Complicit doesn't begin to scratch the surface. It's borderline corruption. Rarely are the 90 % citizens of the UK informed about how stacked the system is against them. It always "your jealous" or "politics of envy". Dam right I'm envious of the various ways to minimise tax on millions! I pay 40% on anything over 50k. Good wage but the super rich max of 28% for capital gains is criminal by comparison.
So, as a Labour member of Parliament, why is the Labour leadership so shy about discussing increasing taxes on the very rich? And why do they not seem interested in controlling the right wing press that spews provable propergander over their front pages?
Well said and good points raised. At this rate, I think I'm going to have to vote for a more radical left leaning party in the future because labour appears scared to tackle this issue.
When will labour start encouraging young entrepreneurs to start businesses & helping wealth grow rather than just acting as if the UK are a charity & putting illegal immigrants in hotels? We could encouraging people to pursue their careers. Less benefits & more ambition. High taxes don't work.
You, Laim Byrne Sir are the type of politician I would vote for and I don't say that lightly. I'm 56 and voted once and refused to vote again until something changes. You might be the change that's needed. I truly hope you gain traction with your thoughts and desires. God Speed.
Property - much of the under taxed wealth of Sunak et al, buys up property which is then rented to those who will never be able to save a mortgage deposit. This is a financial time bomb - larger and larger proportions of our population trying to survive retirement while renting. This problem will not be solved by 'just building more homes', because many of the affordable properties have low taxed wealth waiting to buy them up.
I've often thought that without some sort of resistance to multiple home ownership surely we are just creating a greater housing portfolio for the rich?
Companies no longer have final salary pensions and interest rates on savings have been low for years. The age that private pensions could be cashed came down to 55. Therefore a lot of people just like me have cashed their private pensions at 55 and invested in ŕental properties. How else are older people supposed to be able to retire and make space for younger people to be promoted into their vacant positions?
- Income is based on how much power one has over others in order to grab a share of the ambient wealth. - Laws have been developed to protect the personal wealth which produces such power. - With those laws it is inevitable that wealth inequality will increase.
As you are a Labour MP in a Labour government why aren't you implementing your solutions to inequality? At the moment we have a Labour government taking away Winter fuel payments from pensioners, and is now looking at Welfare cuts, this is taking money from the poorest in society the last thing a Labour government should be doing. The simple question is why isn't this Labour government taxing investment in line with normal tax rates? Why is this so called Labour government taking away winter fuel payments and talking about cuts for the disabled when you could just raise tax on investment? In your own video you have explained why this Labour government is so unpopular. Blair was the most unpopular Labour Prime Minister Keir Starmer is now going to be the most unpopular Prime Mjnister ever.
Great video, but you missed a very important point. The 2008 banking crisis, also known as the global financial crisis (GFC) started the widening gap in wealth inequality globally. It was a severe economic crisis that began in 2007 and lasted into 2009, caused by several factors, including risky lending, a housing bubble, and a lack of regulation. The UK government intervened financially to support the UK banking sector, and four UK banks in particular. At its peak, the cash cost of these interventions was £137 billion, paid to the banks in the form of loans and new capital. Despite this, a worldwide 'great depression' started which led to a massive transfer of wealth from the poor to the very wealthy. The banking elite started investing in property at rock-bottom prices during the depression, which drove up housing prices post-recovery due to reduced availability. Increased house prices are a fantastic return if you are wealthy, however, for the other 90% trying to buy their first home or find a long-term rental property within their budget, it is very bad news indeed.
Raise the tax threshold so that people on lower incomes are not paying tax. It's absolutely ridiculous to start paying income tax on £12500. Excessive taxation is what keeps people down.
@paulgibbons2320 no right fix. It's pointless earning more just for the taxman to take it. What if the profits of the company you work for decrease ? Would you want your wage to decrease also ?
You are doing a good job at your Committee, asking business leaders difficult questions, why dont you ask the same questions to Starmer and Reeves.? This Labour government led by Starmer is an absolute disaster. I was a Labour supporter who voted Labour and canvassed for them, but will not do anything all the time Starmer is leader of the Labour party.
This is a very effective job at boiling down the complex economic situation we face into under 10 minutes. Maybe this chap would do a better job than Reeves.
Dear Liam, if you were Chancellor what would you do to reduce wealth inequality? We all know the problem but what would your colleagues, business and the press allow you to do?
A very good description of the problems Liam, but may I elaborate The overall problem though is neoliberalism and the economic model which has been dominant since the 80's That a working person is surplus to requirements and all that matters is shareholder value, loyalty and development goes out of the window To gain that value there has been no investment whatsoever in training for the lower end of the job market, just cheap labour to achieve quarterly targets Combine that now with a massive graduate glut of young people who are very well educated but cannot even get a foot in the job market and you can understand why so many youngsters are p**ed off and I don't blame them Housing is (and Will be) the main factor for anybody wanting to build a life and that has been utterly destroyed in the past 30 years for the average person Liam purely due to the absolutely ridiculous costs whether renting or saving for a mortgage It's insane and unsustainable in the long term, but of course successive governments have only embraced short termism
They are aloud Jimmy up prices but complain when you ask to Jimmy up wages. It's really very simple. The same people control both parts of that dynamic. Push prices up 3 times a year. Begrudgingly increase wages once every 5 years. Because of the saturation of workers. People are too scared to ask for more wages. In case they get moved on or get fewer hours on the rota. The whole of capitalism is designed for businessmen to slowly depress the working wage. Time the dynamics was changed permanently. Be brave Liam. Ask for wage increases to be linked to profits. You would cure inflation overnight. 😂 I it would take one hall of a richeous person.
How can QE only lower rates by 1%? It's going to be much more. If you took a 5-year mortgage in 2020, it would still be under 2%. The fact that the BoE still has that money-losing debt on its balance sheet tells you that QE is still in effect right now. The first step is to stop printing and devaluing money with an outright QE ban right now-NO more bailouts.
You now have a chance to ensure capital flow through to underserved sectors which could boost growth and wealth equality. The time is now, dont miss the opportunity. For too many years, the 🇬🇧 was basically a rentier economy. It can be changed, the reason why not as bothered by exodus of wealthy.
I have a surggestion, the NHS could open it's own bank. It could make lones just like any other private sector bank. Only the interest could be ploughed back in to the NHS. I would love to bank that helps public good. Another could be opened in the name of social care.How about Animal care. It's just a change in direction for the interest that we all sign up to pay.
The richest in society do not share the burden equally with the masses relatively speaking. But 99% of working class people if in the same boat would act in the same way. Capitalism is just competitive.
Why do you think that Thatcher de-industrialised the economy? Mediation between businesses and the workers which was the role of politicians and the trade unions ended. It isn't just about wealth but power. Power is around the ability to make or not make things happen. When this is in hands of a minority what else would you expect? The power of collective labour was eradicated and now we have advanced technology. Who will own the technology? The same minority or the collective?
UK state pension is not great compared to the rest of Europe. We have pension credit to top it up for poorer people, then we have £10 Christmas bonus introduced many years ago, barely worth the admin costs now and then we have the winter fuel allowance and the £25 cold weather payments. Instead of tinkering around the edges how about just paying a really decent flat rate pension and scrap all the add on's 🤔 Will save all the admin costs for government with it's inadequate I.T infrastructure and free up processing times.
I'm absorbed in your book at present Liam. Great read and really well written. I'd recommend those here read it too. Also, which I found fascinating from your book, is that your infamous 'Note' was actually gallows humour and not the first time notes like this have been left for the incoming secretary to the Treasury. Why didn't you defend this at the time, maybe you did, maybe it was lost in the noise?
Over complicated and wrong. There are those who own land and intellectual property and receive rent and other monopoly revenues, and there are those who work for wages. Owners of capital also have to pay rent. The explanation is in Progress and Poverty by Henry George. The main remedy is to replace existing taxes by a national land rent tax. Labour is dead against it. They are not serious.
My family came from extreme poverty, living in a shack of wood and corrugated steel on the banks of a canal. 7 siblings a mother and father illiterate, but still both worked. In poverty, we did not steal, do drugs, alcohol or all the immoral things. We did not receive welfare or charity. Now we all own our homes. Why is it you have generational dependency on welfare? We did not have single mothers, children born out of wedlock, men refuse to work for their own bread or reliance on handouts. We did not riot because we had no youth centres, we studied with our borrowed books and read by candle light. We did not abandon our elders and left the state to be their carers.
Far too many assumptions in there. Most people in poverty in this land don't do those things either, I know, I came from there! My bed was a mattress on the floor covered in black mould due to housing conditions on the run down council estate. No central heating, just a single small gas fire with windows of picture frame thin glass were ice formed in winters well into the inside of the property, giving me two weeks in hospital as a child with pneumonia housing condition attributed to the cause by the medics. Whilst working long hour, I also studied through grad and post grad and archived a good level of financial comfort. I've never been in trouble with the law, I've never actually even had a motoring offence and I've never claimed one penny of benefits in my unbroken 43 years of working life but I've paid a lot of money into the system and I make no complaints especially when it goes we're it should be intended. There are many (most) poverty stricken people in this land being good people trying to work their way out of poverty where governments have tricked their way into power pursuing ideology that litterally doesn't want them too with posh boy nostalgic views of the past of master and servant. The access to opportunities to people of my roots is far worse today than when I was young. It always surprises me how people that have lived in these condition do not have it deep in their consciousness that they don't want others to go through the same, that's how it worked for me anyway! It's not right to blame the victims!
Liam - you are barking up the wrong tree re CEO pay. Let's say the CEO of a large bank receives £5m pa. The bank is likely to have at least 50,000 employees. So if the CEO received no pay at all, each staff member could have a £100 annual Christmas bonus (taxable). That's hardly going to dent the wealth gap is it. In practice, it is largely irrelevant what a CEO gets paid. It is how the company rewards and treats its workers that counts.
The last time that 2 honourable politicians went head to head with each other was when you and Andy Street fought out the elections for mayor of the West Midlands. What has happened to politicians such as you and Mr Street? Why is there such a terrible class of politician in the UK now?
@liambyrnemp Hi Liam, using the current system, What contract or term of employment or what mechanism could or would be needed for Joe blogs from changing their income to investment level tax? Would Joe need to change his wages to go somewhere else? Aggregate? And take a dividend? Or a loan ? Use a financial vehicle? Are there any clever people around?
What causes inequality is governments promising that they will look after the very poorest in society, only to make sure they themselves are looked after. 1, Take winter fuel allowance off pensioners, but make sure MPs get their second home fuel allowance. 2, make big statements about what your going to do and how your going to transform the lives of the working classes, only to then make it harder for working class people to ever feel better off. 3, why are illegal immigrants being put up in hotels or rented accommodation with the all the benefits of free heating 24 hours a day, when pensioners are freezing to death. 4, Freebies of new clothes and Taylor Swift concert tickets to government ministers, why weren’t these tickets given away to the hard working Doctors and nurses? The Labour government have lost all support from the people of this country and are making it easy for Reform to win the next General Election, and if that happens, you can kiss goodbye to the NHS. I will never vote Labour again.
All the number salad and there’s no mention of irresponsible government monetary policies that have contributed to the loss of people’s purchasing power. This data is US but I suspect the UK is similar: From 1860-1939, the U.S. had 45 inflationary years and 35 deflationary years, with a net price level increase of just +11% (avg. +0.14% per year). From 1940-2019, inflation dominated with 75 inflationary years and only 5 deflationary years, leading to a +2,200% net price increase (avg. +3.86% per year). Interesting that the second of these 2 timelines coincided with the advent of Keynesian economic policies and abandonment of the gold standard.
Some people are better at football, they can get into a premier league team and earn more than someone in a div 2 team. Same with acting, singing and any other human activity, some people can earn more money, maybe 100x or 100000x as much as another person. Why would business be any different, some people have a talent to make money in business or they were just in the right place at the right time. Being jealous about someone earning more money than you is not a virtue and neither is wanting the Government to take money from someone else and give it to you. The only way it is immoral to be rich is if that wealth was obtained by bribery and/or corruption or collusion with elected politicians. If it is a genuine business and people purchase goods or services from that business of their own free will then the person who owns the business is providing a good service that is better than the competition and is entitled to every penny they make.
There is a very good book called Treasure Island, its about the offshore world. They estimate 70% of the Worlds cash is held in offshore accounts. The reason for that is they cant get a good return having it in the real economy. People are not going to risk their capitol in a business just to have all the proceeds taxed away. Last year 11,000 wealthy left the UK because of over taxing, and guess who is going to pay the Tax they are not paying, yes its you. Taxes are the problem, nobody should pay Tax earning the minimum wage. The other problem is spending, Government spending needs to be reduced at least 30%.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Where has this guy been hiding? Hes absolutely brilliant. Hes got 10 times the brain of most MPs
I agree, also a recent fan. Read his book on Inequality, it's hugely insightful.
That's kind of damning with faint praise....
Every government is complicit in the system. Privatisation of all utilities in the 80s had a domino effect on everything else.
Complicit doesn't begin to scratch the surface. It's borderline corruption. Rarely are the 90 % citizens of the UK informed about how stacked the system is against them. It always "your jealous" or "politics of envy". Dam right I'm envious of the various ways to minimise tax on millions! I pay 40% on anything over 50k. Good wage but the super rich max of 28% for capital gains is criminal by comparison.
That was Thatcherism I think you're referring too?
I'm glad someone is talking about inequality. If you want growth, one thing you'll have to do is end inequality.
So, as a Labour member of Parliament, why is the Labour leadership so shy about discussing increasing taxes on the very rich? And why do they not seem interested in controlling the right wing press that spews provable propergander over their front pages?
why did you imagine eqaulity might be ok?
Well said and good points raised. At this rate, I think I'm going to have to vote for a more radical left leaning party in the future because labour appears scared to tackle this issue.
@@geraldmonger1921 read liams book on inequality.
Why do so many people in the Labour Party think that controlling speech and the press is so desirable?
When will labour start encouraging young entrepreneurs to start businesses & helping wealth grow rather than just acting as if the UK are a charity & putting illegal immigrants in hotels? We could encouraging people to pursue their careers. Less benefits & more ambition.
High taxes don't work.
You, Laim Byrne Sir are the type of politician I would vote for and I don't say that lightly. I'm 56 and voted once and refused to vote again until something changes. You might be the change that's needed. I truly hope you gain traction with your thoughts and desires. God Speed.
Property - much of the under taxed wealth of Sunak et al, buys up property which is then rented to those who will never be able to save a mortgage deposit. This is a financial time bomb - larger and larger proportions of our population trying to survive retirement while renting. This problem will not be solved by 'just building more homes', because many of the affordable properties have low taxed wealth waiting to buy them up.
I've often thought that without some sort of resistance to multiple home ownership surely we are just creating a greater housing portfolio for the rich?
Companies no longer have final salary pensions and interest rates on savings have been low for years. The age that private pensions could be cashed came down to 55. Therefore a lot of people just like me have cashed their private pensions at 55 and invested in ŕental properties. How else are older people supposed to be able to retire and make space for younger people to be promoted into their vacant positions?
@@Shepz-123doesn't that just incentivise you to focus on your career & grow your own wealth?
Did the link between risk and return break when we bailed out the banks at public cost and still paid their bonuses?
- Income is based on how much power one has over others in order to grab a share of the ambient wealth.
- Laws have been developed to protect the personal wealth which produces such power.
- With those laws it is inevitable that wealth inequality will increase.
As you are a Labour MP in a Labour government why aren't you implementing your solutions to inequality?
At the moment we have a Labour government taking away Winter fuel payments from pensioners, and is now looking at Welfare cuts, this is taking money from the poorest in society the last thing a Labour government should be doing.
The simple question is why isn't this Labour government taxing investment in line with normal tax rates?
Why is this so called Labour government taking away winter fuel payments and talking about cuts for the disabled when you could just raise tax on investment?
In your own video you have explained why this Labour government is so unpopular.
Blair was the most unpopular Labour Prime Minister Keir Starmer is now going to be the most unpopular Prime Mjnister ever.
Great video, but you missed a very important point. The 2008 banking crisis, also known as the global financial crisis (GFC) started the widening gap in wealth inequality globally. It was a severe economic crisis that began in 2007 and lasted into 2009, caused by several factors, including risky lending, a housing bubble, and a lack of regulation. The UK government intervened financially to support the UK banking sector, and four UK banks in particular. At its peak, the cash cost of these interventions was £137 billion, paid to the banks in the form of loans and new capital. Despite this, a worldwide 'great depression' started which led to a massive transfer of wealth from the poor to the very wealthy. The banking elite started investing in property at rock-bottom prices during the depression, which drove up housing prices post-recovery due to reduced availability. Increased house prices are a fantastic return if you are wealthy, however, for the other 90% trying to buy their first home or find a long-term rental property within their budget, it is very bad news indeed.
Raise the tax threshold so that people on lower incomes are not paying tax. It's absolutely ridiculous to start paying income tax on £12500. Excessive taxation is what keeps people down.
100%
No wrong fix. Wages must be linked to profits so employers are no longer in control of rate of pay. It should increase organically.
@paulgibbons2320 no right fix. It's pointless earning more just for the taxman to take it. What if the profits of the company you work for decrease ? Would you want your wage to decrease also ?
@@Mark-ef2ly The only fix they want is to gaffer tape our mouths so we can't complain.
Correct. Personal Allowance should be £18,000 minimum.
Thank you - especially for mentioning quantitative easing (and cost of 'quantitative tightening'; related to recent Bank of England bond selling).
QT is not recent, it's been going on since 2022.
@@billB101 Fair, but is recent relative to the introduction of quantitative easing (2008?)
Another great and informative video 😎
You are doing a good job at your Committee, asking business leaders difficult questions, why dont you ask the same questions to Starmer and Reeves.?
This Labour government led by Starmer is an absolute disaster.
I was a Labour supporter who voted Labour and canvassed for them, but will not do anything all the time Starmer is leader of the Labour party.
This is a very effective job at boiling down the complex economic situation we face into under 10 minutes. Maybe this chap would do a better job than Reeves.
5. Mindset
6. Values
7. Networking/boys club
Tell us summat we don't know...."Trickle Down Economics"....somewhat indistinguishable from being pissed on!
Great points made
Dear Liam, if you were Chancellor what would you do to reduce wealth inequality? We all know the problem but what would your colleagues, business and the press allow you to do?
Inequality of wealth is caused by a Government reluctance to regulate.
Wealth is overrepresented in parliament, sadly. This is a major problem, and it means wealth is protected for the privileged minority!
A very good description of the problems Liam, but may I elaborate
The overall problem though is neoliberalism and the economic model which has been dominant since the 80's
That a working person is surplus to requirements and all that matters is shareholder value, loyalty and development goes out of the window
To gain that value there has been no investment whatsoever in training for the lower end of the job market, just cheap labour to achieve quarterly targets
Combine that now with a massive graduate glut of young people who are very well educated but cannot even get a foot in the job market and you can understand why so many youngsters are p**ed off and I don't blame them
Housing is (and Will be) the main factor for anybody wanting to build a life and that has been utterly destroyed in the past 30 years for the average person Liam purely due to the absolutely ridiculous costs whether renting or saving for a mortgage
It's insane and unsustainable in the long term, but of course successive governments have only embraced short termism
They are aloud Jimmy up prices but complain when you ask to Jimmy up wages. It's really very simple.
The same people control both parts of that dynamic.
Push prices up 3 times a year.
Begrudgingly increase wages once every 5 years.
Because of the saturation of workers. People are too scared to ask for more wages. In case they get moved on or get fewer hours on the rota.
The whole of capitalism is designed for businessmen to slowly depress the working wage.
Time the dynamics was changed permanently.
Be brave Liam.
Ask for wage increases to be linked to profits. You would cure inflation overnight. 😂
I it would take one hall of a richeous person.
How can QE only lower rates by 1%? It's going to be much more. If you took a 5-year mortgage in 2020, it would still be under 2%. The fact that the BoE still has that money-losing debt on its balance sheet tells you that QE is still in effect right now. The first step is to stop printing and devaluing money with an outright QE ban right now-NO more bailouts.
You now have a chance to ensure capital flow through to underserved sectors which could boost growth and wealth equality. The time is now, dont miss the opportunity. For too many years, the 🇬🇧 was basically a rentier economy. It can be changed, the reason why not as bothered by exodus of wealthy.
What causes the inequality of wealth? The spineless inaction of the British public.
“The State Pension isn’t worth what it used to be” Presumably that comparison is with _before_ the triple lock?
I have a surggestion, the NHS could open it's own bank. It could make lones just like any other private sector bank. Only the interest could be ploughed back in to the NHS. I would love to bank that helps public good.
Another could be opened in the name of social care.How about Animal care.
It's just a change in direction for the interest that we all sign up to pay.
You’ve just made a list of overwhelming reasons to introduce a wealth tax. So why isn’t RR & Labour doing exactly that????
The richest in society do not share the burden equally with the masses relatively speaking. But 99% of working class people if in the same boat would act in the same way. Capitalism is just competitive.
Why do you think that Thatcher de-industrialised the economy? Mediation between businesses and the workers which was the role of politicians and the trade unions ended. It isn't just about wealth but power. Power is around the ability to make or not make things happen. When this is in hands of a minority what else would you expect? The power of collective labour was eradicated and now we have advanced technology. Who will own the technology? The same minority or the collective?
Nice informative video. But Starmer won't like it. I am a lifelong Labour voter. Green or spoil the ballot paper from now on I'm afraid 😢😢
UK state pension is not great compared to the rest of Europe.
We have pension credit to top it up for poorer people, then we have £10 Christmas bonus introduced many years ago, barely worth the admin costs now and then we have the winter fuel allowance and the £25 cold weather payments.
Instead of tinkering around the edges how about just paying a really decent flat rate pension and scrap all the add on's 🤔
Will save all the admin costs for government with it's inadequate I.T infrastructure and free up processing times.
I'm absorbed in your book at present Liam. Great read and really well written. I'd recommend those here read it too.
Also, which I found fascinating from your book, is that your infamous 'Note' was actually gallows humour and not the first time notes like this have been left for the incoming secretary to the Treasury. Why didn't you defend this at the time, maybe you did, maybe it was lost in the noise?
Over complicated and wrong. There are those who own land and intellectual property and receive rent and other monopoly revenues, and there are those who work for wages. Owners of capital also have to pay rent.
The explanation is in Progress and Poverty by Henry George. The main remedy is to replace existing taxes by a national land rent tax. Labour is dead against it. They are not serious.
@@physiocrat7143 Can you explain how this Land tax would work? Save me reading the book
My family came from extreme poverty, living in a shack of wood and corrugated steel on the banks of a canal. 7 siblings a mother and father illiterate, but still both worked. In poverty, we did not steal, do drugs, alcohol or all the immoral things. We did not receive welfare or charity. Now we all own our homes. Why is it you have generational dependency on welfare? We did not have single mothers, children born out of wedlock, men refuse to work for their own bread or reliance on handouts.
We did not riot because we had no youth centres, we studied with our borrowed books and read by candle light. We did not abandon our elders and left the state to be their carers.
Far too many assumptions in there. Most people in poverty in this land don't do those things either, I know, I came from there! My bed was a mattress on the floor covered in black mould due to housing conditions on the run down council estate. No central heating, just a single small gas fire with windows of picture frame thin glass were ice formed in winters well into the inside of the property, giving me two weeks in hospital as a child with pneumonia housing condition attributed to the cause by the medics. Whilst working long hour, I also studied through grad and post grad and archived a good level of financial comfort. I've never been in trouble with the law, I've never actually even had a motoring offence and I've never claimed one penny of benefits in my unbroken 43 years of working life but I've paid a lot of money into the system and I make no complaints especially when it goes we're it should be intended. There are many (most) poverty stricken people in this land being good people trying to work their way out of poverty where governments have tricked their way into power pursuing ideology that litterally doesn't want them too with posh boy nostalgic views of the past of master and servant. The access to opportunities to people of my roots is far worse today than when I was young. It always surprises me how people that have lived in these condition do not have it deep in their consciousness that they don't want others to go through the same, that's how it worked for me anyway! It's not right to blame the victims!
how much should i pay my workers: answer just enough to entice them back on Monday morning.
Yes but 50% of your labour costs are tax.
Liam - you are barking up the wrong tree re CEO pay. Let's say the CEO of a large bank receives £5m pa. The bank is likely to have at least 50,000 employees. So if the CEO received no pay at all, each staff member could have a £100 annual Christmas bonus (taxable). That's hardly going to dent the wealth gap is it. In practice, it is largely irrelevant what a CEO gets paid. It is how the company rewards and treats its workers that counts.
WHY DON'T YOU SAY WHICH PARTY U ARE AN MP FIR IN YOUR YT BIO? NO THANKS, From Scotland. 🏴
First Past the post
is there any reason to like equality?
Greater public security? Have you ever lived in a predominantly poor area?
if r/g were not greater than g, then why take the trouble to get rich, we might as well stay in line with the other suckers?
The last time that 2 honourable politicians went head to head with each other was when you and Andy Street fought out the elections for mayor of the West Midlands. What has happened to politicians such as you and Mr Street? Why is there such a terrible class of politician in the UK now?
Not always the case. I've met some superb MP's in London who are doing great things.
Also met some awful ones though I will admit.
@billB101 I understand that and appreciate that, but I'm talking at the head of the table.
@@allovdem I'm talking Westminster
@liambyrnemp Hi Liam, using the current system,
What contract or term of employment or what mechanism could or would be needed for Joe blogs from changing their income to investment level tax?
Would Joe need to change his wages to go somewhere else?
Aggregate? And take a dividend? Or a loan ? Use a financial vehicle?
Are there any clever people around?
Some people just give people what they want more than others. They obviously acquire more wealth as a result. It’s not difficult to figure out.
What causes inequality is governments promising that they will look after the very poorest in society, only to make sure they themselves are looked after. 1, Take winter fuel allowance off pensioners, but make sure MPs get their second home fuel allowance. 2, make big statements about what your going to do and how your going to transform the lives of the working classes, only to then make it harder for working class people to ever feel better off. 3, why are illegal immigrants being put up in hotels or rented accommodation with the all the benefits of free heating 24 hours a day, when pensioners are freezing to death. 4, Freebies of new clothes and Taylor Swift concert tickets to government ministers, why weren’t these tickets given away to the hard working Doctors and nurses? The Labour government have lost all support from the people of this country and are making it easy for Reform to win the next General Election, and if that happens, you can kiss goodbye to the NHS. I will never vote Labour again.
Well that's a wall of Populist nonsense if I've ever seen one.
All the number salad and there’s no mention of irresponsible government monetary policies that have contributed to the loss of people’s purchasing power. This data is US but I suspect the UK is similar:
From 1860-1939, the U.S. had 45 inflationary years and 35 deflationary years, with a net price level increase of just +11% (avg. +0.14% per year).
From 1940-2019, inflation dominated with 75 inflationary years and only 5 deflationary years, leading to a +2,200% net price increase (avg. +3.86% per year).
Interesting that the second of these 2 timelines coincided with the advent of Keynesian economic policies and abandonment of the gold standard.
Some people are better at football, they can get into a premier league team and earn more than someone in a div 2 team. Same with acting, singing and any other human activity, some people can earn more money, maybe 100x or 100000x as much as another person. Why would business be any different, some people have a talent to make money in business or they were just in the right place at the right time. Being jealous about someone earning more money than you is not a virtue and neither is wanting the Government to take money from someone else and give it to you.
The only way it is immoral to be rich is if that wealth was obtained by bribery and/or corruption or collusion with elected politicians. If it is a genuine business and people purchase goods or services from that business of their own free will then the person who owns the business is providing a good service that is better than the competition and is entitled to every penny they make.
There is a very good book called Treasure Island, its about the offshore world. They estimate 70% of the Worlds cash is held in offshore accounts. The reason for that is they cant get a good return having it in the real economy. People are not going to risk their capitol in a business just to have all the proceeds taxed away. Last year 11,000 wealthy left the UK because of over taxing, and guess who is going to pay the Tax they are not paying, yes its you. Taxes are the problem, nobody should pay Tax earning the minimum wage. The other problem is spending, Government spending needs to be reduced at least 30%.
Also the Panama Papers.