What Went Wrong With Britain's Economy
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- Опубликовано: 28 май 2024
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Britain is going through a deep economic and social crisis. Large parts of the government are unable to provide their services, the economy seems to have hit the wall, life is becoming increasingly difficult for a growing part of the population and the future is looking pretty grim. But...how did it happen?
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Chapters:
00:00 - Intro
01:50 - So, how bad is it?
02:54 - Modern Britain is Born
04:46 - Hard Times Are Coming
08:31 - Take Back Control
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
That is everywhere. The problem is, with a rising labor shortage, that industry will be the hardest hit. Fundamentally, restaurants as an industry are only viable with cheap labor and cheap rent. Right now, we have neither.
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I just wished our governments cared more about manufacturing jobs. Our economy is so heavily based on services it's frightening.
That's what Thatcher wanted, a services based economy.
Which isn’t necessarily wrong. An economy based on the Primary or Secondary sector will always be beat by Tertiary sector economies because there will always be another manufacturer cheaper than you. E.g. China, Vietnam etc.
@@KosmicCharleyThatcher was 40 years ago weve had decades to put right her follies but successive goverments havent got the will power or drive to improve things.
@@earondhauke7353 Not really, these other economies will catch up, their labour cost will go up, and the Earth is limited in places to go with one's factory.
@@sciencefliestothemoon2305 And when labour costs do go up as they are with China, they will move to the next country which will have cheap costs of production. No country can maintain a high primary sector industry.
I emigrated a long time ago. The UK has turned into a nation of 'haves', 'have nots' and a hollowed out middle class who is expected to pay for it all.
That is precisely the reason it's falling apart. Taxes need to go up on the wealthy and offshore loopholes closed.
'Twas ever thus.
@@andrewwotherspoona5722 or just raise the wages.
@Karjo Adiyanto They will never do that. Which is why Scotland needs to break free.
I 1979 the average wage was £3,000. Only 30% owned their homes, there were far less small businesses & virtually no millionaires outside of aristocratic circles.
Now 80% are home owners, small businesses have multiplied even though heavy industry is a 10th of what it was back then.
Technology has taken hold, service economy has grown by 800% since then. There are 5 million UK millionaires 1/15 of the working population.
But immigration is out of control, ghettos have multiplied along with HMOs to house them.
The lowest paid worker is on £16,000. The highest on £2,500,000.
So there are lots of wealthy people in the UK.
On the other side of the coin there are also many people living below the poverty line.
Thatcher changed the economy from centrally managed to consumer, casino capitalism.
Blair gave the banks and global corps even more freedom.
It's the running theme we see in all Western democracies to different degrees:
Destroying manufacturing jobs, while cutting social welfare to the working class has caused extreme damage to the social fabric and the democracy. It's not about paying people to do nothing but when children grow up in horrible conditions, get not enough support and have only access to low grade education, they won't become doctors or software engineers. So the next generation will not be more productive but rather even less and they won't feel any attachment to society.
its worse than that. they have destroyed the inventive to even work a low skilled job. it no longer makes a difference if you work part time or full time, or not at all.
Strangely enough the EU does more cultural and social projects in many areas than their governments do and the results show with many younger Europeans feeling a closer connection to the EU than their own country. Even so as a young European myself I think my own country needs to raise taxes on the rich and invest massively into public services. Buy back the privitized public services and spend more on the ones that still exist.
@@888ssss In a decade or two, there won't be any low-skilled jobs. AI will make the working class obsolete.
@@jamesgravil9162 manual jobs will be some of the last jobs to replace with AI.
@@jamesgravil9162 nah, AI is yet to replace a guy navigating an outdoor environment with a shovel pushing dirt. The cognitive ability to accomplish that is a result of millions of years of evolution and billions of neurons firing in your brain. No computer vision model can replace that.
Been to London in March 2023 and the city was great, but I could feel something was really, really wrong. Protests happening in Trafalgar square. I have seen people getting arrested at a tube station because of drugs. Scarcity of products in the market, some foods were even rationalized and I saw some empty shelves in a few groceries stores. Wages are stagnated while the inflation and taxes are among the highest in the European continent. Affording housing is ludicrous. No joke, my friends who live there and are native brits are considering migrating to another country.
The overall experience in London was great, but it did not feel like somewhere stable. In any sense. I could feel a bit of Latin American mayhem in it. Perhaps that was the feeling someone who arrived in Argentina during the 40s felt before the whole country went to hell.
See how subtle the effect was? Go over to Russia or any Russian aligned country and everything will be twice as expensive as western equivalents and the police are more corrupt than the criminals
I live in London and its still as good as/ probably better than 5 years ago.
@@RohitKumarM good man, maybe I got to the country during a problematic week
@@RohitKumarM You are lying.Its turning into a shithole.I'm 56 and lived just about my whole life around London and it is fuked,its NOTHING like it used to be.Full of cnuts out robbing, anti social behaviour, eye watering rents even before you pay any bills, rubbish in the streets, no police on the streets ,the list is endless.
@@RohitKumarM And, the knife crime??
The Murdoch media had a fair role in austerity and Brexit.
The murdoch media single handedly has destroyed this country.
I don't understand. Has the so called austerity brought the national debt down, created government surplus to reduce the debt, strengthened the pound causing deflation, reduced the price of gold to something like a generation back? If all these did not happen, I doubt there was any 'austerity' at all.
@@swagatopablo In hindsight, austerity was used to cut spending to those who needed it the most. It was a ruse.
@@abeautifulcountry9353 if none of the things I said happened, then simply 'austerity' did not happen. Stop blaming it.
Now, if what you said happened (cutting spending from those who 'need' it), did it reduce the population?
@@swagatopablo Oh hello blame it on the immigrants eh? 🤡
The U.K. has been in trade decline since 1948.
Couldn't steal directly from their colonies like india anymore
Of course the UK proportion of world trade declined. Vast countries like China became industrialised over that time.
So it's true UK cannot run its own government without looting money from other colonies.
Ever since they lost India, their political and national currency has been on a decline.
@@tada2508 stop with the bs
I am sick to death of hearing about Labour shortages when nobody is mentioning zero hours contracts.
@Dnpe the stats say otherwise. But shortages are not across the whole range. They are in certain jobs and more acute in some parts of the UK than others. There are a lot of vacancies in social care, hospitality, construction etc. But if you don't work in those sectors and don't want to, or can't, it doesn't help you as an individual.
true
Unfortunately its true
As a citizen of the uk many of us aren't feeling to happy about the future considering that,food is getting stollen due to inflation.
And who said you could not grow some of your own (herbs are easy, berries a doddle), forage (nettle, thistle, various types of cress, wild garlic, 3-cornered leek, blackberry young leaves, sea beets etc), and convert to burning scrap wood to cook with via use of a wood burning stove.
Foods like potatoes, peas, onions, radish and beets (last 3 green tops are edible, pea shoots are edible also) are also easy to grow. Mushrooms are also quite easy to grow, using scrap paper and dried hay/straw. But assuming you're at the supermarket potatoes, carrots, onions, beans and peas are always cheap.
There is a lot more to the problems with my country that in this video (MSM nonsense) and food inflation (London is not the UK and mis-represents this country). The UK has been broken since 2008 due to many complex issues. 10 million more people in the last 20 years (250k in 2022, but I doubt the numbers. I see the significant number with my own eyes), mainly settling in the South East. No new roads being built, ageing and poor infrastructure, poor jobs, low pay, high house prices, high service costs, poor state pension (generous benefits system for others though), no sense of pride, no sense of identity, our culture being removed (almost complete), no ability for many of the young to generate wealth; I could go on and on. Brexit divided the UK (vote was basically 50/50) and Covid divided it further. Then add on everything which has happened since 2020, many have just given up (over 50s taking the tax weight have certainly had enough). We have a 2 party political system, and this is dividing people even further. You are now either socialist or left. We have no centre or centre right. If I were 20 to 40, I would leave this island, but with Brexit, I am unable to leave easily.
@@kynchan3332 ... Yes, clearly people who can't afford to heat their homes and feed themselves are rich enough to have space to grow their own food.
Or the time and energy after working themselves to the bone to pay rent.
Truly, the solution was to just put in *an eighty hour work week to live like a slave* all along.
Great plan. It will truly increase the standard of living for all. /s
@@History-Untapped Wow, you say we have no centre or centre right. When we have the Tories...
Who are trying to go as right-wing as possible.
Starmer's Labour, who are Centre-Centre Right leaning.
Lib Dems, who are Centre, Centre-Left leaning.
And the greens, who are irrelevant.
Such a left wing country with all of its *not left wing parties*.
Oh, and of course, the 'generous' benefits that mean you get to starve AND be cold because they don't provide enough for anyone to live on anywhere in the country. And require you to jump through endless, stressful, hoops to get. And are used by the people giving them out because people are paid starvation wages.
@@Iltazyara Space is everywhere, borrow someone else's with permission, grow in pots, herbs on the window sill.
Nettles are every where. Wild garlic is extremely plentiful at this time.
Wear coats, double trousers and socks etc to keep warm. Get moving, at least 10000 steps a day is the suggested amount (other exercise could be spent gardening, gathering wood, chopping wood to make up for some of those steps).
80 hours a week work would be lovely, but most employers won't offer it. I managed to do 80-105 hours per week for about 5 years, living out of a van and then very run down commercial real estate, using the addresses of relatives and friends to receive mail early on, getting a gym membership and using supermarkets to keep clean. Saved a hell of a lot of money.
Standard of living is for the truly rich to talk about. They can discuss how best to entertain themselves, whether consecutive holidays are in order.
(None of the jobs I did at the time were/are considered good eg fast food, cleaning, security, hotel work, supermarket work, bar work, driving/delivery, metal recycling, farm work. Would have easily walked more than the suggested amount per day.)
Thatcher broke the UK political mould as well the economic one, in which future governments were focused on the short-term instead of having a longer-term plan.
The longer term plan to break the organised working class and impoverish that class? That worked by paying off a few of them with the promise of buying their own council house or flat. As for everyone else? Tough.
If it wasn’t for thatcher we wouldn’t have the energy inflation we have today
All democracies reward short term-ism, it isn't a post-Thatcher UK thing or a UK thing in general. Macron is trying to do unpopular things that are good for the long-term (like raising retirement age), and the people hate him for that. He'll be removed and penalized for that.
Another neoliberal vídeo
@@chrisdechristophe Thatcher propped up Britain's economy on banking finance and real estate. To do this she broke working class Britain. When the bottom dropped out of banking finance and real estate, Britain had nothing. It was a ruined nation along the lines of what happened after the quit of India.
The cause and the consequence were both mentioned in this video, but not connected together. It was the Tatcher's (and Reagan's in USA) deregulation of the financial and banking industry that were at the roots of the 2008 crysis. So this boom in 80's came at very high price later.
Its the jewi$h bankers, as usual
True proverbial fall from the cliff began shortly before WW1 and 1913.
Definitely a huge factor. But we have to note that the problems are very, very deep and very old. Britain has been in serious decline since the late 1800s. This is just the latest installment. At the root of it is very poor levels of education and training, class antagonism, chronic underinvestment and short termism. Nobody knew how to deal with the decline, and Margret Thatcher's answer was simply to smash what was left of industry and gamble it all on services, leaving a very unbalanced economy. We have to ask ourselves some serious questions in the UK about why our country has been such a mess for so long. There's clearly something very, very wrong. Sadly, we're a massively apathetic nation and that is one of the major problems.
Sending manufacturing jobs over seas was the start of the problems, and the allowing foreign investors to purchase land and then to rent to their own citizen, and using the sudden new found money to fund corp taxes...
Sounds to me it's we sold the chicken, just to rebuy the eggs from the market.
Now suddenly the coat of those eggs have increased
You can blame the people in power during and after WW1 who set us up for this
Before Brexit, leave supporters constantly said to reports of things getting bad - how much worse can it get. And now we know: a lot.
It's just so hard to run a business at the moment in this country. With rising expenses and less revenue it's just better to shut it.
Better go back to pakistan
I'm from india 🇮🇳 btw
👍🏼
Even in London?
@@riyadougla539 Yes, rents in London are ridiculous.
And taxed out the fucking arse as well and red tape. I even got fined 1000 pound for running my business during covid.
By watching this series it seems we are all dealing with the consequences of globalization. Because our economies are so intertwined, when one party falls, we all fall, and there is no one to bail anyone out.
Britain was slain by Thatcher herself. She destroyed your industrial backbone and favored the financial elite in London, there it all started. What exactly is strong in England (except London)? What is there big in Manchester left? Except a beautiful country side not much left tbh. All has become centralized to London.
How many countryside people do still sympathize with London? How many feel misrepresented by Westminister? No surprise we see a rise of nationalism, because the economy is focused on international finance in London. A lot has to come because London is not going to give up this power voluntarily.
except jews, who always seem to be the main beneficiary of any crisis or war.
That doesn't make sense. Wealthier places did share more % of the bailouts. For example California in the USA and France in the EU. If we had less globalisation then we would be poorer. Even after the 2008 great Recession our standard of living is higher today.
@@AB-zl4nh Actually, it does make sense. What globalization has done is to make countries dependent on often overextended and vulnerable supply chains, rather than producing things in-house.
It has also meant that governments in wealthier countries tend to regard cheap migrant labour as a quick-fix solution to labour issues, rather than investing long-term in their own populations to ensure that they have a properly-rounded and appropriate skill set.
This is why an economic crisis in one part of the world creates massive ripples around the globe, while in the past such a crisis would have remained localized.
Nothing to do with it. While globalisation will cause widespread effects, the UK is very much a victim of national policies and corrupt government.
Put simply, things are going down the drain. Not everything can be explained by covid and Ukraine, simple as that…
When you say Thatcher's reforms "worked", from the perspectives of the working class overall, I'd say this is not the case. Under Thatcher, unemployment rates sky rocketed to levels not seen since the great depression. In addition was the cultural rift she created inside the UK, using tactics that mimic Brexit strategies today as isolist. She is and was looked at today as a highly controversial PM and not what most UK citizens would look on fondly. The 80s were tough years and many point the finger at her for this. Which is why the feat of John Major is that much more impressive in having to fix over 10 years of misaligned policies. So no, I don't agree her policies were "working". I guess you had to be there to understand.
Yes the video is totally wrong on Thatcher. She hated the working class and punished them at every opportunity.
@@Purple_flower09 Hatred towards the working class is hardly exclusive, or even noteworthy in Thatcher.
Hatred towards the poor (I think it's called Aporophobia) is endemic in British society, mostly since it's a byproduct of Protestantism having little to no compassion towards them.
Agree, he gave a very controversial view on Thatcher and presented it as if it was a UK-wide consensus!
"a highly controversial PM"
People celebrated in the streets and sang "Ding! Dong! The Witch is dead" when Thatcher died. Even Blair won't get that kind of a send-off.
@@XanderVJ Thatcher's hatred of the working class was extremely noteworthy. I'm guessing you were not in the UK at the time.
I relocated to emerging Asia from London last yr! It was one of the best decisions. Although I hope UK recovers.
Me too, 9 years ago. So glad I did it!
So you went back to India where you came from?? It's like whites calling themselves 'expats' as the term 'immigrants' are for coloured people only 😂
Emerging Asia mean which countries?
@@tada2508 probably Vietnam, South Korea, Thailand.
Pe do tourist?
I think the 2008 crisis deserves a video on it's own. The millenials grew up on mac and cheese, have no savings and a pay all their income for rent.
And these days everybody is disposable. Your teamchef tells you, that you are special and they don't know what they would do without you... (x)doubt.
Trade jobs
the entire pension and welfare system will collapse, and then the value of your labour will rocket.
what we are going through and its still to get worse will make 2008 financial crash look like it was nothing
Hanging on in quiet desperation is the English way.
Fink ployd
@@shayanandibra2840 Or, in the case of my shed, Plank Floored.
Austerity was introduced in 2010 with a change in government - you should have made this clearer in your video. You also gave an unbalanced view of Thatcher, she was a VERY controversial prime minister and many working-class people despised her policies. Otherwise a good video.
To any non-Brits reading this, the situation is made even worse by our government hailing Brexit as a triumphant success and its failure to admit it has made the average person poorer.
They have to sell the bs they bought themselves
It's called Little Britain now.
The striking's so bad, that even the chickens have gone on strike - walk into a supermarket in the UK, there's barely any eggs.
Realest comment 💯
United Kingdom: i saw, i conquered, i ruled, i declined.
cycle of empires
Because the Brits don't grow their own food.
... because it is more expensive than importing it.
The UK produces a certain amount of food but for most foods it's more expensive than importing it. The UK has quite a small land area for size of population as well.
they decided to print 2 trillion of unbacked currency to play 'property investors' and have bankrupted the entire nation and social structure 😂
UK public sector debt is lower than comparable economies.
To attract voters
@@Purple_flower09 the boomers insane 20 year run of playing the big landlord is over. grab popcorn and watch their pensions crumble....no mercy.
Kinda glossed over the fact that Thatcher was a tory and her policies on housing, water privatisation & energy privatisation are causing all sorts of problems. Also, austerity 2.0 didn't start until 2010... when David Camerons tory party came back to power, not to mention that brexit was tory driven... Kinda starting to see a pattern.
Weird thing though with Brexit was seeing all the working class labour supporters in favour of Brexit due to wanting less immigration.
Austerity started under labour in 2009 and according to then chancellor of the Exchequer Alistair Darling his government were planning on imposing austerity measures worse than Thatcher's. Not to mention last time labour were in power they did not reverse any of Thatcher's privatization measures or her government's financial deregulations.
It was the Blair's government's decisions to allow in Eastern European countries into thee EU that saw an explosion in euroscepticism amongst the British working class.
*I don't live in the UK so can someone please explain why UK citizens keep paying high taxes to support their public sectors (like the NHS, education, and police dpt) yet the government keeps cutting/capping spending based on "austerity." Like where the hell does all the funding go then?*
I do live in the UK, I'm 20 and I feel a little forgotten about. Quitting uni was hard but rent is so expensive you have to work full time on the side, and I've developed an alcohol problem aswell. Unfortunately our taxes are terribly managed to a scary degree. The money mostly goes to the wrong places all the time or to debt servicing which has gone through the roof. Paying the higher costs of brexit was like hitting a brick wall and with services already failing covid was a wake up call. Somehow even PPE like masks and gowns for nurses were bought from cheap Turkish companies and were ineffective while the MPs who made those contracts skimmed some money off the top. Another example is the thames water company being in 18 billion pounds of debt selling fucking water. Obviously being so crucial this needed a bailout and was privatised. Im sure you can imagine how insecure people feel if their government is comfortably letting free market forces decide the price of drinkable water while dumping raw sewage into rivers and the coast. Alot of MPs use public money for their own personal expenses. Essentially there is a combination of dodgy embezzlement, dangerous levels of mismanagement of funds that are being cut all the time to 'reduce the deficit' as they say which basically means servicing our £2.5 trillion pounds worth of debt. And all the while MPs get into scandal after scandal playing with public money and our patience and behaving more like an oligarchy than a political party. I hope Labour win the next election but I doubt much will change since they seem to be in bed with the Conservatives and the borrowing will just increase to make us a little happier until the next election. Think how Vladimir putin still believes he is winning the war in Ukraine because all his yes men tell him so. In a similar way our government has built a bubble of yes men who believe they are handling the economy well. If you're interested GB News did a PMQ (prime ministers questions) recently which is worth the watch as it shows our prime minister play off people's fears with so much delusion it feels like a joke. My personal highlight was when he told a middle aged man who's mortgage payments had doubled to simply extend the mortgage into his 70s. Its sad watching the country collapse and while visiting a friend in Denmark I had quite an eye opening experience. Even Stanstead Airport felt like I was stepping back into a place of mass depression. I intend to leave soon whatever it takes. The friend I visited is Polish and so can live and work in copenhagen while I am not able to since brexit removed that option. So to conclude I feel forgotten about, yet the government will fail to notice or act
We are taxed at source. Basically only two political parties can ever get into power, and their broad policies are almost identical.
I love watching your videos, thank you for creating them ❤
Growth at the expense of most of the population😢
Good video. The problems go way back. I wish I could list all of the problems: class, private schools, poor wages, Thatcher,, Brexit, the apathy of the oppressed working class etc etc. I am very depressed by how my home country has been ruined.
And immigration from nations which do not bring value to the UK.
This story is unbelievable because the British government followed very praised conservative principles: live within your means, avoid debt and unnecessary expenses, even military expenses. Common sense.
I will always remember American conservative pundit Pat Buchanan comparing back in the 2008 crisis times what America would need to cut to be like the UK. Reality always turns out more complicated.
The currupt tory party made their rich friends richer and the workers poorer and brexit is destroying the economy
Almost like it's not common sense, and conservative economics are a lie to transfer wealth. A man in 1867 came up with a better alternative.
Surely the only reason is didn't work in retrospect was that interest rates stayed so low for so long. What Cameron's government did was generally the right policy, i.e. live within your means (even though how they distributed those cuts left much to be desired, too few sacrifices made by the elderly mainly), but in the 2008-2020 period, borrowing money had essentially negative cost so with hindsight it would've made sense to borrow money and invest it in infrastructure and education.
@@gwillis3323 governments are not households, living "within your means" when you have such a large access to debt and foreign markets usually means making poor people living in unnecessarily harsh conditions
@@emiandnues sure, tell that to Greece, Spain, Argentina, Sri Lanka, Lebanon, Pakistan, etc
Can you do a dark side of Holland?
the only thing on my mind would be drugs and whores, both catastrophic but their consequences is pretty long term, i would say 2050-2070 the country will collapse or have a social upheaval that ends the current society.
Hello Pim what is it like in Holland now? Haven't been back for years unfortunately have a health problem which means that cannot travel for more that 5min without needing an ambulance
@@ChickpeatheTortie Not too bad. Just groceries being quite expensive, driving the poorest of the poor to be homeless. I used to see one every once in a while, now whenever I go to Eindhoven I see 2 or 3 every time. It's been one of the rainiest years ever so far, farmers are still resisting the government for being forced to stop operating. Politically not many people seem to be very happy any more with the ruling party and prime minister.
Banking in Switzerland employs 4% of the workforce and generates 10% GDP. As bad as Credit Suisse meltdown was, no clients lost money (only shareholders did). So, Switzerland is far from being the place to worry about just yet ;)
The boost after the 1970s also mainly came from joining the EU. Basically the EU saved the UK economy.
No it didn’t
@@pincermovement72 You're right, it was the Common Market that saved the UK economy.
Rubbish!
I would actually argue it was North Sea oil that saved the UK economy. And now that the North Sea is in terminal decline you see all the old problems coming back.
@@alanj9978 the oil and gas sector in the North sea has been in decline for a decade already. Writing from Aberdeen. The offshore wind industry has helped take the edge off the decline but it produces much fewer jobs.
My guess is violent crime stems from the increase in poverty. Those are probably related one for one.
I live in one of the poorer countries of the world. Violent crime is virtually unknown. To blame poverty is far too simplistic.
Violent crime is more likely because of our soft on crime ethos.
Bring back death penalties and some chopping off of hands and it’ll drop massively.
Violent crime is not high in the UK. It went down over a 30 year period. What we have is an increase in knife crime which is terrible but affects relatively few.
@@archiebald4717 i mean there is a reason why deprived areas have much higher crime rates than others...
@@Ash-ve8hh Nonsense. That is suggesting that poorer people are more likely to be criminals. Disgraceful prejudice.
It is really crap here at the moment. The rich are obscenely rich. The poor are ridiculously poor. And even the middle classes are really struggling.
Yup, the top 1% of the UK are slightly better off than they European contemporaries but the British middle and working class are significantly worse off. The size to price/rent ratio on UK properties compared to France, Spain, Germany, etc is especially egregious (London being the worst of them all).
Excellent video though. Very accurate, and informative. Thanks.
You have a great channel dude, loved your Europe video! Keep up the good work!
I have an American brother in law that I havent seen since 1985 , he has a lovely sense of humour , one day he Said Britain will be a theme park anchored off the coast of Europe . He actually predicted brexit , the theme is the rich get richer & the poor get poorer ! (He was rich himself an inheritor of I.B.M shares that his Granad founded initially making typewriters . A typical joke , teacher asked why is Jonny not at school today, one if he kids said his bike seat came off & the stem went in his arse hole . Oh no said the teacher Rectum . Yes sure did miss !
) , no Rectum . Sure did miss
Thatcher also has the huge benefit of North Sea oil.
GOOD explanation 👏
Buyer's remorse with Brexit. Way to go.
I know of nobody who has buyer's remorse with regard to Brexit.
@@archiebald4717 Sure you don't.
There was no Brexit, there was only a front to it. To show other countries that leaving EU completely is impossible.
Grow up
You clearly have no idea how much we hate the EU.
I checked the numbers of UK government spending and at a quick glance it looks like they kept spending at a stady level since 2008 not deep austerity as you presented. Also if they did cut government spending and living way below their means i don't think the british bond crises would have happened. The investors whete fearful they couldn't pay back their loans, thats a sign of living way past your means.
Steady/constant spending vs increase in costs is a real term cut in spending
True and unless you’re in a public sector organisation, you probably didn’t notice the “austerity”. Now though we are going to as all the low hanging fruit is gone. This means even higher taxes and possibly even cuts in areas once thought of as essential.
Did you take into the consideration an inflation?
@@riko_sandokan -- Stagflation is better description.
We had real term cuts. Spending for the police, NHS, defence and teaching were somewhat protected, but public health and local services are being cut to the bones. Civic servants and public workers had their wages frozen for the last few years and average wages for this year increase by around 4% (inflation is over 10%?). You are an idiot.
Much of this is true but thecore problem is a longstanding lack of investment in physical and human capital. The current Sunak government looks set to continue making this and other mistakes which undermine the ability of citizens to thrive and the country to prosper in its post Brexit world. However re-entry to the EU as many chickens are now coming home to Europe and the bills growing e.g. Target 2.
Well thank goodness King Charles and The Firm are still getting their $133M/yr
Largely accurate analysis if a bit simplified. Some of the issues go much further back. We were a warfaring nation that built an empire by forced trade. When change happened we started to decline. We then thought we didn't need to reform or have a strategy necause we had "won" WW2 (actually we were saved by the US and the application of our and their industrial complex). In comparison Germany lost so had to rethink and start again with a long term plan, deciding to make high value high quality manufactures and export them and investing in the country. Since WW2 the UK has had no consistent industrial strategy and generally milked assets rather more than investing. This left us as a generally legacy nation. At this point your story in the video kicks in and shows how we exacerbated the problems with short termist finance and a narrow economy followed by austerity in a legacy infrastructure with poor long term investment. Its now a vicious circle to build out of with a weakened economy and poor leaders.
Sad part is that the BRITS uplifted the standards, behavior, and spirituality of every single nation they ever went into -- look at India, for example. Later when the "natives" wanted them out, They Got OUT. Right after that, for example, the people in India started murdering each other, right and left. But they wanted the Brits OUT, so that is what they GOT. Now sadly, after building a WORLD EMPIRE, finally it is left to Britain to "fend for itself." Am hoping that they regain the SPIRIT their ancestors had, hundreds of years ago. Read the book by Herbert W. Armstrong, The United States and Britain in PROPHECY, to see the truth of this matter. It has building up to this point for thousands of years. Don't give up yet. The fun part is just getting started!
at this point making the UK a 51st state would do better for their economy then the path they’re heading down
The growth of British economy during the 1970's and 1980's was almost based on the discover of plenty of oil fields on the north sea.
Without the Revenue of the North Sea Oil,Mrs Tachter wouldn't be able to do such successfull reforms.
And yet they tell you that the monarchy is relevant because it brings in so much revenue. So why is it not helping the people!!!!!!!! Afterall, your King was crowned today.
Hi, I have a question
In around 5:30, low productivity was mentioned How is this measured? How do you know that UK has it lower than US, Germany, or even France?
I believe it takes into account a ratio between the country's workforce, average weekly worktime and its gdp or gdp per capita
My guess is
GDP divided by total working hours
I'm from London (which voted overwhelmingly for remining in the EU by the way) and I honestly can't understand how the UK could be dumb enough to vote for Brexit. Granted, only 4% more voted for leave, but it honestly makes me sad when European countries associate us with Brexit, when I would say over half nowadays don't even support it.
I think if there was another vote now people would vote to be back in the EU. People were told Immigration would be controled if UK left it has only gotten worse.
@@marcustiberious5887and along with many other lies which influenced people to vote leave. The corrupt tories delivered a very "hard" brexit which really dented the economy!
@@marcustiberious5887 The 'immigration' narrative was to appeal to the racists and xenophobes in the UK. Most normal people who value what it is to be human, ignore nationality when making important decisions about life. Maybe if you/your sort hadn't ben so racist/xenophobic, and had learnt the lessons of history when a government tries to dehumanise and stigmatise a section of the population, well maybe we wouldn't be in this mess now?
I did not vote for Brexit@@johnbarrett915
@@johnbarrett915 You have to be incredibly ignorant and/or privileged to not understand the huge problems that unlimited, non-selective immigration brings. Had your sort of person not been so contemptuous of ordinary people and their problems: the UK would probably have stayed in your wretched European Union that you care about so much more than you care about actual Europeans.
I did part of my PhD in the uk, so i considered staying afterwards, especially because i was told there is a severe shortage of people with my qualification (so much so that companies now hire people with master degrees for positions which normally require a PhD)
Once i was done, i started applying for jobs but
1)roughly 70% of employers turned me down because they would have to pay for my visa (which would cost them 7k)
2) the wages are quite lower than similar countries (ireland, Germany, Netherlands etc), even if the lower tax rate makes up for it to some extent
3) job applications easily take several months, because of all the red take and extra steps.
In the end i took a position in a different country, despite the fact that i don't speak the local language fluently.
Honestly the UK isn't that attractive for skilled migrants too these days.
Its still king for IT field outside the US. 4 yrs after my computer science degree I am earning 6 figures. Leaving the EU created a shortage of IT workers and salaries going through the roof! Fine by me, I am raking it in.
You don't even need a degree to get your foot in if you can self learn and create a project/portfolio to showcase to an employer.
The only place I would be better off in the world with my career is the US, but I think I will stay in the UK.
Not sure what your job application area was. But low skilled jobs from application to getting interview and job is around 1 week. For skilled (at least in IT), its probably around 2-3 weeks depending on if they have multiple interviews. It will be very rare for a job application to take months in most fields.
And I'm not in London, I work remote, so can live in a cheaper part of the UK (the north of England) where my money and cost of living goes even further.
UK still one of the best countries if you have valuable skills. Its easier to rise fast here than Germany, and considering how many Dutch work at my company I would guess there too.
@@FriendlyFreeSounds I'm a chemist. So quite a different field.
When you fail to tax the rich.
chuckles in house of lords
So the 2008 austerity measures never ended and they’re going to cut back even more whilst stopping trade with Europe 😭
The reason Britain is struggling is because taxes are so high that an average earner is paying around half of their salary in taxes when stealth taxes are taken into consideration.
While Thatcher may have quickly turned around the economy, have no doubt that the sweeping changes she made & the following years of Conservative rule, made Britain the economic & social failure that it is today.
No, Saint Maggie transformed our country for the better.
Tamed the tyranical, anarchy unions, cut taxes and red tape to usher in enterprise Britain.
13 grim years of New Labour left us with colossal welfare dependency and Benefits Britain draining the nation's wealth.
No longer pays to work thanks to madmen Blair and Brown. 70's socialism fucked UK industry and socialism.
You are very wrong
The Main fault is the House of Parliament and its Political Parties, they are more concerned with fighting each other than making the United Kingdom a better place to invest and to work, but now with the high cost and taxes, the United Kingdom is now with to much Red Tape and the Labour Party against big business once they are in Power. A not a good place to invest and open a new business and with Brexit and with it’s fallout. Europe is now a better place to invest such as Poland and Hungry will be the new super power in Europe in the coming decades.
We all are not just west but the whole humanity suffering by 2008 crisis. Economic liberation needs some other alternative.
The imminent bankruptcy of the UK (I believe it will be the first domino to fall) reminds me of the next story ;
A man meets an old friend in the park and is surprised his old friend who he didn't see for a few years is homeless and spending his days and nights begging in the park.
He asks his now homeless friend : ... " You were much richer than I was only ten years ago. How did you go bankrupt and end up here "?
His homeless friend replies : " Going bankrupt was a very slow process and then it happened very fast ! "
UK public debt is lower than comparable economies.
@@Purple_flower09
Wrong.
It is only lower than Japan.
UK is the new Italy. It has now a lowest gdp per capita on PPP lower than Slovenia and soon it will be lower than Poland.
To see one negative Brexit impact all you have to do is look at the rate of GBP to EUR. The average rate for 2015, the year before Brexit, was 1.38 and today it's 1.13. Nuff said.
Utter nonsense. Currencies go up and down all the time, including the Euro against the USD.
@@archiebald4717 Tell me in the last 7 years when GBP went up against EUR and and stayed there? Currency hedging used to be part of my job working in multinationals. I had personal GBP deposits because I thought it was stable- Managed to get them into EUR in 2016 when it was still 1.26. Even though they were not enormous amounts those 13 Euro cents have bought me some very nice dinners in Milan where I live. Percentagewise, in the same period, GBP has lost twice as much as EUR against USD. JUst Google the BoE rates unless, of course, you want to keep dreaming.
@@maxharbig1167 Well, with your vast knowledge, you will know that currencies are never stable.
Cheaper exports
@@archiebald4717 Of course they are not 100% stable and one can expect minor fluctuations but 1.38 to 1.13 is an 18% drop. Sterling was the world's second reserve currency after the dollar and now that position has been taken by the Euro, I do not have a vast knowledge. I'm just a nuts and bojts international accountant who knows enough to get out of a negative currency situation when necessary.
Yes I do feel rather than solving problems, the gov seem to causing more. Plus it really feel like the bankers who caused at lot of this are protected and even rewarded (banker bonus are back) to keep them sweet and stay in the country because we know we not got much else anymore.
The billionaires aren't doing too badly.
Most of the money is sitting in Tax havens that's why the economy is stuffed!
It was indeed "a masterclass in shooting one´s self in the foot" because they didn´t just do that but also blew both their bloody legs off as well !
Honestly I blame UK politicians. You have some of the oldest universities of the “western “ world and yet a simple Brexit can’t even occur smoothly. Root cause analysis and meaningful mitigation measures are a start, managing expectations with the public is another.
Brexit was never going to be simple. That's part of the brexit lies.
It has been all down hill since the 2008 crash. The economy has been stagnant ever since. I would not say things are desperate here. Unemployment is still low and we definitely do not see the levels of poverty that you see in the US (tents/malnutrition/rampant crime/drug use etc) but things are not good. I personally think the country will at least attempt to re-join the European Union within the next decade. Though I very doubt the EU will accept the UK back into the union.
Hurry up ,before EU fail apart. Or like East European say : from Soviet Union into E- Union , from rain -under gutter.
@@igorurbanek8217 I doubt the EU will collapse. Mainland Europeans practically worship it. I spent several years working in Ireland and they definitely do there.
@@CountryGalB Amber I agree with your first comment. The UK is still one of the biggest economies and it does have some strong areas. Like the tech sector which is years ahead of the very small tech sectors in France and Germany. But I don't think the UK will get back into the EU for at least 20 years. Partly because they don't want us but also because Brits won't agree to do all the things necessary to apply. The country doesn't meet the eligibility criteria in many areas. Also the centre of the EU has already moved east to Berlin and will continue moving south and east from there. By the time the UK might be fit to apply the EU may have turned into something that's even further away from what the UK wants to be a member of.
@@Purple_flower09 Hiya! Yes most economic projections have the UK remaining a top 10 economy by 2050 and I have even seen one that goes as far as 2100 with the UK at number 11. In contrast, in the same set of data, Italy had fallen out of the top 30. The UK will continue to do well as the population will continue to grow. And a highly international population is generally good for business. Unless there is a massive change of option amongst the under 30's then surely there will be pressure for a future administration to address the European question (once again). I personally am not in favour of re-joining. Like you said, it's centre of gravity is definitely moving East. Poland is the star country of the EU. Fast growing dynamic economy and it is gaining influence. But there is one serous problem that could soon stop all this in it's tracks. Demographics. Poland's are so bad that UN data sees Poland's population fall from 39 million today to less than 22 million by centuries end. That will be an utter disaster if not prevented. This is a problem that plagues all countries in Eastern Europe.
I saw an entire engine plant get shutdown a few years ago
East or West the main trope is always the same. Capitalism pushed way above the extremes. Also..the UK blamed the EU for the austerity...yet since 2016 ( Brexit) the wild cuts and austerity still running.
All self inflicted but the rich have got richer and that’s all that matters.
Dom: the economic downfall of every country
Really informative video, well explained! :))
Should have added The specials song- you’re wondering now, to this video. Fits in perfectly, this uk is now.
Let me run your country. I will personally challenge all politicians to see who can lift the most weight. When or If I win, I will then declare myself leader of this new liftocracy and all people's of the Country shall make their choices based on who can lift the most.
liftocracy, gotta love it
better than the idiocracy they're running with now
We would honestly probably be doing better if you were here, chancellor
Will UK economic stagnation also affect local or overseas tourism?
Brexit has made millions stay away. Passport needed which many EU citizens don’t have.
Thieves and Rogues always broke especially if you dont have anywhere to steal from
Did you pay to use the Pathe footage at the start of the video, where you blurred out their logo?
It's difficult to know where to start. Britain's economic decline started in the 1800s when Germany and the USA started to overtake it. British industry had grown fat and complacent on the protected markets of the empire and had stopped investing and innovating. The second issue is education and training. It was only in the 1960s when Britain first started to spend as much on education on defence. Vocational training was too focused on outdated methods and declining industry. Industry in general suffered from chronic underinvestment, bad labour relations, poor management, and an inherent conservatism that made both management and unions reluctant to move into new industries and techniques. The Labour Party didn't know how to handle the decline, and the Conservative's answer under Margaret Thatcher was simply to smash what was left of industry and instead gamble everything on an unbalanced economy based on services. The UK's institutions and systems of government are antiquated and unfit for purpose, and the two major political parties have seriously let the country down. Perhaps underpinning it all is a complete misunderstanding of our position in the world. We still have delusions of grandeur, which explains a lot of the Brexit vote. In many ways, we in the UK are the Austria Hungary of the 21st century. Stuck in the past and falling apart at the seams.
LMFAO the British economy of the 1800s was not protectionist, it was as pro free trade as you could possibly get
Not falling apart but stumbling along. The UK had a stagnant economy inside the EU for ten years. Now we have a stagnant economy outside for ten years. Muddling along. I agree about the delusions of grandeur though.
Everybody is scratching their heads about how this country with no resources, no big factories, no farming no nothing to offer to the world is still standing and their currency is the most expensive of the world… no surprise their non existent economy is failing… and the timing is not a coincidence
came here to comment this
The UK has a tech sector that is bigger than those of France and Germany added together.
The value of the pound has fallen a lot so I don't understand why you think it's expensive. We like to let it go down, it's been a long term strategy of the UK.
@@AkumaNoKuma the UK economy was stagnant inside the EU for ten years and now it will be stagnant for ten years outside it. The UK is not falling apart, it's stumbling along as it had done for decades. It's still one of the most interesting places on the planet and millions long to come here. Leaving the EU was stupid of course but even that won't have much effect on the lives of normal people.
@@Purple_flower09 I Know UK has tech and start-up culture, along with being sort of financial capital of the world, see the thing about finance and tech is their main assets are people and patents (mostly a service economy), when a recession comes it'll be a massacre, it's good to have some diverse industry as a form of resistance, especially during these times.
Very little security with life in the UK, it can all change in an instance
Same as in the US. Even worse there.
Engineers, farmers create actual economies. Bankers, real estate people are dependent on them once the economy picks up.
brexit was so fing dumb lmao literally the UK punching itself in the face while yelling "STOP HITTING ME"
Dark side of USA 😂
too much debt
@@misterbig9025 No debt does not matter. Public debt = Private gains. However, the private debt is the elephant in the room. There is no correlation between public debt and economic crisis, only in the aftermath bailouts add public debt( a consequence not a cause).
That is not true for private debt. Every time private debt rise sharply, an economic crisis follows. This is the debt we should be scared of.
Oh, that's featured in pretty much ANY video that is about any part of the history of the US. Just earlier today I saw yet another video entitled, "The Dark Secrets of the US". America is bashed and the "dark side" is shown and featured in what seems like countless videos. EVERY nation has its dark side and dark parts of its history. But with how many videos go out of their way to feature and show the dark parts of US history, you'd swear that the US is the only nation with a dark side or parts of its history being dark. 🥴🇺🇸
Thatcher's reforms encouraged high levels of personal debt. And ever since personal debt levels have risen, from 50% the size of the economy in 1979 to 200% now. The growth was predicated on debt, but now the old have assets supported by this debt, and the young (the wealth creators) just have debt, debt and more debt to come. Wanna buy a home? Put yourself into financial precarity
The debt boosted the economy on the way up - while destroying manufacturing, which is why Thatcher is reviled in the north - but it killing the economy on the way down
OK, every nation wants it's heavy industry to prosper so that a lot of people work at steady jobs.
The question is who will buy those products? When the British political influence is not what it used to be, which other nation will buy british aeroplanes, ships, cranes and trucks ?
These questions are relevant to every nation in the first world.
Good question, Britain has had the same problems from before WWI! Hence Britain's involvement in the 2 WW that bankrupted her, expedited the demise of the empire, and made her a USA lap dog.
This video should just say "13 years of conservative government" that's the reason.
That comment was sponsored by a Labour activist
Few things I take issue with.
1. Brexit was very, very much a response to the post 2008 system both Labour and the Conservatives implemented. People (particularly the working classes) were fed up with becoming a low wage, low skill economy for many. Even today, many of our political and business leaders refuse to recognise this reality. Take carers for example, their pay and conditions are crap. We know it, they know it, everyone knows it. Yet, despite an ageing population and a growing need to provide more carers, pay increases have not been discussed once. Both our political and business leaders want more carers from abroad to undercut British workers because they want more profit. If anything Brexit has been rather good for the working classes because wages finally went up, now that cheaper labour (mostly from Eastern Europe) wasn't so prevalent. Also, the EU itself is hardly in great shape and I'm sceptical by claims stating we would be far better off were we still in it. I also expect that anti-EU sentiment would be through the roof right now were we still in.
2. Speaking of immigration, mass migration is a massive factor here for the decline in living standards. Between 1980 and 1999, net migration increased the population by some 630k, most of which was in the late 1990's. Between 2000 and 2019, net migration was 4.7 million, 235k per year which amounts to a city the size of Norwich arriving into the UK each year for 20 years. While much of this immigration was skilled, most of it arguably was not. While it looked good for GDP figures and productivity, it heavily covered the wage suppression and deterioration of working conditions those at or near the bottom faced. In some cases, effectively being British was to be blacklisted from certain sectors. Combine that with low levels of house building until around 5-10 years ago, this has seen house prices escalate (particularly in cities) while also pushing our infrastructure to its limits. Migration isn't the only factor here, but it certainly can't be ignored.
3. Nimbyism is also a huge issue here that didn't get mentioned. Getting things built or developed in the UK is a nightmare with every single objection being given often far more scrutiny than it deserves and homeowners absolutely refusing to support anything if it even modestly lowers their house prices. See the third runway at Heathrow, Crossrail or HS2 to name a few, not to mention house building, reservoirs and other key areas of infrastructure. The new runway at Heathrow has been going back and forth for decades with nothing being done. Crossrail and HS2 are fairly similar with the usual moaning although in the case of the former, if anyone has used the Tube during rush hour in the last few years, you can see how badly overcrowded it is. With HS2, all the evidence shows we need a new line connecting (or enabling connection from) London to the north of England and Scotland. The current West Coast Line is rammed and the aim of HS2 is to get the faster trains off that, onto the new line with more freight and local connections instead. This means more efficient local services and more trucks off the road. Go on a fairly short motorway journey and you can see how much of an issue this is. Meanwhile you have any new development facing massive opposition for the most pathetic reasons such as, slightly obstructing a view of some woods for example. These objections usually come from older homeowners who then also wonder why their children and/or grandchildren struggle to buy a family sized home. Heck, you even have Tory MP's bragging whenever they block a development in their area. You see objections with reservoirs and nuclear plants too. I learned this summer during the heatwave that we haven't built a new reservoir since 1991 which was when I was born and there were 10 million fewer people in the UK at the time. No wonder we had a freaking drought. I am also staggered by the opposition to expanding nuclear power in this country. How anyone has lived through 2022 and not seen the importance of energy security is breath-taking. Nuclear is far more powerful and safer than it has ever been at any point and sometimes the green alternatives like solar and wind don't do the job, particularly in winter. We need nuclear or we're screwed.
Not a bad video overall, but it did overlook a few key areas that I felt have had massive impacts in the last decade and a half.
Sounds like Canada. We're letting in over 500k a year and we have half the population. How do you think this will go.
@@CommoditySC Probably doesn't help that in Canada's case the argument is probably misleading. While geographically, Canada is massive, I think 90% of your population lives in the area between the border with Michigan and Quebec.
@@cobbler9113 Lol no that's very incorrect. Alberta and BC have almost 10 million people, over a quarter of Canada's population. Let alone elsewhere.
@@CommoditySC My mistake, thanks for clearing that up.
Can’t agree on building stuff we will never do that , all immigration has to be stopped our country is now the 7th most crowded country in the world , we need to send anyone back who has no right to residency.
UK is focus on politics rather than economy, but it will venturing into difficult water
Why are you surprised at the "crisis" it was always predicted by Austrian economists!
1)Austerity policies have never worked (Mark Blyth).
2)Thomas Piketty's observation of r > g; r = rent, which can be Gov Bonds, Housing, Land, Patents, Stock and Shares as pure speculation. None of these create a product; they gain income from others' labor who create a product. g = growth, which is wages from productive growth, i.e., selling a product and gaining a wage for an exchange of labor (note surplus labor that is taken by capitalists is rent). This has been further exaggerated as the UK has become a service provider, with the social sector considered a product under the rules of GDP. It's not.
3)Universal acceptance of the theory of Marginal Utility (A. Marshall early 20th century), which states that value is the point of sale price. This means Rent is productive, and the product's only value is the point of sale price via supply and demand, ignoring production costs, labor costs, and the transfer of money from a productive source to the rentier (of whom you the renter are paying their mortgage). It also assumes all transactions have no monopolist variables, no lying, no bullying, no threats, no strong-arm tactics, thus in reality we are still living in a Mercantile system (of who holds the most wealth, manipulates the market, governments, and whole societies, i.e., large corporations) under the guise of a free market where all trades are honest and fair. Note; the Mercantile system believed in a free market, but only for themselves to trade. If others wanted to trade with the dominant mercantile countries, then up went the 'trade barriers.' Sound familiar?
4)Shareholder Value (via Milton Friedman), meaning only shareholders (rent seekers) gain from a profit, not the other stakeholders who helped to create the profit, i.e., the workforce from the cleaner to the researcher. (Unlike Nordics and Germany 30-50% on boards of directors, UK, zero, only shareholders, thus the problem Hedge funds asset stripping and creating rent only products ie housing, cars, creative computer products that you can only rent, etc ).
The UK still hides behind the free market myth, while the strong and powerful gain rent for doing nothing (thus the return to the rent of pre-1910, the 10% who owned 90% of everything remaining, and the remaining 90% owned nothing and paid rent 10%). Thus revolution and war.
Thus wage stagnation for over 40 years, where all the values from the increase in production have gone to the top 1%.
And I have not even mentioned Brexit which has turbo charged the above effects since 2016.
I still don't understand Brexit.
It was a nation having a nervous breakdown, with some people trying to retreat into an imaginary past
A bunch of uninformed people had the power to decide the future of the UK.
Didn't want continuing high levels of migration and that decisions made about how the UK is governed should be made solely in the UK and not in Brussels. If we're being honest, we also never emotionally bought into the European project (Heath, Major and Blair being the only three PM's really that were genuinely pro-EU) and if you look back at it, we really did not like being members of the EU. We were always moaning about it, getting opt-outs of several things and again, just weren't committed to it. The UK leaving was always going to happen.
@@dimiathan You mean the electorate, that thing every democratic country has?
@@cobbler9113 I agree that a fear and hatred of migrants was a driver for brexit. Of course it's turned out that the UK outside the EU has more migrants than before so even that is an epic fail.
It's more like fall from fall, not from "grace".
the reason productivity is garbage in uk is because people are overworked and underpaid in the uk compared to Europe.
In Germany the average rent and home prices is half of uk in the urban developed cities.
German workers work 27hrs a week and have 12 weeks of holidays.
French workers retire at 62 compared to 67 in uk.
People in uk are overworked, underpaid and suffering from mental illnesses feeling like trapped slaves, with their wages stolen dromedary them.
causing depression due to it.
French going up to 64....no money left.
UK low productivity goes back to 2004 and Blair's cheap EU labour...and Brown's Working Tax Credits for people NOT to work 38 hours.
@@malthusXIII-fo3ep going up. as their working conditions match uks, their productivity will go down in time.
and working extra long hours doesn't make u more productive. if that was the case japan would still be richest country in the world and korea second richest.
they aren't.
Don't forget the terrible weather
Really? I look up Britain's inflation and it's only 6.8%. This is a rookie number. Are you kidding me?
A black hole of service jobs did the UK in. It was the 'proletariat' engineering/manufacturing jobs that made Britain Great not the feel-good hunchbacks staring at screens all day long. Carry on Sargeant Major, carry on!!
You didn't mention all the main factors. The other significant factor is that the UK pays extremely high amounts on supporting economic migrants from Africa and the Middle East. It literally costs billions and such people are not skilled labourers who bring value to the country. Instead they turn many areas into Third World rough areas which means educated Brits get fed up and leave. The other drains on the economy include the welfare system and the amount the UK spends on defense (again, helping other nations).
What a pile of racist clap-trap. Asylum seekers get £35 a week. Thats it! Why do your sort have to result to making stuff up?
No-one here will mention it because it is an inconvenient fact and also they would rather hobby-horse about leaving the EU.
What I’m seeing in the video and reading in the comments are the major problems of high taxes and excessive government regulation, always a bad combination.
Desire to be a empire costs money. Participating in America’s empire building costs money.
It was bound to happen the moment they had to give up all their colonies lol Britain was nothing before colonialism and now they’re nothing after it 😂
No one reading this comment (including myself) will remember what happenned to the UK in the 1920s. Much worse than today. There was mass unemployment, the country was almost broke (because of the war), there were few jobs (some regions experienced over 20% unemployment), soldiers returning from the front remained unemployed for years, etc. Then the Wall Street crash happenned circa 1929 which just exascerbated the situation. The difference today is that young persons expect much more and of course there is the UK's notorious welfare state which is being constantly exploited by all and sundry, including the masses who are arriving on the south coast of England and invading the country, claiming asylum.
EU integration and hated mass immigration has made us all much poorer...and it will get worse and worse.
Workers paying for the shirkers.
Been just once, in Manchester, looked fine. From my (Polish citizen) point of view we have absolutely no joy in UK problems. Before the Brexit UK was seen in Poland as an Anglo-Saxon counterpart of Germany. Beneficial to maintaining balance within EU. Now it is quite different but the role of UK remains a question. We need UK and most of people in Poland count on it
I assure you that most of the British people appreciate the Polish in our country. Your work ethic and ability to integrate and be civil citizens do not go unnoticed!
You know better Mate. I am just an YT scribe :)
@@rayc9539 51% voted for Brexit, and were either racist/xenophobic or stood with and supported those that were. That's not a minority. 51% is a majority!
@johnbarrett915 I am not going to portray everyone within the 51% as racist or xenophobic. People had different reasons for voting leave. These include investing more money in the NHS (remember the Boris red bus?), wanting to strike our own trade deals, wanting to be governed by our own government, etc...
I am aware of those who wanted to control our borders. But to assume that EVERYONE voted leave for that single reason is unrealistic.
@@rayc9539 Nope! Yes you're right in that people said all sorts, but in the closing weeks of the campaign, it was all about immigration, nothing more.
Remember the racist poster? If people didn't vote leave we would be 'swamped' by mainly Turkish immigrants...
Look at the political narrative today - Brexit's legacy. How much is said about the red bus, and how much is about immigration? Even the Labour party is anti-immigrant now, forsaking London ‘remain’ voters to appeal to Red Wall ‘leave’ voters...
If you reckon it was about lots of things, you're deluding yourself. The narrative was simple;
We won't have Jonny Foreigner in Brussels tell us what to do. The entire basis of the referendum was racist/xenophobic! Especially as the UK voted for every EU law and proposed the majority of them!
A third of the UK population register as being racist when asked in a poll (use your fingers and try searching). The leave vote was strongest in areas of the UK that had the highest obesity levels, and the lowest levels of educational attainment. Your typical racist profile. There's your 51% right there!
It was racist, deal with it!
When they planned for brexit the darks days has came for the uk