Gary Stevenson dismantles "out of touch" Rishi Sunak and Tory Party

This is a clip from our extended interview with Gary Stevenson (@garyseconomics) in advance of the release of his new book The Trading Game.
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[@tidysampler585]

I think it’s safe to say, that Gary speaks from actual experience. And what is better than that in life. He knows exactly what he is talking about. And I like an honest opinion..

[@selfpreservationsociety]

How middle class and boring

[@LB-W]

@@selfpreservationsocietyI think it is probably time for a little boring.

[@johnheckles8239]

Why can we not have this guy as chancellor? 😒

[@piccalillipit9211]

Because he would change things, and the hyper rich have bought the system in order to NOT change things. This is why Starmer is allowed to rise up 20 points in the polls against the tories and Corbyn had to be crushed at all costs. Why Bernie Sanders had to be crushed.

[@garyb455]

Its hard to believe what this guy says, none of what he says would work. You only have to look at the last year, 3,200 high net worth people left the UK and took their £7 billion a year in Taxes with them and guess who is going to make up the shortfall ? Its YOU. They pay plenty of tax and the Country need more of them not less

[@piccalillipit9211]

@@garyb455 HAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAH. SUCK THAT BILLIONAIRE DUDE. Anyway you are just a troll for the IEA and the tory party - ive seen 3 of your anti hich tax comments today " and took their £7 billion a year". dudetta - £7 billion is PENNIES, they can leave, the vast majority dont leave and if they DO, then have a 80% tax on money taken out of the country....!!! The government can make ANYTHING legal. The UK needs to spend £293 BILLION on new schools NOW - We are arguing over £28 billion for green stuff as if its going to make a difference. The scale of the problem is several orders of magnitude. the UK needs to spend £1.5 Trillion over the next 10 years on buildings and infrastructure. We have not built or maintained ANYTHING since 1975. £7 billion is pennies and the solution is simple - tax on money leaving the country. MESSAGE TO THE IEA - HIGH TAXES ARE COMING AND WE DONT CARE HOW MUCH YOU CRY ABOUT IT...!!!

[@michaelsmedley7519]

​@@garyb455do you work for the IEA 😂

[@cinamontaste]

@@michaelsmedley7519 🤣

[@hilaryporter7841]

That is the second time I've watched the video and this time it sunk in what Gary was saying. It's the public themselves that have to realise that it's the 'vast wealth inequality' which is the problem. Not the existence of millionaires, but the multi, multi, millionaires which have stopped capitalism working in any sustainable way. Their wealth isn't feeding the economy, it's giving them passive income which they cannot spend and screwing the economy.

[@piccalillipit9211]

THIS WAS MY COMMENT: *EVERY £100 YOU SPEND - 1p GOES TO JEFF BEZOS* then the £99.99 is spent and 1p goes to JEFF BEZOS, then the £99.98 ... $35.64, £35.63 ... £0.03, £0.02, £0.01, £0.00 And the problem is - it STAYS THERE. Capitalism is a funnel that moves ALL money to the top, unless you TAX the top and move it to the bottom the system RUNS OUT OF MONEY. And that is where we have got to - quantitive easing - printing money to keep the system working - but that is NOT fixing the problem, it just migrates to the top. ---> We have tried the QE short-term fix and it just made the hyper-rich even richer, we now have a system totally owned by the people we allowed to get hyper-rich and they wont allow politicians to take their vast wealth so the system is literally collapsing. It emptied out the poor, then the working class and now people care cos its emptying out the middle class. And Im sorry middle class but you didnt give a sh!t when it was working people going to the wall... The ultimate fate of capitalism is the 2nd richest guy on earth giving his last 1p to the one man who has ALL the global money for some rice. The time to act was 30 years ago - its too late now, the hyper-rich OWN the system. ----0---- We need a change. If I use the words the comment will get deleted.

[@erbil2011]

I'm not sure why it's so hard to get this! Screaming obvious for the past 20 years. If the super rich are not heavily taxed, there is no way through this for any countries and all countries

[@salkoharper2908]

This is not unique to Britain or even the 21st Century. During the Enlightenment era most European societies were highly unequal and stratified. This led the the Century of Revolutions (1750s-1850s). The monarchies and Empires of Europe, all had extreme violence, instability and revolutions during this time also. When a tiny elite have all the wealth in a society, it is only a matter of time before the starving, homeless masses burn the cities and murder the rich.

[@BigHenFor]

Go to the top of the class.

[@badabingbadaboomboom]

Anything else than focussing on TOTALLY disempowering this criminal cartel that have the audacity to claim themselves our masters is just a divisory tactic. Do not be fooled by the attempts to spread hatred and mistrust, The enemy of my enemy is my friend, and we KNOW who the enemy is.

[@Coneman3]

Poor people voting Tory is one of the most stupid things anyone could ever do.

[@piccalillipit9211]

*THERE ARE NO POLITICAL SOLUTIONS ON OFFER IN THE UK* dont fool yourselves. The UK needs to spend £293 BILLION on new schools NOW, and £26 billion every year for ever* We are arguing over £28 billion for green stuff as if its going to make a difference. The scale of the problem is several orders of magnitude. the UK needs to spend £1.5 Trillion over the next 10 years on buildings and infrastructure. We have not built or maintained ANYTHING since 1975. *Unless we invest in long-term buildings and not the 30 year cheap as chips sh!t we have been building.

[@mrnice7570]

But billions to money laundering in Ukraine

[@piccalillipit9211]

@@mrnice7570It does not GO to Ukraine - it goes to US arms companies. And who do you think has shares in the US arms companies??? You cant 6om6 the Russians with £50 notes

[@gordon1201]

​@@mrnice7570if we don't spend the money, Ukraine falls and Russia is free to expand and "reclaim" every territory it decides it owns. Stop being so short sighted

[@aluisious]

No one in the UK likes to talk about how the economy is destined to contract because it was based on the plunder of an empire for centuries. The empire is gone. At least Germans make good machine parts. The UK doesn't make shit. I work for a UK manufacturer, I'd know. The reason I have a job is because the stuff is poorly made and constantly needs to be fixed, even when it's brand new. You can't really base a nation of tens of millions of people on money laundering, which is basically what the City of London does.

[@user-yw4qc6lv5k]

Well fucking said , good on you ,

[@MurphyOCP-001]

Workers generate the wealth, billionaires and millionaires use the financial system to take it from them

[@Alex-mj5dv]

But somebody had to set that business up. Either 5 years ago or 150 years ago. Most businesses fail. Workers don’t take on the liability and risk. They don’t have their homes personally guaranteed, or subject to margin calls. And I’m not a massive capitalist, but I believe in paying an average worker a slightly-above market average salary or wage, if this business can sustain it. If you’re doing unskilled work in a supermarket - shelf-stacking maybe, what wealth generation are you doing? How do you put a value on facing up Heinz beans all day? It’s low skill and thus low wage. But, you educate yourself, you move up, take on more responsibility, maybe become purchasing manager for branded tinned goods - remuneration increases. They take the salary from something that’s producing a profit already (and yes.. it takes a founder and one willing to risk, to make that happen.. and that could be with OPM, it’s not always personal capital). And yes, as you move up the ladder, you may be offered shares and equity, that’s meritocracy. I believe the loopholes and wormholes for the super wealthy hiding assets should be closed up, but we don’t have a system that produces the dynamism and innovation of capital - yet. Wherever it’s been tried - it’s been catastrophic. The worst states for gangster levels of money in the billions are those whereby natural resources are levied across to personal gain, and barons and politicians are the same - Russia; Oman, Saudi Arabia. The way Ambramovich acquired his wealth is purely political.. and nothing was created ex-nihilo, no innovation, no Apple product or Microsoft Office moving the world forward.. that I can’t stand, Gazprom etc. That’s the embers of tried state-socialism piggybacking on capitalism in the worst way possible, same as China their state-money.

[@blazzz13]

@Alex-mj5dv "If you’re doing unskilled work in a supermarket - shelf-stacking maybe, what wealth generation are you doing? " This shows a distinct lack of understanding of how the supply chain works. So say you eliminate the shelf stackers because they are unskilled and they do not generate wealth. Will the risk taker, the capital owner, make the shop presentable for the customers and keep the shop up to date so products are consistently replenished? I say this is a small business owner myself. Without this 'low-skilled' Labour businesses would be on their knees.

[@jjefferyworboys8138]

The vast majority of workers lack the intelligence and ability to be anything else. Businesses don't just set themselves up for workers to walk into.

[@Alex-mj5dv]

@@blazzz13 you’ve taken a point on the viability of the argument of meritocratic practice and transposed it on to the wrong aspect. I also never suggested that roles like that are voided (I don’t long for a world where AI and robotics takes away the human touch). I also am a director in FMCG and previously a COO, I understand operations. I’ve also been self-employed and wholly dependent on myself to generate my own income. I also, did, like most of us, have a Saturday job doing that very role. I certainly have not forgotten it now - technology has moved on immensely, but the modelling of SKUs, cross-categories and labelling has not the same degree, and those principles are invaluable to have experienced. We have to distinguish between a privately held company and one publicly listed too, there are different mechanics at play once an IPO is done and ownership is democratised to the public. A Tesco, for example, is a different beast to say, Booth’s in the North West. The point is - in the beginning, yes, the founder does everything, very often. It’s an old adage ‘the founder is the last to change and let go’. It’s their baby and they often are involved in absolutely all aspects. They are the IP of the business. As scale grows, accumulation increases, more people are required .. yes, the roles and requirements change from that of the founder. That’s how the world works not just in business but as you traverse any hierarchy. It’s competence coupled with skill, and your ability to adapt your skillset. Look at Ben Francis at Gymshark, for example. He is not financially qualified, he has no real C-Suite experience. He knew he was not right to be CEO, he’s now I believe still involved in the design and marketing heavily, as a non-exec chairman. That often happens with young founders, or when a business reaches a certain point where it needs careful, considered controlling by those with 25+ years experience doing it in various industries. He is the IP of Gymshark and worked his socks off and was yes, one in a million weird at a young age - but crucially saw, and executed, something that others didn’t. Fast forward 15 years and he started what now employs thousands globally, pays the mortgages of thousands of families and secured their children’s short-mid term futures. It’s public listed now. But he began by ironing the labels onto the garments at 12am after working at Pizza Hut delivering while studying.. he grafted like most don’t and kept his eye on the goal he wanted to achieve. He would also be the first to praise those that helped the business scale - all those procurement managers, marketing execs, and now store workers.. they are gymshark as much as he is, and nobody would deny that. But they didn’t start it, they propagate where it is now.. it’s a bigger pie, but with many, many, many more mouths to feed from it.

[@Alex-mj5dv]

@@jjefferyworboys8138 in a slightly dystopian way - you’re correct unfortunately. Anything below an IQ of 85 is incredibly difficult to find a role for in the modern world. And the U.K. average is not far from that. The net positive of productivity from those people is below zero. I am not sure how, and what, society should do and provide here (and no, I’m not falling into the bear trap of saying the welfare state is there remuneration for being below average IQ.. I’ve also had a pinch point in life where I signed on for a month. The shame was enough to make certain it never happened again).

[@JayThandi]

We have a huge issue with population decline in the UK. This means we have a huge issue in the future with pensions. This can be addressed in 2 ways, allow more migrants in (which Tories say they don’t want to do) or provide better services, affordable services and give people a comfortable living standard so they can afford and provide for 2 / 3 children’s, but it means taxing the rich and they don’t want that either -

[@eysteinnkristinsson8911]

This was tried here in Iceland, the government tried to tax the super rich. They, the rich, simply moved their wealth abroad, out of the reach of the government. I'm not saying taxing the super rich is impossible, but I'd like to know how such a policy could be implemented. Because such a tax policy would be tested by the smartest lawyers money can buy.

[@dsansil]

Really...and where did they go? I always find this argument funny because its like they have 1bi sitting on a bank and what they actully have is properties and land...its not THAT easy to move wealth around

[@eysteinnkristinsson8911]

I'm not making an argument, this actually happened@@dsansil

[@TipsyBobMcMayday]

Their wealth is generated from assets. Sure they can move money and where they live, but not their assets that make them rich. Abramovich owns Chelsea FC. He can move country, move his money but he can't move Chelsea FC.

[@davidmchale5890]

I am new to Gary’s podcast etc (3weeks)but from what I hear him say makes so much sense to me. I am not surprised neither of the two Main parties advocate what Gary is saying. I wish we could find away for the General public to understand and put pressure on the politicians to change the inequalities we have in this country . The one thing I heard Gary say which just blows my mind “£700 billion borrowed or printed during Covid “ Where did it go🤔

[@abrin5508]

Don't make it so complicated - drop income tax which taxes productivity and tax assets and sales.

[@timwoodger7896]

You got my vote. Maybe we need a new political party that can stand up to the current neoliberal agenda.

[@evelbsstudio]

Need a new political system where no politician is tied to business and the conflict of interest of business first

[@timwoodger7896]

@@evelbsstudio agreed 👍

[@Martyre20]

I worked in Basingstoke, and went to Winchester for days out. It feels like a regular place, with boarded up shops, and chain brands on the main street. Sad and a product of our time. But, go on the back streets, and you notice how completely out of touch these overly paid snobs are. I wanted to use the loo, and saw a pub on my way back to the cathedral. The people in the window were laughing like schoolkids, all men, and wearing white tie. Something that usually means posh events. I froze, nearly went in, but walked away embarassed, all because I wanted to stop to pee. These weirdos watched me like I was from another planet when I reached for the door, and it felt like I was barred entry, even with an open door, and it being a pub! Disparity between rich and poor, it's a joke that I had to feel that way, while they carried on in their fancy oblivion!

[@Electrowave]

If only so many more people could understand this. Thank you, Gary.

[@chrishart8548]

People just don't realise what's happening until it effects them. They just thinks the people Currently struggling need to work harder.

[@petermullins6914]

It’s definitely a vote winner

[@chrishart8548]

We might think so. But a lot of people I talk to wouldn't agree with us. .

[@petermullins6914]

@@chrishart8548 not yet my friend

[@TheSlinkyinky]

Poor people just ' don't get it' how RICH some people are. I've worked for a billionaire. So much money its beyond comprehension. Most of us don't even know what hundred million looks like. Let alone a Billion. ... Until the hoi polloi query why anybody needs more than let's say max 20 million? - Billionaires / the ruling classes will continue to be stepped on and used as mere pawns.

[@bobby9791]

Poor Tories don’t get it.

[@pallascat1743]

If you were to count to 1 billion manually, it would take 30 years or so. I find that helps me grasp the size of those numbers better.

[@Gph0367]

Keep exposing the truth Gary

[@velvetindigonight]

Storming and stonking! Makes complete sense to me Thank you

[@piccalillipit9211]

*GENUINE QUESTION* are the low tax for billionaire bots in the comments 1) Tory party bots 2) Institute Of Economic Affairs [IEA] bots...???

[@DJWESG1]

They'll be a mixture of all, so.e British, some American some Russian, point is that they all support anti left extremism, and are part of a larger push to kill of the left generally. Its not always state controlled bots either, keky individuals also take up the mantle and put their own twist on things simply because they crave chaos. Its a mixed bag.

[@BigHenFor]

Any difference?

[@WilliamAhlert]

Such a great video with some really important points. Let's go Gary!!!!

[@horribleoggy3325]

You can’t tax the rich if the people in charge are rich

[@tonychorley4936]

Perhaps not can’t but won’t.

[@WilliamAhlert]

Politicians don't have power if they don't get voted. They need to know that a wealth tax is an absolute necessity to winning future elections.

[@johnstirling6597]

The problem with wealth inequality is that the very wealthy who own the means of production,(to use a very outdated Marxian epithet) usually have the actual "ownership" of those means of production offshored via a series of limited liability companies or trusts in low tax "havens", so a company "producing" in the UK might be legally domiciled in Ireland, Monaco, Lichtenstein or any other number of similar havens, possibly even having to pay a pre tax franchise fee to a parent company in the tax haven thus denying taxable income to the UK. It takes governments a long time to craft tax bills, whereas a decent accountant well versed in these matters could come up with a plan in a day.

[@odinallfarther6038]

Money is like manure it's useless in a pile it needs to be spread then it becomes a fertiliser . 🤔

[@1258-Eckhart]

I think that the central issue with very wealthy individuals in power is their use of that power and influence to further their own interests. Sunak wants a trade deal with India - who is to say that the small print will not somehow favour the interests of his father in law at the expense of UK consumers? I'm not claiming that this is what Sunak wants, I'm claiming that it's difficult to place one's trust in someone in his position. Starmer would here necessarily be impartial - he hasn't got a tycoon father in law with his eye on new markets (I think).

[@IMelkor42]

'Much Rishi than Richey Sunak' It is a tongue twister!

[@Robcomments]

Maximum wage must be included. The big issue is no country alone can act because any politician attempts to do such a maximum wage will see their economy crash because the super rich will make that happen. They have the power NOW to crash in any economy that attempts to go after them. They are untouchable these days by any politician. Many own media and can spread what they like.

[@chrisspencer6502]

Exactly, the argument the rich will move is partly true. Unless you have a joined up tax policy so their only option is moving to Brazil or British Virgin Islands

[@redcaoimh3127]

That's a non starter. Nice idea but it's totally unworkable and wouldn't go anywhere, esp in the UK. Imagine having a King and being told you can only earn x amount in a capitalist society. Small achievable goals. End monarchy.

[@bensalt1185]

The question always is why do we keep electing people who clearly want to leave the system that is working well for them but not the rest of us?

[@JimP-tc7gg]

Because of the default options we have to vote for.

[@bensalt1185]

@@ogs-offgridsolutions2020 Its that attitude that the club wants...discourages people from voting. There are more of us than there are of them

[@Varrus101]

Because they'll come up with an enemy. So people don't vote the party, they vote against the enemy. It was the EU, ECHR, transgender people, people on benefits. All they have to do is campaign against a minority and people vote against that enemy because itself always easier to blame others. I didn't lose my job because I'm unskilled, the immigrants took it. I'm not in debt because I'm an alcoholic it's because I pay tax for the people on benefits. My business is not failing because of my bad decisions. It's because of the EU market. Insecure people always had and will always vote for parties like the tories.

[@YolandaHalfAlmonde]

Because they use people's fear, complacency and bigotry to get elected and then those same people complain about them online. Yeah its not him that is the problem its over 60% of people voting for him because they want to lynch immigrants

[@badabingbadaboomboom]

We don't need them at all - decentralise governance

[@Garbageman28]

Honestly thought that was Barry Shitpeas for a moment there

[@mattstevenson5849]

We have imported cheap products and labour for decades, and our economy is full of low quality, low-paid, mainly service jobs. What does that mean? Debt is used to fuel consumption and maintain the illusion of a strong economy. You have people on £30K a year having to finance cars that are equal to their salary, and houses which are 10x. By the time you factor interest, the multiples are higher - and this is pre-tax income. This is capitalism. If you haven't already got money, you can't buy assets to grow even a modest amount of wealth. And it ain't changing until we say enough is enough - we are not working or paying taxes until this changes.

[@piccalillipit9211]

YEP. Chinas biggest export over the last 30 years was low wages for western workers, cheap TV's allowed companies to NOT increase wages whilst the workers felt OK. But houses are not subject to cheep imports - so they go up. We dont have a housing crisis - we have a WAGE CRISIS.

[@arghjayem]

Yep. The height of the golden era of capitalism was after world war 2 and before the mid 70’s, when the middle class was huge. Why is this important? Because the middle classes have always been the biggest spenders. They earned enough to have excess money a lot of which went on spending and therefore back into the economy. But as you say not only have we shipped jobs and manufacturing overseas and created a low wage, low quality society fuelled by debt- we’ve done so by effectively eliminating the middle class spending power and shoving all the wealth into the top 1% who don’t spend it, because there’s only so much shit a few individuals can buy, and hoard most of it in wealth assets or overseas banks effectively removing that money from the economy. People objected to Doctors striking over the past few years mainly claiming that “doctors get paid enough”. Reality is compared to most other western economies we hugely under pay jobs like doctors, nurses, lawyers etc. a junior doctor can earn 40% more in Australia than here in the U.K. But due to preconceived ideas of class and who is justified in needing a raise most don’t see doctors striking as right or that their pay is an issue, which it is. Because if you’re not paying a profession like a doctor enough, they don’t spend and put money back into the economy. If professions like doctors are struggling then we are really in the s**t.

[@piccalillipit9211]

@@arghjayemMy last salaried job in the UK was in about 2003. I was earning £65k as a salesperson for a company who provided AV equipment for universities. The SAME job now pays £52k when it would need to pay £120k to have kept up with inflation - and my 4 bedroomed 4 story terrace house cost me £62k to buy and renovate.

[@mattstevenson5849]

@@piccalillipit9211 rather than elevate the average wage with a higher quantity and quality of job - the government, both UK and Scottish would just like to redefine what middle class is. The UK would have you belive that if you are earning £50K a year, and the SNP, £43K a year, you are privileged to be in the 40% tax bracket. That those with the broadest shoulders should be happy to pay more. If the tax bands followed inflation, 40% should be anything over £70K now. But nobody would be paying it - the government know wages don't grow with inflation. Poor people = scared people Scared people = compliant people Compliant people = control, and a population that is always reliant on the incumbent government to throw them scraps from the table. The party that offers the most scraps wins general elections, hence the reason it always feels like we are voting for the least worse option.

[@piccalillipit9211]

@@mattstevenson5849 *I COULD NOT AGREE MORE* The government had people calling those on £50k asking for a rise greedy because they were "earning a fortune" If you want a good example of what salaries should be - the London Tube drivers' are a little microcosm, their union never got devastated by Thatcher, they literally forgot about them. In the 1978 they were on about an average wage - their wages have kept up with inflation so in 2021 a tube driver was on £60,516 - that was better than 97% of the population...!!! Now that = £71,309 with inflation today, so that should be the AVERAGE salary if 1978 salaries had kept pace with inflation...!!! I now live in Bulgaria, most people here bring up 2 kids on 1 wage. As we used to do in the 1970's in the UK. " always reliant on the incumbent government to throw them scraps from the table." and this is why people h4t3 an immigrant getting £96 a week or whatever - they see that as THEIR £96 and the £38 billion on a track and trace app is just a meaningless number they cant get their heads around so they ignore it. The state of wages in the UK today is shocking.

[@huwtindall7096]

Gary is a modern day hero. Truth bombs galore.

[@crazyman8472]

“We’re Tories and Rishi, out of touch with greed…” 🤑

[@evelbsstudio]

Thinking about the multi millio £ contract they awarded to a company his wife has shares in, isnt that insider trading?

[@iankelly781]

He speaks sense Gary 👏🏻

[@michaelday3778]

There's a moment in a poker game when one person gets so many chips that they can't lose. They can simply bully everyone else until they have all the chips. If you want the game to carry on, you must push the chips back across the table. Redistribution needs to be carefully considered along with rent controls.

[@frankriley845]

Nice One Sons

[@jmkap]

I think the question “how much is enough” is actually a very relevant one.

[@garyb455]

Its hard to believe what this guy says, none of what he says would work. You only have to look at the last year, 3,200 high net worth people left the UK and took their £7 billion a year in Taxes with them and guess who is going to make up the shortfall ? Its YOU. They pay plenty of tax and the Country need more of them not less

[@peterburnett1661]

But there are no high taxes for the rich, so something else must have made these people leave. I wonder what it might have been?

[@tidtidy4159]

I would recommend Deoligarchisation.

[@user-mb9dw8hg9o]

His absolutely right

[@roddychristodoulou9111]

The obvious solution would be a wealth tax on the richest 1% in society . This would bring in around 150 billion pounds every year for the nation .

[@jjefferyworboys8138]

Why would they stay, its not for the weather ?

[@MikeStock88]

​@@jjefferyworboys8138and why are they here in the first place then?

[@sandworm9528]

They can leave 😂 we'll keep their stuff ​@@jjefferyworboys8138

[@andrewbravery5114]

They'd stay to keep exploiting the system​@@jjefferyworboys8138

[@johnmoore9862]

The wealthiest 1% have never or will ever have anything but contempt for the other 99%.

[@aion5837]

It seems as if the EU and the UK is shifting towards a war economy ie increase in spending on arms manufacturing. Does Gary think that 1. We are financially able to do this? 2. Do we have the resources? 3. Is the forever war in Ukraine sustainable, especially if the US reduces spending?

[@howmanybeansmakefive]

I firmly believe that trying to find a technocratic solution or tinkering with policy proposals to fix the economy does more to stall progress than help. For all my studies in law and finance in UK/US elite institutions, it really does always boil down to wealth inequality. The overcomplication of this basic fact is itself a big part of the failure of our political (and US academic/legal) class. All this austerity talk that Labour is falling for again is a pure fantasy, and I'm beginning to worry that this rhetoric is not just strategic, but truly believed by them. I'm worried that due to fear of sounding slightly Corbyn-y, the reality of the situation will be even more repressed by Starmer (although his fear isn't entirely misplaced). It's crazy to me that we still lap up the economic assumptions/models/procedures/rhetoric that have continually failed, which '08 and recent austerity has made clear. We live in an era of income inequality higher than the barons of the gilded age (and at least those barons spent some of it on public projects). As the world feels like its becoming less stable, those with wealth are able to hoard even more, whether through globalised tax-'efficient' vehicles or increasingly complex financial products that seek to minimise all risk for the wealth owner - an impossible task (removing risk) which ultimately just pushes it away in opaque/obfuscatory ways onto the rest of us - ultimately constricting the money supply available to government and everyone else, from the working class to the middle class and business owners. The solution is clear, we need to shift the burden of tax onto unproductive wealth instead of labour/productive spending. This isn't to say that implementation will be easy. Taxable wealth and assets are held in ever more complex/globalised structures, we have let it slip between our fingers. To a large extent we have exploited our domestic assets and legal system as a product for use by international elites to park their wealth, and this wealth + administration of offshore trust/corporate vehicles has become the bread-and-butter of what remains of the UK's economy. How can we 'take back control' of an out of control/unequal taxation system in a globalised world, when we essentially formed the economic/legal foundation of it? Thankfully we at least have parliamentary sovereignty (unlike the US) to make a change, but it will take a massive amount of political will and a deep commitment to cooperation with other states.

[@Isoroku1983]

Great comment.

[@Jim-fy2qf]

Let’s break it down to basics so that anyone can understand this truth. It is simply not acceptable for a few people to have so much while so many people have very little or even nothing, it’s really that simple. I despair that simple truth seems to be so hard to grasp.

[@paulbird1808]

Take people out of income tax, say below £30k?!

[@gaspode505]

If Labour will not change tide.....answer is far right 😢

[@Silks-]

‘I hate personalising things because it’s a systemic problem’ -Gary. That profound, and lots of people fall into that trap of blaming the person, when if grown up with money the high chances are you’d be just as greedy. I don’t give to charity when my relatively small amount would really help impoverished families abroad, so the super poor to me is similar to me to the rich.

[@RPCAFF]

Come on Gary, get running for PM

[@chrisstones1249]

Wow 👍👍👍👍👍👍

[@getreal7964]

Yeh obviously you're right Gary or we wouldn't even be talking about it, increasing inequality will (eventually) affect us all !

[@ganrimmonim]

It's probably because I'm not rich and am never going to be, but it gets to the point and not that high, actually when I wouldn't know what to do with money. (And the stuff I was doing would already be helping I'd want a PA, driver, cook). But once you have a house a holiday home three cars say and a jet (multimillionaires seem to have to own jets). What is there to buy? I mean, I guess you could get together with other multimillionaire mates to see if you could bribe politians into outlawing the name Eric or other dumb shit.

[@piccalillipit9211]

NOTHING - In 2014 I was worth €6 million and the novelty had worn off and there was nothing left to buy and life gets very boring actually. NOTHING is a treat any longer - you always eat at the 5* restaurant and they never change the menu, you have a chauffeur-driven S-Class merc and you have a sulk cos its not got the foot rests like a Bentley. Every rich person I knew had an alcohol problem or a drug problem or a sex addiction problem. Its NOT like the movies, you still have to work 12 hours a day to maintain it all so you own all this crazy expensive stuff and never use it or even see it. I had a villa in a nice village I leased for 2 years - I NEVER STAYED THERE ONE NIGHT, never visited it once. In 2015 I suffered brain damage in a mugging and lost everything - Im much happier now.

[@Alex-mj5dv]

You invest. And you give. Venture capital, other assets. Philanthropy, local and global. There is only two things - spending (including giving) and accumulating. You become wealthy by spending less than you make.. it’s really an easy formula in theory, in practice it’s hard - you’re fighting against often both the maths (just not enough income), and human nature (to spend… I need this car, that mortgage that’s a little too much so I’m slightly worried, the Netflix, Prime memberships, my Ibiza trip once a year, my premium gym membership.. my morning coffee). It’s really hard to be weird and opt out of those things so you can accumulate for 5-10 years, especially in your 20’s in a major city. But lifestyle inflation - perceived anyway, especially on social media - and the easy access of credit at poor interest rates is a really damaging combination, both in real terms and psychologically.

[@BusstterNutt]

Insecurity and unwillingness to show any weakness are hallmarks of a weak MP

[@evelbsstudio]

And its still cheaper to import goods then manufacture them in the UK even with import tax..

[@lukaszdulawa8136]

One thing to add, we will have more houses then people as birthrate plunges. The assets rich aquire ale likely to be liabilities in the future.

[@jakeblair4215]

A flat rate tax starting at 20k, 25% across the board. No loop holes and full electoral reform to a d'hont voting method, coupled withbm a WRITTEN CONSTITUTION would solve 80% of all rhe current problems

[@BOZ_11]

We don't have to tax the rich, since we can reduce their share of the national income if we remove industrial subsidies (except for farmers, green energy companies, etc), and target fiscal spending to support the manufacturing sector, create interim Govt jobs (as a training ground for long-term unemployed), job training programs, and professional qualification grants. These things support the heightening of the median income (inflation adjusted). Having said that, I think abolishing VAT for everything except luxury goods (make it e.g. 35%) would make a difference tomorrow; along with jacking up the income tax allowance to 2/3 of the median income (adjusted to the median income by county/region).

[@petel3366]

I agree with the theme - basically if we don’t tax the super rich to get them to spend or lose a significant amount of their wealth. Allow all citizens to garner a total wealth of £2m before paying any form of tax. Else we face the fact that this is a giant game of monopoly and we know how that ends. If a political policy was to tax the super rich then watch the votes come rolling in.

[@Westlake72]

I'm very confused about Rishi not knowing how to use a credit card and what it has to do with his wealth. Surely rich people use credit cards too???

[@lonevoice]

Yes, the growing wealth inequality is slowly draining the life blood out of the real economy and we can see that with poor growth, deteriorating services etc. Sure, the rich are unable to spend enough. They always have a surplus and that surplus is getting ever larger and just gets fed into assets such as shares and property, and the prices of these gets inflated through increasing excess demand. So we end up with a reducing share of national income going to working people then on top of that there is a further drain on the real economy as property rental costs escalate. Is there any realistic solution other than a wealth tax? There are no signs of this on the political horizon and if anything the proposed scrapping or reduction of IHT goes in the opposite direction. I suspect that things will get far far worse before there is even a slightest sign of improvement.

[@smoggy1964]

Starmer will be no different

[@jamesmilligan2797]

Corporate companies who supply things we HAVE to have like energy & insurance need regulating & capping to help living standards. They hold people to ransom, its nothing less than legalised robbery.

[@sabinahusain1225]

We should all vote for independent candidates

[@larrygerry985]

Robert Kennedy proves that you could be super rich and understand the reality of poverty (1968 campaign). The issue is more that no one in Politics is actually talking about the issue on either side

[@janeknight3597]

And he was assassinated!

[@Matt-ou7tu]

His prediction about what is likely to occur under Labour is sadly what i feel like is going to happen.

[@albertbrammer9263]

You cannot tax the rich unless you have numerous countries working together. The UK are not in the EU which makes it harder.

[@edcoad4930]

Noone in UK have the balls, ability, desire to make the changes. Scandinavian model is the best way.

[@allergy5634]

Problem with the Scandinavian model is it only works if you have A) a truck tonne of oil money (Denmark/Norway) or B) bring in money by using companies to exploit cheap labour in the global south. (Sweden). Not saying large scale reform to solve wealth inequality isn’t needed though.

[@mjsmjs3792]

Without sounding too negative, in the UK at least we're F'cked...😞

[@MartinSmith-qt3cc]

Nick Abbot on LBC fri-sun 10pm -1.00am speaks truth to power but with irreverence

[@barliechoy]

Dont waste your vote. We know what we will get with Labour and the Conservatives, so don't waste your vote on them. Give smaller parties a chance. Also Labour are not centre left. The put themselves slightly to the left of the Conservatives but the Conservatives keep going further to the right. Slightly to the left of very right wing is still right wing.

[@russ1359]

I work directly for billionaires. I provide a service that doesn't make them money. I am taking money directly from them. I'm doing my bit.

[@gabbsdad]

Labour will get in but things won’t change, if anything they will get worse. So many things going wrong now not only in this country but around the world. The scene of the world is changing!

[@petercoekin5419]

Scary conclusions at the end of this 😐

[@Flysarse]

And there’s a fly in his Curry

[@admiralpegasuscc]

Whether the wealth inequality is a vote winner or not, labour don't have to put it in its manifesto but just sort it.

[@DileepaRanawake]

Tax wealth not work.

[@gohfi]

„You look to Europe..“. FFS, where do you think the UK is?

[@TerribleFire]

The centre has collapsed. There doesnt appear to be a middle ground anymore.

[@BigHenFor]

That's a mistake. Top down, FPTP politics gave the illusion of centrism. You can't have centrism when you have two dogs fighting over a bone. The only thing in the middle is the bone.

[@babycannis9667]

It’s basic maths and common sense

[@Rudee3]

He’s right of course. We need to manufacture mass consent for wealth redistribution, that’s the only game in town.

[@edwardlyons6965]

Does it matter for policy, how rich are the politicians legislating? Look up the research by Thom Hartmann. In summary, it absolutely does!

[@basedsigma5634]

If the people have no bread...give them cake🙈

[@charlsmartel]

The only thing I disagree with what Gary said, is that we live in democracies. I think we live in an oligarchy.

[@neilsmith154]

Rush Sunak does not have £21m passive income. It was £2.2m passive income. Maybe start off with the facts.

[@petel3366]

Julian Assange - the role of government is it take the money from the many and give to the few.

[@Skattie]

Sh*t, that means money has gone to his head, no probs having money, but they are obsessed by the looks of it ,coz balance is vital

[@AR-fy2qo]

Like Yanis said, rishi is just there to do nothing. And keep the rich gliteratti behind him safe. He is not your target.

[@chocolatesugar4434]

£21m passive income every year and there’s many richer than him….all not being taxed. Meanwhile the average everyday person is taxed twice if we get a 2nd job to help pay the light bill. I hate it here.

[@arthurdixon5890]

Labour are no better. They take it off the middle who are becoming poorer. There could have been a re-distribution of wealth during the 15 years of New Labour with Blair and Brown it did not happen. It is bad capitalism that has caused the issues in our society. Shareholders get the money that workers should share in, but don’t.

[@misio87]

He's supper rich = less of a chance he's corrupted by other super rich people.

[@kingdogg94]

Or maybe, "He's super rich = more chance he has the same problematic ideas that the super rich generally have" (taxes bad, regulation bad, wealth maximisation good)

[@dwaynedibley2790]

What people dont realise. Hes not lying. He only think s about the rich when he quotes what hes doing hes tieing up every way off making money for his family while they say he s no back bone our country and people have no meaning to him. He ll be in u s a after this. Fools fools Britain

[@philliprickard5280]

The last 2 yeelars the top 1% captured as much weather as the ret of the 99%. Shameful

[@megashot]

Need to find out if he or his wife have investments in India's scam centres, all Indians know what applying for an IT tech job means in India.

[@NaNa-zx5ve]

I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations.

[@kemsovanchhaiy3849]

I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do? Thank you

[@NaNa-zx5ve]

Thanks to Cara Lee Motti, she has always been there to guide me through with detailed analysis and recommendations that I wouldn't have access to otherwise.

[@user-uv9yk3iv7e]

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients' testimony on CNBC news last week

[@onukatoch6706]

After I got upto 900k trading with Cara Lee Motti, I bought a new House and I'm now able to send my kids to a better school in the states When someone is straight forward with what he or she is doing people will always speak up for them.

[@user-hj8zu2qk2p]

Alright thanks for the recommendation but how do I reach her?

[@davidalderson7761]

Do 1000 people own more than the bottom 50% in UK. Or is it bottom 80%. I dont agree wirh taking all after a period. I do agree with taxing richest and let’s make it the same amount of wealth a poor person pays the state from their only wealth ( income ) for the rich so maybe 30% of their wealth ????

[@Skylark_Jones]

Ollie you cannot disregard the fact that Sunak is super wealthy because the fact that he is very wealthy feeds into the political choices he makes. Come on. Also, I would like to know if there have been polls showing that wealth equality or a wealth tax is unpopular among Brits?

[@northleedspoppa]

Suprised politicsjoe aired this They normally refuse to criticise the Torys

[@peterfox2538]

Sunak always been out of touch I don't think he's done a days work since he became PM he doesn't careless about this country or us.

[@liamb5791]

The government needs to be separated from monetary policy. Bitcoin fixes this

[@DJ-Daz]

You have to analyse Sunak with money, especially when he helps make legislation that benefits others with money as well as himself. I'm sure he'd be complaining loudly like the rest of us if his home was 60% of his outgoing.

[@Dylan-co2cl]

Gary's top notch, problem is Starver's Tory Labour party are massively out of touch on every level,too.

[@rwsavory]

Bothsiderism is part of the reason the UK is in the shitter. The two parties are very different.

[@rainbowevil]

@@rwsavoryand yet neither are proposing anything to tackle the issues Gary is raising. One will lead to faster collapse, the other to slightly slower collapse. It’s the same end result. And Starmer’s failure to do anything meaningful will probably push people looking for some alternative over to extreme right populism, so his version of a Labour Party may well be worse for the country in the long run.

[@BigHenFor]

​@@rainbowevilThat's the risk. But the point is to get into a position where reform is possible. That's why FPTP has to go.

[@rainbowevil]

@@BigHenFor so vote for a party that will definitely not be interested in voting reform? Vote Green or something else if you really prefer, but do not vote for Labour or the Tories. They will continue us down the path to collapse.

[@bluesteele2235]

He's right, but the sad thing is we are stuck with both cheeks of the same butt

[@joshuaaaa32]

Is Gary wearing football socks?

[@Chips273]

Leyton Orient