UK Inflation Is Spiralling Out Of Control
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- Опубликовано: 4 дек 2023
- Inflation in the UK just got a lot worse as public sector wages are now growing at 11-12% per year.
For the first time in decades, workers are demanding multiple pay increases per year because of inflation.
The energy price cap drop means inflation data looked good in October, but the price cap is going up again in January and with the mortgage crisis and the growing wage - price spiral, the inflation situation in the UK is continuing to deteriorate.
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Im just gonna say this.. I dont think humanity was ever supposed to have evolved into this greed infested profit hungry society. I think everyone was supposed to learn how to survive in their respective groups. even people who make good money these days are unhappy.. theres hardly any happy people left except those in society who cant be bothered with the rat race anymore who like to just relax and smoke pot all day long and live as frugal as is humanly possible. but my point is people say money doesnt bring happiness and im inclined to absolutely 100% believe it.
The problem with any system is humans & their flaws & false beliefs…people need to work out the system they operate in & how to best game it legally..higher education & MSM teach u to live in the system they want you to stay within..tune it out..all the best.
complete misrepresentation of the reality with the Jnr Dr's.
The pay deal agreed was backdated to April 23 as that is the pay anniversary date.
The proposed dispute relates to the pay deal that would begin April 24.
They are not asking for two pay rises in one year.
Thanks for the clarrification
I was wondering how they could just do that. Could they ask for another pay increase in 30 days? Apparently not. It's like there's a contract in place!
it's frustrating that he did such shallow research on this topic and then making it the centrepiece of the video
Then completely ignore the 10+ years of below inflation pay rises… it’s not anywhere near above inflation when you take an entire decade into account
@@lightweightben but that’s the same for everyone right not just doctors?
I lived this situation back in Argentina and it doesn’t end well
How did it end
@@lesleyrobertson5465 Not well
It was once the richest country in the world. Then they put the socialists in charge...
@@lesleyrobertson5465it’s still not over. It’s terrible for the average Argentinean.
@@lesleyrobertson5465 It is still not over. Inflation rate for 2022 was 94.8% and is for 2023 estimated at 185%. The recently elected president is planning unseen austerity measures and even wants to replace the local currency with the US dollar.
Polarising public against private sectors misses the root causes of uk decline and requests pay increases: chronic underinvestment, taxing income not wealth, rising inequality and insufficient housing.
Facts there should be an increase to pay, but it should be staggered. Then tax on the ridiculous profits made by energy giants and on wealth to balance the books. Finally the tax generated from these measures should be out into public services and infrastructure development....None of the UK political class have discussed such plans- coming from a citizen of nation that is an expert of stagnation, Japan
NHS should be run by the workers not by the Government.
UK investment has NEVER recovered after the financial crisis.
All I'm hearing is we need better regulation on price gouging and rampant profiteering. It seems like the burden is being placed on the wrong heads here
100%. Poor people, stop asking for enough to live on! The rich can't possibly be expected to show restraint so you have to.
You need to listen harder and try to actually understand what is being explained in the video then.
Yes, increase government interference in the economy. I'm sure that will end very well.
Over-regulating an economy leads to outsourcing of labour, which is exactly why our goods cost so damn much to start with.
Treating companies and the wealthy as the enemy just drives them away and leaves only the poor.. better to invite them in and negotiate so that we may at least have a portion of their wealth.
@@spazic1493well done, I'm sure the wealthy will throw you a few coppers by way of reward for speaking up for them, on their way to sleep on a pile of gold.
Want to know why everything costs so much? Three words: Record. Corporate. Profits. That's what forty years of trickle-down economics has done, but you still think it's going to trickle onto you. Bizarre.
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
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In a downturned market, numerous strategies exist that can potentially yield lucrative profits. However, executing such sophisticated trades requires the expertise of seasoned market professionals.
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It seems that STEPHANIE KOPP MEEKS possesses extensive knowledge and a strong educational background. After conducting a Google search of her name, I discovered her website. Thank you for providing this information.
@@Erikkurilla01 But not regulated by the FCA in the UK; so no good to anyone in Britain.
Its not just about pay Sacha! You know they are outsourcing the NHS which is destroying it!
They don’t have segments of nhs on television for nothing illusions are everthing
Palantir to the moon! Sasha fans are salty lmfao
hey Sasha, once again really amazing video but how do you propose to solve this? Would love to hear your thoughts - thanks
A doctor in Catalonia I spoke to did a stint in Manchester.
His description was a hell hole of mismanagement.
Far too long working hours and mistrust between practitioners.
Glade to be back to a first class health service in Catalonia.
Not my words
Just wonderful, great round up as always.
I hear you. How about including executive pay and incentives in your commentary?
Best rates you can get are waaaay lower than quoted, you can get a number under 4.6% on a 5 yr with 75% LTV. Sure it won't be that for 90%, but I'm just quoting the best. Best 90% is still under 5 at 4.9%.
Neglected to mention how long they were on a pay freeze during austerity. Half the picture?
Not even half the picture, he neglected to mention that the strikes just ended were for a pay increase for this year, and the planned strikes are for a pay increase next year, so, essentially "click-bait".
@@wolfen210959 Yeh. The UK economy is in fine health.
Slowly but surely Sasha seems to focus more and more on a “wage price spiral” of the people who’ve had their wages squeezed for nearly 20 years. No mention of the wealthiest getting wealthier. Just the fault of the peasants wanting money to stay warm and fed
@JesusAteMyWaffles the wealthier get wealthier when the poor vote for policies they think are going to favour them... getting paid more doesn't mean you get to buy more... goods need to become more readily available for prices to drop and for your money to become worth more...
So we need to make Britain a favourable place to do business and prevent the cycle of outsourcing, which is why our goods are so expensive
If freezing pay meant companies came to Britain, you were probably able to buy more and didn't realise it...
People are too fixated on the number they see on a screen and not on the reality...
Looking at the historical inflation comparisons, the median wage 30 years ago buys a lot less today; the median wage in 1990 equates to around £42k today, which back then, you would have been living comfortably and able to support a family, and now you may even need to double that depending on where you live.
I remember in the 2000s when a six figure job was like the oracle. Now even with that you still could barely buy a fixer upper thrash heap in outer London.
They are not even getting a pay rise. It is still nowhere near pre 08 crash/austerity levels.
Darn Sasha is good at this !
The £ has been rising which should help a little with inflation. But my local E95 price has fallen from 155p down to 141p in the last month.
Thank you for this. Maybe I will add a third thing that can happen. They subsidise the pay increase of NHS staff with job cuts for non patient facing staff. It happens quite often. Central teams that maybe look at policy, guidance, informatics and general admin & clerical. They can be scaled back to offset some of the pay increase.
So unemployment will also rise.
A very interesting video thanks. Now that we can see what is coming, is there anything an ordinary individual can do to weather what is about to happen? Thanks 😁
People aren't willing to do what needs to be done. The whole system we live in is corrupt.
wish I worked in a sector that got close to a 10% pay rise, think my last 3 years combined wage increase is still below 10%. At this rate I'll be quitting my job for a minimum wage job
That's actually a serious problem, what you really dont want is those £25k-£29k earners right now who have semi stressful jobs thinking to themselves "why bother?, I could just earn a bit less, save some in not paying as much tax and work a stress free minimum wage job". Essentially an incentivised race downwards. People who are doing the hard jobs in this country are being underpaid whilst we see record surges in minimum wage/living wage. It doesn't promote a culture of hard work at all...
Same Im on £12 an hour and thats gonna pretty much be minimum wage soon. Cant see my employer rising it much though
@@Dragonaut111 if they're going to increase minimum wage £1p/h every year, anyone on £15+ p/h will be caught up by 2028/29, I remember seeing ware house operatives getting £14 ph this time last year, mid tier is diminishing. Blue collar, skilled/semiskilled jobs is where its going to hit. Hopefully AI can save us :S.
I work 12 hour shifts,,bank holidays,,nights ,days and weekends ( shift pattern ) and yes minimum working wage will soon make my job not worth doing ,,might as well go stack shelves in a supermarket ,,no stress ,,no responsibilities 🤷 this countey ia sunk ,,its going into reverse ,,our last pay rise was 3%
@@stretto71shit you must work at my factory hahah
But Rishi Rich Sunak said inflation was halved and job done 🤔
he wants to win the election next year. of course he will present it in the best possible light. Inflation has mostly only halved because of global energy prices decreasing although consumers in the uk are still spending more on energy because inflation figures dont include the grant given to households for energy last year
@@typic_only energy , housing etc has halved. All the other sectors are still inflated by a lot in the UK
@@HShango yeah I know :). Thats partly why Ill be moving to the US soon lol
He was reffering to global gas and electic inflation prices. His announcement had NOTHING to do with everything else that is inflated
@@LEE-ty8vq Who Sunak and Hunt? They never mentioned Energy, just claimed uniformly that inflamtion was halved as part of one of his 5 or is it 10 so called pledges
What happens to the country when people can't afford to show up to work anymore?
They bankrupt the economy then bring in CBDC👍 they need us to get digital IDs for this to happen🤔
What happens when the government runs out of other people’s money?
Very much enjoy your videos and analysis. Given the sh*t show we’re in, can you do a video on possible defensive manoeuvres a person can do with their investments and finances to protect what they have?
Been asking for this for about a year
No expert here but from what Sasha describes the pound should tend to be weak in the next few years. FTSE 100 tends to benefit (from business outside the UK) or on the other hand just invest out with the UK. I have done this it brings risks but because the UK is viewed as a risky buy the pound seems to go down when markets globally go down this softens the blow if you’re based in the UK. This probably reads as complicated……
Gold, Bitcoin and Silver in that order. Hold onto them for a few decades. Consider them insurance not an investment, and remember to only buy coins of the realm as they are CGT free. Atkinsons bullion is the best place, and Swann bitcoin or Swissborg.
Buy Bitcoin 2 months ago
I think better to appreciate his macro views, his stock picks (selling PLTR, holding FVRR) are short term negative, etc... but obvs, if he's saying that inflation in the US is over, then maybe US small caps, or whatever you think has long-term growth potential.
What do you expect workers to do?
Those that have the industrial power will use that to increase their pay.
Maybe fix the underlining issues, instead of using money created out thin air to duck tape the problems?
@@sokolmihajlovic1391how do some factory workers in Bolton for example fix the underlying problems? What is the first step?
@@sokolmihajlovic1391 yeah OK mate, just give me 5 minutes while I go fix capitalism, then I won't need a pay rise. Thanks for the suggestion, I'll be done in a jiffy.
i would expect workers to stop being political ignorants during voting period.
@@xxxMrBadExamplexxx I wouldn't. The plebs will continue to vote for the existing duopoly, only choosing whichever one promises them the most free stuff.
You should also add in the additional costs of NHS pensions and their encouragement towards early retirement and part time employment.
Public servant pay has been squashed for over a decade.
Several years of below inflation and freezes.
This year, benefits went up by a higher percentage than almost all of the public sector, as usual.
Years of public servants accepting below inflation pay rises fixed nothing. The majority of us have little leverage, I got 4% a year over the last 2. I can earn more in the private sector because I'm capable, so when I move I'll add to inflation, and people who are less capable will be left in government, and it will be less well run. I get you understand the wage price spiral, but we live with the first generation that will be poorer than their parents, your analysis of a narrow band of economics makes sense, but can you analyse what would fix the underlying issues that seem to always lead to normal people being worse off?
And the price of cheese 🧀 is shocking
Sunak is the spearhead of the problem and the rest of the professional political spectrum is the great part of it. We must get rid of career professional politicians! They are the cause of all malaise in society.😊
We keep voting for the duopoly and voted down RP when we had the chance.
As stated in the video, they know they are out at the next election. So they are in holiday mode till they are removed. Then its a labour problem, and all the tory gammons will be out shouting how bad it is due to labour. Well liz truss spunked billions in under 40 days!! Lets ignore that, shall we also ignore the billions handed out to friends and backers during covid for PPE that either never materialised, or was sub standard.
@@freespeechmatters583 RP, Reform UK Party? They will hanmmner the Cons next time, and also take some off Labour as well.
@franzlyonheart4362 No they won't, they won't even win a single seat.
@@cryoraptora303tm2 in two general electoral cycles, Reform will wipe out the Cons. With the Cons on zero MP's.
It happened before: You remember the Whigs party? No? Well, me neither. First past the post FTW!
“The state alone is responsible for inflation, inflation without government,or indeed against government is impossible.” Felix Somary.
They know exactly what they doing and they doing it on purpose. CBDC are coming
You nailed it
Really? In my opinion they never have and never will know what they're doing lol
What is cbdc? 😊
@@kingarthur7250
Central Bank Digital Currency. I highly recommend deep research. Also about Ripple and XRP, stellar and XLM, XDC.
Central Bank Digital Currency
@6:07 Did anyone else anticipate a Segway into a sponsored segment or was that just me?
The issue is that this inflation is due to artificially low interest over 15 years. Everyone needs a massive pay rise but costs need to remain static. But of course the Directors don't want to cut margins and force prices up. The cycle continues until something breaks.....aka housing.
Inflation is always because “to much money chasing to few goods. “Not interest rates”. You either have to increase production or decrease demand. That’s it. But we all wear nose rings and make fish and chips for obese. We don’t make enough significant things.
We are a net importer, it would make more sense to get a free trade agreement with europe and other contries to keep prices down
Is the divergence between CPI and HPI not a necessary evil to eventually bring down CPI? I.e HPI includes housing costs, which inevitably have risen through the interest rate mechanism effects on mortgage costs, but ultimately working to dampen demand and therefore CPI. Surely it’s not accurate to assess inflation through the lens of HPI during these times, as we know rate rises will cause that measure to increase. CPI data today looks good?
I am currently working in the NHS as a band 2 HCA at the top of my band. I get £11.44 per hour currently after our 5% increase earlier on in the year. From April 2024 £11.44 will be the minimum wage. It’s hard to see how are wages especially at the bottom end, could get much worse. When I joined the NHS in 2017 the top of band 2 was about £2 per hour above minimum wage. From April 2024 it will be minimum wage.
Get the violins out. People in the private sector (real economy) are lucky to have a job
@@reefunk1974you can get any min wage job in the private sector
@@reefunk1974and yet there are 1 million vacant jobs.
@@davideyres955There are not. Those numbers are always misleading.
@@davideyres955where?
In what field?
It's disheartening to observe the absence of the same critical scrutiny applied to EU inflation figures as seen in your analysis of the UK ones. Additionally, the Netflix example presented appears unrelated; the platform peaked in users during the 2020 pandemic, and to sustain revenue growth post-peak, it introduced ads and raised subscription fees, akin to SKY in the 90s.
Regarding UK wages, global inflation is a byproduct of pandemic-induced economic challenges worldwide. The US recently reported a 3.2% inflation rate, with the core at 4%, although these figures seem manipulated. Even at 4%, it's twice the Fed's target.
To curb inflation, central banks must raise interest rates to the real core inflation figure plus 2%, aiming for around 8% unemployment to reduce money circulation and dampen demand. Until such measures are taken, inflation persists, regardless of pay raises and government policies.
However, it's doubtful the Bank of England will implement these measures unless the negative repercussions can be shifted onto the government, reminiscent of the 80s scenario.
Won't higher wage costs drive productivity? Deploy better tech/ sharper practice to reduce headcount? Some international comparison of key indicators might also be useful here - employment, growth, demographics etc.
Productivity won't increase if everyone gets higher wages. In a normal economy, performing companies and individuals earn more, cause they tend to have a competitive edge/sell more. That's the healthy grow pattern.
@@bogdandimi A large part of the private UK economy does not have to have a competitive edge or perform well, it enjoys fat ex public contracts and performs the minimum. Think water where companies are busily destroying ecosystems, railway companies (who are currently paid regardless of performance and quality of service to customers), energy companies like Centrica who can charge the earth with no comebacks. Or giant outsourcing companies like Capita, leaving a trail of disasters and, yet, still gets contracts. Billions of pounds of taxpayer's money is shovelled into the pockets of these companies every year. Or vast organisations like Amazon (and innumerable other giant corporations) who pay next to no tax and contribute sod all thanks to bespoke deals offered by the big four accountancy companies and drive small companies that have to pay their dues go to the wall. It is not a 'normal' economy, this is deregulated financialised hyper capitalism and it isn't pretty.
Why are they asking for higher wages and not the option to tip them if they give good service. We the ones paying them anyway. We should get the option wether to pay them more or not based on their service, it shouldn’t be automatic, thats how you get complacency.
@@oscarpenn4038 Removing an appendix is not quite the same as serving bloody pizza.
Further knock on of NHS pay increases is the impact on charities that support and provide valuable services, workers of the charity see the NHS increase and say, well we should have that, and so the cycle goes….. but only a small percent of the money the charity gets comes from that NHS money tree…. Local people fund it, and its local people that will suffer when services provided by charities degrade or cease.
Great video, hope this gets traction, thank you for talking sense
The inflation problem is only going to get worse, inflation might be falling but its going to stat persistently higher for longer. Even included in the Bank of England forecast.
Will the Pound against Dollar fall or rise as a result ?
Inflation will drop your currency and makes the printer run hot.
All currencies are failing, it's a race to the bottom. Your guess is as good as anyone else's which currencies fall fastest. They're all relative to each other.
Sheesh, talk about depressing. Thank you for providing us the real-deal analysis. It's stunning how government seems to be shuffling towards the cliff edge.
Their not, we are! They will be fine with their private jets and food aplenty
@@six7529 Yes, you’re absolutely correct. It’s we the people who must wake up.
Another great informed rant
Hey Sasha, what are your thoughts on Bitcoin?
Can you do a video on a possible plan to fix the uk economy if its possible :X
I doubt this will ever happen, since the UK is basically used to sleep walking from economical crisis to crisis (add political crisis on top of that economical sandwich).
It's not a UK thing, it's a world thing. You could literally substitute "UK" for any other country in the west and have the same story.
You’ll be replaced by robots. You’ll be fighting with robots for your own existence 😅
The impact on inflation of the 10% increase in the min wage next April will be hellish.
Do we clap 👏 on Thursday s again for them? At 8pm?
The only solution is for the companies to take the hit and make less profits...as long ad they are in profit still then what is the problem with that
Agreee😊
The UK is now back to the dreadful economic situation of the late 1970's. Horrible stagflation that triggered the winter of discontent in 1978/9 that brought down the Callaghan Government.
Which will bring down Sunak and the tories next year. They're absolutely finished!
@@HShango Looks like history is repeating.
The United Kingdom is an island with limited resources, that was understood hundreds of years ago. Many things have to be imported which then sends the money out, then you can end up broke and no longer able to buy imports. They wanted to get rid of people too, put them on about and sent them to America and Australia to reduce population off the island. But the modern U.K government ignores reality trying to increase population, big welfare system and printing pounds, and buying imports like crazy. The U.K is headed towards the same malthusian trap it had in the 17th century if the pound currency loses its value. You’ll be trapped on an island with limited resources.
O they didn’t teach that in school
@@HShangoand Labour who are
funded by the unions will do
what to stop the circle of doom?
The problems facing us are about far more than just economics!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Yes it's called lying politicians.
Fair appraisal
Sasha you are plain wrong if you think a 8% pay rise is going to increase discretionary spending. I’m a 33yo doctor working in central London, the 8% rise put my salary up from £51,000 to £55,000. This increase is a drop in the ocean compared to the increase in food costs, transport, mortgage, medical negligence insurance, car insurance etc, child care. Even WITH an 8% pay rise still being driven further an further into debt each month now just at a slightly slower rate.
Interesting comment on the USA and it's glorious ,only3.5% ,inflation rate.
Here in the UK inflation in chemical and intermediaries are beyond reason which will show up in costs to other businesses like Pharmaceuticals .
Public sector pays tax too. As a nurse I pay tax too. The private sector doesn’t pay for my wages.
🙂 they do
Lol, so the public sector pays taxes and those taxes cover the entire wage bill for the public sector?!
What has the UK done differently from the EU? Hmmm
How do you solve the wage-inflation issue, if every year people get an inflation matching pay rise then effectively they are doing the job for the same money as last year. If pay rise is inflation +0.5% then as you mentioned, that little bit extra in someone's pocket tends to be inflationary. Any economists care to explain to a non economist?
Unfortunately the only way to effectively come out is by slowing the economy and wage growth in real terms, then ease off when inflation is done.
@@SashaYanshin thanks for the fast reply. Love your vids because you explain things in a way a non economist can understand with a healthy dose of sarcasm aimed at the pillocks effing things up!
Wages in the UK have been stagnant and falling in real terms for a considerable length of time.
Wasn’t Boris’ Brexit promise that there would be an extra £350 million A WEEK just for the NHS 🤔
They don't need it they would just waste it
No good if they give it to outsourcing firms ran by their mates like Carillion
They should say they will fire them and cut their pay. What they gonna do?
Wages are only going up in the public sector and minimum wage though.
The skilled market hasnt moved since the 90s.
I know people who earned 35k a year in the 80s.
My industry is still offering 24k a year, which is what I earned 20 years ago.
Yep, low skilled workers of course should be able to afford basic necessities, but it is incredibly demotivating to see your skilled wage be gradually eaten up each year. You could say it is ego, but there was a time skill built through effort was rewarded.
@@nathan5126 when there are cleaning jobs going at £25k a year it really does show how backwards the job market is.
No wonder we import everything now.
I fully understand this theory but NHS pay issues have been around for a lot longer than current inflationary pressures.
According to the bank of England £10 in 2010 is now worth £14.76. An increase of 47.6% yet a band 5 nurses salary has only increased by 34.1%. They still owe us a good few percent since 2010, nevermind the last few years.
We were told back then that public sector pay couldn't be raised for this same reason and we were slapped with a pay freeze for years. What are we suppose to do? Except that argument everytime and wait for the next economic catastrophe to happen just to be told the same thing?
Perhaps right now isn't the best time for a pay award, but we're long overdue it.
Yes , been poor since 2008 , like many keyworkers.
It’s only going one way from here and it’s not down
2nd the best !
This increase in minimum wage is going to start a new spiral of inflation.
It's not just the 5% of people on minimum wage, it's those on £12, £13, £14, £15 who will also want a rise.
from where comes the data saying that only 5% of the working class is getting a minimun wage
@@leonardojoau571 house of commons library and office of national statistics.
The wage increases makes fiscal drag worse, can you imagine the gov significantly raising income tax brackets in the future after the freeze ends? I don't, governments are quick to raise taxes but very slow to lower them, it will be a permanent thing
Hard to imagine, no matter what happens at the next general election!
Here’s my confusion: wage rises in the private sector knock on to the price of what they supply and cause inflation. NHS wages do not increase the price of what they supply because it is free so how does this cause inflation?
Because they use those inflated wages to buy food at inflated prices, heating, cars, houses etc thereby compounding the problem of inflation (more money chasing either the same or fewer goods).
@@SimulationStarterKit then surely product prices need to give/be capped? Im not an economist, simply a public sector worker struggling to pay bills. why can other countries have high wages and inflation decresease, but not the UK, idgi. i hate it here
@@karisno7798 CPI is still going up everywhere, the amounts at which it's going up is what varies.
@@karisno7798because on top of all the other problems, silly Brits thought Brexit was a good idea. 🙃
@@karisno7798 It's not just the UK it's the same in most western economies.
What’s your bookcase trying to tell us?
Rising wage and housing costs are lagging factors in an inflationary cycle, suck money out of the economy and contribute to the inevitable future deflation
But a balanced argument doesn’t make great content does it
It's great for the govement as more people will hit higher rate tax, lose family tax credit and family allowances and they don't have to pay as much in benefits oh and more vat. Win win win for the govement and all those who hold real assets especially if they have loans on long term fixed rates as they can pay back their debt with money that doesn't buy as much.
You know what’s really mad too? The state of the rental market and delusional landlords as well as their lapdog agents. I don’t rent but looking at things makes no sense; one of our properties had an original valuation of £1700 pcm in 2022. This shot up to £2100 in 2023. Dude, that’s an extra £4,800 a year. And the agents were delusional enough to put it on market for that price when the property was vacated. Obviously that means no takers if someone will simply look at the price and walk away; it’s sheer lunacy
Ty Sasha, good vid.
Never thought to learn that England is going willingly full throttle into the abyss,
doing the same mistakes like Argentina and Venezuela and many more.
Today the exchange rate of GBP/USD is 1.26
Let's see how many months it will take to reach 0.63
Maybe it will even outpace in depriciation the RUB/USD, currently approx. 0.01
Some rude awakening coming pretty soon here.
The rate against the also falling dollar is perhaps not a true indicator, better compared to something real, food energy gold?
It's only fiat currency, your a slave neo , but I do like a 10 per cent pay rise every year , goodbye savings !
Keep on stacking 🪙🪙🪙
UK needs to train more new doctors. It is logical i think. Train more stop them from moving abroad otherwise costs back.
And in 7 years problem solved !!!!
Should be done 20 years ago there is millions of people intelligent people wanting to work for 90k not 149k a year.
They could also start by taking in fewer immigrants and giving them free health care.
Agree with this. The workforce should be paid enough to be comfortable but the higher end of pay should be capped through supply of willing people.
The government limits the number of places for doctors to around 7000 a year whereas 9000 apply. Think about why they would do that
Whats the fix but?
How much of the "stagnant growth in the economy" is caused by the (almost) quadrupling of house prices since 1997? Suggestion for a vid topic if u have the inclination
Skyrocketing house prices force people to devote more of their income towards non-productive sector draining money from the productive sector.
@@davidstrelec2000 this is what I was thinking, a huge amount of money is not being spent in the economy, rather it is given to banks to pay off mortgages. Wages haven't quadrupled since 1997 so an ever increasing proportion of money that could increase economic growth is simply fed up the chain to bankers to "gamble" with (in many cases). This could increase GDP if the banker wins (but for every winner there's at least one loser), the resulting huge amounts earned by the banker do not have the same effect on the economy (as more wealth spread over the poor/middle classes) due to the banker only spending a proportion of it in the economy and hoarding the rest
raising prices = losing competitiveness, that is how it works in private sector. And when Asia is in deflation, the currency/income gap grows, you lose even more competitiveness on the 'market' scale.
So can they accept a deal and then strike again the next month? Next week? Next day? Is there not a contract in place?
He's misrepresenting the situation which makes me wonder what the agenda is.
The projected strikes are for next years' pay rise, not this years', so he's either deliberately or unknowingly making false statements, I'll let you decide which is more likely.
It’s simple. Last strikes were for this year. Next strikes for next year.
Properly taxed capital gains should cover it - We are dealing with the fall out of a 45 year greed price spiral - wages are incidental
The NHS should be run by the workers. Government should cut its losses and transfer the NHS trusts into the ownership of NHS workers.
If they did that, I'd give it 18 months before it was run into the ground.
People running the NHS are incompetent fools
Don`t worry recession -wage and asset deflation.
Profits are driving inflation, not wages. Research from IPPR and Common Wealth has shown that the profits of the UK’s largest non-financial companies were up 34 percent on pre-pandemic levels. After a decade of wage stagnation and a pandemic that pushed millions into poverty, we simply cannot allow the right to spread a narrative that blames the cost of living crisis on workers attempting to resist pay cuts.
Good.
Profits don't increase inflation. Debasing a currency over 20 years then lock down an economy and throw money everywhere creates inflation.
This is my biggest problem with this channel, seems to ignore the fact that profits are at all time highs and growing. Since the pandemic many companies have just turned the money tap up to max because people blindly accept the scapegoat doctors wanted to be paid properly.
Profit doesn't cause inflation. Most profit gets reinvested in the company eg creating more jobs, or invested elsewhere. It doesn't get spent on goods.
More consumer money in the system causes inflation as people have more money, higher demand, with no change in supply. Pay rises and the government money printer causes inflation from the demand side, not company profits.
@@ssjd396 Where did all the money that was spend over covid end up? People still paid their rent, their energy bills, bought food. It ended up lining the pockets of business and wealth, who saw their wealth grow at astonishing levels, and we never taxed that wealth back. Excess profits are the cause of inflation, not rising wages.
00:01 Junior doctors in the UK demanding a larger pay increase than the government's offer.
01:24 Public sector workers in the UK are getting significant pay increases, outpacing inflation.
02:46 UK inflation is spiralling out of control.
04:12 UK inflation is driving up mortgage and living costs.
05:31 Companies raising prices worsens inflation
06:50 Public sector wage increases impact private sector and tax revenue.
08:12 UK experiencing rapid wage increases leading to inflation and economic instability
09:35 UK inflation rapidly increasing, Euro Zone falls to 2.4%
Crafted by Merlin AI.
It is not 24k minimum wage. It's 18,500..... Maybe he's looking at London min wage
I like this playlist better than china doom videos it's actually happening
@@penderyn8794 11.44 per hour (from apr 24) x 40 hrs working week = 457.6 per week. Weekly pay x 52 weeks = £23795 per annum gross pay
Basically we are slow dancing towards the last 40 years of Argentina's economics when we'll break into a waltz.
you can't dance tango to a waltzer
im a lowly admin grade civil servant and we have not had an adaquate pay rise in 13 years. i cant afford to eat out, i cant afford a good holiday my pay is below 22k. wtf im on immigrant pay . plus our pensions have been stripped while contributions increased...... whats a big pay increase, ive never seen one. and by the way , public sector workers pay tax to
How can any government sort this out, dude? Any advice for a future Labour government?
The Govt (or any new one) is in a similar situation to a joke I heard years ago. “How do I get to Dublin?” “ I wouldn’t start from here” I think Sasha put it more succinctly “we’re fucked!” 😮
🛎🛎🛎
It's like going back to the 70's with high inflation, high wages, high oil prices. The 3 day week next?
Hmm. We had industries and created goods in the 70's so sending people home was a big deal. These days the UK is basically one giant call centre, a service economy, which is likely going to be wiped out by AI (machine learning) fairly soon anyway.
The way I see:
If you cant go from public sector to private because there is no reasonable demand for the price, than your negotiation is more of a tantrum. :(
We don't need to privatise healthcare like USA, but there is the option to pick private health service.
So... junior doctors and other fresh graduates demand a 35% increase.
My question:
can you create a "business plan" where these freshman opens a private health service to help people and at least brake even with their newly requested payment?
If no, than how do they expect that same money from the goverment?
And we just had today's TLDR news that many councils declare bankruptcy, due to
- government grant cuts
- housing tax increase is limited to annual 2-3% by the law (wont be able to follow inflation)
- and businesses already cracking under pressures, unless we gladly sacrifice small independent businesses so everywhere we could see nothing else, but the exact same franchises...
And people are hyperfocused on income, instead of profit.
Cuts and decreases needs to be done too.
In healthcare its complex, because yes, everyone should get help when needed, but most councils cut the leisure first. How should people stay healthy, if council gyms, pools and outdoor activities are written off for example?
Or waste management?
People here already crying that bins are collected twice a month, and we are "drowning in our own filth" but the same time we need more people who separate others (literal) crap...
When there could be incentives: intoruduce more bins. Japan have like 40+. Most europeanb countries have 10+.
Sounds a lot, but realistically not really. Ie: Japan separates every plastic type separately, so 1 "bin" is a small bag of bottle caps. And unlikely a household keeps ever type of material.
But UK don't need to go that extreme. But whatever is available could "cut" waste managers workers spending.
Or maybe cut is a wrong word. Relocating to a more useful position. Sadly paying someone even on living wage wont make a proper "return of investment" on higher grade selected waste. A quick googling shows that 60-200£ per TON is the market price. What target do you expect from a single waste sorter?
Wouldnt it be easier to push this "work" to those who generate the waste? And the "profit" could be reinvested to local council...
That photo of the Laughing Mad Rishi must be worn out by now
Well considering unemployment is very low, i can imagine alot of people are going to be out of a job next year if wages keep going up
Nope, when there is higher wages, but the interest rates are high, it makes more sense to save on higher interest rate fixed term cash ISAs and invest in stocks rather than spending on overpriced goods.
Sasha, I love your work. I'm a layman in regards to economics but can you please explain why the government can't just stop all price increases for a year or so to fight the wage price inflation spiral? I don't understand why this isn't an option as it would be fairly easy to enforce and it seems to be the greedy companies realizing they can get away with raising prices that's the problem. The price of doing business in the UK would be to eat the inflation as penance for immediately raising prices... Am I stupid?
You expect a company with shareholders to roll over and do what the government tell them? "Hey Walmart, just go ahead and a make no profit on Asda for the next five years to get us out the shit. K? Bye.". Politicians were lobbied and funded by corporations who got them into positions of power and will continue to fund them when they leave Westminster and move into Thinktanks/WEF/UN etc etc.
Money and external factors such as how much the pound is worth against other currencies are the reasons why this wouldn't work. Also we live in a free market economy
So with food it gets rid of supply and demand, so you would end up with shortages and potentially starvation for the poorest.
Price fixing leads to shortages.
historically, price fixing never works. Most businesses when they are forced to keep prices low they just go out of business because they cant turn a profit anymore and then you get shortages and rationing. Inflation is too much money chasing too few goods and services. So either remove liquidity from the economy or make more products, neither option is pleasant because these scenarios imply either lowering the standard of living or being "more productive" (more work for lower wages), which isn't always possible because of external factors (supply chain disruptions). Because people resist declining living standards, when given the choice, governments will always let inflation play out.
I just accepted a 4.9% mortgage for the end of December
Big collapse on way.
That is not a bad price at all. Hefty fee?
@@SashaYanshin Yeh a few fees. Approx £600. Rates are coming down pretty fast already as far as I'm seeing. Banks are battling!
they won't be spending except to pay off their credit cards that they have used to buy food and heat with.
$TSLA analysis Video ?
Tip: If you struggle with dry lips drink more water and put coconut oil on them to prevent them from drying out.
I drink plenty - get the same thing every winter :)
Omega3 balance the ratio EFA 3-6-9 in the celular membrane. This keeps the water inside of the cells.
I sell quite a high end market product and this year we have had to increase our products twice and another increase is due on the 2nd of january 2024. Its getting harder to het people to spend thier money due to all this
I'm still amazed to see people pissing money away in nail bars, mini golf and five guys.
@freespeechmatters583 true, my sister in law spent £170 last week on her eye brows, the treatment she had lasts for 6 months and she doesn't even have a job, all paid for by us the tax payer.
I have been working as a Senior Software Developer for last 7 years, I earn between 30% to 50% less than industry average. It is either I get salary increase on at least inflation level, or I simply won't be able to afford luxury of working for the NHS anymore, as my mortgage alone go up 30% from January.
Sounds to me like you need to change your life style if you think being a Senior Software Engineer is not enough to live.
@LEE-ty8vq if he's making 30-40% less than industry average he's somewhere in the 25-40k salary bracket. Definitely struggle zone, particularly in a single earner household.
@@e5h5yep imagine having to re learn your industry every few years and getting paid a bit more than minimum wage.
Up till 2014 I hadn’t had a pay raise for 7 years…that’s why I left the country, you can keep that sh!t hole of a place.
In 2014 after claiming they couldn’t give out pay rise because of how difficult the economy was they announced record profits, I’d worked there for 16 years in a skilled technical position, there’s no reason for engineers or anyone with a skill set to stay in the UK….it doesn’t deserve to have you….move and earn x3/4 more elsewhere in the world.
@@Piecenotwarwhere did you move to?!
Public sector wages have to rise otherwise no one will apply for these posts. Most senior positions advertised are already laughed at by external applicants. Significant numbers of staff are leaving due to the rising cost of living and getting better offers from private sector jobs.
In 2021, servicing my car with parts £68 at a local garage, last year 2022, same thing cost me £91, 2023 paid £106. Amazing stuff.
Solved that problem myself. Set of ramps off eBay for £30, 6 litres of oil (£27), oil, air and cabin filters for just over a tenner and half an hour of free time. Already had the socket set so not included that 😂.
Is inflation a good thing if I have a couple of buy to let mortgages
Raising the min wage is a short term fix.
Raise wages, costs more to manufacture, distribute and sell goods in the shops with increased labour costs.
Now cost of living is higher and the only one that benefits is the tax office (hmrc).
They are bettet putting that money into lowering prices
I spent over twenty years of my working life negotiating wages and conditions of a major Trade Union, in my view my role was to get as much as I could for my members.