Britain's Economy is Falling Behind the G7... why? - TLDR News
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Britain is struggling a bit at the moment. Politics is a mess, public confidence is falling and despite claims from Number 10 the UK economy is far from world beating. So in this video we'll explain what's going on with the UK economy and why we're falling behind.
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almost like putting in trade barriers with your largest trading partners was a bad idea.
This is just the last chapter of a book called: "decline of british empire" ahahah
What trade barriers were put up?
@@maxdavis7722 have you not been paying attention?
@@maxdavis7722 have you heard of brexit
But think of all the trade with Chile.
You can really see why Johnson is so desperate to remove the NI protocol. Having NI being the highest -performing- growing economy in the UK besides London is a bad look for Brexit.
Unfortunately that's just pissing off the EU even further and pissing off America to boot (the inviolability of NI is the one thing Republicans and Democrats can agree on, and getting Republicans and Democrats to agree on anything is like getting matter and antimatter to exist in the same space without annihilating each other.) Brexit would've been a bum deal if it were handled by competent people, but unread it's being handled by a manchild who hasn't known a day of sobriety since he was in diapers.
It’s exactly what the investment bankers party wants. Singapore on the Thames and screw the rest of us. This is levelling up.
Whoopsie
@@zachryder3150 Don't drink and diplomacy kids.
1) Brexit was about a lot more than the economy, but you materialists can’t comprehend that. 2) doing well by what metrics? Is it by average standard of living or just GDP go up?
Our government is the reason this country is failing to its knees, this administration putting so many families into difficult situations! I appreciate your advices Sarai! Imagine investing $1000 and receiving $10,350 in 48 hours.
Surprised to see someone else trading with Ms. Sarai Coronado , I am currently on my fifth trade with her and my portfolio has grown tremendously. Their weekly signals are highly profitable.
This is not the first time I have heard about Ms. Sarai Coronado and her exploits in the business world, but I have no idea how to contact her.
SHE'S ALWAYS ACTIVE ON TELEGRAM'S APP WITH THE NAME BELOW.
*@Ms_Sarai*
Glad to see Ms. Sarai mentioned here, my husband recommended her to me when I was in Spain during covid, she is amazing
_"The two countries at the bottom of the list are suffering due to economic sanctions. The difference between them is that only one of those countries chose to impose sanctions upon itself."_
In a way Russia chose to cripple itself as well. But you are right they didn't self impose.. Only a complete fool.. cough.. oh sorry.
Kinda not true tho. The uk wanted freedom of movement reforms. That's really all that started this. France and Germany need immigration as there population shrinks without it, the uk is not in this position and therefor the same systems hurt and not benefit the normal everyday people. The Eu could of respected our position but instead refused to do anything for the nation that saved them all from dictatorship. The eu is not an immutable force of nature. It decided to refuse a relationship that did not whole benefit them.
@@jamesn0va XD.. Wow.. Just wow
@@jamesn0va Freedom of movement was a major part - and quite possibly the biggest part - of why people voted for Brexit, but there were other reasons (such as the dislike of imagined EU regulations). The EU is not immovable, but when the UK represents only 10% of their international trade versus their representing almost 50% of ours, it's obvious how negotiations are going to go. The EU was very flexible: they would have accepted Single Market membership; they would have accepted a customs union; they would have reluctantly accepted the WTO terms the UK threatened, and they did accept the FTA we did negotiate. The UK wanted to negotiate the benefits of membership without the drawbacks: this is not how membership of any group or organisation works. Saying the UK saved Europe in WWII is an oversimplification at best. Without the intervention of the US and USSR, the best the UK could have done after the fall of France, assuming they won the Battle of the Atlantic through technology, would have been to recapture Africa and hold Asia (till the Japanese got involved), Gibraltar and possibly Malta. In actual fact, while the USSR was pro-axis at the start of the war, without the threat that they might cut off German oil, the Germans would not have needed to commit a majority of their forces to the East in 1941-43 (and possibly beyond). As for the Americans, even before they joined the fighting, they were supporting the UK through lend-lease, and helped to keep fascist Spain and Brazil out of the war through trade. Once America joined the fighting, they made quick work of North Africa in Torch, and they prevented the Japanese from attacking India or Australia by tying up forces at Guadalcanal. In Europe, Yugoslav partisans tied up another large portion of Axis men in some miraculous fighting, while resistance fighters in Greece and Warsaw created further problems for the Axis. The liberation of France was made easier by French resistance. In Italy, the Anglophilic upper class and the pro-American working class allowed an easy surrender at Pantelleria, and eventually forced the country to change sides, while in Germany, help from those like Canaris (head of the Abwehr) helped in the intelligence war. China was fighting Japan from as early as 1936. The United Nations was born directly out of the allies in WWII, because the lesson of the war is that all these nations defeated fascism when they were united against it. As EU members, we had the best deal - with the pound, with being outside Schengen, and with the rebate. Even if the UK had single-handedly liberated Europe, that wouldn't mean that the EU owed us anything. In international politics, the strong do what they can, and the weak suffer what they must. By leaving the world's largest trading bloc, we decided to make ourselves weak - and so we suffer.
@@jamesn0va We got freedom of movement reforms, we now have none... well done you got what you wanted. dictatorship? lol you guys ...
"The economy is so bad that we cannot afford a mic stand anymore"
well the other mic had the uk ca and does not work anymore ...
The economy is bad because governments paid people to stay at home for 2 years and do nothing and now the piper has to be paid.
ahahahaha this is funny
Jajajajajja😂
It's not just Brexit. It's also because we have some of the worse productivity in Europe & North America plus defunded our transport, healthcare & education with austerity. Since the Conservative Party won in 2010 the UK economy has been in relative decline.
Johnson: I think you'll find the UK has the largest growth of all countries that have left the EU Brexiters: seems legit
The trouble with the Brexiteers is that if you also pointed out it had the smallest growth of all countries that have left the EU they would violently disagree and question 'biased' statistics
Ask them a simple question, what are the benefits of Brexit? They won't reply or come up with some vage answer thats easily debunked.
@@jonchedgy6654 Yeah thats project fear and then when you point that reality, they say i knew that when i voted. You lost! their clowns, sick of the lot of them.
@@jonchedgy6654 brexiteers base their opinions on emotions not facts. They will never admit brexit was a shit show
Makes it much worse when you can count those countries on the same hand. Even with the G7, it’s misleading to use growth as a factor, when you have a shrinkage
Britain joined the EU because it's economy wasn't growing as fast as Europe's, it left due to a myriad of factors, now its economic isn't growing as fast as Europe's again.
economy isnt growing at all anymore
This makes me remember when France left NATO just to join it again 40 years later. The U.K is already regreting it's decision
There is a bit of a pattern emerging here!.
In terms of average economic growth between 2020 and 2023, Britain is only marginally behind Germany and France. The UK is only falling behind in 2023 because (like France) it had a very good year in 2021 and is now slowing down along with all the other European countries. Average annual economic growth forecast for each G7 country between the period 2020 to 2023: USA - 2.0% (Because not all states had lockdown policies) Canada: 1.4% Germany & France: ~ 0.7% UK: 0.6% Italy: 0.4% Japan: 0.2% The UK is not an outlier. It is almost perfectly average. Citation: Institute for Chartered Accountants in England and Wales - "Chart of the week: G7 economic growth" 21 April 2022.
@@nbgoodiscore1303 France left NATO’s integrated command, not NATO itself! Also France is not part of NATO nuclear planning group…
Self inflicted trade barriers, easy to install, hard to remove.
Self inflicted "sanctions", that's more the word you're looking for following the announcement to break international law. The UK can now start a trading bloc with Johnson's buddy Putin.
Well considering all the hassle leaving has been for both the EU and Britain "easy to install" may be a bit of a strong claim lol
@@thecryingsoul Yeah, not "easy to install" but _Oven Ready_ !!!!! Problem is De Pfeffel's brain cell (yeah, that one that has survived all these years of boozy work parties) has been waaaaaay too long in the oven.
Always easier to break something than to fix it. It only took a single silly up or down vote by dear Cameron.
Easy to install ? Bro it took 5 years
Brexit is not all bad. Thanks to Brexit the other EU member states will think twice before saying things like "Do this or else we are going to leave"
Oh yeah. Polish government chafes under the EU control, stopping them from going full nationalist on judicial system, media and taxation. But they won't dare utter the word "Polexit", because they know it would be an instant death sentence to their ratings.
All the EU has done is suck the life out its memeber states and the real damage hasnt even happened yet, its crazy that people lik you are so mentally warped that you will be happy to see the UK fail just so you can say your right and at every step you lose become more and more militant in doing so. if you lot are so giddy about freedom of movement then why dont you buck the trend and go out of the UK and into the promised land, but no its always the other way round.
Great for European unity
Well if they think their probably weaker then uk economy can Handle it
Brexit has done far better than expected so far.... if you're an Irish republican, Scottish nationalist or just an anti-British anarchist who wants to see the UK crumble and burn, like me! :)
Damn it's almost as if young people don't have as much disposable income and can't take risks like starting a new business as they have to pay £1k~ a month for a shed with a leaking roof
Exactly, the low wages and high cost of housing is syphoning all the money I would otherwise actually spend in the economy.
Unfortunately not exclusive to the UK. If you search for a "studio apartment" in Dublin right now, a good 60-70% are converted sheds/extensions in people's back gardens for €1k+ pm. I gave up on renting and decided to move back with my parents while I save for a mortgage. I'm paid quite well by most standards and my borrowing limit is really struggling to allow me to purchase even an apartment anywhere near where I work. But yeah I suppose at least the future here is still a little brighter. If our government was carrying on like the conservatives are in the UK, there would be an absolute uproar.
@@baneofbalor5881 oh I know, it's a trend common to most Western countries. Brexit hasn't helped but it's not the root cause like a lot of people think. It's like the lorry driver shortage, people tried to place it squarely on Brexit but France and Germany also have shortages, there are deeper economic trends that lead to this.
@@infogang3603 fair play for being honest unlike certain other people
Me in my 1200USD leaking shed in rural America: hey there friend
"The Pound is looking like an emerging market currency", what a classic lmao
As a full time FX trader.. I'm not sure that statement makes much sense though.... I'll explain why... Take GBPJPY goto monthly timeframe you'll notice GBPJPY is actually currency above the moving average. Take EURGBP goto monthly timeframe You'll notice price is at bottom of a range- and currently slightly above moving average... so hardly unprecedented territory. If you look at nearly any other currency ... you'll see USD is very strong. So.... really, its a bit meaningless to look at only one pair... the GBPUSD.... and then claim the GBP is like an emerging currency. Its either misguided or politically loaded.
Euro has tanked against the dollar too over the same period, so it doesn't seem to make much sense
@@joecater894 "is actually currency above the moving average" of course you can find that the value is above or below for different moving average periods
And then consider that the euro, the yen and indeed many other developed nation's currencies have performed worse than the pound and you see that this is just propaganda
@@joecater894lol look at INR/GBP. Indian rupee has strengthened against pound by almost 10%.
In my experience, the UK's low productivity comes from employers being unwilling to invest in both training their staff and in new equipment to help them do their jobs more effectively. Instead they're focused on cutting costs by offering low wages and not hiring anyone without experience and by always going with the cheapest option when buying equipment which then breaks and expecting staff to just work around it.
Exactly. UK Don't have any quality in work. Not at all
Hence my favorite Shakespeare misquote: The first thing we do, let's kill all the MBAs. Business Insider has an article describing research that demonstrated MBAs consistently cut costs while undermining the key drivers of real value within companies.
It’s almost as if short term focus on quarterly performance by slashing costs to, say, improve stock prices is a really bad long term strategy, right?
sounds like my company managed by brits
Dang I wonder where the US gets their thinking from? This is exactly what corporate management did at my old job. Cut wages and don't train workers. All of sudden productivity drops to near zero.
Who knew putting corrupt politicians in charge would be a bad thing.
Pretty vacuous comment, you could say the same for most countires.
they are simply looting it.
@I’m bored. Massively. Tory trick to defend action/inaction 6/6 (although I’ve never known someone do it with other countries before so Kudos to you). 6/6. They’re all the same.
@@IamWoodstaman Most countries? You really should get out more, out of your little echo chamber.
@@garyt.8745 But echo chamber good, they say outside bad
Meanwhile Ireland is on target for 5% growth this year. So, Brexiteers, it's once again proven that Ireland's best interests are not to follow the UK's bizarre whims, but to chart our own course.
Ireland's growth data is largely due to big US corporations
@@augth Cite evidence.
@@augth historically that's been true, but Ireland has it's own metric for measuring growth called GNI (Gross National Income) which seeks to mitigate the effects from "fake" growth caused by large multinationals that have no real effect on citizens. Even GNI is projecting growth of 4-5% for 2022 so that 5% GDP growth isn't being caused by multinationals in any major way.
Not UK's whims, England's whims.
@@augth Some point, but the real world Irish economy is still doing better than the British one, right? Ireland has managed to get rid of the UK land bridge very fast, didn't they? I'm living here in continental EUrope and close to all 'made in UK' products in the shops i use have been replaced by Irish ones. Irish growth is real. The Celtic tiger is still roaring 😉😉😂
Huh, post 2008 productivity shrink you say? I’m a college grad from that recession and have never felt like the macro economy has my generation’s interests in mind. Becoming first time parents in a mismanaged global pandemic has underscored that feeling. And I may never retire. So no, I don’t care about productivity. Not mine, not my coworkers, because we don’t ever see the benefits, and companies have never had any loyalty towards us. I’ve never had a job with training or adequate onboarding, nor a raise that has ever kept up with inflation even when I was making lots of personal sacrifices for my job. I’m deeply jaded and a lot of my peers feel the same way. Of course productivity is down since 2008, and yet, companies and governments still do not care about workers.
My only disagreement is the closing statement of how the Conservatives internal fighting is poorly times. It's perfectly timed. I mean, what are/were they seriously going to do with this self-made crisis? Flooding the headlines with nonsensical crap like rebels, Rwanda and human rights interventions, and the NI Protocol is their response to a crisis they don't know how to deal with, and even if somebody intelligent told them how, they'd be staunchly against by their own principles of being in government to enrich themselves and their wealthy friends.
All of these issues are basically equivalent to noise that allows the Tories to avoid actually dealing with the key problem that they have created as the main establishment party backing Brexit (or at least the BoJo’ers riding it to power). It also allows the Tories to avoid having to deal with and to outright appease their own increasingly lunatic right wing. It’s basically the a carbon copy of the Republican playbook from the US (e.g. the brouhaha of “critical race theory” etc.), just like New Labour was essentially a UK copy of (Bill) Clinton’s New Democrats. It’s particularly depressing to see the Tories also going down the GOP road of using BS claims of voter fraud to attempt to de facto disenfranchise (via voter ID laws) voter segments that are likely to disfavour them. Also, just like the GOP, the Tories generally only gives a crap about asset prices (incl. stocks, bonds and property), since those are the key economic indicators of their key constituency, which is indeed “their wealthy friends”. They (Tories and the GOP alike) only tend to worry about real wages etc. when developments threaten either asset prices or their own electoral prospects in ways that can’t be handled with yet more culture war BS.
Top comment.
I read the headline and immediately answered before watching "because Brexit was a bloody stupid idea that should have never happened". Chances are, it's probably a major contributor.
It's the result of socio-economic trends going back 40 years but Brexit probably hasn't helped
@@infogang3603 Brexit was the COVID on top of the lung cancer.
@@tjenadonn6158 Too real
@@infogang3603 then all the g7 would be struggling wouldnt they einstein? but they arent...
@@kanedNunable Pretty sure he means trends within the UK, Albert
Wow who knew leaving a major economic bloc which involves your immediate neighbours and therby your most important trading partners was a bad idea?
but at least the bananas are all bendy again
@@tomlangford1999 ummm what?
@@scotandiamapping4549 we voted Brexit because the EU bureaucrats banned bananas that weren't straight. I read it in the daily mail.
@@thenoobcannon9830 Do you know which 'journalist' came up with that lie in the first place? A Mr B. Johnson.
@@thenoobcannon9830 Before Brexit the EU Bureaucrats were from the UK. Now that the UK is outside of the EU which is like standing in the pouring rain without an umbrella outside of a restaurant while everyone inside is enjoying a meal fit for a king.
UK scores worse than anyone except Italy. Me, an Italian: 😀☹️😀☹️😀☹️
What puzzles me though, is how Boris would go to any length to "show" that Brexit was a good idea, rather than finally admitting the obvious and risking losing his political credibility. He'd rather drag down his whole country along with his Brexit, than losing his position. You're in for a ride, my dear British neighbors
That’s all politicians these days
When is he going to seize power?
what political credibility?
We had a great deal in the EU. Can't believe we gave it up. I doubt we will get anything similar when we are crawling back.
Depends on if you offered some act of contrition or an apology of sorts. Deporting all the Conservative and UKIP politicians to Rwanda would go down well 👍
@@stevekildare4053 i second this porposal
Yeah, I'd say no more privileges for the UK once they come back. Just a standard membership with let's say introduction of the Euro, taking part of an European army, etc.
@@stevekildare4053 Don't forget the DUP, AKA NI's UKIP.
No way, our deal was too good. We burn down our nice detached house and now if we are lucky we will get an ordinary terraced house at a higher price. We will be too proud to take that offer. I believe we might end up closely alligned with them following their rules, using funny names, instead of single market, we'll call it cooperation zone or something like that so Brexiteers will not notice that they are back in the EU.
Psst, it's Brexit.
Lol sure not the pandemic not the war but brexit also we have exsports more to the eu than ever before so erm lol
We are cheap right now but still it's a good poison in a poorer world
🌵
@@davidevans3223 poison?
Free real estate
U.K: Struggles economically after Brexit. Germany: (Laughs in schadenfreude)
Both: We get the bill but we didn't learn anything. Germany is as enthusiastic to save the whole world('s poor) on its own as it was in 2015.
@jayfraxtea but Germany is more than happy to sell Ukraine to Russia. Germany needs to get its priorities straight, money isn't the most important thing. End Russia Gas and Oil, send Ukraine heavy arms, it's not like Europe needs then. If Ukraine wins then Europe is safe. If Ukraine loses their pitiful arms won't be enough. Ukraine is the win or lose for Europe.
I am sorry, nobody is laughing about Brexit. Most time nobody is talking about it. UK is out, the Brexit was done and the world keeps turning.
@@idleishde6124, Germany is not selling Ukraine, but is dependant (or believes to be) on Russian supply. Additionally the governing chancellor Scholz has party-internal political pressure, since some influential Social Democrats believe that weapons are bad at all. That has nothing to do with Ukraine. These SPD folks are blocking the procurement of armed drones since almost a decade with weird arguments.
Well, we have more important issues than the self-inflicted problems of the Brits. The increased impact of the climate crisis is obvious to everyone with a brain, Russia has played the old Merkel CDU and Schröder SPD well to control our energy sector and we screwed up in a lot of future technologies.
3:01 Northern Ireland is doing better than the national average because of the Northern Ireland Protocol, which enables businesses there to export freely to the EU. London is doing better than all the rest because there is more -laundering- banking to be done than ever before.
A-are you saying that placing trade barriers with your largest trading partners was a bad idea?!
Well, 'erm yes - for the EU! Do the maths. 8% of British firms export. TLDR didn't seem to make that clear. Less than that to the EU. Yet the EU export twice as much by value to the UK. Who would likely lose in a trade war? Not the first time the EU hasn't done it's homework.
@@English_Dawn 8% of firms export, sure, but that doesn't say anything about the size of those firms. The UK is largely a service economy, and so as a percentage of GDP, exports are much more important than 8%. The fact that the EU export twice as much to us means that we're twice as reliant on their goods than they are on ours.
@@English_Dawn maybe the non self sufficient island nation, no??? When you mostly export services and import food try to guess which one of those is more important. Stop listening to these Russian bots for once
@@English_Dawn Exports of what exactly? The US exports a lot of lawyers… I wouldn’t exactly call it something the world would be wholly upset about losing access to in a trade war-it’s just something that’s hard to really hinder since it’s an export that can be closely related to short term visitor classifications like tourists.
@@English_Dawn 8% of the number of companies or 8% of revenue? That's a huge difference. Nobody cares if my bakery is not affected by Brexit, but it's a huge deal if my local car factory won't receive any more investment as the UK is outside of its most important market.
Couldn’t vote for brexit at the time of the vote but I’m the one who’s gonna suffer
Brexit really screws the young adults who are entering the job market in these times.
Same, both age wise and location. I'm from one of the Crown dependencies, we were never a part of the EU as such, but we still suffered when the mainland decided to leave
Boomers thank you for their sacrifice. But they be thinking of you in one of their multiple homes on their triple lock pension
I did vote but fuck if it made a difference.
@@Balsiefen we're in this mess because people didn't take voting seriously, don't be apathetic or it'll just get worse
Thank you for your effort producing this. Subscribed.
It’s good to see a news outlet putting Brexit centre stage for the root cause of our current economic woes. It amazes me that most news organisations shy away from even mentioning it, the Labour Party likewise.
Mostly because they'd get savaged for being "biased" by the unashamedly right-wing press, and, in the case of Labour, would potentially anger the redwall knuckle-draggers.
I think it is because it is embarrassing as hell :/
@@peterclarke7240 it's so depressing that my future is going to be so badly affected because of brexit. Leaving the EU was the most pointless and stupid decision of the 21st century.
@@Espiritu_de_Obiwon But the NHS funding though.
@@Espiritu_de_Obiwon But at least you have a blue passport now.
That has to be one of the biggest "told you so" moments
God, I wish I could have been proven wrong about the absolute disaster that Brexit has proven itself to be.
Hang on we've only been out for 2 years its going to take a bit longer before you can glibly say this.
@@MrAvant123 u wipe out 31bil £ ish allready ?
TLDR recording in heaven or something
But seriously are you outside?
they just broke rule 101 regarding light positioning whilst filming.
Putin got to them
It appears that Ben doesn't want to be recognized as someone who is trying to make Brexit seem a tiny bit rational.
This comment is so unintentionally funny to me
Wow, I've heard the word "emerging market" before, but never as a negative euphamism like "developing country" before. They obviously don't actually mean "emerging market" because they're saying UK economy is disappearing, not emerging.
the UK is probably completely screwed
Yeah, the UK is screwed. I wouldn't be surprised if Brexit is the nail in the coffin for the good ol' Union Jack. Bye bye, Northern Ireland. See ya later, Scotland. You're not very "united" when you only have Wales left, not to mention the growing (though still small) independence movement there as well.
@@lucasharvey8990 Don't forget Cornwall:-)
It's bc illegal immigration
It's not *The* Bank of America, it's just Bank of America. It's not the equivalent of the Bank of England, and its analysis is not categorically superior to any other bank. That's not to say they're wrong, but the definite article risks giving them unearned authority.
the Fed announced a 75 basis point hike yesterday so inflation will go down starting September it takes three months for the market to adjust to new market changes in regulation.
I was going to comment the same thing. Strange that they got this so wrong.
@@robertmcdonnell3117 most of the video is wrong.
@@XXXPPMXXX Care to elaborate Phil?
@Steven Strain In face they were originally known as the bank of Italy in America.
TLDR: "We see there as being two main problems." Me: Brexit and Boris Johnson? Constricting trade by removing the UK from the EU single market was not a good plan. Shutting out EU workers was also not a good plan. Becoming a more unpredictable place to invest, thanks to all of this constant bickering with the EU that Boris insists upon to distract from how often his breaks his own rules is also not helping. The Conservatives cannot fix this. People who think government is bad can only form a bad government.
What's depressing is that 33% support the liar and thief. Like how??? What more do they need to know about Johnson. While people couldn't say goodbye to their loved ones, he and his bit we're parting in downing Street. Boris is only for himself, but yet 33% Muppets believe him still 🤦♂️😞
Baffling that people think the conservatives are better at managing the economy. It's simply statistically false.
That last sentence... Right on point! I'll borrow that.
@@IHaveAHobby Conservative party utterly destroying the country and Tories are just like "lmao you mad?" Uhh, yes, why aren't you bootlicker?
@@IHaveAHobby Ah yes, cooperating with other European countries means you hate the UK, unlike destroying the economy which means you love it. You're delusional.
But but Johnson is telling us the UK is at the top of the leaderboard… Surely he can’t be lying… 🤔😂
Or these people are lying 🤥
(narrator's voice:) He was lying.
Boris "there were no parties i did not attend any parties" Johnson?
Britain has had a speaker and parliament at Westminster since the 1260's when most of Europe was peopled by brigands, cut-throats and barbarians living mostly in forests and swamps. Germany, Belgium, the Netherlands and Italy rocked-up as states much later. France is on it's Fifth Republic after four failures. Britain is deferential to Europe but doesn't need to take any lessons from them. First Covid19 harmed the economy. The Ukraine hasn't helped. The central banks haven't helped either running interest rates that were impossibly low so no surprise inflation was the result. Quantitative Easing is a slow-poison. Boris has had his work cut out dealing with Covid19 and the Ukraine but the benefits of Brexit, the Procurement Bill, the Regulations (EU) Bill and others are now becoming law. Britain has been trading before some European countries became a state, hundreds of years in some cases. Less than 8% of British companies consider trading with the EU. VDL says how big the EU market is. She doesn't say a lot of them don't have much money. Britain was never meant to be "just a star on someone else's flag". Who actually knows their MEP? EU is a technocracy NOT a true democracy. With many officials appointed "behind closed doors". Boris gets the big calls right. The leader of Her Majesty's Opposition and his Shadow Cabinet would probably never be able to handle the Covid19 or Ukraine crises. They can't even decide who a "woman" is.
@@English_Dawn Doesn’t change the fact that he’s a liar 😂
What I never understood about Brexit was it was an advisory referendum that barely passed, so why didn't the government just find another way to address legitimate concerns and not carry through what it knew was a terrible idea?
@Eric_Ferguson= The trouble about referendums is that there is no such thing as an "advisory referendum”: When "the People" speak, it is final! We French have learned - but not enough - the hard way that for a Government of elected officials, calling for a referendum is kind of relinquishing one’s duties of informed governance to an uninformed People. Napoleon III was elected that way under a Republican constitution… To call for a referendum is to ignore the Dunn-Kruger effect: the least people know about one subject, the most affirmative they are. A referendum should only be called when an existential matter with clearcut issues is hotly debated in a country. Brexit was an existential matter, but the issues were not clearcut at all - except when sloganeered by the propaganda of the Brexiteers …. Now the Europeans can playfully quote Dylan and ask: “How does it feel to be on your own?”, while thinking of those poor Remainers who did not organize well enough to fight hard for their beliefs: it could have happened to us, and - within the EU - we have learnt the lesson. __.
TLDR also forgot to mention that Brexit is limiting U.K. output in various sectors as well. In addition, slow wage growth during the Great Recession was understandable, however, Tory policies in the more than decade since have obviously been the key factor in low wage growth. In any event, the data is very clear: Brexit is an economic disaster and Tory economic policies are hurting the U.K. It also would have been nice for TLDR to note that despite DUP and Tory complaints about the Northern Ireland Protocol, Northern Ireland is performing better than anywhere in the U.K., save London. One only hopes that rejoining the Single Market and the Customs Union becomes U.K. policy again very soon.
Didn't wages go up after leaving the EU
Frikkin Brexit, the gift that keeps on taking.
This didn’t happen after brexit tho, it happened after covid. Just blaming brexit is a bit simple.
@@maxdavis7722 It's Brexit. What's pretty simple, is not seeing or admitting it.
@@maxdavis7722 It is Brexit ! Import and export is almost dead and now Boris wants to go to war with the EU what a great idea !
@@maxdavis7722 did you watch the video? The UK is being compared to all countries also hit by covid. The single biggest differentiating factor? Trade friction brought about by Brexit. Out of curiosity what kind of evidence would lead you to accept Brexit has been a bad choice?
@@diegolove173 imports and exports are almost dead? Wtf are you talking about?
Me, seeing headline: I mean...it's Brexit isn't it? The video: Here are some projections, and a definition of GDP, and then we have to look at productivity and wage growth, and yes, OK, it's Brexit.
It's Brexit 😉😂😂
Well yes... but actually yes.
It's also unchecked neoliberalism that has gated away necessities and created a rentier capitalist hellscape that has destroyed working class purchasing power.
@@zachryder3150 Not quite... but very much so yes.
I support BREXIT Why? Because UK had been blocking our Free Trade Agreement with EU from a long time now. Now that UK is gone, the talks of FTA have finally moved ahead. It was even announced when the EU chief Leyden visited our country a few weeks ago. Good one Brits! As you sow shall your reap.
I've never watched an advert through till the end until now, so well done!
Productivity in the uk is so bad because of lack of government funding in training programs and artificial scarcity in the housing market, making the cost of living go up and thereby deminishing the average persons abillity to upskill, either through a lack of time or capital. The generation that bought everything in the 80's when everything was cheap, continue to get richer and the young continue to get poorer and less productive (on average) through no fault of their own. They have also consistently voted to limit the amount of new and affordable housing built, to selfishly increase their own property values.
Productivity has lagged behind in the uk for centuries. It always had the empire to make up for it.
Whilst that's partially true, the UK's housing market is worth 12% of GDP. If you devalue the (admittedly artificially sustained) housing market, the Sterling will tank. It isn't ALL about productivity.
@@liamr194 in the short term productivity is barely anything, in the longferm productivity is nearly everything.
No one: Brexiteers: “No one could have foreseen this.”
Sadly some Brexiteers did see this, but didn't care, crying that "we'll be better off in the long term, trust me"
They all knew what they voted for.
@@Coldheart322 In 10 or 20 years when things good again they'll then say "SEE, it was all worth it, your welcome"
@@djoakeydoakey1076 At least the ones who are still alive will...
@@djoakeydoakey1076 Pity that, if in 10 or 20 years we're still suffering, they will just blame it on "Not doing Brexit right", rather than accepting it might have been a bad idea
Just need to clarify this. "Bank of America" has NO special status. It's just a pretentious name for a large corporate bank. Wells Fargo, Chase Manhattan, etc, are peer organizations.
And of course the real one to worry about is the Federal Reserve. Gotta hand it to whoever chose BoA's name though: absolute genius of the art of branding.
Indeed. My friend has a BoA account. Random people can't get accounts at the Bank of England or the Federal Reserve.
Fun fact, we had a /Second/ National Bank until Andrew Jackson destroyed it because he blamed it for his own personal failings in land speculation and banknotes, complaining about imaginary bias towards the north over the south. Having complete idiots get in charge isn't new in any even moderately long-lived country.
No special status except it's a bank, and British officials have been going to America making cod trade deals with individual states like Indiana, and trying to pass them as the real thing. So Bank of America is entitled to its opinion, since its owes us nothing. And as our own OBR, and the prevailing opinions of economists almost everywhere except Cardiff think Brexit was a dumb idea, there's no point killing one flea on an infested dog, and calling it clean. It was done at the behest of Tory donors, and it's a mess because it doesn't solve the real problems this country has
@@tjenadonn6158 For the record, it was named by an Italian immigrant in San Francisco over a century ago, who started it to lend to Italian immigrants whom other banks in the US would not lend to. It was the Bank of Italy and America. There's some trivia that won't be useful in a pub quiz!
If the economy is shrinking then I recommend doing business with the neighbors. For example, removing customs barriers.
Its almost like we've done something different to all the other G7 countries in the last 6 years. Cant imagine what that might have been!
Brexit: the greatest act of self-harm in my lifetime.
“Nothing to do with Brexit!” barked the rabid gammons without watching the video, without understanding economics, without understanding anything
ah yes the U.S economy is collapsing the Russian economy collapsing China on the brink of bankruptcy totally the fault of Brexit right? fuck no it isnt its because the Pandemic and the WEF lockdown parade that tried to control people forever. Germany is already proposing a permanent Autumn to Spring Mask law. restricting your freedoms further. Europe is doing just as bad as the UK. only Poland is doing better than other European countries. Im American and not British so dont get smug with me. Recession started in the U.S because 2.1 trillion dollars were unnecessarily injected into the economy. that caused Inflation to spike and it spreads everywhere because America dominates Currency exchanges. China will be the second Source of recession with the bankruptcy of its real estate market. Brexit is only 25% of the UK problems its the pandemic and U.S response that’s caused all of this. Brexit was tiny and insignificant to cause a contraction of the British economy. Most British goods get through to the EU without inspection anyway. France has a bigger inflation problem than the UK.
@@covfefe1787 UK’s inflation is double the French’s. And no. No British goods get into the EU without inspection. The opposite might be true. You are clearly out your depth. I will leave it there. And btw I never said that everything going on in the UK has to do with Brexit but that’s very different from saying that “it has nothing to do with Brexit” which is the default position of many recalcitrants
I'm happy the country is finally getting exactly what they voted for.
I'm not. The " told you so" isn't worth it.
Except exactly what was voted for wasn't "hard Brexit with ongoing problems with Northern Ireland"; it was "not the current status quo of staying in the EU". What was being voted against was exact; what was being voted for varied depending on the voter.
@@rmsgrey disagree. Everyone was warned and they refused to believe it despite the facts. They got what they voted for... They didn't get the unicorns that were promised though
@@dalehitchcock6382 Okay, yes, people got one of the possible options that were presented as potential outcomes of a Leave vote. But, given that both unicorns and dragons were also promised/threatened, claiming that everyone who voted Leave knew that, let's say a bobcat would be the result rather than any of the other potential outcomes needs a bit more support than simply "it was in the list of possibilities, so, of course everyone understood it was the only possible actual outcome". What we got was pretty much the Brexit that Theresa May picked from the available options, so Leave voters would have had to have correctly anticipated what flavour of Brexit the PM (whoever they ended up being) would choose in order to have known what we would get.
And should those who voted Remain (as I did) or those who were too young to vote at the time also deserve this?
That’s easily the best ad I’ve ever been hit with! Respect.
Leaving the EU was not a smart move lol
How didn't they notice this lol?
...this works out like pythons crimson permanent assurance in the end 😆
Would being in the EU fix this?
@@maxdavis7722 It would help immensely to rejoin the Single Market. It would solve a lot of problems. The only thing about EU membership is shaping the rules and regulations we have to follow going forward. But that can wait, or we can be like Norway who are in the Single Market but outside of the EU.
@@maxdavis7722 According to the numberd in this video it would, right? Because the economic slow down is mostly due to Brexit. This makes sense, because in the time we live in where economic growth mostly happens through global trade distancing yourself from your trading partners would slow down your economy.
As much as I wanted UK to fail due to Brexit, now that the data shows it's happening I feel sad rather than smug. Hope your government either wakes up to what it's facing or changes. Cheers from EU 🇪🇺
I feel sorry for people who voted remain.... the rest deserves it.
Trust me, those of us who live in the UK voted remain feel sad about it too!
I do feel extremely smug personally. The Brits have been insufferable for the past 20 years now.
@@leonchervez5969 :'( As a Brit from England who voted remain it always made me sad how horrible many British people were to our European neighbors and for what? I feel like a toxic press funded by older generations who have some weird superiority complex haven't helped. I hope the youth cast it aside and work to restore better relations with Europe.
@@leonchervez5969 how?
Let this be a lesson to all young people. Critical thinking is important. Don't fall for lies that emerge during an election, like too many people fell for.
majority of young people voted for Labour in the UK, I'd say nationalist boomers are the driving force of the conservatives
The young people are not the one who voted to leave the EU and they are not the ones who have been gullible targets for Tories and Nu-Labour over the past 45 years.
Most young people I know, including myself, voted to remain. In fact I believe it was the first vote I was eligible for.
@@roseyemelyanova8182 yes and who will listen to these lessons? Young people. Did I say that anywhere in my comment that young people voted leave? This is why critical thinking is important. I wasn't lambasting young people. I was warning them of what people can vote for if they believe a campaign built on lies!
it's only been 3 months and it got _so much worse_ with the pound tanking to nearly the same price as the dollar! in Liz we Truss? fuck no we don't!
3:38 correction: GDP goes down, not up
Lol, that's a dumb mistake to make. It's so self-evident I didn't even notice he said it wrong 😆 Good catch!
I am guessing he just misspoke, but I was confused for a second!
They get a lot wrong so.
It would be nice if Brexiteers would stop trying to polish a turd and just admit that they think nationalism is worth the economic costs of leaving. Its just delusional to have ever thought this was going to do anything good for the economy.
We both know that, with the Rwanda flights, Brexiters are getting exactly what they really voted for.
I’m a Brexiteer. I absolutely believe that independence, freedom and avoiding the U.K. being subsumed as a statelet within a “United States of Europe” is worth ANY economic fallout! Note that the present issues are merely temporary. It’s just the U.K. weening itself of an endless “fix” of cheap E European labour and a constant flood of goods from Europe. The economy is already diversifying away from the EU towards the rest of the world.
I think we need to be more specific about timescales. Brexit has undoubtedly had a large short-term cost, but the effect over the long-term could be positive or negative depending on policy. Most growth over the coming decades will come from outside of Europe, so if the UK can trade globally with less friction than was possible within the EU then the long-term effect of Brexit will likely be positive.
@@davec3974 do you really think the EU will sit idly by and not do the exact same thing but with more leverage as a larger economy.
@@Jay_Johnson it hasn't so far. Rather, it has applied protectionism by putting large tariffs on goods imported from outside the EU. If both the UK and EU were to liberalise global trade equally then their economies would benefit to a similar extent. That would be great for all and would make Brexit irrelevant in an economic sense.
When one of EU's puproses is to make trade easier, who would guess that leaving it would make trade suffer?
Yes totally unexpected!
The nebula buy out ad is one of the best things ive seen on youtube. Been thinking about getting for a while and that probably pushed me over lol
Go on!
We have to hope that at the very least someone, either in the Cabinet or a Conservative MP, is watching/subscribed to your channel.
It should be required by law.
you think the MPs don't know?
Im pretty sure they know and are either too deep in the lie that they have to keep up with it, don't care because we don't have freedom of movement or are delusional enough to dismiss it
Doubt it. It seems to have got less neutral lately and become Woke.
@@English_Dawn Giving stats, figures and opinions from expert authorities = woke, sorry I meant Woke!
The government has got no long term planning at all - always saying that they would get things done, but what things are they referring to?
The benefits of an island sometimes can be negative there's no arguing fuel costs in every step of production and as we rely on shipping more than most that's affected us more but they are not long at least very long term problems
You're talking about a change that's happend in months ignoring the long term lot's of nuclear planed and more than most renewable energy is viral look how some country's are extremely rich because of excess energy
Buying booze for the big bash at Boz's place.
tories don't plan full stop they lurch from one disaster to the next coming up with yet another stupid idea to make it worse they live in a past that never existed as the world goes past them at light speed they cuddled there unicorns and pretend with another lie they are the only ones that can fix it there unfit to run a market stall let alone a country
Protecting the wealth and hegemony of the privileged, demonising immigrants and asylum seekers, keeping the young and the less well off, in their place. That's just what they do.
I am from NI but go to uni in England and the difference in cost of living is crazy... NI being in the single market is what is saving us lol
England is much more expensive than Wales too. Nothing to do with the single market
@@Joker-yw9hl Uhm……. relevancy? England and Wales are literally connected. Try make a point next time.
Love these videos
No wonder the Brexiters needed to have a minister to find any benefits. The problem is that the very same minister has forecasted Brexit benefits in 50 years time🤔
You can get a crown on your pint glass now, totally worth it!
Brexit has had plenty of benefits: the EU now has a cautionary tale to tell any members who start stepping out of line, it took out the EU's main competitor for foreign trade on the European continent, and with it being a shot in the arm to the Scottish and Welsh independence movements and the Irish Republican movement they might get two new members in the long run with one of their most loyal members getting even stronger. The Brexit benefits for the EU have been numerous almost to the point of unlistability.
@@tjenadonn6158 well it also showed Europe it can't rely on the British to keep their agreements.
Whys the EU so salty if its only had negative impacts for us?
@@tjenadonn6158 i mean look at this guy, 17 comments on this channel, all hating on britain because we left EU telling everyone who might listen how great it is we left. Sounds like hes salty that he cant leave too
Nah, mate. The economy is booming. Boris said so on tele.
Exactly! Boris never lies.
FYI, Bank of America is a retail bank, not the official bank of the US. The Federal Reserve is the institution that should be cited.
So little of the costs of Brexit are on the mainstream media... So thank you TLDR!
It starts with a B and ends with Exit
bExIt
BecausedeeznutsExit?
BolloxologyExit
Boyle, Frankie from Mock The Week being forced to exit.
it starts with SCOT and ends in EXIT
3:10 lol london is a big city growth is understanble, and northern island is the only part of uk still in eu in some way ahahah
Also London is so economically interconnected it might as well be an EU enclave. Comparing London to the rest of England is a bit like comparing New York City to the rest of New York State.
@@tjenadonn6158 yeah, in the early stages of Brexit there were people who suspected that London could declare itself an independent City State and leave the UK to stay in the EU. Because there really isn't that much industry in London that isn't completely enmeshed with the EU
@@Trekki200 I mean as someone who basically only knows what I know about London politics from Jay Foreman videos (I made the New York comparison because I'm an Upstate New Yorker with family who lives in NYC and it seemed apt) it seems even that the City of London as a separate entity from the city that is London which contains it might be able to work as a Vatican-type micronation just based around financial matters rather than ecclesiastical matters. It's not inconceivable even for London the city become its own self-supporting microstate akin to San Marino. Why should the Italians get to have all of the fun? Maybe they'll get an F1 race out of the deal: it'd be an easy commute from Silverstone.
i can see london asking for independence from england if its starts being asked to pay to prop up a failing england
@@tjenadonn6158 It’s even more different than that, standing in Canary Wharf you forget you’re even in England, it feels like you’re in the Free international City of Canary Wharf, they’re totally removed from the rest of us
I think you need a bigger mic’... Really great content and very informative..Well done ✅
Hello! Thanks for all the great videos. I think there might be a small issue around 3:40 in the video when the presenter explains how to calculate GDP. The formula on the screen is correct, but what he says isn't I believe. Might want to double check this :)
BoJo is the captain that wants everyone on deck to sink with him.
Having clicked on a Jordan Peterson video about Hitler being worse than we think based on the outcome indicating his primary goal was bringing down the world, not establishing a new Germany, I began to think Johnson and his cohort are, whether they are self-aware about or not, fully commited to destroying the UK due to some deep down loathing of UK
Except he won't sink. He's in the lifeboat with all the money.
Bunter has commandeered the the one lifeboat, everyone else can f*** off.
And then Boris is still lying in saying we have the best economy as of now lmao
he's doing that to throw off the media for his scandels.
He's taking a period when the UK came out of the pandemic before anyone else and ignoring the rest.
Exactly. It's only second highest growth in G7 that OECD report said for 2022. Not first. Below Canada. The one everyone is using for their "UK lower in 23" evidence.
But but but, muh “sovereignty”, muh freedoom….Wait, what do you mean I need a visa to go to Spain now?
That Nebula ad before the video was class btw very sharp.
I don’t suppose it has anything to do with the fact that England chose to make doing business with them more difficult for the people most likely to do business with them. Or the 12 years of Conservative leadership that has defunded public services and centralised wealth and power.
*England and Wales. Don't forget the Welsh were just as ill informed
1). Only 8% of businesses trade exports. Less than that to the EU. 2). Only 2 regions of the UK are self-sufficient, financially. i). London. ii). Home Counties 'cept London. Everyone else depends on the Tax Transfer from those two.
@@seemymobot4987 The English were not ill-informed except by the EU saying people in Redcar, Gateshead and Doncaster should put up with things.
Defended public services? The public sector hasn't fallen to 40% GDP since 2010. Never in any year reached 40% from 97-07. This is why the Conservatives win. Their opponents are having an argument with a thing that doesn't exist. And the public know this so ignore them. "I think we should spend 2% more of GDP on public healthcare" = valid position. Make that argument. "NHS cuts" = mathematical lie. Public know it. So ignore you.
You misspelled 'Home Counties are propped up by their proximity to Greater London' and that former industrial powerhouses in the rest of the country are still dealing with the trauma of Thatcherite and later other Westminster dictats with their formerly productive jobs now replaced by what essentially turns them into low pay capitals like minimum wage services and fewer-than-ideal actual well-paying high tech employment, and their properties snatched up on the cheap by mainly southeastern landlords so half of their wages go to the supposed 'self-sufficient' regions, in addition to NI and income tax already being a thing and very little of that actually returning to the people as services. In a way, it is the other way round, that the 'underproductive' regions are the ones subsidising the already-publicly-and-privately-heavily-invested-in-and-actually-productive Greater London and the otherwise useless 'Home Counties'. Moreover, that trend is actually forcing specialist workers down towards Greater London. That right there is an economy that will implode into itself sooner than later and is symptomatic of a country-wide problem. *cough* Tories *cough* trade barriers Also you can get shafted with your claim that 'the English weren't ill-informed'. You can bugger off and live with your delusion.
So I have an honest question for the Brexiteers in the audience: How do you feel about Brexit now? Do you think that it was a mistake or that it will all be worth it in the end? I’m not trying to start something, I’m not taking a piss or any of that nonsense. I’m just genuinely curious.
Sovrintee innit.🤣🤣
Yes not our fault the gov won’t plan for the future is it
I was a hardcore brexiteer and farage supporter a few years ago But now I severely regret supporting either I prefer frances' Le Pens view on fixing the EU from the inside rather than detaching from it Unfortunately I voted leave due to misleading promises and general ignorance Given the opportunity I'd rejoin the EU and get on my hands and knees and apologize to them for our pathetic tribalism mentality that caused this I'd absolutely hate to see Scotland become independent as we're stronger together (like we are with the EU) But if I were Scottish I'd absolutely understand wanting to get off the back of this moronic country and its prime minister
@@TinyBearTim "Plane" for the future. Is that something to do with Rwanda? Lol
How dare you call people on just one little bad vote they made a few years ago. Who could have predicted that leaving would cause problems?
Who could have guessed that making trade with your main trade partner harder is a bad thing for economy
What do you mean I don't have to watch adverts? I just had to watch 2 adverts in the first few seconds and then another 2 at the end!
me, a northerner: there's a fucking surprise
Me, a reluctant American who saw this coming from miles away and has seen people on both sides of the aisle come together to condemn English mangling of the Good Friday Agreement: Quelle surprise. Seriously when I, an anarcho-socialist leaning hard rationalist, and my more-Catholic-than-the-Pope, QAnon-before-it-was-cool grandmother can agree that you fucked up, YOU FUCKED UP.
What's being a northerner got to do with your comment?
@@tjenadonn6158 Preach!! this cuntry (not a spelling mistake) is fucked, democracy is dead
@@jayamd3579 the fact the only parts of the country not in a recession is Singapore on Thames and the bit still in the single market should say a lot about this government’s priorities. So much for levelling up.
@@jayamd3579 You think your country's in a bad place? Look across the pond. We had it worse than you, but we're starting to recover from the Trump disease, though it's still a fragile situation. We're getting over DT, you can get over BoJo all the same. But the first step for you is voting in a Labour (Yes, i understand that we drop Us, but that's how you spell it, so I'm gonna spell it the proper way due to how it's from the UK) government in the same way that our voting in a much more progressive group and voting out the right-wing cult happened. Because at this point, the only way out of the messes that our right-wing parties have put us in is to lean hard to the left and start thinking of the future as opposed to the now.
Brexit, the gift that just keeps taking.
Crap. Productivity was a major issue before Brexit.
@@davidjma7226 na its those bananas (not brexiteers)
@@davidjma7226 8:02 read it and weep.
The 2 key drivers behind inflation are the money supply on one side and the value of goods and services on the other. The increase in the money supply since 2008 across the western world was high, during covid they sent it to levels that cannot be balanced.
I knew when the torries got in that they would reek havoc but the amount of damage that they have actually achieved in such a relatively short period of time is staggering. Benefits system obliterated, NHS on its knees (quietly being privatised), economy in the toilet but meh… the UK billionaires seem happy enough. Almost like it’s all going to plan.
When has the NHS not been on its knees ?
this is why politicians should be held personally responsible for the effect they they had on the country. I want to have something like a court that evaluates the policies and its effects of ministers and presidents and what not before every general election. those cases should be public. and when it comes out that they fucked the country on purpose or because the didnt care they get jail and arent allowed to work in government ever again. as a german Id love that because then we wouldnt have fuckn merkel running the country into the ground for 16 and then say on stage "I have nothing to apologise about." ( while receiving thousands if euros every month for pension, an office in berlin and employees) while our gas energy prices skyrocket, inflation, bad schools, bad army, inequality, etc. the average citizen is fucked.
Benefits and NHS need to go. Why should I pay for chain smokers and lazy buggers?
@@sydbirkbeck5419 Nice demonstration of the classic Tory idea of "Why should I..." and then bitch like a mother fucker when they don't get the service they expect from the underfunded and (deliberately?) mismanaged public services.
@@SerBallister True. It takes 5-10 years of serious investment to show a real improvement. Only 2 years of cuts are needed for the damage to show.
This is an excellent lesson for all other countries that consider leaving the EU
Brexit was the best thing that could've happened to the EU: now they have a cautionary tale to tell any members who start thinking about stepping out of line, it reignited the Scottish and Welsh independence movements so they might get two new members out of it in the long run, and it took out their main competitor for trade from the US on the European continent. Brexit benefits abound, just not for Britain.
No other country would be stupid enough to try
Scotland would get vetoed out of membership by nations in the EU like Spain who have their own secessionist problems. There is no serious independence movement in Wales
@@Joker-yw9hl Spain has already said they wouldn't veto Scotland and would welcome them happily into the EU.
@@autumnleaf2263 and you believe that do you
You know thing is bad when the TLDR is talking about it.... UK's Productivity Puzzle is literally THE issue to solve. Which no of the larger parties are willing to even approach properly.
All the competent people with valuable skills are leaving for countries that actually have futures.
The problem with UK productivity is the management merry go round. In years gone by, the managers worked their way up through the company and had a good understanding of the business. I work in an large engineering firm who now have managers mainly made up from ex-wetherspoon and mcdonalds managers, we even have an ex-fireman masquerading as a manager because he's good at excel and can make a pie chart. 🤣🤣🤣
@@ff0x arguably it’s an education problem. The higher skilled the workforce the more value they can produce. And in terms of managers do you not think people trained as managers will be better than those trained as engineers? From what I have seen it is as much down to internal promotion of the worst people. Promote the worst engineer because that will have the smallest impact. Generally the worst people at their job in a company are not going to be the best managers either.
The UK is still a good place but the outlook is getting worse that's the big problem
@@ff0x not to diminish your personal experience, but it seems to coincide with a more broad consensus among policymakers. A combination of poor management in the private sector, mismatch in public investment, both somewhat elevated by UK's membership in the Single Market and the Customs Union...all that is just becoming more apparent lol.
Excellent. Very informative
Thats a cool productivity graph where´s that from?
Britain deserves this for leaving the EU, bashing it for no reason, and thinking it's above every other country in the bloc.
Not all of us in Britain voted to leave remember that. Its the right wing nationalist media in this country that had/has people believing they weren't part of the EU. The papers such as the Mail and Express always drew up lines Us & the EU as if we were never a part of the club that made decisions. It was painted as a load of foreign countries meddling in our issues, when it wasn't but that is the power of the media with an agenda.
Fantastic video as always. Thank you all for all you do!
In the U.K. unless you’re being backed by your parents it’s almost impossible to do anything as a young person. I pay over 60% of my money in rent and taxes, how am I meant to start up a business or develop myself further if I can’t save any money. I’m planning on leaving.
And you know it’s fucked when the “conservative” party is constantly raising taxes and refuses to lower any. Not very conservative of them.
The best way to make good money is to have skills that are in demand and be better than colleagues.
@@Alex-df4lt Except how are you supposed to get those skills in the first place? Why should we have to jump through countless flaming hoops to get even a basic job?
@@1Thunderfire First you need to understand how economy works. If you don't then you will end up at the bottom of income pyramid. Those at the bottom have no plan, no clue and are usually below average workers. Btw I also used to do basic jobs at the beginning.
Even here in the States, we knew it was a mistake for the UK to leave the EU. A lot of models over here were saying that the UK may become one of the slowest-growing advanced economies out of the EU member countries. And it's set to only get worse. Brexit isn't fully implemented yet. And If the UK were to try and rejoin the EU, it would probably be forced to adopt the Euro and make other concessions it didn't have to deal with before back when it was still a member. The GDP of the UK going forward will be much smaller now than it should have been.
The UK will still become the largest European economy in Europe by 2040 (overtaking Germany), due to its population growth. And these pessimistic predictions about the UK almost never come true. Just check previous years predictions and then the reality.
@@PitchBlackTales I think the country in the EU that’s the best with immigration will be the most powerful. immigration to EU hasn’t been as beneficial as it was for the US for example, But you need people to keep a country going, Whatever country integrated immigrants well will be the most powerful.
Short answer - we’ve had a conservative government the last 12 years
Well done TLDR. Also joined nebula 2 weeks ago. Very pleased with it.
Speaking of productivity, why, whenever I check LinkedIn, do I see so many people with job titles such as "Diversity and Inclusion Officer", etc... How to those "jobs" contribute to productivity?
Have u read bullshit jobs by graeber?
In 2006, the GDP of China was the same as that of the UK. By 2021, China's GDP was about 6 times that of the UK. The British should think about the fact that once upon a time the British Empire supplied the world with industrial products. But what does Britain offer the world today?
Good evening Wei Jin, greetings from Germany near Cologne. First: Amazing, the Bank of England was correct with the inflation rate of 10%. Second: The UK is great in music, art, film, theatre and above all in literature, the UK has brilliant authors...and, of course, the same can be said about Ireland. However, I'm heartbroken, Tory politicians are proud of "having delivered Brexit." Why do they ignore facts? And they are using an insulting rhetoric. Last year at the meeting of ministers of foreign affairs (G7) at Liverpool Liz Truss welcomed her guests by saying "We have delivered Brexit".How undiplomatic. And Boris Johnson comparing Ukraine's defence against Russia with the UK's fight for freedom by leaving the EU, an insult to a country that intends to join the EU. Lord Ricketts today on Sky News criticized the way the closest neighbours and partners of the UK are treated and now Liz Truss shows toughness against the French, ignoring the economic investments of France in the UK. - wish you all the best -
In short; the kind of person who thinks all but declaring war on the EU with zero even bad reason to do so is unlikely to be particularly savvy in economics. Boris has been impressively bad even by that frame of reference.
There is also another person who thinks Brexit was a good idea but he speaks Russian🤨
Or good, depending upon ones perspective! 😁🏴🇬🇧✌🏻
@@Sofus. There was another English speaking head of state who thought Brexit was a good idea. He also thinks drinking bleach cures COVID.
@@tjenadonn6158 he also gets his info from the KGB
No one needs to declare war on the EU, they're very good at that themselves. Brussels v Hungary & Poland etc. Wait 'till other Eastern European countries join! This country's future is the Anglosphere. As we untie from EU red tape the future is much better. Did you know who your MEP was? Not many did. So much for democracy. Too many people "appointed behind closed-doors" in the EU. It's going to get a whole lot worse if some Eastern European countries join. The Procurement Bill, The Regulations (EU) Bill and others are game-changers. They're not perfect but the Brexiteers are the only game in town as they're the only ones who know what they doing and capable of government. Keir Starmer can't even tell who a woman is! They and the LibDems have got so woke they're unelectable. Go Woke Go Broke. Tory rebels are anachronistic. They dinosaurs unable to come to terms with the modern world. As for Lady Macbeth? Beggars belief.
What's that? The unsurprising and completely predictable consequences of Brexit for the economy are happening? Colour me shocked.
This is result of perpetual debating and in fighting between politicians saying "no" and "NO" and "No" to each agreement when negotiators are trying their best to find a deal everyone can live with. Many of these politicians really don't put enough (or any) weight on the cost of delay and are comfortable repeating "it not good enough!". Even a bad agreement. but that is consistent, is better than living under perpetual uncertainty, not allowing businesses to plan or grow for the future.
5:30 It's REALLY interesting to see that Brexit sorta made no difference **until** covid ended and trade recovered. It seems like, when EU importers were looking for goods/contracts again, that _that_ was the moment when they went with new/different partners (instead of back to UK firms/producers). I guess it makes a lot of sense - it's disruptive, costly, and annoying to cancel/change running contracts, but it's much easier to switch over if you have to make a fresh start anyway...
That could be, but also remember that the UK didn't technically exit the EU customs zone and "brexit" until end of 2020. So that's when all the difficulties wirh red tape and customs checks actually started
@@rowanpdx But how does that (better) explain the graph seen on the left side at 5:30? What I'm seeing there is that the UK export volumes tended to be greater than most other countries (albeit _much_ more fluctuating). But at the start of 2020, *all* lines drop off a cliff together. And then they all recover near the end of 2020, *except* for the UK. There *is* another sharp decline at the very start of 2021, which I suppose is caused by the red tape dramas that your mentioned. But even so, UK exports seem to bounce back up pretty quickly. So it doesn't appear that your explanation covers the most interesting part of the graph, right? (I could be misreading it, ofc)
BoJo at PMQS: The economy is BOOMING.
Well he can’t see further than the edge of London.
I know the video is about how the UK is performing the worst out of all the G20 members, but I can't ignore the fact that every country is suffering the same economic and social issues and we're doing worse than we did pre-2008. It makes me feel like my generation is only going to meet suffering for pretty much all of our adult lifes, and possibly our retirement will be miserable or non-existent.
Yes.. Missery is what we inherit
Yes. You get to fund generous pension entitlements for elders but by the time you retire public pensions will no longer exist or will be worthless. I predict either life expectancy is going to fall dramatically or there will be an increase of suicides just because people can... literally no longer afford to live.
This is sad to hear...as UK...is our second home..UK/USA...dual nationals..hope this get better..
And you never ever ever see this on mainstream news