cleebe823 and I’m more than happy to pay more taxes if they were spent on evening out the shocking inequality. A stable society and economy helps EVERYONE. Tories seem to think it should only help them and they’ll then, in their benevolence, help out the little man. What a bunch of turds.
@@seeafish absolutely agree with you on that. I'm - for the time being - financially stable myself. Thinking that a healthy economy can possibly function with a population that can hardly afford goods and services though is frankly insane from my perspective. Who in their right mind would invest into an economy where there's no way to generate the revenue to see a return in investment in the first place. Utterly ridiculous ideological nonsense.
What I heard was tax cuts for the rich and bankers getting unlimited bonuses. Again. How about raising the income tax threshold to £15k to really help the ordinary working families pay their bills?
The State Funeral probably cost about £10m. That sounds like a lot but it's pocket change for an economy the size of the UK's, even under current circumstances.
The plan is simple: high inflation will bring very high mortgage payments and loads of people will loose their homes so the rich can buy them outright and rent them back to the poor This is taking any hopes of poor being well off and having something in their name
Not sure why we aren’t given one anyway? Most people voting in general elections aren’t actually voting for their local MP but who is currently positioned to run the country, when that changes, it makes sense to allow us to re-evaluate our options.
Why? We all know the Tories will be reelected. All the tories need to say are these 2 buzzwords, immigration and sovereignty, and then all the "patriotic" citizens will bend to their masters will and vote against their own best interests.
@@VoidDragon82 sadly, we might need to give it a few more months so people can really get a taste of the Tory endgame Then it's election time, for whoever is still standing ...
@@VoidDragon82 sadly, we might need to give it a few more months so people can really get a taste of the Tory endgame Then it's election time, for whoever is still standing ...
In very dire straits, I'm afraid, the sick man of Europe again. And who on earth is gonna bail you out this time? Uncle Sam? No, not again. The EU? No, got snubbed and their shins kicked by the UK too many times already. Uncle Vlad is out of the question, because of Ukraine, aside from being nearly broke himself. The Chinese? Or the Saudi's? Maybe, but conditions might not be that friendly.
I think she nails it at the end. When Osbourne did it the NHS and services were relatively (compared to now) stable. His policies did nothing to change that, but as she said "created a mini-boom". This time, the NHS is crumbling, we have strikes in many services, negative growth, and high inflation. The last two MAY be addressed by this budget, but the first two are going nowhere.
So glad I sold my house in the UK and bought a villa in Spain, France and Italy which I rent out. This country is beyond repair and anyone working class, even middle class, is ripped off. Time to enjoy the sun and let money work for me rather than live to work in the UK. adios
@@mattd5073 if you have the money, do it. The UK is beyond repair. Stands for nothing, offers nothing and the quality of life ranging from housing to health care is abysmal for the average person. Get a bit of money behind you and invest in a property abroad, you won't regret it 😉
Crispin Odey's (made a fortune betting against the £ post brexit) hedge fund has made 145% increase doing it again... Waiting to hear confirmation he's done it again today. It's almost as if it's predictable when you know the right people & the decisions they're about to make
It almost makes you think they have absolutely no idea what they are doing in the job role, so in the mean time they’re doing what benefits them, their sponsors and donors and leave any flaming wreck ofa mess to others to sort out in the future. But by then, in the meantime everyone that’s part of their little club will have done alright 🤷♂️
🇨🇦 lovin it from Toronto Canada ....Canada records C$6.33 billion budget surplus over first four months of 2022/23 second time this year this has happen ......yippy Truedau....
@@willrichardson519 ...just the facts, Canadian GDP Growth Steady at 0.8% in Q2 The GDP in Canada expanded by 0.8 percent on the quarter during the three months leading to June 2022, equaling the growth rate from the previous period to mark four consecutive quarters of growth.
Companies do not invest because of excess money, they invest because of excess demand they not otherwise serve. Cutting taxes on low income people with no savings rate will increase demand and grow the economy, cutting taxes on the rich will do nothing
"if you look at a British budget from say 1890, half of the expenditure was on defence. There was no welfare state and there was very little health provision in terms of social security. Therefore the British government's role in terms of expenditure was essentially one in which they looked after the defence of the Realm, or the defence of the Empire..." Kawzi Kawteng.
It’s not what the produce. It’s the investment/financial market that props the pound. So when there is instability then no one will risk to invest or buy debt from the UK because it will be worthless to sell it back to the UK when the government are going to struggle to pay the debt they already owe.
@@TheBeast-ub9jo U may not have understood my question. I am asking if the UK mostly invest money made by other countries? Why should I not invest in another low tax country?
No, the market isn’t selling gilts (uk bonds) due to rising default risk, that absurd, the UK is double AA and invented the government bond market. It’s because they think the price of bonds will fall. That’s because the price is the inverse of the interest rate, so as long end rates rise, the bond price falls. This budget does only one thing, it causes more government borrowing. That increases supply of debt and raises interest rates. That sends bond prices lower. Again it’s not increasing default risk.
The British public needs a petition to demand renationalising of the energy sector and public transport, time for the treasury to pay for the the things that helped make Britain great, instead of tax cuts for them, and funding wars…. To the tune of billions, we can’t afford our loans and we are taking loans to give loans….
Any party that pampers to the rich will destroy their economy. The only way to successfully boost ANY economy is to increase wages and get everybody spending more money. That's how to support business. Increase their customers.
I’m not an economical expert but their economic strategy is going to be a gamble & a risk. Okay so with the increased amount of borrowing, at some point because of this emergency bailout somewhere they are going to have to do austerity and cuts cause of the debt and the amount of borrowing to balance things.
The cynical part of me is suspecting that they know that full-well, and are banking on that hitting when Labour get into power, so that they can spend Labour's term in government blaming Labour for being unable to manage the economy.
Thay are being consistent they cut taxes when they got in saying it would cause growth .... didn't really happen yet other countries in the G20 with higher taxes had more grows ....tho only real difference is the unfunded borrowing at higher rates....that I'm sure won't be used as an excuse for austerity later....
This is what happens when you keep elevating people to this position who have no proper education in economics & finance. The current chancellors education shows he is a history buff, he's not qualified... he's probably looked on what other tory governments have done and repeated the plan!
We are living in very uncomfortable unsettling times for ordinary people and to be honest it's quite scary
It is
We’ve gotten too used to low interest rates, cheap credit, cheap imported goods and food produced by low earners abroad and every modern convenience at our disposal. We are spoilt brats
🏴 FFS England, stop voting Tory
I miss the days when we could blame it on the southerners
Serfs to the Norman overlords. Beaten and cowed in 1066 and ever since looking up to the Norman ruling classes and their Tory agents in an almost pathetic beaten dog-like awe and obedience.
We didn't in Liverpool
@@rzrshrk7883 Hmmmm we need to bring back the North VS south culture war.
@@mariakirton2540 yeah but you lot are a different breed right? Not apart of England?
Embarrassing.
Bankers can now claim unlimited bonus, because they were struggling on their 200% salary bonus (poor loves).
Uk is just one big Bank. I don't think there is anything else in the country.
Stop making it look like having more money or wanting more money is a bad thing that’s like telling a body builder stop going gym because your already built … it makes no sense we need to blame the governments distribution ratio from poor to rich
@@ForDaCulture679 it's more akin to someone having a blood transfusion, the right amount is fine and to much is deadly.
@@ForDaCulture679 having money isn't bad. Giving more money to people who don't need it, and not the people who do, is
@@marvintpandroid2213 I understand I just didn’t like he’s tone of language we need to stop stigmatising wanting more money or being rich and wanting to be richer
Mrs. Coppola's findings sound very, very scary tbh. As if children not even born yet will feel the burden of what Tories heaped on to them today.
The tories are out for themselves and their donors. If the party had any integrity they would vote this down. It would end up in an election but this is nothing more than a cynical cash grab.
They already will with Brexit, the future generation were always going to pay dearly for what the Tories does.
"as if"
They will.
"Growth" is code for removing workers rights and reducing or stagnating wages so that rich business owners might consider setting up or remaining in the UK.
You, James, and the partisan 'economist' are sooo wrong-headedly wrongheaded.
Care to explain why?
@@BracemanMrMC of course not - he doesn't have answers, just mindless quips.
@@adarkimpurity the markets (LSE, gilts and forex) reacted exactly the same way the economists predicted. Is there a single piece of evidence that this is going to work?
Don't forget that skyhigh runaway house prices are also the sign of a "strong economy". At least that's what George Osborne tried to claim.
My personal budget.
1. Increase tax free allowance to £20k / Reduce NI contributions for low earners / boost minimum wage in line with inflation.
2. Increase 40% rate to £70k from £60k
3. Increase 45% rate to 50% rate from £200k
4. Increase corporate tax to 25% (20% rate for small businesses)
5. Increase taxation on unearned income to 25
6. Laser focus on closing down loopholes & investigating tax avoidance/evasion.
Except you're still looking at a giant defecit.
100% agree. The tax cuts never help the working classes and middle classes. Always the upper middle class and rich
Not enough. Corporate taxes for multi nationals should be 50% plus and unearned income (eg rentals) should be taxed at a much higher rate or traced as income.
Nos.10 & 11 Downing Street - the Offices of Budget Irresponsibility
Liz Truss’s parents must be so very proud of her today! ………
Wonder how that "choosing my daughter over my values" thing turned out...
Truss will be remembered as the worst Prime Minister of all time.
@@russellbowden6789 so far she is killing ukrainians and delegitamising palestinians by meeting the israeli prime minister and promising she will move the israeli embassy to jerusalem
Let’s be real. They were never serious about leveling up. They say things to be more popular.
Had they been even slightly serious they would, at least, have produced a definition of "leveling up" they all could use... not just the slogan.
It was kind of weird the media always talked like this as if there was going to be any actual action taken by any one ever to implement a policy of leveling up. There wasn't, there isn't, all the Tories have done is literally class war from the rich on the poor.
The pound is now worth 9 ounces.
This government needs to go, absolute disgrace.
If there was any justice in this country, these swindlers would be thrown in prison for gambling with our money like this.
But as James said in the other video, the British (English?) electorate will voting for them again, turkeys voting for Christmas. I have to assume that large swathes of the electorate either suffer from total delusion, benefit substantially, or suffer from Stockholm syndrome. I cannot fathom that anyone with a sound mind and a bit of logic would ever vote for these trashers of the country ever again.
Yeah, when did any ltd/plc companies go to jail?
@@JT-si6bl They don't insider trade to this level....
‘Krazy’, setting himself up for his post-political career as a highly paid (uncapped bonus) w⚓️…, sorry, b⚓️❗️😬
More like thrown in the oubliette
You hit the nail on the head, Tories realise they don't have long in government left, so they are trying to give as much of the country's money to their mate's, and as quickly as possible. Knowing they will get some of that money for in kick backs.
Exactly
The red wall is going to make a comeback because they now realise Johnson used them and has given them nothing in return. The Class of 2019 are joke first-timers who don't have a clue and the likes of Dennis Skinner wouldn't have stood for this.
Some predictions have put the Tories to lose 100+ seats and Labour to eventually end up with a majority of 30.
The other problem for the Tories is the Lib Dems are polling well in the Home Counties and affluent areas of the south, areas which should be blue.
Scotland will be the same boring one horse race it always is, f--k knows what Wales will do, Northern Ireland will be usuns and themuns as ever.
Correct also foreign Tory party backers and American oligarchs will find it cheaper to buy UK property and businesses plus as an added bonus American corporations will find it cheaper to buy parts of the NHS.
Exactly this
@@peteroneill2991 Why are the people allowing them to sell off the NHS? When will enough be enough for the British?
That’s another fine mess the Tory party has created
Another diversity hire who cant do basic maths. It's like having Diane Abbott.
Blame it on Labour once their in power, and voters will blame them for the poor state of the economy, forgetting who was really to blame
Should be a law in election rules that when a prime minister is changed mid term, that a general election must happen within 6 months. And no deviation from the manifesto upon which was voted in previous general election can take place. End of the day. We now have another new government with a new plan, potentially devastating to our country, and we have had no say in it at all.
Who ever voted for Tory’s must feel like a muppet
Those former red wall voters don't have the brain cells to feel like a muppet.
Feels like democracy has died in this country. An unelected PM has come in and drastically changed the government policies and position compared to what we voted in, and we can't do anything about it for years. I hated Boris for his lack of integrity but this is even more out of touch and I really fear where this is heading. When so many working class people are in desperate need of the most help, this government care more about the rich and are coming up with all sorts of BS to justify it. She's going to ruin this country and I can't do anything about it.
As someone who works in a huge corporate I have to say the corporation tax reduction is my favourite bit 🎰📈📈📈📈
@@staycasual7203 As someone who also works in a huge corporate, I'm panicking about the winter (despite earning £40k) while our CEO got a 25% payrise in one of the worst fiscal years we've ever had. The same CEO back in July implemented an iron rod "back to the office" policy which is costing his staff a fortune in commuting. We even 'hired' a new C-Level executive, trumpeted his name in corporate comms, only for him to back out before his start date because he seemingly got a better offer from another megacorp.
And before you ask, yes I'm considering another job.
@@halfbakedproductions7887 Panicking about the winter earning £40k 🤦♂️ first World problems.
Protest
We don't elect a PM
The French have a history of making their leaders accountable, whereas the UK has been a country of serfs, those in power know they can do whatever they want and the people will just moan and grudgingly accept it.
Haha, some of us yes, some of us not so much.
Same with the US. A weirder mix of serf and puritan.
@@nathanielbugg7355 Bugg boy zip it. Dont bother talking about stability when the pound is resembling a third world country. Keep allowing low talent Gordon Gekkos to rob your countries wealth whilst licking their boots for crumbs. The UK is a great country let down by morons who think they are superior and usually vote for the CONjobs.
Chomsky wrote some very interesting analysis on the current "modern" apathy which he saw as a result of "mass distraction" chiefly through popular culture. That said the English (British and Irish) actually have a very proud history of revolt. You only have to look at the non conformist of the 17th century, who disposed of our King a whole century before the French, through to the Chartists and early Unions. In fact I like to believe that this agitation and collective spirit still burns in us all, albeit dimly at present.
@@simonwhiting6929 It only seems like the Jocks have any fight left in them. The North literally voted for the boogeyman in the last GE all for Brexit and the door was left ajar for the vultures to swoop. Dreadful luck old boy. I also blame the left for this. Mass immigration isnt popular and it must be discussed openly to block the real fascists from taking advantage. Do the government have a plan in place if India and Pakistan goes to war for example? One shambles after another it seems.
Now she shows her true colours. Absolutely disgusting that taxes are cut for the super rich while you and I are thrown the bone of a 1% reduction in income tax. And what about the huge profits made by the energy companies? Nothing, no windfall tax on them to help the British public.
I dont want a tax reduction, I want people to have a proper wage and an infrastructure that's well funded.
The Tories have frozen the personal tax allowance for four years. You will be paying tax on a larger portion of your wages. Institute of fiscal studies on channel four news said that people would be paying more tax over the next four years. only the rich will be paying less tax.
@@cleebe823 and I’m more than happy to pay more taxes if they were spent on evening out the shocking inequality. A stable society and economy helps EVERYONE. Tories seem to think it should only help them and they’ll then, in their benevolence, help out the little man. What a bunch of turds.
@@seeafish absolutely agree with you on that. I'm - for the time being - financially stable myself. Thinking that a healthy economy can possibly function with a population that can hardly afford goods and services though is frankly insane from my perspective. Who in their right mind would invest into an economy where there's no way to generate the revenue to see a return in investment in the first place. Utterly ridiculous ideological nonsense.
Extraordinary profits should mean extraordinary taxes.
What I heard was tax cuts for the rich and bankers getting unlimited bonuses. Again. How about raising the income tax threshold to £15k to really help the ordinary working families pay their bills?
They aren't in power to help us the pleblic.
All about the landowners.
Back to turnip for dinner soon.
Chickens running around the settlement.
I think we should double down on our debt, starting at the top!
The tories are not in government for the plebs lol 😆 😂 🤣 😄 😅, help the working class pay their bills, are you insane?
£25K would be a start ! What's that a month take home after tax ? Probably not enough to even pay for a 1 bed flat.
@@thomasherrin6798 people at the top are never going to pay.
It's absolutely disgusting , we as a country have gone down the drain and tories are happy to watch the working class continue to suffer.
Most of them in the north voted for these grifters. MUH BREXIT GETTING DONE NUFF SAID
@@ivermektin6874 ik
How do you know?
@@Geo65582 just LOOK at what they're doing. Rich get richer, working class are left to their own devices.
@@maiaisabella05 lol I meant why you say it was the fault of the northeners you replied ik
I hear the EU is having a thanksgiving prayer this Sunday to show their gratefulness for Brexit!
At least you had great “Queen” final tour 🎉😂 how much did that cost the tax payers of the UK.
The State Funeral probably cost about £10m. That sounds like a lot but it's pocket change for an economy the size of the UK's, even under current circumstances.
Nothing compared to what this bunch of clowns is costing us each and every day.
A presidential elect would cost more and would result in a corporate Victor
The plan is simple: high inflation will bring very high mortgage payments and loads of people will loose their homes so the rich can buy them outright and rent them back to the poor
This is taking any hopes of poor being well off and having something in their name
The Libertarian dream of 21st Century serfdom: they don't just want what you have, they want to own you.
We need a general election
Not sure why we aren’t given one anyway? Most people voting in general elections aren’t actually voting for their local MP but who is currently positioned to run the country, when that changes, it makes sense to allow us to re-evaluate our options.
Why? We all know the Tories will be reelected. All the tories need to say are these 2 buzzwords, immigration and sovereignty, and then all the "patriotic" citizens will bend to their masters will and vote against their own best interests.
We need a revolution!
@@VoidDragon82 sadly, we might need to give it a few more months so people can really get a taste of the Tory endgame
Then it's election time, for whoever is still standing ...
@@VoidDragon82 sadly, we might need to give it a few more months so people can really get a taste of the Tory endgame
Then it's election time, for whoever is still standing ...
The other thing it will do is make oil far more expensive (petrol/diesel and heating oil) because it's purchased in dollars !
They're STILL not listening to the experts!
Did they ever?
Never a dull moment with this government of charlatans
Casino economics.
Drunken casino politics... Even when you're losing heavily, just double down & blag it
Was about to leave a comment about this being economics by a gambling addict, but your comment sums it up better 😂
What I want to know. The question I’d love to ask an economist- if this fails. What state will the country be in and is there any way back?
agree, why hasn't this question been asked by a reporter?
The new Greece
The state will most likely be of decay.
@Daniel Wood would be funny to watch them go cap in hand.
Even more funny to watch them turn them / us away
In very dire straits, I'm afraid, the sick man of Europe again. And who on earth is gonna bail you out this time? Uncle Sam? No, not again. The EU? No, got snubbed and their shins kicked by the UK too many times already. Uncle Vlad is out of the question, because of Ukraine, aside from being nearly broke himself. The Chinese? Or the Saudi's? Maybe, but conditions might not be that friendly.
I think she nails it at the end. When Osbourne did it the NHS and services were relatively (compared to now) stable. His policies did nothing to change that, but as she said "created a mini-boom". This time, the NHS is crumbling, we have strikes in many services, negative growth, and high inflation. The last two MAY be addressed by this budget, but the first two are going nowhere.
When investment is down and productivity is down one must ask themselves what is the common denominator.
Blame the EU
Get on the street. It's the only way. I'm shocked how pathetic we are
This excuse for a government needs a sugar high when many of us can't afford healthy food and heating
SMOKE and MIRRORS , I wish you a warm winter :).
I love her movies. The Godfather films were great. Also Apocalypse now. Which is basically the UK economy.
Brilliant.
General rule of thumb.... If Nigel Farage is happy with something that generally means it's bad for everyone else
The Average Working family got mugged and they weren’t even wearing masks
🇨🇦 lovin it from Toronto Canada....great show James....
What a relief that the Tories are the only Party that can be trusted with the Economy am I right?
So glad I sold my house in the UK and bought a villa in Spain, France and Italy which I rent out. This country is beyond repair and anyone working class, even middle class, is ripped off. Time to enjoy the sun and let money work for me rather than live to work in the UK. adios
So glad you commented to let us all know that 😁 made my night. Thank you.
@@mattd5073 if you have the money, do it. The UK is beyond repair. Stands for nothing, offers nothing and the quality of life ranging from housing to health care is abysmal for the average person. Get a bit of money behind you and invest in a property abroad, you won't regret it 😉
It’s people like you who have been benefiting from the Tory con merchants.
Great discussion!!
Well, the CBI was ludicrously supportive - and indeed, yes, the policies were polar opposite six months ago!
This person is the godmother of economists.
Well if you bet that the pound was gonna fall, you are quids in
@@chrysalis4126 perhaps everyone in the UK should, that'll sort out the cost of living
Crispin Odey's (made a fortune betting against the £ post brexit) hedge fund has made 145% increase doing it again...
Waiting to hear confirmation he's done it again today.
It's almost as if it's predictable when you know the right people & the decisions they're about to make
Frances Coppola's Apocalypse Now
You’ve said it right.. let’s get rich as possible for us and our mates as we haven’t got long left in power
That aged beautifully
Well the pound is down great move
It could potentially benefit exports though, which also means weaker demand, but more economic growth.
@@martynblackburn9632 true but UK isn't a huge manufacturing hub. Got lots of cheese though! 🧀🇬🇧
@@BoyeeSmudger I think we import 2/3rds of all our cheese. That...is...a...disgrace
@@martynblackburn9632 what exports? We make nothing anymore
And the meager trade deals just got even more so.
Add to that the export structure difficulties….
It almost makes you think they have absolutely no idea what they are doing in the job role, so in the mean time they’re doing what benefits them, their sponsors and donors and leave any flaming wreck ofa mess to others to sort out in the future.
But by then, in the meantime everyone that’s part of their little club will have done alright 🤷♂️
Pound falling did help exports in short term previously but inflation is rising so doubt it will kick start anything other than more inflation..
🇨🇦 lovin it from Toronto Canada ....Canada records C$6.33 billion budget surplus over first four months of 2022/23 second time this year this has happen ......yippy Truedau....
So the rest of the economy is running an exactly equal and opposite deficit?
@@willrichardson519 ...just the facts, Canadian GDP Growth Steady at 0.8% in Q2
The GDP in Canada expanded by 0.8 percent on the quarter during the three months leading to June 2022, equaling the growth rate from the previous period to mark four consecutive quarters of growth.
Well put
Queue tory knuckle draggers to spout "YeAh bUt LaBoUr WoUlD bE wOrSe!"
If the pound ever goes below the dollar or euro under the tories we can counter by saying atleast labour kept it above.
Kwazi has gone Kamikwazi.
Will the last one out please turn off the lights.
I think they are out already, or soon will be apart from the lights of the rich who thanks to this budget will be able to keep their lights on!
@@daveb9551 We have front row seats at the beginning of the end, There is no way back from here. We are broken.
They are not just giving money to the wealthiest people they are borrowing to do it
surely this is the last theft on the way out of the door.
Only for the well off ,two million more in poverty total disgrace in this day and age .
Let's thank the Bank of England for inflating our currency! 😎
How is it legal for the Tories to keep changing leaders indefinitely without any elections?
Possibly the worst chancellor the UK has seen so far?
Heaven forbid a tax cut.. Omg
Companies do not invest because of excess money, they invest because of excess demand they not otherwise serve. Cutting taxes on low income people with no savings rate will increase demand and grow the economy, cutting taxes on the rich will do nothing
Aka about as effective as pushing on a string...
"if you look at a British budget from say 1890, half of the expenditure was on defence. There was no welfare state and there was very little health provision in terms of social security. Therefore the British government's role in terms of expenditure was essentially one in which they looked after the defence of the Realm, or the defence of the Empire..." Kawzi Kawteng.
The comparison with Osborne is just right. That’s exactly what Truss is trying to do.
Why is the pound that high? How much things do Britain produce?
It’s not what the produce. It’s the investment/financial market that props the pound. So when there is instability then no one will risk to invest or buy debt from the UK because it will be worthless to sell it back to the UK when the government are going to struggle to pay the debt they already owe.
@@TheBeast-ub9jo U may not have understood my question. I am asking if the UK mostly invest money made by other countries? Why should I not invest in another low tax country?
Scarcity combined with reliability. That was before they flooded the market with it by priniting and a government that changes every 3 days
We don’t pay attention and vote to make our own lives harder.
Could someone plaese tell me what quasimodos financial qualifications are. ?
Will the UK be the first Western economy to get two bail outs from the IMF/World Bank?
No, the market isn’t selling gilts (uk bonds) due to rising default risk, that absurd, the UK is double AA and invented the government bond market. It’s because they think the price of bonds will fall. That’s because the price is the inverse of the interest rate, so as long end rates rise, the bond price falls. This budget does only one thing, it causes more government borrowing. That increases supply of debt and raises interest rates. That sends bond prices lower. Again it’s not increasing default risk.
The Bank of England owns much of it and gives the interest payments back to the government that's in charge.
He will be out of politics in 2 years and working in the City of London gaining nice bonuses he helped to uncap.
It's certainley trickling down mrs Truss well done in destroying a country already on it's knees...
I mean, what positives are there in a burglary? Yeah, I thought so too.
How long until the citizens start using the US Dollar like other failed economies?
This is who you call a willing fall guy. Evil bunch.
With the Tories in power we're doomed 😢
The British public needs a petition to demand renationalising of the energy sector and public transport, time for the treasury to pay for the the things that helped make Britain great, instead of tax cuts for them, and funding wars…. To the tune of billions, we can’t afford our loans and we are taking loans to give loans….
Another death blow because of Brexit. 😂🤣😂 You brits amaze me! 😂🤣😂
Scottish independence now , end London rule ✊🏻🏴🏴
Thanks dizzy miss lizzy
Is anyone really surprised?
Red wall voters that went Tory probably wondering how they shafted themselves.
Bring on the BOOM!!
100 years ago he would have been polishing shoes on the streets for these people, how dare he favour them now?
Kwamikwazi 🤣🤣🤣
Remember kwarteng is only implementing what truss wants, not what he wants or the other way round.
Any party that pampers to the rich will destroy their economy. The only way to successfully boost ANY economy is to increase wages and get everybody spending more money. That's how to support business. Increase their customers.
I elect this man has chancellor. Look no further GB this man is going sort out the economy. A real Maverick you sir 🙏
Does anybody remember Monday just gone?
I’m not an economical expert but their economic strategy is going to be a gamble & a risk. Okay so with the increased amount of borrowing, at some point because of this emergency bailout somewhere they are going to have to do austerity and cuts cause of the debt and the amount of borrowing to balance things.
The cynical part of me is suspecting that they know that full-well, and are banking on that hitting when Labour get into power, so that they can spend Labour's term in government blaming Labour for being unable to manage the economy.
One positive is the Tories might be kicked out
Thay are being consistent they cut taxes when they got in saying it would cause growth .... didn't really happen yet other countries in the G20 with higher taxes had more grows ....tho only real difference is the unfunded borrowing at higher rates....that I'm sure won't be used as an excuse for austerity later....
I wonder if the government were able to be held personally liable as a company director would be, would they still make the same decisions?
The worst part is the EU WILL tax the power companies who in turn will pay that wind fall from our borrowing...
Truss is off her rocker.
Krasi Kwarteng is insane. I'm sorry for all of you in Britain.
Only meeee , you don’t wanna do it like that, you wanna do it like thhiiss
Not an expert whatsoever but i get the impression this is one of James' mates
Moaning about tax cuts and government borrowing whilst bleating on about not supporting the poorest families 🤦♂️
Well you can prove anything with facts
I very disliked Sunak and thought he'd be a disaster as a PM, I also said if anyone could be worse, that'd be Truss, unfortunately I was right.
There's a hole in my bucket, dear liza, dear liza.....
This is what happens when you keep elevating people to this position who have no proper education in economics & finance. The current chancellors education shows he is a history buff, he's not qualified... he's probably looked on what other tory governments have done and repeated the plan!
An obscure tiny part of history from 1695 to 1697