Lab technician is a starting position. If he sticks with it he can work up to 70k/y positions with relative stability. You could learn a trade and earn more for example, but it takes a toll on your body down the line.
I know people that earned 30k plus in the late 80s, as lab technicians. Fun fact my first lab job was 23k in 2003. I was offered a new position last week, for 24k. I turned it down. I earn more as a maintenance assistant. 😂
Personally experienced the difference. Moved away from UK back in 2018 because the same job in Netherlands was paying 2.5 times more. Cost of living was about 20% less.
Yeah Netherlands is not an example of the average European country though…that cesspool of degeneracy and drugs that is also a tax haven doesn’t represent the average European country/wage…far from it
A friend of mine is a software engineer in the UK (London) and has been there for ten years and is still there, I dont get it why he doesnt move to a better place.
I work in care. I had a 1% pay rise in 12 years. I received a rise last April as the minimum wage went up. Because of this, my employer has now stopped our weekend enhancement payments. We now are now worse off. In real terms, we have taken a pay cut. Unbelievable.
The thankless jobs in care deserve a living wage. That whole sector needs rebuilding, If this keeps going there won't be any care left for when millennials and gen z grow old
@@dean9235 What a ridiculous comment. Yeah just leave your job in a crappy job market economy while denying OAP or people with disabilities no care. Oh and for your information most jobs dont treat or PAY you better. these days. Naive muppet.
@@dean9235 Leave ,,some people are stuck as have families ,,the problem with care is no unions so bosses take advantage also mass immigration has meant low cost labour
UK salaries have always been crap. moving to California saw my CFO level pay quadruple for doing less work. in UK the expectation is for people to perform the work of 3 or 4 people. no wonder productivity is low, all workers are over worked, criminally underpaid & pissed off.
@@timothyleake418 the problem is that it's usually impossible for one person to do the work of 3-4 people well, they just get overworked, overstressed and the overall quality of the work just keeps decreasing, which then also becomes other people's problem to deal with one way or another (e.g. as a coworker or customer), which then decreases productivity for other people too. I'm a secondary teacher who's expected to also be a nanny, secretary, social worker, police officer, and stepmother all at once. Can't teach a proper lesson without some kid having some emotional/health problem or getting emails/notes about sending someone somewhere or it's someone's things they forgot/lost/broke or it's a pen that leaked or it's a low abillity student who needs adapted resources and individual attention or it's just plain old chatter that won't stop or it's something something something all the time, and I'm literally expected to deal with ALL of it while also teaching a full lesson to 30 students, keeping an eye on them constantly, and "ensuring" they all learn the content as if that's even possible - maybe I should add "telepath" who can mind-control students into understanding new stuff to my list of co-jobs. Just a little example of why having one worker to the work of multiple people just serves to decrease productivity for all 4 jobs instead of increasing productivity for one.
Unfortunately there most likely is no technocratic solution. It’s a cultural problem. The entrenched British class system and the lack of social mobility is to blame. The ruling classes see the middle as a threat and have an ingrained distain for them, which has lead to an almost vindictive underinvestment in their skills and the tools to do their jobs better, even though doing so would benefit the top more anyway. Those at the top would rather hold down salaries and squeeze every last dime out of UK businesses in bonuses and dividends, then take that money and buy US stocks and property, rather than reinvest it in UK businesses for higher future returns. The problem with that is that the middle is the most import part of the workforce, they are the doers, they drive productivity. The Eloi at the top really don’t!
For many very rich old money families they already are very rich anyway so getting more money isn't going to substantially change things for them. But beating down the middle class and taking away opportunity so families below them can't rise up, that is what enhances and entrenches their relative class positions. I once read that when India's elites visited Britain in the early 20th century the Indians didn't like it. They didn't like how the regular people weren't desperately poor and didn't show respect for the high caste British. But when the British elites went to India, they loved it and wanted that for Britain.
@@aa6-sf6qd Britain has always had a class system where the Elites looked down upon the middle class who themselves looked down upon the poor. This is why there was public support for many things such as collecting orphan vagabonds from the streets and sending them to Australia. They considered the Irish and Scottish as uneducated savages, the Dutch as inferior. And the common British people were completely on board with this. The Queen worship you see among ango Saxon countries clearly shows support for such a class system.
It's almost as though privatizing nearly every essential service while still paying taxes for them, then cutting yourself off from the European economy can have negative effects on your country. Who'd a thunk it?
@@LudwigVaanArthansThe UK has several high end industries that need to remain in the country. Companies moving assets and developing poor EU countries destroys the UK economy. Not to mention, an increase in low skilled labor from Romania, Poland and other countries takes a toll on the British economy. Sure, the UK gets cheaper goods from those countries but it isn’t worth it to lose your high value industries
its never changed. two tier system in place. the country is rich, for that very very small percent of extremely wealthy people. its not just the lack of wages either, its the hours the uk expects you to work for that wage. i moved abroad to do the same degree driven engineering career and was on a wage three times more a year than the highest paid job i ever had in the uk. The career i was in was also the exact same job as what i had in the UK too. Nobody prepares those that get degrees, that you can end up in an industry that pays less than stacking shelves at asda. thats the absolute truth of it. the country devalued the worth of the signatures. i wont ever work in the UK again. not a chance. The UK only recognises the financial degrees and only in the london area. if your a banker, lawyer, solicitor, financer, underwriter, your probably wondering what im banging on about. your not affected. dont accept bad wages in the uk kids, get your education, and go, leave this country to rot in its snobbery and class driven wars. you will at the minimum, double your wages for whatever your work sector is. mine was engineering. get out, and dont let them keep you in slavery.
Another problem is that even if you wanted to work every single day of the week, your wages will get heavily taxed and you barely end up making a couple hundred of pounds more, there's absolutely no way of getting out of being poor with hard work alone which is the real kicker as this doesn't benefit anyone nor the economy.
I have been saying this for the last 10 years and was mystified why there has been so little discussion on the matter, bravo to TLDR for broaching this subject.
Wages in England have always been very low for the past 200yrs. The so-called upper class don't want anybody to be rich except for them. That's the general impression that England gives to the world.
I’m in the US but the Tories have the man mindset as American GOP - cut taxes, cut services, “trickle down economics” -- the problem is a ton of people are born into no wealth, chaotic families, and terrible parents. But growing up, public schools served everybody and the parents that gave a crap and helped fundraise for the school helped the kids who parents didn’t care at all. Investment in public goods help people from all economic spectrums and gives a lot of people a chance at a more “normal” life - but like here in the US now, public schools are crumbling, private schools soaring so now all the parents that give a crap are focusing on private schools and public schools are full of kids whose parents just don’t care. There is not a support system to help the school or the kids. European countries provide better public services that help keep inequality lower and, when people aren’t constantly battling against everything, their productivity is higher. Unfortunately, the conservatives convince people more money will make them happy so less taxes but the consequences are devastating for society as a whole - everybody is stressed, so many people can never make enough money because as more services are cut the burden falls onto individuals, and the rich get richer while more and more people fall into debt. European countries have a better sense of community when it comes to government and services while America and the UK have a fiercely independent mindset of “it’s my money and screw everybody else”
for example in the UK some people make money for renting land like coop .I can't imagine that i could rent a land in Poland to build flats ...There are council houses that make me sad that even people don't try to buy their homes.Polish or other eastern mentality is to have my own flat at any cost ..I own flat in the UK but during 6 yrs I was unable to meet anyone who owns the flat and chat about problems ...all are renting
You misdiagnose the problem and you are deluded if you think the Democrats are any different from the Republicans. Americans are poor because their governments tax spend and borrow far beyond what is sustainable, most of it on the US war machine that has been engaged in continual aggressive wars of choice for the last 30 years. Under Democrats and Republicans, 30 years of aggressive war has been put on YOUR credit card. That's why y'all need to work 3 bullshit jobs at once just to pay rent.
Wages have always been poor in the UK for as long as I can remember. The UK has been destroyed by bullshit rules and low level thinking politicians, there has been zero progress for 60+ years
I'm seeing many job postings for visual effects artists in the UK. But their salaries are low, the hours are long with no overtime pay, and the cost of living is high. It must be hard to find workers willing to work twice as hard for half the pay.
Always look to the wealthy. The wealthy were the ones who spear-headed Brexit, knowing that they would suffer the least. In fact, if they had stock in large multinational chain stores, they've actually gotten richer. Now your oligarchs can impose their "economic ideals" on a captive workforce to accelerate the wealth redistribution upward. The same has happened here in the United States. In order to maximize their profits at the expense of the social and constitutional fabric of the United States, the wealthy in conservatives states have -bribed- "urged" their (conservative) government representatives to use child labor: children don't have collective bargaining rights; and most children haven't developed the emotional and psychological fortitude to stand up for themselves. The wealthy in some conservative states are also using slave labor: forcing incarcerated criminals in for-profit prisons to work at lower waged service jobs without pay. Your wealthy are looking at what the US wealthy are doing. I urge you all to wake up and stop them ... if it's not already too late ... like it is here.
Where i used to live, all the factories have gone. Like all of them. Bendix Westinghouse, GB Britain's, Strachan and Henshaw Machinery, DRG. Plus all the supporting subsidiary companies. All work moved abroad. People discarded for the profits of a few. Capitalism in other words.
@@katem6562 so I had £15k of credit card debt before I left and needed another £3.5k high interest credit card to in order to afford the move but the investment was worth it. Key thing was to secure a job before taking any other steps to move.
With govt jobs and spending massive part of the economy compared to it's much more successful cousin the USA? What austerity? Besides the crabs in a bucket mentality in the comments, the bad econ policies like tarrifs and even worse housing regulations being promoted, no wonder the country is a shadow of its former self.
Although Brexit disproportionately impacted Britain, this is not the only issue. Years of reluctance by the government to invest in the country coupled with corruption and asset stripping of our vital infrastructure has also weighed heavily on the poorest in society. That being said, thousands of young Spanish people and Portuguese live here in Leeds because it's much better for young people looking for opportunities and a good career than it is in their own country, where wages are much lower and taxes are also high. Also Germany is a large manufacturing nation, but Britain is mostly service sector based (The second largest exporter of services in the world after the US) so the economies were different to begin with. Here in Leeds, business confidence is sky high and Leeds west bank is one of the largest redevelopment projects in Europe, but if you drive a few miles to Bradford it's a completely different story! Such high poverty and very visible decline
I went to Leeds recently and i was impressed by how well it seems to be doing. The city centre is actually alive and bustling while many other cities in the UK seem to be dying (economically).
Cost of living in Leeds is also very high compared to salaries though. I work in Leeds, we apparently enjoy the second highest salaries in the UK.... Someone must have forgotten to tell the companies that operate in Leeds...
C‘mon, wages in UK aren’t that low: «Thames Water appoints Chris Weston as boss with up to £2.3m package» Keep up the good job: "Thames Water: 72 billion litres of sewage pumped into Thames in two years, the BBC has revealed. 11 Nov 2023" (btw 72 billion litres = 72 million tonnes!) "Most inland bathing spots in UK have unsafe levels of pollution, report finds. 21 Nov 2023"😳
My friend was sacked from her job for eating a chocolate (yes, a chocolate) from a spilled bag on to the floor. Politicians abuse, use and wreck the environment, people's lives and more and get healthy pay rises and pensions to reward their destructive ways.
Thanks for the video. I finally established a way to increase my net income per month. My 2024 goal is to pay off the house by Sept 2024 (8 years total into a 30 year @ 4%). I have no debt other than mortgage. My 401k, HSA, IRA and emergency funds get maxed out. The mortgage is my last piece of debt left. I don't have any school loan or CC debt. I've made a lot of sacrifices over the years. I'm almost at the debt free finish line.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
I moved to Germany in 1981 and immediately doubled my salary. Over 30 years in the company my wage raises always matched or exceeded inflation. In the paper business some of the machines running in the UK were literally like museum exhibits for the history of paper manufacture. Meanwhile my new German company were spending 100's of millions every year on new machines. Another massive difference is continual training with companies in Germany put a lot of effort keeping their staff up-to-date. They also are proud to retain their staff over decades - so you have highly trained, experienced and loyal staff. I'm not at all surprised at the numbers - seems to me UK Governments have been promising to improve matters for decades and achieved very little. Yes you have cheap labour but no way can the UK compete in productivitiy terms with that alone. Brexit was a further nail in the coffin. Most multi nationals don't want to invest in the UK for their European markets for obvious reasons.
Germany taxes 40 million on salaries. Half of your salary will be paid by the state and rents. I live in Germany. Everything has become expensive. Every day there are strikes.
BMW just invested £ 600 million on Teesside .! Ditto Nissan on new car plant in Sunderland ! Also , UK Food and Drink exports are at record highs ??! Get some facts before commenting..??
In 1984 i went self employed, people in my trade earnt an average of £12 an hour at that time, If you put that into the Bank of england inflation calculator it is equivalent to £37.35 today, so the money you earn has devalued by nearly two thirds.
This is something I've been saying for the last 2 years but it falls on deaf ears. We are getting robbed and by big corporations and our elected leaders. Nice how politicians keep giving themselves raises tho to go with all the back handed payments etc.
I live in the UK because of a more vibrant industry that i wanted to work in as a career. But I was on more money at 20 working in Argos in Ireland than i do now as a Technician in UK
@@3xAudio It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
In this country, people live only because they rent houses for 5 people or live off benefits and council houses. if you are a middle class single guy, you go to work and spend everything on bills
UK immigration policies and enforcement gives them an excess labor pool which drives down wages like dominoes.Employment in the rest of Europe is more regulated. Economics 101... the more supply you have of something the cheaper it is.Poor people don`t hire illegals, rich people do.Uncontrolled immigration effects the lower economic strata. In the USA open borders has depressed wages for the non-college educated labor sector for the last 30 years. Fines for employing illegal workers here are a joke.People need to wake up to the policies enacted by parties thought of as helping the "little guy".
I’m no expert on finance but looking around me personally I see many many people here in London who are tied down for life paying for a house they can barely afford. With so much capital being eaten up by homes coupled with the stagnant wages, its no surprise there isn’t much left for investing into productive assets within the nation.
It’s a big issue regarding cost of living vs wages. If people in the UK cannot afford to spend their money then the economy will naturally shrink, suffer and down the toilet it goes. Years of conservative policies pushing wages down and pushing pensions down, this is the result. Many pensioners are suffering and they can contribute to the economy too but not anymore. If money is available only to the top few percent of people it’ll spiral downwards. Something so many people cannot comprehend. Drastic changes are needed before it’s too late. Brexit didn’t help either.
@@TheRegimann Good for you man. Nice to hear. Too many people fall foul of lifestyle inflation. I know so many people that just perpetually live payday to payday because they're simply incapable of not overspending.
Everyone needs income as their tool, emergency fund as their security, investments as their hope, and budget as their control. Get those in place and you'll feel at peace with your financial picture.
One of the problems is the Wages people get paid for doing honest work, it's nowhere near enough with all of the price hikes and the rise in the minimum wage in April will just go on increased food/fuel/rent prices.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have £300 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards. One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Investment also means government investment. The UK at one point was spending half that of Germany on R&D and a recent report mentioned by TLDR (I think) stated that lack of national investment is why we have fewer graduate level jobs. So, as always, answer is small state Cayman islands thatcherism
I agree with you but it’s not really “taking it back” if you never fully bought it. I imagine you have a mortgage so really you are slowly buying your house and keeping up with payments.
@@twobunny8161 sadly no mortgage, whilst i was looking to get a mortgage and a house the prices shot up thanks to covid. so more savings had to be got. No bank of mom and dad, so now even with enough for a 10% deposit the monthly payments, council tax and housing insurance would take my entire salary. never mind heating, food and just general living.
Why would anyone think the UK Gov "wants to fix it"? Low wages was always the goal. The problem was keeping the policies that created this hellscape in place when the Tories get voted out. And with Stamer they have their solution. Low Wages, wealth inequality and rapid privitaization are the permanent norm now, no matter who is in No 10.
By 'more investment' people actually mean 'flog of yet more of your national assets to foreigners for a pittance and call the money they provide 'investment'"
I'm not sure I agree with everything said in this video. I'm a UK citizen and Canary Islands resident. Minimum wage here is €1080 per month (£927) and google tells me the minimum wage in the UK is £1730 a month. Big difference, and most people working here are on minimum wage. For example I know a lady who is the manager at a Voda phone high street shop and she earns €1100 a month. Regards GDP, in the south of Gran Canaria the economy is mostly tourism driven either directly or indirectly (around 85-90% GDP) and we have now have our highest levels of tourism ever recorded, so one would think that GDP must be up, but wages stay the same. Having said this, people here seem contented and happy with life and the place is kept spotlessly clean even outside tourist areas. We recently published a video about our housing, high street, and what's it like and living here and the contrast with the UK is surprising maybe. So from my experience of having lived my life in two different countries now, the UK workers do not earn less than their EU counterparts, it seems maybe they just complain more about life?
Your notice he quotes a report which goes up to 2007. Hmmm, so what happened in 2008 then? Thats where this started. Your notice he says by 2010 as well. House prices also rocketed during the Labour period. They built less social housing than the tories did in 2021/22 for nearly every year of their office.
Badly paid and one of the worst State Pensions in Europe😢 there is an obvious widening gap between the have and have-nots. You can see jobs for lower income earners dissappearing too... self service tills in shops (which most of us hate), Banks closing etc. There precious little to feel good about.
Thing I've seen over the years is the British culture is the class society. And your class based on money is a relative thing. So as more people are pushed into poverty, the people who still have money get elevated in relative terms and support the government. Most of the people who still have money work in the management of the government departments or are subcontractors connected to the government managers through family. They very much support more and more people being impoverished and then feeling smug and superior looking down on those people.
What's really interesting is when you look at the UK minimum wage. If you include PPP adjustment, UK has the second highest hourly minimum wage in the world (just behind Luxembourg). The problem I believe we face is our dependence on Income as a tax revenue, rather than wealth. VAT, PAYE, Sin Tax, all hit your middle class. Things like dividend tax, land tax, corporation tax, forex transfer tax, capital gains tax are your upper-class taxes and are all much lower and in some cases are subsidized. Our tax system is like a person trying to extract water from a pond, by using different sized containers at different parts of the shore, believing it will somehow make a difference.
This report gets it wrong on multiple levels. Lower investment and lower productivity proceeded Brexit -- as the chart shows. Also, wealth in not an economic input, but rather a measure of asset value. What is greatly missed here is LABOR SUPPLY and TAX & REGULATORY REGIME. But most important, LABOR SUPPLY. The report that is used as the source of this story was author by the Resolution Foundation - a new-socialist "think tank" that uses "inequality" to agitate the youth to support stupid ideas, which increase the cost of living on the middle-class.
Fundamental problem is the system. A system where the executives have no limit on how much they can pay themselves more than the average worker in their company will inevitably lead to the execs chipping away their worker's pay to fill their pockets. Same problem in the usa, 60% of people in america live paycheck to paycheck. Studies show that an executive's salary is around 400 times that of an average worker in the same company/corporate. And don't even start about the CEOs, their pay is like infinitely more than an average worker. These executives decide everyone's pay, including their own, and there is no limit on how much they can pay themselves. So unless there is some limit put on it by force, this problem will continue to grow in majority of the world's countries. Especially usa and uk.
Hate to say it but UK workers are also paid less than Australian workers 😅 that's probably why 1 Million English people have migrated to Australia over the past 10 years and probably the weather and beaches
The UK Government of the past decade or so doesn't seem to want anything to do with industry, they want a service economy. The whole thing is cultural attitude from top to bottom. They don't acknowledge anybody that works in manufacturing, or any kind of physical job, then exclusively fixate on white-collar office staff as being the 'workers' of the UK. So management-types are always paid crazy wages while the people that put the actual physical effort in are typically paid a pittance until redundancy, retirement or death. The shop floor workers seem to be almost universally treated as disposable assets in the UK, there's always more to be hired, so you've got no chance to improve your lot.
They kill two birds with one stone. They satisfy their russian financial investor clients, by making our whole economy rely on illegal financial services, with an offshore tax haven network. They destroy our union and labour rights movements by removing the jobs that would give them power and move them to countries where people have little to no rights, don't get paid very much and will work harder out of fear.
Companies won't train there staff, they provide the worst equipment available, they pay as little as they possibly can. A real shameful end having been the greatest in the world only a few generationsago. The government hasn't helped, they really don't give 2 shades of shit about the emerging workforce. I tried and tried to get on an apprenticeship. The services available were absolute nonsense. They wasted my time and stretched my temper. Young adults who are capable of learning real skills need shoehorned into work. I had all the same issues back in the 90's had to join the army in the end. White working class males are abandoned
As one of the first so-called millennials, I've only been able to generate wage or income growth or credit interest here in the UK through entrepreneurial quaternary economic activity. This is unfortunate, because simply selling your time and energy as an employee is not a viable path to lasting prosperity?
It’s not wages that are important on their own! One has to factor in the cost of living. If you earn 1.5 times as much in germany as in UK, but everything is twice as expensive there you are worse off (those are made-up figures for demonstration). So, we need something a bit more sophisticated than just wages, if we are to compare how well off different countries are.
I think part of it is that most other anglosphere countries like Canada USA and especially Australia value skilled labor jobs way more UK seems to suffer from credentialism really bad their classism is based on academic achievement it seems
Regardless of political party, many in the UK have lost faith that the government and the civil service will stop the uncontrolled legal migration - note that is legal, the side of migration that we most have control over. The effects of uncontrolled migration are seen in: - increase of people on benefits. See the governments data of unemployment by ethnicity - despite the image fed to us, white British have the lowest unemployment rate compared to all other ethnicities. - artificially lowering the minimum wage due to an abundance of cheap imported labour. We have parts of the indigenous population that rely heavily on low paid low skilled jobs, and they are having to compete with people who are used to earning below the poverty level of Africa, Indian Subcontinent, Middle East etc - increase in house prices and rental prices - more building on our protected Green Belt land due to the housing pressure - more building on existing buildings and causing social tension as people live cheek by jowl. Legislation has been relaxed to encourage this in building. The UK already has some of the smallest homes, compared to Europe. - increase in violence and crime. There is a general increase, plus some which is specific to certain ethnicities. Knife (and machete) crime is more frequent, however whilst it captures the headlines, many other forms of crime, not typical to the indigenous population are flourishing. The Asian (Indian subcontinent) grooming gangs rap_ing/assaulting/drugging white children. - increased demand for extra policing, in the tens of thousands (look at the different police force's online wanted posters, there is a disproportionately higher number of foreign criminals, especially as a proportion of the population) - increased demand for prison officers, and prison buildings (look at the prison population, where there is again a disproportionately higher number of foreign criminals, especially as a proportion of the population). We are already releasing criminals early, and not imprisoning others, due to a lack of prison places! And the increase in taxes to pay for these. - increased demand on the judiciary. Our courts are blocked with massive queues, and everything is done to delay cases going to the CPS or going to court. We have a lack of staff and buildings. Very serious cases are rarely reaching the CPS or courts, or take years to go through the system. This causes a lack of justice, an increased risk to the population as criminals continue to live amongst us, and it encourages crime (justice needs to be swift to act as a deterrent). - the loss of our capital city London. It is now predominantly populated by people who self identify as belonging to an ethnic minority. You rarely hear English spoken! This will impact tourism - a quarter of a million people work in the tourism sector in London alone. - greater difficulty in seeing a healthcare professional, be it a GP, Consultant, or dentist - hospitals frequently declaring emergencies as their A&E queues of ambulances with patients stuck in them grow longer. Even hospitals, in areas with a vast majority of white British population, if you go to the A&E it will be full of people from the middle east, Indian subcontinent, and Africa. Often you won't hear English being spoken! - increased burden of disabled children, on healthcare, special education needs, and benefits (both for disability, and for the unemployed parents that stay at home caring for their disabled children), unnecessarily caused by cousin marriage, from people from the Indian subcontinent - lack of school and university places. Pressures to change what is being taught, to suit a minority religious population - the enormous congestion on all our roads. Even country lanes, which were once peaceful, have now become rat runs - religious and social tension, especially from ethnicities that are not interested in integrating - increased suffering of female children subjected to FGM and child marriage - increased distortion of UK elections, as women from the Indian subcontinent lose their vote to their husbands MORAL QUESTION - is it morally right to import cheap labour to be exploited? And what about those skilled migrants, eg nurses and doctors, that are actually needed in their own country. Is it morally right for the UK to benefit from poorer countries paying to educate and train skilled workers? MENTAL HEALTH BURDEN The effects of a lot of the above pressures, are seen in a rapid increase in mental health problems across all ages, but especially in the young working adults, adults who should if anything, be the most resilient of society. FINANCIAL BURDEN At Budget time in March 2024, the UK National Debt is estimated to be £2.70 trillion! BIRTH RATE FALSE THEORY Some people believe in the theory, that we need to import people because of our lower birth rate, and that there is certain work that we don't want to do. This ignores the fact that we need to increase productivity, especially with automation/robotics/AI (Artificial Intelligence), because other countries will certainly be investing in this, and all of these reduce job vacancies. Our population might not apply for very low paid jobs, eg picking fruit, or nursing the elderly, but that is because the rates of pay are ridiculously low. Pay a fair wage in an economy that doesn't tilt the table by importing cheap labour! WHAT CAY YOU DO? Please watch, action, and share this SW RUclips video: A Parliamentary petition to suspend immigration to Britain for five years Regardless of if you think this will give the results that we need, it is important for people to see, that there are many others who share their concerns, and this is one very simple and quick way to do it. Many thanks, and don't forget to share👍
One thing not mentioned in this video is the very poor health of the UK population which the COVID pandemic exposed. We have a sickly population with many people suffering long term health conditions who as a consequence cannot hold down a full time job, long covid contributing to that, and with furloughing and lockdowns, we have a load of people in their 50's and 60's who have decided staying at home is preferable to being a wage slave and have taken early retirement. If you add my perception/experience that many people in the UK, especially in the south of England, seem to go around in a dream world and are so damned slow and gormless (when you are driving on an urban main road away from the town centre with minimal traffic in front of you I shouldn't be able to keep up with you on a bicycle; no it should not take 15 minutes to put your screechy sprogs in the car), it is no wonder we have a productivity problem.
A little bit of a nitpick but the graph shown at 05:50 shows data from 2021, not 2022. The Credit Suisse report is from 2022 but the data it covers is from 2021. Another criticism I want to give is towards the statement that the wealth equality is highest in Belgium among the EU countries according to this graph, however the graph is talking about the difference between median wealth and wealth per adult. And yes, for Belgium this is indeed 70%. But if we look at the net personal wealth share of the top 1% and bottom 50% for both UK and Belgium, these are respectively 21.3% and 4.3% for the UK and 15.0% and 7.0% for Belgium in the year 2021 as per the data of the World Inequality Database. Meaning the 1% in the UK have almost 5 times as much net wealth as the bottom 50% does, while for Belgium this is only 2.1 times. By this metric, not only is Belgium not more inequal then the UK, but is in the lower tier of all EU countries with several countries dwarfing this like Italy, Finland and Turkey where the top 1% has over ten times more net wealth then the bottom 50%. To say Belgium has the worst wealth inequality by this one metric alone is blatantly false.
Workers living standards in the UK have been falling since 1979 when Thatcher got in and governments continued to suppress the workers. Workers in the UK have to join trade unions and take part in it and take action. I f we had 78% membership instead of 22% we could start winning ground. If the workers keep accepting frozen pay or even pay cuts we will end up living on the riverbanks.
Persistently high immigration hasn't helped either. At the upper end of the job market it's been a massive boon for filling skill shortages, but there's been too many low skill migrants also coming in which has contributed to wage erosion and a lack of investment. From a business's perspective, why bother increasing wages at the bottom end or investing in automation when you can easily hire someone from abroad to do the job even more cheaply? And though they claim to profess the opposite, it's quite clear that high immigration is Tory policy to benefit their mates in business.
Immigrants do the work the locals don't want. Try recruiting people for retail/hospitality in the UK. The only applications you get are from indians/pakistanis.
On the point of growth. How often does a company growing mean higher wages for the average worker these days? Also higher growth only means larger tax revenue if the company is paying it's taxes. I feel like a significant reason the country is getting worse is mega corporations are pushing smaller companies out of business whilst paying poor salaries and shipping the profits tax free out of the country. This only compounds each year the company operates, yes they have to spend that sterling back in the UK but they aren't investing it back into the business they're selling it for other currencies and then it's used to buy properties driving up the housing market
B-b-but I thought skyrocketing wage growth was the primary driving factor in UK inflation. British workers were asking for so much money in order to get off their lazy asses and do a day’s work, that they had too much money to throw around, causing all these annoying price rises. I’ve seen that argument in the commons, economics videos and the news. It must be true.
Exactly. It couldn't possibly be commercial and financial interests, paying our government for policy changes and deregulation in order to create a compliant and dehumanised workforce, deceaved by hateful rhetoric towards hating one another, to further their grasp of control over our lives.
Prices mainly rose because of kicking out EU farm workers and food production was cut by 60% because of that. But now they are bringing in workers from India to fix it
Comparing to some other more productive countries in the world where I have lived and worked, Brits in general seem very work shy. They spend a lot of time moaning and blaming everyone else and work very little. I can see whataboutary coming towards this comment very quickly, which again proves my point.
The UK is run like a bad business; prioritizing short term gains over long term gains. It's the same mentality that lost them Hongkong. The UK needs to fundamentally change if they want to reverse course. I don't see that happening with the Tories and their backwater thinking.
As a Veterinary Surgeon in the UK, my income is on average 2X what I would get in France and maybe 3X what i would get in Italy or Spain....That's why I currently live in the UK
I would have to disagree with the assessment in this video. Now, I am by no means an economist (I'm a frontend developer), so I don't take what I am about to say, as as an experts' opinion. I merely base my perspective on what seems very much logical to me. Let me put down the conclusion hard and fast: A high level of immigration will stagnate the wages. Let me paint you a picture of why this is: Let's say I am the owner of my company (the size of the company does not matter in this example), and I have 5 vacant positions. These vacant positions all require knowledge in economics. Now, here's 2 scenarios I can find myself in. A market where there is a shortage of workers, and a market where there is an abundance of workers. In the scenario where there is an abundance of workers, I will simply list my vacant positions, let the applications arrive and pick out the ones whom I believe, can do the jobs to a satisfactory level, while also be paid as little as possible in wages, in order to reduce expenses tied to wages. This is only possible, because the labours are competing against each other, to get the jobs I offer. In the scenario where there is a labour shortage. It is no longer the workers who compete for my jobs. The roles have now reverved, where I am competing against the other companies for the same available workers. This means, the workers seeking a job, can now "shop" between the available positions, and simply take the ones with the highest pay. In this scenario, I as the company owner, would have to lower my expectations for the yearly income, as my expenses to wages would have to go up. Since I would not only have to offer higher wages to my future workers, since I would have to outcompete the other companies. But I would also have to pay my current employees more, in order to increase the likelihood of them staying, and not have them poached by other companies. Now, if you import a metric tonne of new workers to the market. That means I, as the company owner, would never run out of people applying for my vacant positions. I would never end up in the situation, where I would have to compete against the other companies, and therefore I would never be forced by the mechanics of supply and demand in regards to the work force, to pay my employees higher salaries. Apologies for the small wall of text. I tried to keep it short. And please let me know, if you can poke holes in my logic. My approach was really just to apply the laws of supply and demand to the job market.
bit of feedback on the "Income at various percentiles" graph. by having the three graphs next to each other but at different scales it becomes harder to compare. for example: as dutch citizen I was curious how the income growth compared here in the Netherlands. and at first glance you get the idea that each percentile has had about the same amount of growth. that was before i saw the different scales. I understand that you want to show the detail in each line and I have no issue with starting the y axis of the graph at a higher value. but the change in scale can make the graph misleading. not that I think that you wanted to mislead us! but that can be the effect with this design
Less hours at work; 1 year paid maternity leave, work from home; 4 day week; safe spaces; more holidays; H&S excess; laziness and work shy; welfare too generous. Are some of the reasons for low productivity. And it's getting worse.
🎯my neighbour a full capable male hasn’t been working since 2015,just leeching on the government and lives in a nicer house,goes on 3 holidays a year while I work 60+ hours a week to make ends meet.
Your very situation will escalate and force people to vote differently. The only non woke parties are Reform and Reclaim. Reform say they'll have a candidate in every constituency. Now is the time to shift to a party that puts Britain first. And Britain's hard workers. I joined the Labour force in 1978, and there was a stigma if you were on the dole People wanted to work. That was the expectation. And city centres looked British. How times have changed. For the worse.
So many Brits are snobbish about Poland being a poor country. Whereas in reality the salaries for a lot of jobs are higher and costs despite severe inflation are still lower 🤷♂️
Look up "De-industrialisation was Hong Kong's Biggest Mistake" by Asianometry, it shows the parallels that Hong Kong took that have also afflcited the UK. Essentially the UK government tilted the scales towards landlordism and finance ie speculative and revenue consuming activities at the expense of manufacturing and R&D ie tangible commodities, "real" wealth and capital innovation. Thatcher defanged the unions whilst Europe didn't, this created "labour flexibility" which is great if you want cheap labour but this makes capital investment superfluous, think of India how many roads there are still dug and paved by hand, because there's no need to invest in machinery if it's cheaper and legal to just pay a mob peanuts and give them shovels. Whilst in Europe where unions can still go on General Strike and have "closed shops" etc, the only way for capitalists to cut down labour costs is to invest in machinery to minimise labour input, if said job can't be offshored of course. And Thatcher also essentially got rid of social housing with Right To Buy, which took money that investors could have put into the productive economy and instead it's tied up in speculative bubbles of existing homes instead of factories and machines producing tangible goods.
I wonder of what europeans they are talking about! come to Spain, Portugal, Italy. In Portugal the minimum wage is 800 euros a month.(that is what half of us receive in the end of the month)
Inequality is rising in all countries. Also notice how the high incomes in Germany didn't drop like the medium and low income. Same goes for (inherited) wealth matters more than work. Scary. But of course with the UK Brexit and instability doesn't help.
@TDLR you are missing a key point on tax credits surely? Essentially the government top up low pay using tax credits. IE someone will make minimum wage working a low paid job but the benefit system also pay them £300 a month in tax credits. So it's a bit unfair to compare to other countries in Europe without taking this into account
The UK relies more on foreign imports rather than manufacturing goods and growing food. Once upon a time many goods were "Made in Britain". Now products tend to be produced in other poorer countries because companies can produce products for less due to sweatshops in India and China with long hours and less pay than in western countries.
Give everyone on benifits £1000 per week tax the rich an extra 5% then the poor would spend that and watch the economy double sadly to much money in the rich people banks but you but that 5% in poor peoples bank for 5 years then they will spend generating more tax for public services and after 5 years the rich will benefit by haveing stronger company assets rather than the weak ones they have now for this country to move forward it needs spending confidence that what helps people wages grow and companies grow.
Since 2008, the pound fell from $2.5 to the £1, to $1.26 to the £1 now. Essentially, dollar pound value halved, so a factor of why productivity and GNI looks bad.
Greedy employers. All the money is concentrated to the top and never given to the workers at the bottom who generated that profit in the first place. The minimum wage has to go up. Simple. Sorted.
How is it fair to be 58 years old in the same job all the working life for different employers and still on Basic minimum wage. Years of experience and qualifications but still BMW in education. Not right at all.
Simply the rich an the government doesn't want the people to have money to better themselves because you have more control of the people if they are poor.
I really wish that this video had prefaced this entire discussion with an explanation of the difference between “National Economic Productivity” (which this video is about) and “Labour/Worker Productivity” (which it is not).
• National Economic Productivity “Productivity at the national level is typically defined and measured in terms of Gross Domestic Product (GDP) per capita, per employed person or per hour worked. It is viewed by many as a key indicator of the economic health of the country.”
• Worker / Labour Productivity The thing you think of when you talk about productivity, as in “How many cans of Peas can Bob (the guy who chews/spits out the Peas) at the Mushy Pea factory make in one shift. TL;DR (lol): Imagine the UK as a nation is a corner shop. "National” productivity would be linked with how much business the shop did compared to how many hours all its Employizens worked. “Worker” productivity would be working at the Sandwich counter (this is an alternate universe where British Corner shops are bodegas), how many Sandwiches can you as an employee make per hour. Compared to 1970, we are making literally 250%+ more sandwiches per hour (thanks to technological innovations like: nice lettuce, a spatula, indoor smoking bans, contact lenses, less pubes, and Amazon Alexa Enabled Bread Slicers - probably), yet our “real” wages (compared to inflation) have only grown around 13%. This report isn’t about that. It’s about how well the store is doing (and how much of it’s total sales end up getting paid to employees). I’m not implying intent on TLDR whatsoever here - it’s confusing terminology and it takes a lot of work to unpack this stuff. I am plainly saying that Economists in general intentionally make the terminology confusing and difficult to unpack, because the things they are describing are pretty perverse once you take do a Scooby-Doo mask reveal on them. Calling this report “Store Sales Compared to Sandwich Artist Salary” would not go over as well. Firstly this more accurate title makes implicit reference to how bonkers the whole Wage/Worker Productivity Gap has become(*). Secondly, it doesn’t casually and carelessly place the blame for the current economic conditions of the general concept of productivity, allowing most people to come away from coverage of it with an impression of “oh, people aren’t working as hard”. THE REAL TL;DR: Your reporting on the “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” can be as well researched, compelling and factual. Unfortunately, by not translating the Economic jargon into real world terms, none of your audience actually learned about investments in energy company mergers. Without saying the full context of “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” most viewers have just watched a 10 minute long Xbox Live circa Halo 3 lobby tier insult to their sweet old Mum. *Sources: London School of Economics: Wages-of-typical-UK-employee-have-become-decoupled-from-productivity The Resolution Foundation: Dead-end relationship? Exploring the link between productivity and workers’ living standards.
PS: An increase of 250% in Worker Productivity to 13% Wage Growth since 1970 is an American Stat, in the UK it’s only a 25% difference with the decoupling happening closer to 2010.
PPS: I’ve now re-watched this video and read a bit more of the report itself….honestly I’m even more confused now about all of this. I feel like this video is jumping back and forth between the two different types of Productivity interchangeably at different times points, which may be valid narratively - but is really throwing me for a loop. I could be completely wrong in my analysis, so if anyone more qualified happens to see this I would definitely appreciate if you could give my dehydrated brain a nice big gulp of ice cold clarification.
TLDR: British people ARE Europeans! Stop playing the "us and them" silly game. Choice of language is very important, we saw that since 2015. "Other Europeans" and "rest of Europe", please.
Would you consider 41k as a production technician in medical company in Hertfordshire as a good salary?Its around 2700 after tax and it doesnt ffeel a lot.
High taxes eat into salaries more than people seem to realise, the whole gross income rather than net is always weird to me and the thing is You have people wanting MORE tax, and it's gonna get worse with 4 more years of fiscal drag
The Westminster System presumes that strong political leadership solves a country’s problems rather than policy that sets good conditions for its residents. Countries under that system will always dabble in economic failure. Britain, Canada, Australia, New Zealand, and India might not always be in a crisis, but their political system ensures that they’re always creating them.
Ya when the European Union governing systems were designed they made sure to learn from the problems in democracies. In the EU imo democracy has little to no impact on the EU decisions. The EU is ran by the bureaucracy in the EU departments. In reality that is how the Britain was ran in the Empire days. The London Empire bureaucracy were the ones who really made all the policies and decisions. And the Empire bureaucracy were these families about 50-100,000 families who were dedicated to the Empire and Britain. So there was a strong hereditary aspect and lifetime employment/benefits aspect. Sort of like how the military tends to operate in countries where the core of the military is these military families which go way back and are dedicated to the overall mission.
High earners / technically skilled people are fleeing the sinking ship and have been for a decade+. Poorly skilled people on low wages stay, with even more poorly skilled people on low wages moving in from abroad to fill an economy that has become bottom heavy. If someone is in the top 10%, theres poor growth, collapsing infrastructure and wages that are at best average for their highly skilled sector, what reason would they have to stay?
Why did you compare just Germany and France ? Why haven’t you made a comparison between disposable income between Switzerland ,Norway Lichtenstein and the UK ? That would be be eye watering
Just one advice for future videos, for any sort of charts please just write in brackets lower is better or higher is better to define your stats more clearly)
We should bear in mind that many UK roles get non-pay benefits, such as a holiday, sickness and maternity leave and pensions. For a public sector employee going to the private sector, they would need a 30% payrise or more to compensate for the loss of these benefits. And reducing the number of civil servants, especially those with high salaries, could be a solution as the UK has a shortage of workers for its private sector and most parts of the civil service do not produce anything toward GDP.
My boyfriend just finished his masters and got a job with the NHS as a lab technician. The salary is £23k. It’s an absolute joke this country
Move to Australia. This salary can even be worse than uneducated workers’ in groceries(no offense).
Why did he become a lab technician if he wanted to earn a high salary?!
Lab technician is a starting position. If he sticks with it he can work up to 70k/y positions with relative stability.
You could learn a trade and earn more for example, but it takes a toll on your body down the line.
I know people that earned 30k plus in the late 80s, as lab technicians.
Fun fact my first lab job was 23k in 2003. I was offered a new position last week, for 24k.
I turned it down. I earn more as a maintenance assistant.
😂
@@Paul_Wardonly Associates earn that.
Personally experienced the difference. Moved away from UK back in 2018 because the same job in Netherlands was paying 2.5 times more. Cost of living was about 20% less.
Yeah Netherlands is not an example of the average European country though…that cesspool of degeneracy and drugs that is also a tax haven doesn’t represent the average European country/wage…far from it
A friend of mine is a software engineer in the UK (London) and has been there for ten years and is still there, I dont get it why he doesnt move to a better place.
Netherlands is also a nicer place to live
Netherlands is the best country in the world.
@@JohnDoe-nt1sv 🤡
I work in care. I had a 1% pay rise in 12 years. I received a rise last April as the minimum wage went up. Because of this, my employer has now stopped our weekend enhancement payments. We now are now worse off. In real terms, we have taken a pay cut. Unbelievable.
It’s ridiculous isn’t it?
The thankless jobs in care deserve a living wage. That whole sector needs rebuilding, If this keeps going there won't be any care left for when millennials and gen z grow old
Leave the job then. There's plenty of other carer jobs that will treat you better.
If you let them get away with it, they will keep doing it.
@@dean9235 What a ridiculous comment. Yeah just leave your job in a crappy job market economy while denying OAP or people with disabilities no care. Oh and for your information most jobs dont treat or PAY you better. these days. Naive muppet.
@@dean9235 Leave ,,some people are stuck as have families ,,the problem with care is no unions so bosses take advantage also mass immigration has meant low cost labour
UK salaries have always been crap. moving to California saw my CFO level pay quadruple for doing less work. in UK the expectation is for people to perform the work of 3 or 4 people. no wonder productivity is low, all workers are over worked, criminally underpaid & pissed off.
Overworked and taxed heavily
@@nigelmoscrop9987 well you have to pay for the nhs and all the people on benefits.
Open door immigration
If they're doing the work of 3-4 people that must mean their productivity is pretty high
@@timothyleake418 the problem is that it's usually impossible for one person to do the work of 3-4 people well, they just get overworked, overstressed and the overall quality of the work just keeps decreasing, which then also becomes other people's problem to deal with one way or another (e.g. as a coworker or customer), which then decreases productivity for other people too. I'm a secondary teacher who's expected to also be a nanny, secretary, social worker, police officer, and stepmother all at once. Can't teach a proper lesson without some kid having some emotional/health problem or getting emails/notes about sending someone somewhere or it's someone's things they forgot/lost/broke or it's a pen that leaked or it's a low abillity student who needs adapted resources and individual attention or it's just plain old chatter that won't stop or it's something something something all the time, and I'm literally expected to deal with ALL of it while also teaching a full lesson to 30 students, keeping an eye on them constantly, and "ensuring" they all learn the content as if that's even possible - maybe I should add "telepath" who can mind-control students into understanding new stuff to my list of co-jobs. Just a little example of why having one worker to the work of multiple people just serves to decrease productivity for all 4 jobs instead of increasing productivity for one.
Unfortunately there most likely is no technocratic solution. It’s a cultural problem. The entrenched British class system and the lack of social mobility is to blame. The ruling classes see the middle as a threat and have an ingrained distain for them, which has lead to an almost vindictive underinvestment in their skills and the tools to do their jobs better, even though doing so would benefit the top more anyway. Those at the top would rather hold down salaries and squeeze every last dime out of UK businesses in bonuses and dividends, then take that money and buy US stocks and property, rather than reinvest it in UK businesses for higher future returns. The problem with that is that the middle is the most import part of the workforce, they are the doers, they drive productivity. The Eloi at the top really don’t!
For many very rich old money families they already are very rich anyway so getting more money isn't going to substantially change things for them. But beating down the middle class and taking away opportunity so families below them can't rise up, that is what enhances and entrenches their relative class positions. I once read that when India's elites visited Britain in the early 20th century the Indians didn't like it. They didn't like how the regular people weren't desperately poor and didn't show respect for the high caste British. But when the British elites went to India, they loved it and wanted that for Britain.
@@aa6-sf6qd Britain has always had a class system where the Elites looked down upon the middle class who themselves looked down upon the poor. This is why there was public support for many things such as collecting orphan vagabonds from the streets and sending them to Australia. They considered the Irish and Scottish as uneducated savages, the Dutch as inferior. And the common British people were completely on board with this. The Queen worship you see among ango Saxon countries clearly shows support for such a class system.
It's almost as though privatizing nearly every essential service while still paying taxes for them, then cutting yourself off from the European economy can have negative effects on your country. Who'd a thunk it?
i know, the thing is these guys knew that, still went ahead. clowns
No successful businessman puts up a barrier between himself and his biggest customer
When a country votes to put sanctions on itself, and angrily yells at their allies who suggest that might not be a good idea.
@@LudwigVaanArthansThe UK has several high end industries that need to remain in the country. Companies moving assets and developing poor EU countries destroys the UK economy. Not to mention, an increase in low skilled labor from Romania, Poland and other countries takes a toll on the British economy. Sure, the UK gets cheaper goods from those countries but it isn’t worth it to lose your high value industries
its never changed. two tier system in place. the country is rich, for that very very small percent of extremely wealthy people. its not just the lack of wages either, its the hours the uk expects you to work for that wage. i moved abroad to do the same degree driven engineering career and was on a wage three times more a year than the highest paid job i ever had in the uk. The career i was in was also the exact same job as what i had in the UK too.
Nobody prepares those that get degrees, that you can end up in an industry that pays less than stacking shelves at asda. thats the absolute truth of it. the country devalued the worth of the signatures. i wont ever work in the UK again. not a chance. The UK only recognises the financial degrees and only in the london area. if your a banker, lawyer, solicitor, financer, underwriter, your probably wondering what im banging on about. your not affected.
dont accept bad wages in the uk kids, get your education, and go, leave this country to rot in its snobbery and class driven wars. you will at the minimum, double your wages for whatever your work sector is. mine was engineering. get out, and dont let them keep you in slavery.
Another problem is that even if you wanted to work every single day of the week, your wages will get heavily taxed and you barely end up making a couple hundred of pounds more, there's absolutely no way of getting out of being poor with hard work alone which is the real kicker as this doesn't benefit anyone nor the economy.
Where did you go?
@@miriamzahed9360 saudi. 12 years, loved it.
I have been saying this for the last 10 years and was mystified why there has been so little discussion on the matter, bravo to TLDR for broaching this subject.
Wages in England have always been very low for the past 200yrs.
The so-called upper class don't want anybody to be rich except for them.
That's the general impression that England gives to the world.
You get it. Exactly right.
Damn Normans
Taxed more, paid less, lowest pensions in EU, what a wonderful country !!
Rothschild!
Sunny uplands all around
Germany taxes 40 billion on salaries. Half of your salary will be paid by the state and rents. I live in Germany😂
Not true - taxes are much higher in France and Germany
I’m in the US but the Tories have the man mindset as American GOP - cut taxes, cut services, “trickle down economics” -- the problem is a ton of people are born into no wealth, chaotic families, and terrible parents. But growing up, public schools served everybody and the parents that gave a crap and helped fundraise for the school helped the kids who parents didn’t care at all. Investment in public goods help people from all economic spectrums and gives a lot of people a chance at a more “normal” life - but like here in the US now, public schools are crumbling, private schools soaring so now all the parents that give a crap are focusing on private schools and public schools are full of kids whose parents just don’t care. There is not a support system to help the school or the kids. European countries provide better public services that help keep inequality lower and, when people aren’t constantly battling against everything, their productivity is higher. Unfortunately, the conservatives convince people more money will make them happy so less taxes but the consequences are devastating for society as a whole - everybody is stressed, so many people can never make enough money because as more services are cut the burden falls onto individuals, and the rich get richer while more and more people fall into debt. European countries have a better sense of community when it comes to government and services while America and the UK have a fiercely independent mindset of “it’s my money and screw everybody else”
The US has the Rich and the Poor. The UK has the Class System. Both total inequality.
*fiercely selfish, short sighted mindset - other than that spot on
They will figure all this out way too late
for example in the UK some people make money for renting land like coop .I can't imagine that i could rent a land in Poland to build flats ...There are council houses that make me sad that even people don't try to buy their homes.Polish or other eastern mentality is to have my own flat at any cost ..I own flat in the UK but during 6 yrs I was unable to meet anyone who owns the flat and chat about problems ...all are renting
Spot on… what do we do?
You misdiagnose the problem and you are deluded if you think the Democrats are any different from the Republicans. Americans are poor because their governments tax spend and borrow far beyond what is sustainable, most of it on the US war machine that has been engaged in continual aggressive wars of choice for the last 30 years. Under Democrats and Republicans, 30 years of aggressive war has been put on YOUR credit card. That's why y'all need to work 3 bullshit jobs at once just to pay rent.
Wages have always been poor in the UK for as long as I can remember. The UK has been destroyed by bullshit rules and low level thinking politicians, there has been zero progress for 60+ years
I'm seeing many job postings for visual effects artists in the UK. But their salaries are low, the hours are long with no overtime pay, and the cost of living is high. It must be hard to find workers willing to work twice as hard for half the pay.
Always look to the wealthy. The wealthy were the ones who spear-headed Brexit, knowing that they would suffer the least. In fact, if they had stock in large multinational chain stores, they've actually gotten richer.
Now your oligarchs can impose their "economic ideals" on a captive workforce to accelerate the wealth redistribution upward. The same has happened here in the United States. In order to maximize their profits at the expense of the social and constitutional fabric of the United States, the wealthy in conservatives states have -bribed- "urged" their (conservative) government representatives to use child labor: children don't have collective bargaining rights; and most children haven't developed the emotional and psychological fortitude to stand up for themselves. The wealthy in some conservative states are also using slave labor: forcing incarcerated criminals in for-profit prisons to work at lower waged service jobs without pay.
Your wealthy are looking at what the US wealthy are doing. I urge you all to wake up and stop them ... if it's not already too late ... like it is here.
Where i used to live, all the factories have gone. Like all of them. Bendix Westinghouse, GB Britain's, Strachan and Henshaw Machinery, DRG. Plus all the supporting subsidiary companies. All work moved abroad. People discarded for the profits of a few. Capitalism in other words.
I doubled my salary by moving to the continent to do the same salary in 2018. It was one of the best decisions I've ever made.
Which part did you move to specifically?
Wish I had/ could afford to leave but no still stuck here for the foreseeable future
Shame on you. Moving nation for greed is one of the big problems in the world. Migration in all directions should be banned.
@@katem6562 so I had £15k of credit card debt before I left and needed another £3.5k high interest credit card to in order to afford the move but the investment was worth it. Key thing was to secure a job before taking any other steps to move.
@@danielwu191Luxembourg. They have shortages of nearly everything but especially teachers and accountants can find work really easily.
As someone trained in economics and who was proven largely right in predicted Brexit outcomes, I have only one issue to identify: Austerity.
What austerity? Uk government spending, borrowing and taxation have never been higher
🫵🤡
@@rodneyfungus8249and income inequality has never been higher.
I don’t feel sorry for them, they keep voting for the Tories. Because of the delusion of cutting immigration that they never do.
With govt jobs and spending massive part of the economy compared to it's much more successful cousin the USA? What austerity?
Besides the crabs in a bucket mentality in the comments, the bad econ policies like tarrifs and even worse housing regulations being promoted, no wonder the country is a shadow of its former self.
Although Brexit disproportionately impacted Britain, this is not the only issue. Years of reluctance by the government to invest in the country coupled with corruption and asset stripping of our vital infrastructure has also weighed heavily on the poorest in society. That being said, thousands of young Spanish people and Portuguese live here in Leeds because it's much better for young people looking for opportunities and a good career than it is in their own country, where wages are much lower and taxes are also high. Also Germany is a large manufacturing nation, but Britain is mostly service sector based (The second largest exporter of services in the world after the US) so the economies were different to begin with. Here in Leeds, business confidence is sky high and Leeds west bank is one of the largest redevelopment projects in Europe, but if you drive a few miles to Bradford it's a completely different story! Such high poverty and very visible decline
I went to Leeds recently and i was impressed by how well it seems to be doing. The city centre is actually alive and bustling while many other cities in the UK seem to be dying (economically).
Germany taxes 40 billion on salaries. Half of your salary will be paid by the state and rents. I live in Germany😂
Cost of living in Leeds is also very high compared to salaries though. I work in Leeds, we apparently enjoy the second highest salaries in the UK.... Someone must have forgotten to tell the companies that operate in Leeds...
C‘mon, wages in UK aren’t that low: «Thames Water appoints Chris Weston as boss with up to £2.3m package» Keep up the good job: "Thames Water: 72 billion litres of sewage pumped into Thames in two years, the BBC has revealed. 11 Nov 2023" (btw 72 billion litres = 72 million tonnes!) "Most inland bathing spots in UK have unsafe levels of pollution, report finds. 21 Nov 2023"😳
My friend was sacked from her job for eating a chocolate (yes, a chocolate) from a spilled bag on to the floor.
Politicians abuse, use and wreck the environment, people's lives and more and get healthy pay rises and pensions to reward their destructive ways.
Thanks for the video. I finally established a way to increase my net income per month. My 2024 goal is to pay off the house by Sept 2024 (8 years total into a 30 year @ 4%). I have no debt other than mortgage. My
401k, HSA, IRA and emergency funds get maxed out. The mortgage is my last piece of debt left. I don't have any school loan or CC debt. I've made a lot of sacrifices over the years. I'm almost at the debt free finish line.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
SAMUEL PETER DESCOVICH
GOOGLE the name
I moved to Germany in 1981 and immediately doubled my salary. Over 30 years in the company my wage raises always matched or exceeded inflation. In the paper business some of the machines running in the UK were literally like museum exhibits for the history of paper manufacture. Meanwhile my new German company were spending 100's of millions every year on new machines. Another massive difference is continual training with companies in Germany put a lot of effort keeping their staff up-to-date. They also are proud to retain their staff over decades - so you have highly trained, experienced and loyal staff. I'm not at all surprised at the numbers - seems to me UK Governments have been promising to improve matters for decades and achieved very little. Yes you have cheap labour but no way can the UK compete in productivitiy terms with that alone. Brexit was a further nail in the coffin. Most multi nationals don't want to invest in the UK for their European markets for obvious reasons.
Germany taxes 40 million on salaries. Half of your salary will be paid by the state and rents. I live in Germany. Everything has become expensive. Every day there are strikes.
BMW just invested £ 600 million
on Teesside .! Ditto Nissan on new car plant in Sunderland !
Also , UK Food and Drink exports are at record highs ??!
Get some facts before commenting..??
In 1984 i went self employed, people in my trade earnt an average of £12 an hour at that time, If you put that into the Bank of england inflation calculator it is equivalent to £37.35 today, so the money you earn has devalued by nearly two thirds.
This is something I've been saying for the last 2 years but it falls on deaf ears. We are getting robbed and by big corporations and our elected leaders. Nice how politicians keep giving themselves raises tho to go with all the back handed payments etc.
christ, thanks for explaining. thats nuts
I live in the UK because of a more vibrant industry that i wanted to work in as a career. But I was on more money at 20 working in Argos in Ireland than i do now as a Technician in UK
That’s cool
Do you invest in the stock market as well?
@@RheaJohnmark yes if i have anything left over after bills etc. normally try and save invest theday i get paid
@@3xAudio It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
@@RheaJohnmark i was about to say please dont try and sell me a scam becasue i had a feeling you would haha
In this country, people live only because they rent houses for 5 people or live off benefits and council houses.
if you are a middle class single guy, you go to work and spend everything on bills
UK immigration policies and enforcement gives them an excess labor pool which drives down wages like dominoes.Employment in the rest of Europe is more regulated.
Economics 101... the more supply you have of something the cheaper it is.Poor people don`t hire illegals, rich people do.Uncontrolled immigration effects the lower economic strata.
In the USA open borders has depressed wages for the non-college educated labor sector for the last 30 years. Fines for employing illegal workers here are a joke.People need to wake up to the policies enacted by parties thought of as helping the "little guy".
Yeah.. I left the uk 1 year ago and came to mainland Europe and I’m doing better here than I was in England! The cost of living there is unreal atm 😢
But you won't stay there. You're just a foreigner to them. I can get back in a couple of languages and have worked over there,
I’m no expert on finance but looking around me personally I see many many people here in London who are tied down for life paying for a house they can barely afford. With so much capital being eaten up by homes coupled with the stagnant wages, its no surprise there isn’t much left for investing into productive assets within the nation.
try going outside of london. Atleast in london wages are higher to compensate but for the rest of us its worse.
It’s a big issue regarding cost of living vs wages. If people in the UK cannot afford to spend their money then the economy will naturally shrink, suffer and down the toilet it goes.
Years of conservative policies pushing wages down and pushing pensions down, this is the result. Many pensioners are suffering and they can contribute to the economy too but not anymore.
If money is available only to the top few percent of people it’ll spiral downwards. Something so many people cannot comprehend.
Drastic changes are needed before it’s too late. Brexit didn’t help either.
The London weighting definitely does not make up for the cost of living in London @@ashleygoggs5679
I totally agree, I make 50k + and people asking why I drive Skoda Octavia. My answer always the same - don't forget where and who you are.
@@TheRegimann Good for you man. Nice to hear. Too many people fall foul of lifestyle inflation. I know so many people that just perpetually live payday to payday because they're simply incapable of not overspending.
In 2016 I got paid £150 a week working 40 hours a week as an apprentice, I could barely afford to pay my bills 😂
Everyone needs income as their tool, emergency fund as their security, investments as their hope, and budget as their control. Get those in place and you'll feel at peace with your financial picture.
One of the problems is the Wages people get paid for doing honest work, it's nowhere near enough with all of the price hikes and the rise in the minimum wage in April will just go on increased food/fuel/rent prices.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have £300 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Investment also means government investment. The UK at one point was spending half that of Germany on R&D and a recent report mentioned by TLDR (I think) stated that lack of national investment is why we have fewer graduate level jobs. So, as always, answer is small state Cayman islands thatcherism
The fact i would need to use my entire income to own my home and keep the various people from taking it back is crazy
I agree with you but it’s not really “taking it back” if you never fully bought it. I imagine you have a mortgage so really you are slowly buying your house and keeping up with payments.
@@twobunny8161 sadly no mortgage, whilst i was looking to get a mortgage and a house the prices shot up thanks to covid. so more savings had to be got. No bank of mom and dad, so now even with enough for a 10% deposit the monthly payments, council tax and housing insurance would take my entire salary. never mind heating, food and just general living.
Why would anyone think the UK Gov "wants to fix it"? Low wages was always the goal. The problem was keeping the policies that created this hellscape in place when the Tories get voted out. And with Stamer they have their solution. Low Wages, wealth inequality and rapid privitaization are the permanent norm now, no matter who is in No 10.
After dinner speeches paying 10 k are designed to keep the status quo!
Is this video a joke ? I got a 30% to 40% raise when I moved from France to London. If I go back to Europe my salary will surely go down.
By 'more investment' people actually mean 'flog of yet more of your national assets to foreigners for a pittance and call the money they provide 'investment'"
I'm not sure I agree with everything said in this video. I'm a UK citizen and Canary Islands resident. Minimum wage here is €1080 per month (£927) and google tells me the minimum wage in the UK is £1730 a month. Big difference, and most people working here are on minimum wage. For example I know a lady who is the manager at a Voda phone high street shop and she earns €1100 a month.
Regards GDP, in the south of Gran Canaria the economy is mostly tourism driven either directly or indirectly (around 85-90% GDP) and we have now have our highest levels of tourism ever recorded, so one would think that GDP must be up, but wages stay the same. Having said this, people here seem contented and happy with life and the place is kept spotlessly clean even outside tourist areas. We recently published a video about our housing, high street, and what's it like and living here and the contrast with the UK is surprising maybe. So from my experience of having lived my life in two different countries now, the UK workers do not earn less than their EU counterparts, it seems maybe they just complain more about life?
Your notice he quotes a report which goes up to 2007. Hmmm, so what happened in 2008 then? Thats where this started. Your notice he says by 2010 as well. House prices also rocketed during the Labour period. They built less social housing than the tories did in 2021/22 for nearly every year of their office.
Badly paid and one of the worst State Pensions in Europe😢 there is an obvious widening gap between the have and have-nots. You can see jobs for lower income earners dissappearing too... self service tills in shops (which most of us hate), Banks closing etc. There precious little to feel good about.
Thing I've seen over the years is the British culture is the class society. And your class based on money is a relative thing. So as more people are pushed into poverty, the people who still have money get elevated in relative terms and support the government. Most of the people who still have money work in the management of the government departments or are subcontractors connected to the government managers through family. They very much support more and more people being impoverished and then feeling smug and superior looking down on those people.
What's really interesting is when you look at the UK minimum wage. If you include PPP adjustment, UK has the second highest hourly minimum wage in the world (just behind Luxembourg).
The problem I believe we face is our dependence on Income as a tax revenue, rather than wealth. VAT, PAYE, Sin Tax, all hit your middle class. Things like dividend tax, land tax, corporation tax, forex transfer tax, capital gains tax are your upper-class taxes and are all much lower and in some cases are subsidized.
Our tax system is like a person trying to extract water from a pond, by using different sized containers at different parts of the shore, believing it will somehow make a difference.
This report gets it wrong on multiple levels. Lower investment and lower productivity proceeded Brexit -- as the chart shows. Also, wealth in not an economic input, but rather a measure of asset value. What is greatly missed here is LABOR SUPPLY and TAX & REGULATORY REGIME. But most important, LABOR SUPPLY.
The report that is used as the source of this story was author by the Resolution Foundation - a new-socialist "think tank" that uses "inequality" to agitate the youth to support stupid ideas, which increase the cost of living on the middle-class.
Fundamental problem is the system. A system where the executives have no limit on how much they can pay themselves more than the average worker in their company will inevitably lead to the execs chipping away their worker's pay to fill their pockets. Same problem in the usa, 60% of people in america live paycheck to paycheck. Studies show that an executive's salary is around 400 times that of an average worker in the same company/corporate. And don't even start about the CEOs, their pay is like infinitely more than an average worker. These executives decide everyone's pay, including their own, and there is no limit on how much they can pay themselves. So unless there is some limit put on it by force, this problem will continue to grow in majority of the world's countries. Especially usa and uk.
Hate to say it but UK workers are also paid less than Australian workers 😅 that's probably why 1 Million English people have migrated to Australia over the past 10 years and probably the weather and beaches
The UK Government of the past decade or so doesn't seem to want anything to do with industry, they want a service economy. The whole thing is cultural attitude from top to bottom.
They don't acknowledge anybody that works in manufacturing, or any kind of physical job, then exclusively fixate on white-collar office staff as being the 'workers' of the UK.
So management-types are always paid crazy wages while the people that put the actual physical effort in are typically paid a pittance until redundancy, retirement or death.
The shop floor workers seem to be almost universally treated as disposable assets in the UK, there's always more to be hired, so you've got no chance to improve your lot.
They kill two birds with one stone.
They satisfy their russian financial investor clients, by making our whole economy rely on illegal financial services, with an offshore tax haven network.
They destroy our union and labour rights movements by removing the jobs that would give them power and move them to countries where people have little to no rights, don't get paid very much and will work harder out of fear.
Companies won't train there staff, they provide the worst equipment available, they pay as little as they possibly can. A real shameful end having been the greatest in the world only a few generationsago. The government hasn't helped, they really don't give 2 shades of shit about the emerging workforce. I tried and tried to get on an apprenticeship. The services available were absolute nonsense. They wasted my time and stretched my temper. Young adults who are capable of learning real skills need shoehorned into work. I had all the same issues back in the 90's had to join the army in the end. White working class males are abandoned
Everybody who’s working class has been abandoned
As one of the first so-called millennials, I've only been able to generate wage or income growth or credit interest here in the UK through entrepreneurial quaternary economic activity. This is unfortunate, because simply selling your time and energy as an employee is not a viable path to lasting prosperity?
Thats right.
It’s not wages that are important on their own! One has to factor in the cost of living.
If you earn 1.5 times as much in germany as in UK, but everything is twice as expensive there you are worse off (those are made-up figures for demonstration).
So, we need something a bit more sophisticated than just wages, if we are to compare how well off different countries are.
I think part of it is that most other anglosphere countries like Canada USA and especially Australia value skilled labor jobs way more UK seems to suffer from credentialism really bad their classism is based on academic achievement it seems
Depends on your job but our taxes are lower as well than in other European countries
Even compared to Hong Kong, Singapore, Australia and Dubai, the wage is in the UK is quite a lot lower.
Regardless of political party, many in the UK have lost faith that the government and the civil service will stop the uncontrolled legal migration - note that is legal, the side of migration that we most have control over.
The effects of uncontrolled migration are seen in:
- increase of people on benefits. See the governments data of unemployment by ethnicity - despite the image fed to us, white British have the lowest unemployment rate compared to all other ethnicities.
- artificially lowering the minimum wage due to an abundance of cheap imported labour. We have parts of the indigenous population that rely heavily on low paid low skilled jobs, and they are having to compete with people who are used to earning below the poverty level of Africa, Indian Subcontinent, Middle East etc
- increase in house prices and rental prices
- more building on our protected Green Belt land due to the housing pressure
- more building on existing buildings and causing social tension as people live cheek by jowl. Legislation has been relaxed to encourage this in building. The UK already has some of the smallest homes, compared to Europe.
- increase in violence and crime. There is a general increase, plus some which is specific to certain ethnicities. Knife (and machete) crime is more frequent, however whilst it captures the headlines, many other forms of crime, not typical to the indigenous population are flourishing. The Asian (Indian subcontinent) grooming gangs rap_ing/assaulting/drugging white children.
- increased demand for extra policing, in the tens of thousands (look at the different police force's online wanted posters, there is a disproportionately higher number of foreign criminals, especially as a proportion of the population)
- increased demand for prison officers, and prison buildings (look at the prison population, where there is again a disproportionately higher number of foreign criminals, especially as a proportion of the population). We are already releasing criminals early, and not imprisoning others, due to a lack of prison places! And the increase in taxes to pay for these.
- increased demand on the judiciary. Our courts are blocked with massive queues, and everything is done to delay cases going to the CPS or going to court. We have a lack of staff and buildings. Very serious cases are rarely reaching the CPS or courts, or take years to go through the system. This causes a lack of justice, an increased risk to the population as criminals continue to live amongst us, and it encourages crime (justice needs to be swift to act as a deterrent).
- the loss of our capital city London. It is now predominantly populated by people who self identify as belonging to an ethnic minority. You rarely hear English spoken! This will impact tourism - a quarter of a million people work in the tourism sector in London alone.
- greater difficulty in seeing a healthcare professional, be it a GP, Consultant, or dentist
- hospitals frequently declaring emergencies as their A&E queues of ambulances with patients stuck in them grow longer. Even hospitals, in areas with a vast majority of white British population, if you go to the A&E it will be full of people from the middle east, Indian subcontinent, and Africa. Often you won't hear English being spoken!
- increased burden of disabled children, on healthcare, special education needs, and benefits (both for disability, and for the unemployed parents that stay at home caring for their disabled children), unnecessarily caused by cousin marriage, from people from the Indian subcontinent
- lack of school and university places. Pressures to change what is being taught, to suit a minority religious population
- the enormous congestion on all our roads. Even country lanes, which were once peaceful, have now become rat runs
- religious and social tension, especially from ethnicities that are not interested in integrating
- increased suffering of female children subjected to FGM and child marriage
- increased distortion of UK elections, as women from the Indian subcontinent lose their vote to their husbands
MORAL QUESTION - is it morally right to import cheap labour to be exploited?
And what about those skilled migrants, eg nurses and doctors, that are actually needed in their own country. Is it morally right for the UK to benefit from poorer countries paying to educate and train skilled workers?
MENTAL HEALTH BURDEN
The effects of a lot of the above pressures, are seen in a rapid increase in mental health problems across all ages, but especially in the young working adults, adults who should if anything, be the most resilient of society.
FINANCIAL BURDEN
At Budget time in March 2024, the UK National Debt is estimated to be £2.70 trillion!
BIRTH RATE FALSE THEORY
Some people believe in the theory, that we need to import people because of our lower birth rate, and that there is certain work that we don't want to do.
This ignores the fact that we need to increase productivity, especially with automation/robotics/AI (Artificial Intelligence), because other countries will certainly be investing in this, and all of these reduce job vacancies.
Our population might not apply for very low paid jobs, eg picking fruit, or nursing the elderly, but that is because the rates of pay are ridiculously low. Pay a fair wage in an economy that doesn't tilt the table by importing cheap labour!
WHAT CAY YOU DO?
Please watch, action, and share this SW RUclips video: A Parliamentary petition to suspend immigration to Britain for five years
Regardless of if you think this will give the results that we need, it is important for people to see, that there are many others who share their concerns, and this is one very simple and quick way to do it.
Many thanks, and don't forget to share👍
One thing not mentioned in this video is the very poor health of the UK population which the COVID pandemic exposed. We have a sickly population with many people suffering long term health conditions who as a consequence cannot hold down a full time job, long covid contributing to that, and with furloughing and lockdowns, we have a load of people in their 50's and 60's who have decided staying at home is preferable to being a wage slave and have taken early retirement. If you add my perception/experience that many people in the UK, especially in the south of England, seem to go around in a dream world and are so damned slow and gormless (when you are driving on an urban main road away from the town centre with minimal traffic in front of you I shouldn't be able to keep up with you on a bicycle; no it should not take 15 minutes to put your screechy sprogs in the car), it is no wonder we have a productivity problem.
My mum had no problem getting us in the car I and my sister would jump in the boot with the shopping, job done…
A little bit of a nitpick but the graph shown at 05:50 shows data from 2021, not 2022. The Credit Suisse report is from 2022 but the data it covers is from 2021.
Another criticism I want to give is towards the statement that the wealth equality is highest in Belgium among the EU countries according to this graph, however the graph is talking about the difference between median wealth and wealth per adult. And yes, for Belgium this is indeed 70%. But if we look at the net personal wealth share of the top 1% and bottom 50% for both UK and Belgium, these are respectively 21.3% and 4.3% for the UK and 15.0% and 7.0% for Belgium in the year 2021 as per the data of the World Inequality Database. Meaning the 1% in the UK have almost 5 times as much net wealth as the bottom 50% does, while for Belgium this is only 2.1 times.
By this metric, not only is Belgium not more inequal then the UK, but is in the lower tier of all EU countries with several countries dwarfing this like Italy, Finland and Turkey where the top 1% has over ten times more net wealth then the bottom 50%. To say Belgium has the worst wealth inequality by this one metric alone is blatantly false.
Workers living standards in the UK have been falling since 1979 when Thatcher got in and governments continued to suppress the workers. Workers in the UK have to join trade unions and take part in it and take action. I f we had 78% membership instead of 22% we could start winning ground. If the workers keep accepting frozen pay or even pay cuts we will end up living on the riverbanks.
Persistently high immigration hasn't helped either. At the upper end of the job market it's been a massive boon for filling skill shortages, but there's been too many low skill migrants also coming in which has contributed to wage erosion and a lack of investment. From a business's perspective, why bother increasing wages at the bottom end or investing in automation when you can easily hire someone from abroad to do the job even more cheaply? And though they claim to profess the opposite, it's quite clear that high immigration is Tory policy to benefit their mates in business.
Immigrants do the work the locals don't want. Try recruiting people for retail/hospitality in the UK. The only applications you get are from indians/pakistanis.
It's because the UK government has a thing for a cheap migrant labour force. They are not interested in the wealth of the average person.
Economy video, please. Given how the US & UK are parallel in this case, I’d be very interested.
It's not worse than Spain. Spanish salaries have always been awful.
On the point of growth.
How often does a company growing mean higher wages for the average worker these days?
Also higher growth only means larger tax revenue if the company is paying it's taxes.
I feel like a significant reason the country is getting worse is mega corporations are pushing smaller companies out of business whilst paying poor salaries and shipping the profits tax free out of the country. This only compounds each year the company operates, yes they have to spend that sterling back in the UK but they aren't investing it back into the business they're selling it for other currencies and then it's used to buy properties driving up the housing market
B-b-but I thought skyrocketing wage growth was the primary driving factor in UK inflation. British workers were asking for so much money in order to get off their lazy asses and do a day’s work, that they had too much money to throw around, causing all these annoying price rises. I’ve seen that argument in the commons, economics videos and the news. It must be true.
Exactly. It couldn't possibly be commercial and financial interests, paying our government for policy changes and deregulation in order to create a compliant and dehumanised workforce, deceaved by hateful rhetoric towards hating one another, to further their grasp of control over our lives.
That's what Andrew Bailey would like you to believe rather than greedflation
Prices mainly rose because of kicking out EU farm workers and food production was cut by 60% because of that. But now they are bringing in workers from India to fix it
Comparing to some other more productive countries in the world where I have lived and worked, Brits in general seem very work shy. They spend a lot of time moaning and blaming everyone else and work very little. I can see whataboutary coming towards this comment very quickly, which again proves my point.
Tories increase nmw by a £1 and then make out them doing you a massive favour. Piss poor 👎👎👎
"Brexit means brexit!".Well done UK!Come to Europe to work and earn some cash for decent life-just don't be lazy and learn the language!
In the Netherlands we also get an extra months holiday pay in the summer. Also many get an extra month over Christmas......
The UK is run like a bad business; prioritizing short term gains over long term gains. It's the same mentality that lost them Hongkong. The UK needs to fundamentally change if they want to reverse course. I don't see that happening with the Tories and their backwater thinking.
As a Veterinary Surgeon in the UK, my income is on average 2X what I would get in France and maybe 3X what i would get in Italy or Spain....That's why I currently live in the UK
Wow ! Someone who hasn't swallowed the " EU - Brilliant "
" UK - Crap " mantra !!
Makes a change from whining Remainers ..!
Good one, UK at least is better than Spain, Italy France and the rest of Eastern Europe countries
I would have to disagree with the assessment in this video. Now, I am by no means an economist (I'm a frontend developer), so I don't take what I am about to say, as as an experts' opinion. I merely base my perspective on what seems very much logical to me.
Let me put down the conclusion hard and fast: A high level of immigration will stagnate the wages.
Let me paint you a picture of why this is:
Let's say I am the owner of my company (the size of the company does not matter in this example), and I have 5 vacant positions. These vacant positions all require knowledge in economics.
Now, here's 2 scenarios I can find myself in. A market where there is a shortage of workers, and a market where there is an abundance of workers.
In the scenario where there is an abundance of workers, I will simply list my vacant positions, let the applications arrive and pick out the ones whom I believe, can do the jobs to a satisfactory level, while also be paid as little as possible in wages, in order to reduce expenses tied to wages. This is only possible, because the labours are competing against each other, to get the jobs I offer.
In the scenario where there is a labour shortage. It is no longer the workers who compete for my jobs. The roles have now reverved, where I am competing against the other companies for the same available workers. This means, the workers seeking a job, can now "shop" between the available positions, and simply take the ones with the highest pay. In this scenario, I as the company owner, would have to lower my expectations for the yearly income, as my expenses to wages would have to go up. Since I would not only have to offer higher wages to my future workers, since I would have to outcompete the other companies. But I would also have to pay my current employees more, in order to increase the likelihood of them staying, and not have them poached by other companies.
Now, if you import a metric tonne of new workers to the market. That means I, as the company owner, would never run out of people applying for my vacant positions. I would never end up in the situation, where I would have to compete against the other companies, and therefore I would never be forced by the mechanics of supply and demand in regards to the work force, to pay my employees higher salaries.
Apologies for the small wall of text. I tried to keep it short. And please let me know, if you can poke holes in my logic. My approach was really just to apply the laws of supply and demand to the job market.
bit of feedback on the "Income at various percentiles" graph. by having the three graphs next to each other but at different scales it becomes harder to compare. for example: as dutch citizen I was curious how the income growth compared here in the Netherlands. and at first glance you get the idea that each percentile has had about the same amount of growth. that was before i saw the different scales.
I understand that you want to show the detail in each line and I have no issue with starting the y axis of the graph at a higher value. but the change in scale can make the graph misleading. not that I think that you wanted to mislead us! but that can be the effect with this design
Less hours at work; 1 year paid maternity leave, work from home; 4 day week; safe spaces; more holidays; H&S excess; laziness and work shy; welfare too generous. Are some of the reasons for low productivity.
And it's getting worse.
🎯my neighbour a full capable male hasn’t been working since 2015,just leeching on the government and lives in a nicer house,goes on 3 holidays a year while I work 60+ hours a week to make ends meet.
Your very situation will escalate and force people to vote differently. The only non woke parties are Reform and Reclaim. Reform say they'll have a candidate in every constituency. Now is the time to shift to a party that puts Britain first. And Britain's hard workers.
I joined the Labour force in 1978, and there was a stigma if you were on the dole
People wanted to work. That was the expectation. And city centres looked British. How times have changed. For the worse.
So many Brits are snobbish about Poland being a poor country. Whereas in reality the salaries for a lot of jobs are higher and costs despite severe inflation are still lower 🤷♂️
Who wants to live in the next war zone
Look up "De-industrialisation was Hong Kong's Biggest Mistake" by Asianometry, it shows the parallels that Hong Kong took that have also afflcited the UK.
Essentially the UK government tilted the scales towards landlordism and finance ie speculative and revenue consuming activities at the expense of manufacturing and R&D ie tangible commodities, "real" wealth and capital innovation.
Thatcher defanged the unions whilst Europe didn't, this created "labour flexibility" which is great if you want cheap labour but this makes capital investment superfluous, think of India how many roads there are still dug and paved by hand, because there's no need to invest in machinery if it's cheaper and legal to just pay a mob peanuts and give them shovels.
Whilst in Europe where unions can still go on General Strike and have "closed shops" etc, the only way for capitalists to cut down labour costs is to invest in machinery to minimise labour input, if said job can't be offshored of course.
And Thatcher also essentially got rid of social housing with Right To Buy, which took money that investors could have put into the productive economy and instead it's tied up in speculative bubbles of existing homes instead of factories and machines producing tangible goods.
I wonder of what europeans they are talking about! come to Spain, Portugal, Italy. In Portugal the minimum wage is 800 euros a month.(that is what half of us receive in the end of the month)
British wages are insanely bad. I lived there for a year and was only earning less than half of what I earn in the US for the same role.
Somebody help me getting out of this prison
because low earners or those with kids have their wages topped up with benefits, its a way the uk government tinkers with the labour market/economy.
Inequality is rising in all countries. Also notice how the high incomes in Germany didn't drop like the medium and low income. Same goes for (inherited) wealth matters more than work. Scary.
But of course with the UK Brexit and instability doesn't help.
Because the public sector wastes so much money and the engine room of the economy in the U.K. the private sector is not respected enough.
Austerity policies are not a good way to recover from a financial crisis. No way we could have seen this coming...
But austerity is a necessary evil in response to fiscal mismanagement and unsustainable public spending.
@TDLR you are missing a key point on tax credits surely? Essentially the government top up low pay using tax credits. IE someone will make minimum wage working a low paid job but the benefit system also pay them £300 a month in tax credits. So it's a bit unfair to compare to other countries in Europe without taking this into account
The UK relies more on foreign imports rather than manufacturing goods and growing food. Once upon a time many goods were "Made in Britain". Now products tend to be produced in other poorer countries because companies can produce products for less due to sweatshops in India and China with long hours and less pay than in western countries.
Yes, I'd love to see a full-length video going into what is needed to fix the UK economy. It would be nice to hear more about possible solutions.
Give everyone on benifits £1000 per week tax the rich an extra 5% then the poor would spend that and watch the economy double sadly to much money in the rich people banks but you but that 5% in poor peoples bank for 5 years then they will spend generating more tax for public services and after 5 years the rich will benefit by haveing stronger company assets rather than the weak ones they have now for this country to move forward it needs spending confidence that what helps people wages grow and companies grow.
Thanks for calling our economy 'big', but unless I'm mistaken, Belgium has one of the lowest Gini coëfficients in Europe, so I'm a bit confused.
Since 2008, the pound fell from $2.5 to the £1, to $1.26 to the £1 now. Essentially, dollar pound value halved, so a factor of why productivity and GNI looks bad.
Don't understand England our Economy gone too down even can't pay Rent how compare with Europe
Greedy employers. All the money is concentrated to the top and never given to the workers at the bottom who generated that profit in the first place. The minimum wage has to go up. Simple. Sorted.
How is it fair to be 58 years old in the same job all the working life for different employers and still on Basic minimum wage.
Years of experience and qualifications but still BMW in education.
Not right at all.
Simply the rich an the government doesn't want the people to have money to better themselves because you have more control of the people if they are poor.
I really wish that this video had prefaced this entire discussion with an explanation of the difference between “National Economic Productivity” (which this video is about) and “Labour/Worker Productivity” (which it is not).
• National Economic Productivity
“Productivity at the national level is typically defined and measured in terms of Gross Domestic Product (GDP) per capita, per employed person or per hour worked. It is viewed by many as a key indicator of the economic health of the country.”
• Worker / Labour Productivity
The thing you think of when you talk about productivity, as in “How many cans of Peas can Bob (the guy who chews/spits out the Peas) at the Mushy Pea factory make in one shift.
TL;DR (lol):
Imagine the UK as a nation is a corner shop. "National” productivity would be linked with how much business the shop did compared to how many hours all its Employizens worked.
“Worker” productivity would be working at the Sandwich counter (this is an alternate universe where British Corner shops are bodegas), how many Sandwiches can you as an employee make per hour.
Compared to 1970, we are making literally 250%+ more sandwiches per hour (thanks to technological innovations like: nice lettuce, a spatula, indoor smoking bans, contact lenses, less pubes, and Amazon Alexa Enabled Bread Slicers - probably), yet our “real” wages (compared to inflation) have only grown around 13%. This report isn’t about that. It’s about how well the store is doing (and how much of it’s total sales end up getting paid to employees).
I’m not implying intent on TLDR whatsoever here - it’s confusing terminology and it takes a lot of work to unpack this stuff. I am plainly saying that Economists in general intentionally make the terminology confusing and difficult to unpack, because the things they are describing are pretty perverse once you take do a Scooby-Doo mask reveal on them.
Calling this report “Store Sales Compared to Sandwich Artist Salary” would not go over as well. Firstly this more accurate title makes implicit reference to how bonkers the whole Wage/Worker Productivity Gap has become(*). Secondly, it doesn’t casually and carelessly place the blame for the current economic conditions of the general concept of productivity, allowing most people to come away from coverage of it with an impression of “oh, people aren’t working as hard”.
THE REAL TL;DR:
Your reporting on the “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” can be as well researched, compelling and factual.
Unfortunately, by not translating the Economic jargon into real world terms, none of your audience actually learned about investments in energy company mergers. Without saying the full context of “Senior Hedgefund Accountants Group Yearly Economic Reports: Monopolistic Utility Markets” most viewers have just watched a 10 minute long Xbox Live circa Halo 3 lobby tier insult to their sweet old Mum.
*Sources:
London School of Economics:
Wages-of-typical-UK-employee-have-become-decoupled-from-productivity
The Resolution Foundation:
Dead-end relationship?
Exploring the link between productivity and workers’ living standards.
PS: An increase of 250% in Worker Productivity to 13% Wage Growth since 1970 is an American Stat, in the UK it’s only a 25% difference with the decoupling happening closer to 2010.
PPS: I’ve now re-watched this video and read a bit more of the report itself….honestly I’m even more confused now about all of this.
I feel like this video is jumping back and forth between the two different types of Productivity interchangeably at different times points, which may be valid narratively - but is really throwing me for a loop.
I could be completely wrong in my analysis, so if anyone more qualified happens to see this I would definitely appreciate if you could give my dehydrated brain a nice big gulp of ice cold clarification.
TLDR: British people ARE Europeans! Stop playing the "us and them" silly game. Choice of language is very important, we saw that since 2015. "Other Europeans" and "rest of Europe", please.
Great Video! And Ben, this outfit suits you very well!
Even salaries in Ireland are so much higher than the UK , its insane.
Would you consider 41k as a production technician in medical company in Hertfordshire as a good salary?Its around 2700 after tax and it doesnt ffeel a lot.
High taxes eat into salaries more than people seem to realise, the whole gross income rather than net is always weird to me and the thing is
You have people wanting MORE tax, and it's gonna get worse with 4 more years of fiscal drag
The Westminster System presumes that strong political leadership solves a country’s problems rather than policy that sets good conditions for its residents.
Countries under that system will always dabble in economic failure. Britain, Canada, Australia, New Zealand, and India might not always be in a crisis, but their political system ensures that they’re always creating them.
Ya when the European Union governing systems were designed they made sure to learn from the problems in democracies. In the EU imo democracy has little to no impact on the EU decisions. The EU is ran by the bureaucracy in the EU departments. In reality that is how the Britain was ran in the Empire days. The London Empire bureaucracy were the ones who really made all the policies and decisions. And the Empire bureaucracy were these families about 50-100,000 families who were dedicated to the Empire and Britain. So there was a strong hereditary aspect and lifetime employment/benefits aspect. Sort of like how the military tends to operate in countries where the core of the military is these military families which go way back and are dedicated to the overall mission.
Austerity. Where the banking elite screwed up and the people pay for it.
The UK is cheaper on average than the EU. ~My rent in the north of England is £400 a month.
What is your rent? (looking at Ireland).
High earners / technically skilled people are fleeing the sinking ship and have been for a decade+. Poorly skilled people on low wages stay, with even more poorly skilled people on low wages moving in from abroad to fill an economy that has become bottom heavy. If someone is in the top 10%, theres poor growth, collapsing infrastructure and wages that are at best average for their highly skilled sector, what reason would they have to stay?
This is the inheritance bestowed on us after 40 years neoliberal policy and 15 years austerity.
Its not econonics. Its political ideology.
Higher growth in the UK and most western countries is just more government spending. The UK does a massive amount of deficit spending.
Why did you compare just Germany and France ? Why haven’t you made a comparison between disposable income between Switzerland ,Norway Lichtenstein and the UK ? That would be be eye watering
Just one advice for future videos, for any sort of charts please just write in brackets lower is better or higher is better to define your stats more clearly)
Okay Austerity,lack of infrastructure investment,lack of privaye investment.
We need planning reform and more public investment
We should bear in mind that many UK roles get non-pay benefits, such as a holiday, sickness and maternity leave and pensions. For a public sector employee going to the private sector, they would need a 30% payrise or more to compensate for the loss of these benefits. And reducing the number of civil servants, especially those with high salaries, could be a solution as the UK has a shortage of workers for its private sector and most parts of the civil service do not produce anything toward GDP.