Britain Is No Longer A Rich Economy And Here Is Why
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- Опубликовано: 20 сен 2023
- Britain’s economic journey, to say the least, has been a captivating tale spanning centuries, characterized by periods of rapid growth, innovation, and transformation. It has evolved from its agrarian origins to the top of the Industrial Revolution and the contemporary global economy. What happened to the motherhood of Rolls Royce, Tea and Iron Maiden these days?
Great Britain, United Kingdom, England, Economy, Economy
#economy #greatbritain #unitedkingdom #economyfluent #crisis
Thank you Everybody for such a big involvement in the comment section! This is absolutely amazing! 👏👏
No mention of mass immigration in the last 26 years? “Hostility towards foreigners”. I think you’ve given away your agenda and your angle. Plus there are areas of America that look like the third world. I’d rather not have that.
Sir !! there are more than 500.000 homesless in US !! how its affordable housing in US than in United kingdom ??
. I can't even comment. It's devastating how many people are living on the streets, in tents. Our housing is up, even elderly are living in their cars, they were forced to choose between streets, food, medication, bills. It's cheaper living in a car. The illigal migrants are also forced to live in tents, not enough housing to go around. Migrants want 5 🌟 Hotels, but they're getting evicted to streets, and find their own place to live. More illigals are coming in, no place to put them.Most expected better treatment, if Americans are sleeping in tents are they any better? Migrants don't think when they invade another person's home, now they're learning that everyone is in the same shoes as they're. Things are rough all over the world, deportation is the only way any nation, country will survive. The 3rd world Grifters will destroy the whole world.
Because you're not able to loot other countries for last 50 years.
British think they became rich by innovation, but they really became rich by murdering, butchery, exploitation and looting others.
Yes, when you have such a fake headline what do you expect?
As an American struggling to even approach home ownership, the phrase "Housing in the US is considerably more affordable" filled me with an emotion I can not name.
$114,000 yearly is needed now to own avg home in America. New study shows. That is going to get a lot of people angry because renting is no way to raise a family. It can be very bad for mental health.
It really is hard to believe. But as a European that grew up in Canada and moved to the US, I can confirm, that the US housing situation is nowhere NEAR as bad as other countries. It’s literally not even close and anyone telling you otherwise is blatantly lying through their teeth.
@@18pluskiddoit can get worse, probably to China levels, where houses aren’t even allowed to be sold
its called inflation, we have been inflating the housing prices for past 30 years. We had extremely low interest rates for 20 years, which also increase the price of homes. This is caused by central banks messing up the economy by manipulating the markets and interest rates and causing asset inflation, they are clueless
@18pluskiddo to own an avg home in the usa you need to make minimum 114,000 a year. Usd. According to a new study or some numbers i read recently.
But the arrogance of Great Britain stays unchanged
Great Britain is a Island that holds England Scotland and Wales. It isn't a political entity or sovereign nation. Not sure how a Island can have any sort of arrogance.
A arrogant Englishman.
Spot on 😉
arrogance to her own people plus brother third and BNO, no one else.
Arrogance of Great Britain ? There speaks another Brit hater .
DONT tar al B rits with the same brush. Its like saying all yanks wear 10 gallon hats stupid comment
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
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My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in Britain.
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Would you rather live in a society where the rich are well off and the poorest can still afford a good standard of living or one where the rich are stinking rich and the poor are on the brink of destitution? Sadly, UK chose the latter through its own government's social and economic policy.
Please please explain who is destitute in third world Britain..
@@stevenvater8720 "Please please explain who is destitute in third world Britain."
No one should be begging in the streets. But plenty of people are so destitute they have no alternative, as you can see by the tent villages on pavements in London
No one should have to choose between heating their homes and eating, but many people have to make that choice
Children should not be malnourished, but plenty are as can be seen from the fact that children in the UK are growing up shorter than children in the EU.
Hidden destitution is not being able to save up to buy a home because most of your pay goes on exorbitant rents
Hidden destitution is having to wait a month to see a GP, and years to get an operation. No EU country has that problem.
Hidden destitution is not being able to get a dentist you can afford. No EU country has that problem.
Hidden destitution is being in debt for most of your working life due to student loans. Young people in the EU don't have that problem.
So your saying all the people reading this, including you are stinking rich? or are we all reading these comments at the local library?
@@JohnSmall314 people who are destitute are so from a multitude of reasons, it's not all government fault. There has always been people who slip through the net no matter what help they get. We don't live in a utopia. Having said that, some fault does lievwith government but in my humble opinion Britain is broken so bad it's beyond repair. It'll leave it at that as a full explanation requires a book!
@@JohnSmall314absolutely spot and plausible points
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A recent trip back to England, the Sussex Coast where I lived for most of my life.
It was a shock, a real shock. The numbers of people sleeping rough, the boarded up shops. The general scruffiness.
High prices, the same as Ireland more or less but not the same incomes, not the same choices or quality.
Little seemed to have been improved and the most shocking thing of all? So many people seemed to regard this as normal.
The place had become more backward looking, more insular.
A great shame.
I did however find most people polite and friendly. It seemed as if they were eager, wanted to do something.
I have been used to greeting people, when entering shops etc and it is normal where I live. I noticed people responding which would not have happened a few years ago.
The will and the eagerness seems to be there. The people have to lead the way as the ´powers that be´ have most certainly lost it.
Dee Deebombing
Sounds like California!
I remember my Dad going back to England in 2001. He said it wasn't the country he remembered when he was younger, and he couldn't possibly afford to live there now. And that was over 20 yrs ago!
That is a very sad yet revealing observation,and one that people should think about.In effect they chose that because they were told by the media that Jeremy Corbyn was some sort of devil,because he supported tbe palestinians.See what happened in Gaza since............
@@E3ECO lmao he would be lost on the way home if he gets there today 😂
Britain hallowed out its economy by allowing its politicians to take political donations from large Finance. Only to then do as they are told. That is to prioritize British Financial Engineering over 'actual engineering' in Automotive, Aerospace, Healthcare, Biotech, IT, etc, etc. One glaringly recent example is ending funding for HS2 for the North - a transport link significantly adding to the social, economic and productivity rate potential of the entire country - then keeping costly tax loopholes for the Finance Industry to exploit.
HS2 was a complete waste of money to begin with. It made the journey from Manchester 20 mins faster.
So even by your exaggeratingly low estimates, it saves 40 min round trip for 10s of millions. Thanks for proving my point so succinctly.@@garethwilliams4467
It is called fascism. The intertwining of powerful mega corporate monopolies with government. Look at Hitler's Germany and how we always support Nazi's: aka Ukraine and Israel's Zionists.
@@garethwilliams4467 Would of had a high speed railway line at the end though. Now we have nothing. WHY ARE YOU DEFENDING THESE PEOPLE. WE GOT NOTHIING YOU FOOL.
@@salkoharper2908 why do you need a faster train line ? Why is speed the problem, you want to keep pouring more money into it with no benefit. Now what you shoud be dong is using your energy to spend the money made available where it counts. Dick.
Out of control housing costs are the UKs biggest problem IMO. It makes the country uncompetitive in all sectors, because it feeds into higher wage demands AND lower consumer spending across the board. High commercial property costs are also a significant barrier to productive enterprise (i.e. cost of setting up/doing business). I find it amazing that this is not called out more often, even the Victorians, and later Churchill, well understood that feudal style economics that prioritize property ownership over real productive enterprise (i.e. resources, manufacturing & services) are a severe brake on economic development. Unfortunately Thatcher bribed an entire generation with property wealth and it's become a religion that they can't let go.
they are 3 x overpriced, so no point working full time.
They also keep letting in illegal migrants then paying to house them.
@@888ssss I rest my case. People literally CBA to work because it's not worth it. Thus costs destroy productivity.
its too late now anyway. our prime years have been destroyed. all that remains is to watch the well deserved collapse of boomer society.@@enemyofthestatewearein7945
The housing asset bubble has been fed time after time by all colours of politicians- fundamentally due to a massive imbalance north to south so imbalance in housing demand with a limited scope to build in the south east- also one of the first countries to remove virtually all mortgage controls so stoking a housing asset bubble where all families need to work full time to afford an average house- they should have restricted mortgages to 3x main bread winner plus 1x extra income then restricting the asset bubble and give families a chance to live and prosper- start by rebalance the economy northward to capitalise on space and human capital- imho
You fail to mention Britain's insanely restrictive planning system which allows vested interests to stop anything happening to improve infrastructure. Britain is a nation of Nimbys.
So is the netherlands, but that isn't holding it back
Not really Nimby. More like don`t want the house flooding due to concreting over the country side. They are building on a flood plain where I live. I hope the site is flooded lolol.
In germany the nimbys are strong too. Just think about high voltage DC power lines to bring renewable energy from the coasts to the south. Because of the eye cancer threat and power radiation and reasons, the nimbys made it so it will be built as underground cables what makes it three times as expensive. I have the slight feeling it was out of pure hate for renewable energy and the hope it would be cancelled entirely because of the high costs.
Everyone jumping on Labour’s new policy bandwagon 😂
The value of countryside will only be apparent to you when you are starving.
Short version:
Britain has been in a vicious cycle of lowering it's investment in its own economy leading to increased economic uncertainty, leading to lowering investment in its domestic economy, etc.
That's the gist of it but without further context it's a bit misleading
Taking in an entire country's worth of new migrants and footing their wealthfare and illigal hotel bill to taxpayers are also fairly relevant
@@olavmortensen7175 Not as relevant as the Conservative party would like us all to think, trying to distract us from the disastrous effects of their own policies.
Also, what would you describe as an entire country's worth? Because we take in fewer migrants than literally every other country in Europe.
@@joeallen9104 10 million migrants in 20 years, fuck the conservative party and labour and lib dem and the snp, fuck the whole ruling political class.
@@joeallen9104 'Because we take in fewer migrants than literally every other country in Europe.'
Oh, so Britain takes in fewer migrants than, say, Hungary then? 😆
As someone who used to be a pretty patriotic brit, I have notthing but disdain for our country anymore. I've travelled the world, and while I've seen amazing progress and innovation change around the world, the UK has gone backwards. It's a nation of "good enoughs" and "just let me keep what I have" rather than the old nation of innovators and builders.
People are too concerned preserving everything as it is, putting up roadblocks to development and change. It's a depressing country and we have our own culture to thank for it. I'm currently trying my best to move to another country, somewhere like Poland or Dubai.
All the best mate. Hope the move goes in your favour and you create a good life for yourself.
Specifically what roadblocks have been put up against which specific developments and changes?
Have you gone yet? Please leave our country quickly.
No different here in the States. Preservation is not always a bad thing. New home developments here are more like apartments, micro backyard and no setback from the street. The calm and serene neighborhoods of the past are no longer a reality. And the construction quality is abysmal.
@@captmaverickable I'm fortunate enough to be a pretty stable financial situation, but the reason those developments that you speak of are appearing is because there are too many people in the US for the current amount of housing. Realtors can charge whatever they want for already existing homes because they know that there is a large lack of supply for the current demand. We need affordable housing options. I do agree that construction quality across the board has dropped like crazy though.
So basically the Conservative Party has done a terrible job
The leadership. Doesn’t need to be about parties to be honest.
Spot on
But the public keep voting them in because UK elections are more about judging the opposition then the current government. There’s a common talking point that “Labour can’t be trusted on the economy, they will SPEND SPEND SPEND giving financially irresponsible people more money who are unemployed!”. This is commonly said by the older generations who vote more, while younger people mostly don’t vote in elections, instead voting with their feet and moving to better countries.
KICK OUT THE CORRUPT TORY GOVERNMENT. THEY PUT IN AN INDIAN WHO WAS NEVER VOTED TO LEAD THE COUNTRY. HIS POLITICIAN FRIENDS PUT HIM IN POWER. AFTER A LEADER STEPS DOWN, THERE SHOULD BE A GENERAL ELECTION.
They do nothing else!
Even in the “affluent” south east the streets are riddled with potholes. It stinks because of the new open sewage system they seem to have adopted. And even rich people have to use the NHS if they need to go to A&E. The government themselves said that Poland are overtaking the U.K. when it comes to living standards. No wonder that more billionaires and millionaires have left the U.K. than have left Russia. It’s becoming a desolate place with boarded up shops and ancient infrastructure. 13 years of Tory Rule. Paid for by the people of Britain.
Side note. Where do those rich Tory donors actually live? France. But they’ve taken your right to retire there away from you.
What a complete load of old bollocks you've written.Are you Irish by any chance ?
Poland has a no bad immigrants allowed policy, which is probably helping it.
That is false brother dont believe that. Poland has an extremely liberal immigration policy, its just nobody wants to work in Poland. There is nothing there. The polish government new this and came up with EU immigration plans which basically allowed anybody to come from everywhere if they had money. If polands migration system was a business it would've been worth billions.
The south east isn't really affluent, it just has more property wealth, meaning it's harder to live here if you missed out on the 90s and 2000s property boom lottery. Outside of London /Surrey, Berkshire etc (counties with the m25 going through them) wages aren't very high
Poland is also doing pretty bad when it comes to housing.
The problem is the same in Britain as almost everywhere else, just more severely: government's total subservience to the privileged, especially landowners. The astronomical unimproved value of land is the measure of how exorbitantly over-subsidized idle landowning is. Every other part of the economy is sacrificed to shovel trillions of pounds into the pockets of landowners in return for exactly nothing.
Man, I’d love to see America, Canada, and the UK get rid of their garbage governments and finally start prospering.
i agree with you, now no matter what country you lived, all government are satan
America's economy already grows much faster than the EU average
The biggest problem is uneducated voters who vote in the politicians that promise them the most
In terms of finances USA always seems to be on top because of their culture towards making money over everything else. However I think they are declining in terms of how nice it is to live there
@@epjarvis1285 Not really, US outranks half of Europe on infrastructure. And like it or not finances play a big role in quality of life. Many Europeans move to the US because the US salaries offered are 30-50% higher than what is offered in Europe for the same position.
It reminds me of a economic model of a small sea side town 20 years ago. I told this to a conservative MP in 2004 where a southern coastal town’s biggest employer, who’s owners commuted by Helicopter, paid minimum wages and zero benefits to office and warehouse workers. How could any leader pretend to sustain macroeconomy when micro economy is being neglected by people with Net Zero IQ or EQ? 🙄
Perfectly summarized! But apparently the thought of "the old days" and of the "Great empire" hasn't left many English voters' and politicians' heads!
Exceptionalism comes before the fall.
And they still use the same old methods of exploitation even tho now they can only exploit their own people and not colonies
Was the UK the only country to have colonies?
What do you imply exactly with this question? @@lloydnaylor6113
@@lloydnaylor6113 by any stretch of the imagination, NO. All the European major powers did dabble in colonies and many Asian powers (see Japans modern history or China’s historical relationship with Vietnam)
It doesn't look good to have a great gap between rich and poor everyone has the right to enjoy all the blessings and needs of life 😢
are you sure that everyone deserves the neccesities of life. What happened to individual responsibility and earning it.
@@garethwilliams4467 Responsibility means understanding the results of your actions, and choosing the most ethical choice.
Let's be honest, you don't care about actual responsibility. You care about using it as a measuring stick. To my mind it's the most anti-responsibility mindset you can have. To take something that's no doubt one of the best human qualities and to use it in a cowardly way, to say that x or y doesn't deserve water or food is... pathetic.
True responsibility is taking it on yourself, understanding that your actions are part of the reason. I think the sort of attitude you're displaying is usually just an avoidance of that fact. You can tell yourself that you've done what's required of you without actually having to think or bother to do any better.
@@mrjoe5292 sounds like pure bypassing to me. What are the necessities of life, who in the UK is without food and water. If you're on benefits in the UK your are in the top 20% of world wide earners. And they get for free. There should be an intelligence test before you're allowed on the internet.
All our economic assets are global corporate owned, and we paying them hundreds billions to run them.
At least we didn't sell off all our companies to a foreign communist nation called China. Woops
The value of the pound shows Britain's decline but the extent of the decline is hidden by frequent changes of the index. When the Euro was launched the pound was £1 to E1.66, in October £1 to E1.15. Brexit has also severely weakened Britain's economy.
For decades allowing the Pound to fall has been the UK's economic get-out-of-jail-free card. Now that trick has run out of road.
I was shocked but uk gdp actually did better than eu. Is actually about on par with france.
Whilst your figures are accurate, there also grossly misleading. Every time a country was serenaded, to joined the EU, part of the con was to overvalue the Euro, prior to joining as means of influencing people like you, into believing what a wonderful deal they were getting. I lived in Cyprus and it was valued at 179 euros to the pound, a valuation which conned the simpletons to a positive EU vote. Needless to say, once joined, it immediately collapsed. This was an EU practiced time and again and the idiots still believe in it.
WE HAVE EXPANDED FASTER THAN Germany or France since Brexit. Germany is now the sick man of Europe. Is that due to Brexit?
Well said .Who would have thought Germany would be the sick man of Europe? Because of Brexit.? @@RedHeadNINTY9T9
What if the UK had followed Norway's example and managed her North Sea oil and gas resources for the long-term?
Then the UK would probably be a similar position to Norway, in terms of fossil fuel energy and national finances?
I don't think they could've followed their "example" as the benefits of their approach weren't obvious at the time, but only become apparent over the last ~40 years.
Instead, the relevant question is WHY didn't the UK government implement similar policies to the Norwegian government. Why did they allow private industry to profit from exploiting the nation's natural resources, instead of managing them for the benefit of all citizens?
Unfortunately, the UK has always been ruled by a rich, privileged elite, initially consisting of landowners (aka landed gentry), then also merchant capitalists who tend to put their own interests above those of the country as a whole.
Until this situation changes the country will continue it's slow, but gradual and inevitable decline.
Scotland's oil! Had Scotland been independent when the oil was discovered it would not have had to watch as its oil wealth was squandered by English Tories under Thatcher on tax cuts for the rich and unemployment benefits for Thatcher's victims. In short, Scotland would be as rich as Norway.
That could not be done. Norway did not wish the money to come into the economy or it would have been destroyed. The alternative was to set the money aside for national infrastructure projects etc.
Britain’s problem was huge overhanging debts from two world wars and the Korean War which cost half as much as WWII. Thatcher’s claim was she had eradicated these by use of oil money. That did not eliminate national debt but it gave relief.
Ireland had a similar problem to Norway and has left her oil in the ground. This is known because the wrong samples were sent to a rig in the North Sea which was interesting but we were not supposed to talk about it.
The point all these financial arguments miss repeatedly is the size of the population of these countries. If your country only has 5 million or so population your range of options for a financial windfall are substantial. Britain has a population of about 68 million. That means for a tiny movement to benefit a small part of population vast sums are required. All the large economies in the EU have the same problem and by altering the way you address your statistics the size of the population can make them better or worse.
As for the rich poor break yes it is here but in a different format from some countries. Who cares about the number of fridges in your house or the age of your car if you cannot turn the light on. But and it is a big but we have a lot of self appointed groups who want people to have an impossible standard of living. What is the point of telling people they cannot use a fireplace to heat themselves when electricity and gas are too expensive to use. Sitting in front of a bus is not going to warm them.
@@DrSteve660 Shetland's oil!
@@DrSteve660still can be, with independence and a competent pro hydrocarbon government there will more money made from the Scottish oil and gas industry in the next 50 years than the last 50 years.
I live in Asia, and when I visit England, it’s like going to a Third World nation. Can’t believe the poverty I see.
I spent my whole life here and I'm working class and I have absolutely no idea what poverty you are referring to especially you coming from Asia. What country do you live in Asia?
@@dopemusic6414 Taiwan. When I was in London last year, all I saw were homeless people, hooligans. And dilapidation … very telling of a social infrastructure on the brink. Maybe, like the frog in the boiling pot, you have just become accustomed? Being working class does not equal poverty, by the way.
@@wordscapes5690London ia NOT representative of the rest of the UK.
@@wordscapes5690At least England isn't constantly on the verge of being invaded like Taiwan is. I'd take living in the safety of our 'third world' over the danger of being overrun by an oppressive power any time!
@@B-A-L I was not saying my country is better than your country. Don’t be so childish. I was saying that the poverty in your country is inexplicable, and highly suspicious. Bad governance.
London and surrounding cities basically forgot that wales, scotland, Northern ireland and the rest of england exist.
They've made very little effort to help grow and develop them. Parts of england are among the poorest in the eu
They are not the poorest in the EU. They are not in the EU 😅
We need to stop comparing the UK to the US, the two countries are too far apart. Rather the UK should compared with peers like France .
UK shouldn't be compared with France, as UK is 4 countries and France is one country. England should be compared to France. Let's see that.
@@Just_another_Euro_dudeIt's not 4 full fledged independent nations, the UK acts as a single nation on the world stage and the 4 sates it consists of are not free to decide their individual policies, even though some areas are devolved.
So a comparison between France and UK in is valid.
But if you want to compare to nations less huge than the US then compare to Germany or Switzerland. Federal countries with national policies and "devolved" component states/kantons.
We should always be compared to Ireland France Belgium and Netherlands. The US is so far away and so foreign it might aswell be on another planet I ve been there 3 times and as a brit I felt just a much a foreigner as I do when I visit my wives native Philippines.
@@leonpaul9443Britain like Ireland has a mythical special relationship with the USA, we both have our uses in different ways but if we ever out live our usefulness they'll drop us like a hot spud and move on. Unlike Britain Ireland realises we need Europe. Hopefully Brexit will teach you this lesson but what your suffering now are just the normal teething problems that nations suffer when taking very big steps in a given direction covid and the war in Ukrainehave magnified them, you won't feel the real effects of Brexit for another generation.
@@Just_another_Euro_dude WHICh four countries are you referring to? England is a country, Scotland is a country, Wales is a Principality and Northern Ireland a Province!
Thatcherism blairism and austerity and a service economy paying peanuts... what could go wrong 😅
Hey😂 don’t say Blairism, it puts a bad reputation on all people with that name 😂
A conservative government and Brexit, what could possibly go wrong, except it has.
You Blame them two things?. Spoken like a simpleton, the major economic crash to hurt the UK is ironically the USA. George soros crashed the pound in 1992 and then the Americans at silicone valley crashed us with the mortgage backed securities in 2008-2009. We never recovered then, guess who give the banks a free pass Labour with tax payer money. So yes blame Brexit and conservatives, but do remember with your limited knowledge we were always fucked, we live in a fractional reserve banking system.. I advise you to look it up because I know from you limited statement you have no idea what I’m saying
Ahh yes this problem started just a couple years ago. You think WW2 started in 1939 too?
@@uniktbrukernavn Forget the damned Covid bullshit we wasted £500 billion on that shite.
@@uniktbrukernavn Yeah of course WW2 started in 1939. Are you saying the brutal and bloody German attacks against Poland, later Denmark, Norway, Netherlands, France etc. were justified just because of how the Germans were treated in The Treaty of Versailles from 1918? Or what are you trying to say?
@@sukhmaidickoffIt's funny that you have Putin as Hitler when it was Hitler who was fighting the Russians. Then UK declared war on them over it.
Interesting, but didn't really mention about investment in people, i.e. we have hardly trained anyone in plumbing, bricklaying and other trades for about 40 years.
Instead hire foreigners who often send their money out of the country (and our economy) to their families.
Here's why: ruclips.net/video/Atr6z9AWW0s/видео.html
I agree with training your own because the East European will not come to UK to do cheap labor! Second those who did cheap labor in Uk( most left have the European) spend rent, food and the economy grew up while they helped their families back home, thirdly now you will have have Pakistan, Indian and Nigerian coming in but they won’t build anything
Dude , the money they send to their countries is the money that British empire has stolen from them cruelly .
No native Brit has the work ethic to succeed in these roles. Much easier to claim benefits, waste time in the gig economy whilst trying to become a social media influencer
spoken like a true old fart, should wheel you into your home so you can finally die off and lift the countries massive pension burden@@alanc457
Britain is a poor country with enclaves of some of the richest places on earth. Britain never went through some sort of revolution to redistribute wealth. The same rich families of 300 years ago are rich today.
As if wealth redistribution went well in the Soviet Union, Cuba, Venezuela, China under Mao etc... Wealth redistribution by government coercion never ends well. It is not the same as voluntary charity.
Redistribution of assets only ever leads to new rich people, who happen to be best mates with the asset redistributors.
It doesn’t work, let’s stop pretending that it isn’t just human nature to hord assets and wealth. We are just competitive by nature
yeah, I heard Russia's experiment of revolution and redistribution went very well lol
I don't mean literal wealth redistribution but for example, Germany after the war everyone basically got a fresh start, in France after the revolution or even in Poland after the fall of communism everyone started relatively equal. In the USA only since 1776 have families been able to amass wealth. Meanwhile in the UK most families that became rich around 1066 with William the conqueror descendants still are rich today as no crisis has happened to implement a fresh start. It's why the uk has a class system like no other country on earth, even if you earn a million a year you're not upper class in the uk. Being upper class in the U.k. is based on family history and being able to trace your lineage to a duke or something.@@ontariofirs7347
Russia and China are much more relevant than the UK is now, and cuba and Venezuela have suffered decade long sanctions from western countries so it's unfair to use them as examples.
There are two economies: the financial economy, and the real economy. The financial economy appeared to be hugely productive and wealthy and to drive growth, at least by wealth effects and spending. But it didn't allocate much capital to business growth. The GFC involved a bail-out of the financial economy from the offtake from the real economy, including taxes, subsidies, regulatory forbearance etc. The real economy then languished while the financial economy was made whole.
That's where the UK is now. A country doesn't get to 79% official debt to GDP by overspending on heath, cops and roads, it does it through massive transfers to the banking sector. Now, the financial economy will not float the real economy bc it can't. The circulatory system of the financial economy is substantially separate - that's why people can quote the vast paper transfers and flows of synthetic assets and risk derivatives, but it's not equivalent to business investment, nor is it substitutable.
We know when both Britain and Norway discovered North Sea gas and oil Norway invested the North Sea profits into a sovereign wealth fund and now Norwegians are born already wealthy because of their investments. Question what did our politicians do with ours. Where has it gone?
Goodly sum wasted on pointless wars following its master like a good lapdog?
Pointless wars? Like stopping terrorists and genocide?@@sweetaznspice1
@@bristoled93 Iraq war.
Very simple answer to youR very difficult question is .....as you said UK Norway discovered oil 🛢️ and Norway is wealthy nation today and UK is declining......let me tell you real facts 2 major problems...... one is uncontrollable unstoppable unlimited immigrants...... second....UK investment and reinvestment plans of wealth obtained from oil 🛢️, last but not least UKs influence on the world..UK don't mind own business example Ukraine war etc
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Prepare to live in poverty, britain is doom
Adam Smith understood that the cost of empire was borne by those who benefited least by empire. For centuries, Britain exported its surplus population to other parts of the globe where the British systems of government, culture, landed privilege and law were significantly replicated. This all finally caught up to Britain because the British never managed to rid themselves of landed privilege. An attempt was made back when Lloyd George introduced "the People's Budget" and tried to have the nation's land valued for purposes of imposing an annual tax on land holdings based on the actual value. The Lords saw to it that this never happened. Liberals continued to make the effort to force landed interests pay their fair share of public goods and services. Instead, Britain followed a path that ensured Britain's industries would become less and less competitive with those of other producing countries, while at the same time accumulating an escalating public debt. Margaret Thatcher then embraced the privatization of the nation's public housing that had keep down the cost of living for millions of working British people. Decades of land speculation occurred, bringing about an ever-increasing concentration of income and wealth to LANDED INTERESTS. Britain's reformers need to go back and take a close look at the Lloyd George and the Liberals had in mind to end landed privilege in Britain.
英国就是靠殖民掠夺
The problem is that Georgism and current democracy are incompatible.
Current Democracy = poor politicians buying votes as a career = increased borrowing and spending = increased inflation to erode excess debt > increased mortgage lending to inject more money into the economy than it needs and thus increased land prices = increased gap between rich and poor = increased calls for every kind of wealth-destroying tax except land taxes.
Only when we stop paying politicians will anything improve.
@@aac74 Public servants deserve to be compensated if the time they devote to being a public servant prevents them from earning a living elsewhere. A good part of the problem could be addressed by eliminating elections and selecting our legislators by lottery as did they ancient Athenians. The schools would need to strengthen the civics curriculum so that young people come out of their high school years with a sound understanding of the functions of government and the duties and responsibilities of citizenship. Anyone who is willing to serve on a legislative body would be required to take and pass what amounts to a civil service examination. Their name would then go into the lottery. If chosen they would serve one term in office after which they would return to their private affairs.
@@aac74The problem isn't so much paying politicians, as career politicians. Policy is being made by incompetents with little/no real work experience, especially in governance.
As you correctly point out, they're more interested in pleasing voters to remain in power than making difficult decisions for the benefit of the country.
The current political system is consequently no longer fit for purpose.
You really believe this economy turns on agriculture. I believe you might consider mass immigration an unalloyed benefit and the closing down of the economy for two years inconsequential.
Housing Ponzi scheme:
1) requires ever more people to keep it going.
2) conflating real estate paper growth with productivity gains.
I emigrated to central Europe. Higher quality of life...affordable housing... bouyant labour market.
Living and working in the UK for the last 15+ years, I definitely feel that we are lagging behind every other major European economy. Not even mentioning how we stack up against rising powers such as China, India, etc., it’s appalling and depressing. Incompetence, lack of vision and investment rage across both the public and private sectors. Not saying that there are not competent people, good ideas etc. however for every step that we make forward we make two or three backward. Total reforms are needed across the board, but there are short term opportunity costs that nobody is willing to pay (much higher long-term costs are simply swept under the rug). I bet that unless something is done in 10-15 years the UK will be in a dire state. And please stop talking Bitcoin, AI being our knights on white horses, there’s no such thing.
I moved here from Canada in 2018; in the City there are people every bit as good as NYC and other power centres - BUT these great people are surrounded by regular British people who seem to lack any ambition and drive to improve their surroundings and make efficiency a priority. It is death by a thousand cuts and a worship of the status quo, along with some deep seeded desire not to complain to get better service/products/quality from the private and public sector.
@@adamp6320spoken like an utter bigoted snob. London is more of a dystopia than a utopia, and I'm not so sure that people with sneering greedy hubris and a contempt for millions of people are 'great' compared to those who are unambitious.
Russia too is much richer than the UK.
@@zemm9003 No where near ! Go back to bed .They have no modern infrastructure and their Navy is like something out of the mothballed scrappers the U.S. keep for spare parts ?.
I study British india history
In the late 1970’s Uk was in poor economic shape. Then oil was produced in the North Sea and Thatcher closed down poorly performing industries. Also she sold off public utilities , adding government income. By 2005? The oil production was declining and very little heavy industry still in the UK. Only the financial industry in the London area was doing well and that was badly damaged by the 2008 recession. The Tories idea of austerity, taking money away from public institutions also hurt a large number of citizens beginning in 2010. Yet investment was increasing until Brexit. Now lack of tax income, lack of investment , lack of heavy industries , lack of exports and privatization of railroads, NHS etc is an issue for a majority of UK citizens.
Bro. Socialism is the problem. Uk decided to go full venezuela. Big government, high taxation, free stuff, rampant crime
@@visitante-pc5zctax rates are lower than France a similar sized economy, crime rates are lower too.
Very little heavy industry in the UK? The UK has the 8th largest manufacturing output.
Mr. Mike.
So I went to the House of Commons Web (2023) site that said : “ Since 1990 the share of the economy attributed to services has grown from 70% to 81%, while the share attributed to manufacturing has decreased by a similar amount, from 17% to 9%. “
@@irwinsaltzman979 that's not "very little" is it?
Why can't the british people and the media simply anounce:" We're poor and it sucks!" ?
Why don't they try to move away from the financal industry and towards production?
Why are there no efficient training programs for young people in the producing industries? And in the service industry?
And why can't the country rejoin the EU?
It's low intelligence brought about by mass brainwashing and lowering education standards so all are "included". Even with the cash they can't build a railway line from London to Manchester. The first one in 1839 was build with picks and shovels but built much faster.
Nobody in the EU wants them back
The E.U is the slowest growing block in the world with Germany the sick man of Europe. Why would any sane person want to join?
Because London's doing very well out of the financial industry thank you which has a positive knock on effect on the south of England. Brexit will eventually very good for the rich and they won't have the European court of human rights on their backs when the poor saps who voted for Brexit have to work for a very basic wage.
@@Minime163
The financial industry doesn't have a positive effect on the financial situation of the majority of the British people.
Therefore, they should get rid of a goverment that is out ot touch with reality.
The tories are done and labour should also face the fact that London is not England and that " New Labour" and its former prime minister Tony Blair was M. Thatcher biggest success. From this time on the economical situation of the majority of people went down.
Moving north to Derbyshire has opened my eyes to the poverty of Britain north of London and the Home Counties. There is a chronic lack of public investment in every kind of infrastructure and public service. This derives from Britain's relatively low tax rate, at 33% of GDP, compared with France at 46% of GDP and most EU countries around 40%, plus (as mentioned) Britain's poor fiscal position deriving from lack of economic growth, in turn derived from low productivity.
The HS2 fiasco shows the poor standard of British management in the public sector. Most British companies are also very poorly managed, and especially to focus on cashflow and end-of year-profits which can pay bonuses to bosses, and dividends to shareholders. Often business investment is cut to zero to achieve these results, with disastrous consequences for productivity growth, which are clearly evident.
Property (or real estate) plays an increasingly important savings role in Britain, as it does in China. The long run since 2009 of very low inflation and interest rates has inflated house prices in UK by reducing borrowing costs dramatically. Housing costs (house prices and rent) are too high in most British regions to provide almost every family or individual with a secure roof,. Excessive private capital has passed into property, at the cost of financial savings and business investment.
The video's focus on poor public and private investment is correct. A large and sustained increase in public and private investment is the only thing which can arrest Britain's decline. In the public sector (infrastructure like HS2, NHS, prisons, defence etc), this big public revenue increase will have to be financed from higher taxes, not borrowing, and these taxes should fall largely or entirely on the rich and better-off, for reasons of fairness and ability to pay.
The Tories seem to con people into the low tax is better idea. Its ingrained in most people that lower tax is good. Taxes and more investment is needed for decades but politics is all short term gain to get elected and the people suffer😢
Watched a youtube vid of the village I grew up in the other day. They've spent a lot of money on a shiny war memorial, a monument for the Queen and a load of flags, but the signage doesn't appear to have been cleaned in 20 years and the roads are full of potholes. Shows where the priorities lie.
I told you, British influence
yes!
I’m a life-long Derbyshire resident and sadly our government has never recognised anything north of Watford Gap!!
A lot of folks have been going on about a October rally and said stocks that would be experiencing significant
growth these late year season, any idea which stocks this may be? I just sold my home in the Boca Grande area
and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to
buy or no?
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cause you never know. not having a mentor cost me 5 years of pain I learn to go where the market is wanting to go and keep it simple with discipline.
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We are living in the most unequal time in recorded history . We have the resources to feed , house , educate and support everyone but policies and government choose not to because making a large part of population a check away from homelessness and deprivation is a economic way to control and hold them hostage .
Sorry, but this is just flat out WRONG. The gap between rich and poor was MUCH steeper before WW2. Do some research into the Gilded Age. And worldwide extreme poverty is the lowest it has ever been. However inequality in the west has accelerated since about the mid 70's.
Crap has been going on in the world since time began, compared to what people endured during WW2 this is an utterly amazing time to be alive.
@@handsomebuddhaa,do you think people want to be homeless? What you wrote made no sense
Thats socialism for ya
@@jeffb1880 you forgot to check on wealth and ressources existing back then and now . There is much more wealth now but infinitely more inequality too that we are talking about rise of Trillionaires .
Much of the nations' nominal wealth is totally sequestered and beyond the reach/use of the nations' economy.
Spot on!
A very rich country, for about 5% of it's population. Was always the same😅
The fact that India surpassed the uk in wealth is actually so ironic
If you lived in the UK it is no surprise to you. Stagnant mentality leads to a stagnant culture and economy. The people in the South East leading the countries companies and government live in sleepy villages and have never had any animosity, they think the decline is just a passing batch of bad weather.
India has 1 billion people. It's really not surprising.
America is Britain's first born and has nearly 10x the GDP.
India even in the British Empire made 50% of the British Empire's GDP and the British had more than doubled the economy of India.
It was just bad post empire leadership that made India poor, which they look like they've fixed and should have no trouble getting to at least 10000 GDP per capita.
india per capita is 10 times less than UK
With 1.4 billion people I’d be shocked if it didnt
Er what? India has nearly TWENTY ONE times the population. It's only amazing it took this long for India's GDP to exceed the UK. Per capita the UK is another world ahead. India has many more times more people in abject, soul destroying hopeless poverty than there are people in all of the UK. India is a century behind on that count, at least.
We would be so much better off simply trying to address the huge supply and demand imbalances, starting with housing stock, net migration, and moving into supply side reforms, training.
'Net migration'. Did you not hear how you idiots ruined the economy worrying about immigration? Who will do all the jobs with a diminishing population of old people? The immigrants add a lot of value to the economy. Less immigrants, less GDP.
30 years ago I worked in Britain for 2 pounds an hour at the same time I could work in Australia for the equivalent of 12 pounds an hour so I left an went home, I am a dual citizen. Britain has large amounts of rich, and an even larger amount of poor. And the poor still suffer and are left unsupported by its government.
It is His Majesty's government, not the People's Government.
British musuems hold the most treasures in the world.
The finance sector controls just about everything in the UK. Industry is stifled in their growth plans by the lack of affordable credit and loans. Industry itself is addicted to low wage foreign workforce rather than investing in training the indigenous population. All these problems can be traced back to the feeble governments that we have suffered from over the last five decades.
I left the country 30 years ago. Moved to Switzerland. Never looked back. Switzerland has its issues and in terms of culture, a void by comparison. However if you like highly accessible beautiful and pristine natural environments, low taxes and non obese women, then Switzerland is your place.
The only known landlocked island. Yea, attractive, but not for everyone.
A country only rich people can afford. We aren't all born into money
To call Switzerland devoid of culture is quite arrogant and ignorant coming from someone whose country was largely built on the cultural treasures of nations it has oppressed and conquered. Some of the finest cultural products have come out of Switzerland and no, I‘m not talking about watches and cheese.
I like beaches, does Switzlerland have that?
I like clean beaches and clean warm water, does the UK have that?@@mikelovesbacon
The UK has never been a wealthy country for the masses and has always had a high percentage of working class and poor citizens. The UK is a low wage economy and the wealth is skewed to a small number who invest in the financial and property, rather than a broader economy with more equal investment across all sectors.
The UK manufacturing sector is small and centred around small specialised production and only the food sector has any level of mass production.
A lot of the UK's wealth comes from historic investment, but even this has shrunk as those investments are cashed out or wound up, as they are products and services no longer profitable or needed.
Tourism has filled some of the gap, but service jobs don't pay as well as factory or manual work, at the lower end.
The collapse of the Chinese economy may cause a rise in reshoring to the UK, but countries like, the USA, Germany and Japan will be the main beneficiaries of those jobs.
The UK has too many people for its current economy to provide the same level of wealth as its competitors. We are a small country with a high occupancy rate per square mile and there's no much left to exploit from our green acres. Expansion by colonialism is never coming back and the UK has been in decline since the 1890's as the europeans and the USA overtook us as the world's manufacturers.
The decline can't be stopped, and the best we can do is to slow and soften the downward economic slide. The UK will enter a state of gentile poverty as everything becomes older, poor quality and scarce, unaffordable, except for the few who don't live here, but can exploit our future weakness.
If you travel by train from London to Crewe, most of the rural landscape is green fields, uncultivated and occupied by a few horses and sheep. A high land tax is needed with exemptions for land used for crops. Then we would not need to import so much of our food. This, and reform of the planning system, would be something the next (labour) government could do to faciltate their house building program.
@@paddywack25 l can't see labour building many more houses than the conservatives have during their term. The government no longer has the finances to embark on a house building spree to match the postwar WWII decades. Housing has become very expensive to construct, with all the statutory regulations, cost land, scarcity of land, cost and lack of labour.
The private developers who have the land banks and access to finance, have no incentive to build more, certainly not affordable housing, as they profit more from high-end homes and scarcity value.
There is so little land available for labour to exploit, all the cheap brownfield sites have gone and only those that require the costliest remediation remain. Labour can bear those higher costs, but at the cost of fewer build numbers.
My own social housing group has resorted to building on small leftover plots, with only two or three houses. All the postwar bombsites and empty industrial land has gone, and large plots of land only appear when a local factory or school becomes available for redevelopment.
The nimbys will prevent the use of greenfield land and we will have to knock stuff down before building new homes at levels of 300,000 plus if labour wishes to achieve construction levels of the past.
So wheres the money, land and local political support coming from to realise labours dreams. Labour will build more, but a little of not very much is, of little help to those at the bottom of the society.
Oh shut up.
You're a cheerful chappy aren't you, running down your country with your tea leaves predictions.
@@lloydnaylor6113 glad you recognised that, I always have a sunny disposition.
I'm not running my country down, because that would mean I wasn't being truthful, and this is the truth, as I see it and interpret the evidence available.
I'm a coffee drinker, so, no tea leaves, sorry.
I do believe that everyone is entitled to their own opinion, and since you tube is an open public forum, I'm happy to express mine. You seem to disagree, as is your prerogative, and I enjoy winding people up, it's my only hobby 😞
This is what happens when a country is run by a cult for 13 years.
They must get their money from the airport train stations in London. $60 USD for a one hour train ride…😮😢
Higher taxes are the issue taking away peoples ability to fund their own living!
Rejecting your closest trading partners wasnt smart. It could be that they wanted the EU rules kept away from London banks.
it def. was.
Throw in the fact that there is simply too much of the economy based upon living upon future income which may never actually come to fruition. Debt levels are increasingly out of control, unsecured debt has reached a record level approaching 300 billion pounds and is still rising.
A perfect model of informative video making ! Its wonderful narration is quick and without the intonation going over the top. Likewise the music is dramatic without being loud and the visual spins and changes don´t make one sick. Kudos in bundles !
I left England in 1958 ,we were recovering from the war but the state of industry then was grand dad built it, father maintained it and son lost it.
where did you emigrate to out of curiosity?
Along with millions of unqualified immigrants that sucked it dry.
Maybe leaving a large free market of goods and people was a bad idea.
If you want to see a not rich European economy, try Greece. UK is still well up in European and world standards for the size of its economy, in total and per capita. Comparing any main European economy to Norway is not a meaningful comparison with their vast hydrocarbon resources and small population. Neither is comparing UK's total economy size to India valid as India has a population 21 times greater. Therefore after you made these 2 comparisons I watched no further.
Agreed.
Try to compare the UK with The Netherlands, not in total GDP but in GDP per capita. Both are somewhat similar economies. I don’t know what the figures say, but they could be equal. We have the same housing crises, we had the same double digit inflation in 2022 and inflation is still high in 2023, we had and still have high utility prices for gas, electricity and petrol, wages are going up but don’t match inflation. There is one difference and it’s that the lowest incomes got a raise of 10% (minimum wage, pensions, social benefits) per January 1st of this year and get another raise of at least 1.5% at January 1st 2024. And we’re in an energy transition which costs an immense amount of money, our government thinks gas isn’t clean enough so we have to abandon gas and all houses and companies need to transfer to electricity, heat pumps, solar panels, EV’s. Our electricity grid is outdated and not equipped for solar and wind energy peaks in the grid and we have a shortage of technical personnel and a very very long permit procedure. So now houses and companies have transitioned from gas to electricity and the grid company won’t connect them to the grid because then the grid will fluctuate too much with the danger of a complete blackout. In the meantime the house owners and companies are reliant on more polluting diesel generators than the gas would. The government has been overtaken by reality.
😂😂😂😂 Greece vs UK 😂😂😂. The economy of Greece is the 53rd largest in the world😂😂😂 uk has sink a lot..... Going down hill..... Gateway for Europe now get away from. uK 😂😂😂
I think what makes the UK so „poor“ is that people the cost of living is way to high compared to all the expenses like housing, food, etc.
Thank you. I read this and quit immediately.
It's simple really. They have a similar problem to Canada, they're the smaller fish in the pond and the failed to have a unique economic sector. While I understand and largely agree with Brexit, it was clearly a mistake (from and economic perspective). If I'm gonna open a company or choose a location for a regional headquarters, why would I choose the UK? They no longer have access to the shared market, and if I'm looking for English speakers there's Ireland and also places like the Netherlands and Denmark, where practically everyone speaks English.
English is widely spoken in most Northern European countries. I live in Germany and Austria for a year. I tried to learn German, but as soon as people saw me struggling, they immediately started speaking English. I just about gave up on trying to learn another language. Sure, they appreciate you giving it a shot, but immediately switch to English 😮
I disagree slightly, the unique economic sector they have secured is finance. The problem is, this financial sector only serves those with existing wealth, it does not trickle down and does not provide opportunity, only stagnation.
Actually, it’s one of many problems, while brexit itself isn’t inherently bad - as evidenced by EU countries doing just fine without, and the ones struggling within - our governments management of it has been.
@@sammy9679 Good take, I though a lot of the banks left though for places like Ireland? Am I wrong?
@@schalitz1 no you’re probably right about the banks! I heard Ireland was attracting some financial wealth, I just never heard where from.
Re Britain, I was specifically referring to the overseas territories acting as tax havens (Caimans, Bermuda, Guernsey and Jersey, etc). Very attractive to big business, but then not very ethical. Although I don’t think that would really surprise anyone.
@@bfc3057 apologies for not being clear, I was trying to disprove the point that people seem to think the EU is the single route to success when it’s not. As evidenced by countries who have seen continued success without the EU, such as Norway and Switzerland. The problem is Conservative mismanagement.
Most problems trace back to poor use of land. If labor pays rents, high rents are bad for business
The fact of our demise doesn't stop these unelected Politicians dragging us into wars we cannot afford.
How many kids can you invite to a party before no one can remember having a piece of the cake. Elephant in the room.
Two reasons why, Brexit, and the english inability to admit it was a mistake
It's always good to learn new things. I would also like to understand beyond what went wrong to alternatives that may have resulted in different outcomes in productivity and growth. Learning from mistakes can be the highest level of learning. What have we learned, what can we do differently ?
The key is more and sustained investment.
While we were undergoing austerity measures by Gideon Osbourne, the US was stimulating their economy with direct investment. We have been sold down the river by that idiot Osbourne
I don’t agree with this. One of the problems we have in the UK is look down on people who innovate. This means that we tend to lag behind other countries. We tend to feel that all innovation should be confined to universities and any innovation outside of universities is somehow wrong.
The UK is ranked as the fourth most innovative country in the world
The lack of attractivity from europeans made me question the UK economy. The numbers do not match and in terms of goods, the uk is poor. London zone 1 and 2 plus canary wharf are super wealthy. From zone 4 there is problem.
Europeans, not newcomers, who had a status of residency (pre-settled or settled) left, all of them. This made me question the uk's quality of life and economy. Then I traveled to Europe: the Netherlands, france and italy look wealthier as a whole in real life to me. Interesting.
Add an hour +1 to your timezone in London alone, if it is a problem of attractiveness
I relocated to London recently from the EU on skilled worker visa. London offers better job opportunities than many EU countries. I live in zone 2. I wouldn't consider zones beyond 1-2 for living mainly due to commute times.
@@Alex-df4lt I agree, for central in terms of accomodations. London is good for banking opportunities, or to find a job quickly in a pub or a coffee shop. After a few years, I decided to quit. 3pm in winter is abusive I agree with Paola. I think europeans come temporarily but nobody figured it out before brexit, because europeans were learning English to better go back to their country or go to america, meaning further. Brexit showed that Europeans would not stay long as they all left when newcomers, or new Europeans were blocked by restrictive visas.
1 200 000 Europeans left London and they were settled.
Try the new canary wharf and Wembley park or new buildings near the Olympic parc 😉
@@RedHeadNINTY9T9 no The french Riviera is well above Cornouailles. London zone 1-2 above Paris. Greater paris is wealthier than greater London. The UK despite its high GDP is famous for its inequalities due to the fact that the wealth is mostly produced by one speciality: the finances which are concentrated in London. Germany interestingly still suffers today from the separation between west and east Germany that happened in the cold war. Therefore why they try to open factories in the east. Italy suffers between the industrial north and the south. France is rich in paris, by the German borders and along the coasts. But interestinly after visiting I would say the wealth is more spread out in this country. Like they like to show the old Eiffel tower in English tv, but I think France's wealth is evenly distributed as it is more and more the case for Germany. Now I do not pretend that France has the same wealth than other countries like Germany, Switzerland or the U.S.
My point is, after visiting many places, I do feel like the UK is unfair, and actually more unfortunate than southern and eastern countries. Polish people do not boast the same GDP but there is no margin anymore they can make in the UK, (lower salary in Poland but with lower prices) they spend everything in London and cannot save up much anymore. However, Poland's standards of living are higher than the typical household of Nordic countries when comparing goods.
Didnt Gordon Brown study the bank balance sheets before the GFC took off?
The toxic assets which were being structured and traded shared high credit, liquidity, operational and market risks across the globe, which ultimately made their way into the UK Economy.
RBS, Barclays, Northern Rock, HBOS and others were dealing in complex financial products without the risk capital backing or ALM (asset liability management) Gap Controls, which were the bank's management's internal decisions that had gone awfully wrong; irrespective of how WallStreet banks were defrauding their customers and regulators.
The global economy was not just rocked by MBS, structured products and credit derivatives, which includes the rating agencies, but, by a massive increase in speculative credit which made banks trade toxic paper instead of providing loans to the real economy.
We need more research on this.
Well said. Socialism has never worked
I'm 66 years old. When I was born, Britain was still a world power. It was the richest nation in Western Europe, and is now the poorest. Its manufacturing base has steadily contracted.
By 2030, Poland is slated to overtake it in per capita GDP.
Hardly surprising when Poland's capita has decreased while the UK has increased .
Maybe it's time all the British mass emigrated to Poland the way the Poles did to Britain in the 90s.
When you were born Britain was dirt poor after being ruined by WWII. Today is has the second largest economy in western europe. It has the second most powerful navy in the world, and one of only three able to project force globally. Its manufacturing may have contracted but is still 8th in the world, specialising in high value output like aerospace. A lot of that industry has been replaced with modern jobs and the UK now boasts one of only three tech sectors in the world valued at over $1 trillion - ahead of Germany, twice as much as France. I think you need to update your facts and opinion of the UK, which actually has a hell of a lot going for it and a bright future. Stop crying of the lost days of empire, and basic manufacturing jobs. Join us on our journey to the future of clean energy, aerospace, pharma, technology, and AI.
The real question should lie in where has this economic growth been taken place. Is it mostly concentrated on the top? How has cumulative inflation, alongside decades of no real wage growth affected the total spending power of the average individual?
Britain is one of the few countries in Europe that you could actuslly classify as a "class society". Whereby differences in the social class one was born in is irreconcilable. The entirety of the lower class, not just the most disadvantaged people rely on the dole, which is becoming increasingly less substantial with austerity. These factors are even more pronounced when accounting for regional differences, which grants a rather grim reality for thr Brits.
This video feels like it was made by AI. Nothing substantial said, just regurgitated figures and other nonsense (market research and branding??) everyone's heard for the past years, while not addressing the core concept of the title.
We should consider France in that particular class discussion. It is a very classist society.
Britain's lost everything? People have been saying this for generation. Reality is we have the same per capita household income as France, higher per capita household income than all the major EU states with the exception of Germany. Our unemployment has been massively lower than all the major EU states with the exception of Germany for decades. Our productivity is higher than Canada, Japan and Italy. How are we collapsing? How have we lost everything? This is entertainment - pure clickbait - nothing to do with reality.
The UK is surprisingly resilient and will get through the issues it faces now. It just needs political will which we currently don’t have now. But I agree this is just pure fear mongering
I tend do agree, I never quite understood these videos and their popularity. The UK has a lot going for it that other major European countries like France and Germany can only dream of:
- A first class university system and R&D (all of the best universities in Europe are located in the UK)
- The UK (even though it might not always feel that way) is way more flexible than other countries in adapting to change, same goes for the population
- Taxes are relatively low compared to other countries
- Productivity is no falling - I hate when anyone says that... it is increasing steadily, just at a smaller rate than in some other countries
- Comparing US house prices to the UK ... I quite honestly don't understand why that is even a thing.. the US has a country 40 times the size of the UK, but only 4.5 times the population... obviously housing will be a lot more expensive here (not saying there aren't many other self-inflicted problems in that sector too)
Anyway the list goes on and the doom and gloom doesn't help anybody. The UK economy is free to reinvent itself now that it's out of the EU... my only fear is that the incompetent politicians will squander the opportunity to align the UK closer with the US and its allies in Asia...
The UK has word class education, particularly universities. It spends less per capita on healthcare than the US, and yet has better outcomes in almost every scenario including infant mortality and life expectancy. It has the 8th biggest manufacturing output in the world, with excellent aerospace and pharma sectors. Public transport is good, though far from perfect. It puts the US to shame and my German friends tell me British trains are more reliable than Deutsche Bahn. The UK has one of only three tech sectors in the world worth more than $1 trillion. It's far larger than Germany's, and twice as large as France's. We have the second most powerful navy in the world, one of only three capable of projecting force globally. We are at no risk of invasion due to being a nuclear-armed state. We did not build a dependency on Russian imports unlike Germany (we only got about 1% of our oil and gas from Russia before the war). Unemployment is very low. Wages are finally rising. 8 of the 10 largest offshore windfarms are in the UK. At times, 67% of our energy is from renewable sources. Oxford university has made breakthroughs in nuclear fusion. The UK and US are basically at the forefront of the race to achieve commercially viable fusion right now. We;re ranked as the fourth most innovative country in the world. The UK has a hell of a lot going for it, and has certainly not "lost everything". In fact, with the right leadership, we have a bright future and are in a perfect position to pivot to important future industries like tech, green energy and nuclear fusion, and AI.
@@mikelovesbacon Thank you for speaking up. I myself am German and I moved to the UK in 2019. I see a lot of problems here, but I saw equally as many problems in Germany... the difference being that the entirety of Germany's success is built on its strong manufacturing economy which is dying quick and this is only being accelerated by the incompetent pseudo-green socialist people in power.
I believe the UK can have a bright future ahead - but only if your government doesn't squander the historic opportunities that opened up with Brexit.
My only fear living in the UK right now is that you government is as incompetent as many other leaders around the continent and I am not sure I trust the Tory party in its sad current state to make the necessary strategic decisions for this country's future. The alternatives aren't any better... but I am worried.
@@TiGGowich what problem in Germany
glad i stumbled across this video, well put!
you did not stumble into the vidoe, it was pushe into your throat and you paid for it with your attention. There no accidents, not with google on RUclips.
What broke Great Britian was the Boer wars. That put them on the deck and WWI and WWII wiped them out. For over a century they've seen nothing but decline. An obsession with their place in the world doesn't help them today. Its hard to be an Island who is snobbish to the rest of the world.
2002-2009 = UK at its best under a Labour Government, then the Tories take over in 2010 and everything turned to shit as a consequence.
Some of the richest nations in the world struggle with inequity and poverty. It's what the economic ideology of capitalism depends on. People need to redefine "wealth". Artificial currency (money) and consumerism are not it. Mainly because the economic ideology of making a few rich at the expense of the majority isn't sustainable, environmentally or socially.
This is just flat out wrong. The standard of living has consistently improved in capitalist nations and NOT just for the "few". The few have benefited MORE but the middle-class have also benefited. And every attempt outside of capitalism has failed spectacularly Capitalism is not the problem it's HOW it's implemented that drives inequality.
Yeah sure. Lets blame capitalism and fold the real problem: socialist policies, big government, lazy public services
@@visitante-pc5zc
Uh huh. Which socialist policies, specifically?
@@visitante-pc5zc
I didn't know privatization and austerity is socialist policies 😂😂😂
But it is a recent type of capitalism that has made it worse; that of Milton Friedman whose ecomomic policies were first adopted by General Pinochet, then Reagan then Thatcher.
Brexit’s legacy. Rich get richer, poor get poorer.
and you voted for it .......can i say more...stop moaning and get on with life ...i voted to stay and i have not moaned ..just have to live with it ......
I assure you I didn’t vote for it.
To blame that on brexit is… VERY shortsighted. That has been happening here for a thousand years, and probably even longer. The City of London has been corrupting our financial services for hundreds of years by allowing the gentry, royals and foreign elites to hide massive amounts of wealth in tax free offshore havens.
but least we stopped the migrants coming in ohhh one minute 500 thousand migrants since brexit no we didn’t.
Stop giving the pillocks in parliament the benefit of the doubt, Brexit has nothing to do with this mess. It's all down to the Westminster machine and the fact that our country lacks real leadership with real backbone. Say what you want about Margaret Thatcher, but she was the last true leader our country had.
Relics of a past empire. Now, it’s just an island off the coast of Europe. Brexit was the final blow.
The time it takes a British worker to have tea breaks , An Asian worker does 1 day worth of the Brits work
Yeah that was due to people fighting workers rights… going by Maslows hierarchy of needs people in developed countries have better standard of living and enlightenment. We tend to look down on sweatshops here… your comment literally shows your naivety
Asian workers are forced to live at their workplace in tiny cramped conditions. They work longer hours and have almost no free time. Those are really third world conditions. So sure, they might be more productive, but would you rather be an Asian worker or a British worker with a minimum wage, free healthcare, state pension, working time regulations, and a minimum of 28 days paid time off per year?
I think you said “Productivity” at least 10 times. It seems to me that everyone nowadays in the western world blames productivity for everything; it is some sort of scapegoat.
The real issue is not people’s productivity but rather the labor cost. This is what drives good businesses elsewhere regardless of people’s productivity. The “productivity” can be easily addressed, however, labor costs cannot.
Productivity is a major issue. I personally think it's a function of the amount of business built around rent seeking, which is particularly high in the UK. Rent seeking being non added value adding activities- financial services, real estate, advice services and resellers - think uber, amazon, rightmove, just eat, etc + independents. Then there is a large wealthy section who just own BTL and stocks/shares.
none of these produce anything, but consume huge resources. GDP is a terrible metric because it doesn't distinguish between productive and non productive activities
You can solve labour cost, but then you don't have an economy
*scapegoat
That is an informal fallacy.
Productivity isn’t a worker problem, the blame lies solely on the capital owners and government.
One thing you learn from MP's and councils is that you can never go wrong investing in brown envelopes.
Totally true. They are excellent at supporting those that should not be here and massive across the board government department waste and filling their own pockets at the top.
Do governments ever think of the people they are supposed to be looking after?
Short version; yes.
Long version; yes, but not the right wing ones
Lack of investment has more causes than just uncertainty. There's a cultural conservativism in the UK that is rather resistant to change, a "make do and mend" attitude that leads to machines/software being kept in use long after better replacements are available (this was even visible as early as the 1870s in Steel making & chemical manufacturing compared to Germany), and a huge emphasise on profits being paid to CEO's/shareholders for short term gain rather than re-investment. The managerial class is not well respected or trained in the UK either.
1:09 Error in your video. Gordon Brown (Lab) was not part of the "British government" that implemented the "austerity" here in Britain; that would the coalition government of David Cameron (Cons) and Nick Clegg( Lib Democrat).
Get real,GORDON BROWN NOT ONLY BANKRUPT UK AS LEADER BUT ALONG WITH BLAIR,CAMPBELL ,AND BUSH LIED AND STARTED MIDDLE EAST WAR WITH RESULTING ANARCHY TERRORISM,,MASS EMIGRATION, BROWN AND BLAIR ARE A STAIN ON BRITAIN FOR EVER
Margaret Thatcher ruined your economy when the afore mintioned were still in school. I remember myself and my brother in law having this conversation and like lots of our age group he left Ireland to escape unemployment in the 80's and went to Britain and he said he never seen poverty in Ireland like he seen in the north of England and south Scotland she turned them into a waste land to use his words.
We call them the ConDems
Living here in Britain : overview attempt interesting yes; but immersed in the fine-grained detail of how so much is going wrong but how to describe it... "productivity" (abysmal) - yup immersed in that every day. I am a Doctoral level scientist and work as a welder - my career never happened (yes I worked on projects overseas and "sorted out" massive issues I was hired to - then back to being a welder here). Etc
Well I never ....... my daughter has an excellent degree in physics and maths but couldn't find work that used those skills other than teaching which she's not inclined to ....... so she works as a welder in high-risk environments having retrained herself, funded by a job running a couple of websites ...... it's a waste of talent and of resources but she's very happy and is very well paid .... earning well over twice what a teacher does, I wish more of our young people were told that before going off "to Uni.".
@@petermach8635 You are not in Britain? Some very highly skilled welders with many "Codings" doing something highly specified like pressure pipe welding earn decent money.
I was impressed by the British Columbia (Canada) welder training scheme I saw 15 years ago. In some places something like a third of welders female. Structured career with aspirations and career path seemed to have that "unintended" very good effect.
@@RichardSmith-ms6hh I saw a documentary years ago on the restoration of Donald Campbell's Bluebird boat and they said they found female welders were much better at welding the aluminium bodywork.
@@lesatkins42 Aluminium is very delicate and narrowly exact to weld. I suspect female welders would have an "unfair" (sic.) :-) advantage.
I just got approved for a $420,000 mortgage that would put me at about 3300 a month on a $80,000 salary. And what's even crazier is he said I could be approved for up to half a million. Like dude, that's over 3/4 of my take-home pay! We are going into a gigantic bubble where people cannot continue to afford their monthly payments..
Yes!!! Thank you! How come no one is talking about it. My mortgage lender flat out said people get mortgages based one their income. It is usually 40-60%… I can’t believe it!!! Half of your money goes to mortgage!! What if you have a child and he has to go to daycare, or your car breaks down and you need to finance a new one or, god forbid, you loose your job! It will come down crashing so fast, we won’t know what hit us. People have no more savings, credit card debt is up. We are getting dangerously close to a brink of collapse
Why mortgage? Try investment, I've been able to scale from $15K to $89k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
@@JessrobbieHow can I reach this adviser of yours? because I'm seeking for more effective investment approach on my savings???
Technically I usually go with registered and licenced representatives. ''BRITTNEY COHEN ROSE " for example has the best performance history (in my opinion) and does offers 1v1 consultation to her copiers which I think is amazing. I don’t know how many traders like that are there.>
Do yourself some favor and quickly look out your web. on her name.
Britney Cohen Rose Pro
Britain is very much a rich country.... for about 5% of the population 😅
Mark Blyth's book: Austerity, history of a dangerous idea.
Shows that cutting government spending shrinks the economy. Only exceptions in history is if government cuts come at same time as spending increases from they do trade with. Because households, business and government can't cut all at once. Someone has to spend for someone to make income. So
Yeah and to increase government spending you have to raise taxes which is far more damaging to economic growth
Gideon Osbourne kneecapped the UK economy. Can't believe how many people dont get that
The problem is that the ones who decide everything have no interest in making life better for the average person. They live in their own bubble and are interested in increasing their own wealth. They know they‘ll be fine.
middle class & upper class dont want to fall to lower class moron
Population growth of nearly 30% in 50 years, unmatched by economic growth and fair distribution of wealth is UK problem.
Too many folk, not enough houses.
Britain has a history of Colonialism. But unfortunately, it was only a matter of time before the indigenous people rebelled.
And they were back to Square 1.
What they need to understand is that they have to develop their economy the same way other small countries have done.
South Korea for example builds their economy on importing raw materials. Manufacturing stuff. And then exporting it for a profit.
Oddly enough the UK has one of the largest manufacturing exports in the world. And one of only three $1 trillion+ tech sectors. It's almost as if you, and this video, are wrong.
We sold out to the Americans at the detriment to our economy. We also sold our infrastructure to foreign companies and governments, hence why travel and utilities are so expensive
How exactly has the UK sold out to the Americans?
@@billfrehe6620 one recent example is 5g infrastructure from Huawei. Our secret services had already looked into the security implications, and found no threats. However, the America forced us and threatened us to shelve the project. It cost our economy hundreds of billions of dollars.
You're just looking for someone to blame
@@GEMNET442 What!! Are you slow? We're run by incompetent morons. Nonetheless, America is also sabotaging us to their benefit
Correct. But it's not only the UK. It's all of Europe. Europe is effectively now a slave to American big tech. And Europe has zero competitors of their own.
Britain is one of the worlds richest countries it’s economy is the 6th largest with such a small population compared to all the other Major Economies, Poverty in Britain is middle class in Eastern Europe.
Was. Before 2004. Bloody Poles are better off in their own country now.
Delusional I think !
@@No-timeforimbeciles Truth Hurts
@@dt3692 Britain is an insignificant little island that would be nothing without US backing, they live on the laurels of their long gone empire
@@No-timeforimbeciles Britain is a Nuclear Power, It has the Most Overseas Territories in the world, one of the worlds largest economies it’s currency is stronger then the Euro and USD, It’s language is the most Spoken in the world, It Colonised America Btw.
Rule Britannia 🇬🇧 🇬🇧
The UK has never been short of money or the human resources to turn the country around no matter how deep the mess. Only two things are making recovery impossible...the corrupt political class and the fact that there is nobody to represent the working class...It is the working class that will eventually have to get up and fight for their country and their prosperity...
The example is there if only sufficient numbers would study it...the Depression in the US...and the role the working class there played in turning the country around...
Dale Carnegie was warning the UK about this 100 years ago (we were producing more iron and steel than Germany but Germany's output was worth 30% more).
"Once the pioneer of the industrial revolution that..."
Yeah, but the industrial revolution was also characterised by vicious wealth inequality and poverty. Read anything by Jack London or Henry Mayhew, and you will very quickly understand that these problems are not just since the financial crash of 2008, or even the 80s. They are the basic fundamental character of the British society that effectively cannot divorce itself from a feudal past.
The Industrial Revolution lead to a decline of poverty unparalleled in human history
@@jeffgifkins7684Which doesn't negate my point.
Income inequality isn't a problem by itself, at least in purely economic terms. Poor social mobility is. That's where the resentment comes from, poor people not being able to become wealthier while watching wealthy people never become poorer, not even when something happens that rightfully should bring about that result. The US has the highest income inequality anywhere in the developed world, and the average American is doing much better than the average Brit. You're half right when you say that the UK can't divorce itself from its feudal past though - too much permanence and cronyism at the top, too much ingrained hopelessness, dependency and self-destructiveness at the bottom, coupled with resentment flowing in both directions.
The UK did not "shift its focus" from industry to finance. British industry was failing to compete back in the early 1970's and the country was facing bankruptcy. Everything had been tried including an emergency loan from the IMF in 1975. Fortunately North Sea oil & gas began to come ashore at this time and saved the nation. Becoming an oil producer raised the value of our currency and made our manufactured exports more expensive thus accelerating our decline in that sector. On the other hand money flooded into the treasury from oil and gas production. The treasury lent, via the Bank of England, the money to the City of London's financial sector producing massive growth. This ill informed video presents a complete distortion of what happened and why.
The UK is the 8th largesr manufacturer in the world. Tell me more about this decline.
9th actually @ 1.8% of global manufacture down from 25% in the 1950's. 25% down to 1.8% is a decline is it not? Worse our Gdp fails to make an annual surplus so we have borrowed every year for the past 23 years just to keep afloat. Your hubris is a common fault of the British who have little grasp of their situation though to be fair we are being kept in the dark by the mainstream media
In the past, excess populations were used to practice imperialism and colonialism. Now there is no country weak enough or worthy of being plundered.
The UK needs to reset its self image, so that it can act like any other developing country on the world stage, and work on its economy instead. But this is almost impossible to do, for a nation whose politicians habitually patronize its electorates' world power ego
Brexit hit you really hard didn’t it?😂
All of the UK‘s issues are common to all advanced economies, namely inflation, sagging productivity. a looming recession, unaffordable housing and excessive demand for housing, and large public debts from repeatedly printing money to keep domestic economies afloat since 2007. The artificial near zero interest rates that central banks told us were crucial to floating our economies are now our balls and chains as now even a small increase in rates provokes a political firestorm. None of the above ever stopped right wing zealots from blaming non-existent “socialists” for these structural problems as a pretext for neo fascist authoritarianism.
Brexit is not common to any other country.
@@bigrobsydney and your point is?
@@scrambaba That you are a liar.
Not only the right wing zealots, the establishment wing which includes part of the right and the left, in my opinion.
@@scrambabaall these you mentioned are countered in USA with good pay. However UK suffers most as salary in low and tax is high.
One small thing I think is representative of a big problem - in the UK you do not get a tax deduction for "leasehold improvements" - aka the tax system makes investing in fixing up your premises hugely costly from a tax perspective. You'll see how ugly a lot of business interiors look here relative to say Canada or USA businesses. I don't understand this tax policy at ALL.