Gary not only has a good understanding of economics, but has an excellent understanding of how to communicate it to everyday people. He doesn’t condescend, but he knows how to frame things to make it crystal clear.
I like Gary - I've known all his points for a long time but he's much better at explaining it than I ever have so I just point friends in his direction.
I live up north in Leeds. I haven’t been to London much. I had an image of the wealth inequality of London being these strikingly different areas long distances from one another - east vs west type thing. I went down for a wedding about 5 years ago. We booked the cheapest hotel we could find (which was still like £200 for the night) in Peckham. I was completely flawed by how close poverty and wealth coexisted. I have not been able to engage in any discourse within the House of Commons the same way since - just knowing there are people really struggling a few short miles away from where they are waffling blows my mind.
Similar thing in Cornwall, extrem wealth and povety happening within a 1/2 mile radius. You have massive beach-front second homes costing millions, near to housing estates where families are working two jobs, while having to go to food banks and kids that have never been to the beach. It's insane.
I live in Cornwall too, and that's very true, only I hadn't really realised it until I read your comment. My go to example of inequality previously was from my visit to Brussels in 2016...where in riding in, I saw the skyscrapers from a mile away, but upon arrival, the wealthy walking past and ignoring the poverty stricken to gain access became apparent. In reality that's the way Cornwall is heading, and quick. We need Wholesale Systemic Change in the UK. The better to start fulfilling the infinite potential of Homo Sapiens to live in an empathetic, honest, and honourable global society.
As someone who grew up in Hull and now live in London, you're absolutely right. I used to ask people "where's the nice places to live and where's the cheaper places" and nobody seemed to give me a straight answer because the reality is all over you have highrise gentrification 2 streets down from poverty. Canary wharf exists a stone's throw from tower hamlets. It's a big of an omen for what's to come for the rest of the nation if things don't take a different turn.
Thanks for having Gary on as a guest. The more people see, hear and understand his message, the better. So far, only the Green Party have announced a policy of increased taxation for the super-rich. I'm not holding my breath whilst waiting for any of the main parties to do the same.
@@Juliukas101 I congratulate the man for his achievements and for not setting a ceiling on what he can do. Nothing wrong with that, maybe you are just jealous of people with brains and success !!
Great episode, thank you, I love it when different podcasts that I subscribe to land together ❤️. To support a wealth tax and nationalsation of our public services and infrastructure, we need a method for the people to sign up to. To demonstrate what the public is demanding. Please help by joining forces with Gary and Kat, and let's get some public signatures, using your public forum to advertise where and how to sign on to the movement.
Two of my favourites TH-cam channels. Thanks for coming to Pod Save the UK with our favourite news Asians, Gary Stephenson. I’ve been following Gary’s the Economics for a while and listened to his book, I’d recommend. We really do need to enforce multiple taxes on those with over £10 million. We also need a big crackdown on dodgy ‘contracts’, tax avoidance and foreign investors buying our properties, especially in a housing crisis. I’ve written to my MP in the past with no response
Gary is an absolute legend... The way I see it, the rich are faceless Scrooge's that are silently taking everything, while we normal people, fight over the scraps. The Wealth Inequality party has to be formed, and if it does, I'm supporting it!
The water problem is bigger than you think. The assets/land owned by the company have been sold off and if needed then rented back. So even if we re nationalise the company it won't be the company with the assets that was privatised
@@sea_ellefnope. That's why Hayek/Pinochet/Reagan/Thatcher's "Neoliberalism" is so evil. And why a tiny number of people made their fortunes from the kick-backs.
Good to see Gary Stevenson on the pod. He's so right in how taxation gets framed by government, and by extension the media. Inheritance tax is always framed as though the government is going to come and take your nan's house, which isn't going to happen unless your nan is minted. I do wonder if the engrained dogma of aspiration is why some might be resistant to a wealth tax. This idea that one day they will be wealthy and they don't want to pay more tax when they are.
The problem is the Tory party brand is low tax and their main attack on labour is that they are the high tax party. This message has been ingrained in our society for many decades. They have successfully convinced the nation that all taxes are bad.
This is one of the most important, vital, and informative podcasts (or any form of media), that everyone should be listening ahead of the election. Fair play to Nish and Coco and thank you for putting this together.
We’ve had Thatcherism since 1979 which serves the interests of the (mainly overseas) wealthy. The problem with Thatcherism is that you eventually run out of assets to sell to overseas investors so that they can rip off British consumers.
We aren't living under Thatcherism and haven't been for over quarter of a century. We're living under the Blairite consensus, New Labour's response to Thatcherism. Most of those clapping like seals to the issues raised in this video can't wait to vote in New Labour 2.0.
Such thoughtful comments here! Nish, when you said that after the 80's there was no more diversity in economic teaching, that was the moment I hit the subscribe button. I firmly believe home economics should be taught to all kids year 7 and 8 secondary school, together with a section on small business/entrepreneurship/self employment. Macro economics should be taught to all kids at GCSE level, or if all else fails as a life skill without formal examination. Heterodox economic theory should be taught as (part of) A levels. Both Gary and Cat, your guests, would be great as contributors to developing the lesson program. The way they are able to explain things is outstanding. It is not too difficult for anyone to understand, no matter their intellectual capacity.
I’ve given up on my music degree half way through because my parents were stuck at home starving and freezing, my dad almost died. A music degree is not worth that, the way things are now I’ll probably never make that money back working in the arts. If my parents didn’t have to worry about heating the house and feeding themselves, I’d still be at university.
I respect and appreciate your sense of responsibility. Just don't lose sight of your dream. There is a movement afoot, and creativity and the arts will form a major part of Homo Sapiens becoming an empathetic, honest, and honourable global society. ❤️🔥
Use your existing music skills to bring a cultural element to the restoration movement! There are lots of songs, animations, comics, memes, and more. These were some of the first things to have been purged and censored off of TH-cam, so it'll take a little bit of exploration and digging to find them.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio.
@@BernardFrederick-tk7un How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Totally agree with Gary 100% and its always felt weird to me that tax is seen as "an evil" - as a medium rate tax payer myself he's saying exactly how I feel about it all
It's definitely a hot topic right now. The pandemic caused disruptions in supply chains and led to increased government spending, which could contribute to rising prices.
That's where a genuine financial consultant can really be of help. They can analyze your financial situation and recommend strategies to hedge against inflation.
Without the creation of a Sovereign Wealth Fund, similar to Norway, and a National Investment Bank Network Rail will remain underfunded by the DfT and the Treasury. The people of the north need electrification of the local network, to match London, e.g., the Overground.
The Labour Party is making a huge mistake if they do not renationalise the railways, water and power. People want to see a change in the way that these companies are run and funded and are tired of getting ripped off!
I think the difficulty they have is that Jeremy Corbyn did not do well during the last election. I think Brexit has had a knock on effect on the types of politics they are willing to pursue.
@@danielthompson2561 Stop blaming JC and Brexit the simple fact is that until our government decides to tax the rich this country is done for. We will have to take some of them back after they have been run into the ground by corporations anyway. They will be bailed out by the public purse when they go into administration. It can be done don't let them persuade you otherwise.
That is amazing news! Wealth tax is no longer a grass roots movement, it has now moved into the mainstream political system. Well done Gary and all involved, keep goin! (Can I suggest working towards supplying the Greens with specific forecasts on this 1% wealth tax...Help them show the public specifically what can be achieved by it).
We should put all natural monopolies (water, rail, energy infrastructure, i.e. the grid) into a trust and make it be managed on our behalf by professionals in our interest, rather than keeping them in private hands
London Transport was free for a month or so till Thatcher noticed & put fares back on it. All the busses were full all of the time for that brief period.
@@alanhat5252In Leeds, looking to go to a gig in the top room of a pub across town. Sat eve. Last bus is about 10pm. Options are either to drive, or taxi. Either has obvious implications for the local economy.
@@jimr1603 between 10pm & midnight cleaning becomes an issue, lack of service is understandable. In many places you will also find reduced availability of taxis for the same reason.
These utilities were sold for a fraction of their value. But shareholders think they should be compensated at full market value when things are privatized?
The implied point that Gary made is that the increased taxes made the world a better place for everyone including the multi-millionaires. Clearly the countries that decreased their level of inequality are the countries that most people want to live in.
How depressing. Poor nish was rocking at one point. I lived in london in the early 90s and the water companies were ripping everyone off way back then. The writing was on the wall but noone was listening. I live in hope that a change of govt will bring real change for those most in need.
The other reason that NHS quote is misleading is because so much money is being spent in private agency staff that are paid more than nhs staff and the agency takes a cut on top. Banning agency work within the nhs and raising wages would still save money
Every voter and every politician should be forced to watch this episode. These are the two biggest issues for our economy and nobody in mainstream media is talking about it. Vote Green 💚💚💚💚
The biggest issue that causes the wealth disparity is the way in which big business is privileged with legislation and tax loopholes, while sole traders and small businesses struggle to foot their bills when inflation and high interest rates are effectively killing them, without any recourse. When the economy is set up so that large funnels drain everything upwards and nothing is allowed to be left to the normal people, poverty will be inevitable.
in the 60s and 70s the tax rate was so much higher for the wealthiest. we just need a rebalancing so those that can afford it pay a higher share than they are now. other than borrowing more or taxing everybody else what else can govts do?
Neoliberalism got the better of Keynesianism. I don't think social democracy is coming back. Democratic socialism with a wind down of capitalist enterprises into worker coops and publicly owned enterprises would be a more robust and democratic defence and oligarchy.
Governments like the UK do not need tax money to fund a thing. This is a lie that everyone believes and is why nothing will ever be fixed. UK can buy any resource it wants with created money to do anything it wants. Just like how private banks create money for loans. Don't believe the deficit myth.
@@michaelrch well that is interesting but Rachel Reeves said that she is a social democrat in a speech recently. whatever happens unless politicians tackle this issue of how to pay for all their promises and be honest with the public about their plans nothing will change.
@@vickibolsover6559 Rachel reeves can say what she likes. Hell, Kier Starmer said he's a socialist! They are both neoliberals. There is plenty of money. It's just in the hands of a small minority of very wealthy people who own everything. The solution is pretty simple. Wealth taxes to drag back all that excess wealth into productive use in public services and investment into modern infrastructure.
Gary stevenson looks like a white jesse williams.... (also really happy to see him as a guest on the show, he completely demystified what taxing the rich actually means and how we should keep pushing for it, until it's applied)
00:05 We need to find ways to fix the UK economy during the election. 02:11 Proposing to take back essential services into public ownership for better quality and accountability. 06:39 Water bill increases for infrastructure improvements 08:24 Taxing the rich can help fix economic issues. 12:41 Labor's plans for a fully publicly owned Railway will potentially lead to cheaper train tickets. 14:40 Cut in percentage increase disguises real NHS funding cut 18:32 Tax the rich for efficient public services 20:29 Gary's TH-cam channel is a great crash course on how trading and the globalized economy works. 24:00 Advocating for a wealth tax to address wealth inequality 25:33 Tax the rich to address economic disparities 28:38 Support for wealthy tax and concerns about economic discipline 30:21 Challenging traditional economic ideas and practices 33:44 Taxing the very rich at higher levels is necessary to prevent extreme inequality. 35:15 Increased ownership of assets by the rich will not be addressed by limited tax increases. 38:21 Tax the rich to address inequality 40:04 Tax is necessary for societal stability 43:23 Wealth inequality is spiraled and calls for nationalization and wealth tax are growing. 45:05 Gary Stevenson suggests taxing the rich to fix the economy Crafted by Merlin AI.
Even in the disaster that is the Republican/Libertarian US - we haven’t privatized city water/sewer. As far as I know, the only “privatized” water is for those of us rural folks with our own well water & septic. Insane.
@@johchadow I had not heard of that. Very interesting. Though I suppose I should not be surprised, I supposed considering how the Rs want to privatize everything, incl schools. But I cannot imagine how that would not be a disaster. I mean Flint MI was (is still?) a disaster & that was the gvt cost-cutting, so I expect that the broken Jack-Welch capitalism we have here - that would be a typical outcome of privatization from companies that only care about the cheapest cost & highest stock prices. I am rural so I have well/septic, as far as I know all my states water not on wells is public. Considering we could not get internet (cable) here until 2020 due to the end of dial-up & the refusal of Xfinity to service our road... and when in 2020 b/c of virtual school the county forced them to do it, they charged us for the infrastructure costs. And it still took a year. The issues with private companies (or semi-private?) in electric is why we have regulated utilities & the PSC. Thanks for the information!
@@DandyHillStablesdems are a disaster and are no alternative. Government is not perfect. But it does have its purposes. Markets are usually good but monopolistic ones are not good.
Water, Transport, NHS, Education, All these services we have no choice on we are location bound... So naturally don't work with market forces, should be Nationally owned. Cut out the Middle mad. Some services can work with markets but not all its bloody obvious.
The business to be in seems to be banking, water, energy or railways……..you then charge more for the service, neglect the service, take huge profits all safe in the knowledge that you’ll be bailed out with no consequences - it’s frankly ridiculous.
Canada (Ontario in particular) pay attention! Canadian pension fund investing in the UK? We are involved here. Moreover there is much we can learn in what happened with the privatization across the pond.
It’s not just about re-branding inheritance tax, it’s also about re-branding things like paying for care home and home care fees as an unregulated inheritance tax. This will result in the loss of working family assets. Likewise commuting costs are a stealth work tax
There’s another way to get money out of a company tax free it’s to load it with debt from its parent company at massive interest rates set by the parent company. That way the water company sends most of its cash to the parent company in this case out of the country avoiding UK tax and so its tax free for the owners tax free!
The moment it was sold to owners outside of the UK it was game over. We have no leverage to do anything about it; renationalising is win win for the private owners - they’ve stripped the cash from it, and will sell it back for even more than they bought it for, then bills go up anyway to fix the degrading water system. Even thatcher stopped at selling the railway, that was John Major’s contribution followed by the influx of private finance initiatives to build and operate infrastructure, public buildings, NHS, Rail etc.
[1] apply a wealth tax on assets over £5m, [2] equalise capital gains with income tax [3] apply NI on investment income [4] cancel inheritance tax loopholes [5] Scrap tax exceptions for non-doms [6] tax share buy backs at 10%
Scott Galloway in US is saying similar things - We all benefit from a cohesive society even the mega rich. But with inheritance tax the brackets /thresholds should be revisited so hard working folks who build wealth for their kids are not penalized. Very rich people have many ways to avoid tax so it needs to be simple and easily applied without wealth being hidden in trusts, transferred very early etc etc
Who would've thought that transforming public services like Water from an entity whose priority is to provide water to the citizens of the UK to an entity whose priority is profit would be a bad idea.
Our family lived in Duluth Minnesota in 1998 and 99. There were two competing hospitals in a town of 86,000 people, each with their expensive kit. I can't believe that was cost effective. Interestingly, energy was still in public ownership.
Wealth inequality has to be tackled and addressed. I don't want to live in a country where we have absolute poverty and absolute riches with nothing in-between. It's a safer country if it's a fairer country with social mobility a possibility for all not just the entitled.
As someone who moved to a country where public services largely remain in public ownership, I can tell you the differences are staggering. Our electricity bill is @ £100 every two months. In the 20 years I've lived here, our local capacity has been increased tenfold. We never have power cuts. Our water, supplied by the local council, is metered and costs £20 a month. Our health service may not be as advanced as the NHS, but I've never been in A and E more than 2 hours. Ambulances turn up promptly and hospitals are immaculately clean, with cleaners employed in-house. The only priority seems to be clinical excellence. It takes 3 days for a letter sent to the UK to arrive, but takes weeks for any post sent here to arrive. It once took almost 3 months for a business letter to arrive here, after sitting in a distribution warehouse in Estonia. I live in Portugal. Our towns are kept clean, with beautifully maintained public squares and gardens. All by staff employed by local councils. Portugal is much, much poorer than the UK, but daily life for ordinary citizens is incomparably better, largely due to Civic life being valued and an almost complete absence of privatisation.
Exactly right, I’m an American and outlets like faux news preach continual doom loops to the basic boomer bottom feeder thus ensuring we as people continually divide and hate one another when our rage should be shifted to the ultra rich who’ve pillaged our planet
And people are won over to that thinking because they have no faith in our institutions, just like the MAGA cult they become so disenfranchised they are prepared to break the system.
Same crap goes on here in the United States! The politicians distract with petty things to avoid addressing the key issues that effect the majority of the population. I mean, for example, legitimate legal immigrants create a larger tax base, which is a win, win situation. Putting only a negative spin on immigration allows them to get working class people worked up and pits them against immigrants. In reality, we should be working with immigrants to better things for everyone. However, it's difficult to see through the manipulation of the distractions, which works to the benefits of wealthy politicians who really don't care about any of us.
The problem with inheritance tax is that it runs counter philosophically to the American dream that we have all been fed that we can one day become incredibly wealthy too.
I’m on a high income (as is my partner) and while I can’t say we struggle we are not wealthy, everything we earn goes straight out each month. I don’t mind that I pay 40% of my income in taxes, but I just wish that capital gains income was taxed at least the same as income from work. Wealth taxes may be a bit of a pipe dream but CGT equalisation would at least be a start.
I'm in the 40% bracket too but to clarify it's only income earned over £50271 that's taxed at 40%. The income earned below this is 20% up until this point.
Middle income earners are the worst off. Increasing cgt will result in less houses being sold. Lots of boomer landlords sitting on rentals without a mortgage.
I like Gary and I agree with his end target. What I don't here is how. It was great that Coco Khan asked him to come up with some specifics. However when I here him say "Inheritance Tax" my immediate thought is The super ruich will easliy be able to work around that. We need more detail from someone.
The answer is 100% inheritance tax for anything over 1m per child. It stops the cycle but still allows the talented (and lucky) to create wealth (and jobs) while they are alive.
That is a pretty short-sighted reply. So if Elon for example dies tomorrow (just to use a conveniently famous person) what should happen to SpaceX? His kids aren't getting it. Who should?
@vessbakalov8958 thanks for your reply. I had to look it up. He has 11 kids! Maybe they are not qualified or experienced to run it. Running a company is a job, a responsibility for workers and the general health of productivity etc. Elon runs it and is pad millions. So if one of the kids is good enough he can earn millions too. It will be a great incentive for them.
@@drachirtellbut your 100% inheritance tax takes SpaceX away from his kids - zero incentive to learn or work hard. There's plenty of other illustrations showing how your idea is totally counterproductive.
I'm writing this after the election so am looking to see how Labour willmimprove the public realm. I'm also very aware that public sector organisations in the UK are subject to political strategies and have (historically) been unable to secure the funding required to invest and renew themselves. They also regularly suffer from "provider interest capture", oblivious to the changing needs of customers in a way that private business (in aggregate) do not - because of the forces of market choice. In my view, privatisation has failed because politicians have failed to create the frameworks of regulation needed to ensure companies serve the needs of citizens and society as a whole. Removing "burdens" on business has been prioritised over the delivery of safe, high-quality services meeting the needs of customers. If nationalisation is the only recourse, there is a danger our services could begin to fail people in "old-fashioned" ways.
Gary is right to argue for a rebalancing of tax so that the wealthy contribute more to our public services and infrastructure (which they depend upon to sustain their lifestyles and businesses even if they don't use them personally). Taxation rates of 1 to 5% of wealth seems acceptable in the circumstances but we have to remember that protection from exploitation depends on law and regulation (rather than tax - which is a vehicle for raising revenues for investment and high quality services).
That is the problem with privitisation -it is run for profit so the investors concentrate on profit at the expense of investing in infrastructure, sustainability and maintanance- so the asset depreciates to such an extent that they start to rely on Governmment subsidy that runs out when their debt spirals and they have sucked all the life from the asset - only solutiion then is to to renationalise. Crazy situation
26:53 so when they said “country first, party second” they were taking shit then, because a wealth tax would benefit the country, but could cost them votes so they won’t do it
Depends how you look at it. It was earned by somebody at some point who presumably wants to give their offspring as much as possible in the hope of as good a life as possible. And maybe, assuming it is surplus to requirements to said offspring, could also be used to further good causes. As per usual inheritance tax is the biggest squeeze on people in the middle. Like most taxes it doesn't really need to be binned (IMO) but needs to implemented on a much farier level with scaling levels of % tied to the amount given rather than just WHEN it is given. It is a totally batshit mental system at the moment that encourages money laundering and all sorts.
It's much better to just tax wealth all the time. Then you don't get the weird distorting effects and giant loopholes of only taxing it upon death. See Switzerland.
It’s a metaphor for capitalism which is kind of a zero sum system. Wealth cannot be created or destroyed, only transferred from one form to another. If you hold all the wealth other people can’t effectively accumulate any.
@@enzobiswas-rodgers5521 Try telling the FED its a zero sum game they just keep adding money to the game every day! It is absolutely NOT a zero sum game. Go play Mario Karts, Monopoly is to complex for you.
@@alan_davis I'll vote for the party I believe in, and I'm sick of hearing this since it's proven to be bullshit. The Tories are done, they won't be back near our government for a long fucking time and hopefully never, but I'll vote for the party who align with my belief, always have always will.
House prices tripled from 1997 to 2007 ….surely that was when great damage was done, excluding many from the market post 2007, and making others asset rich. . How and why did it happen so fast, and is it the foundation for many of the problems we have now……..would you do a discussion on that?
Great Podcast!! Such important topics to get everyone talking about! One thing I have been thinking is how to get more ‘Super Rich’ people onboard. There is a group called ‘Patriotic Millionaires’ but does a ‘Patriotic Billionaire’ exist? The UK homes ~165 Billionaires (worth £650 Billion) - somehow we need them to also understand that they should pay tax. (E.g. less people can afford to have children, leads to aging population, leads to less productive workforce - let alone failing services and cost of living causing weakening of the health of the current workforce) -they should understand they have a vested interest to tackle wealth inequality. I’m 31 with a good job, but from a low socioeconomic background, I can NOT afford a house or children, and neither am I incentivised to have them (I’m not the only one, and it’s only going to get worse for the generations to come!) - this should ring alarm bells for the government, but they are only interested in making a quick buck by selling everything we have for next to nothing. Time for change! We all need to keep the discussion going!
Its seems a simple message 'Tax is good for you'. We saw it last week - KS should have embraced the £2000 Rishi tax jibe Ks should have said 'YES and it will pay for..' .Labour seems stifled by fear of not winning.
Tax is shared wealth. It is the portion of our effort that WE share with others for the good of all. We are no longer paying a king part of the fruits of our labours just so that they protect us. Tax needs to be reframed as Gary suggests.
How do you overcome inheritance tax, if a majority of thier wealth is within companies, which use management buy outs pr other methods to stop them paying for massive amounts of inheritance tax on thier assets? I think it is difficult and complicated, as the poor or middle class always end up paying in some way, to keep people at the top.
Gary not only has a good understanding of economics, but has an excellent understanding of how to communicate it to everyday people. He doesn’t condescend, but he knows how to frame things to make it crystal clear.
Extremely important we hear Gary’s message at the time of an election. There is a conspiracy of silence from the main parties on this emergency.
Glad to hear the Greens talking about it at the BBC debate
@@cosmosnomad this podcast just ridicules The Greens. Sadly. And cosies up to Sky news because Nish has a program on SKY a rightwing media company.
It is... but what never fails to shock me is that people don't realise The Conservatives are the super rich and the representatives of the super rich.
@@verityviolet meh! Facts sadly absent from your argument.
@@verityvioletI think I've seen a good interview with Carla Denyer (one of the Green co-leaders) on this show.
I like Gary - I've known all his points for a long time but he's much better at explaining it than I ever have so I just point friends in his direction.
Tax and spend? The left hasn’t had a new idea in 100 years and try to dress it up as morally superior.
Gary needs to be much more widely shown on TV and in the media.
I live up north in Leeds. I haven’t been to London much. I had an image of the wealth inequality of London being these strikingly different areas long distances from one another - east vs west type thing.
I went down for a wedding about 5 years ago. We booked the cheapest hotel we could find (which was still like £200 for the night) in Peckham.
I was completely flawed by how close poverty and wealth coexisted. I have not been able to engage in any discourse within the House of Commons the same way since - just knowing there are people really struggling a few short miles away from where they are waffling blows my mind.
Similar thing in Cornwall, extrem wealth and povety happening within a 1/2 mile radius. You have massive beach-front second homes costing millions, near to housing estates where families are working two jobs, while having to go to food banks and kids that have never been to the beach. It's insane.
I live in Cornwall too, and that's very true, only I hadn't really realised it until I read your comment.
My go to example of inequality previously was from my visit to Brussels in 2016...where in riding in, I saw the skyscrapers from a mile away, but upon arrival,
the wealthy walking past and ignoring the poverty stricken to gain access became apparent.
In reality that's the way Cornwall is heading, and quick.
We need Wholesale Systemic Change in the UK. The better to start fulfilling the infinite potential of Homo Sapiens to live in an empathetic, honest, and honourable global society.
As someone who grew up in Hull and now live in London, you're absolutely right. I used to ask people "where's the nice places to live and where's the cheaper places" and nobody seemed to give me a straight answer because the reality is all over you have highrise gentrification 2 streets down from poverty. Canary wharf exists a stone's throw from tower hamlets. It's a big of an omen for what's to come for the rest of the nation if things don't take a different turn.
This country has many issues. But number 1 is reducing the wealth gap. Then using that money to rebuild our society 🇬🇧
Number 1 problem is people voting against their own interests ALL THE TIME!
@@jujutrini8412 voting labor & green is against middle class & upper class invest private sector
Same here in the U.S.!
say it louder !!!
Number 1 is mass immigration, putting a strain in everything.
Thanks for having Gary on as a guest. The more people see, hear and understand his message, the better. So far, only the Green Party have announced a policy of increased taxation for the super-rich. I'm not holding my breath whilst waiting for any of the main parties to do the same.
Gary Stevenson really is the voice of the people if only they would all listen !!
He's an Oxbridge-educated multimillionaire and a total shill.
@@Juliukas101 I congratulate the man for his achievements and for not setting a ceiling on what he can do. Nothing wrong with that, maybe you are just jealous of people with brains and success !!
Great episode, thank you, I love it when different podcasts that I subscribe to land together ❤️.
To support a wealth tax and nationalsation of our public services and infrastructure, we need a method for the people to sign up to. To demonstrate what the public is demanding. Please help by joining forces with Gary and Kat, and let's get some public signatures, using your public forum to advertise where and how to sign on to the movement.
Two of my favourites TH-cam channels.
Thanks for coming to Pod Save the UK with our favourite news Asians, Gary Stephenson.
I’ve been following Gary’s the Economics for a while and listened to his book, I’d recommend.
We really do need to enforce multiple taxes on those with over £10 million. We also need a big crackdown on dodgy ‘contracts’, tax avoidance and foreign investors buying our properties, especially in a housing crisis.
I’ve written to my MP in the past with no response
HOW?
Great guest! Gary speaks a lot of truth and it’s scary to think how the country will be in 5,10, 15 years time
Gary is an absolute legend...
The way I see it, the rich are faceless Scrooge's that are silently taking everything, while we normal people, fight over the scraps. The Wealth Inequality party has to be formed, and if it does, I'm supporting it!
Tidal power, empathy, honesty, integrity, education, enlightenment, humour, health, appreciation, efficiency, and rock n fkn roll for the win in 2029
Gary's a champers socialist who has a chip on both shoulders.
The water problem is bigger than you think. The assets/land owned by the company have been sold off and if needed then rented back. So even if we re nationalise the company it won't be the company with the assets that was privatised
Wow that's huge news! Do you have resources on that? Can we claw those back somehow?
Don't expect to hear the truth. They tell you their version@@sea_ellef
@sea_ellef yes, we change the law.
@@sea_ellefnope.
That's why Hayek/Pinochet/Reagan/Thatcher's "Neoliberalism" is so evil.
And why a tiny number of people made their fortunes from the kick-backs.
But think of nestle ceo's grand-grand children, they need castles and yachts of their own they cant possibly share!
Good to see Gary Stevenson on the pod. He's so right in how taxation gets framed by government, and by extension the media. Inheritance tax is always framed as though the government is going to come and take your nan's house, which isn't going to happen unless your nan is minted. I do wonder if the engrained dogma of aspiration is why some might be resistant to a wealth tax. This idea that one day they will be wealthy and they don't want to pay more tax when they are.
Hmmm... I think more accurately "gets framed by the media, and by extension the government"?
Why would a government be anti-tax?
It's as John Steinbeck said There are no poor people in America just temporarily embarrassed millionaires.
The problem is the Tory party brand is low tax and their main attack on labour is that they are the high tax party. This message has been ingrained in our society for many decades. They have successfully convinced the nation that all taxes are bad.
I’m so happy you guys are giving time for a mature tax conversation with excellent guests as opposed to the headline seeking main media !!
This is one of the most important, vital, and informative podcasts (or any form of media), that everyone should be listening ahead of the election.
Fair play to Nish and Coco and thank you for putting this together.
We’ve had Thatcherism since 1979 which serves the interests of the (mainly overseas) wealthy. The problem with Thatcherism is that you eventually run out of assets to sell to overseas investors so that they can rip off British consumers.
The British people*
We don’t have to call ourselves consumers.
We aren't living under Thatcherism and haven't been for over quarter of a century. We're living under the Blairite consensus, New Labour's response to Thatcherism. Most of those clapping like seals to the issues raised in this video can't wait to vote in New Labour 2.0.
@@scott_d_owens Blair and New Labour didn’t touch Thatcherism.
@@Nick_Flanders improve your reading comprehension
@@scott_d_owens Can't, maxed out that stat
Such thoughtful comments here! Nish, when you said that after the 80's there was no more diversity in economic teaching, that was the moment I hit the subscribe button. I firmly believe home economics should be taught to all kids year 7 and 8 secondary school, together with a section on small business/entrepreneurship/self employment. Macro economics should be taught to all kids at GCSE level, or if all else fails as a life skill without formal examination. Heterodox economic theory should be taught as (part of) A levels. Both Gary and Cat, your guests, would be great as contributors to developing the lesson program. The way they are able to explain things is outstanding. It is not too difficult for anyone to understand, no matter their intellectual capacity.
Gary is a legend respect
Most enjoyable political discussion I've watched so far. Thanks guys 👍
I’ve given up on my music degree half way through because my parents were stuck at home starving and freezing, my dad almost died. A music degree is not worth that, the way things are now I’ll probably never make that money back working in the arts. If my parents didn’t have to worry about heating the house and feeding themselves, I’d still be at university.
I respect and appreciate your sense of responsibility. Just don't lose sight of your dream.
There is a movement afoot, and creativity and the arts will form a major part of Homo Sapiens becoming an empathetic, honest, and honourable global society.
❤️🔥
Sorry to hear that. Hope you can turn this around and at the end still follow your dream.
Use your existing music skills to bring a cultural element to the restoration movement! There are lots of songs, animations, comics, memes, and more.
These were some of the first things to have been purged and censored off of TH-cam, so it'll take a little bit of exploration and digging to find them.
Excellent podcast. I’ve followed Gary for a while now, but both were very interesting. Liked, subscribed and shared
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio.
@@BernardFrederick-tk7un How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Totally agree with Gary 100% and its always felt weird to me that tax is seen as "an evil" - as a medium rate tax payer myself he's saying exactly how I feel about it all
You both are fantastic presenters.Thank you.
Absolutely, inflation is a significant concern, especially given the current state of the global economy.
With all the recent economic turmoil, I'm really worried about inflation.
It's definitely a hot topic right now. The pandemic caused disruptions in supply chains and led to increased government spending, which could contribute to rising prices.
Inflation can erode the purchasing power of your money over time, especially in today's global economy.
With prices seemingly going up on everything, I'm not sure how to protect my finances.
That's where a genuine financial consultant can really be of help. They can analyze your financial situation and recommend strategies to hedge against inflation.
Brilliant to see Gary Stevenson
Without the creation of a Sovereign Wealth Fund, similar to Norway, and a National Investment Bank Network Rail will remain underfunded by the DfT and the Treasury.
The people of the north need electrification of the local network, to match London, e.g., the Overground.
Love your work - mad witty, funny AF and yas make complicated issues understandable. Great guests too ❤✨
Brilliant. You are a good guy. Thanks for breaking it down so clearly! I love you! Now leys take action!
The Labour Party is making a huge mistake if they do not renationalise the railways, water and power. People want to see a change in the way that these companies are run and funded and are tired of getting ripped off!
Would it be one national public water company, or segmented into smaller districts?
They won't they are trying to privatize the NHS its the blairite/thatcher approach putting profit before people.
@@scotmay3103does it matter? Probably not
I think the difficulty they have is that Jeremy Corbyn did not do well during the last election. I think Brexit has had a knock on effect on the types of politics they are willing to pursue.
@@danielthompson2561 Stop blaming JC and Brexit the simple fact is that until our government decides to tax the rich this country is done for. We will have to take some of them back after they have been run into the ground by corporations anyway. They will be bailed out by the public purse when they go into administration. It can be done don't let them persuade you otherwise.
you had me at tax the rich
Anyone, but you
@@Josh95x By the rich, he means people with 8 figures, not your mum and dad with £1mil
@tarquin161234 he didn't say what he meant. Taxing only people over 10m£ is unlikely to get all people want.
That is amazing news! Wealth tax is no longer a grass roots movement, it has now moved into the mainstream political system. Well done Gary and all involved, keep goin! (Can I suggest working towards supplying the Greens with specific forecasts on this 1% wealth tax...Help them show the public specifically what can be achieved by it).
We should put all natural monopolies (water, rail, energy infrastructure, i.e. the grid) into a trust and make it be managed on our behalf by professionals in our interest, rather than keeping them in private hands
The Crown Estates (established 1707) is an excellent example of how that could be done.
Pod "Save the world". A very good one!
Pod safety UK 🇬🇧
Nationalize those public services, and create legislation that NEVER AGAIN allows them to be privatized, in whole, or in part, ever again.
Shermone
@CoffeeCup1346 RIGHT,RIGHT,RIGHT!!!
Oh I am so here for this 🌎🌎🌎
This is the kind of thing that happens to a nation when the people forget to think for themselves and to research history and learn from it.
Utilities and rail need to be taken into public ownership. Also I loved your interviews
Railways: there's a solid argument for subsidising public transit to encourage people to use it instead of driving, which is grossly inefficient.
London Transport was free for a month or so till Thatcher noticed & put fares back on it. All the busses were full all of the time for that brief period.
@@alanhat5252In Leeds, looking to go to a gig in the top room of a pub across town. Sat eve.
Last bus is about 10pm. Options are either to drive, or taxi. Either has obvious implications for the local economy.
@@jimr1603 between 10pm & midnight cleaning becomes an issue, lack of service is understandable. In many places you will also find reduced availability of taxis for the same reason.
I suspect the current high fares mostly go to profits. When I was young in the 80s fares were much lower.
These utilities were sold for a fraction of their value. But shareholders think they should be compensated at full market value when things are privatized?
The implied point that Gary made is that the increased taxes made the world a better place for everyone including the multi-millionaires. Clearly the countries that decreased their level of inequality are the countries that most people want to live in.
Look at places like Norway, probably most places in Scandinavia. That's probably a pretty good place to start.
@@cosmosnomad the shit low home ownership because of more taxes norway public housing 60%
@@coopsnz1Home ownership is unnecessary. If protections for renters are adequate, there's no reason not to rent. See Germany and Japan.
@@coopsnz1never been to Norway I guess?
Home ownership isn't a requirement of a happy life.
@@alan_davis that not middle class renting idiot ! Gary stupid idea will shrink home ownweship more socalism or communism doesnt work.
Gotta love Gary
How depressing. Poor nish was rocking at one point. I lived in london in the early 90s and the water companies were ripping everyone off way back then. The writing was on the wall but noone was listening. I live in hope that a change of govt will bring real change for those most in need.
But labour won't even do that
The other reason that NHS quote is misleading is because so much money is being spent in private agency staff that are paid more than nhs staff and the agency takes a cut on top. Banning agency work within the nhs and raising wages would still save money
Every voter and every politician should be forced to watch this episode. These are the two biggest issues for our economy and nobody in mainstream media is talking about it. Vote Green 💚💚💚💚
You guys and your star guests are great, a voice of sanity amidst athe freaking craziness
The biggest issue that causes the wealth disparity is the way in which big business is privileged with legislation and tax loopholes, while sole traders and small businesses struggle to foot their bills when inflation and high interest rates are effectively killing them, without any recourse.
When the economy is set up so that large funnels drain everything upwards and nothing is allowed to be left to the normal people, poverty will be inevitable.
Franchise are small business not corporation aswell ! The government fucks over everyone because everyone a consumer
in the 60s and 70s the tax rate was so much higher for the wealthiest. we just need a rebalancing so those that can afford it pay a higher share than they are now. other than borrowing more or taxing everybody else what else can govts do?
Neoliberalism got the better of Keynesianism. I don't think social democracy is coming back.
Democratic socialism with a wind down of capitalist enterprises into worker coops and publicly owned enterprises would be a more robust and democratic defence and oligarchy.
Governments like the UK do not need tax money to fund a thing. This is a lie that everyone believes and is why nothing will ever be fixed. UK can buy any resource it wants with created money to do anything it wants. Just like how private banks create money for loans. Don't believe the deficit myth.
@@michaelrch well that is interesting but Rachel Reeves said that she is a social democrat in a speech recently. whatever happens unless politicians tackle this issue of how to pay for all their promises and be honest with the public about their plans nothing will change.
@@vickibolsover6559 Rachel reeves can say what she likes. Hell, Kier Starmer said he's a socialist!
They are both neoliberals.
There is plenty of money. It's just in the hands of a small minority of very wealthy people who own everything.
The solution is pretty simple. Wealth taxes to drag back all that excess wealth into productive use in public services and investment into modern infrastructure.
Do nor confuse higher income tax with a wealth tax. The really rich do not pay income tax...
Gary stevenson looks like a white jesse williams.... (also really happy to see him as a guest on the show, he completely demystified what taxing the rich actually means and how we should keep pushing for it, until it's applied)
00:05 We need to find ways to fix the UK economy during the election.
02:11 Proposing to take back essential services into public ownership for better quality and accountability.
06:39 Water bill increases for infrastructure improvements
08:24 Taxing the rich can help fix economic issues.
12:41 Labor's plans for a fully publicly owned Railway will potentially lead to cheaper train tickets.
14:40 Cut in percentage increase disguises real NHS funding cut
18:32 Tax the rich for efficient public services
20:29 Gary's TH-cam channel is a great crash course on how trading and the globalized economy works.
24:00 Advocating for a wealth tax to address wealth inequality
25:33 Tax the rich to address economic disparities
28:38 Support for wealthy tax and concerns about economic discipline
30:21 Challenging traditional economic ideas and practices
33:44 Taxing the very rich at higher levels is necessary to prevent extreme inequality.
35:15 Increased ownership of assets by the rich will not be addressed by limited tax increases.
38:21 Tax the rich to address inequality
40:04 Tax is necessary for societal stability
43:23 Wealth inequality is spiraled and calls for nationalization and wealth tax are growing.
45:05 Gary Stevenson suggests taxing the rich to fix the economy
Crafted by Merlin AI.
Gary is THE only person speaking any sense right now on tax
Great guests, thanks :D
Even in the disaster that is the Republican/Libertarian US - we haven’t privatized city water/sewer. As far as I know, the only “privatized” water is for those of us rural folks with our own well water & septic. Insane.
Privatised water USA… google it…
@@johchadow I had not heard of that. Very interesting. Though I suppose I should not be surprised, I supposed considering how the Rs want to privatize everything, incl schools. But I cannot imagine how that would not be a disaster. I mean Flint MI was (is still?) a disaster & that was the gvt cost-cutting, so I expect that the broken Jack-Welch capitalism we have here - that would be a typical outcome of privatization from companies that only care about the cheapest cost & highest stock prices. I am rural so I have well/septic, as far as I know all my states water not on wells is public. Considering we could not get internet (cable) here until 2020 due to the end of dial-up & the refusal of Xfinity to service our road... and when in 2020 b/c of virtual school the county forced them to do it, they charged us for the infrastructure costs. And it still took a year. The issues with private companies (or semi-private?) in electric is why we have regulated utilities & the PSC. Thanks for the information!
@@DandyHillStablesdems are a disaster and are no alternative. Government is not perfect. But it does have its purposes. Markets are usually good but monopolistic ones are not good.
Some municipalities have privatised water eg Flint Michigan where a corrupt deal between Republicans and private business poisoned the water supply.
@@talisikid1618 Water cannot be other than a monopoly.
Water, Transport, NHS, Education, All these services we have no choice on we are location bound... So naturally don't work with market forces, should be Nationally owned. Cut out the Middle mad. Some services can work with markets but not all its bloody obvious.
The business to be in seems to be banking, water, energy or railways……..you then charge more for the service, neglect the service, take huge profits all safe in the knowledge that you’ll be bailed out with no consequences - it’s frankly ridiculous.
Canada (Ontario in particular) pay attention! Canadian pension fund investing in the UK? We are involved here. Moreover there is much we can learn in what happened with the privatization across the pond.
Couldn’t agree more with cat Hobbs ❤️👍🏼 this system is greedy short term thinking at any cost.
It’s not just about re-branding inheritance tax, it’s also about re-branding things like paying for care home and home care fees as an unregulated inheritance tax. This will result in the loss of working family assets. Likewise commuting costs are a stealth work tax
Anyone else get the vibe that Coco is 100% crushing on Gary here?
I mean who isn’t? 😂
Yes, tax the rich in US too please!
There’s another way to get money out of a company tax free it’s to load it with debt from its parent company at massive interest rates set by the parent company. That way the water company sends most of its cash to the parent company in this case out of the country avoiding UK tax and so its tax free for the owners tax free!
The moment it was sold to owners outside of the UK it was game over. We have no leverage to do anything about it; renationalising is win win for the private owners - they’ve stripped the cash from it, and will sell it back for even more than they bought it for, then bills go up anyway to fix the degrading water system.
Even thatcher stopped at selling the railway, that was John Major’s contribution followed by the influx of private finance initiatives to build and operate infrastructure, public buildings, NHS, Rail etc.
[1] apply a wealth tax on assets over £5m, [2] equalise capital gains with income tax [3] apply NI on investment income [4] cancel inheritance tax loopholes [5] Scrap tax exceptions for non-doms [6] tax share buy backs at 10%
Nice one Nish! Gary's the man!
Scott Galloway in US is saying similar things - We all benefit from a cohesive society even the mega rich. But with inheritance tax the brackets /thresholds should be revisited so hard working folks who build wealth for their kids are not penalized. Very rich people have many ways to avoid tax so it needs to be simple and easily applied without wealth being hidden in trusts, transferred very early etc etc
What a great podcast! Thank you.
Why take on the debt ?
The Canadian pension fund describes the company as "worthless", so just nationalise it.
If hes worth millions and his sister cant afford the rent why does he not help her.
Brilliant episode. Oh and thanks for reminding me of that pig story, which I had somehow managed to scrub from my mind 😆
Who would've thought that transforming public services like Water from an entity whose priority is to provide water to the citizens of the UK to an entity whose priority is profit would be a bad idea.
With Wes Streeting going to be in charge of the NHS, i am afraid Cat Hobbs has some nasty surprises coming.
Our family lived in Duluth Minnesota in 1998 and 99. There were two competing hospitals in a town of 86,000 people, each with their expensive kit. I can't believe that was cost effective.
Interestingly, energy was still in public ownership.
Looks like Thames water is already state owned. It's just owned by other states 😂.
Thanks for this :)
Wealth inequality has to be tackled and addressed.
I don't want to live in a country where we have absolute poverty and absolute riches with nothing in-between. It's a safer country if it's a fairer country with social mobility a possibility for all not just the entitled.
How do you become a peer in Brittian with ease?
As someone who moved to a country where public services largely remain in public ownership, I can tell you the differences are staggering. Our electricity bill is @ £100 every two months. In the 20 years I've lived here, our local capacity has been increased tenfold. We never have power cuts. Our water, supplied by the local council, is metered and costs £20 a month. Our health service may not be as advanced as the NHS, but I've never been in A and E more than 2 hours. Ambulances turn up promptly and hospitals are immaculately clean, with cleaners employed in-house. The only priority seems to be clinical excellence. It takes 3 days for a letter sent to the UK to arrive, but takes weeks for any post sent here to arrive. It once took almost 3 months for a business letter to arrive here, after sitting in a distribution warehouse in Estonia. I live in Portugal. Our towns are kept clean, with beautifully maintained public squares and gardens. All by staff employed by local councils. Portugal is much, much poorer than the UK, but daily life for ordinary citizens is incomparably better, largely due to Civic life being valued and an almost complete absence of privatisation.
"Yeah but, but immigrants, trans people and children want to be cats.."
Exactly right, I’m an American and outlets like faux news preach continual doom loops to the basic boomer bottom feeder thus ensuring we as people continually divide and hate one another when our rage should be shifted to the ultra rich who’ve pillaged our planet
Right all diversion tactics from where our money is really going.
And people are won over to that thinking because they have no faith in our institutions, just like the MAGA cult they become so disenfranchised they are prepared to break the system.
The dead cat tactic of Boris Johnson!
Same crap goes on here in the United States! The politicians distract with petty things to avoid addressing the key issues that effect the majority of the population. I mean, for example, legitimate legal immigrants create a larger tax base, which is a win, win situation. Putting only a negative spin on immigration allows them to get working class people worked up and pits them against immigrants. In reality, we should be working with immigrants to better things for everyone. However, it's difficult to see through the manipulation of the distractions, which works to the benefits of wealthy politicians who really don't care about any of us.
The problem with inheritance tax is that it runs counter philosophically to the American dream that we have all been fed that we can one day become incredibly wealthy too.
I’m on a high income (as is my partner) and while I can’t say we struggle we are not wealthy, everything we earn goes straight out each month. I don’t mind that I pay 40% of my income in taxes, but I just wish that capital gains income was taxed at least the same as income from work. Wealth taxes may be a bit of a pipe dream but CGT equalisation would at least be a start.
what about 10% import duty ' 20% vat & fuel excise 55% 'alchaol excise 65% you paying way more taxes than 40%
A very reasonable comment. (This is high praise.)
I'm in the 40% bracket too but to clarify it's only income earned over £50271 that's taxed at 40%. The income earned below this is 20% up until this point.
@@FRU.No.1 no I’m an additional rate tax payer and the proportion of my pay that goes in tax is actually 41%
Middle income earners are the worst off. Increasing cgt will result in less houses being sold. Lots of boomer landlords sitting on rentals without a mortgage.
I like Gary and I agree with his end target. What I don't here is how. It was great that Coco Khan asked him to come up with some specifics. However when I here him say "Inheritance Tax" my immediate thought is The super ruich will easliy be able to work around that. We need more detail from someone.
Excellent episode. Subbed.
The answer is 100% inheritance tax for anything over 1m per child. It stops the cycle but still allows the talented (and lucky) to create wealth (and jobs) while they are alive.
That is a pretty short-sighted reply. So if Elon for example dies tomorrow (just to use a conveniently famous person) what should happen to SpaceX? His kids aren't getting it. Who should?
@vessbakalov8958 thanks for your reply. I had to look it up. He has 11 kids! Maybe they are not qualified or experienced to run it. Running a company is a job, a responsibility for workers and the general health of productivity etc. Elon runs it and is pad millions. So if one of the kids is good enough he can earn millions too. It will be a great incentive for them.
@@vessbakalov8958 The government sells it off
I really like that, but should be like 80% to still incentivize people to earn more money or to start larger businesses and more jobs
@@drachirtellbut your 100% inheritance tax takes SpaceX away from his kids - zero incentive to learn or work hard.
There's plenty of other illustrations showing how your idea is totally counterproductive.
I'm writing this after the election so am looking to see how Labour willmimprove the public realm.
I'm also very aware that public sector organisations in the UK are subject to political strategies and have (historically) been unable to secure the funding required to invest and renew themselves. They also regularly suffer from "provider interest capture", oblivious to the changing needs of customers in a way that private business (in aggregate) do not - because of the forces of market choice.
In my view, privatisation has failed because politicians have failed to create the frameworks of regulation needed to ensure companies serve the needs of citizens and society as a whole. Removing "burdens" on business has been prioritised over the delivery of safe, high-quality services meeting the needs of customers.
If nationalisation is the only recourse, there is a danger our services could begin to fail people in "old-fashioned" ways.
Gary is right to argue for a rebalancing of tax so that the wealthy contribute more to our public services and infrastructure (which they depend upon to sustain their lifestyles and businesses even if they don't use them personally). Taxation rates of 1 to 5% of wealth seems acceptable in the circumstances but we have to remember that protection from exploitation depends on law and regulation (rather than tax - which is a vehicle for raising revenues for investment and high quality services).
A cautionary tale for your friends in U.S. Thank you!!!
That is the problem with privitisation -it is run for profit so the investors concentrate on profit at the expense of investing in infrastructure, sustainability and maintanance- so the asset depreciates to such an extent that they start to rely on Governmment subsidy that runs out when their debt spirals and they have sucked all the life from the asset - only solutiion then is to to renationalise. Crazy situation
26:53 so when they said “country first, party second” they were taking shit then, because a wealth tax would benefit the country, but could cost them votes so they won’t do it
Inheritance tax should be high as it is basically 'unearned income'
Depends how you look at it. It was earned by somebody at some point who presumably wants to give their offspring as much as possible in the hope of as good a life as possible. And maybe, assuming it is surplus to requirements to said offspring, could also be used to further good causes. As per usual inheritance tax is the biggest squeeze on people in the middle. Like most taxes it doesn't really need to be binned (IMO) but needs to implemented on a much farier level with scaling levels of % tied to the amount given rather than just WHEN it is given. It is a totally batshit mental system at the moment that encourages money laundering and all sorts.
@@dh1380 WHO the heck do you believe will be affected by this?! Look it up before posting such twaddle
It's much better to just tax wealth all the time. Then you don't get the weird distorting effects and giant loopholes of only taxing it upon death.
See Switzerland.
@@richardh8082well me for a start. no need to get so wound up 😅
@@michaelrchTHANK YOU you are 100% correct. I think this is what I was getting at but just didn't quite make it there.
The board game Monopoly ends when one player accumulates all the assets and all the money!
Yes thats why it is called Monopoly! The GAME was designed that way. The board game 'Mouse trap' ends when one player catches a mouse, so what.
It’s a metaphor for capitalism which is kind of a zero sum system. Wealth cannot be created or destroyed, only transferred from one form to another. If you hold all the wealth other people can’t effectively accumulate any.
@@enzobiswas-rodgers5521 Try telling the FED its a zero sum game they just keep adding money to the game every day! It is absolutely NOT a zero sum game. Go play Mario Karts, Monopoly is to complex for you.
The only thing Gary doesnt say is that you should VOTE FOR A PARTY that will tax the rich, and the only party who will do it is the GREENS.
greens a communist they will screw the middle class
No, you should vote for the one in your constituency that will get the Tories out.
One step at a time.
@@alan_davis I'll vote for the party I believe in, and I'm sick of hearing this since it's proven to be bullshit. The Tories are done, they won't be back near our government for a long fucking time and hopefully never, but I'll vote for the party who align with my belief, always have always will.
Yay! I've been waiting for this!
Waited 20 mins for gary...luckily fast-forward available, 😂
NHS spending as a percentage of GDP has increased substantially since 1948, rising from around 2-3.5% in the early years to over 7%
House prices tripled from 1997 to 2007 ….surely that was when great damage was done, excluding many from the market post 2007, and making others asset rich. . How and why did it happen so fast, and is it the foundation for many of the problems we have now……..would you do a discussion on that?
Great Podcast!! Such important topics to get everyone talking about!
One thing I have been thinking is how to get more ‘Super Rich’ people onboard. There is a group called ‘Patriotic Millionaires’ but does a ‘Patriotic Billionaire’ exist? The UK homes ~165 Billionaires (worth £650 Billion) - somehow we need them to also understand that they should pay tax. (E.g. less people can afford to have children, leads to aging population, leads to less productive workforce - let alone failing services and cost of living causing weakening of the health of the current workforce) -they should understand they have a vested interest to tackle wealth inequality.
I’m 31 with a good job, but from a low socioeconomic background, I can NOT afford a house or children, and neither am I incentivised to have them (I’m not the only one, and it’s only going to get worse for the generations to come!) - this should ring alarm bells for the government, but they are only interested in making a quick buck by selling everything we have for next to nothing.
Time for change! We all need to keep the discussion going!
Thank you for explaining the pig comment. I would have wondered about that for months.
Its seems a simple message 'Tax is good for you'. We saw it last week - KS should have embraced the £2000 Rishi tax jibe Ks should have said 'YES and it will pay for..' .Labour seems stifled by fear of not winning.
Taxes can make housing unaffordable. That the end is good doesn't show the means is.
Tax is shared wealth. It is the portion of our effort that WE share with others for the good of all. We are no longer paying a king part of the fruits of our labours just so that they protect us. Tax needs to be reframed as Gary suggests.
How do you overcome inheritance tax, if a majority of thier wealth is within companies, which use management buy outs pr other methods to stop them paying for massive amounts of inheritance tax on thier assets?
I think it is difficult and complicated, as the poor or middle class always end up paying in some way, to keep people at the top.
By definition, poor and middle class are not supposed to care about these things
@@alanc457 true we are suppose to pay everything asked of lol
How about council street cleaner should get paid the same as solicitor or GP?