Economist explains why Britain is poor

Torsten Bell is the chief executive of the Resolution Foundation, an economics think tank.
He was Ed Miliband's head of policy, after working in the Treasury during the financial crash.
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[@PoliticsJOE]

Fear and loathing on the campaign trail, with the right wing threat to the Conservatives: kzbin.info/www/bejne/noOzaKF_d7V-nbM

[@eh1702]

There is no distance between the right wing and the Conservatives. Remember how NI used to have “the IRA and Sinn Feinn”? Two words for the operations and the PR of the same firm.

[@puertodesuerte415]

Could you cover the looming demographic crisis regarding fertility rates coupled with an anti immigration govt?

[@col.hertford9855]

I’d like to see this guy and Gary Stevenson discuss this in a long form politic discussion.

[@MrManny075]

He didn't mention the fact that this country and others are going down because others are growing up fast and now they have the mean to compete for everything inculding food and energy,

[@Matt-vo1ge]

Once again "Joe" shows its real face:- Gary's Economics £700billion unaccounted for. Or you could interview Prof Richard Wolff from Democracy at Work... but ya don't.

[@frusia123]

I'm not an economist, but as a Pole living in England for almost 20 years, I have a few observations. When I came here Poland was a poor country, and earning in GBP allowed me to buy more stuff. But weirdly enough, in some ways I felt poorer. In Poland many life pleasures were free or very cheap, art galleries, amazing musicians and artists performing on the streets, spending time outside in nature - I missed all that. In England it seemed to me that everything above the basics was very expensive, every simple hobby required a significant amount of money. Only rich people could afford to send their children for music lessons, while in my family in Poland every child that was musical played an instrument. Certain things are expensive everywhere, like the vet bills for example. Yet I don't know anyone in Poland who would face a choice between saving their dog and becoming financially ruined. Vets are expensive but the difference between what they earn and what the average admin assistant earns isn't as colossal as it seems to be in England.

[@shaunashton5434]

Opportunity Costs and functional costs are out of control.

[@florinmoldovanu]

I used to rent a room in Virginia Water close to Ascot and Windsor. Virginia water has a housing complex that belongs to Wentworth Golf club, lots of millionaires live there. The houses are ridiculous. Some look like palaces, some like posh english homes. several places like this here in Surrey / Berkshire area. Anyway, the room I was renting wasn't on the Wentworth domain obviously but in a more modest Whitehall Farm Lane. Before and during the pandemic I used to walk from there down to the Longside Lake, just by M25 and go for a swim in the lake. I is wild nature all around the lake and on my way back I used to pick blackberries in the late summer. Last year I went there to find that the council had sold the lake and it's now "private property". The lake has now become a business. Whereas before swimming was free now one has to pay £ to swim. I was outraged but what can you do this is the world we are living in and through the help of their government they are expanding this hunger to claim nature as property allover the world. I'm from Romania and when I came to this country I felt as though I've entered a prison. Everything is owned and privatised and the only way to survive in this society is to do the same. Step over dead corpses in the pursuit of more money and more property.

[@adredy]

Tak jest bracie cos sie zepsulo ... 6lat czekam na podwyzke ceny skoczyly o 50% a ja ryram za 10% wiecej :) a oni dalej nie maja pieniedzy, 5% kraju sie bawi reszta ryra w polu za grosze.

[@Worldaffairslover]

England is a 1st world, highly develop, high income country, Poland is not

[@grimmar80]

@@Worldaffairslover statistically - yes. But you know what? When you walk your dog you statistically have 3 legs... I don't think you've watched the video and you definitely didn't understand the comment you replying to.

[@indivisible4835]

I'm also an economist and I entirely agree. We are a poor country with a tiny minority of very wealthy people. The current stagnation just makes that more obvious to everyone.

[@evolassunglasses4673]

Populist Right and populist Left need to find common ground to ever challenge the oligarchs

[@Nickle314]

Rubbish. It's very simple. Debt is negative wealth. The welfare state has a £16,000 bn pension debt increasing at 10% a year. Economists like yourself are living in a fantasy world where you play economics, as if that debt didn't exist. It's simple, the tax payers cannot afford to pay a £600,000 debt.

[@ennesshay5040]

the 2.52 vid 'Why Do Banks Make So Much Money?'' / the 3.19 ''How money gets destroyed - Banking 101 (Part 6 of 6)' and others by Positive Money{uk} Plus the 19 min ''Banks Get $1.5 Trillion Bailout Over Coronavirus,' by The Jimmy Dore Show [ maybe throw in the 3.25 'The Banker' by RobinHoodTax ]

[@colinbenfield326]

We caught up in the 90s because of globalisation but that’s over so what’s left for UK?

[@Nickle314]

@@evolassunglasses4673 Has it not occurred to you that its the state that's doing the looting?

[@Uppernorwood976]

Our economy is addicted to cheap labour. Immigration and government subsidies through benefits are covering up the fact that Starbucks, Amazon, Uber and others don’t have a business model that allows them to pay people a wage they can actually live on. A full time worker should be able to afford accommodation, food and energy without benefits. If they can’t, it means the system is fundamentally broken. Housing benefit is effectively a subsidy for these corporations.

[@noelgrippen4707]

Thank you for pointing out the elephant in the room, most people in this comment section seem to avoid talking about immigration like it's the plague. They all talk a big game here about disliking big exploitative companies yet fail to condemn and address the issue of mass immigration, which has allowed big companies and government to reduce or stagnate wages, reduce the workers leverage and to create more underpaid workers whilst increasing profits. The problems of the UK economy are complex, but ultimately we will never Innovate as a country until we stop mass immigration. Mass immigration is keeping businesses alive that would usually go bust, also it removes the incentive to pay workers a good wage along with spending the money on training and retaining of staff through benefits.

[@James_36]

@@noelgrippen4707 Because left wingers are so hypocritical and counter productive in everything they say its unreal, keep digging objectively and you will get there in the end. The left is just driven by rage, resentment and bitterness

[@PJ-om2wq]

I didn't want to leave the EU, however, it's clear that the EU broke the transport industry because a British truck driver simply cannot live decently on what a person from some other EU countries is prepared to work for.

[@skyblazeeterno]

@@noelgrippen4707 tell me who decides the level of wages? govts and companies, so its quite right to blame businesses

[@PJ-om2wq]

@Anna Anna welcome to the UK! What made this not possible in Slovakia? Is it lack of jobs, low wages, or high cost of living or something else?

[@nigel-jg4dn]

Having lived through both 80s and 10s in the UK, i can honestly say that life has been purposely made very difficult for the working class. Living from pay to pay is wrong. We pay far too many taxes to a government that is totally out of touch and couldn't care less so long as you pay it.

[@davidboyleAYL]

And not enough tax on those making the rules.

[@Hypersonik]

And yet the people, en masse, vote for the same two over and over. Who is the idiot here?

[@izzytoons]

The reason you do is no doubt because corporations and the wealthy have been given so many ways and means avoiding paying there's. That's the way it is in America. It's not the government, per se, it's the wealthy.

[@breakfreak3181]

The wealthy and middle class in this country despise the working poor and the working class. The same people who read the Daily Mail and moan about 'benefits scroungers' also squeeze every last drop of labour they can from the poorest workers for tiny wages. These are people who *want* to work and who *do* work, but get stuck in zero hour contracts, low wages, long hours, and often with no union representation. The rich and ultra rich are still getting pay rises, everyone else can go whistle, it seems.

[@patrikfloding7985]

@@breakfreak3181 "The same people who read the Daily Mail and moan about 'benefits scroungers' also squeeze every last drop of labour they can from the poorest workers for tiny wages" I wold be very surprised if the wealthy read the Daily Mail. Working class people, on the other hand...

[@jo5hy910]

This is like listening to a mathematically gifted James Acaster

[@martinb150]

I had the exact same thought 😹

[@mikecrook91]

On describing Trussonomics - "Started making It. Had a breakdown. Bon Appetit"

[@ayembic7933]

his voice is sooooo deep. It did things to me

[@Dreyno]

But looking at Ken Doherty with some work done.

[@7shadesofsmoke621]

Came here to ask when Acaster got into economics 😂

[@paulp54]

Torsten speak so much sense and strikes me as the sort of expert that should be involved in policy making within government. Certainly the government of the day should listen to the Resolution Foundation and take on board their statements and work. “Unmoored” is a perfect word to capture where we are as a nation right now. It feels like 13 lost years, 14 years of decline on so many levels, off the back of a previous period in which inequality was made the norm. It feels depressing right now, but listening to this I’m also hopeful things can be turned around. Thanks for making this video.

[@GonzoTehGreat]

I agreed with his analysis of the causes of the UK’s current economic woes, but his political bias is obvious, as he singled out the 1980s and 2010s as the problematic decades, when the Conservatives were in government, but ignored the 1990s and 2000s, when New Labour continued to pursue Thatcherite policies. His comments about how to deal with the current cost of living crisis also didn't inspire confidence. Focusing on policies which protect the poorest in society is a populist strategy (especially popular with Labour) which exploits the approval of the media, whilst ignoring the majority of voters. The focus should instead be on improving living standards for the middle-class, which form the backbone of the economy and without which it cannot improve.

[@TT-fn1xb]

This economist makes some good points but I think he is far too trusting of our politicians. They don’t care about ‘levelling up’ but they want the appearance of caring. Also, no matter how much growth this country gets, money will still accumulate in the hands of the wealthy because the rich are the ones making up the rules. The Tories will never knowingly enforce or enact policies which are to the detriment of the rich. But they will never shy away from actions which cause the poor to become poorer. That is just the way things are.

[@yousuck6222]

He's talking horseshit.

[@RA-sx1qy]

It’s bc he likely voted for them

[@johnnyroadcrew3841]

It isnt the way things must be though is it?

[@piccalillipit9211]

@@johnnyroadcrew3841 - I wrote this 3 years ago - "Well like it or hate it you WILL live in some form of communist state in the next 50 years. Capitalism is FUNDAMENTALLY flawed, I dont mean it has its problems. I mean the very basic concept is self cannibalising. Problem No1. Capitalism is a funnel. It funnels wealth from the bottom to the top - it also funnels power from the bottom to the top cos money = power. For capitalism to be stable you have to TAX the top heavily and move the money back down to the bottom JUST to keep the system functioning. Rich powerful people DO NOT like being taxed. And as capitalism INEVITABLY produces rich powerful people who control media and politicians they get their way. This hoovers all the money out of the working class, then you give them credit - they sell their future work, and then they are EMPTY. But for capitalism to continue it NEEDS MONEY - so the middle class are the next to go - and you can see this in the USA and the UK - it is eating the middle class. It also starts to eat the state, private prisons, private education etc etc... Ultimately there is NO MONEY left in the system - that has already happened the FED in America si literally printing money to keep the system working. So capitalism HAS TO COLLAPSE. It is 100% inevitable from the very start of the system. And people predicted this 150 and 200 years ago. Problem 2. Capitalism HAS to GROW to exist. it is NOT a static model. It has to grow by about 3% each year to continue. That is a DOUBLING of the world economy every 27 years. The earth is at 130% of capacity now. WE CAN NOT extract 260% per year of the earth capacity in another 27 years - its not possible to live on that planet. SO. A static zero growth economic model is required, a model that removes the profit motive is required [to long to explain why] is required and due to AI a UBI is required - the only economic model we have that allows the earth to survive and people to eat is a communism based model. It wont be Stalin's Russia, it will be some hybrid modernised version. But YOU WILL LIVE under a communist economic model if you live another 50 years. " ---§--- And Aron Bastani did a TED Talk last week about "Fully automated luxury communism" - which takes this concept further.

[@Capybarrrraaaa]

@@johnnyroadcrew3841 It kinda is, under Capitalism at least. While the owning-class has a larger power, they will use that power to own more. That's why they're in the owning-class to begin with; because they want to own. The only way out of that is to strip them of power, but that's where it gets complicated. The best way I can see that happening is to empower the individual, to give them the ability to say 'no' to the Capitalist class. To do that, we need a strong community-driven provision of basic-rights. A 'pseudo-government (or governments)' that's only concerned with providing housing/food/heating/water/internet/transport/etc.

[@james.atkins88]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@edward.abraham]

Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.

[@hunter-bourke21]

The recession in 2020 only lasted for six months, although the 20.4% reduction in the UK economy between April and June that year was the largest on record. The previous recession started in 2008 due to the global financial crisis, and went on for five quarters.

[@andrew.alonzo]

@@hunter-bourke21 Very correct; the bear market has contributed significantly to the growth of my investment. I was able to quickly increase my portfolio from $180K to $472K. Essentially, I was just doing as my financial advisor instructed. You're good to go as long as you get competent assistance.

[@rebecca_burns14]

@@andrew.alonzo Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.

[@theoutsider6191]

This is because they are all there pretending they know what's going on. Funnily enough hardly any of them wanted to keep calm and carry on during the pandemic, while the gov pissed 500 billion quid up the wall in under 12 months. That money could've been spent sorting the energy problems of the entire country for decades. 500 billion quid would equate to 30 full scale nuclear plants, which would be enough to completely supply UK demand for decades.... free point of use electricity for homes and business...., and with that amount we could easily be mass exporters to the rest of the EU, and they would be buying it cause it would be CO2 free..... Instead what did we get to show for it? Partygate, and billions of face masks going to landfill.... great eh.

[@kimpalmer5994]

I am disabled and receive benefits, I have three carers and I already pay about 100 a week towards my care ( I do not have savings or any other income, so I am left with about £400 every 4 weeks, I have a mortgage which is £180 I bought a house before I became disabled. This winter I have been going to bed at 3pm to keep warm, I've been spending on average £2 a day on food. Yes I will get the 10% rise in my benefits but when that Happens I will have to hand all that over to my local council towards my care. If I was on the same benefits but didn't need care I would be much better off. I know thousands of others will feel quite bitter about this, my family had always worked I.worked up until I became disabled, I feel embarrassed about being on benefits, but this 10% won't make things any easier for me.

[@kimwilding8444]

I understand completely, I was the main breadwinner for our family until I got a chronic illness about 7 years ago, I'm completely disabled now, and while my husband still works, he is very much my carer, and we are on benefits topping up his salary. It's something I still struggle to come to terms with.

[@deboraleggerini5729]

Embarrassed for being on benefits? You have paid for those benefits. I'm disabled too and having a disability is an entire different ball game.

[@kimpalmer5994]

@Paul Friel I couldn't agree more ! I worked bloody hard and long hours, but some people never work a day in thier lives even though they can, and as you say those who work hard get screwed at everything

[@casteretpollux]

I'm outraged by what British politicians are doing to people with disabilities. It's criminal. Hope they are put out very soon.

[@juliewake4585]

Please don’t be embarrassed. I’m sure you worked when you could, and even if you didn’t, you’re still entitled to get enough from the state to give you a reasonable life to live. This whole thing is horrifying. (Btw I’m disabled too, but am lucky which to be able to rely on my income and on my husband. Life shouldn’t breed this shitty for anyone.

[@nickthebubble4060]

Another important point amongst these and others is the tax avoidance. Over 490,000 acres of private land ad property is owned and registered to oversees companies. The profits from the sales and rental income never seen by the British tax payer and this doesn't take into consideration the high street shops and commercial property either. Imagine how many London offices there are alone being rented and the spoils disappearing of to the Virgin Islands. It's a staggering injustice.

[@myopinionsmayoffendyou]

Chinnese investors are some of the biggest shareholders in British businesses. Every thing from care providers, supermarkets and energy. Shareholder payments are the biggest patment these business are making out these days and they say their running cost instead of profits.

[@windowintowineoninstagram5463]

See how many corporate tax lawyers are employed in the City and you start to understand the scale of the problem. It’s so entrenched in to big business in the UK, it’s unwinding would be almost impossible

[@b0bb0btheb0b]

Pretty sure foreign ownership doesn't really make a difference. You can be a UK-based entity that owns the land and use transfer pricing with another foreign-based related company. E.g "Evilcorp UK" operates here and pays taxes on UK profits. Unfortunately, despite what looks like a very successful business with large revenues, it's been a loss-making company for years with very large branding fees paid to "Evilcorp Virgin Islands". We need to find a way, in concert with most other countries, to embargo any business with nations that don't meet certain minimum business tax rates and transparency rules.

[@myopinionsmayoffendyou]

@@b0bb0btheb0b Amazon is the prime example. We've lost thousands of small businesses, that was profitable that all payed % of tax. Amazon comes along offering new opportunities for employment, wipes out the small competition with low prices, making losses in some case just to corner a market, gets better tax rates for doing so, they make billions but runs on tiny profit margins that the british government is seeing far less off, than if loads of small businesses all payed a equal fair tax rate.

[@myopinionsmayoffendyou]

They've also already started on lay off phase from all these factories that was supposed to supplement the economy with jobs. It's a legal long con.

[@kess6698]

In every job I've had the people that work the hardest get paid the same as the layabouts. We didn't get a pay rise for working harder. Instead, we were expected to do more and more.

[@briancarr4607]

YOU ARE SO RIGHT

[@JK-hr6py]

Working hard is stupid if your job is structured that way, you're just getting mugged

[@paulkazjack]

My mate worked at Tescos too.

[@tomfinney3416]

tell your employer the buckaroo , there are amongst the workforce , those who love to work , they have no time for burying their heads in smartphones they gain pleasure about good hard graft , employers recognise this craving to see the clock fly by by getting your head down and sweating away , it is a noble trait , you should be proud , but when you overload the workhorse it may just throw everything up in the air saying enough im burned out , and your employer loses a person who is a credit to the company ,,,,

[@tomfinney3416]

if i was a gaffer id hire you straight away kess and hope you live up to your reputation cos if you do i get richer and you will get your efforts rewarded

[@boboso388]

As a USer living in England, it really is incredible how broke people are for a “developed country”. The government seems to piss away money like there’s no tomorrow and policy is in perpetual boondoggle. Add the taxation and low value return, you have a place that really is a serfdom.

[@Daisy-tl2lh]

Absolutely, I can see how my town has deterioted over the past 20 years, minimal infrastructure, minimal maintenance, minimal civic pride, maximum council tax!!

[@recreationalelmersglue6053]

When I heard that in the middle of a crisis with NHS, near bond collapse, fuel crisis etc etc the government wanted lower taxation I just gave up. When the bank of England tells you to stop whatever you are doing its a bad sign.

[@fanfeck2844]

@@Daisy-tl2lhthere’s less civic pride because we’ve destroyed voluntary institutions like churches, youth work etc, and to rely on the nanny state in the council office. We’ve even got a guy here who goes out it the streets weeding and tidying up, getting told to stop it, as he hasn’t permission lol

[@lauralvw8445]

US seems worse

[@1979DrNick]

As an Australian who lived in the US, this is exactly what I thought about the US!

[@russiandrivers9986]

To rent a 2-bedroom apartment in a cheap suburb of London costs £1200. Any entry-level job pays £2000 before tax, leaving you with about £1600 after tax. Then you have to pay council tax, TV license and £12 per day to drive your car or take public transport. The only way to survive here is to live in miserable overcrowded conditions to save some money and then get the hell out as soon as possible.

[@marcomagrin7611]

£1200 lmao you wish

[@andrii.zahorskyi]

Socialism inevitably leads to poverty

[@pawelhyzopski6456]

In Banbury area its 1200 for 2 bedroom or more. Few are lower but not many.

[@billykotsos4642]

Harrow Wealdstone was 1400 back in 2017. Around Acton right now its 1900 for a 2 bed flat

[@MrTonyHeath]

Britain isn't poor, it's the people who are.

[@BlyatimirPootin]

@left_blank lol

[@taefravis]

@left_blank Large % of the population are unable to better themselves as they lack the tools to do so and the only ones with those tools are, yes you guessed it, the elite such as the Tories who refuse to share. Look at Nadhim Zahawai - that proves my point.

[@simonh6371]

@left_blank You're part of the problem. I'm not against immigrants but against immigration. To be honest I'd rather replace our middle classes i.e. people like you with foreigners. Problem is you lot won't go.

[@joejjj4378]

@@unknown_name_389 stop hating on the few on benefits spending their tiny 400 quid a month on scratchcards. The real money that you should be annoyed is missing is in the hands of the wealthy not paying taxes. Thats why youre significantly poorer than you should be, not because someone is living in a council flat with 2 bedrooms and 6 children

[@matty7758]

@@joejjj4378i think the op has been watching to much channel 5

[@jamesbuchanan8633]

Torsten should get more exposure in the media. He talks facts and sense in a way that the average Joe can understand.

[@CowmanUK]

The people who own or control much of the national media are busy selling us a completely different narrative, that of trickle down economics that overwhelmingly favours the wealthy. Brainwashing the public to believe in what's best for billionaires is the purpose of most UK media.

[@SunTzu192]

very much so

[@nigelmoscrop9987]

If he tells it as it is , then the media would be the last person they'd look for .

[@waterdragon2340]

He gets enough for the Mail to loathe him

[@saintjimmy456]

The second people start paying attention to him, the tabloids will destroy him, because the rich and the powerful do not want the average Joe hearing how much better off other countries similar to the UK are. I'd rather not spend the rest of my career being slimed if I was him.

[@KyleBevis-u7j]

I don’t understand why James B-caster here says “the reason wages haven’t gone up for 15 years is because there hasn’t been productivity growth” at 18:42. These companies are still making insane profits THANKS to decades of OUR LABOUR and productivity growth. The REAL problem is that the government doesn’t step in to protect us workers by forcing companies to share their profits more fairly with us workers. The problem isn’t growth, it’s GREED! And he is defending it.

[@diabl2master]

What a brilliant conversation. Bell is very interesting to listen to. You at JOE really do something special. Thanks.

[@hmq9052]

If you read books you'd realise this stuff is everywhere.

[@jsquire5pa]

If you think this is brilliant you are not the sharpest!

[@charleskoppes4751]

The most damaging factor to british cohesion, is the obsession with house prices and the weird belief that the higher they go, the better it is. In Switzerland, for instance, the topic of house prices is almost totally absent from people’s minds.

[@sarahanne40]

Totally absent because the cost of purchase is already prohibitive, not impossible, but certainly mortgages have to be available over longer periods to help people get on the housing market at all. They may not have lots of house price growth but property is already at a premium. Rental is also the norm (excluding those who are living in inter generational homes or inherited property) and there is strict legislation and whole government/canton offices/departments which are dedicated the ensure landlords cannot increase rent without actual improvements to the property that would warrant an increase. So rental is not an unsafe bet, unlike in the uk where landlords are essentially a law unto themselves, especially when it comes to rent hikes. Legislation around building quality means that housing is also incredibly well built to high standards and the tenant is unlikely to have a bad experience, unlike the uk, where we can just pop locks on a bedroom door and call it a HMO. It's comparing apples with oranges sadly. I think the uk would need a lot of changes to law where rental is concerned before a change in mindset can be expected when it comes to home ownership

[@owenyarnold4755]

Couldn’t agree more. France is the same

[@mrandrewhowell]

It's been a major factor behind the inequality that rocketed in the 80s, as well. Pre 80s, everyone could afford to buy a home, now it's a privilege of the better off and all the subsequent elected governments have done next to nothing about it.

[@TheDominionOfElites]

I don’t know about Switzerland but part of the issue in Ireland historically has been Capital Gains tax and other tax on investments made property a more logical type of investment than others. I would make a guess that Switzerland is more open, tax-wise, for normal people to invest in shares.

[@kizzagt]

@@mrandrewhowell House prices sky-rocketed after the Blair government. Basic supply and demand economics explains why.

[@rawdog7220]

Great comments and analysis of the current economic situation here in the UK. The £8,500 ish stat is particularly interesting, as this is exactly how much would be added to my annual paycheck if my salary had matched inflation over the past 11 years. As it stands however, my employer hasn't given me a pay-rise once in that whole time. I have a feeling this is a common theme for most professionals in the UK for the last decade.

[@Durram258]

Yes but we all know the reasons why, im only part way through the video but i bet this guy blames the rich and not government actions which are left wing in their root (given he is also left wing and they never admit to left wing policies being economic failures).

[@DaSkonk]

@Durram258 Ya, because it's the left wing's fault - give over! 🤡

[@Durram258]

@@DaSkonk It is, mass immigration, left wing policy. Huge inefficient welfare handouts that keep people dependent on government, left wing policy. Bad energy infrastructure largely due to climate change crap, left wing policy. Covid lockdowns and massive monetary handouts to facilitate it, left wing policy, increasing what welfare covers in turn making it even more unaffordable, left wing policy, destroying marriage and the family structure, left wing policy. Need i go on? and before you say, "some of that was done or maintained by the tories, you are very correct, the tories are at best left of center and have been for decades now so that comment does form an argument.

[@jamiebeattie8852]

@@Durram258 clearly didn’t finish the video

[@darkonnis]

You not... thought of leaving? I'm pretty blunt with my boss about it. The year I don't get a pay rise is the year I'm looking. Its pretty straight forward. You get 1 life, just 1, you don't have to go full entrepreneur, but you are a business, whether you like it or not. So take the higher value work. There is no loyalty.

[@JakeWieczorek-ir1vu]

I watch this guy often in select committees, always gives very good answers, good on him!

[@yousuck6222]

I dont think your generation could find a good answer in a teachers handbook.

[@lauram8554]

Great to see someone give a realistic and balanced view no sensationalism.

[@Mongster15]

As an Australian, this was a fantastic overview of what has happened in Britain over the last half century

[@jimcourt9164]

How is life in little China

[@zoddsonofthor5576]

@@jimcourt9164 Better than Shitain

[@leeoreilly6797]

​@@jimcourt9164 The UK is now a mediocre country with reduced global influence. Its people are getting poorer, and its politicians are helping to enrich the already super wealthy. The UK is a laughing stock.

[@Inthemixmedia]

Really which bit?

[@gangadin2873]

Are all Australians so miseducated as you are? A labor think tank "CEO" is praising a labor guy. I suppose the labor party hasn't done anything at all in the past 50 years!

[@tonysilke]

This is not unique to Europe. It's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.

[@Nernst96]

I understand how you feel. It's a little bit difficult to navigate things these days. You don't wanna lose whatever is left. I may suggest that you find a financial advisor who could give you thorough advice on how to go if you want to go the investment route. Also, the fact your business failed doesn't mean you should give up.

[@PatrickLloyd-]

That's right. I have tried many failed businesses and it's just a step further. Don't despair. But to add, if you do decide to use a financial advisor, it's best you use someone who understands your special needs and can work with you. I learnt this from experience before finally finding one I can stick with. Now I make six figures from my investments alone, and even more from my businesses.

[@PhilipDunk]

When you say financial advisor, are you talking about hedge funds? And how do I get in touch with one?

[@PatrickLloyd-]

Vivian Carol Gioia is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@lepetitchat123]

@@PhilipDunk Rishi Sunak should be able to help you out! He's a hedge fund manager.

[@jacasadia]

Great interview! It's my first time hearing Bell. I like his approach.

[@Mark-ml3nv]

It amazes me, how UK governments cannot look to Europe and just copy what is best done there. Literally next door in Ireland, even people who live on the dole can save money. Having a good job in UK and not being able to save or buy food is crazy.

[@iz723]

They dont care. Why would they? They're rich, why would they bother themselves trying to help the peasants?

[@ThomasSmith-tv7gp]

Ireland is a poor nation with ultra wealthy companies occupying it helping to fund their government. Over half of Ireland’s gdp figures are basically apple profits, not remotely comparable in my opinion

[@IshtarNike]

@@ThomasSmith-tv7gp yep. Never seen homelessness like I did when I visited Dublin.

[@IshtarNike]

@@ThomasSmith-tv7gp yep. Never seen homelessness like I did when I visited Dublin.

[@IshtarNike]

@@ThomasSmith-tv7gp yep. Never seen homelessness like I did when I visited Dublin.

[@philipberthiaume2314]

There was a study number of years ago and I can't remember who the authors were. The 15 richest regions and the 15 poorest regions were identified in the EU. And the narrative was decisive in demonstrating wealth inequality. The UK contained nine of the 15 poorest regions in the whole of the EU but it had the number one richest region as well.

[@craiglenahan8164]

All the poor areas voted for Brexit, because they got nothing from being in Europe and the rich areas voted for Brexit. Then the people from the rich area criticised the people from the poor areas. Because it wasn't enough to engineer them living in relative poverty...

[@bobbymainz1160]

Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.

[@stephaniestella213]

Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.

[@oneiljerry9460]

A 2022 Northwestern Mutual study found that 75% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

[@alexyoung3126]

@Zahair O'Brian Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.

[@tomasarcher4761]

I'm 24, full-time worker on about 22k a year. My partner is also full-time on about 19k a year. We have no children, nobody drives (though my partner is learning) and we are not married. It is only because of all of these factors that we are able to save money, society pressures us to have children but a child would absolutely destroy our quality of life. I have no idea how people are supposed to start families in this day and age, you need to have a mortgage by the time you're 22 and both parents need to have 40k+ a year jobs just to have a chance at a decent life. Get ready for a massive population decline and a pensions crisis in the next few decades, because I know a great many people who are in the same position.

[@shanepatrick641]

My dad keeps nagging to me to have children, says he wants grandchildren. I'm single, tried dating and had a relationship. Only just started doing this at the age of 25. They all ended, didn't go well. Anyway, I agree, I'm able to save up a small amount, too small for my liking - £300. If that's all I can save how on earth am I going to cope with looking after a child??! Ridiculous, and get me started on the old people that would call us selfish for not having kids and in the day I... yada yada yada. They are so out of touch with reality. Still thinking it's the times when buying a house was possible. Well why do you think they keep letting all these immigrants in (Unfortunately)? Not many people are having babies. So they try bringing in immigrants as a "Short term" solution. So they have more people to tax, to pay for the elderly.

[@kieran5191]

lol you’re only 24 give it til you’re at least 32 for kids mate 😂.

[@supgizmo5021]

Unless you are Paternal/Maternal skip thr kids thing. Unless you have lots of money kids will keep you poor for in excess of 20 years. Those immigrants they let in often don't pay taxes and sponge off the state. We have incompetent government and unfortunately until we change the people / system in power this country is no place to raise children

[@Tessy29k]

Who is pressuring you to have children at 24??? Anytime I see young parents with low incomes they are always broke and struggling. Keep stacking your money and get some assets for a few years before you have kids

[@EdgarDebruin-ti8gi]

me and my partner are both 34 and we aren't planning on having children. it's going to be impossible to feed them.

[@doreensoutar5130]

I have been self employed one way or another for many years, and the take-home is the same: get up, do what you can, go to bed, repeat. I think that's the reason the Scottish First Minister is still popular...lots of policies one after another that make things a little bit better. Baby boxes, sanitary towels, prescriptions, free bus travel for under 22s etc. Not enough for a revolution, but the "mony a mickle maks a muckle" school of policymaking. Eventually people feel the weight of the pounds in their pocket that they don't have to spend.

[@tomfinney3416]

i wish Scotland would conquer the north of england , im sick of being ruled by saecsen achs

[@amh9494]

Yeah, paid for by English taxes.

[@marionmclean3749]

@@amh9494 No. Paid for with Scottish taxes. I am fed up to the back teeth of little Englanders who refuse to acknowledge that Scots pay their way. Do some research instead of relying on red top rags and some bloke 'down the pub'.

[@amh9494]

@@marionmclean3749 it's on official government websites Scotland gets more per person from the central budget than England!

[@amh9494]

'Block Grant funding for the Scottish Government is the highest since devolution began at around £41 billion a year for 2022-2025. This means that for every £100 per person the UK Government spends in England on matters devolved to Scotland, the Scottish Government will receive around £126 per person in Scotland.'

[@burntoutsuperman09]

"Everybody is poor because of no productivity growth". I'd argue the main reason everyone is poor is because the government and bank of England have worked hand in hand over the last few decades to devalue the pound in your pocket by 'printing' ungodly amounts of currency. Every new pound that is printed devalues every other pound out there. That's who is causing this economic mess we are in not lack of productivity.

[@TooMuchInfoSir]

Not into politics, but really enjoyed listening to this guy. Enough facts, mixed with his opinions and balanced with ideals of fairness and comparison. Great video!

[@himoffthequakeroatbox4320]

Q: What do you think of the UK economy? A: It's a great idea, we should certainly get one.

[@zoanprime]

Why doesn't anyone ever talk about the effect of ever rising corporate profits on inflation and inequality?

[@diafol666]

Because then people might start questioning where profits come from and why they keep increasing while your wage is decreasing

[@tomwhite5868]

Because MP's are lobbied by big corp, especially those on the right. It's easier to blame an 'inflationary spiral' on Joe Bloggs wanting a 10% pay rise, than turn attention on these massive corporations who price fix everything from energy to food across the globe and pay more to their shareholders than they do in tax. Keep the little people down, take your backhander, job done.

[@Nickle314]

It's an issue. The poor are not allowed to invest the 20% of their surplus income the state takes and gives to others. If they had invested, they would benefit from it.

[@shamanahaboolist]

Because the media is mostly funded by neo-liberals who don't want you to talk about that.

[@rafaeldegiacomoaraujo8778]

I was surprised this chap didn't bring this up. He seems to be in denial.

[@clarkeysam]

One of the strange things I've noticed over the last 13 years is that graduate salaries in Engineering have not increased at all, it was an average of about £28k in 2010 and it's still at that level today. This arguably drags down the earning power of those with more experience. Upon graduation I started on £32k. I know Engineers today, with 12 years experience, getting paid £32-33k! That's way too low for the value Engineers add. 15-20 years ago it was said that a Chartered Engineer would earn an average of £50k. I highly doubt that's the case now, yet Engineers are highly valuable and help drive the economy, job growth and security. Another thing I've noted is that the salary paid to Technicians, particularly electrical biased Techs, have seen their salaries explode! I regularly see jobs advertised for Techs on £45-50k! Could this indicate a reduction in inequality (generally Engineers have had a more affluent upbringing than Techs, although that's certainly not the case for all, inc me).

[@mosschopz156]

Technicians have (better) unions

[@clarkeysam]

@@mosschopz156 that's a given, as we do not have a union.

[@Rumade]

It's the same across many sectors. I worked as a receptionist in 2013 and central London receptionists working full time were getting on average about £24K. Last year I was offered a job at Victoria in Central London at a charity and they offered me the new minimum wage! Administration in general has become a slum job. You are expected to know more and more programmes, answer emails etc immediately, coordinate across time zones, and look immaculate if you are public facing; but the pay is super low.

[@jantelopez5626]

hello yes i concurr.. yet marketting and finance costs that literally no one wants to pay extra for are apparently what we dont want to run out of. stupid industries exist because stupid rich people are allowed dictate what industries need to exist that they can lverage to do political meddling with .. debt should not be paid to those who dont kneed it if we cant afford it. paying yourself for other peoples work is disgraceful not heroic.

[@electri2024]

Same with doctors, pay has fallen by 26% in real terms for junior doctors, even higher for consultants.

[@James_Lives]

I moved to Canada when I was 28. I was working in retail as a manager in Birmingham and I moved to Vancouver. I was on £17500 in the UK as a dept manager. In Vancouver I got to £25000. It was a flagship store. I feel I also got less income tax as well. Definitely had more money to spend which in a developed economy is the whole point.

[@sirianofmorley]

Its swings and roundabouts. I'm sure the Canada has taxes we don't and visa versa. When you probably got is just choice over how you spent you money rather than the government taking it from you and spending it on shit projects.

[@janetmalcolm6191]

Depends how old you are now! Going to London gives better wages than the rest nic UK. Canada has had its problems as well same as USA. Things ain't what they used to be...UK wages now stagnated and not a lot of good jobs around even for professionals.

[@Griffynth]

17.5k dont sound right, thats peanuts

[@haroon4567]

@@Griffynth He didn't tell what year it was. That makes a difference.

[@gdwlaw5549]

trickle down doesn't work! I left the UK in 1993. nothing has changed.

[@Nickle314]

Agreed. Trickle down will never work. What's needed is to get the workers to invest 30% of their income so they generate wealth like the rich. So do the workers have 30% of surplus income? Yes. The simple reason is 30% of their taxes goes on the debts. 10% on the borrowing, 20% on the pensions debt. Ah yes, those off the book pension debts. How do you solve that?

[@tvdinner325]

Reagan pushed that B.S. If you give the wealthy tax cuts, they send it to the Caymans. They do not spread it around. It didn't work 40 years ago, and it still doesn't now.

[@simonbilling2796]

You forgot the steaming turd in 2016

[@gdwlaw5549]

This might help kzbin.info/www/bejne/qaOti3uHfa2Hbsk

[@eh1702]

Even in the 1980s it was really clear that trickle-down was just a word for a horse-and-sparrow economy - the lucky among the sparrows get to pick the horseshit for a few nice warm seeds.

[@stucrawf66]

Thanks guys. Really thoughtful, persuasive and intelligent discussion. Correct to keep the arguments away from the normal petty party lines. Keep up the good work 👍

[@countfosco8535]

Political parties have a beginning and they have an end. The Conservatives have now run their course and should be left to die. Cameron, Johnson, Truss were not even proper politicians. Sunak is trying but it is too late now. Brexit was the final nail in the coffin. RIP Tories.

[@AB-zl4nh]

This is why we need Proportional Representation and an elected House of Senate (of the Regions & Nations). That way a government from the Commons will be supported by a majority of the popular vote & not a minority. While the Senate, having equal representation for each nation/region, will help rebalance the attention to Yorkshire, North West England and Wales for example.

[@reasonerenlightened2456]

A clueless Economist explains IN THE SAME WAY AN AI MAKES BEER COMMERCIAL. The explanation is NOT QUITE RIGHT. GROWTH CAN ONLY HAPPEN WHEN INEQUALITY IS REDUCED TO A LEVEL WHERE THE CITIZENS HAVE SUFFICIENT WEALTH TO MAKE VOLUNTERY, RANDOM and impulsive PURCHASSES ON THE MARKET!

[@oakengale]

Since Cameron and the start of austerity, a friend with a career in social care has seen her wages cut and cut till its now halved. Because she works in 'social care charitys' that are subject to council cuts, and these charitys in a council system of having to bid to be taken under the council funding umbrella, leading to many very good charitys providing a very service have gone bust being out bid by cheaper often newer/new charitys who often provide a lesser service and always paying much lower wages.

[@lukerandell317]

I never thought I’d trust James Acaster on economics but he’s pretty good

[@stephbailey2934]

😂😂

[@anlighten]

I am a new immigrant to this country... and after spending 1 yr here, I realize it is not much of a difference and some part is even worst compare to the authoritarian state that I am running away from. I see an incompetent government, ridiculous politicians who are mostly spoiled wealthy elites who can do nothing, a ridiculous tax system that is almost like a robbery, a failed NHS system even though millions are poured in every year, people are generally lazy and irresponsible (but friendly), for countless times that I, as a customer, have to point out to staff that they did something wrong but they will make excuses and lie. To be honest, it is really disappointing. I can't believe this country was once so powerful and influential to the world, this just doesn't make sense. Maybe UK should focus on colonization as a business, and this is where you will thrive, look at all the colonies and how prosperous they were.

[@EdgyDabs47]

The grass is always greener on the other side mate

[@razvanbuliga4395]

Duude I totally get you. I live in UK for 10 years now, don't ask why.. shortly stuck with a partner that ATM at least won't leave. I honestly want the country to prosper well I want all of them to prosper but deff want to see it prosper from afar.

[@georgelonghurst2672]

wtf you talking about ? what utter BS....

[@immerglitz]

Well, the UK certainly have a history of focusing on "colonization as a business" :-)

[@truxton1000]

The problem in UK that it’s been taken over by the left feminists, not only women but men that act like women. It’s everywhere but of course worst in schools and universities, media and politics.

[@mikenash2935]

So delighted to see Torsten Bell, has been elected to Parliament and will be working at the Treasury. I wish him every success

[@becka7391]

Damn I started following you guys for football news and now I'm watching a half hour video on the economics of inequality. Good job 👍

[@cid7427]

Stick to sportsball fella

[@countfosco8535]

@@cid7427 P.O.

[@Caddy666]

Well at least it got more interesting and relevent.

[@mradamdavies]

At around 11:50, he's talking about the cycle of what we shouldn't do... but it also sounds very much exactly like what we're doing. (Oscillation between mad populists and mad technocrats. We have mad technocrats and even more insane elites)

[@andrewclimo5709]

As usual, Torsten is clear headed and clear about cause and effect. Excellent.

[@emperorstar765]

Tory Bunch of Crooks

[@Nickle314]

Where are the trillions the socialist welfare state has taken from the peasants? Off shore? Nope Invested? Nope. Redistributed? Yep. So how do you pay a £16,000 bn debt without austerity? This year's increase, £1,600 bn. All ONS numbers. Why is it that socialists won't own up to that debt or even put numbers as to how pays and how much? ie. Austerity.

[@taefravis]

@@Nickle314 Where are the trillions the capitalist oligarchs have taken? The poor? Nope! The economy? Nope! The NHS? Nope! Public service? Nope So how come we all got poorer and more unequal with huge public debt that helped the rich get richer? Why is it that you billionaire bootlickers never own up to the fact that Tory governments just enrich themselves by taking from the rich and handing to the poor whilst adding debt that we the poor pay for? By the way austerity is not the only way too pay dent as it is as dumb as saying that you can save your way to a fortune. No you can not! You can only save a certain amount but in order to make true wealth you need GROWTH! It is that simple!

[@Nickle314]

@@taefravis True wealth? The pensions debt is negative wealth. Again I keep asking and you keep dodging. Why was the 20% people pay the state for their old age not invested in an account they own? They they get the benefits the rich do. But you took it, spent it creating the debt. Now you complain about the consequences of your policy.

[@terryj50]

labour are in now how are you doing?

[@MAndrs-d5e]

Fantastic explanation and discussion, if only politicians could coherently do this, with integrity, then we'd all be in a better place.

[@panchomcsporran2083]

Who would have thought, asset stripping a country in the 80s would lead to problems in the future.

[@shanepatrick641]

Yep most people don't seem to think that.

[@Pax_Veritas]

Not an economist but I am a Master of Finance and a physicist. I really enjoyed Torsten and I believe he is both competent and morally-minded. Let's take what he said here as being entirely correct - the root of our problems is we are experiencing the inequality of the 1980s and the stagnation of the 2010s. Our wages haven't grown in the lower-middle classes due to a lag in productivity relative to other major economies like France, Germany, Canada, Australia and the Netherlands. OK, I have a pretty easy fix for both inequality and productivity and by extension a solid reason for why both of these things existed in the first place: 1) The relatively low productivity exists due to the fact people aren't motivated to grow and progress in the work place. Why would anyone care about the overall picture if they are being treated like dirt with low wages and poor working conditions? Most people fall into this group but in particular, employees of fast food joints and restaurants often work extremely hard yet don't get much more than minimum wage. The same is true in supermarkets and just about every mass-employment arena that pays low wages. The most unfortunate are arguably the zero-hours contract workers and the gig workers, specifically those working for large multinational companies like drivers for Uber, Deliveroo, Just Eat and Amazon, and also those working for our NHS, which should be a national scandal. Why would any of these people do more than is required when they have no incentive to do so? 2) The inequality is a result of the low wages at the bottom-middle end and the extremely high wages at the sharp end - those who own assets and make money from value-added services, rent-seeking and professional services like law, consultancy and finance. The incentive structure is broken, or at least dangerously skewed towards the upper echelons of society. 3) The solution to inequality and low productivity therefore rests with solving the incentive structure and fair remuneration problems. We should solve these problems by giving ownership, responsibility and profit-sharing to those at the bottom of the pyramid, with the objective being to inspire those on lower wages to increase their own skills and productivity with the promise that gains made by the individual company or collaboration of companies will be shared equally with those at the bottom, not just hoarded in a neo-capitalist manner by the elites 4) I have many ideas which are complex but in brief the ordinary UK citizen should own 20% + of the companies that are important to our economy, including the UK subsidiaries of FAANG + companies. That would require some honest accounting but thankfully professional services are something we excel at. When these companies do well, we do well, when they do badly, we do badly. The incentive structure is properly aligned. We hear the politicians talk about, "being in it together", but this is quite obviously disingenuous. It's not radical to suggest that employees/workers/self-employed contractors perform better when they have a shareholding in the company or organisation they work for, so why do we not do more of it? 5) Other contributing ideas to a stronger economy involve decriminalising drugs, providing professional researchers, pharma and medical companies carte blanche to research into whatever substances they see fit. Perhaps it's the case that psilocybin is a better anti-depressant and mood regulator than expensive and damaging existing products. Perhaps cannabis is better for depression than prescription drugs. We should legalise cannabis and get those taxes on board, although this would have to be done in an extremely intelligent manner by learning from other jurisdictions such as certain US states, Canada and the Netherlands. Another certain money-spinner for the taxpayer is to nationalise large parts of the online casino industry. They have proven themselves to be irresponsible stewards and have unleashed untold misery and economic ruin on many in this country. That is when we nationalise - when the private companies have proven themselves to be incompetent and to cause significant harm. As part of harm reduction we should have a national casino that is 100% owned by each individual citizen, as opposed to the central government. A well-run and reputable casino has potential to attract business from all over the world. It's a shame that our private companies and our regulator, the UKGC, have done such a piss-poor job. When every citizen is properly incentivised to improve their skills and work diligently in their positions, then our productivity will rise, the wages will rise for those at the bottom and the riches for those at the top will also multiply. The system as it stands is designed to entrench the interests of those at the very top and punish those at the very bottom. That has to change in order for us to progress as a country

[@archief1783]

Well said- totally agree

[@ince55ant]

in my last job a thing that annoyed me to no end was how no matter how hard i worked i could never finish early. so actively working harder just resulted in relatively less pay, since i'd do more work but have the same wage.

[@INCA_]

​@@ince55ant socialism

[@johnmcgrath6192]

You left out energy. France is in good shape in many ways, despite the turmoil, One bigg fator is energy costs.France now gets 80% of its energy from nuclear pants, which also emoply a klot people at good wages. It has already started building towrds 1005 energy for nuclear. Energy deried from an entirely domestic source. Our compouter age uses huge amounts of energy. Keeeoing that cost low is exseential. It cannot be dome entirely with solar and wind and even hydroelectric.

[@Pax_Veritas]

​@@johnmcgrath6192 I agree with all of that and have said no myself. France have been pragmatic, for once I'm heavily biased towards nuclear power. We needed to invest in this tech 40 years ago in the 1980s when people accurately predicted the future within the oil companies. That oil money should have been used for nuclear. When Norway has the world's largest sovereign investment fund from their short time with a little oil, how has the UK got nothing left from two centuries of global racketeering? Might say WWI and WWII but I digress France is not as rosy as it seems. All of those plants are behind on their maintenance schedules. Many have faults. It's enormously expensive and difficult logistically to service every nuclear plant in France simultaneously, so they are forced to shut them down in tranches: "EDF's nuclear output dropped by 30% in 2022, to 279 TWh, as more than half of its 56 reactors were taken offline for repairs which had been delayed due to the Covid-19 pandemic" - 17th Feb 2023 - World Nuclear News "French Nuclear Revival Hits Trouble as New Reactor Defects Found" - 11th March 2023 - Bloomberg "Nuclear production improved by almost 10 GW in one month and 4 GW in a week but, at 67% of the capacity and 40 out of 56 reactors delivering, is still way below standard." - 21st April 2023 - Voices of Nuclear "EDF Extends Three French Nuclear Reactor Outages Into August" - 19th July 2023 - Bloomberg France's energy costs too much, is under-staffed and has scheduled and unscheduled systematic issues France has cut it's target of 75% energy generation from nuclear by 2023 and pushed it to 2035, hoping somebody other than the current government could figure out a way of getting more from less. Nuclear gets underfunded as the payback period for investors is so long. If it takes 6 years from planning to power delivery (an often missed window) then the average payback period is 26-41 years. The most crucial factor towards profit is plant longevity. If your plants have problems, regular refits, unidentified faults and get shut down early, you swallow a huge loss. The risk isn't worth the reward for the oil companies to get into nuclear because fossil fuel energy is so cheap. We need cheap energy but oil has a finite lifespan and is damaging many ecosystems. The combined pollution from the oil industry causes 8 million excess deaths and rising annually. That's in the ballpark of the total military deaths in WW1 It would be nice to go nuclear but to do so we'd actually have to be professional AND profitable. That rules out the state being in control, including France The cost of building a new nuclear power plant in the UK is in the region of £35 billion. Instead of doing £700 billion on covid we could have built 20 new nuclear power plants. Instead of having trillions in corporate profits we could have had a sovereign wealth fund 10 times bigger than Norway's. It's not too late for us to start Sorry for the TL:DR

[@scottmorris8585]

Torsten Bell talks a lot of sense. I'd like to have heard more on these two points: 1: The UK is one of the (6?) richest countries in the world. 2: inequality is widening in the UK. MY main questions would be: If the UK is so rich but inequality is on the increase, where is all that wealth? Once we've pinpointed that, the next question would be: what needs to happen to spread that wealth in order to decrease the inequality? My final question would be: is the UK sufficiently equipped to take the measures needed to reduce that inequality, and if not - why not? Once we have clear answers on those points I believe we can begin to organise the strategies to make the required changes. It clearly won't be easy!

[@Xanaduum]

Part of it is corruption and trying to launder money out of the treasury by those that run the government and the businesses they are entangled with.

[@bluetoad2668]

A great comparison to make is to compare the 'local cost of living adjusted' pay of nurses and teachers. You'll find that they are much better off in real terms in Germany, France and the Netherlands than in the UK.

[@puccarts]

Same for doctors

[@debsmith5520]

Anecdotally, the analysis that 80s inequality never left some areas feels true. I live in an area, in the Southern England, it tanked in the 80s and never recovered. No 90s or 2000s boom or recovery, unremitting sh1t for 40 years.

[@paullittle5200]

I agree, the economy has always remained pro business since 1979,whilst working conditions have got worse or at best remained static.

[@keighlancoe5933]

Gloucester or Swindon by any chance?

[@yilmazh3127]

And because those places never recovered, everyone hordes into the select few areas worth living in making property prices comical

[@debsmith5520]

@Keighlan Coe take a look at the channel TurdTowns he's not the only person documenting the left behind South, but he's new on the scene and doing a pretty good job. And covers Gloucestershire, and places which make both Gloucester and Swindon look like Shangri-la.

[@andreasleonard0]

Retiring soon and 520k worth of my positions are depleted. I am still making my employers match but I don’t want to sell since I missed out on the big sell off and wouldn’t want to wait on the sidelines, just confused as to what to continue doing apart from keep putting money in but I begin to think about the sunk cost fallacy and maybe I should consult with a licensed professional with valid ideas.

[@ardeand]

I think the whole thing about holding stocks for long term will always apply. So I think you should get a quality broker who is able to analyze and pick stocks that will do well in the long term, else you will be in a long bear ride

[@vivianecardoso0]

@@ardeand Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

[@Emmacurtis]

@@vivianecardoso0 we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?

[@vivianecardoso0]

It's run by ISABEL LINDA DUERI, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary

[@Isaacmeide]

@@vivianecardoso0 I'm literally holding onto straws right now, so your tip couldn't have come at a better moment! I plan to call her after doing a quick internet search for her.

[@MyBlargh]

You know what the secret to climbing the wealth ladder and achieving financial success in the UK is? 1) Be born into wealth 2) Emigrate and live somewhere else

[@seebarry4068]

20:24 what a difference that £8000 would make to our lives.

[@yousuck6222]

Princess charlotte just inherited the 'Spencer Tiara' worth over half a million pounds. Tax free.

[@stuartf2946]

and the conservative party know that, hence why it isn't going to happen

[@Alex-cw3rz]

Exactly

[@James_36]

no difference what so ever, the poor just waste on crap and the middle do also - so it will end up in the hand of people good with money in the end regardless

[@shanepatrick641]

@@James_36 I don't, I'm trying to save up. I have put some of it into silver and am looking at buying some dividend stocks. But only being able to save a few hundred a month isn't really getting me anywhere fast, but I suppose it's better than nothing. (I have a savings account to put some in)

[@peterj2131]

See, these are the people governments need to be using when making decisions. Not their mates who run think tanks on Tufton Street who donate to their political campaigns

[@chetmanley1885]

Trouble is the corruption runs very deep, and now they're nearer power it's Labour on the take from vested interests.

[@stevecarter8810]

Marketing ruins everything

[@gfooo6112]

Erm… this guy is from a think tank. It just so happens you agree with him (as he’s sensible and not a Tufton Taliban loon) but it’s no different.

[@peterj2131]

@@gfooo6112 fair point, I didn't actually say that think tanks were a bad thing. It's their motives and who donates/runs them that is. Their agendas shape the work they do and from everything I've seen of this guy and their mission it seems a lot more honorable than others.

[@stevecarter8810]

@@gfooo6112 yeah, surprisingly (to many, including me) the idea that we shouldn't make decisions that hurt our most vulnerable citizens is a political stance, not simply a given.

[@jamesmiller3548]

Very good video. As American, I have become more intrigued by the economic history of Europe in the modern era. I would say however, as an American living through the 80s, I never once read an article about Italy as an economic threat to overtake America. Japan was a different matter. There was a lot of sentiment and information about the Japanese economic juggernaut.

[@theLowestPointInMyLife]

WW2 was a clash of economic ideologies, the bad guys won.

[@theoutsider6191]

Yeah , and look how the Japan model is turning out now.....

[@meibing4912]

Japan mismanaged its financial crisis very badly. We were luckier in 2008. Japan essentially told all other central banks what to do (spend!) and what not to do (contract!). This saved the world from a 1930's scenario and most advanced economies quickly went back to growth (not the UK, but it's an outlier). Central banks and monetary easing gets a lot of bad press and counterfactual - often ignorant - economic commentary today. But its obvious that we escaped a Japanese-style disaster. That covid struck and the world soured is making it difficult to bring debt down, but that is another story. Several OECD countries still have managed to reduce their debt levels a lot post-2008 through wise policy choices. At the end its about fiscally sound long term policies. It works. @@theoutsider6191

[@steveburke7675]

...followed by Japan's "lost decade(s)".

[@SomeInfamousGuy]

The Japanese economy was deliberately sabotaged by America with a little bit of help from Germany.

[@aynos629]

Brilliant interview, plus lighthearted and encouraging!!! From somebody that rarely switches the heating on! Thank you

[@Radical_Left]

I didn't find it very encouraging, we know there are choices that can be made that will improve the UK, but I have no trust in the politicians to make those choices any time soon. we need to rejoin the EU, massively reform the NHS, Strip the insane profits from oil and gas companies to pay for it. Maybe a cull of anyone who thinks right wing opinions have any place in the modern world, ethically and painlessly of course, but it needs to be massive, like 75% who voted Brexit randomly selected.

[@lostgleammedia]

Britain isn’t poor... luxury cars on all the roads, £300,000 house being built on every spare bit of land that people are buying, supermarkets full of luxury food. Some people have been left behind an under employed class... but everyone is lower middle class in the UK now. There is no working class, the plumbers are driving BMWs

[@alan_davis]

Some truth there. But much of the visible impression of wealth is debt - that plumber has a 250k mortgage and a car loan...

[@lostgleammedia]

@alan_davis easy credit is the trickle down that created all the lifestyle gains... being able to borrow lots of money easily like the rich do is what created all this wealth.

[@arthurpewtey]

Around 50 years ago, Norway was one of the poorest countries in Europe. Then it struck oil. Today, a country with a population of just a few million has a sovereign wealth fund worth around a trillion (!) dollars, and they're one of the richest countries in the world. Around 50 years ago, the UK struck the same oil. Does anyone know where it's all gone? (NB! Brexiteers might say it all went to Brussels. It didn't. It's not the EU's fault. Norway has to follow all of their rules, but has no say in how they're made. As the UK is now finding out the hard way, being in the EU is actually of financial benefit, not cost.)

[@grahamhaynes7658]

Lots of North Sea oil revenues where used to pay for the mass unemployment in the 80's following the closure of steel industry/Coal mines and lots of manufacturing.

[@Jj-ff9vq]

Norway isnt in the EU

[@tomfinney3416]

it paid for making us cower in submission when thatcher enforced long term generational unemployment on us ,,, it bankrolled a decade of keeping 3 million folk on the dole

[@grahamhaynes7658]

@Tom Finney nearer 5 million on a good day,the books were always cooked regarding actual unemployment stats.Thats how we were looked upon and are still simply statistics sadly.

[@chriskost7291]

@@Jj-ff9vq No it is not but it follows all their rules so it can have access to the signal market kind like Switzerland!! UK is the only country now surrounded by EU rules and diversity will cost a lot!!

[@matthewpascoe7552]

I cannot help but feel, this entire interview was craftful way of not saying "we shound not have left the single market"

[@neilcreamer8207]

Yes, we should leave the governance of our country to the same unelected bureaucrats who insist that you can punish Russia by refusing to buy its gas.

[@royloveday4350]

I'd really like to hear this guy and Gary Stevenson discussing economics, perhaps with Mazzucato or Ha Joon-Chang. I'd like to hear how mission economics and what Gary has to say about wealth inequality fit into this perspective and where the disagreements and overlaps are.

[@verdebritanica]

Gary Stevenson is superb: the way he recites facts makes him a formidable debater.

[@chrispeacock1257]

It would be very interesting. You’ve got 4 fairly different economic schools of thought coming together with those economists you mentioned, but each of them have similar criticisms of our economy and valuable suggestions for improving it.

[@royloveday4350]

@@chrispeacock1257 I know I ask a lot. 😉. Friedman's view was you needed your ideas to be the ones lying on the table when crisis hits. For me his legacy is robustly noisy and on the table courtesy of the messianic think tanks that continue to drown out where modern economists are going. It's good that the BBC has just had the self awareness to note it's journalists are woeful on economics and moreover it seems like this kind of channel provides a stepping stone into the mainstream discourse for the likes of Gary Stevenson and others. Each of these guys is pricking the orthodoxy with simple information in an articulate way. Friedman,Rand and Hayek are being shown to be wanting and their acolytes look like geeks drunk on trollyism. Neo-liberalism is begining to look like a religious cult especially in the way it has argued the climate crisis is best dealt with by increased veneration of the invisible hand.

[@himoffthequakeroatbox4320]

@@verdebritanica He sounds so awfully common though. Not like that Mr Farridge, he's a proper gentleman and always so nicely turned out. I've got all my own teeth, you know.

[@verdebritanica]

@@himoffthequakeroatbox4320 Easier with prep-school. I went to a Middlesbrough comprehensive, so sound like Nora Batty crossed with Paul Gascoigne.

[@glennoc8585]

As an expat Brit that loves Britain, i still see that underpayment and over taxing is the biggest obstacle to social happiness. The money is squandered and poorly allotted. In a nation that has death taxes, highest fuel excise and a high consumption tax the roads, hospitals and parks should be gold standard.

[@murray1234ful]

That was great! Nice to hear a realistic, reasonable, measured argument on how to improve the UK

[@ASHSRV]

We need more of this!!!! It’s been over a year please have the new CEO of the resolution foundation on for a catch up. Thank you for one of the best economic discussions on the UK in decades!

[@rp-wn5or]

Coming to the UK after having grown up in the US and Korea…I’m shocked as to how poor the average Englishman is. Besides London (and even then, a small percentage of London) the average British citizen does not seem to be living in the 6th wealthiest country in the world. Even in South Korea, where they are ranked 10th or 11th economically, the standard of living is FAR higher than this (and don’t even get me started on the US 😂)

[@AUniqueHandleName444]

In general, European living standards are just shockingly low compared to the US. Yes, yes, you have public health care and that's all well and good. And your food is generally much more nourishing and overall better. But pretty much everything else is worse. Australia is probably the only country I've been to that exceeds the US in terms of quality of life, and that's mostly due to having a public healthcare option and an excellent climate. Materially, definitely a -bit- poorer. Overall these high-tax, solidarity-based systems seem to trap countries in low productivity perpetually.

[@Balrog2005]

@@AUniqueHandleName444 Living standards compared to what ? The zombis-like drug addicts ridden zones now in every US City ? The enormous tent cities for people that is totally out of the system even in downtowns ? Well yes in the US there is a lot more millonaires and the land is so big that high density places with housing problems are not the so hot as in Europe, but the middlle class is getting less and less of the overall economic cake as everywhere in the West without the benefits that europeans have thanks to paying those high taxes as universal care, high speed trains, etc...for the moment at least.

[@mark4lev]

Most of aus and USA is a dump. The cost of living in aus even before Covid was astronomical. How much is a bottle lager in a bar in oz?

[@AUniqueHandleName444]

@Michelle yeah, totally. I get where you’re coming from. I’m using the term standard of living to refer to material conditions moreso than broad quality of life.

[@Zenovarse]

By average, you mean median, not mean, right? Because the mean Englishman is quite rich but the median Englishman is quite poor.

[@hologram1211]

Excellent discussion. The trouble is governments of all colours tend to only think as far as their current term in power, as with say healthcare, it's almost impossible for a government to plan things that their opposition might actually see become a reality. To plan long term would be truly radical for a government and it would be the right thing to do too. The £8800 discrepancy between our standard of living and that of comparable economies is staggering. What a waste of opportunities for a generation.

[@GonzoTehGreat]

This is why the UK desperately needs electoral reform, to replace FPTP with PR, and thereby replace the current "see-saw" policies, resulting from *confrontational* party politics, with the *cooperative* party politics of coalition governments, which is how most countries (such as Sweden, Denmark, Netherlands, Belgium and Germany) in NW Europe are governed. The main political parties in a PR based electoral system can expect to remain in power for successive terms, but only as part of a coalition, which incentivizes them to think strategically over the longer term, but also forces them to compromise when it comes to implementing policies.

[@Dan847]

As a millennial I feel absolutely bleak about the country I am inheriting. It's been picked clean of any opportunity and meaningful growth

[@edwardwilson4974]

Agree. Let’s hope that Labour are voted in with a huge majority, enough to give them 10 years rather than 5 years. The Labour programme outlined by Reeves and Starmer is as close we might get to the stipulations outlined in this discussion. And let’s start listening to EXPERTS rather then populist politicians!

[@patrikfloding7985]

Long term planning is done in many nations. Not in UK, however. I blame the FPTP system to a large degree.

[@George-nv1ri]

​​@@patrikfloding7985totally agree, our system is archaic. Like how ukip got 4 million votes and one seat. Hardly democratic is it

[@jeanpierreviergever1417]

I know France is not Britains’s favorite neighbour, but they do have a nice example for action. Look at what happened in 1789!

[@deathwarmedup73]

Dream on. The British are of a different character than the French. They don't do revolutions. It's just the way they are.

[@jeanpierreviergever1417]

@@deathwarmedup73 not a dream, just a suggestion. How do you envisage that British society can change?

[@Dreyno]

@@jeanpierreviergever1417 British society will change when their betters tell them to and not a day sooner. Forelock tuggers.

[@Korschtal]

The problem with that is that in the following years everybody was in danger of getting guillotined, and the resulting chaos allowed a megalomaniac to take power and try to conquer Europe, so it may not be a great example to follow.

[@andyhemsted4570]

Shortly followed by a period of mass murder called The Terror, then war across the whole Europe. Something to aspire to?

[@Paul-km9ox]

i always love how the left always glosses over their side's failing, jumped from conservative to conservative governments, forgot the in between. No bias there, absolutely unbiased journalism

[@cuebj]

29:20 - I well remember being horrified by a hard-nosed long-term and otherwise very effective and genuine Labour councillor, who specialised in regeneration programmes, saying in a pub that manufacturing was dead and we had to develop and train people for a service economy. This was East End London in the early 2000s. I thought, "We're stuffed. Why are the three biggest pencil manufacturers in two villages in Germany?" New Labour failed because it just tried to put a kind face on Thatcherite neoliberalism, even with SureStart, etc.

[@pauls6425]

Lol Germans get to keep their manufacturing jobs by taking a wholesale paycut across the board during Schroder's administration

[@leel9186]

I would like to have heard more about which of the many 'small levers' he would pull to steer this country back to black... housing, the green economy, tech industries, etc. But obviously in a half an hour interview it is probably not so easy. It was a good interview, to be fair, and quite balanced. Sensible guy.

[@benyaminewanganyahu]

you are right. They didn't say anything concrete to answer the basic question of "why britain is poor" (become poor compared to other countries) and what we can do about it.

[@StumpyVandal]

I’ve spent the last decade working all over but last year I was in the UK and I’m telling you: from the outside looking in the place is fkd. The regional towns remind me of post soviet towns in the mid/early nineties when I was travelling in Eastern Europe. And yet somehow a majority of the population don’t blame the political right despite them being almost entirely responsible. The English, or at least too many of them to allow change, are completely unable to put a finger on the source of their troubles. It’d be funny if it weren’t so fkng tragic.

[@jonathangammond3019]

When my parents went to the continent, they felt richer. In my twenties i felt our fellow Europeans were our equals; now in my fifties i know we are poorer. You just have to open your eyes and look around as soon as you arrive.

[@James_36]

I bet you think the political right are to blame for the soviet towns your thinking of? lol - have you not worked out yet you live in a left wing nation unless you are rich enough to live above it lol

[@StumpyVandal]

@@James_36 would you care to expand on your comment please? I’m struggling to make any sense of it at all…

[@TheSpoovy]

Maybe they don't agree that the right is mainly responsible. Many blame globalisation, which Tony Blair et al constantly told us was inevitable and no point fighting against.

[@StumpyVandal]

@@TheSpoovy but comparable economies on the continent don’t have nearly the same level of decline. It’s totally obvious that a failure to curtail lobbying by capital interests on Tory loony free-marketeers has caused a lack of public investment as well as the policies of austerity and also Brexit. These have brought the uk to the absolute sh1t show we see today.

[@BambiTrout]

I think part of the problem is how by using the neutral term of "taxpayers", politicians and billionaires are able to create the illusion of parity and class solidarity between those earning just over the threshold, and those earning millions a day, pitting us ALL against the "freeloaders" at the bottom sponging off us noble taxpayers. Then they talk about cutting/raising taxes as this big monolithic thing that can only move in one direction or the other, when in reality it's possible to ease the tax burden on the poor by raising it on the rich... or do the complete opposite with flat rate hikes to National Insurance at the same time as cuts to corporate tax - something that only really benefits the rich.

[@tezwoacz]

"Taxing the rich" doesent work (usually). If you want to tax large business owners, all their $ is inside company circulation, they themselves earn upper middle salary on paper, ofcourse that doesent prevent them as writing off their mansion as "company expense", but how exactly are you gonna tax it ? because officially its a business expense, you cant do anything about it. If you want to tax large investors then problem you run into is that generally all their $ is invested into securities and they live by either borrowing from bank against their portfolio or taking small sums out on yearly basis, you cant tax unrealized profit. Really when it comes down to "taxing the rich" its more like you are taxing the upper middle class people, and those guys (lawyers,doctors,engineers) earning 6 figures salaries are not the problem as they are only about top 20-30%. Another problem of taxing the rich is that those millionares/billionares will be inclined to not pay taxes and use their position to masterfully evade paying anything, by registering their business abroad or pulling some other accounting shenanigans, which would net you(as a country) even less that before. The best solution is to incentivise rich to pay their employees more $ and then tax those employees.

[@BambiTrout]

@@tezwoacz There are more ways to tax the rich than simply by raising income tax. I think it is reductive and defeatist to simply say "Oh well they'll avoid it anyway so just incentivise them to pay their employees more and tax the working class more". Additionally, incentivising billionaires to pay their employees is a hard sell to a government apparently controlled by corporate interests. "Paying workers more" doesn't seem to be on the agenda right now given how much people in power and in the media scoff at the idea of raising the minimum wage. No, we find a way to tax the people who DOUBLED their net worth during the pandemic while the rest of struggled to afford rent. The rich make most of their money from assets and investments - capital gains, the sales of which are currently taxed at lower rates than income tax. This is because raising capital gains tax just incentivises the rich to never sell ANY of their assets, which a) causes stagnation in the market, and b) their assets pass onto their heirs, who only pay tax on the increase in value since they have owned it - known as "stepped-up basis". Essentially, if you inherit an asset worth £1 million and its value increases to £1.2 million, you only pay tax on the extra £200,000 - not the whole £1.2m. The Centre for American Progress outlines three ways to fix this. The first is "Constructive Realisation", which essentially means that capital gains tax is paid on inherited assets over a certain value. An exception is made in the case of family businesses, which will not be subject to the increased taxes so long as they continue to be owned and operated by members of the family (this is to avoid a situation where someone inherits a farm, for example, and immediately has to sell it in order to pay the upfront tax cost). The second solution is "Carryover basis", which essentially means heirs pay tax on the WHOLE value of the asset if and when they sell it. This means wealthy families can still avoid paying taxes by keeping the asset in the family indefinitely, but in the long run, this WOULD increase capital gains revenues. The third solution is the most radical, but also the most unavoidable and probably the most profitable. This is "Mark-to-Market Taxation", or the Billionaires Income Tax. This basically taxes all publicly traded or valued assets yearly based on their increase in value, rather than just when they are sold. For example, if you had a mansion valued at £1 million in 2020, £1.2 million in 2021, and £1.3 million in 2022, you would pay capital gains tax on £200,000 in 2021, and on £100,000 in 2022 - the increase. Most real life proposals for this scheme restrict it only to those with net worth over a certain value (e.g. £1 billion) and a yearly income over a certain amount. Some also include provisions for allowing deductions in years where value decreases. The primary blind-spot of this plan is that it cannot be used for assets that are not publicly traded or easily valued, e.g. art, although some solutions suggest applying one of the other two plans to such assets, or applying a tax interest charge at the point of sale of non-valued assets to simulate the same principle retroactively.

[@tezwoacz]

@@BambiTrout how do any of those plans prevent those people from moving to china "buying" chinese citizenship and giving a massive middle finger to US government ?

[@honkhonk8009]

Tax the rich, and then cry when rich people move out. Half the time when a politician says the blanket term "tax the rich", what they really mean is tax the middle class. If they could tax the rich more than they are right now, they would be doing it.

[@EchoingHell]

​@@honkhonk8009 "Tax the rich, and then cry when rich people move out." They aren't paying anything anyway and scrounging off the productivity of the country. By all means, they can hop on a plane and leave. If the "rich" doesn't want to contribute to the state that generates their wealth, they shouldn't have any part in it. They could very very easily tax the rich more; unfortunately, they are all mates with them. Our current PM is a stone's throw away from billionaire status. It's b*llocks to say that we couldn't do it.

[@morecowbell235]

Not buying the lack of productivity argument. Real wages in 'developed' countries have stagnated for +25 years, while the top 10% of society is increasingly rich during that same time frame.

[@carole8708]

The British public got what 43% of the people who voted voted for. A proportional voting system would change that. I don't think that should be missed out of this conversation.

[@TheSilverwing999]

Yep you can also gerrymander to a degree in the uk which I find insane. How is that allowed in anything considering themselves truly democratic? The voting system is fucked

[@TheNigelrojo]

In the UK we have an unbalanced economy, with too much dependency on services & not enough on industry. We also have an unfair 2-tier education system which feeds inequality, amateurism & incompetence. We don't plan or invest for the long term, instead we are always after the quick buck. Leaving the EU Single Market was incredibly stupid. At least when we were in the EU, our innate inequality & inefficiency was mitigated to some extent. We are now a global centre for tax avoidance & money laundering; and becoming steadily more corrupt as a society. We need some serious interventions to put all this right.

[@emilmason8240]

Incredible video and really thought provoking discussion! I just wish it was longer, so you could expand more on your suggestions for reducing inequality and improving productivity.

[@adenmall7596]

I invested numerous times in 2008 when everyone panicked. I've raised my purchases again, but while I wait for stocks to rebound in the foreseeable future, I'd like to know how to create strategies to earn short-term profits. I've heard individuals making thousands and millions in this down market.

[@kaylawood9053]

True! 58 of 100 biggest rallies likely occurred during bear market

[@cloudyblaze7916]

I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $230K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.

[@evitasmith6218]

@@cloudyblaze7916 That's grand, how did you go about finding a proper investment-adviser, I've had a plan of getting in touch with one, but I don't want to make any errors, I don't mind looking up the one that guides you.

[@adenmall7596]

@@evitasmith6218 The Investment-adviser I use is actually quite known, Eleanor Annette Eckhaus, I found her through a Newsweek report and I looked her up, she has a wide presence on the web, you can just search for her.

[@selenajack2036]

Impressing i never knew advisors are outperforming the market and yielding good returns . I will lookup your advisor in the web she seem interesting.

[@gumwallaby]

I would really like to see a panel of economists on this channel like Torsen Bell, Gary Stevenson, Andrew Bailey and others wrestle with the policy settings that could be set to fix the UK.

[@richardhoare9963]

The reference to Italy was interesting. In the previous 18 months I have needed parts for a: 1980's East German gearbox; a 10 year old British water heater; a solar charge converter. When the parts arrived they were all labelled as "Manufactured in Italy"

[@sonsofblackwoodmc4570]

I lived in Italy for half of my adult life. It is in my heart and can't be taken out. But....there's no more beautifuly crazily corrupted country. I love it, but christ it's crazy 🤪

[@EricaNernie]

What in God's name are you making? Some fiendish device to be used for world domination? A new type of electric vehicle?

[@imSatnav]

I would watch the bits that use electricity. Despite it being made widely usable by an Italian, it confounds me how they can't make it work. 😂

[@danielcrafter9349]

OP - I get the impression you're saying that to say Italy has a great economy because they're manufacturing stuff... which is really deceptive There's a difference between "manufactured in" and "made in" - similar to "use by" and "best end of"

[@richardhoare9963]

@@danielcrafter9349 no, no, I'm just saying I was surprised by the variety of things manufactured, not made, in Italy. I thought they were limited to ice cream and pasta. Their economy is still in the ditch due to the corruption though. Ah well, c'est la vie or whatever the Italian version of that is

[@susanamal7418]

Talk about the Brexit effects of it and why they no longer want us to mention it. As a Londoner I definitely feel the difference on how it has changed things.

[@evolassunglasses4673]

EU voters from Italy to Sweden are voting populist Right. Open borders Globalisation has hollowed out the West

[@OrwellsHousecat]

Wages went up

[@leonsegade-garcia2936]

@@OrwellsHousecat not in real terms

[@OrwellsHousecat]

@@leonsegade-garcia2936 immigration lowers wages.

[@iffler2542]

No you didn't. You felt the effects of the economy being closed for 2 years....

[@RootlessNZ]

Surely Britain is very rich country - it's simply that the distribution of wealth is so skewed. In just just the same way it is globally.

[@stirlingmoss9637]

We've had hungry children for centuries and it continues. Gordon Brown attempted to remedy this but failed and now professional people need food banks. The supposed pandemic saw the biggest transfer of public wealth to private corporations and businesses to the tune of some £700 billion with no accountability and no agreement as to who got what. Unbelievable.

[@Zkkr429]

People forget how revolutionary tax credits were.

[@benedictmarshall7031]

It’s about time the UK ensured food, energy, housing, education, transport and health security for its citizens. None of these sectors should be controlled by private companies that profiteer in monopolized sectors. Private companies should focus on luxuries - products and services that are non-essential.

[@lilachiricli6756]

Absolutely!!! Proper capitalism, not the front capitalism we have.

[@theLowestPointInMyLife]

You had the chance with Corbyn years ago but of course the matrix made him a Nazi. Anyone who is out to help the man on the street is a Nazi.

[@itsjoemofo]

That was the quickest 32 minutes I've watched on KZbin!! - Great discussion and insight guys!

[@MountRushCollymore]

He was very good. Very balanced. Didn't pick a side, didn't whine about Brexit or other things.

[@roncouch]

Between 1980 and 1985 I was made redundant twice; not from a low income, unskilled job, but as a professionally qualified- letters and all - engineer working in research and development. Unlike your guest’s suggestion, that middle and higher income earners were doing very well, engineering manufacture was seeing a down turn; it was the time when we saw even the mighty Dunlop concern go into receivership and I lost my job as a direct result. I think even Rolls Royce aero engine company had to “reinvent” itself. As an economist your guest will I suspect - at least to a degree - identify with the financial sector, which as far as I am aware, was indeed thriving at this time….?

[@landsea7332]

Beginning the 1970's , there was a shift from Keynesian to Neo Liberal economics . Thatcher continued this by deregulating the financial services sector , introduced the quackery of "trickle down economics " , and privatized public utilities . Here is a great video about " The Square Mile " and the financial services sector . kzbin.info/www/bejne/pKHCqp-smJ2NoJo /

[@juanfran579]

I see that the UK is not only in between a Western European perception of social and economic matters and US style neoliberalism. It even tends much more towards American style free capitalist thinking where the poorest just depend on charities. The perception of needing to guarantee a level of participation of the lower income groups in the markets seems to get lost in general but in the UK class society more than in continental Europe. The outcome is that the UK - pretty much like the USA - belongs to the most prosperous nations according to the statistics while a more and more considerable part of the population can't make ends meet or even starve in poverty.

[@tomfinney3416]

sounds about right

[@riverraven7359]

For much the same reason, the wealthy middle can afford to be in politics, the workers can't, so nobody represents them in power discussions

[@pauls6425]

It was the lack of investment after the decline of manufacturing and we are facing a once-in-an-era seismic change in our society. This isnt unique in US and UK. Western Europe are suffering too and they do recognise that they need to cut down on services as they cannot afford it due to declining nunber of working population vs pensioner population

[@righteousmammon9011]

First of all, the US has an 11.6% poverty rate, while the UK has 22%. Despite what you believe, there are actually many social services in the US, including health care from the government for poor families. A family of 4 can earn 40k a year and still qualify for Medicaid. The UK, at any “class”, is far poorer than the US

[@kalhussain787]

Loppplpoppilkīmouijuokujjh

[@tonybarker1335]

In my country. The government worked tirerlessly since 1922 for a few months a year. Now the top dozen families own half the wealth in the country. Thanks a lot lads.

[@harlyslamm2888]

The UK has been mismanaged for years! Current Tories are tax avoiders, how many government do you know where the current cabinet have all been tax avoiders? they keep loop holes open so they can get away with it. The prmie ministers wife has no intention of returning to her home country, her children and husband have a British passport, they are not going to leave to a new culture, yet she is able to avoid paying tax, but poor pensioners are asked to contribute more! The boss of HMRC and the chancellor was fined 1M because he used a deliberate tax avoidance scheme, I mean you cant write this stuff... I cant fathom how the people of Britain have been let down by these corrupt Tory politicians

[@shanepatrick641]

They need booting out next election! Don’t vote for them!

[@thisismetoday]

9:24 Let me get this straight, so we’re supposed to be optimistic because we’re doing shit at the moment and have now the “chance” to catch up to all the nations that do much better? So we should be happy that we haven’t been able to do as well as them? Is this a joke? That is the most twisted logic I have ever heard. What a load of rubbish. Maybe the way forward is to recognise a shit state of affairs as just that.

[@DJWESG1]

Like it and lump it economics.. surly the obvious love child of disaster capitalism and extreme conservstive rule.

[@Psyk60]

I don't think that's what he meant. He's not saying we should be happy about the current situation, but we should be optimistic that recovery is possible. He pretty clearly acknowledged that the current situation is shit.

[@elbmw]

@@DJWESG1 "Like it or lump it economics" is the Fabianista's modus operandi.

[@Jackdanalf]

I largely agree with Bell’s perspective and do want to see a strategic set of plans for a fairer and more productive UK. Good governance and good leadership is obviously vital to achieve...National renewal should be the aim. The only thing that wasn’t mentioned was the bad faith and malign influence of certain political figures...particularly on the right of the political spectrum. There appears to be a real contempt for the poorer parts of the country..the empty sloganeering of Northern Powerhouse or “levelling up” when in reality it’s pork barrel politics..buying votes. The vested interest of the wealthy has to be tackled when they fail to acknowledge the contribution of ordinary people. Maybe we do need a period of decline and decay to finally wake up and reorganise our country...who knows...get rid of Royalty, get rid of House of Lords...genuine devolved govt to the regions etc..eat the rich..why not?

[@ghjgjihjgjyrdrgydsgr137]

'Maybe we do need a period of decline and decay to finally wake up and reorganise our country.' I heard somebody, I think Ros Taylor, say that it's like we're sinking in water: when we hit the bottom, we will have a solid opportunity to push back up to the surface. Where we have been heading for more than 10 years is towards worse and worse hardship and many more unnecessary deaths, but an opportunity for change and renewal is coming.

[@melodyschleicher81]

There is a simple way of getting rid of the House of Lords. No new ones. The whole House will then die a natural death. Problem solved.

[@Prometheus7272]

🤣 The amount of money you could get from the wealthy could mabye fund a tiny fraction of the NHS for a year, then it's just gone forever, and we're back to square one and all their companies would fail and employees would lose their jobs. Our government is bloated, and its spending is ridiculously high. The nhs spends 800 million pounds on the wages of diversity officers. That's just the nhs. There's all sorts of redundancy, and make work jobs. I don't think this will ever be sorted. The cancers spread too far. We need a ceasar to sort it out.

[@tinaforbes1059]

@@Prometheus7272 Too many Doctors and nurses coming in by sea. We cannot afford to pay for them. The UK are totally bankrupt.

[@shanepatrick641]

Only thing to do now is leave this country, it's finished.

[@drdankdax327]

We've just had a plague of sorts so I find it odd our economy hasn't gotten any better with the mass amounts of inheritence tax that must have changed hands during 2020-2022. There has to be a wider issue, for example the wealthiest people not being taxed a fair amount when compared to those on the lowest incomes.

[@mollymo6229]

Not that much people died compared to the black plague

[@drdankdax327]

@@mollymo6229 while that may be true, the scale of people that died should have had some impact, even if only a small one but still noticable

[@DavidKnowles0]

It didn't kill enough people. The black death kill 50% of the population. Also most of the deaths were the vulnerable in society, so there deaths didn't create any new space to fill in.

[@Dehydratedpencil]

Our economy is so bad right now BECAUSE of taxes. If we abolish every form of taxation, we would see the economy skyrocket more than anything we've seen before.

[@SuzanneO707]

Tax inequities are scandalous.

[@joaquin17171717]

The 80s and 2010s? Hmm the Tories were in charge then right?

[@chetmanley1885]

But but but they're the party you can trust with the economy

[@caratacus6204]

The Tories have been in charge since 1979, New Labour is just red tory.

[@northernnaysayer]

@@chetmanley1885 trust them to break it. Every. Damn. Time.

[@madeleinemcfc]

@@chetmanley1885 They are not. Their promises has too much ambition.

[@alan_davis]

@@madeleinemcfc sarcasm may have passed you by...

[@normanhastings8057]

I remember the 1980's. We didn't have a housing crisis, energy was cheap, and personal debt was low. A school friend - his mum was a dinner lady and his dad was a lorry driver. They bought their own home.

[@izzytoons]

And all of the mechanisms and attitudes were put into place to concentrate wealth and create a new Gilded Age stratified society. A handful have an overwhelmingly outsized share of income and wealth, and they seem to manage to convince many of their victims that there lack of income and wealth is not because their robbery but the support of the poor. But the transfer of wealth is clear. It's been transferred to the 1%.

[@michaellutherdavies]

They say that Poland will be a richer country than the UK in fifteen years.

[@coraltaylor8159]

Thanks for this. Economics usually befuddle me, but I was able to follow this and it made sense.

[@mramg6038]

To translate what he’s saying: undo Brexit or have a ruddy good plan B.

[@valuetraveler2026]

Because it’s usually mostly bullshit

[@himoffthequakeroatbox4320]

The graphs are sideways. That doesn't help, especially if you're a _sarntust._

[@DJWESG1]

Amazing because the tory party created the conditions in both those decades. How can these fascist be so open and brazen and still sit at the seat of power after destroying so many lives?

[@TheHectic0ne]

It's not often that you get an economist that actually knows what they're talking about.

[@OrangeNash]

It's difficult for someone to understand something, when their salary depends on them not understanding it.

[@neilcreamer8207]

How do you know he knows what he's talking about?

[@TheHectic0ne]

​@@neilcreamer8207 What makes you think he doesn't?

[@neilcreamer8207]

@@TheHectic0ne I didn't say that. It looks like you're inclined to make inferences for which there's no evidence.

[@TheHectic0ne]

@@neilcreamer8207 oh no!

[@cuebj]

25 - I tend to think the British public, perhaps more like England with Wales, is not necessarily right as correct or politically so much as individualised and eyes its neighbours rather than any big picture. Having lived in more us-together environments most of my life, we moved to a different neighbourhood a few years ago. Ironically, we needed a larger house and found this undervalued area back in 2013. Locals mostly age 60+, lived here decades or took over their house from parents who bought new in mid 1930s. Nobody is rich except that... no mortgages and full pensions make them immensely comfortable. Astonished at the petty mindedness that sees all others as a threat. They'll vote Tory as long as they imagine Tories allow them to think they're a bit better off than people who they can still look down on. There are some lovely people here who do seek out the less fortunate and get involved, but Thatcher's achievement in making isolated individuals out for themselves and treading on fingers of others trying to get on the ladder of a comfortable life is horribly apparent is evident in a disappointingly large number