My issue with the high tax payment is that part of the money will go into the infrastructure (like water and trains) which aren't publicly owned, meaning the money gets lost to private funds. Nationalize those first, then talk about the high tax payment!
OK but obviously money will go to private companies because they won the contracts to run the Infrastructure and need to get paid. It's when the Infrastructure is badly run is the issue.
@@aldozilli1293 I don't know if you've noticed but water comes with water bills and train rides come with train tickets. If they can't turn a profit on selling their products and services, then they have no business being for-profit private enterprises.
The rails that they operate on are publicly owned, and so is the infrastructure, the "private" companies pay the government for them and also pay taxes on top of that
Very interesting topic - many thanks for prioritising this huge issue. It is criminal that the the UK has a political system that maintains the status quo and is so open to corruption by lobbyists and donors who push their own selfish agendas at the expense of the whole country! Time for change and taxing wealth just as Gary Stevenson has been talking about.
.... Gary was/is about taxing the wealthiest but they're also the most mobile. Until the world can come to an agreement on how to hold them to account, they can always just run.
Taxing wealth doesn't work, because the wealth creator stop producing. So I stopped doing an 80 hrs week because the government wanted to tax me at 62%. Now I work to make sure I only pay 20% Tax, while others retire early or will now leave the country, so high tax on the 10% will result in less tax collection. So labour will now suffer from falling tax collection because the Top 10% will stop producing it. The Laffer curve
@@mikedudley4062 Rubbish! As Gary Stevenson explains in @garyseconomics the super rich may be mobile, but their assets are not and can be taxed. Gary is not talking about you or taxing your income from working 80 hours! He's talking about taxing people that own more than £20M in wealth.
I don't live in London, I don't have a degree. But my business went ok and my IQ was reasonably high. I supported my son and he went to University. He got a good job with his physics degree.
That demonstrates that it is possible to do well outside the academic environment. The problem is that schools no longer incentivize our young to achieve. Schools do not emphasize the competitive nature of the world, and impress on children how they must strive if they wish to be successful. Heck, deadlines for the submission of work in many schools today are flexible... what's that teaching our young about the need to meet their employer's or their customer's demands?
I am 74 and grew up in a small business aspiring family having started very poor in London. When I left Education at age 19 there was no disadvantage in not having been University educated. University was for certain professions, but for others was not the path to go. I have never been in the top tier but have never been ashamed of my job because I have been able to do anything that came my way. This view bases all judgement on money success alone. Success comes in many guises, not the narrowest definition as portrayed by this gentleman.
Can we just something straight as HS2 comes up fairly often on the podcast. It’s about CAPACITY, not speed between London and Birmingham. The freeing up of the existing lines for new services and even whole new transport systems would have been transformative for those areas.
Had respect for him up until HS2 discussion, clearly he has no idea on what the project is for and cancelling the entire thing now is absolutely bonkers given it's being built
Liverpool Region and Manchester mayors are collaberating like this right now. Great discussion, solutions are what we need to hear not groaning. We so do need a constitution and we definitely need tough regulations in Government and for Mps.
This is a fantastic episode! Your content is so important! As some one who was at Durham uni and lives in Winchester it's great to see you dishing this stuff out!
I could never understand why Britain is run the way it is. Its a basic premise in other countries, and in business even, that better decisions are made by those who are most local to the issue. I am half Swedish but raised in the UK, but I recently moved to Sweden to study my MSc. I have always known that Sweden is a better place to live due to its far more competent governance. The south of Sweden where I studied, Skåne, has its own public transport network that runs the region, and when you pay taxes, those taxes go predominately to your local government who can allocate the money best due to their better understanding of local issues. The same is done in Switzerland with the cantons and in Germany with the states. This is such basic, but best practice policy. The UK is archaic in this sense. Its woeful how badly run this nation is. "Oh but tradition, its how our government has always been run". Tradition my f**king a*se when the country is going to the toilet for it.
Local government is more incompetent and less transparent than national though. I barely trust them to empty my bins… I don’t want them to have any more of my money.
Neoliberal economics has wrecked the UK economy. The mantra "small government, low taxes" is nonsense. We ended up with dysfunctional government which does not deliver any public services, high taxes, high cost of living and unnaffordable housing. The inequality has worsened the class divisions.
We've just had 27 year's of liberal left government with socialist policies.... The answer to socialism isn't more socialism unfortunately, that only destroys wealth creation and makes everyone poorer, hence the continued decline
@@mikedudley4062 Mike, we’ve had nothing remotely resembling socialism. We’ve had nothing but neoliberalism since Thatcher and Reagan destroyed the West. Since then, there’s been a concerted effort to sell off all public assets, privatise every natural monopoly we have, and bail those companies out when they inevitably fail because they prioritise profit over efficiency and adequacy, having failed to conduct sufficient maintenance over that time. We need to renationalise our natural monopolies, as a minimum, and end the ongoing suppression of wages.
This makes sense but you have the power to decide what you want and decide you will do anything to get it, knock on the doors and eventually one will open.
Outstanding information,with world crisis,rising inflation and economic instability due to poor governance, consider digital assets as a means to attain financial freedom.
Building wealth indeed requires good habits, like investing in solid opportunities such as digital currencies. Having a reliable investment manager and broker is crucial for making informed decisions and managing risks effectively.It's wise to seek out certified professionals who can provide efficient management.With diligence, descipline and the right guidance, success in wealth-building becomes more achievable.
I'm curious to know more about the expert broker you're considering. Could you share some details about their experience and why you believe they might be a good fit for people’s trading.
Great episode and very true, I lived in London for 13 years and have now lived in Manchester for 3 years and the wealth divide is very noticeable, everyone in London I knew worked in finance or a tech startup earning £150k + per year, whereas in Manchester everyone I have met seems to be a self employed tradesman, just surviving. Nicer people up North, but definitely much less educated and poorer
You blocked us out. What do you expect ??.... You even caught us and butchered us as well. Why ?... People are buying humans and they are being creamed... Butchered.....
All this data is out of date. I'm in the top third GCSE dude's this guy was talking about and I earn £30,000 between two jobs at 27 and I know many my age with decent degrees who struggle to get much more than minimum wage. The stats about which he's talking were true for the boomer and Gen X, it was starting to come apart by the Millennial generation (why they're so left -wing) and by my generation (Gen Z), quality of accreditation matters very little unless its medicine or law... perhaps engineering. Also, he mentions Spain - most of the people with whom I work in a warehouse have immigrated here from Spain for better paid work, so, go figure.
If you choose to work in a warehouse, then of course your income will be on the low side. Placing top third in GCSE's won't automatically grant you a well paying job, there are plenty of other factors involved. However the kinds of people that can apply themselves well to a task and place in top divisions, are the same types of people who are far more likely to acquire a fruitful job. As ever, the exception doesn't make the rule.
@@markloveday7491 I work in a warehouse on Saturdays to get extra income. People who don't earn much don't choose not to earn much. Secondly, you just made the right-wing case against the guy in the video, so we still come out on the same side.
are you seriously saying that the statistics dont seem to fit you and your friends, therefore the statistics are wrong? if thats all you base it on, you should have your gcse taken away
@@La_sagne No, I'm saying that the demographics of who succeeds and who doesn't has changed over the generations. Getting decent GCSEs, A-levels and even a degree doesn't even guarantee home-ownership anymore. I'm saying that these things worked for Boomers through to the oldest of the Millennials, but because of house-price rises, it no longer guarantees decent life.
Well 9 million in London + all commutable areas, i.e home counties. That's like another 10 million +. And people have always had to move "west" to seek fortune, so if you're born up north and you wana get rich, move to a city? Move country? You can't take geographical pot luck as your get out of self reliance card. You're also playing the comparison game with a game you aren't playing. I live in Devon, very poor - I don't look at New York angrily comparing myself to Wall St 😅
He's never run a business and has very little experience in a job (about 5 years), the rest is just hypothetical nonsense that you usually get from the intellectual elite that are university educated but who are not experienced in the real world of finances... We are now currently the 2nd worse in the world for millionaires leaving the country and from the network meetings I have with those individuals, they are leaving because of record high taxes and the fact that we are one of the highest taxed countries in the developed world... Rasing taxes yet again, is not the answer... The real problems are not the amount of tax we collect but the red tape and wastage of the country's pot of tax payers money!
@@TheReferrer72 Regarding wastage... Maybe do some research on Gareth Davies, the National Audit Office WatchDog boss, who after investigating where public funds where spent, said that poor management, benefits fraud and ‘antiquated’ computer systems are to blame for more than £10 billion of taxpayers’ money being wasted by the public sector every year!... Or maybe take a look at the list below from my own investigation - Wine for Government Wine Cellar 2019-20 Painting the Prime Minister's planes Art for Downing Street Unnecessary Union Jacks 2018-21 Traffic cones for Brexit traffic that never materialized Chauffeuring Government documents 2019/20 Capita paid an extortionate amount for the work of one individual Legal fees spent defending crony polling Contracts to big consulting firms without tender Jacob Rees Mogg pushes for a second review of whether MPs can remain in Parliament during refurbishment. It comes to the same conclusion that MPs will need to leave during work Conservative Ministers double advertising budget in preparation for an election Liz Truss chartered a private jet to Australia Fake ‘bell bonging’ mechanism only used 10 times during Big Ben maintenance Excessive travel costs for Truss as Foreign Secretary Polling and focus groups for Rishi Sunak’s image Government use of temporary agency staff in civil service Government bin red passports Consultancy fees more than double in 2021-21 Lectern for Truss Golden goodbye to the Truss cabinet Taxpayer money used to fund Johnson's party gate defence Truss flies to Bali only to fly back immediately to launch leadership bid Suella Braverman flies to the Channel in a Chinook Raab hires private jet for short journey Money spent to keep the identity of MI5 domestic abuser secret Staffing costs to review laws on the chopping block in Retained EU law bill Research firm paid to track approval of monarchy around the world after Queen's death Fine for lax customs checks A new helicopter for the PM to make short trips Sunak's Covid-spreading Eat Out to Help Out scheme which drove infections Fossil fuel companies given £1bn extra support from 2020-21 High-earning business execs given taxpayer-funded MBA courses The cabinet reshuffle creates four new departments with essentially the same brief as old ones Rishi Sunak takes a helicopter flight on for a trip that would have been an hour by train Cost of holding 11 by-elections after Conservative MPs resign or are recalled due to scandal Fund to supply portrait of the King to public institutions across the UK Excessive dining and alcohol expenses by FCDO Rooms at the five-star Hotel Danieli in Venice Sunak's Treasury bought 13 fine art photos from Tate MoJ buys 850 branded USB cables for staff at virtual conference Govt lawyers for Covid inquiry Luxury party villa in Naples Amusement park in Sydney South African spa 2022 Ministerial Merry-go-round Downing Street cancels plans for White House-style press briefings after building a new room for White House Style press briefings Cost of Boris Johnson's Brexit celebration Bonuses for Post Office Executives after the Horizon scandal were known, including for partaking in the inquiry Cost of Kwasi Kwarteng sacking Tom Scholar before disastrous mini-budget Legal fees for unlawful Rwanda Plan MOD contract for "VIP" Helicopter rides which Sunak personally intervened to keep Cost of the Prime Minister hosting the General Election 2 months after local elections Foreign Secretary charters ultra-luxurious jet for overseas visits Department for Education gets a makeover while Schools crumble ‘Common Sense Tsar’ claims for London property despite husband owning a flat less than a mile away. ‘Common Sense Tsar’ claims for personal photographer Cost of post-Brexit border checks Home Secretary takes private jet to sign Sunak’s Rwanda deal In-flight lunch for Liz Truss Science Secretary uses taxpayer money to settle libel case Research for a Bridge to Ireland Faulty antibody tests Extortionately expensive PPE coveralls Wasted money for a test and trace contract that was never fulfilled Money on a Green Homes Deal that failed to deliver MoD: Cancelled projects and wastage since the financial year 2019-2020 MoD annual cash losses March 2022-March 2023 PAC finds that there was "no clear evidence" that Test and Trace had any impact on reducing COVID infections DoJ: Botched projects Fraud in the two years following the beginning of the pandemic Unused or unusable PPE, storing it and prematurely cancelling PPE contracts Rishi Sunak did not insure National Debt against interest rate rise Avoidable Mistakes in the DOJ Tagging Programme Public Accounts Committee says there's no way to tell if the Covid traffic light travel system worked Money paid to the Rwandan government to receive deported refugees despite no deportations taking place Money spent on a boat that will not be built Money spent on surplus beds in children’s homes in 2021 rather than on community support schemes Levelling up money wasted because of inflation Scrapped smart motorways Land for a cancelled leg of HS2 sold at a loss Money to replace striking junior doctors equals full pay restoration for junior doctors Taxpayers subside up to 90% of weapons companies' research/development Active travel Scheme Money to pay for temporary classrooms due to concrete scandal Money spent on cancelled bits of HS2 Faulty bus retrofitting Ineffective investment in modern housing construction Promised public rail body unlikely to launch before the next election Subsidising the richest man in the world's car company Railway Bridge filled with concrete which was then removed Costs incurred from lack of investment in systems and infrastructure Cost of the asylum backlog in 2023, keeping people fleeing danger in unsuitable accommodation rather than allowing them to rebuild their lives, work, and pay tax Money spent on a more expensive plan to house asylum seekers in barges and RAF bases rather than hotels New Home Office IT system which hampered the NHS and slowed action on illegal immigration Political polling by Dominic Cummings' associates Government polling undertaken by Michael Gove's associates Paying Matt Hancock's neighbour to produce PPE Face shields from a Conservative Councillor's company Genetic sequencing by David Cameron's employer Testing contract to Owen Paterson's employer PPE supplies from a senior Government adviser Lateral flow test contract to a company employing Conservative MP A fashion company linked to the owners of Ayanda Capital awarded a PPE contract Fashion firm owned by Conservative donor awarded PPE contract The firm advised by Lord Feldman, who was simultaneously advising the health minister, awarded a PPE contract Port of Felixstowe awarded contract for 5G trial - port is managed by Chris Grayling's second employer Ryse Hydrogen (which employs Conservative MP Julian Smith) awarded Government grants Grants to a flying taxi company owned by a Conservative donor The family that had donated to the Conservatives saw their firm awarded contracts A company chaired by a Government adviser awarded a PCR testing contract The firm led by procurement chief wins £38m contract for Covid testing A firm belonging to a Conservative donor awarded a contract for remote-schooling laptops The firm owned by Matt Hancock's friends awarded PPE contracts A firm that donated to the Conservatives awarded a remote schooling laptop contract Firm linked to Lord Ashcroft given Covid testing contract Prefix (also a duff dealer) awarded further contracts and linked to DHSC official's family Firm linked to Matt Hancock's family awarded Covid testing deal The firm owned by an ex-Conservative councillor and Conservative donor awarded contracts for the supply of masks and gowns A firm employing a Conservative MP secures NHS contract without competition The firm won contracts for PPE, testing, vaccines, and ventilators - and has a prominent Conservative donor as its director Early pandemic contracts awarded to firm directed by prominent Conservative donor A company whose holding company donated to Conservatives awarded test and trace contract A company whose director donated to the Conservatives awarded respirators contract ten days later A firm owned by a Conservative donor won a maintenance contract PPE delivery contracts to Conservative donor's firm Contract for COVID testing buildings given to Conservative donor's firm Conservative donor's recruitment firm offered a contract to supply staff for Covid-19 test sites Company linked to Government PPE Tsar awarded COVID contract Sanitiser contract to a dormant firm Covid contracts given to outsourcing firm whose board includes a Conservative politician Award of Covid contract to a company owned by a man with Government links Damning report says Tories squandered billions on unfair 'levelling-up' fund Tory minister's husband's firm awarded MoD IT contracts worth tens of millions Michelle Mone was paid £29m by the company she referred to government VIP lane 140
@@TheReferrer72 public sector is a shambles and it’s not lack of funding, it’s a lack of accountability over a sustained period of time. I work in the private sector and budget control can still be a nightmare, nobody wants to give up their budget because it’s ‘critical’, but the need to generate a profit is a natural overriding control. There is no such control in the public sector, government just prints more money.
@@bengraham878 Average day-to-day health spending in the UK between 2010 and 2019 was £3,005 per person - 18% below the EU14 average of £3,655. If UK spending per person had matched the EU14 average, then the UK would have spent an average of £227bn a year on health between 2010 and 2019 - £40bn higher than actual average annual spending during this period (£187bn). Matching spending per head to France or Germany would have led to an additional £40bn and £73bn (21% to 39% increase respectively) of total health spending each year in the UK. Over the past decade, the UK had a lower level of capital investment in health care compared with the EU14 countries for which data are available. Between 2010 and 2019, average health capital investment in the UK was £5.8bn a year. If the UK had matched other EU14 countries’ average investment in health capital (as a share of GDP), the UK would have invested £33bn more between 2010 and 2019 (around 55% higher than actual investment during that period).
Was at a bbq with friends last weekend. The host has a large house and garden plus a paddock. He Never went to uni, his dad was a butcher. Under half of the guests had been to Uni. Father’s occupations were gardener, print worker , turner, factory worker insurance salesman etc. Mother’s occupations nearly all retail or basic office work. Everyone had done well in life. Not mega rich but comfortable. The guy who had done least well was the son of a headmaster and a teacher. So I don’t think you can generalise. Also only one of us came from London
It’s not a hard and fast rule, the “Life Chances” theory essentially means that depending on the circumstances into which one is born, that they are statistically more likely (or unlikely) to attain certain outcomes - nothing is “locked in”. That being said, it’s always good to see people from outside the “lord lucky” scenario doing well.
Talking at the level of a whole society is not the same as individuals. You or your friends may have very different experiences, but in the level of millions of people, some generalities appear. In general, it is more difficult for a person from poor background to get ahead, but some always do. But in a more equal society your background wouldn't hold you back: If you worked hard you would expect to succeed. But today that's not the case for most of the people with poorer backgrounds.
Surely, in this technological age, they can run simulations of economical changes in certain areas of the country instead of actually making changes and potentially worsening the lives of real people? I completely agree with the point that we need to change whether it's failure or success, and repeating the same thing all the time is madness!
That would require software and technology the government refuses to invest in, administered by competent, skilled people who rightly refuse to accept crap pay in the public sector. To do my role in the digital services of a major government department I would need to accept a 35%+ pay cut. Promising me a golden pension I won't be able to access for decades doesn't help me pay a mortgage now.
@glassmuxxic yeah I just saw they've declined to spend £1.3bn in AI and technology infrastructure.. even though that is what we're lacking massively in! They defeintly need incentives for people to want to move jobs or even study to qualify for a job in sectors like the one you're in for it to make a difference!
Honestly there aren't really any good economics simulations, most economists are just using formulas which they assume reflect the real world in excel spreadsheets. Austerity in the UK was based on a paper which had an error in such a spreadsheet. Honestly 90% of economists are hacks I stg
The real problem is, that those who maintain the status quo want it to remain this way. People who are willing to change things and have the knowledge to do so will be met with strong opposition. The wealthy 1% will do anything in their power to stamp out people who have a solution to the economic problem we currently have. What can you do against them who have a majority of politicians on their side? What chance do you have against someone like George Soros or Jeff Bezos?
There is a BIG problem with taxing capital gains in that the Tax base becomes dependent on the performance of the stock market and another issue is just when the stock market and possibly the economy is going DOWN hard that is when the Government needs to spend more money at the bottom of a business cycle to save the economy and yet the tax collection could collapse down as well. So I think this would require other taxes to balance it out.
I am not sure how it works in the UK but in the USA wealthy get paid, depending on the company and other factors, with shares of the company so one way is to just have a limit on that so that money has to first go through the more stable and standard income tax first, then capital gains on top. I am for the overall idea of inheritance tax because of the massive transfer of wealth from baby boomers and on in future generations but the one issue here is the question if it is consistent? if every year leads to different tax collection it is just not a very stable tax base and will need many other parts of the tax system to balance it, I assume. Taxing the wealthy, taxing inheritance, taxing capital gain is all nice on paper but each has problems that need to be worked on, connecting the tax system to the performance of the stock market, difference from month to month and year to year. But overall I agree with this in both the USA and UK
Don't ignore the power of monetary feedback. Unfortunately, any government attempt at economic development in the North of England will always have to overcome the outsized weight of London's contribution to the value of pound sterling. That is, whatever you might try to sell outside the UK will be competitively overpriced due simply to the fact that London raises the value of the common unit of currency (the pound). Imports, on the other hand, will tend to drive domestic production out of business due to price advantages.be competitively underpriced relative to domestic products. Cadbury's chocolate products, for example, simply couldn't compete in the export market because they were too expensive outside the UK, and imported chocolates could always undercut them on price and quality within the UK. Same with Wedgwood china, etc., etc. The end result is the hollowing out of British industry. For the North to succeed on its own, dispensing with endless subsidies provided by London, the government will have to equip the economies of Northern cities with a currency that accurately incorporates the true costs of doing business there. That means that London must not be allowed to participate in the pound sterling. London should instead be equipped with its own currency. Failing this, the North will continue to wither while London bloats.
HS2 was originally to seamlessly link HS1, via Heathrow Airport, to the north. It wasn't just a connection to London - it was an HS connection to international flights and the heart of Europe. The best thing that could be done now is to stop all work on it (and environmental destruction,) until we have a leadership with the balls to do it properly.
yes that would have been great imagine a direct high speed rail link between manchester /leeds /birmingham to paris or amsterdam would have been realy opened the north up ooops i forgot we are NOT in the EU
Middle earners think it’s them we’re talking about and get angry see “Gary economics”. We’re talking £10M or above. Look at council tax £350,000 to infinity ( Band H ) ……. is the same council tax band….. so a 50 bedroom mansion is the same as a 4 bed double garage house in Hartlepool. Tax paying IFS is income tax …… IFS don’t mention wealth ( I wonder why? )
Thing is, even if you're born in a 'worse' place, the UK gives your parents every opportunity to quite easily get you to escape it. I know, because my parents did for me & my siblings. My childhood was very much 'abject' poverty let alone relative, family of 5 sharing1 bedroom etc. 25yrs later me & siblings all solidly middle class, degree educated etc, and my own kids will have none of the struggles I had I hesitate with saying 'ignorance is no excuse' but it really isn't. And that was in the 1990's. It's so much easier for people to 'escape' now as the knowledge isn't gatekept at all.
You don’t become middle class. You’re born middle class. you’ll always be a peasant, spiritually. That can never change A rich peasant is still a peasant
I read Paul Collier's 'The Bottom Billion' when I was in 6th form 13 years ago - it was eye opening. Much respect for him as a researcher and author. Side note the disbelief on the lad's faces at 32:40 matched my own - stunning corruption from the Tories!
Ain’t the Tories mate…it’s the system in the U.K and the West. Probably have to go to the Scandi countries to see more fairness…..I’d certainly agree we aren’t getting the best of people at the moment. How will the system select talented individuals to be the future leaders and experts?
€70Bn in UK will be wasted, we don’t have the capacity or the knowledge to achieve it. We need to re educate a whole generation, I see from my council a lot of “can’t, won’t, couldn’t, shouldn’t, never learning, no money, it will not work here”. We in County Durham built an Industrial Revolution for the whole of the UK. After watching this I feel annoyed and angry at how e ended up like this. Wealth Tax - bring it on. 1% above £10m of global wealth 1% for 500m and 1% for 1Bn and above. And if the wealthy don’t like it they can leave and still pay the tax on any wealth asset or stored furniture in the UK they own. Lessons will be Learned - it’s not a British thing. We never do in any subject of Government.
Money from central government goes further when spent in the rest of the country. By spending it all in London they are squandering opportunities and putting pressure on London to continue to perform.
The fractional reserve banking system is the root of every financial, social and environmental problem we have. When money is debt, and compound interest on that debt requires exponential growth of the money (debt) supply to pay that interest it creates the need for growth, inflation of prices, an increasing wage gap and a need for constantly raising taxes. These are FEATURES not bugs. It’s designed to enslave people with debt and it’s worked beautifully. Sadly, no one addresses this in the mainstream and most people are oblivious and politicians won’t touch this topic because they are owned by the banks who control the government purse strings.
Worse than that, creating new money (inflation) favours those who access it first (when things are relatively cheap) compared to those who access it last (when things are already more expensive). Asset owners get the money first and wage owners get it last. Thus the biggest wealth transfer we’ve ever seen.
Because before we had the fractional reserve banking, the Economies of the world were absolutely booming, there were no wars, plagues and raising money for a small business was easy.
What an amazing and thought provoking podcast. I definitely need to hear this. Im against paying taxes because it’ll end up in the hands of muppets who will mismanage it. Academic achievement is not always a sign of intelligence.
Can you speak a bit more in future episodes about the concepts that taxes don't fund spending? Needing taxes, otherwise we can't afford anything is a neoliberal concept and not all schools of economic thinking agree with it. Banging on about taxes is an excuse to say "oh we just can't afford it, we need to be fiscally prudent". Also when you talk about raising taxes it would be good to be more specific - taxes on what, who? Ultra rich - fine, but imposing more taxes on people without massive assets will just be another hit to their purchasing power, contracting the economy further and pushing people into more debt. So that tax argument is infuriatingly superficial. Sadly, it comes up again and again.
I’m a big fan of devolution, so long as budgeting constraints are also devolved. It can’t be tax London and run a whole bunch of loss making “public services”. Give the North the power to manage its own affairs and also to fund it themselves (able to raise taxes etc.).
You'd have to be on a pretty high salary just to get into the top 40% of UK earners, there is such a big gulf between the haves and have not's now such high levels of inequality in the UK after 14 yrs of tory government
Coincidently i just watched Paul Whitwick's youtube on "the shocking truth of REALLY owns England" & the suspicious opaqueness of the land registry. I $hit you not, a small number of families directly descended for Norman Barons still own most of England...& strangle change....... surprise Gary's Economics is doing great work on wealth inequality & differentiates between rich & wealthy or money & assets {land}. But theres an unholy horse race of dominos of Existential Risk - any one of which sets of the others { toxic load, economic collapse {due to asset stripping by inherited comparative advantage asseted class}, Climate change chaos, Nuclear War, AI, food chain mass extinctions, bad pharma dependency, & peak oil coming up fast from the outside....... }. We a new sound a new solution & we all need to be involved.
I'm sorry but this guy is clueless. I worked in local government on the roads, rail and trams. Central government is led by local government and the requirements on the ground are fedback and budgets are agreed accordingly. In many cases central government needs to get more involved as local govs hoodwink them into providing more money for improvement schemes. If budgets aren't spent on the year local gov wastes it on anything and everything to make sure they retain the budget for next year. The levelling up funds are being used to pay for cladding safety schemes and making buildings safe.
Degrees of Advantage = in simple terms, UK Class system (Other countries call it a Cast System, or Tribal System, or Servant Master system). This is reality of constant failed political ruling classes in UK, or the success, depending on what side of the class system you live. That said, money, does not = happiness, that said, it dam well helps and minimises despair. But as a Country we would rather spend money on Foreign Aid, Green policies or gender change polices, than free school meals, smaller classes and after school activities, to allow a better chance of all kids to gain opportunities. We would rather increase the Government Sector than spend on our youth and push money out of London and the elites. We would rather reward celebrities with MBE’s than those that do good for their communities. Broken Britain.
The culture your parents raise you with is far more of a factor than money and university access. This is pure cope from people who despise personal responsibility.
I wouldn’t say more, but definitely equally important. Those who have both have an advantage over those who only have one, and those who have neither have very little chance. I had neither, and it took me until my early 30s to demonstrate my value in my line of work, surrounded by privately educated graduates in their mid-to-late 20s. That handicap will be an advantage to any children I have.
Hang on... I'm 40 years old, was born and raised in a small town in Scotland. Still live here to this day. I'm consider myself successful by your metric. I am a higher rate tax payer for example. My parents didn't go to uni, or come from money. They were working class. They just worked hard to provide for me and my brother and give us opportunities. I'll do the same for my kids as I have Junior ISA's for them etc. I'm not saying your theory is completely wrong, but myself, my brother and a hell of a lot of other people I grew up with prove that you aren't completely correct about London.
Yes a lot of this is true, but there is also a lack of grit in many British people, as much as I love them. I grew up poor in Africa and my first job was working at KFC. I came to the UK 24 years ago. I did terrible jobs for minimum wage. I studied, got better jobs, saved & invested consistently. Bought a property with another person to quality. I now work in private equity that you malign so much. But still I see how London basically has “fake rich” living on credit & “working poor”. They can pretty much cover expenses and that’s it. If you live in the North, your costs are much cheaper. Nothing stopping you getting Wi-Fi and starting an online business. Or selling your skills to more expensive regions.
You are right, but the speaker is talking in the context of the UK. Working for private equity firms isn't immoral on the individual level so don't malign yourself. In truth, the UK is on a downward spiral towards poverty anyway, as I'm sure you're experiencing yourself. As you might know yourself, it's rewarding to go from being poor to rich, and painful to go in the other direction. That's where most of the UK is now.
Why is it surprising people who excel in GCSE will be more likely to be successful in later (professional) life? Isn't it absolutely the way it should be!? Having a good memory is absolutely crucial for life success (and even survival through evolution).
Facts are at your fingertips in your phone. Skills should be taught like critical thinking and communication and all round skills. Some people are very intelligent but it doesn’t work out on the day of exams or they are too nervous or lack self esteem and don’t try because of that, as well as low expectations. Middle class are instilled with confidence, working class are not. It’s a school system which doesn’t fit with the 21st century’s needs.
Well I had 9 GCSEs and being female , divorced and looking after two children hampered me. You can only do so much. Giving my money for education to my grandchildren for study .
I had nothing at 30 retired at 46 nothing remarkable just a mindset of gaming the system i operated within…lose the victim mindset is the most important thing…its wasted energy
your job as a parent is to teach your kids to turn their fiat currency into hard assets as soon as possible. ie Damo's message on his channel. Salary doesn't matter. If you convert 15% of your fiat into hard assets every year you'll be immensely successful over 50 years.
Nonsense thumbnail GINI is an objective way of calculating income and waelth inequality In income inequality uk ranks better than Switzerland and Australia In wealth it ranks better than germany and denmark Just google it if you dont believe me I dont know why this is necessary to project being poor ?
I get this is a Finance podcast but life isn’t all GDP and Economic Metrics. Life isn’t about who can accumulate the most capital. There are plenty of ‘low earners’ with a strong community, living the life they want to lead who are happy as Larry. Don’t reduce everyone to a Statistic
Money doesnt buy happiness, but it sure as hell buys comfort and security. The issue is things are getting slowly worse for people. You could lokely say the same that Londoners in 1800 had community and lived the life they wabt to lead, but i sure wouldnt want to live in that era.
I don't know a single one, great if you do. Most low earners I know do nothing but moan about the government stealing their money to give to immigrants etc
Top 40% of earners isnt a metric for life success. The suggestion that people who do well on academic tests and get university qualifications are more likely to earn more isnt a relevation.
It is exactly what he said (paraphrasing) "The top 3rd in gcsc tests will have a 70% chance of success" "success is measured as being in the top 40% of income earners." Do well in academic test = earn more.
Given this research, can we expect government and business to drop all their ethnic inclusion rubbish and start to look at who actually has it hardest in this country? As a working class man from Northumberland, who grew up in the 1980s when unemployment was higher than during the Great Depression, I can assure you a middle class black woman born in the 2000s in Surrey doesn't know how lucky she is.
More and more homes in the north are being bought by London based landlords, denying housing to those locally that could buy and moving money out of the region. Many of the career advisors in the 90s and early 2000 used to advise moving to London to work.
The German constitution was not written by the British. It was designed by Germans in a sort of congress after the war in a rather short time. Certainly the US and Britain had a say in it and had to approve it, but they didn't dictate it.
I was born outside London with both parents not going to university, single parent household on benefits. I now have 3 degrees including a doctorate and am in the top 1% of income. I have never paid a single penny for any of my education despite 12 years of university study. I hadn’t appreciated how absolutely unusual I must be.
In Britain we have the self perpetuating dynastic order of private education which spends about 6 times per student what the state spends and is a separate culture. They then get the best jobs and can afford to spend £40000 a year on school fees which enables those peoples offspring to go to the best universities and get the best jobs and so on for ever if nobody does anything about it..
@@rdyson 40% of UK land is owned by the aristocracy. Anyone who thinks there is no self perpetuating dynasty in the UK is an idiot or one of the self perpetuating dynasty him or her self .
@@rdyson Britain leads in the transfer of generational wealth.In the 21st century, a mere 0.6 percent of the British populace-yes, that’s less than 1 percent-holds the title deeds to a whopping 69 percent of the land. And guess what? These aren’t newcomers; they’re the same families who’ve been sipping tea and discussing fox hunts since the 19th century. Talk about generational real estate!
@@erongi233 Exactly, its no coincidence that so many wealthy families have French surnames. The same people have held the power, land and money since 1066.
@@SkeletonDrums1 yes.and it was the last Duke of Westminster who,when asked for advice as to how to become wealthy in the UK replied be directly related to William the Conqueror.
Will labour be worse ? Well cancelling winter fuel payments is a key indication. Failure to have a day one Wealth Tax is another. First people to be hit hard are those just About Managing as elderly pensioners just above the benefit line.
he just said that those worse off are the youngest in the north and you think the people who needs government benefits are the richest of the best off generation? either youve been fooled by the tories and their bias press or youre old enough to benefit
Interesting... I probably started in your 4% But ended up in Top 2% Having started with a single parent mother.... What did i do that made me such a rarity when my career didn't even start till 32.... Be interesting to chat more
It's not high income. GDP per Capita a measly 45k...many 3rd world nations are catching up but then it was obvious UK became a 3rd world country long ago.
My issue with the high tax payment is that part of the money will go into the infrastructure (like water and trains) which aren't publicly owned, meaning the money gets lost to private funds. Nationalize those first, then talk about the high tax payment!
The idea that we pay tax for incompetent directors or get paid even more dividends/bonuses is just sickening.
OK but obviously money will go to private companies because they won the contracts to run the Infrastructure and need to get paid. It's when the Infrastructure is badly run is the issue.
@@aldozilli1293 I don't know if you've noticed but water comes with water bills and train rides come with train tickets. If they can't turn a profit on selling their products and services, then they have no business being for-profit private enterprises.
@@aldozilli1293 they build nothing and bearly maintain infastructure keeping to minimum contract stipulations
The rails that they operate on are publicly owned, and so is the infrastructure, the "private" companies pay the government for them and also pay taxes on top of that
Very interesting topic - many thanks for prioritising this huge issue. It is criminal that the the UK has a political system that maintains the status quo and is so open to corruption by lobbyists and donors who push their own selfish agendas at the expense of the whole country! Time for change and taxing wealth just as Gary Stevenson has been talking about.
.... Gary was/is about taxing the wealthiest but they're also the most mobile. Until the world can come to an agreement on how to hold them to account, they can always just run.
@apoch2001 they can but their assets can't 😮😮😮😮
Taxing wealth doesn't work, because the wealth creator stop producing.
So I stopped doing an 80 hrs week because the government wanted to tax me at 62%. Now I work to make sure I only pay 20% Tax, while others retire early or will now leave the country, so high tax on the 10% will result in less tax collection. So labour will now suffer from falling tax collection because the Top 10% will stop producing it.
The Laffer curve
@@mikedudley4062 Rubbish! As Gary Stevenson explains in @garyseconomics the super rich may be mobile, but their assets are not and can be taxed. Gary is not talking about you or taxing your income from working 80 hours! He's talking about taxing people that own more than £20M in wealth.
Best guest so far brilliant insight into a lot of government going on’s and the state the country is in , keep up the work you 2 love the channel .
Thank you for bringing sir Paul to my attention. I would like to see Sir Paul talk to Rory and Alister on their podcast too.
You mean Alister Campbell the war criminal?
@@lacyjude tell that to the million Iraqis that were killed thanks to the lie of wmd
@@lacyjude tell that to the million or so dead Iraqis
@@oxtt4314 Tell that to the thousands dead by the last 14 yrs. Austerity,Covid, Cost of living and more.
@@lacyjude ironic.
I don't live in London, I don't have a degree. But my business went ok and my IQ was reasonably high. I supported my son and he went to University. He got a good job with his physics degree.
That demonstrates that it is possible to do well outside the academic environment. The problem is that schools no longer incentivize our young to achieve. Schools do not emphasize the competitive nature of the world, and impress on children how they must strive if they wish to be successful. Heck, deadlines for the submission of work in many schools today are flexible... what's that teaching our young about the need to meet their employer's or their customer's demands?
I am 74 and grew up in a small business aspiring family having started very poor in London. When I left Education at age 19 there was no disadvantage in not having been University educated. University was for certain professions, but for others was not the path to go. I have never been in the top tier but have never been ashamed of my job because I have been able to do anything that came my way. This view bases all judgement on money success alone. Success comes in many guises, not the narrowest definition as portrayed by this gentleman.
So glad that you mentioned Margaret Thatcher's plan of "managed decline" for Liverpool. We'll never forget that.
Can we just something straight as HS2 comes up fairly often on the podcast. It’s about CAPACITY, not speed between London and Birmingham. The freeing up of the existing lines for new services and even whole new transport systems would have been transformative for those areas.
Had respect for him up until HS2 discussion, clearly he has no idea on what the project is for and cancelling the entire thing now is absolutely bonkers given it's being built
@@baratoplata7050 They should have cancelled the southern part.
Liverpool Region and Manchester mayors are collaberating like this right now. Great discussion, solutions are what we need to hear not groaning. We so do need a constitution and we definitely need tough regulations in Government and for Mps.
Podcasts like this give me hope. Seeing you give airtime to a first rate academic, and letting him speak. You should get David Harvey on.
Thank you for this and for the suggested guest we will look into David
@@DamienTalksMoneyDavid Harvey is the goat
This is a fantastic episode! Your content is so important! As some one who was at Durham uni and lives in Winchester it's great to see you dishing this stuff out!
What a great episode 😊
Cheers mate!
I could never understand why Britain is run the way it is. Its a basic premise in other countries, and in business even, that better decisions are made by those who are most local to the issue. I am half Swedish but raised in the UK, but I recently moved to Sweden to study my MSc. I have always known that Sweden is a better place to live due to its far more competent governance. The south of Sweden where I studied, Skåne, has its own public transport network that runs the region, and when you pay taxes, those taxes go predominately to your local government who can allocate the money best due to their better understanding of local issues. The same is done in Switzerland with the cantons and in Germany with the states. This is such basic, but best practice policy. The UK is archaic in this sense. Its woeful how badly run this nation is. "Oh but tradition, its how our government has always been run". Tradition my f**king a*se when the country is going to the toilet for it.
A lot of it is down to corruption, the money doesn't go where it should, rich and big corporate businesses not paying enough tax etc
@@fredatlas4396 I agree with that. Hopefully the Covid enquiry will uncover big flaws in the controls and audits around treasury fund usage
Spot on! U.K. governments are always going reform this, reform that, but never reform the actual government
Local government is more incompetent and less transparent than national though. I barely trust them to empty my bins… I don’t want them to have any more of my money.
But this perpetuates regional inequality. Most of the UK tax money would be spent on the city of London and the north would get nowt.
Excellent discussion! This channel will have 100k subs in no time with this sort of content! 👍
Thanks guys - what a great conversation !
Adding Paul's book to my wishlist 👍
Neoliberal economics has wrecked the UK economy. The mantra "small government, low taxes" is nonsense. We ended up with dysfunctional government which does not deliver any public services, high taxes, high cost of living and unnaffordable housing. The inequality has worsened the class divisions.
We've just had 27 year's of liberal left government with socialist policies....
The answer to socialism isn't more socialism unfortunately, that only destroys wealth creation and makes everyone poorer, hence the continued decline
@@mikedudley4062 Mike, we’ve had nothing remotely resembling socialism. We’ve had nothing but neoliberalism since Thatcher and Reagan destroyed the West. Since then, there’s been a concerted effort to sell off all public assets, privatise every natural monopoly we have, and bail those companies out when they inevitably fail because they prioritise profit over efficiency and adequacy, having failed to conduct sufficient maintenance over that time.
We need to renationalise our natural monopolies, as a minimum, and end the ongoing suppression of wages.
Wooowwww blown away from this excellent episode and perfect timing too given the current state of affairs 👏🏾👏🏾👏🏾👏🏾🥰🥰🥰
I am an American and i love Liverpool.
I enjoyed visiting Liverpool too.
When we speak about London it’s more like the City of London, not London.
This makes sense but you have the power to decide what you want and decide you will do anything to get it, knock on the doors and eventually one will open.
You just have to hope that one of the doors opens up in time before the wolves of poverty and stress get to you
Outcome =/= Opportunity/Life chances
Hope you are okay in Southport. What happened was horrific
Outstanding information,with world crisis,rising inflation and economic instability due to poor governance, consider digital assets as a means to attain financial freedom.
Building wealth indeed requires good habits, like investing in solid opportunities such as digital currencies. Having a reliable investment manager and broker is crucial for making informed decisions and managing risks effectively.It's wise to seek out certified professionals who can provide efficient management.With diligence, descipline and the right guidance, success in wealth-building becomes more achievable.
Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional broker I’m ready.
Anna Dorris Arthur is the best I’ve encountered so far, so I recommend her.
I'm curious to know more about the expert broker you're considering. Could you share some details about their experience and why you believe they might be a good fit for people’s trading.
good reputation don’t lie makes me 17k weekly I’m so happy and I support the work of God now, the ability to manage risks is what makes me believe.
Apart from Mr.Stevenson this is the best episode you guys have done. A lot of parallels but really good lads- keep it up.
Thank you
Great episode and very true, I lived in London for 13 years and have now lived in Manchester for 3 years and the wealth divide is very noticeable, everyone in London I knew worked in finance or a tech startup earning £150k + per year, whereas in Manchester everyone I have met seems to be a self employed tradesman, just surviving. Nicer people up North, but definitely much less educated and poorer
The self employed who are builders will end up earning more than the london average earner.
You blocked us out. What do you expect ??.... You even caught us and butchered us as well. Why ?... People are buying humans and they are being creamed... Butchered.....
Sir Paul Collier, Gary Stevenson they're sign posting us hwo to fix this.
Much better content
All this data is out of date. I'm in the top third GCSE dude's this guy was talking about and I earn £30,000 between two jobs at 27 and I know many my age with decent degrees who struggle to get much more than minimum wage. The stats about which he's talking were true for the boomer and Gen X, it was starting to come apart by the Millennial generation (why they're so left -wing) and by my generation (Gen Z), quality of accreditation matters very little unless its medicine or law... perhaps engineering. Also, he mentions Spain - most of the people with whom I work in a warehouse have immigrated here from Spain for better paid work, so, go figure.
If you choose to work in a warehouse, then of course your income will be on the low side.
Placing top third in GCSE's won't automatically grant you a well paying job, there are plenty of other factors involved. However the kinds of people that can apply themselves well to a task and place in top divisions, are the same types of people who are far more likely to acquire a fruitful job.
As ever, the exception doesn't make the rule.
@@markloveday7491 I work in a warehouse on Saturdays to get extra income. People who don't earn much don't choose not to earn much. Secondly, you just made the right-wing case against the guy in the video, so we still come out on the same side.
are you seriously saying that the statistics dont seem to fit you and your friends, therefore the statistics are wrong? if thats all you base it on, you should have your gcse taken away
@@La_sagne No, I'm saying that the demographics of who succeeds and who doesn't has changed over the generations. Getting decent GCSEs, A-levels and even a degree doesn't even guarantee home-ownership anymore. I'm saying that these things worked for Boomers through to the oldest of the Millennials, but because of house-price rises, it no longer guarantees decent life.
@@Forsthman64 you're saying his data is out of date.. where does that come from?
I think after USA, UK is the most unequal high income country.
So many poor people in the UK. Many are lazy and disinterested in bettering their lives. Brits love to moan rather than work.
Also, Singapore, Hong Kong, and Qatar.
Visited America, and know Americans and immigrants there. No chance.
We are far below.
Well 9 million in London + all commutable areas, i.e home counties. That's like another 10 million +. And people have always had to move "west" to seek fortune, so if you're born up north and you wana get rich, move to a city? Move country? You can't take geographical pot luck as your get out of self reliance card. You're also playing the comparison game with a game you aren't playing. I live in Devon, very poor - I don't look at New York angrily comparing myself to Wall St 😅
Interesting that a former advisor to the government thinks that the rich need to be taxed. Says a lot about the people in charge
He's never run a business and has very little experience in a job (about 5 years), the rest is just hypothetical nonsense that you usually get from the intellectual elite that are university educated but who are not experienced in the real world of finances... We are now currently the 2nd worse in the world for millionaires leaving the country and from the network meetings I have with those individuals, they are leaving because of record high taxes and the fact that we are one of the highest taxed countries in the developed world... Rasing taxes yet again, is not the answer... The real problems are not the amount of tax we collect but the red tape and wastage of the country's pot of tax payers money!
@@davidholgate123 You started off good, then went right down hill.
What wasted tax payers money?
@@TheReferrer72 Regarding wastage... Maybe do some research on Gareth Davies, the National Audit Office WatchDog boss, who after investigating where public funds where spent, said that poor management, benefits fraud and ‘antiquated’ computer systems are to blame for more than £10 billion of taxpayers’ money being wasted by the public sector every year!...
Or maybe take a look at the list below from my own investigation -
Wine for Government Wine Cellar 2019-20
Painting the Prime Minister's planes
Art for Downing Street
Unnecessary Union Jacks 2018-21
Traffic cones for Brexit traffic that never materialized
Chauffeuring Government documents 2019/20
Capita paid an extortionate amount for the work of one individual
Legal fees spent defending crony polling
Contracts to big consulting firms without tender
Jacob Rees Mogg pushes for a second review of whether MPs can remain in Parliament during refurbishment. It comes to the same conclusion that MPs will need to leave during work
Conservative Ministers double advertising budget in preparation for an election
Liz Truss chartered a private jet to Australia
Fake ‘bell bonging’ mechanism only used 10 times during Big Ben maintenance
Excessive travel costs for Truss as Foreign Secretary
Polling and focus groups for Rishi Sunak’s image
Government use of temporary agency staff in civil service
Government bin red passports
Consultancy fees more than double in 2021-21
Lectern for Truss
Golden goodbye to the Truss cabinet
Taxpayer money used to fund Johnson's party gate defence
Truss flies to Bali only to fly back immediately to launch leadership bid
Suella Braverman flies to the Channel in a Chinook
Raab hires private jet for short journey
Money spent to keep the identity of MI5 domestic abuser secret
Staffing costs to review laws on the chopping block in Retained EU law bill
Research firm paid to track approval of monarchy around the world after Queen's death
Fine for lax customs checks
A new helicopter for the PM to make short trips
Sunak's Covid-spreading Eat Out to Help Out scheme which drove infections
Fossil fuel companies given £1bn extra support from 2020-21
High-earning business execs given taxpayer-funded MBA courses
The cabinet reshuffle creates four new departments with essentially the same brief as old ones
Rishi Sunak takes a helicopter flight on for a trip that would have been an hour by train
Cost of holding 11 by-elections after Conservative MPs resign or are recalled due to scandal
Fund to supply portrait of the King to public institutions across the UK
Excessive dining and alcohol expenses by FCDO
Rooms at the five-star Hotel Danieli in Venice
Sunak's Treasury bought 13 fine art photos from Tate
MoJ buys 850 branded USB cables for staff at virtual conference
Govt lawyers for Covid inquiry
Luxury party villa in Naples
Amusement park in Sydney
South African spa
2022 Ministerial Merry-go-round
Downing Street cancels plans for White House-style press briefings after building a new room for White House Style press briefings
Cost of Boris Johnson's Brexit celebration
Bonuses for Post Office Executives after the Horizon scandal were known, including for partaking in the inquiry
Cost of Kwasi Kwarteng sacking Tom Scholar before disastrous mini-budget
Legal fees for unlawful Rwanda Plan
MOD contract for "VIP" Helicopter rides which Sunak personally intervened to keep
Cost of the Prime Minister hosting the General Election 2 months after local elections
Foreign Secretary charters ultra-luxurious jet for overseas visits
Department for Education gets a makeover while Schools crumble
‘Common Sense Tsar’ claims for London property despite husband owning a flat less than a mile away.
‘Common Sense Tsar’ claims for personal photographer
Cost of post-Brexit border checks
Home Secretary takes private jet to sign Sunak’s Rwanda deal
In-flight lunch for Liz Truss
Science Secretary uses taxpayer money to settle libel case
Research for a Bridge to Ireland
Faulty antibody tests
Extortionately expensive PPE coveralls
Wasted money for a test and trace contract that was never fulfilled
Money on a Green Homes Deal that failed to deliver
MoD: Cancelled projects and wastage since the financial year 2019-2020
MoD annual cash losses March 2022-March 2023
PAC finds that there was "no clear evidence" that Test and Trace had any impact on reducing COVID infections
DoJ: Botched projects
Fraud in the two years following the beginning of the pandemic
Unused or unusable PPE, storing it and prematurely cancelling PPE contracts
Rishi Sunak did not insure National Debt against interest rate rise
Avoidable Mistakes in the DOJ Tagging Programme
Public Accounts Committee says there's no way to tell if the Covid traffic light travel system worked
Money paid to the Rwandan government to receive deported refugees despite no deportations taking place
Money spent on a boat that will not be built
Money spent on surplus beds in children’s homes in 2021 rather than on community support schemes
Levelling up money wasted because of inflation
Scrapped smart motorways
Land for a cancelled leg of HS2 sold at a loss
Money to replace striking junior doctors equals full pay restoration for junior doctors
Taxpayers subside up to 90% of weapons companies' research/development
Active travel Scheme
Money to pay for temporary classrooms due to concrete scandal
Money spent on cancelled bits of HS2
Faulty bus retrofitting
Ineffective investment in modern housing construction
Promised public rail body unlikely to launch before the next election
Subsidising the richest man in the world's car company
Railway Bridge filled with concrete which was then removed
Costs incurred from lack of investment in systems and infrastructure
Cost of the asylum backlog in 2023, keeping people fleeing danger in unsuitable accommodation rather than allowing them to rebuild their lives, work, and pay tax
Money spent on a more expensive plan to house asylum seekers in barges and RAF bases rather than hotels
New Home Office IT system which hampered the NHS and slowed action on illegal immigration
Political polling by Dominic Cummings' associates
Government polling undertaken by Michael Gove's associates
Paying Matt Hancock's neighbour to produce PPE
Face shields from a Conservative Councillor's company
Genetic sequencing by David Cameron's employer
Testing contract to Owen Paterson's employer
PPE supplies from a senior Government adviser
Lateral flow test contract to a company employing Conservative MP
A fashion company linked to the owners of Ayanda Capital awarded a PPE contract
Fashion firm owned by Conservative donor awarded PPE contract
The firm advised by Lord Feldman, who was simultaneously advising the health minister, awarded a PPE contract
Port of Felixstowe awarded contract for 5G trial - port is managed by Chris Grayling's second employer
Ryse Hydrogen (which employs Conservative MP Julian Smith) awarded Government grants
Grants to a flying taxi company owned by a Conservative donor
The family that had donated to the Conservatives saw their firm awarded contracts
A company chaired by a Government adviser awarded a PCR testing contract
The firm led by procurement chief wins £38m contract for Covid testing
A firm belonging to a Conservative donor awarded a contract for remote-schooling laptops
The firm owned by Matt Hancock's friends awarded PPE contracts
A firm that donated to the Conservatives awarded a remote schooling laptop contract
Firm linked to Lord Ashcroft given Covid testing contract
Prefix (also a duff dealer) awarded further contracts and linked to DHSC official's family
Firm linked to Matt Hancock's family awarded Covid testing deal
The firm owned by an ex-Conservative councillor and Conservative donor awarded contracts for the supply of masks and gowns
A firm employing a Conservative MP secures NHS contract without competition
The firm won contracts for PPE, testing, vaccines, and ventilators - and has a prominent Conservative donor as its director
Early pandemic contracts awarded to firm directed by prominent Conservative donor
A company whose holding company donated to Conservatives awarded test and trace contract
A company whose director donated to the Conservatives awarded respirators contract ten days later
A firm owned by a Conservative donor won a maintenance contract
PPE delivery contracts to Conservative donor's firm
Contract for COVID testing buildings given to Conservative donor's firm
Conservative donor's recruitment firm offered a contract to supply staff for Covid-19 test sites
Company linked to Government PPE Tsar awarded COVID contract
Sanitiser contract to a dormant firm
Covid contracts given to outsourcing firm whose board includes a Conservative politician
Award of Covid contract to a company owned by a man with Government links
Damning report says Tories squandered billions on unfair 'levelling-up' fund
Tory minister's husband's firm awarded MoD IT contracts worth tens of millions
Michelle Mone was paid £29m by the company she referred to government VIP lane 140
@@TheReferrer72 public sector is a shambles and it’s not lack of funding, it’s a lack of accountability over a sustained period of time. I work in the private sector and budget control can still be a nightmare, nobody wants to give up their budget because it’s ‘critical’, but the need to generate a profit is a natural overriding
control. There is no such control in the public sector, government just prints more money.
@@bengraham878 Average day-to-day health spending in the UK between 2010 and 2019 was £3,005 per person - 18% below the EU14 average of £3,655.
If UK spending per person had matched the EU14 average, then the UK would have spent an average of £227bn a year on health between 2010 and 2019 - £40bn higher than actual average annual spending during this period (£187bn).
Matching spending per head to France or Germany would have led to an additional £40bn and £73bn (21% to 39% increase respectively) of total health spending each year in the UK.
Over the past decade, the UK had a lower level of capital investment in health care compared with the EU14 countries for which data are available. Between 2010 and 2019, average health capital investment in the UK was £5.8bn a year. If the UK had matched other EU14 countries’ average investment in health capital (as a share of GDP), the UK would have invested £33bn more between 2010 and 2019 (around 55% higher than actual investment during that period).
Was at a bbq with friends last weekend. The host has a large house and garden plus a paddock. He Never went to uni, his dad was a butcher. Under half of the guests had been to Uni. Father’s occupations were gardener, print worker , turner, factory worker insurance salesman etc. Mother’s occupations nearly all retail or basic office work. Everyone had done well in life. Not mega rich but comfortable. The guy who had done least well was the son of a headmaster and a teacher. So I don’t think you can generalise. Also only one of us came from London
It’s not a hard and fast rule, the “Life Chances” theory essentially means that depending on the circumstances into which one is born, that they are statistically more likely (or unlikely) to attain certain outcomes - nothing is “locked in”.
That being said, it’s always good to see people from outside the “lord lucky” scenario doing well.
Talking at the level of a whole society is not the same as individuals. You or your friends may have very different experiences, but in the level of millions of people, some generalities appear. In general, it is more difficult for a person from poor background to get ahead, but some always do. But in a more equal society your background wouldn't hold you back: If you worked hard you would expect to succeed. But today that's not the case for most of the people with poorer backgrounds.
I tend to agree, most of the successful people I know all came from very humble back grounds without degree's
What age range are we talking about?
Would be awesome if someone could thoroughly explain how these loopholes worked.
Wow he discovered the gunpowder! Well done!
Surely, in this technological age, they can run simulations of economical changes in certain areas of the country instead of actually making changes and potentially worsening the lives of real people? I completely agree with the point that we need to change whether it's failure or success, and repeating the same thing all the time is madness!
That would require software and technology the government refuses to invest in, administered by competent, skilled people who rightly refuse to accept crap pay in the public sector.
To do my role in the digital services of a major government department I would need to accept a 35%+ pay cut. Promising me a golden pension I won't be able to access for decades doesn't help me pay a mortgage now.
@glassmuxxic yeah I just saw they've declined to spend £1.3bn in AI and technology infrastructure.. even though that is what we're lacking massively in! They defeintly need incentives for people to want to move jobs or even study to qualify for a job in sectors like the one you're in for it to make a difference!
Honestly there aren't really any good economics simulations, most economists are just using formulas which they assume reflect the real world in excel spreadsheets. Austerity in the UK was based on a paper which had an error in such a spreadsheet. Honestly 90% of economists are hacks I stg
The real problem is, that those who maintain the status quo want it to remain this way. People who are willing to change things and have the knowledge to do so will be met with strong opposition. The wealthy 1% will do anything in their power to stamp out people who have a solution to the economic problem we currently have.
What can you do against them who have a majority of politicians on their side? What chance do you have against someone like George Soros or Jeff Bezos?
There is a BIG problem with taxing capital gains in that the Tax base becomes dependent on the performance of the stock market and another issue is just when the stock market and possibly the economy is going DOWN hard that is when the Government needs to spend more money at the bottom of a business cycle to save the economy and yet the tax collection could collapse down as well. So I think this would require other taxes to balance it out.
I am not sure how it works in the UK but in the USA wealthy get paid, depending on the company and other factors, with shares of the company so one way is to just have a limit on that so that money has to first go through the more stable and standard income tax first, then capital gains on top.
I am for the overall idea of inheritance tax because of the massive transfer of wealth from baby boomers and on in future generations but the one issue here is the question if it is consistent? if every year leads to different tax collection it is just not a very stable tax base and will need many other parts of the tax system to balance it, I assume.
Taxing the wealthy, taxing inheritance, taxing capital gain is all nice on paper but each has problems that need to be worked on, connecting the tax system to the performance of the stock market, difference from month to month and year to year.
But overall I agree with this in both the USA and UK
Don't ignore the power of monetary feedback. Unfortunately, any government attempt at economic development in the North of England will always have to overcome the outsized weight of London's contribution to the value of pound sterling. That is, whatever you might try to sell outside the UK will be competitively overpriced due simply to the fact that London raises the value of the common unit of currency (the pound). Imports, on the other hand, will tend to drive domestic production out of business due to price advantages.be competitively underpriced relative to domestic products. Cadbury's chocolate products, for example, simply couldn't compete in the export market because they were too expensive outside the UK, and imported chocolates could always undercut them on price and quality within the UK. Same with Wedgwood china, etc., etc. The end result is the hollowing out of British industry.
For the North to succeed on its own, dispensing with endless subsidies provided by London, the government will have to equip the economies of Northern cities with a currency that accurately incorporates the true costs of doing business there. That means that London must not be allowed to participate in the pound sterling. London should instead be equipped with its own currency.
Failing this, the North will continue to wither while London bloats.
HS2 was originally to seamlessly link HS1, via Heathrow Airport, to the north.
It wasn't just a connection to London - it was an HS connection to international flights and the heart of Europe.
The best thing that could be done now is to stop all work on it (and environmental destruction,) until we have a leadership with the balls to do it properly.
yes that would have been great imagine a direct high speed rail link between manchester /leeds /birmingham to paris or amsterdam would have been realy opened the north up ooops i forgot we are NOT in the EU
6:10, 11:00, 29:00 So where did the 3.6 billion pounds of the budget go? Whose pocket did that go into?
The most mind blowing this is that this fella has teen kids? Fair play grandad has gamee
He is 75 years old, so probably became a father at 60ish. Pretty insane
IKR. Who did he have his kids with??
Middle earners think it’s them we’re talking about and get angry see “Gary economics”. We’re talking £10M or above.
Look at council tax £350,000 to infinity ( Band H )
……. is the same council tax band….. so a 50 bedroom mansion is the same as a 4 bed double garage house in Hartlepool.
Tax paying IFS is income tax …… IFS don’t mention wealth ( I wonder why? )
Thing is, even if you're born in a 'worse' place, the UK gives your parents every opportunity to quite easily get you to escape it. I know, because my parents did for me & my siblings. My childhood was very much 'abject' poverty let alone relative, family of 5 sharing1 bedroom etc. 25yrs later me & siblings all solidly middle class, degree educated etc, and my own kids will have none of the struggles I had
I hesitate with saying 'ignorance is no excuse' but it really isn't. And that was in the 1990's. It's so much easier for people to 'escape' now as the knowledge isn't gatekept at all.
You don’t become middle class. You’re born middle class. you’ll always be a peasant, spiritually.
That can never change
A rich peasant is still a peasant
@@maalikserebryakov wrong
I read Paul Collier's 'The Bottom Billion' when I was in 6th form 13 years ago - it was eye opening. Much respect for him as a researcher and author. Side note the disbelief on the lad's faces at 32:40 matched my own - stunning corruption from the Tories!
Ain’t the Tories mate…it’s the system in the U.K and the West. Probably have to go to the Scandi countries to see more fairness…..I’d certainly agree we aren’t getting the best of people at the moment. How will the system select talented individuals to be the future leaders and experts?
€70Bn in UK will be wasted, we don’t have the capacity or the knowledge to achieve it. We need to re educate a whole generation, I see from my council a lot of “can’t, won’t, couldn’t, shouldn’t, never learning, no money, it will not work here”.
We in County Durham built an Industrial Revolution for the whole of the UK.
After watching this I feel annoyed and angry at how e ended up like this.
Wealth Tax - bring it on. 1% above £10m of global wealth 1% for 500m and 1% for 1Bn and above.
And if the wealthy don’t like it they can leave and still pay the tax on any wealth asset or stored furniture in the UK they own.
Lessons will be Learned - it’s not a British thing. We never do in any subject of Government.
Most of the wealthy's wealth is in stuff like land that they can't take with them.
leaving the EU has been the biggest disaster in my lifetime shame on the people of my generation boomer who voted to leave on a pack of lies
Life isn’t fair but you are here once so why not enjoy what you have.
Im from Southport to - it does make you angry
Money from central government goes further when spent in the rest of the country. By spending it all in London they are squandering opportunities and putting pressure on London to continue to perform.
The missing thing is dignity.
There is no where near enough money to be raised by taxing "the other guy".....
The fractional reserve banking system is the root of every financial, social and environmental problem we have.
When money is debt, and compound interest on that debt requires exponential growth of the money (debt) supply to pay that interest it creates the need for growth, inflation of prices, an increasing wage gap and a need for constantly raising taxes.
These are FEATURES not bugs.
It’s designed to enslave people with debt and it’s worked beautifully.
Sadly, no one addresses this in the mainstream and most people are oblivious and politicians won’t touch this topic because they are owned by the banks who control the government purse strings.
Worse than that, creating new money (inflation) favours those who access it first (when things are relatively cheap) compared to those who access it last (when things are already more expensive). Asset owners get the money first and wage owners get it last. Thus the biggest wealth transfer we’ve ever seen.
Because before we had the fractional reserve banking, the Economies of the world were absolutely booming, there were no wars, plagues and raising money for a small business was easy.
And there certainly haven't been any wars since? @@TheReferrer72
What an amazing and thought provoking podcast.
I definitely need to hear this.
Im against paying taxes because it’ll end up in the hands of muppets who will mismanage it.
Academic achievement is not always a sign of intelligence.
You’re just scared britain will keep helping Israel
abdool
Can you speak a bit more in future episodes about the concepts that taxes don't fund spending? Needing taxes, otherwise we can't afford anything is a neoliberal concept and not all schools of economic thinking agree with it. Banging on about taxes is an excuse to say "oh we just can't afford it, we need to be fiscally prudent".
Also when you talk about raising taxes it would be good to be more specific - taxes on what, who? Ultra rich - fine, but imposing more taxes on people without massive assets will just be another hit to their purchasing power, contracting the economy further and pushing people into more debt.
So that tax argument is infuriatingly superficial. Sadly, it comes up again and again.
I’m a big fan of devolution, so long as budgeting constraints are also devolved. It can’t be tax London and run a whole bunch of loss making “public services”. Give the North the power to manage its own affairs and also to fund it themselves (able to raise taxes etc.).
Close your eyes and it could be David Attenborough
So you're telling me that the country which used to shove poor people into Victorian factories with poor working conditions has monetary inequality?
@JoeeyTheeKangaroo
Spot on
Victorian England was a golden age, we could never aspire to be as productive and pioneering as the Victorians.
Yes. Its called "capitalism".
Not everybody can be in the top 40%. Only the top 40% can be in the top 40%. I did maffs at skool so i no.
Yeah it is not about everyone being in it but the chances you have of being in the top 40%
You did maffs at skool but can't understand the basic premise of the point being made with the numbers. You must have been pretty good at maffs lad
You'd have to be on a pretty high salary just to get into the top 40% of UK earners, there is such a big gulf between the haves and have not's now such high levels of inequality in the UK after 14 yrs of tory government
@@fredatlas4396abolish benefits and then the have-nots will have to learn how to have and more importantly how to make.
@@fredatlas4396not really, it’s only about £39k, you could be a bricklayer and earn that.
I thought it was Ireland ?
Coincidently i just watched Paul Whitwick's youtube on "the shocking truth of REALLY owns England" & the suspicious opaqueness of the land registry. I $hit you not, a small number of families directly descended for Norman Barons still own most of England...& strangle change....... surprise
Gary's Economics is doing great work on wealth inequality & differentiates between rich & wealthy or money & assets {land}.
But theres an unholy horse race of dominos of Existential Risk - any one of which sets of the others { toxic load, economic collapse {due to asset stripping by inherited comparative advantage asseted class}, Climate change chaos, Nuclear War, AI, food chain mass extinctions, bad pharma dependency, & peak oil coming up fast from the outside....... }.
We a new sound a new solution & we all need to be involved.
I'm sorry but this guy is clueless. I worked in local government on the roads, rail and trams. Central government is led by local government and the requirements on the ground are fedback and budgets are agreed accordingly. In many cases central government needs to get more involved as local govs hoodwink them into providing more money for improvement schemes. If budgets aren't spent on the year local gov wastes it on anything and everything to make sure they retain the budget for next year. The levelling up funds are being used to pay for cladding safety schemes and making buildings safe.
Is that why the central reservation is replaced every year on the same stretches of road?
My immediate thought watching this is: more unequal than the USA? Really?
Degrees of Advantage = in simple terms, UK Class system (Other countries call it a Cast System, or Tribal System, or Servant Master system). This is reality of constant failed political ruling classes in UK, or the success, depending on what side of the class system you live. That said, money, does not = happiness, that said, it dam well helps and minimises despair. But as a Country we would rather spend money on Foreign Aid, Green policies or gender change polices, than free school meals, smaller classes and after school activities, to allow a better chance of all kids to gain opportunities. We would rather increase the Government Sector than spend on our youth and push money out of London and the elites. We would rather reward celebrities with MBE’s than those that do good for their communities. Broken Britain.
The culture your parents raise you with is far more of a factor than money and university access. This is pure cope from people who despise personal responsibility.
Maybe in your narrow view and experience of life, but you’re just one of many millions.
The absolute hubris of thinking you know more than a professor who's spent his life researching this stuff. What a dumb comment
I wouldn’t say more, but definitely equally important. Those who have both have an advantage over those who only have one, and those who have neither have very little chance.
I had neither, and it took me until my early 30s to demonstrate my value in my line of work, surrounded by privately educated graduates in their mid-to-late 20s. That handicap will be an advantage to any children I have.
Hang on... I'm 40 years old, was born and raised in a small town in Scotland. Still live here to this day. I'm consider myself successful by your metric. I am a higher rate tax payer for example. My parents didn't go to uni, or come from money. They were working class. They just worked hard to provide for me and my brother and give us opportunities. I'll do the same for my kids as I have Junior ISA's for them etc. I'm not saying your theory is completely wrong, but myself, my brother and a hell of a lot of other people I grew up with prove that you aren't completely correct about London.
Yes a lot of this is true, but there is also a lack of grit in many British people, as much as I love them.
I grew up poor in Africa and my first job was working at KFC. I came to the UK 24 years ago. I did terrible jobs for minimum wage. I studied, got better jobs, saved & invested consistently. Bought a property with another person to quality. I now work in private equity that you malign so much. But still I see how London basically has “fake rich” living on credit & “working poor”. They can pretty much cover expenses and that’s it.
If you live in the North, your costs are much cheaper. Nothing stopping you getting Wi-Fi and starting an online business. Or selling your skills to more expensive regions.
You are right, but the speaker is talking in the context of the UK.
Working for private equity firms isn't immoral on the individual level so don't malign yourself.
In truth, the UK is on a downward spiral towards poverty anyway, as I'm sure you're experiencing yourself.
As you might know yourself, it's rewarding to go from being poor to rich, and painful to go in the other direction. That's where most of the UK is now.
"Nothing stopping you getting Wi-Fi and starting an online business"
Such a cheap and shortsighted argument
@@fcruz_
You can tell he really is african lmao
You secretly rnjoyed the kfc job didn’t u
Tax the greedy, not the rich.
Why is it surprising people who excel in GCSE will be more likely to be successful in later (professional) life? Isn't it absolutely the way it should be!?
Having a good memory is absolutely crucial for life success (and even survival through evolution).
Facts are at your fingertips in your phone. Skills should be taught like critical thinking and communication and all round skills. Some people are very intelligent but it doesn’t work out on the day of exams or they are too nervous or lack self esteem and don’t try because of that, as well as low expectations. Middle class are instilled with confidence, working class are not. It’s a school system which doesn’t fit with the 21st century’s needs.
GCSE’s aren’t just a memory test…there is a bit of critical thinking and reasoning involved
Well I had 9 GCSEs and being female , divorced and looking after two children hampered me. You can only do so much. Giving my money for education to my grandchildren for study .
@@paulmaggs3212I think it is mostly about memory. There is nothing wrong with that as you have to have the basics so you can do critical thinking.
Where’s Boris’s father now? The family have no commitment to the U.K.
I had nothing at 30 retired at 46 nothing remarkable just a mindset of gaming the system i operated within…lose the victim mindset is the most important thing…its wasted energy
What happens if everyone tries to game the system?
They wont @@oxtt4314
Found the landlord
I’m sure you’re being so vague because it’s all above board.
European funding is the reason Liverpool still exists.
We used to have those colleges in my youth, Technical colleges etc, teaching skills.
yes liverpool voted REMAIN sadly not replicated in the rest of the country
your job as a parent is to teach your kids to turn their fiat currency into hard assets as soon as possible. ie Damo's message on his channel. Salary doesn't matter. If you convert 15% of your fiat into hard assets every year you'll be immensely successful over 50 years.
50 years😂 whats the point of being successful then
Nonsense thumbnail
GINI is an objective way of calculating income and waelth inequality
In income inequality uk ranks better than Switzerland and Australia
In wealth it ranks better than germany and denmark
Just google it if you dont believe me
I dont know why this is necessary to project being poor ?
Cadbury was bought by Mondelez, not Hershey. American, but different company. They still own the Cadbury brand.
They say that, since the purchase, Cadbury’s products have less cocoa content and more sugar.
An American owns Cadbury s. Hershey s chocolate is inferior. The houses in Bournvile are quainte and the village of s very green.
Not from here either but absolutely love the north as well.
Nonsense, just an excuse to raise taxes and take the money away from the people who are going to create jobs.
I get this is a Finance podcast but life isn’t all GDP and Economic Metrics.
Life isn’t about who can accumulate the most capital.
There are plenty of ‘low earners’ with a strong community, living the life they want to lead who are happy as Larry. Don’t reduce everyone to a Statistic
Money doesnt buy happiness, but it sure as hell buys comfort and security. The issue is things are getting slowly worse for people. You could lokely say the same that Londoners in 1800 had community and lived the life they wabt to lead, but i sure wouldnt want to live in that era.
Money doesn't buy happiness, but everybody wants to find out for themselves. Les Brown
Academics and managerial types view the world through spreadsheets and you can’t chart meaning, purpose or belonging.
I don't know a single one, great if you do. Most low earners I know do nothing but moan about the government stealing their money to give to immigrants etc
They wouldn’t be watching this video.
I love the podcast and this was a very interesting interview but I really wish you’d remember that there is more to the UK than England.
Noted and sorry if it came across any different. I will work on this going forwards.
Damo
@@MakingMoneyPodcast thanks Damo
Top 40% of earners isnt a metric for life success. The suggestion that people who do well on academic tests and get university qualifications are more likely to earn more isnt a relevation.
That is not what he said at all.
It is exactly what he said (paraphrasing) "The top 3rd in gcsc tests will have a 70% chance of success" "success is measured as being in the top 40% of income earners." Do well in academic test = earn more.
This was very interesting 🧐
Obviously your esteemed guests are coming in with their books. But I would love to hear suggested readings further pieces we could indulge in.
Given this research, can we expect government and business to drop all their ethnic inclusion rubbish and start to look at who actually has it hardest in this country? As a working class man from Northumberland, who grew up in the 1980s when unemployment was higher than during the Great Depression, I can assure you a middle class black woman born in the 2000s in Surrey doesn't know how lucky she is.
Rich look after their own 😂 Aristocracy 😂
More and more homes in the north are being bought by London based landlords, denying housing to those locally that could buy and moving money out of the region.
Many of the career advisors in the 90s and early 2000 used to advise moving to London to work.
Labour will stop this with additional taxation on additional home owning. 😊
Not coherent. First half telling us to give money to north, second half telling us that we cannot deliver a pizza.
The other guy is talking crap instead of listening. Smarty pants.
This channel has some amazing guest on it
Thank you, Ruth our producer is amazing she works very hard to get a broad range of finance guest. So I’m sure she will love seeing this comment
The German constitution was not written by the British. It was designed by Germans in a sort of congress after the war in a rather short time. Certainly the US and Britain had a say in it and had to approve it, but they didn't dictate it.
Its not about the money, its about the hours worked, loyalty, honesty and dedication
I was born outside London with both parents not going to university, single parent household on benefits. I now have 3 degrees including a doctorate and am in the top 1% of income. I have never paid a single penny for any of my education despite 12 years of university study. I hadn’t appreciated how absolutely unusual I must be.
Imagine wasting a decade in “Ejukayshun”
Hahahaha
Cos somebody had been tracking you. Whereas they dropped others as well ? Or deliberately sabotages them too ?...
@@maalikserebryakov to be in the top 1% of earners? Doesn’t sound wasted to me. Are you in the same bracket?
And London is what? 30% English?
But the 1950's were socialist! Not exactly bipartisan, really.
smart man ey, love a good economic conversation
In Britain we have the self perpetuating dynastic order of private education which spends about 6 times per student what the state spends and is a separate culture. They then get the best jobs and can afford to spend £40000 a year on school fees which enables those peoples offspring to go to the best universities and get the best jobs and so on for ever if nobody does anything about it..
90% of families with generational wealth lose it by 3 generations. There is no self perpetuating dynasty.
@@rdyson 40% of UK land is owned by the aristocracy. Anyone who thinks there is no self perpetuating dynasty in the UK is an idiot or one of the self perpetuating dynasty him or her self .
@@rdyson Britain leads in the transfer of generational wealth.In the 21st century, a mere 0.6 percent of the British populace-yes, that’s less than 1 percent-holds the title deeds to a whopping 69 percent of the land. And guess what? These aren’t newcomers; they’re the same families who’ve been sipping tea and discussing fox hunts since the 19th century. Talk about generational real estate!
@@erongi233 Exactly, its no coincidence that so many wealthy families have French surnames. The same people have held the power, land and money since 1066.
@@SkeletonDrums1 yes.and it was the last Duke of Westminster who,when asked for advice as to how to become wealthy in the UK replied be directly related to William the Conqueror.
Equal is unfair
Will labour be worse ?
Well cancelling winter fuel payments is a key indication. Failure to have a day one Wealth Tax is another. First people to be hit hard are those just About Managing as elderly pensioners just above the benefit line.
he just said that those worse off are the youngest in the north and you think the people who needs government benefits are the richest of the best off generation? either youve been fooled by the tories and their bias press or youre old enough to benefit
Great Video, really interesting.
The poor are to blame. Sure it's easy to hate the rich, but do you have the courage to hate the poor?
A great deal of this reminds me of why I quit the UK in 1969.
Interesting... I probably started in your 4%
But ended up in Top 2%
Having started with a single parent mother....
What did i do that made me such a rarity when my career didn't even start till 32....
Be interesting to chat more
It's not high income. GDP per Capita a measly 45k...many 3rd world nations are catching up but then it was obvious UK became a 3rd world country long ago.
16:35 minutes into the video 😮 looks a little dodgy 😅
🤣🤣🤣 shaking my leg that does look dodgy. The face doesn’t help either
Haha..great spot. Definitely up to something there Damo.