Can Labour Actually Fix the Finances?

[@gingerkilkus]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@AlfredWilliams-ki6ri]

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

[@williamDonaldson432]

True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $450k...that's like 7times more than I average on my own.

[@foreverlaura-fq4eu]

@@williamDonaldson432 This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@foreverlaura-fq4eu]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@williamDonaldson432]

Annette Marie Holt is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@alanwelch9216]

That note on the EU investing every year what this wealth fund invests over 5 hurt my soul

[@WijbrenvanTuinen]

Don't forget what they said on the side of that bus.

[@hughjohns9110]

@@WijbrenvanTuinen I’m pretty sure you don’t know what they said or even who “they” were.

[@KelticStingray]

​@@hughjohns9110£350million per week we send to the EU that we will put in the NHS instead. Said by boris on the infamous battle bus and supported by many in the tory and ukip parties.

[@hughjohns9110]

@@KelticStingray see, I knew you didn’t know.

[@AdamWebb1982]

@@KelticStingray NHS is a blackhole, you could give them a billion a week and it would still spend it on nonsense

[@huwgrossmith9555]

The biggest issue is that nothing was learnt from the 08 crash. The UK still relies far too heavily on a service economy and needs to get manufacturing going again.

[@peteratkin3788]

To be honest self-sufficiently in all core area's should be the goal, but that's a 50 year plan and that is what would have been needed for Brexit (the original version, still in the Single market and customs union) to work.

[@lm05_]

In order for UK to start manufacturing again, minimum wage needs to be gone. Minimum wage is so high now, especially with them removing the age gap, smaller businesses will fall short on resource and will start going under. The fact that a pizza flipper earns a similar amount to a machinist is disgusting and drives laziness rather than skilful workers.

[@danielmessi1092]

Looks like the Uk needs its own chips and science act and its own Inflation reduction act.

[@minischembri9893]

@@peteratkin3788 Hm, isn't Single Market and Customs Union for MEMBERS ONLY and had been made clear by the EU negotiators from the get go. Btw that idea of a trade membership without the political and social and security aspect of the EU will keep the UK away from membership for decades.

[@stevedavidson666]

Yeah, thanks Thatcher.

[@tonyb9735]

Why do we continue to pretend that brexit is not a significant cause of the lack of investment? It is obvious, if you are a large multinational company looking to invest, the advantages of investing in mainland Europe offers greater access to a larger market with easier access than post-brexit Britain does.

[@OnlyYato]

In the short term, the uk just isnt worth staying in. Brexit has completely fucked us and we would need to start creating other businesses opportunities that we can only offer. Long term if the UK gets it right, we would start becoming more profitable. But thats only if we can and regardless if we can, would take 20-30 years for that to grow. I hated how one of the main brexit arguments was that switzerland and norway is fine. Like yeah, switzerland never had "recovery" stages post World wars so they naturally just grew as a nation with good money management. And norway hit it big with oil. We do have things we can offer to other nations as investments. But its stuff they investment companies can easily get from the EU

[@carolrichards2003]

@@tonyb9735 Brexit didn’t really fuck us like you’re saying it’s just because it was never done if they’d have done what they were supposed to have done instead of sitting on the big fat arses we would be in a better place than we are now can’t keep blaming Brexit because most of them were sat on their arses didn’t really want to leave the EU and EU is no good for us all they wanted do is rule us I pray 🙏🏻 to God that that labour don’t take us back in I think that’s what they’re up to anyway biggest mistake they’ll ever do that will be the end of our currency

[@larrydavid18]

Uk out performing EU. Germany etc are shrinking. Uk did well to leave thr protectionist trading block

[@garagefridge8930]

Not really, the EU doesn't promote business as much as you think it does, it has become far too bureaucratic to allow for more free trade to occur with increasing regulatory requirements. Brexit hasn't been a major success as the UK hasn't taken advantage of it's new found economic freedoms.

[@saasda6255]

@@larrydavid18because we have under performed in general it’s easier to go from a “D grade” to a “ C grade” as a result we have grown faster

[@ThomasGray-g9e]

depends on if they end austerity would be nice to actually have some functional infrastructure

[@urlauburlaub2222]

The problem is, that the UK basically has the same debt ratio than left-wing Spain and the Netherlands, if you take all debts into account as private and financial debt. It's more close to 600%. And then take a look, who atleast tries to work that off, and who votes what.

[@Ufgbja]

@@urlauburlaub2222 wtf are u yapping lmao

[@chadimirputin2282]

Austerity never ended, it just continued under another name.

[@levirop7530]

@@urlauburlaub2222 The netherlands is known for having a low debt to GDP ratio, and Spain is known for having a high debt to GDP ratio. Ufgbja is right, you speak yapanese

[@m0o0n0i0r]

thing is, looking at the debt to GDP, we never really had any real form of austerity.

[@fateenshareef8716]

The hope that private sector will match 3 pounds to 1 of the public sector is fanciful. UK has a limited market and the world is moving to a more isolationist economy. Growth and investment without access to the customs union will be very difficult to achieve. UK already does not have a significant income that it spends on consumption, so who would invest when the promise of profit is so small.

[@urlauburlaub2222]

The point is: Does the British have something others in the costum union want? Especially, if they only think of taking a seat. The answer is no, in contrast to what Johnson etc. might thought. They don't have real friends, also not in the former East, because of their historic interventionism. So, nobody has a starting point with the UK, which would be trustworthy and beneficial the same time, because it lacks culture. That restricts much investment. It's the result of British politics since 1900. So, it can only be done through the public sector, yes, but only after domestic transfers and transition, what most Socialist and pseudo-conservatives in the UK don't want. In the short-run that must be British, who invest in themselves and reduce debt, because the debt to GDP rate of all sectors is around 600%. So they have to unite with Europe, or take the pain from the world.

[@orcmcc]

@@urlauburlaub2222 Oddly the main resource we have that people want are financial services. However these are mainly wanted by countries that have a legal and financial systems rooted in British influences from the Colonial days, such as the US, Canada, Hong Kong, Australia, etc. Very specifically not something the Custom Union particular needs that much.

[@patrickproctor3462]

​@@urlauburlaub2222 Rolls Royce Aerospace, Scotch, and financial services is about it. Plus fish (the Portuguese have been plundering British waters even in the wake of Brexit). Niche markets for kilts and bagpipes I guess.

[@urlauburlaub2222]

@@orcmcc Yes, and the debt there is very high in the UK. So, that sector has a selling market, but is heavily indebted as well. That's the thing, that you also pay the debt here and not just public. From a national perspective that is questionable, because the goods you receive as a trade off are not better than potential own goods or European ones.

[@tonyb9735]

@@patrickproctor3462 "Rolls Royce Aerospace, Scotch, and financial services is about it. " Yes, and financial services are slowly migrating to Paris and Frankfurt.

[@KronikWarfare]

Release the sausages!

[@tony3760758956]

Now that's a policy I can get behind!

[@ChuckY229]

🌭

[@njipods]

i dont mind paying hight taxes. if im getting good health care and education ect i also dont mind having medioce services if im paying very little in tax but dont take my money and give me austerity!

[@chudchadanstud]

So what happens after you're done with education? What happens when you realise that your tax is paying for the care of chain smokers and you have never visited the hospital in decades? They won't even offer you yearly check ups.

[@hannesflo]

Turn the lights on in your room, it's too dark

[@MustraOrdo]

Gotta save on energy somehow.

[@glassmuxxic]

A country that has refused to invest in hard infrastructure for decades whilst promising its increasingly unproductive, ageing citizens ever-expanding welfare goodies and making the investment environment less and less attractive. Who would have thought it would end this way? 🤔 Sadly expect the British people will make it politically impossible to do what's needed. See it even in the comments on this video: more begging for expansion of government money/spending on opex as the solution. Laughable.

[@TheRambunctious]

Bro has never heard of the Chilean Miracle

[@AnaPaula-rn9et]

@@TheRambunctioustbf the economical reality in the 80s was much different than now, especially the economical reality of Chile in the 80’s, Chile was an underdeveloped country, that is large and has plenty of resources, in a world economy that was generally seen as stable and prosperous that was the 80s, like Chile liberalized a lot, but they still kept a good amount of things state owned, Chile was a mostly command economy after all, the UK is not an underdeveloped country, it isn’t particularly large or resource rich and it’s economy is not nearly as dependent of the state as Chile was

[@gregjones-x8c]

How do you invest when there's no money left....as in 2010?

[@davideyres955]

TLDR. No they can’t.

[@moonlit_forest2680]

If they invest on infrastructure then yes the economy can grow

[@BOZ_11]

@@moonlit_forest2680 they have no worthwhile infrastructure plans

[@dsg4500]

@@moonlit_forest2680but. will they actually?

[@venkyratnam]

​@@moonlit_forest2680 lol no.

[@moonlit_forest2680]

@@venkyratnam lol yes.

[@smivan.]

It's a bit unclear - so what *is* the remaining source of government revenue that Reeves can leverage (marked in black on the pie charts)?

[@Alexander-yb1zc]

Capital gains tax, Windfall taxs, reform of the council tax system, reform of the tax system as a whole aa its so bloated and confusing we lose billions.

[@Owen-sm7ob]

That probably wouldn't be enough to fill the "black hole", let alone spend on things. ​@@Alexander-yb1zc

[@willjackson6407]

It’s not mentioned but a wealth tax would fix pretty much everything. That means taxing the super rich, families who haven’t worked for generations. Not people that earn an income, but people who own all the assets

[@alexflorance1111]

The country has plenty of wealth already, just only a few people have it all and the rest of the population owe them money

[@demeritfc3655]

This holds true in practically every western county

[@Rekzy]

someone finally said it

[@Pietzu10]

Here in Finland our debt has been skyrocketing because of government overspending by previous governments. Last government wouldnt agree to any spending cuts and destroyed the healthcare system with reforms. Now our healthcare system is running out of money because of the aging population.

[@paulburns1333]

We could start by banning all companies from Britain that do business here but pay their tax in Ireland.

[@tidbit1877]

They should introduce a wealth tax; 1% if you are worth 100 million pounds, 2% if you are worth 200 million pounds and so on until you reach 2 billion pounds of worth at which point you pay the maximum wealth tax rate of 20%. And yes, that's 20% of your wealth. People should stop paying Capital gains and income tax when they have more than 50 million in net worth, at which point they would pay an annual wealth tax of 0.5% or 250,000 pounds. This tax would mean that no one could ever accumulate more than roughly 1 billion pounds ever again because they would be earning a Return On Investment(ROI) of roughly 10% or 100million in real terms, and then having to pay a 10% wealth tax of roughly 100 million, so they literally cannot become any wealthier. This fixes a problem in current democracies where certain individuals are worth so much money they can essentially control the laws and the law makers in certain areas; this is of course anti-democratic and should be eliminated with a progressive wealth tax as proposed. This would bring in billions of pounds to invest in the NHS, educations, and other infrastructure in addition to eliminating the deficit and replacing it with a surplus. And of course if Britain wants even better growth then they should have a referendum and vote to rejoin the EU, the UK may even be allowed to keep the pound if they kiss Europe's ass enough, and of course Britain would have to guarantee that any vote to leave the EU in the future would require 3-4 referendums with a vote of more than 60% leave in all of them, taken over a ten to twelve year period, and then that would initiate a slow exit over the following ten to twelve years in which new trade deals would have to be crafted within specific time periods or the act of leaving would be cancelled.

[@darthollie]

Sounds peachy, such a shame that it'll never happen because there ARE people rich enough to have sway on laws & legislation. Also we voted to leave the EU, we can't then have another vote because we don't like the outcome, I voted remain, but we as a country said leave, so leave we must do.

[@tidbit1877]

@@darthollie Except it was a) a NON-Binding referendum and it was very clear that the majority of people wanted to stay in the EU and assumed the polling was correct and that they didn't need to vote because obviously the remain side would win. And seeing as it rained in London, where a huge chunk of the population live, it's obvious to anyone that the majority wanted to stay in the EU. Also, b) it's never one election and done in a democracy, that's not how democracy works, we have election every 5 years, it shouldn't have been possible for such a tiny number of votes in a non-binding referendum to be used to make permanent long term changes that could not be undone. After the non-binding referendum there should have been a binding one and the threshold to leave should have been at the bare min. 60% of the people, not 50% plus one single vote! Leaders are supposed to lead the nation for all the voters, not half of them.

[@ietomos7634]

That's a well thought, articulated argument. Too bad it's wrong. People like you only have one solution, hammer those that produce with more taxes at higher rates. This might come as a shock to you, but rhe billionaires makes billions by selling us goods and services we all want/need. They're the biggest employers, and they offer the highest wages in their respective fields. Why don't you focus on raising the other half of the equation? As in, the poor? Knocking down the rich isn't the same as helping those who earn little.

[@JimClark-s8h]

It does not work like that. The wealthy will simply withdraw their money from the UK. To the wealthy the UK has no meaning and why should it? There are plenty of very nice places in the World that welcome wealth with open arms. As for Europe. Yes, that is undoubtably the plan. To have us sucked back in to that wasteful bureaucratic dictatorship of control that in the EU and once again milk the British taxpayer. Only this time we will be a rule taker and be forced to accept the Euro. This could be linked to a revaluation of the pound and the introduction of CDBCs as an accounting trick to reset the national debt without actually paying it off. The value of Fiat based money like the pound is entirely notional and not credibly linked to anything. A revaluation in CBDC could have it linked to gold, but again, how much it is worth against the BoEs gold holding could easily be manipulated.

[@tidbit1877]

@@ietomos7634 Actually the wealthiest people contribute nothing to society at all, they don't make jobs, nor do they pay high wages as they produce most of their products in China with near slave labour and use minerals that are mined by children in Africa as opposed to paying a little more and investing in a proper mine that respects the environment and filters the toxic waste that comes from mine tailings and the refinement processes. As for the poor I do have a plan to help them, it is to raise the min. wage to a more reasonable amount so that if someone is working full time they get paid a liveable wage. Basically it's to use the government as a union for the non-unionized in order to keep everyone else's wages in line with the unionized workers. I also have a plan to globalize the world's economies by introducing a labour tariff that would eliminate any benefit a corporation gets from cheaper labour by manufacturing in countries like China. A second 'greenhouse gas tariff' would also prevent companies from dodging any carbon and methane taxes. Anyway, by increasing wages we could turn workers back into consumers, which are the true drivers of the economy and job creation.

[@ArtSmart91]

Britain is just exhausting….

[@Dan_The_Man0-0]

I just wish i could leave 💀

[@martinh8784]

@@Dan_The_Man0-0 It's a mixed bag. I went with my children (17 and 20) and settled in Germany. Economically, we never looked back. However, I would rather live in the UK if it wasn't such a sh! t show post-Brexit.

[@thomasl6912]

​@@martinh8784 Why did you pick Germany? how did you manage to learn German?

[@ryandanngetich2524]

NO youre the one thats just exhausted and spreading the gloom, every country has their issues RN, if you have a problem with the UK just leave

[@Dan_The_Man0-0]

@@ryandanngetich2524 wish i could, that’s what im saying but slight issue… I’ve just finished college and trying to find a proper full time job. Kinda hard to leave with no money 💀

[@ap4702]

Why is cooperate tax on foreign companies and wealth tax always avoided. That's literally what will close the gap.

[@_tsu_]

It will destroy the banking sector. UK has destroyed every other sector to prop up this one. Now if banking goes, it's GGs for the UK.

[@miketimmerman6336]

UK Corp tax has already gone up from 19% in 2017-2022 to 25% 2023-present. That's almost a third higher.

[@pinxtownington4645]

Rich are the real power so all these public elected people are their puppets and nothing in their agenda to help us

[@UnhingedJessie]

Because the wealthy will leave and then they'll generate zero tax revenue.

[@reheyesd8666]

I feel like this will be the next political talking point every election but nothing actually gets done

[@davidswinstead]

You say this like its bad, but if the economy became the main talking point instead of racist scaremongering about immigration I think that would be a pretty good thing.

[@reheyesd8666]

​@@davidswinstead Its a problem with politics though, saying something and not doing it, just like tory promises made in previous elections and Labour currently.

[@V01DIORE]

@@reheyesd8666Well they are saying they will do it, and they are doing it, but they also said they’d cap their borrowing to the Tory level stupidly. So now they have to fix all the problems limiting their solutions to moving money around.

[@julianshepherd2038]

If you beleive austerity causes growth then YES But history shows it won't

[@Burito-tj5ry]

infinite growth in a finite world is not feasible

[@oooshafiqooo]

Austerity never causes growth

[@andybrice2711]

@@Burito-tj5ry I'm not convinced that's true. We're constantly finding ways to make more efficient use of resources. We have vast supplies of renewable energy from the sun, sea, atmosphere, and Earth, and materials from recycling, which we're only just beginning to tap via technological innovation.

[@alanrobertson9790]

Spending money to get growth is easy. Paying for it is another matter. The Russians with their war economy have good growth but their economy likely to collapse.

[@sciencefliestothemoon2305]

​@@Burito-tj5rythere is probably a ceiling, but we are a long way off Using regenerable energy sources and recycling of materials would limit the "finite" resources argument. The sun is still available for a couple of billion years

[@thecymrus3219]

Why do we not have a laugh react on KZbin? Labour are going with Austerity 2.0, they just aren't calling it that. Also, there's more disastrous reliance on private sector investment, as if that isn't causing a lot of the problems we have now. As Japan told us in 2008, you can't cut your way to growth. Investment by the public sector on assets with a fiscal multiplier will get the economy moving again. For example, build lots of social housing, it's badly needed and will reduce bills, while creating jobs and giving people skills. Mark my words, reliance on private investment will spark another PFI-like scandal.

[@V01DIORE]

4:12 for anyone talking about “austerity” as clearly most of the people commenting never made it this far into the video.

[@inshal6420]

How come Canada is able to fund a bunch of social programs while being a much smaller economy? Why does the UK have to make cuts? Canada just passed a national school food program. Canada also has incredibly low debt to GDP

[@CoolSocialist]

14 years of neoliberal economics, continued by Labour more privatisation and more austerity to come.

[@alanrobertson9790]

With policies like you proclaim that wouldn't last very long.

[@Zenkrypt]

Canadian house prices are also insane though.

[@sirgo0se97]

Proportionately Canada has more government spending to throw around per person than the UK so social programmes will be easier to fund for them. Also, the Uk spends a lot more money on other things such as it’s military, with Canada only putting in around 1.33% compared to the UK’s above 2%.

[@news26boom]

Canada isn't doing very well right now.

[@theconqueringram5295]

To quote Dale Gribble: "I'm skeptical that you could, yet intrigued that you may."

[@jack504]

Corrected for inflation, gdp has actually dropped by 18% while the Tories were in power. Even more per person.

[@daddynoah6210]

The GDP figures provided are already adjusted for inflation.

[@1292liam]

UK is lower (gdp) per person, than Poland and Slovenia

[@jeffjeffy7092]

@@1292liamThat’s not true, but I can see that happening in the future as Poland gdp averages 3% while the UK is only 1% per year.

[@nikc1313]

I don't think it can be fixed. We cannot have the services we currently do with the tax receipts we generate which is quite sad really given the state of those services. Only a return to the EU could help but even then we were running at a deficit while in the EU. We're basically fucked and it will be a slow decline over the next generation.

[@m0o0n0i0r]

but the UK was failing long before BREXIT was enacted was it not? the timeline is form 2008, we were part of the EU then, referendum was in 2016, we left in 2020. Thats 12 years of economic stagnation. I believe the reaosn why the UK is where it is is because it prioratised low skilled labour over high skilled economy which could have improved productivity per capita.

[@EvilMammal]

The big thing that no one is focusing on is politically stability. We've not had since, well, Tony Blair.

[@sergersgerhersh6594]

Nope. They'll just further gut public services and funding.

[@reheyesd8666]

Less government, the better.

[@digojez]

​@@reheyesd8666less awful government*

[@m0o0n0i0r]

@@reheyesd8666 exactly. Also requires real welfare cuts. Im surprised the video talks about austerity as the debt goes up. According to the UK debt, we never had austerity.

[@cage94123567890]

​@@reheyesd8666 if only that libertarian bullshit ever worked.

[@crocodileguy4319]

​@reheyesd8666 “Libertarians are like house cats, they're convinced of their fierce independence while dependent on a system they don't appreciate or understand.”

[@ciandoyle3315]

Declining tax revenue from using low skill and cheap labour that earns a fraction of the wages that are retiring out of the economy.

[@hausofm95]

Unless they tax the rich properly and tax corporations who dodge taxes constantly, then no. They like the tories will make the everyday people pay for the sins of the riches and corporations who dodge tax

[@revorocks123]

50% of earners pay just 10% of the tax revenue. The top 10% of earners in the country pay 60% of the tax. The rich are not the problem. They pay A LOT of tax, a lot more than everyone else/the poorer. Most poor people pay very little to no tax and many receive state money so are in fact taking money, not giving it to the system.. Rich people are not a drain, they are contributors. The tax avoiding billionaires who are offshore/use the law to mitigate tax payments are a tiny part of the problem. Estimated missed tax from these people is about £40-50bn. The gov collected £915 billion in taxes last year alone.

[@venkyratnam]

Absolute nonsense argument

[@samtheman4931]

@@revorocks123then what should be done? What do you think should happen tax poor people who are already on welfare?

[@peterfireflylund]

Betteridge says no. Experience with Labour also says no.

[@mattevans4377]

They'll 'fix it' for themselves...

[@guydreamr]

The difficulty is not in the embracing of new ideas, but in escaping old ones. - John Maynard Keynes

[@MazzaEliLi7406]

Thank you.

[@cunawarit]

These are the sort of questions you should have asked her during the interview. Sadly the interview left us with more questions than answers.

[@LofthouseHagel]

Thank you!

[@khiburgess5848]

Nope

[@craigking7]

maybe we need start being honest about borrowing, and stop comparing it to GDP, and start comparing it to tax revenue and spending

[@spaghettiisyummy.3623]

The lighting is so weird. It's like the room was slightly too dark.

[@ItsZombiefied]

3:45 One billion in a technology that has failed in Australia, Canada, the US, and more places I can't name off the top of my head.

[@jeffmorris5802]

"No."

[@AR-zr1om]

I have 0 issue paying more tax as long as I actually see the money being spent effectively. If we all paid 50% I honestly wouldn’t care as long as I could still afford a home, could see a GP and dentist, didn’t get motion sickness from avoiding potholes and didn’t walk past 500 homeless people on my walk to work. Currently the amount we pay in doesn’t feel like value for money.

[@revorocks123]

The problem is not that taxes are too low and not enough tax revenue is received. The problem is that expenditure is too high. Any country that needs to tax its citizens so highly is clearly not doing their job right.

[@V01DIORE]

The dumb basses promised not to borrow or raise taxes to attract disillusioned Tory voters, so either they break that promise and fix things more quickly or they’re going to get blamed for silly stories and doing hardly anything.

[@V01DIORE]

@@revorocks123What’s the average tax in the Nordic countries? They’re the best countries on planet earth by every metric.

[@victorias9521]

​@@V01DIORE I was just about to add this.

[@ronmastrio2798]

@@V01DIORE They have lower business tax rates than the the US and have to routinely tell delusional lefties that they aren't socialist.

[@guss77]

One of the untapped sources of revenue in a low private investment economy (that the UK had been "enjoying" under Tory rule) is "black capital" - money held up in financial investments (read: non-producing registered companies). These often hoard large sums of money instead of paying it out as dividends and salaries, to avoid taxation (and are often used as expense accounts for ultra-rich families, so they can get tax benefits on their consumption). Public servants in many countries have offered ways to tax these bank accounts, but without global coordination such a "wealth tax" is more likely to cause "smart money" to migrate to other places. The IMF has a lot of interesting notes about this.

[@eXclusive1]

Reduce corp tax, increase tax free allowance, incentives for companies turn over below £100,000, remove IR35.

[@MrRokkit]

*Moving the spending dial won't work!* Tories get in and announce that "tax less" will produce growth. Labour get in and announce that "more spending" will produce growth. Until the UK reforms its institutions (health, building regulations, transport, water, etc) it's just throwing good money after bad.

[@V01DIORE]

Labour are correct as we can clearly see after 12 years of Tory failure. You have to use money to make money, more money to spend more growth to make. Brexit is going to have long lasting effects ruining our market position however so it’s hard to say if we can even use money to go as far as we could previously, really the tories have trapped us in a spiral. Labour is seeking reform by digitisation lessening paper inefficacy in NHS at least.

[@kevingeoghegan294]

Well the Tories actually raised taxes thus removing money from the economy and Labour look like they are going to reduce public spending on things like welfare etc (the obvious targets) so again removing money from the economy so no growth there either. I'm afraid they may say they both want growth but they act like they don't. Same old misery. They obviously hate the general public.

[@Patrick-y4d1z]

@@V01DIORE Why will Brexit ruin our market position exactly? We still have free trade with the EU and other countries. The amount of actual impact isn't that significant.

[@BiTurbo228]

@@Patrick-y4d1z We do not have free trade with Europe, so that's where the degradation is coming from. We're now a lot less competitive in our biggest, closest market. Not hard to see how that's not going to help things.

[@Patrick-y4d1z]

@@BiTurbo228 1 - The UK does have a free-trade agreement with the EU. 2 - Tariffs don't stop free trade on goods that are not eligible for preferential trade. The reality is that our competitiveness in the market was not particularly impacted by tariff reductions anyway. We're already very expensive to manufacture goods. And those goods that we do tend to export we have free-trade agreements with the EU to claim preference. Does it help that we've left the EU? Not particularly, but it's not harming us particularly either. It did however drive up minimum wage by reducing labour importing. Which is what we actually need to do to fix our economy. Stop migration, improve minimum wage and social benefits to be inline with Norway for example.

[@jaimeTF]

Lol 2.5 billion in clean "steal" 😂 ( 3:45 )

[@Noraing]

They'll have to borrow it, like everyone agree for a month now that it will happen.

[@Wordbavk]

Fix the finances by giving away billions of ££ yeah ok.

[@delbroox]

I sincerely hope they’ll manage to at least partially improve the situation

[@treevsy]

We need a trade deal. Maybe one that makes trading with our neighbours easier so that companies can easily invest here. What could it be.

[@m0o0n0i0r]

doesnt seem to work fr germany or france.

[@treevsy]

@@m0o0n0i0r french government is shite overall and German government don't know what fibre optics is. UK has a genuine chance to export niche markets we're good at but we're boxed in by red tape only big corps can step over.

[@b3n5-ck7fs]

people voted against trade deals remember

[@SupremeST25]

We did have plenty of trade deals. Very lucrative ones too, thanks to the EU. And we rejected them based on ignorance, xenophobia and exceptionalist nostalgia

[@m0o0n0i0r]

@@SupremeST25 we were in the EU in 2008, referendum was in 2016 and we left in 2020. Uk economy was failing long before BREXIT.

[@dirtyden1]

Labour's message seems to be 'we're going to fix all these problems caused by austerity, by imposing more austerity'.

[@ancientswordrage]

I would love to see coverage of what changes to benefits are being proposed

[@carpediemcotidiem]

00:03 Labour struggling with high debt and public finance problems. 01:05 Labour faces significant financial constraints due to high debt levels and sluggish economic growth. 02:13 Investment is the solution for financial challenges. 03:19 Labour's plan for boosting investment with the National Wealth Fund 04:23 Chancellor Rachel Reeves' fiscal constraints may limit public sector investment 05:24 Labour aims to fix finances with public-private partnerships and reinterpreting fiscal rules. 06:27 Reeves and Labour Party must address finances for long-term success. 07:29 Brilliant offers interactive lessons in data analysis and programming. Crafted by Merlin AI.

[@antonygibson_]

5:56 clean steel*

[@BH-yk5cn]

Cutting fuel for the elderly should solve all the issue. Kess old people come end of winter less government expenses.

[@maroonstarsface]

Shame they'll use the savings to heat the hotel rooms of illegals. The slightly bigger tax drain

[@coolbanana165]

Labour don't exactly accuse the Tories of spending too much money. It's mostly austerity ruining services, stagnating the economy, leading to higher taxes and spending on worse services. Causing more debt.

[@bettyswallocks6411]

The tories didn’t spend too much money - they gave it away to their friends.

[@johnsheppard7388]

"Clean Steal" is that a deliberate pun ?

[@JasonHain-z8t]

Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in April 2024….

[@JasonHain-z8t]

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Alesia Haas you're such a life saver

[@JenniferCochran-w5e]

I'm favoured, $30K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to this same Alesia Haas.

[@ChristianaBremer-z1q]

Please is there any way I can get in touch with her please?

[@JenniferCochran-w5e]

🇺🇸+1

[@JenniferCochran-w5e]

60732

[@Grandemperor42]

I'd like an analysis of why house building applications are down when the government is trying to bring them up?

[@TouringTony]

The UK government raises £1.1 Trillion per year You're right that Labour has ruled out raising taxes from the 3 largest contributors but that still leaves ample room to increase from the other sectors

[@Alexander-z6x]

Austria raises 100 billion per year, we currently spend 120 billion per year... Black hole my ass... Worst of all, if wed close some loopholes for billionaires and companies, wed get those 20b, but instead they focus on 20 million from poor people who use social services... Jokes on us

[@cranburyuploads1029]

The lack of growth has been around since 08 its not something that just started 10 years ago

[@Cashclever]

Encourage small businesses to invest and let them keep more money and they will create wealth

[@devalapar7878]

You have to watch trends very closely! Even if the economy grew by 3%, that doesn't mean it will grow by 3% every year. There are millions of factors that can increase or decrease economic growth. For this reason, we shouldn't predict the next 10 years without taking all other factors into account. At the very least, we should mention the other factors, and or make people aware that the prediction has a large margin of error.

[@simon7790]

Investment from private businesses will not happen in the UK unless profits are virtually guaranteed. Too much of the private sector is large corporates or financial services businesses. The risk appetite of corporates is very low, they exist only to extract profit for shareholders. There is only a very small equivalent to the German mittelstand companies (private, often family owned small-medium business who are expert at what they do) who would typically be expected to invest for the future during stable times. On the other side, the public purse can't invest much more, debt it too high and tax receipts are not rising. So the government is hemmed in to a small window of action: so public private partnerships to invest in what we should have built over the last 30 years is the only way out. Clean energy, a new grid, housing, infrastructure like HS2 and other rail, improving water services like new reservoirs, etc. There is some catch-up potential for growth, since we are now so far behind the rest of Europe in terms of basic services. Expect slow growth at first, but it will accelerate in 5-10 years as the investment starts to pay back. Labour need to think long term.

[@123GGameerz]

Investment needs to happen across the WHOLE UK not just the South East and London... only then can the UK start to prosper

[@AdeliaeQ]

I wonder if you guys are considering to add captions for videos? I would really appreciate it.

[@feenix1033]

Tax the rich and stop tax avoidance. It's not hard. Labour are just doing Austerity 2.0, they're just the Tories but red.

[@tremarley9648]

How? The loopholes are closed are higher taxes forces earners to flee

[@JustJ4y88]

THINK about it logically. If you were rich and the government said they going to tax you even more. What will you do? You're going to LEAVE. Then there is NO money to tax. A balance has to be found. It's easy to just say these things that sound good, but there is always a consequence to an an action. That's why being in government is VERY VERY hard. There are so many moving parts and conflicts of interest

[@50_Pence]

@@tremarley9648 then close their business and let smaller ones come in

[@tonyb9735]

"Tax the rich and stop tax avoidance. It's not hard." Actually, it IS hard. It is easy to say, sure, but the rich have all the best lawyers and accountants, and they are determined not to pay. It is easier to get blood out of a stone. Let's face it, if it was easy, it would have been done long ago.

[@tonyb9735]

@@tremarley9648 "The loopholes are closed are higher taxes forces earners to flee" They don't flee. They simply find new loopholes. They have all the best lawyers and accountants, and a laissez-faire approach to obeying the rules. Which does not mean that we should stop trying. The rich have all the money. They, literally, have more money than they spend. If they didn't, they would not be rich. Unfortunately, they are selfish and greedy and would rather pay teams of lawyers and accountants than pay a greater contribution to society. Ultimately though, things are unsustainable. There has to be a readjustment, a rebalancing, and it will happen.

[@enjoysilence4146]

It feels like most of the comments haven't watched the video and seen the part where returning to Austerity is outlined as being something Labour doesn't have the option to do, and has said they won't. Labour came into office and gave the first real terms public sector pay rise for nurses and teachers for 14 years and yet people act like Labour is just the same as the Tories.

[@caparn100]

To boost GDP per capita, an increase in wages across the workforce is one potential approach. Additionally, given that the Bank of England has injected significant amounts of money into the economy by purchasing government bonds, there is a substantial monetary supply circulating, theoretically providing the capacity for wages to rise across the board.

[@SnowOrShine]

The link is not in the description

[@mrmr446]

One of the biggest giveaways that austerity was nonsense was the tax cuts passed during the Tories tenure, get rid of those tax cuts seems an obvious start as does returning to previous relationship with EU without re-joining, no downside for either side shouldn't be difficult.

[@samgb7238]

Still can’t find the full interview does anyone know if it’s been published

[@martineyles]

Increasing the debt to GDP ratio isn't going to cause the sky to fall in, but the press markets the idea that it will, and the Labour party go along with it because the press is good at convincing the public. The biggest potential negative side effect is increasing inflation, and the solution to that is taxing the rich, which they don't like the idea of. Of course, increasing interest rates also doesn't really help inflation, but once again the Bank of England, commercial banks and the press won't tell you the real way to fix inflation (tax the rich), because high interest rates make them and their friends richer, and they prefer this to tax. The crazy thing about making the Bank of England independent is that it never made economic sense, but it was good marketing.

[@amandahudson2038]

No they have no understanding of how to balance books… nort cook them.

[@CJWFell]

No solution - just tax will have to increase by 2-4%. We cannot send any money abroad for mad cap schemes.

[@Baxwell.]

The UK government has far more room to deficit spend on investment than it thinks it does. What's the point of having currency sovereign government with a fiat monetary system if we only use it when there's a war/pandemic?

[@Burito-tj5ry]

Money priting after a period of high inflation wont be popular either

[@Baxwell.]

@@Burito-tj5ry printing money is how the government technically finances everything. They only ever spend new money. The only reason doing that for investment would be unpopular would be if you can directly link that investment spending to inflation. A rise in the price of a specific good is not the same as inflation.

[@TruthBombTom]

For exactly those reasons.

[@orcmcc]

@@Baxwell. If that was try, then taxes wouldn't be a thing. Most of the money a government spends is old money. Making new money for investment is a risky venture as you are diluting the currency and making everyone else poorer. A small amount it is needed to lubricate the economy, but too much an you start to focus wealth in the hand of oligarchs at the expense of the people.

[@Baxwell.]

@@orcmcc taxes exist for many reasons. Directly paying for UK government expenditure isn't one of them. If you have lots of spare money, and want to sell some of it, I could see why an increase in supply would worry you. Using new money to build a school isn't going to affect the price, supply, or demand of bread. It would affect the supply of builders, teachers, and building materials... But I don't buy those. My kids do go to school though.

[@jakebatty530]

They should fine the tories for mishandling the uk finances so severely to cause the economy to plunge and to some how lose 22 billion

[@ginjii3667]

GDP Per capita part is slightly misleading as while we have also stagnated the £ has become significantly weaker. 2007 (In USD) UK $50,397 USA $48,050 in 2023 UK $48,866 USA $81,695. In 2007 GBP to USD peaked at an exchange rate of just over £2 per USD it is now at $1= £1.28. So our economic stagnation is actually considerably worse

[@thebuddercweeper]

You have it the wrong way round. It's actually £1 = $1.31 from what I can see online.

[@Davi-xm3jd]

so basically they're going to do nothing because of the rules they willingly placed upon themselves

[@nathanio103]

The biggest issue is actually that the CONS didn’t borrow enough when money was cheap. National debt interest rates were ALWAYS going to rise significantly and Rishi should have identified an opportunity to borrow cheap and invest! We were ALWAYS going to borrow again anyway so why not borrow as much as possible when rates were at a lifetime low! Yes I’m over simplifying this but the basic premise stands.

[@bigfisher4354]

Short answer, no. London answer, no.

[@Andy1119]

they'll leave a bigger black hole than what they started with

[@jeroenimus7528]

What is the difference between the PPI of Labour from the past (leaving the NHS and many other public services with years of "rent payments" for their own hospitals) and the PPP being suggested now?

[@superpakistani1]

No.

[@Blaypeg]

3:45 - Clean steal 😅

[@CatMapping-x2s]

Nice Vid

[@debyaka]

Pound sterling is at a 1 year high Vs all major currencies

[@ianotimelord]

On newsnight, an economist said if you borrow to invest, you create growth. The more money people have, the more they'll spend. How do you grow if you don't put money into things. If they'd tax the super rich more, they'd have the money. Be prepared for austerity mk2.

[@amandahudson2038]

Where I live infrastructure is worse than it was just w10 years ago

[@jackbailey7037]

Do what Britons have always done: Blame the Yanks

[@tremarley9648]

There’s only one solution. Explore a new resource the world needs that we can export. We don’t have natural resources but we have talent.

[@V01DIORE]

So basically we don’t have it and spending to try find it is well… ify.

[@ronmastrio2798]

We have coal and oil which we decide to not extract because of green bullshit.

[@tremarley9648]

@@V01DIORE something like that. Someone creative could think of some ideas. Bring back manufacturing of highly technical items probably

[@V01DIORE]

@@tremarley9648 Well I would say chip tech but don't think anyone will let us have it else it'd reduce the need of a stable Taiwan setting up for conflict.

[@oatdilemma6395]

No natural resources? Bruh we got gas and oil in the sea

[@Lazarusman]

No

[@ollieoxenfree6317]

Why did you change the name from "Will labor fix the economy?" to "Will labor fix the finances?"

[@lurkingsoldi2107]

In the US they just say cut taxes and F it😂😂😂

[@robc1014]

Well they’ve certainly fixed their own finances.

[@henwood122]

Surely they make some money from a small increase to capital gains tax from 12% to 14%

[@ok-lq6tv]

It'd be nice if the Treasury didn't refuse to release details of what's caused this "£22bn black hole"

[@Alex-fm5ke]

They have. £15bn is from the tories and the rest is from the 3.5% difference in pencilled in payrises and actual Payrises given to public sector workers.

[@OllieX123]

The Treasury literally published a comprehensive breakdown report on it end of July… google is your friend ;)

[@darkcymruchannel5683]

short answer: maybe but it will take a long while

[@ietomos7634]

Depends what you mean by fix. She'll fix the economy the same way Saville 'fixed' the residents at Stoke Mandeville.