How to Fix the UK Economy
Sign up to Brilliant (the first 200 sign ups get 20% off an annual premium subscription): brilliant.org/tldr
The UK economy has been struggling for a while now, with growth stagnant despite inflation coming down in recent months. So what factors like productivity and regional inequality holding the country back, what can actually be done to address these issues?
🎞 TikTok: / tldrnews
🗣 Discord: tldrnews.co.uk/discord
💡 Got a Topic Suggestion? - forms.gle/mahEFmsW1yGTNEYXA
Support TLDR on Patreon: / tldrnews
Donate by PayPal: tldrnews.co.uk/funding
Our mission is to explain news and politics in an impartial, efficient, and accessible way, balancing import and interest while fostering independent thought.
TLDR is a completely independent & privately owned media company that's not afraid to tackle the issues we think are most important. The channel is run by a small group of young people, with us hoping to pass on our enthusiasm for politics to other young people. We are primarily fan sourced with most of our funding coming from donations and ad revenue. No shady corporations, no one telling us what to say. We can't wait to grow further and help more people get informed. Help support us by subscribing, engaging and sharing. Thanks!
0:00 Intro
0:51 The 2 Things Wrong with the UK economy
4:52 Solving the UK’s Productivity Problem
8:40 Solving the UK’s Overreliance on London
9:54 Sponsor
Consistency and predictability are also hugely important. There are bolts of lightning that have stayed in place longer than economic policies in this country.
Apparently ‘sound as the pound’ used to actually be a phrase right? The other problem compounding it is we were an empire and have since been in decline relative to other countries. It’s hard to sustain a competitive advantage without lots of oil, landmass and growing workforce. Not sure why we can’t do as well as Germany though that had some similarities and seems to have come out better.
People sometimes criticize the US for being unpredictable since policies can change radically when presidents leave the oval office every 4 or 8 years, but there's never been a point in US history where we've seen gone through 3 leaders between elections. Politicians in both our countries dont seem to realize that unpredictable policies are often even worse then sticking with a mediocre policy that's enforced for the duration. Policies are like a market: when things are unpredictable and shift, stop, or reverse on a whim then people wont invest and look for somewhere more stable. That's especially true with politics since it costs a ton of time and money to come up with and plan these policies, and when they're canceled right after starting there's often still money promised away so something they end up paying for the policy without actually getting any benefits. In the US we saw this recently with the border wall as the government breached contracts for the sake of jumping on a political band wagon to stop the wall, so the tax payers still had to pay for all the planning and paying for a lot of the wall without getting much of it built, so they essentially just threw countless man hours of work and billions of dollars onto a fire.
This is why a change in government is bad
@@jimbojimbo6873 Braindead found
@@jimbojimbo6873 That's the stupidest thing I've read in a long time. Rightists need to do a lot better than that.
I remember working in a deli/cafe in an affluent area. When I started, I really wanted to show my work ethic despite working minimum wage. Then I was put on the closing shift, which included a lot of clean up after closing. After my first closing shift, I noted with my employer that I put in an hour of over time to clean the kitchen but his reponce was "you have set hours and we don't pay overtime". I thought this was rubish reasoning, but though once I got the cleaning routine down I'd be able to finish before my work hours. Nope. In order to clean everything properly, the deli serfaces, wrap the food, clean the coffee machine, hover, mop etc, without cutting corners, I'd have to put in a minimum half-hour of overtime. 4 times a week thats 2 hours of free labour I was doing. 8 hours a month. A whole shift of unpaid labour. Boss didn't give a shit. Pretty shitty but I thought I'd power through. Show the right attitude. After 6 months of this I decided to ask my boss for a raise. Id been there about a year total and explained to my employer that with the aforementioned overtime that I thought my worth was more than what I was being paid. I was refused with a stupid response like "well thats the payment for someone in your position and its not fair on your co-workers blah blah blah". All my coworkers thought this was unfair. Then, the boss decided to open a second location, one town over. And every single regular customer that came in was congratulating him on the new opening and his response was "Yea this place is doing so well that I thought it was time to expand the business". I remember over pressing the coffee grounds in frustration when he said that. We busted our ass keeping the place to a high standard for the lowest wage that he could legally pay us and all so that he could hirer more minimum wage workers to make his more profit, no raise for us. After that, I really didn't give a shit anymore. I did the bare minimum of my job description and went at a more relaxed pace, not slow or unprofessional, just exactly the pace that was asked of me. The boss QUICKLY noticed ask asked why I wasn't as efficient anymore. I explained that I felt no incentive to be as productive as I was before and poninted out that while I wasn't AS efficient I was still meeting my essential requirements for the job. The boss was pissed but I realised that the way he felt about me didn't really matter in the end. After a few more months of this I asked for a nother raise and once again the boss hand-waived it away with "its not fair on anyone else blah blah blah". I handed in my 2 weeks' notice there on the spot. This was before the term "quite quitting" was coined, but talking to my friends and coworkers, Im confident that its been common since the 2008 crash. We feel no incentive to go above and beyond since we know that all we're doing is enriching other people and getting the bare minimum in return. You want more efficient workers? Start properly incentivising them.
What happened in your current job? Maybe it's also an attitude issue on your behalf also
@@Hakenturken12attitude? For wanting to be paid appropriately and treated like a human being?
@@lexm17 he treated them fine. Paid the salary not below minimum wage and I'm sure they had holidays and everything. The person clearly had more ambition than the job. They then therefore have left when they realised they wouldn't get a problem or wage increase. Value themselves. If it was most people they leave and get better job.
That's why I asked what's there job now. Because I bet there just working another low paid job complaining about the management
Did the company pay the accumulated overtime when you left? If not: Are there laws in UK which would require them to do so and you just didn't want to sue them. Or is not properly documenting and paying overtime allowed in the UK.
I wonder if the poor productivity is linked to casualisation of the workforce, with more people on short-term or zero-hours contracts. Corporate knowledge has been lost, with companies relying on people magically knowing what to do and how to do it.
exactly flexibility is powerful but too much of it and it's diminishing return area.
Bad business is hooked on low skilled employees. Their idea of capital investment is polish for the conference box. A hedge fund /private equity focused Government means the only way is down🤬
Agreed. I worked at an Airport in 2018 and the average length of service of security staff was less than 4 months. The pay and conditions were so bad that no one wanted to stay longer than necessary. (I'd been promised a minimum of 20 hours a week and it turned out to be an average. BIG difference). Those queues you would see at security was due to a lack of experience, where a pack of Top Trump cards could be mistaken for explosives in an x-ray machine and mean bags would be constantly checked for packages that were actually harmless...😬
Not convinced on that argument. The US has a much more flexible workforce yet their productivity is well ahead of ours. It’s too easy to work 16 hours a week then get benefits worth more than you can earn, so why work more? 2008 was the year socialism and state dependency really took hold with Brown’s tax credits. Brits don’t want to work they like doing nothing. That’s why 90% of them supported lockdown, at home on almost full pay.
The UK is starting to look a lot like Italy :D . Low productivity, high regional inequality, low level of politicians and political instability.
We already followed them to the far right too
@@Fro0gleb0od calling the conservatives far right shows you have no clue about politics
But at least Italy is still in the EU so will recover while the UK is doomed.
@@SirAntoniousBlock I did not know you could predict the future, every nation in europe has insurmountable challenges just like the UK has (immigration, housing, healthcare, monetary instability, budgetary woes) yet there is an ideological spotlight on the UK for leaving the EU, and every problem they have is because of leaving the EU, and any problems EU nations have is DESPITE being in the EU. It is a very simplistic and unconvincing approach to the world and I do not know what convinces you that it is so
@@e33d90 Value of Exports of Goods into the EU 2016 2023 = Scotland 11,6 Billion 21,8 Billion Up 46,7% N Ireland 4,2 Billion 6,6 Billion Up 36% Wales 8,2 Billion 11,8 Billion Up 30,5% England 106,8 Billion 134,9 Billion Up 20,8% England has had the Slowest Growth. Scotland outgrew England by 25,9%. N Ireland outgrew England by 15,2%. Wales outgrew England by 9,7%.
Tbh the main reason imo for low productivity is the obsession with property. It’s become a commodity and investors know they can get better returns through it compared to other sectors with little effort. To solve this the govt need to disincentivize it whether it be through policies such as LVT to stop speculation. However we know it’s not in MPs interest to do this as many are landlords.
i wish the west would adopt something more like Japans model where houses are depreciating assets. It lowers investment into real estate since rather then an asset to sit on houses lose value over time so they're more interested in selling the property or replacing the building. Has added bonuses since it leads to constantly modernizing buildings rather then just endlessly doing cosmetic renovations on ancient homes. That still benefits the economy in many ways since there's constant construction work, it leads to more efficient buildings as they're constantly getting better insulation and more efficient appliances, and it helps prevent real estate bubbles since people dont just sit on empty lots and vacant buildings for years or decades.
Better to incentivise other means of income than to disincentivise property owning. Starting your own business should be easier and not as stressful or taxing. Would reduce corporate monopolies and improve competition and innovation. Most of the UKs best inventions were from an individual with an idea. Make it easier to act upon it.
I’m happy that this is one of the top comments, it seems like very few people really understand this and it’s so important
When you realise most MPs are landlords you realise why if you're my age in your 20s, without some miracle you will never own a home. The politicians themselves want house prices to go up because they directly benefit and make money from it. Truly shameful and it's destroying our society and economy. We need these people OUT.
An LVT would be good, but not really because speculation is a problem. An LVT would be good because there isn't enough housing in the areas with good jobs, and LVTs encourage people to maximize their use of whatever land they own. However, an LVT would only really be worthwhile alongside massive land use reforms to allow people to build dense housing with minimal interference.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Please can you leave the info of your investment advisor here? I’m in dire need for one
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
It's quite rare to come across a video actually providing solutions, instead of constantly commenting on the issues. Thank you!
It's hardly a solution it's just "Spend our way out of a bad economy" and when you have a bad economy you don't have much to spend.
Even this though was 50% re-explaining the problems as in older videos.
@@SaintGerbilUK eh? their plan apes Germany's, to even out spending between London and the rest of the country. Were you fkn listening?
@@Buckets1000 Ireland's GDP isn't taken seriously by anyone.
@@Buckets1000 if only anyone could buy a house, it's not house prices your government is giving them to the boat people too quickly, your literally paying them more to be homeless.
Certainly! I understand that living expenses and taxes can take up a significant portion of one's income in the UK, which can limit how far that income can go. Even 100k doesn't get you very far and the dream of retiring early is starting to seem like a fairy tale. I have roughly $200,000 in 401(k) that I need to grow quickly. Please leave a comment if you can help.
Invest in the financial market. I heard that people make millions if you know the tricks of the trade. Bloomberg and other finance media have been recording cases
It depends on your personal preferences and comfort level. However, one option is to keep things simple and consult an investment-advisor. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape.
This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’AILEEN GERTRUDE TIPPY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This focus on regional inequality only makes me even more angry that HS2 phases 2 and beyond are being cancelled. The UK had the opportunity to provide the backbone for wider economic development and they junked it in favor of "cost savings."
It was a land grab. Self enrichment at national expense is why UK politicians constantly flop flop
the hemming and hawing over HS2 also stopped investment, and lead to spiraling costs as contractors couldn't be sure they wouldn't be left on the hook after ordering long lead items, leading to the government spending a lot of money on costly cancellation and exit fees
@@KerbalRocketry The Government know exactly what they are doing. Dickheadery at it's worst!
Then also selling. the land to stop future development
A land grab and money for their mates
Now all we have to do is figure out how to get TLDR elected into Parliament.
Simple. Stand as an independent MP in the upcoming general election
A few uneducated manchildren who don't understand the topics they're talking about is not exactly a great candidate for government. Then again, that tends to be what we get for politicians anyway.
@@internet_userr*labour
No your parasocial relationship with them has no bearing on reality, TLDR misses a large part of the picture and are stuck in an information bubble
@@e33d90Ok, can you explain to us what they're missing?
Moral is a big factor too, with house prices unreachable in areas, and markets saturated there is really no reason to do anything more than a 9-5 doing as little as possible. its especially rife in the public sector, the harder you work the more you get put on and no reward in any form. no reason to care when there's no carrot or stick.
If your lucky to even have a 9-5...
More likely to fix my receding hairline 😂😂😂
WhatI'veLearned is a KZhead channel. Him and MorePlatesMoreDates (as well as myself) recommend Derminator poking 1.4mm across the forehead. Increase in blood flow, increase in nutrients. And stop wanking and eat well.
Amazing what a decade of austerity does to a country. Basically shooting ourselves in the foot over and over again
Time for change Everyone will be better than the version of Tories we have right now 🥴😑Also the Tories have proven that the monarchy is dysfunctional and does not work as our system's great safety feature , corrupted Tories can do whatever they want.
30 years of EU membership has harmed the UK economy.
@@0w784gand being out of the EU has improved our economy? 😂
@0w784g did you not see how the growth graph was consistently going up until 2008. UKs been a full member since 1973.
@@0w784g lol First of all the UK was a member of the EU for 50 years. Secondly, so the UK's great growth rom 1970-2008 was actually great harm? Come back to reality and stop huffing glue
For the solution to productivity, we need to look at the ancient Egyptians. The answer is whips, massive whips. Do you realise that, since 2008, the UK has failed to build a single pyramid. Even Queen Elizabeth had to be buried in a small chapel on the flight path into Heathrow.
Pyramids. Pyramids and obelisks. A truly wealthy country should be building those
This is just the kind of fresh thinking our country needs. Tell me, how can I support your political party/organisation?
@@JamesTurner-os7sw This is just one proposal. For example, to reduce the number of deaths on the road, including people coming off bikes, I propose that all roads and footpaths be carpeted. I will identify a company as soon as I get one where I get a good commission. Please have a look at the political party OMRLP for similar proposals and candidates you can actually vote for. OMRLP is the Official Monster Raving Loony Party, of course.
@@R.a.t.t.y Well the OMRLP can't do a worse job than the current lot. At least we'll go down laughing.
funny thing is you're not far off. Pyramids and other mega projects like that were often done to stimulate the economy. The rulers gained money during good times and built up their wealth, then if the economy declined from things like poor harvests and bad weather then they would spend money on huge projects like that to give unemployed people jobs. Works too since starving peasants with nothing to do is where most revolutions get fomented.
Getting rid of an incompetent Government will certainly help!
*incompetent
That’s too easy. Always need to take the hard path
The system of government breeds incompetence, that's globalization in a nutshell. No one can be held accountable and the buck is easily passed. Meanwhile, the gravy train is reaking havoc on the public pursue, as it's designed so.
And here we are 15 years later, UK turning 3rd world at an alarming rate @@christophersalinas2328
Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?
It is critical for everyone to prioritise investing in a variety of income streams that are independent of the government in light of the ongoing global economic crisis. Investigating stock, gold, silver, and digital currency opportunities is part of this. Despite the difficult economic climate, now is still a good time to think about making these investments.
Significant stock movement is not the only need for achieving significant returns. Instead, it emphasises on managing risk in relation to reward well. You can gradually work towards accomplishing your financial goals by sizing your positions wisely and constantly taking advantage of your advantage. Whether it is long-term investing or day trading, this idea is applicable to all types of investment strategies.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
Inflation is around 6.5% here in the UK, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?
Finding financial advisors like Colleen Janie Towe who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
so we are at the bottom of EU nations for productivity alongside Italy and Greece. Guess what we have in common with those two countries, crippling austerity. Only Italy and Greece had that austerity forced upon them by the EU. Our government chose to impose austerity on us for no reason, other than ideology
Greece managed to knacker its own economy first. And I agree the 'austerity' cure only made things worse. That's what happens when a country's creditors want their money back. Inside or outside the EU, the creditors demand the same thing. Best for politicians not to knacker their own country's economy in the first place.
What austerity do you think we had? Public sector was a greater share of our money every year since 2010 than in any year from 97-07. The Austerity fairytale is proof people's susceptibility to pr exceeds their basic maths abilities. UK public sector since 2010 has no been austere. Been greater than 40% gdp throughout.
@@danielwebb8402 And yet public services have been steadily shrinking since 2010, despite the highest tax burden in 70 years. Have you ever wondered at where that money is going? It isn't into funding those services...
@@31Blaize So We are spending more on nhs, say You just think / wish we should be spending more of that nhs budget on X instead of Y within the nhs. But that's still not austere.
@@danielwebb8402 austerity is a relative term. it refers to the active form of shrinking public funding. as in you compare each year to the last. and it makes more sense to use real amounts vs share of GDP as well, since its about how much money goes to public funding, not what percentage of money.
9:42 This graph is honestly terrifying. Bear in mind it is truncated cause the U.K. is so startlingly unequal between regions compared to everyone else. The 2015 bar would reach almost to the edge of the player-window if it weren’t truncated!
Oh wow I wouldn't have noticed that. Thanks for pointing it out. Pretty startling.
I'ma need to create a Baldur's Gate 3 character called "Gorwoth" now
Everyone is missing the key issue which needs to be addressed: wealth inequality. We’re on a runaway train heading to further and further wealth inequality, where the have’s accrue more and more wealth without providing value and the workers of society are worse and worse off. Having our wealth tied up in fewer individuals doesn’t help fix productivity. We need to free up our capital sitting in property speculation or safe investments. If the money was better spread around we’d see more dynamism and risk taking in the economy.
I agree, it's like capitalism - the people performing are not being rewarded. The wealth/ value created is being extracted by the company owners & in particular landlords/ rents on overpriced property.
There are many key issues. Migration is another one. Importing millions of people to compete at the bottom for the same low-paid jobs stops salaries from being competitive and increasing over time - driving down average earnings. This is one of the key factors in the wealth inequality.
Economics explained did a better vid explaining it all. They're actual economists after all, instead of just a poor interpretation by journalists(?).
@@dalskiBo"like" capitalism? No. It IS capitalism.
@@user-ds8rj2vc4vI disagree. If we had high unemployment you "might" have a point. But we don't. We have huge numbers of unfilled jobs. Having people to fill those roles doesn't make wages stagnant. Exactly the opposite. More workers = more money flowing through the economy = bigger profits = more taxation = more investment = more jobs = huge growth. We need more workers. Nobody who has any clue is denying that. Even the Tories. But their solution (more breeding) doesn't do anything to help for 20 odd years. And there's something a bit icky about a government encouraging people to have more babies so there are more people to exploit.
The Tories have been a disaster for us. Please vote and get these wretched creatures out. Tactical voting can make a massive difference.
But England is mostly a right wing Torie voting nation
I genuinely don't see how labour would do any better.
England isn't "mostly right wing". Most English MPs tend to be, because of our electoral system, while the median voter votes for the Lib Dems.
Labour would be better by not being ideologically wedded to austerity, and by not being so corrupt and wasteful as the Tories were with, say, PPE contracts and track-and-trace. It will be difficult to do well, but easy to do better than the party of Liz Truss.
@@alphamikeomega5728 It is, its election history shows it is
As an American seeing the UK average post tax household equated to West Virginia and Alabama really put things into context. Thats wild!
Same here as a Brit, because even in the UK Alabama is not known for its affluence...
It's not quite as bad in reality because the tax money is actually spent on providing services, but it's still not great.
Wild indeed. But what is more wild are the numbers of Americans emigrating to the UK. Can someone explain why this is happening?
And also not relevant as not ppp
@@danielwebb8402 Seems hard to believe the cost of living would be *higher* in Alabama than in the UK but then I've never been there...
2:43 “gorwoth” - please hire a proofreader
Agree 100%
Lol
Tax wealth, not income. The UK has the potential to raise everyone's living standards.... But a disproportionate amount of wealth is created for a tiny clique.... Not only should they be paying proportionally more on their income but all of their assets including property needs consideration.
Its debt is same size as economic output. Insolvency is being unable to pay the debts.
I don't know if it is funny or sad that this situation could have been easily avoided and a large chunk of it is self-inflicted damage. Pride goeth before destruction, and an haughty spirit before a fall
Unsure if you are referencing the eu or uk lol
@@e33d90 Unsure if you're being sarcastic or playing dumb lol
It's sad, especially for those of us who voted against it because we knew what would come and tried to tell others. Blind nationalism, unfortunately, is spreading more and more through Europe - I hope at least the UK can serve as a warning of what not to do and stop them going quite so far. However, if you do take anything from this hopefully it's that we aren't all the sort of prideful stupid that lead to this - it's a stereotype that sticks. 48% of voters were against leaving (and not all voters even turned up).
It’s not only sad and funny but its actually revealing in the fact that with the exception of a few places, England is brain dead
@@wotermelon_ seems to apply perfectly to both
Hi, I am a viewer from the U.S. and i kinda have a question why does it seem like in English speaking countries right now it is nearly impossible for political parties to work for the benefit of their people and country. I'm genuinely curious. Here in America, our politics are so divisive.
My hunch is that is caused by the First Past The Post voting systems used. They reward one (winning) party over all others, and promote confrontation over collaboration.
First past the post electoral systems naturally create two party systems over time. Every major anglo country copied it off the British. It ultimately leaves you with two big-tent parties, who must take up an agenda opposite to the other's on literally every issue. Abortion, Climate, Gender, Immigration, etc, just to catch those last few votes from single-issue voters in the hopes of hitting that 51% mark at any election. This forces your politics into a binary system where you vote for one of the two major parties because 'at least its not the other one'. Countries without first-past-the-post electoral system have much more political diversity for voters to choose from, and as such, they feel significantly more well represented by whatever government coalition comes out on top in the end.
what do you mean english speaking countries tho? you have the USA, UK and...? gonna rope in canada although their official language is english and french? any others?
@nanonano2595 Canada and Australia to
I get the question, it's largely due to the information exchange on the web, as in now one can learn just exactly who these government types are and what they actually get up to, when they're supposed to be looking out for the national interests, they'll be squirrelled away on some far off island doing whatever it's they do there, that definitely isn't looking out for the national interests. Though, it's not just English speaking countries, it's the whole skiboodle, with exceptional outliers like El Salvador, Honduras, DPRK and Liechtenstein.
London centric government, move the UK Parliament to one of the regional cities and they will start investing outside of London.
As Brexit showed
No. Federalisation. Take away the power from the central government and give it to regional governments. Germany/Switzerland/USA are examples.
Scotland is 2nd after London for attracting inward investment in the UK.
@@ScottishRoss27 it’ll probably be first soon
@@spaceodds1985 Economic Output in 2022 Scotland £210,7 Billion = 1% or £2,2 Billion Larger Economy Portugal £208,5 Billion Search Statistics Portugal National Accounts GDP in 2022 Scottish National Accounts GDP Quarter 4 2022 (full publication page 3) Average Wage Annual Monthly Weekly Scotland £28,000 £2334 £583.50 Portugal £25,000 £2083 £520.75 Search OCED Average Wage Scottish Labour Market Trends December 2023 Latest Employment Rate Scotland 74,3% Portugal 72,8% Search Scottish Labour Market Trends December 2023 OECD Employment Rates
In terms of productivity growth figures you have to account for the inflated figures from 2000-2007. As you state we had one of the highest productivity growth in the g20 however this was mainly due to how they recorded productivity in banking. As we all know with the subprime mortgage banking did well in this period however this was false growth. This Britain’s figures for productivity growth were inflated beyond their actual level in this period. So you should rly factor that Britain’s productivity gorwth was lower then recorded 2000-2007 and then higher than actually recorded post 2010. Productivity is still a problem but you should factor in this skew.
As a kid growing up in the late 90s/2000s I always thought the UK was like the best, richest country in the world, everything was great, yearly holidays to spain/tenerife/other countries around Europe. Getting the newest gameboy / Nintendo ds, and games etc as soon as they came out. Easily making lots of money mowing people's laws, washing cars etc, even at like 10 years old I got like £50 a day which is enough money for like 2 months worth of food. Or a new tracksuit + trainers. And making over £100 every day every December doing Christmas carolling with my friend. I didn't have a "rich" family, my mum was a single mum on benefits living in a council house. But still had the ability to go on holiday to other countries regularly, like in luxury all inclusive resorts in mallorca, ski trips in the alps, going to the eiffel tower, leaning tower in Rome, etc. I could eat whatever I want, buy any games consoles and toys/books/ anything a kid could ever want. I didn't even really realise at the time how good I had it, but I always felt lucky to live in the UK and not life africa or something, and always thought that it's like the richest and best country. Now I feel like I live in extreme poverty in a shit hole country, and even places like Poland are better than the UK now, with higher salaries and growth, even the Ukrainian economy is doing better than the UK right now... And now the uk is like somewhere between 30th-50th place in the list of countries by GDP. It's just crazy how everything has turned to shit
best of wishes - from Poland
Certainly not worse than Ukraine, telling that to you as a Ukrainian. I’d move to the UK and many others might, once war breaks out in Europe again, and geographical distance to russia will play a role. Judging by the US getting more and more isolationist, defence industry might also help generate jobs, mostly in the EU, but the UK can also benefit from it.
@@naturalnonsense yeah "worst then Ukraine" is laughably exaggerating. The UK has declined but the Ukrainian GDP per capita is around 5% that of the UK and an average salary less then 15% that of the British. Things like overall happiness, public services, infrastructure, housing, and virtually every other metric all also show things in Ukraine are much worse and that's all without bringing up the fact Russia is invading, bombing, and flooding Ukraine while the only thing invading the UK is the annual goose invasion.
@@arthas640 well, I mean Ukraine economy growth it's still like +2% or something this year, meanwhile UK is like -5% , so in that sense, it's doing better in a way
Well you are right actually, I am from Poland originally and have been living in the uk for many many years. When I go back sometimes it actually feels like a richer country right now, there are new shops, bars, spas everywhere, great infrastructure, gigantic water parks etc and people are spending like crazy, tons of fancy cars like M3s, etc. much better housing in general. While in the uk everything is closing down and there is a general feel of people being hopeless and tired. Sometimes it’s sad watching how poor the young people are - paying 60 percent of their salary for a room 😢 a concept which is pretty much unknown in Poland. No one rents a room unless you are maybe a poor student. But economy is cyclical, it can be the other way round in 15 years. I wish the UK every success, the government has to reduce taxes to encourage growth.
Almost as if a new high speed train infrastructure project between London and the North would help with both productivity and regional inequality...
Great video! This is essentially exactly the video that I was asking for in your comment section a few weeks ago - this is why I love this channel.
Please ask for one to bring the Ancien Regime :)
Also worth mentioning is the chronic underinvestment in infrastructure in the UK. Rail is overpriced & unreliable, roads are full of potholes. That reduces productivity because people spend time & money that they shouldn't have to. They also will avoid jobs that require commuting, so jobs aren't filled as effectively as they could. The old housing stock is another factor, sucking money into energy & repair bills.
Somebody told me yesterday that companies can't afford and the economy can't afford to pay people more. Enjoyed watching this showing how that higher wages help.
They say that wages stagnate because of productivity but productivity also stagnates because of stagnant wages. Why would someone put in more effort to keep their job if they don't feel they are getting paid enough for it.
None of that is going to get better as more and more boomers retire and companies need to chase millennials and Gen X - who are far less numerous - to fill positions. Fewer workers = greater bargaining power for them to get improved wages.
Higher wages probably actually don’t help with housing that much, it just pushes up house prices as supply not demand is the issue. What could help is relaxation of planning laws, a volume-focused government sponsored housebuilder, modular housing companies and development of large blocks. Edit: Minor spelling correction as I am a Llama
@@pritapp788Yeah the main ongoing problem is that the government has continuously ran a deficit to cover their two biggest costs: Pension and healthcare for the elderly. This problem is going to get worse unless these are cut or our economy miraculously recovers massively. We have any aging population and pension age was (and is) still too low. Unless we want to send out Elderly to the Phillipines where caring for them is cheaper. Might be a nice holiday…
@@SnorriTheLlamabeen In and around the health system recently there's loads you can do to improve efficiency But it's the same answer as in any business invest in infrastructure that supports the staff All there doing currently is flooding it with more staff to paper over lack of Infrastructure investment and agency + outsourcing is sucking out billions
Major issue with the tories is that they have moved extremely far away from economic reality in favour of holding power by any means necessary that all these reasons could never be addressed. In this next election and future ones we NEED to make sure that they are kept as far away from power for as long as possible.
They should be held to account for what they've done in the passed
Sir Kneelsalot London-millionaire-property-tycoon to the rescue? Uncritical left/right party loyalties are what enable the £stablishm£nt to run the show from the shadows. The tories only got in because enough working class folks were utterly sick of labour, following the globalist agenda. So replacing a US-appointed unelected bankster with a beknighted but useless millionaire lawyer, on record for preferring Davos to Westminster... well, good luck with that. "Two cheeks of the same backside".
Awesome. Brilliant content. Spot on. Well said
Kudos for making such a well presented video, with excellent use of well researched diagrams and data. Your economics videos seem to be the most informative, perhaps because they benefit the greatest from your impartial, objective data analysis. Keep up the good work! 👍 Regarding the lack of UK productivity growth after 2008, this could be due to the financial services sector stalling and being responsible for most of the productivity growth prior to 2008, which was itself largely driven by the introduction of I.T. into the workplace during the 1990s.
I am truly curious to see how the UK will turn that situation around. I know the UK can do it. They still have brilliant people.
only because us migrants are coming in and taking the jobs it seems the so called brilliant remainers are all on benefits or 0hr contracts.
Such people are not allowed near Government. Noam Chomsky once said the "best" Politicians are the lazy incompetent ones (for corporate carpetbaggers). The UK has these firmly at the helm
We do but they're not in charge right now, the current Government still wants to blame immigrants, refugees and asylum seekers instead of actively trying to fix the economy because they know that their rich mates will have to pay for it
@@mikester4896 I’m a migrant in the uk and the only people I see blaming migrants are remainers and claiming the economy on the government when most of the people in the uk don’t want to work. The uk economy is ok if you work the issue I see is most Brits are on benefits even if they work and seem to want more money from the tax payer rather than work. You lot all go on about the tories mates getting money but also are taking money from the tax payer you are hypocrites. To me if you want a decent service you need to start asking your bosses for pay rises not the tories.
@@mikester4896 asylum seekers are small numbers in the uk us migrants from outside of the eu pay in for visas the NHS surcharge and tax and ni it was the eu migrants that forced the race to the bottom with low skilled low paid jobs because they get in work benefits like Brits it seems remainers want this but blame the gov for low wages. You cannot have it both ways. The Brits government now have made all foreign workers the same now need a decent wage to come in and pay in it is remainers that want some on low wages so they can have their fom because they are too thick to move country on visas.
A wealth tax rather than income tax would solve some of the inequality, taking money out of the south east and providing a break elsewhere. It would also encourage businesses to have properties and positions outside of London, having regional business rates would help this as well. Having worked in agriculture in the past I agree it is way too focused on cheap labour, it is cheaper to have low paid staff in the short term than it is to buy machines to do the same work. It's not even like it would hurt jobs over here as there were almost no UK nationals working on the farms I worked at, 95% of the labour was imported seasonal staff from a agencies. This was because those staff worked hard and wanted to be there, they were paid the same as a national would have been but local people never applied to do the work.
And anyone with money would just move to another country because they’ll hate the idea.
@@jimbojimbo6873 yea sure mate. All of these British people with companies, families, social groups and hopes in the UK would just f off and live somewhere else right? Get a hold of yourself lol.
@@jimbojimbo6873 This doesn’t account for the fact a lot of people have other reasons outside of money to stay in the UK. You’ll get some people leaving circa Norway’s wealth tax but the vast majority will suck it up.
@@vksepe Norways new wealth tax resulted in less tax overall for the state though. It was a disaster! They introduced a wealth tax, which resulted in substantially less income tax for the country due to the biggest income tax payers leaving. There is not a single way you can spin that as a positive outcome.
Lazy management is clearly the problem. Society pays the hefty bill
This is very interesting video.. thank you again 🙏🏾😎
I haven't watched this show for a while as the misspelling was so egregious, glad to see you're keeping up the tradition GORWOTH is so important
Treat people like crap, pay people crap, you are gonna get crap. Just cross reference productivity with real wage growth since 2008 and gosh it's almost like companies figured when people were desperate in 2008+ they'd take anything wage wise they could get, and it was never reversed. It's exactly as presented but wage growth failure causes lack of productivity increase not the other way around.
Yet house price is still 20% more expensive than pre-pandemic…
A few unimportant sectors.... Food production. Come on guys. Wtf, then you complain how unproductive farming is!
Exceptionally good video on the state of the UK economy.
Basically what was happening (according to Peter Zeihan, whose predictions are... interesting) is that the only part of the UK that made money was banking. Because we joined the EU and had the existing banking infrastructure, we could be their banking sector and then distribute that wealth out via services. We're not in the EU anymore, so we need a different way to make money.
Mix that with a society highly reliant on welfare it's asking for troubl4
Any ideas?
@@johnwhyte7834most welfare claimants work
@@nicks4934 Reindustrialize, basically. I'm not an expert, but if you subtract Russia and China from the Global system, then that's what the rest of the World needs.
@@nicks4934 Basically reindustrialisation, which will be painful without Russian energy/raw materials and Chinese machinery. Financial services are not sustainable as-is. There's nothing special about it, other countries will be able to do the same once they reach a certain level of development. At which point the UK is going to lose a lot more economic power.
I feel like we’re all stuck in dead end jobs with no chance to move somewhere with actual opportunity. There’s no jobs with good wages and incentives anymore. The working class is crumbling, especially in the north.
When I still used to watch the BBC I remember hearing a host saying that 'we had no choice but austerity.'
You've hit the nail on the head. Another point worth mentioning is outsourcing. Employment opportunities are reducing significantly here as large corporations look to outsource work to Asia.. impacting a significant chunk of finance industry, so can only imagine it'll worsen over time as well-paid opportunities disappear.
Lot's of highly skilled British workers leaving.
And highly skilled EU workers not coming in. It’s a big loss every where.
More people from RUK migrated to Scotland than vice versa last year. Interestingly more women from RUK moved to Scotland than men.
That wound started to bleed when America gained independence 😉
The wages are uncompetitive. And since brexit companies don't need to hire eu workers when you can pay less to a pakistani or nigerian migrant. Since they usually do basic, essential jobs this suppresses wages across the board for us all.
@@yookalaylee2289 Scotland can finish it of when it gains Independence
Invest in skills, training and education (especially for medium skilled jobs), support domestic industries instead of offshoring everything to China or other cheap countries, and stop plugging job shortages with ever-increasing immigration of underpaid workers. That's literally all there is to it. Unfortunately, neither the Tories nor Labour will do this.
We have an extremely educated work force. The majority of whom are now millennials who are living off their parents wealth and all vote labour. 😮
Labour certainly have a better history of investing in people that the Torys do. Lets hope what we get at the next election is't just a Tory-Lite version of the Labour party.
China isn't a cheep place to manufacture anymore it been that way for at least 10 years. What it dose have supply chains expertise and highly skilled workforce. China invested whilst we decided to Squander investment to pay shareholders more.
Supporting domestic industries instead of cheap products from overseas just means that the average British consumer will have to spend even more money and inflation rising even further. Do you really want British people to manufacture their own clothes and assemble their own smartphones and make every product 200% more expensive in the process?
@@olska9498 Yes, we absolutely should do more high value manufacturing. Taiwan manufactures cutting-edge chips and computers, China and South Korea make smartphones, why can't we do the same here. We do have talent in extremely advanced engineering and electronics, but it's largely confined to the aerospace and defence industries. We can and should build this out into more general industries, and doing so in regions like the North would especially help boost their economic prospects.
This was a really good content
So happy KZhead brings me the highest quality news these days.
It cant get any worse…. Right?
The problem with focusing on particular metrics is that you can build any picture you want e.g. France has a lower nominal GDP per capita than the poorest US state. The UK economy isn't great but these cherrypicked metrics are not telling the whole story.
Utter garbage, by every metric this government is crap piled on top of crap for 14 years , the last 4 years have devalued or economy to the choon of 100 billion a year , why , brexit , occasionally I think back to the period of the last labour government , people I knew were buying houses , going holidays, there was much less homelessness, the economy was in ah better state , there is no comparison now , it’s like ah different fckn cvntry , you’d think for successive Tory / orange governments to be as shit as this they’d be booted out of office but no 2019 delivered these failures ah fckn landslide victory, with each incarnation of Tory / orange mismanagement the cvntry suffers , bewildered I ask myself how can ah group of peepul be so unwaveringly shit at government and still remain in power , peepul can say wot they fckn like about the Labour Party but history and statistics tell us every single fckn time there is ah Tory / orange government our society suffers , wages suffer , infrastructure suffers , NHS suffers , it ain’t fckn fantasy just facts and fckn loads of them and yet the UK continually let’s these peepul back in power , things cannot be this bad for so many and still they cling on , who is keeping thum in power 👮🏻♂️
I Think an overlooked item is the massive growth of personal debt in the UK. With high interest rates (thanks truss) and cost of living depleting savings people have resorted to taking out more and more personal debt to survive.
The problem is actually Tory austerity. That and the fact British businesses have always sought to make a quick buck. Neither invesing in new machinery, technology and staff. We need a radical shake up in the economy.
There is no great mystery as to why the UK economy is like it is, it is purposely designed to be this way. Every UK C.E.O./Director/Employer be like: "How can we get more work out of our workers without paying them more?". Every UK employee be like: "It doesn't matter how hard I work, I never get paid any more". The workforce in the UK isn't stupid, even the most dedicated and commited staff, even the most unwitting and ill-informed, all eventually work out that it does not pay to work hard. All that happens is that when you work hard, it is expected all day every day. For no more pay. Or respect. This will never change.
How to fix the economy step 1: remove the tories😩
Gotta do more than "remove"
Sadly Labour Party doesnt seem much better, they also still support Brexit and only offer small changes. Kind of similar to the US in that they might have radically different rhetoric little truly changes when you switch parties. With the US for example the liberals opposed the border wall, conservatives supported it, and both sides ignored the fact that most of Trumps wall was supplementing or replacing walls that were built by Clinton and Obama, and the Democrats want to secure the border so they party _wants_ Trumps wall and even ended up paying contractors who were supposed to build the wall all in spite of their rhetoric. On the flip side many choose to ignore the fact that Trump's swing of focus from the middle east to China was a continuation of Obama's "Pacific Pivot" that swung military and political focus onto China and the eastern Pacific.
Many polish people who worked in the UK told that they had be encouraged, almost forced by their bosses to work slow.
When people are healthy, safe, educated, and paid enough, they produce more. The only thing stopping that is sort-term greed.
If someone told me that France would do better than Germany and UK I would have thought it was a joke. 🇨🇵❤️
No nor France 😢
In GDP Per Capita Rankings, UK is ranked 22nd.
Depends on the topic. Food? France wins. Fashion? France wins, too. Fully operational aircraft carriers that neither leak, nor need the USA to be deployed? Again, France wins.
@@neodym5809 Scotland produces the UKs largest food & drink Export Scotch Whisky. Scotland also produces the UK's largest food Export Scottish Salmon. Glasgow making progress on HMS Cardiff body. 4 more Frigates to come, HMS Edinburgh, Sheffield, Birmingham & London.
The UK is becoming a joke!
State-owned accommodation for the poor (Vienna, yes, towers can work unless you want to create artificial scarce that will pump the housing bubble) Nationalisation, the great economic tsunami, worked for very few billions that were transferred from the tax payers to the pockets of shareholders. It's been proven that this model failed, and Thatcher was simply wrong and ideological on quite a few subjects. Also, Cameron's "scrap the green crap" was disastrous; it wasn't only solar panels; it was big on the insulation of the new builds and many more.
Thatcher meaning 1980's when wages were keeping up and production was keeping up?
@@SaintGerbilUK Meaning socialisation of the cost and capitalization of the profits Not establishing a wealth fund (*Norway...) Tax reductions The disastrous approach of selling social housing that was constructed with public finances
@@Besthinktwice Exactly 💯
@@BanterRanterr so people shouldn't own their home?
@@SaintGerbilUK The money that was taken in the sale of the council houses should have been used to build more to replace the ones sold off rather than spaffed away like normal.
Brazilian here: this all feels like my home country. Even the Brexit part has an analogue here: the discussions around leaving Mercosur.
Even London is NOT ranking as very competetive still sliding among world capitals
The fact that years on from the Hard Brexit the UK still hasn't hammered out new trade agreements with the United States and Canada is just baffling. It isn't a silver bullet, but ensuring free trade between North America is an easy way to make sure they aren't cut out thanks to things like the Inflation Reduction Act.
Uhhhhhhhhhhhhh the what?????
inflation reduction act @@TwoToTheSix
@@lukemorgan9518 probably an acronym to spell out in the UK context 😅
By the way, as an Irishman abroad, and given our Colonial history, I am deeply hurt and angry at what is being done to the UK as with my own country.
What do you mean?
Hello great video @TLDR News, just wondering if you had a source into the graph at 8:34 I would love to look into it further. (Coming from Hastings)
On the physical health issue, better and timely health care, as well as better diets will surely help, but there are large compensations for being sick. They need to be revised.
Thank you for the video; it may open some people's eyes to the fact that the public discourse on immigration is skewed and dysfunctional. Our media is to blame for allowing Brexit to happen. Immigration was the only topic, and they allowed think tanks to alter the debate.
And all the stuff about immigration from the brexiteers was lies. The numbers have only gotten higher since brexit.
It's crazy how the world just never recovered from the 2008 financial crash
That’s because we collectively doubled down on all the policies that had led to the 2008 crash in the first place.
Europe didn’t recover. The US recovered almost immediately after 2009. Same thing happened after covid. America’s economy wasn’t hit very hard in 2020, only a 2.8% decline which was more than made up for by the 2021 5.9% growth American and European GDP Per Capita used to be almost the same 15 years ago. Today America’s GDP Per Capita is 65% higher than the UK and over 50% higher than Germany. If this trend keeps up, by 2030 US GDP Per Capita will be double that of Germany’s and more than double that of the UK or France Not trying to insult anyone, I’m just stating facts. Europe needs to do better or you’ll fall way behind. So don’t get all defensive
I think we’re reaching the end stages of capitalism right now
The world recovered years ago but growth has been particularly anemic in Europe.
@tylerclayton6081 You're completely right. No argument here. I will say there is some inevitably that the US and other large land mass, countries will pull away from the UK and other European countries. The Internet levelled the game a lot and there are more players than their used to be. However, you're right there's so much more we could be getting out of what we have.
TLDRs solution is to spend more money than has existed. Man if only you could do that without destroying the economy like Zimbabwe did.
@@Besthinktwice yes and I also know that FDR was terrible for the economy if you look at how it actually worked. The US started to recover before FDR and continued despite his policies, but because the country succeeded during his time he gets the credit. Much like Biden and Covid, the US could be in a much better place if Biden's seat was empty.
PRODUCTIVITY!?!? lads with the greatest due respect you nailed the problem with the wages not growing in 15 years. You can’t expect morale to improve while they starve for christs sake
I feel an achievable change that can be implemented would be the shorter work week, even if it meant longer work days. Of course this couldn't happen in all job roles, but looking at the studies and countries that have implemented this change shows plenty of positive results.
Two important steps: Get rid of a corrupt, self-serving government and get companies to invest in modern machinery to become more productive so that they can pay more to their workers who in turn will become more productive since they are motivated again.
Since the instability of a corrupt incompetent government is stopping investment, that is arguably just one step.
Pay more or put them on a profit sharing scheme. Even though I agree with what you are saying this is all a pipe dream.
@@spaceodds1985 You only get more pay with labour scarcity but people are determined to flood the labour market.
@@crown9413Hence opening the floodgates to the world's unwanted
Raising minimum wage does not raise wages. High wages are a consequence of capital investment and productivity increases, not the other way around!
@@Besthinktwice It just creates unemployment, its a price control > you get shortages.
A competitive market ensures productivity gains are passed on.
All investments required to boost uk's economy are going to uk's safe heavens off-shore colonies.
get rid of the current lot.. both sides and bring in people who actually care about the country.
Some years back someone said that British politicians only see "banking" as interesting as it is "clean". Therefor they do not have a read interest in making sure that there is any production in the UK.
british businesses don't invest full stop. also, government policy is to remove all productive manufacturing and rely on services, equally current farm policy is to pay farmers not to farm i.e rewild or just leave fields fallow. there is also a large problem with offshoring where a number of key infrastructure is owned by other governments or people water industry is a good example, and power is another.
Who’d have thunk it: costly housing and underinvestment in the NHS has a huge knock-on effect on the economy!
How much is enough for the NHS? It's funding has nearly doubled since 2008 going from £100b to £170b. How much should it cost?
@@SaintGerbilUK Scotland & Wales spend more per head on their NHS's than England spends per head on its.
@@ScottishRoss27 that's not a win. You spend more and still have a lower life expectancy.
@@SaintGerbilUK Scotland, Junior Doctors Accepted 12,4% pay rise in August 2023. England (11x larger economy, tax base etc) 3rd to 9th January 2024 Junior Doctors are on strike. 20th to 23rd December 2023 Junior Doctors went on strike. 2nd to 5th October 2023 Junior Doctors went on strike. 19th to 20th September 2023 Junior Doctors went on strike. 11th to 15th August 2023 Junior Doctors went on strike.
@@ScottishRoss27 hmmm just dropped that topic when you realized that you owned yourself. Now you're paying doctors more and still having worse health outcomes. That's not money well spent.
To improve investment we need a progressive cooperation tax(as in increasing tax percentages as profit increases), by doing this you would allow small business to start with little to no tax to pay and take more from larger companies. However you ensure that there are plenty of tax deductions for investment, by doing this businesses are likely to heavily invest profits rather than surendering profits to the government.
Have we all just skip over the bit where everyone was called racist and xenophobic for pointing out cheap migration isn't necessarily beneficial to that having always been true?
8:07 This!
When watching this channel one needs to put on the anti-UK, pro-EU filter on. I have friends in Europe and they are experiencing the same problems that we have here and are under more-or-less the same pressures. To assume that if we were still in the EU, that all these problems would go away is naive. Things are possibly slightly better here economically as we are not in full blown recession, and I felt we handled the pandemic better and quicker than most of the EU and America. UK is set to become the last bastion of Progressivism while Europe and America turn Right.
The challenge faced by the United Kingdom isn't about joining the European Union, as it isn't reliant on them militarily or economically, considering it doesn't use the euro and operates in English, the EU's primary language. Rather, the UK should enhance its economic presence with Asia and the USA, reinvigorate its global financial hub in London, and legally attract more skilled individuals to foster the country's economic advancement.
The EU is the UK's closest trading block, looking at the other side of the globe to boost one's economic presence is just fighting an uphill battle
Notice you mentioned financial services but not manufacturing physical goods to sell to the world.
When the GDP per Capita graph was on screen - a comment was made about median post-tax incomes. I am not certain that these two things are related. GDP per Capita would be a mean average, not a median one. And GDP per Capita is not directly related to Income within a region either.
The Parliamentary government staffer watching this: WRITE THAT DOWN WRITE THAT DOWN (Spongebob meme)
The farming example is an interesting one. If you invest in automation tech, you suddenly find that you don't need as many workers. The rural economy is already pretty poorly paid, often cash in hand and seasonal for the most part - what's the answer to increased unemployment in areas with already high levels of deprivation?
It's a tragedy if we let humans waste their lives at work when we could reduce that burden with automation, if you want more work, we could get rid of agricultural machinery and bring back oxen to plough the fields and share croppers to harvest the fields with scythes too if you want to worry about unemployment. Or we could just do what unions were agitating for during the industrial revolution ie limit the working hours, 5 day week, ban child labour etc but continue the progress. We should have a 35 hour week and more annual leave like France does.
@@giansiderosisn't the 5 days a week already a thing? I mean I know there is a culture requirement to put in some work outside the work hours but they still get two days off although whether they get it together or separate is another thing.
Its ok because most of these areas voted for brexit so they wanted 80million less spent on there areas. Its amazing when people are shocked they got what they voted for. Remember the line brexit at any cost? Well here it is.
You're right, but I'd say they were conned and tricked. The Tories own the press and have it easy. It's no wonder they were dumped when newspapers and media complies are allowed to lie and face no accountability afterwards. Let alone the russian interference. The Brexit referendum was as dodgy as they come.
Sad, but true.
Did these areas get magic money from EU. Or the bus was a lie, it should have used net figure?
You’re assuming you know why a brexit voter voted for Brexit, in the assumption that we voted for Brexit to achieve more wealth. Which is wrong. The majority of Brexit voters voted to protect and restore our culture and to free us from unelected eu parliamentary members enabling true democracy within our own beautiful country. If that comes at a cost then so be it, we know what we voted for and we still stand by it based on what I’ve said above Get over it
Given polls consistently suggest a narrative of ‘Bregret’, you’re very likely wrong by saying people still stand by it. The worst bit is you haven’t even achieved democracy for yourselves at all, let alone any kind that was impossible within the EU. Cope harder.
We must pray to NHS (blessed be his name) for guidance
I'd recommend Money and Macro if people want an actual economist's take on it
UK has no political talent anymore
Even if we did, the public would never elect them.
The English reward failed politicians via stuffing them in the Unelected house of lords, the worlds second largest Unelected legislator.
I agree - the two people in charge of the Labour and Conservative parties are both uncharismatic, uninnovative nutheads.
@@altruistic_eagle3709 its kind of weird how the US and UK mirror eachother so much. The Brits got Boris, their own rather dim leader with terrible skin and terrible hair while the US has the orange man and his crazy ideas and equally deranged hair, we both have an entrenched aristocracy ruling government offices until they die, the Americans have to deal with 2 mouth breathers you wouldnt trust to rule over a SimCity both running their own party that's keen to ride the country into a ditch like a drunk driver after a fifth of vodka, and we both have 3rd parties people forget exist.
A decade of austerity followed by the act of self-harm known as Brexit has led to inevitable stagnation. We need targeted investment, but our Tory government has placed the onus on business and the free market instead of taking the lead. The EU did the heavy lifting on regional funding; and now we have pound shop Tory bandits shifting blame. Labour must cut the crap on fiscal rules, which have been influenced by Tory greed and mismanagement.
Thats the hidden even bigger problem than what we have currently, having labour as your only alternative lol
UK GDP growth since 2010 is higher than Germany. And France. And Italy. So the best of hhe EU G7 peers.
@@danielwebb8402 the problem is that GDP isn't the whole story, since GDP includes government spending (about 40%) the government can make GDP go up just by wasting money and increasing debt.
@@e33d90 Labour has the far better economic record, having borrowed less and paid back more than the Tories.
There was no austerity, government has only grown in the past few years. 100s of thousands of more government employees and bigger budgets taking taxes to the highest for a long time. EU was paying us with our own money on schemes to effectively buy voters. Fiscal rules are just fiscal realities, you can spend money you don't have which the Tories have been doing. We have two labour parties that's the problem.
ive seen too many people taking advantage of mental health time off. it removes the legitimacy of those who actually do need help.
It is interesting that productivity hasn't grown for the same time period of wage suppression.
The bottom line is that people are too selfish for change to happen in this country.
Rich people hold all the power, and they won’t give it up to make the country fair for everyone.
And in doing so prevent the country being prosperous and limit their own potential wealth 🤦♂️
Very true but also the system is broken we don't have a genuine Democracy anymore. The system stopped working for the people around 140 years ago. How do I know this? Very simple really. In 140 years only two parties have ever had full government control for full terms. The libdems had a chance but failed. It's been over 140 years since the last independent got into power not part of labour or conservative. When you factor in a country that has 67 million across 4 states (England, Wales, Scotland, Ireland) and yet only Labour or Conservative have ever ran the UK. Use your heads. It's currupt it's broken and no amount of public voting will change it.
@@jamessteel9016your not wrong that they hold all the wealth and that generates power. But if the public bothered their backsides to unite and veto everything the government would loose control. The closest the UK ever got to a civil war was the coal mining crisis which almost brought the country at a standstill because the public were fully behind the strikes.
i'd say it's more that our political system puts power in the hands of people who have a vested interest in keeping things the way they are. Most people in this country want things to change because most people are suffering from the status quo. But that sentiment isn't reflected in the governments we get. Because first past the post elections don't accurately reflect the intentions of voters. And money in politics means only those parties able to successfully court the rich and big business with the promise of low wages and low taxes on businesses and wealth have the money to get their electoral pitch out there. The problem isn't with people. People are always going to be selfish, that's human nature. The problem is when the system puts power into the hands of a few people who are all selfish about the same thing instead of spreading it out among many diverse people with competing interests whos selfishness attempts to cancel each other out
1) Give unions SLIGHTLY more bargaining power than they currently have. 2) Remove some of the current taxes and replace it with a Land Value Tax. This would incentivise both better use of land with more houses being built, but would also stop significant numbers of Oligarchs, Aristocracy and Billionaires from just SITTING on valuable land that could be better used for the people. 3) Fix the issues with Brexit by either joining the Single Market as every major Brexiteers PROMISED during the Referendum Campaign or by re-entering the EU (which I'm personally against). 4) Reform Electoral Laws and bring in Proportional Representation across ALL levels of Government. 5) Further devolve the country. Ideally make both London and Cornwall their own countries due to population and cultural reasons respectively. Maybe move the English parliament to York for historic reasons, which would also help improve the local infrastructure in that region of England as well. 6) Bring back the EU Poverty fund at equivalent or higher levels. 7) Bring strategic national infrastructure under public ownership. Look at the water companies, the electric companies (we're one of 2 countries globally woth this level of privatisation in electric), PUBLIC transit. Any two of these would go some way to actually helping the people of this country.
This is a good summary video on the current state of the economy in the UK and how to fix it. The comparison with "levelling-up" in eastern Germany may not be entirely fair though, because in the 1990s the entire economic system in east Germany was changed from socialism to capitalism. During this change many former citizens of the GDR were, unfortunately, left behind (i.e. could not adapt well to the new system), which caused many of the political problems we see today. Thus, the task in the UK to solve regional inequality is probably not quite as huge. 😊
2:43 Gorwoth
The best thing the UK could do to fix the UK economy is also the least likely: Land Reform. Letting people who live or work on land actually own it, rather than a shady network of aristocrats owning most of the country
True. Housing and land are significant factors.
Except that having more people own land isn’t the issue, it’s the cost that’s the issue. Average rent in Germany is about £630 a month, whereas the average rent in the U.K. is £870. About 35% of the U.K. population rent a house or flat, but it’s over 50% in Germany. Germans aren’t pushed so hard towards owning as opposed to renting because they have better protection as renters and it’s cheaper than renting in the U.K. Like he says in the video, the U.K. workforce isn’t particularly mobile and won’t change jobs/careers or move a lot due to the cost- and being locked into a mortgage is part of that issue. Whilst yes it would be nice if more people owned their own property, it’s not necessarily gonna help the economy. What would is if there was better protection for renters and renting was cheaper. But that’s never gonna happen.
@@arghjayem People in the UK are often renting from absent landlords, which is a major reason for why rents are so high and protections are so low. Nowhere else in the world is "leasehold" a thing where people might own a home but not the land it sits on. Also, many farmers are rentier farmers, working the land for some aristocrat. This also holds back agricultural development.
Or better yet, get rid of IHT loopholes, lower the IHT threshold to say £90K, whilst also lowering the payment percentage from 40% to 5%. Everyone pays, and everyone stop moaning.
@@davidmcculloch8490Problem is we aren’t building new housing due to unscrupulous developers and an absent workforce. Not to mention council and housing associations are prioritising refugees and not hard working people and families who are being evicted due to either absent greedy landlords, or landlords who are selling on since they are paying through the nose on mortgages.