That mortgage was designed for people to purchase run down unmodernised homes; that needed some building and refurbishment, to bring them up to current standards.
It's yes Minister esque, ala How's the office for the freedom of information? I'm sorry I can't talk about that... Expect 6 figure sums to find solutions to save 3 figure sums.
Public sector pensions are a £2.54 Trillion unfunded liability and £40 Billion deficit is only 1.57% of that. These public sector pensions are unfair and pay out on average 4 times more than the equivalent in the private sector, yet the private sector is forced to fund them while we can't even fund our own. This is the first place that should be reformed as it is demonstrably unfair to tax the private into oblivion, when simply bring public sector pensions into line would negate any need for tax rises and fund a whole raft of infrastructure improvements. Instead Labour has chosen to give inflation busting pay rises to the public sector (herself and husband) while ensuring those who pay her wages are taxed into oblivion.
… yet junior doctors and NHS consultants will probably be striking again soon in spite of their recent 20-22% pay rises and taxpayer subsidised gold plated, index linked pensions.
Instead of whinging, join a union, fight for better pensions in the private sector. We can afford better pensions, we're the 6th richest country in the world. Public services benefit the private sector. We need to invest much more in them.
@@kathrynbeetham5308 Please don't accuse me of whinging when I am simply pointing out facts. If it was as simple as fighting for better pensions, then surely its as simple as our government enforcing better pensions with legislation ... but they won't because they know its unaffordable ... that's why they forced the rest of us out of the government pensions scheme.
So let's just get this right, we have a person who lied about being a chess champion, an economist and had her parliamentary credit card blocked for spending 4k she couldn't account for running the economy. What could possibly go wrong 😂
What about focusing on government wastage on our taxes. We never hear about the cost of irresponsible expenditure. Every household and business has to do this so why is the government never really pinned down on this.
No he didn't but no-one did, not even the ratings agencies. The stupidity came from the extent of financial deregulation in the first place. That was implemented by Thatcher and Reagan in both the UK and US. Even Cameron prior to 2008 was advocating further deregulation. Crazy!
Just more of the same, whatever the question, its just take more and more tax from people, when we get to 100% tax, the govener will say, just a bit more tax. Mr King should know that to reduce spending on the over bloted public sector!
I already am paying more than my parents/grandparents , and i am 47, let alone my grandkids - trying to leave this country as its completely broken and no fiscal plan to recover , its a dead country
This man is very intelligent and knows his stuff not like the prime minister and the chancellor who keep on blaming the Conservative party for the Blackmore. This man should train all the chancellors.
@@brightonduder I think that's the point. Starmer wouldn't shut up about windfall taxes on Energy companies and non dom taxes, gets into power and shuts up. He's a liar, always has been.
Forget higher borrowing and taxes until the government has reformed the state sector. The Tories failed to do it and it would appear that Labour has no intention of doing so as well.
Treasury Minister Tulip Siddiq has this week confirmed that Britain has already paid the EU 23.8 billion pounds as part of the Brexit “financial settlement” agreement, with a further 6.4 billion still be paid to the bloc to settle the UK’s pre-existing pre-Brexit financial obligations. That’s a total direct, measurable and indisputable cost of Brexit to the British taxpayer exceeding 30 billion pounds.
It's not a cost... It's less than we would have paid had Brexit not happened, and we dodged the EU Covid fund (we would have paid a 14 per cent share of the €800 billion), and will lead to savings of more than £100bn over the next decade. Whether or not Brexit was right or wrong and whether we win or lose in other ways aside - this silly argument that paying off projects and pensions we had already agreed upon is somehow a 'Brexit Cost' is just total nonsense
Jeremy Hunt says Rachel Reeves' budget could be ''worst in decades'' | The Daily T Podcast Exclusive Former chancellor Jeremy Hunt joins Kamal and Gordon Rayner in the Daily T studio for an exclusive sit-down interview. He describes this week’s upcoming Budget as being the “most damaging since the 1970s”, accuses the Office for Budget Responsibility of doing political favours, and describes Rachel Reeves’ talk of a £22 billion black hole as ‘fiction.’ Kamal and Gordon also ask him what it’s like to deliver a Budget as chancellor, as well as who he’s voted for in the Conservative leadership contest. #politics #conservative #hunt. #donations_gate
I'm fed up being brush with the same public service, we veterans worked hard with low pay, expect to risk our lifes, sacrifice family life to receive a pension.
If u want to fund things, cut the MPs salary to 30k a year, if u want to reverse things then reverse the pay rises to train drivers. Also stop MPs having their expenses paid for by us, they can pay for it themselves if they don't like it that's tuff, hard working people don't get anything, NHS is completely screwed and this country is a complete joke
Mate, it aint rocket science, init, tax Horse racing and gambling and have a transaction tax for stock market trading - its a trillion £ market, mate. U can easily plug any financial holes. Why tax the hard working people runing small business and workers, mate common sense, init.
our council on the isle of wight is,like a lot of them ,on its uppers.on the otherhand the pension fund has risen by over 10% this year to a staggering £750,000,000
Lord king, lessons on wish full thinking, explain what ecomony can ever grow on Uber tax rises, it has failed time and time again, no amount of spin will it grow
The idea of cutting services and jobs in a growing economy is unsustainable and counterproductive on the short-term and long-term. The state, as a standalone, needs to invest in its own intellectual property and economic rights to create wealth 💡
@@jackdubz4247 Whether it is public services debts or public sector debts, they are all debts. The universities and local councils are not immuned as billions are borrowed every month ✋️
How about governments stop squandering money!!! Dingy divers 8 million per day ,wars abroad, lazy layabouts that wont work = a saving overnight of billions!!!
This is the man who advised a Labour government to allow immigrants from the new countries joining the EU to come without restrictions unlike other EU countries and then he became a Brexiter.
This guy is living in cloud cuckoo by spelling out an essential contradiction. Fact: When taxes start to bite growth tends to stop. The rest is just moving around the deck chairs on the Titanic. Uncontradictably, the Tories' move to lower NI would improve the levels of employment. More employment = raising higher tax revenue. Patience was the main requirement. King is right about savings and he is right about the need to avoid budget deficit and start borrowing more. He is also right about the government's need to look forward and stop blaming others.
In Germany public services cannot go on strke and get inflation pay rises instead 40 years ago public paid c 2% more for their health than we did and got a better service Here we bought houses and that is that Too late now
Why are we giving boat people billions to live in a nice warm hotel with 3 meals a day and money while everybody who is working on minimum pay and poorer pensioners suffer
@@jackdubz4247 Also don't forget that Starmer thinks it is a good idea after he has time to think about it, so good in fact that he is thinking of extending it until 2036!
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
I work to survive not live i cannot save this is bull my local mp's lives in a monor where roger moore wanted to buy does this tell u summit pigs with heads in troffs
What he argues for is completely rational and reasonable. Unfortunately, people are not completely rational and reasonable (as we have seen in US politics) people fear the loss of their income far more than they feel the benefit of public spending. Look at our pensioners the massive beneficiaries of most public spending with their triple locked pensions and their use of health and social care, whilst they moan about the cut in heating payments.... They ignore the fact they themselves need a better healthcare system sooner rather than later.
Absolute liars talk in reference to god , but then talks about slaves , we are all gods but treated as nothings but tax burdens , if ever there was a dichotomy this man is one , with no backbone and empty lying words .
The only reforms that will generate more income is to start trading with china instead of blindly following US' anti china rhetoric.get the HS2 done and internet infrastructure done(stop wasting money on ripping out already existing Huawei equipment and paying triple price for inferior 3G pretending to be 5G) and get the banking sector growing,get solar and nuclear power going in collaboration with Chinese investment (they offered the best value for money)time to stimulate growth instead taxing and borrowing more again and again on the ever failing route just like USA
Labour had to find a way around the existing rules so they can borrow mote to pay the unions and the public sector. In their eyes what they propose to do is the only way they can do it and the taxpayer can stand the interest payments. They have always shown that they are experts at spending our wealth but have no idea how to create it. Remember the last time, " sorry, theres no money left" they have learnt nothing in 14 years.
No economy without the private sector, most civil servants don't understand this.
The state is bankrupt
This is the same man who said that a 125% mortgage was a sound investment idea in 2006. The concept and economy collapsed two years later.
Even he's better than the current BOE governor
He’s actually a serious guy with impressive CV. Definitely a conservative / Osborne type.
He was also the man who predicted the 2011 riots, thanks to austerity 😊
Well the average house price in 2006 was £160,000 and now its £285,000 so he was right!
That mortgage was designed for people to purchase run down unmodernised homes; that needed some building and refurbishment, to bring them up to current standards.
Office for value for money? Another unaccountable quango which serves no purpose.
I can save the government time and money - there is very little value for money when it is spent by governments!
It's yes Minister esque, ala How's the office for the freedom of information? I'm sorry I can't talk about that... Expect 6 figure sums to find solutions to save 3 figure sums.
Public sector pensions are a £2.54 Trillion unfunded liability and £40 Billion deficit is only 1.57% of that. These public sector pensions are unfair and pay out on average 4 times more than the equivalent in the private sector, yet the private sector is forced to fund them while we can't even fund our own. This is the first place that should be reformed as it is demonstrably unfair to tax the private into oblivion, when simply bring public sector pensions into line would negate any need for tax rises and fund a whole raft of infrastructure improvements. Instead Labour has chosen to give inflation busting pay rises to the public sector (herself and husband) while ensuring those who pay her wages are taxed into oblivion.
… yet junior doctors and NHS consultants will probably be striking again soon in spite of their recent 20-22% pay rises and taxpayer subsidised gold plated, index linked pensions.
Instead of whinging, join a union, fight for better pensions in the private sector. We can afford better pensions, we're the 6th richest country in the world. Public services benefit the private sector. We need to invest much more in them.
He’s not whinging - he’s making some extremely good points. And maybe unions aren’t the answer to everything
@@kathrynbeetham5308 Whinging is the preserve of mollycoddled public sector employees.
@@kathrynbeetham5308 Please don't accuse me of whinging when I am simply pointing out facts. If it was as simple as fighting for better pensions, then surely its as simple as our government enforcing better pensions with legislation ... but they won't because they know its unaffordable ... that's why they forced the rest of us out of the government pensions scheme.
So let's just get this right, we have a person who lied about being a chess champion, an economist and had her parliamentary credit card blocked for spending 4k she couldn't account for running the economy. What could possibly go wrong 😂
Why are we listening to this guy, he has ovenseen the spendingspree that got us into this mess in the first place!
To be fair, furlough and energy bill support were two very large nails in the coffin
I agree the spending spree has been reckless but it has supported our 'fake' living standards.
Cut 30% of civil servants... For starters
50%
@@paulharris1502 OK,why not!any advance on 50?
60%
Not 30 but 60.
What about focusing on government wastage on our taxes. We never hear about the cost of irresponsible expenditure. Every household and business has to do this so why is the government never really pinned down on this.
He ‘never saw it coming’ referring to the 2008 crash. Everything that’s wrong with the UK governance.
My favourite line in 'The Big Short' was when the institutions were described as being "Asleep at the wheel".
The banks do this every 50 years just worse this time
No he didn't but no-one did, not even the ratings agencies. The stupidity came from the extent of financial deregulation in the first place. That was implemented by Thatcher and Reagan in both the UK and US. Even Cameron prior to 2008 was advocating further deregulation. Crazy!
@@pmason6076wait until they work out crypto is a problem.
Mervyn couldn't see if Truck was coming "" The BEST economist "" 👀🙄🙄😭🤡🤡🤡🤡
Ever increasing levels of tax and debt has never been the foundation for significant or sustainable economic growth.
UK doesn't have any Growth in the first place it's all Government BS . 😂😂😂😂
Who gives all mps the authority to tell men and women what they need to pay , when they signed nothing folk need wake up to all this nonsense.
Reform is key, as we continue to pay more for less.
Just more of the same, whatever the question, its just take more and more tax from people, when we get to 100% tax, the govener will say, just a bit more tax. Mr King should know that to reduce spending on the over bloted public sector!
Start with their pay, pensions and bonuses.
I already am paying more than my parents/grandparents , and i am 47, let alone my grandkids - trying to leave this country as its completely broken and no fiscal plan to recover , its a dead country
Socialism is a bankrupt 19th century ideology. Will it take Europeans another century to learn this?
That is the conclusion a great many are coming to - where will it be in 5 years time? 😣
Bitcoin is the only way out 👍🏼
@@MikeStillUK nonsense.
This man is very intelligent and knows his stuff not like the prime minister and the chancellor who keep on blaming the Conservative party for the Blackmore. This man should train all the chancellors.
For Kier Liar Starmer self-employed delivery man is not working person.
remember when we were taxing the oil and gas companies to pay for everything?
No - I don’t remember that because it never happened
@@brightonduder I think that's the point. Starmer wouldn't shut up about windfall taxes on Energy companies and non dom taxes, gets into power and shuts up. He's a liar, always has been.
Remember this man was asleep at the wheel in 2008!
Forget higher borrowing and taxes until the government has reformed the state sector. The Tories failed to do it and it would appear that Labour has no intention of doing so as well.
I cant pay anymore literally cannot afford
Treasury Minister Tulip Siddiq has this week confirmed that Britain has already paid the EU 23.8 billion pounds as part of the Brexit “financial settlement” agreement, with a further 6.4 billion still be paid to the bloc to settle the UK’s pre-existing pre-Brexit financial obligations. That’s a total direct, measurable and indisputable cost of Brexit to the British taxpayer exceeding 30 billion pounds.
It's almost as if Brexit was a terrible and stupid idea.
Membership fees were greater than that.
It's not a cost... It's less than we would have paid had Brexit not happened, and we dodged the EU Covid fund (we would have paid a 14 per cent share of the €800 billion), and will lead to savings of more than £100bn over the next decade.
Whether or not Brexit was right or wrong and whether we win or lose in other ways aside - this silly argument that paying off projects and pensions we had already agreed upon is somehow a 'Brexit Cost' is just total nonsense
Mr King was at Lords watching the cricket whilst the UK economy was in freefall in 2009. His judgement and foresight remains questionable
Jeremy Hunt says Rachel Reeves' budget could be ''worst in decades'' | The Daily T Podcast Exclusive
Former chancellor Jeremy Hunt joins Kamal and Gordon Rayner in the Daily T studio for an exclusive sit-down interview. He describes this week’s upcoming Budget as being the “most damaging since the 1970s”, accuses the Office for Budget Responsibility of doing political favours, and describes Rachel Reeves’ talk of a £22 billion black hole as ‘fiction.’ Kamal and Gordon also ask him what it’s like to deliver a Budget as chancellor, as well as who he’s voted for in the Conservative leadership contest. #politics #conservative #hunt.
#donations_gate
I'm fed up being brush with the same public service, we veterans worked hard with low pay, expect to risk our lifes, sacrifice family life to receive a pension.
If u want to fund things, cut the MPs salary to 30k a year, if u want to reverse things then reverse the pay rises to train drivers. Also stop MPs having their expenses paid for by us, they can pay for it themselves if they don't like it that's tuff, hard working people don't get anything, NHS is completely screwed and this country is a complete joke
Not one comment about how to fuel growth.
Back to the gold standard we go. Government is the problem.
Mate, it aint rocket science, init, tax Horse racing and gambling and have a transaction tax for stock market trading - its a trillion £ market, mate. U can easily plug any financial holes. Why tax the hard working people runing small business and workers, mate common sense, init.
2:22 Ironic as soon as he mentioned "special interests" the host started coughing and changed the subject immediately.
our council on the isle of wight is,like a lot of them ,on its uppers.on the otherhand the pension fund has risen by over 10% this year to a staggering £750,000,000
Lord king, lessons on wish full thinking, explain what ecomony can ever grow on Uber tax rises, it has failed time and time again, no amount of spin will it grow
In the thumbnail I thought it was Warren Buffet lol
WE will be in a difficult position, sure
The idea of cutting services and jobs in a growing economy is unsustainable and counterproductive on the short-term and long-term. The state, as a standalone, needs to invest in its own intellectual property and economic rights to create wealth 💡
The public services debt is likely to increase if not financed via innovation and creativity 🧠.
@@dizzyman123 Define "public services debt"?
@@jackdubz4247 Whether it is public services debts or public sector debts, they are all debts. The universities and local councils are not immuned as billions are borrowed every month ✋️
How very odd that Merv didn't hold or express that fiscal rules position previously..
The more tax, the less economic growth. They know this.
How about governments stop squandering money!!! Dingy divers 8 million per day ,wars abroad, lazy layabouts that wont work = a saving overnight of billions!!!
We shall neee to turn into the equivalant of Greece, before such measures are implemented.
Would love to see Lammys C.V
Never fails me when they roll out people with disgraced records and call them experts.
This is the man who advised a Labour government to allow immigrants from the new countries joining the EU to come without restrictions unlike other EU countries and then he became a Brexiter.
Eyes wide shut he was !
Inflation is a tax on working people but they still insist on 2% a year as a minimum.
it is a tax on people with too much cash savings.
@@jhutfre4855 It's a tax on the financially illiterate.
@@kevinsyd2012 ???
This guy is living in cloud cuckoo by spelling out an essential contradiction. Fact: When taxes start to bite growth tends to stop. The rest is just moving around the deck chairs on the Titanic. Uncontradictably, the Tories' move to lower NI would improve the levels of employment. More employment = raising higher tax revenue. Patience was the main requirement. King is right about savings and he is right about the need to avoid budget deficit and start borrowing more. He is also right about the government's need to look forward and stop blaming others.
Things need to be paid for. Cutting taxes means nothing gets paid for. Stop pushing Tory propaganda.
Out with Brussels and woke law's
Rachel Reeves is the new Liz Truss. Lock in your mortgage now.
he was the worst Bank of England governor. so not good asking him
I say stop paying interest on the debt and take back the power from the BoE to print money.
Its time for the creditors to take a haircut.
Why would anyone listen to a man who oversaw some of the worst financial incidents in this country’s history
Because it's the British way of doing things.
The New Office should be "" Office for value of UK Government "" Result 00000000000000000😂😂
She served the tea and buscuits.
Met him once. Nice bloke. Certainly better than the last couple of berks.
No 😊
We Boris back in now our countrys going down the pan
More debt more debt more bull
Tax tax tax tax tax tax tax tax tax tax tax tax
I'm add vice move out of the uk the country is fked.
Our country need to join (brics) as Hungary 🇭🇺 has done to free our very poor country.
More taxes means less jobs and less salaries.
Borrow more put debt on young tax tax tax tax but yet our politicians seem to benefit
Tax tax tax tax tax tax tax tax
This old duffer was the future once.Things have moved on.
In Germany public services cannot go on strke and get inflation pay rises instead
40 years ago public paid c 2%
more for their health than we did and got a better service
Here we bought houses and that is that Too late now
Government Spending 15 Billion pounds per year on iligal emigration Nice one 😂😂😂😂😂
Why are we giving boat people billions to live in a nice warm hotel with 3 meals a day and money while everybody who is working on minimum pay and poorer pensioners suffer
Carl Jung once said ' Thinking is difficult, that's why people prefer to judge'.
The Tories gave their donors in the hotel industry our money to put people up in hotels. Never forget that.
@@jackdubz4247 Also don't forget that Starmer thinks it is a good idea after he has time to think about it, so good in fact that he is thinking of extending it until 2036!
Wait is there a way to borrow without paying interest m?
Wait a minute for those that think it immoral to pay interest let’s charge extra for those that have no choice
Carnt lord ali buy me some specs n dresses?
I don't trust him.
Most people have to pay higher taxes except the politicians and their friends.
Make the Bank of England truly the Bank of England and just excuse the interest rates totally 😂😅😂
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
I work to survive not live i cannot save this is bull my local mp's lives in a monor where roger moore wanted to buy does this tell u summit pigs with heads in troffs
Mervyn King’s grandchildren are buying bitcoin
What he argues for is completely rational and reasonable. Unfortunately, people are not completely rational and reasonable (as we have seen in US politics) people fear the loss of their income far more than they feel the benefit of public spending.
Look at our pensioners the massive beneficiaries of most public spending with their triple locked pensions and their use of health and social care, whilst they moan about the cut in heating payments.... They ignore the fact they themselves need a better healthcare system sooner rather than later.
Absolute liars talk in reference to god , but then talks about slaves , we are all gods but treated as nothings but tax burdens , if ever there was a dichotomy this man is one , with no backbone and empty lying words .
King supports Brexit. The budget simply fills that gap.
Excellent for today. But I would love to see a strategic plan for the next 2-3 years at least instead of just petty comments and actions to date
I agree with your statement, with the exception about supporting Ukraine.
Do the government get letters for persistent debt ??
King is the fat cat who said the poor could survive. Don't forget.
The only reforms that will generate more income is to start trading with china instead of blindly following US' anti china rhetoric.get the HS2 done and internet infrastructure done(stop wasting money on ripping out already existing Huawei equipment and paying triple price for inferior 3G pretending to be 5G) and get the banking sector growing,get solar and nuclear power going in collaboration with Chinese investment (they offered the best value for money)time to stimulate growth instead taxing and borrowing more again and again on the ever failing route just like USA
Spend spend spend, why don’t we spend more money looking at waste
Labour had to find a way around the existing rules so they can borrow mote to pay the unions and the public sector. In their eyes what they propose to do is the only way they can do it and the taxpayer can stand the interest payments. They have always shown that they are experts at spending our wealth but have no idea how to create it. Remember the last time, " sorry, theres no money left" they have learnt nothing in 14 years.
Thanks
Most people but your billionaire mates
Nope. Longer term mortgage repayments affects the poorest AGAIN...
Get rid of the overseas "aid" then we have 15 billion...
We need to attract better talents to run the government
Just another Keynesian praying the usual central - government non- sense.
9 bob note alert 😮
There is more sanity in the comments section than there is in this interview
He is rubbish
Hahahaha
Very distinquished person with brilant sense of humor
This guy’s idea of reform is to take all your money and give it to himself.
🤦🤦
Nice to hear a grown up speaking. If only this man would have been a politician.
He is too honest to be a politician and doesn’t seem like he could or would be corruptible.
He's the same person who contributed to your lower standard of living.
Sounds way too sensible
TOTAL BOLLOCKS!!! THE WHOLE SHOW IS TO USHER IN CBDCS!!