UK suffers tremendously from the baggage of the British Empire. A hundred years ago Brits ruled the world. When the UK spoke, it mattered. But then the Empire evaporated in only a couple of decades after WWII, and the UK became just another European country, which they found impossible to accept.
@@alee3079 NYT published an infmously panned peice written by a British nobody parroting some wired empire nonsense reason for Brexit. Lefty Liberals in the main are obsessed with empire and 'decolonising' can easily see links between India, Atlantic slave trade and Brexit all from their London flats. Why? You tell me. My best guess is when you are a hammer, all you see is nails.
@@CmdrTobs I remember seeing the Brexiteer hand made placards on the night we left the EU, they used red white and blue paint to say 'Britannia Rules' what was that refereing to?
That's a polite way of saying 'pig-ignorant'! Though I mostly blame Murdoch, the appalling standard of modern history education in our schools definitely hasn't helped - When I was at school, we did from Julius Caeser via the Vikings to the Norman Invasion, stopped off briefly with Henry VIII before skipping forward to Elizabeth and the Spanish Armada. Then we'd cycle back to the Romans and Boudicca to start over. I thought this must surely have been remedied since I was at school half a century ago, but my 19 year old informs me that very little has changed - though they did at least mention the Industrial Revolution, he never even got as far as the 20th century. Not very a good basis to make decisions about the UK's role in the modern world.
The trash rightwing media (really, just stenographers for the old-money rich) certainly don’t help. They are major contributors to the anti-intellectual climate in this country
@@julian.morganwe studied 20th century history for my o- level with a particular empathise on the ..rise of Stalin and Hitler. That was in the 1980's I also lived in France in the 1990s and speak fluent French. I have come to see Brexit as good thing to be honest. Although I wasn't in favour at the time. It's amazing how an economist can talk so much nonsense tbh. The British middle classes have some kind of Stockholm syndrome over the EU.
@@matthewhalsall5743 anyone that has the slightest knowledge about economics knew that leaving the EU wouid have been a massacre, especially for the middle class
@@MrKare01 give an example? The universities? well they lose money on every student who pays "home fees" as the EU students were. This is my problem not that you are wrong, just that every example i personally know about, remainers lied about. Too much lying on all sides
Its kind of foolish and arrogant to think you can survive all by yourself as a country with all these large economic entities in the world. We Dutch don't like the EU very much, but we realize we are too small to make a difference. The same goes for Brittan.
@@Bramfly you also have no empire anymore get over it. a big piece of Dutch GDP comes from movements of good to other EU country's via Rotterdam, Schiphol and all the different trucking company's. another big chunk is services [mostly tech companies] that have their European headquarters there.
It's interesting how over the last months these voices of concerns about the actual cost of immigration are coming up. I have looked on in disbelief as we were told that getting rid of things like the nursing bursary was a great idea and then having to bring in huge numbers of nurses and their dependents to offset the loss of skill. All while keeping the wage low enough to not be liveable. Genius move people!
Someone gets it! I'm for or against immigration, ethno-states, sovereignty/ borders. Why? The bottom line is that "they" don't want to pay anybody, no one, regardless of race or nationality.
Antinational Globalists with the maths skills of a cabbage have ruled The West for decades, and US Libs started it. Blame them.. and as a non-fake Green in a fake-Green NWO I voted for Economic Collapse - proper collapse, with at least 10 million people LEAVING. Obviously I knew this wouldn't happen but there's still time. UK has to collapse while the rest of the world doesn't - very unlikely.
Brexit, Brexit, Brexit. Without a doubt the most stupid thing any country could have done to itself. Any idea that we can return to 3% growth by cutting off our largest trading partner is laughable.
the EU has major trading partners who are not in the EU.. You don't need to be in the EU to trade with it.. and if Brexit is such a disaster how come 40000 people every year risk their necks to get out of the EU to come to the UK..There are no dinghies going from Dover to Calais
@@dolmen6613 The 40 000 a year coming here aren’t from the EU are they? So we reject Europeans who look like us, pray to the same God, by and large share one of our two main religions (Catholicism or Protestant ), and who after being here for 1 generation are wholly assimilated and British and then open the flood gates to the rest of the world. Then Brexiter’s like you wonder why we have problems. And this of course is weaponised by the right wing. Let’s not even start on the economic impact of all this. We don’t have a decent trading relationship with the EU because that’s what Brexiteers wanted. And the EU quite rightly isn’t going to offer us any ‘special deal’ after we thumbed our noses at them. But, let me ask this: if we were such hotshots how come our governments subsequent to Brexit haven’t signed up trade deals with those other trade partners and boosted the UK economy above and beyond the EU as the Brexiteers promised?
I watched the UK going down the toilet in the '60s and early '70s only to be saved by joining the EEC, so I never had any doubt that Brexit was going to be disastrous for the economy. Now I can say I told you so, from the safe distance of California.
You should place the blame solely on David Cameron. He took the risk and called a referendum on the UK's membership in the EU. The kingdom barely remained "united" after the Scottish Independence Referendum, so why cause so much uncertainty? Regardless of Brexit outcome, and the inevitable negative economic impact, the United Kingdom will survive. Britain is a rich and highly influential great power with the capability of modernizing and adapting to remain competitive.
@@RiteMoEquations "Britain is a rich and highly influential great power with the capability of modernizing and adapting to remain competitive." I'm not sure about 'great' power (and even less sure that really matters) but the rest of this is spot on. Too many people here talk about 'disaster', etc and that's simply unwarranted. We've merely changed our terms of trade with an export partner who takes 42% of our exports (and declining since 2000). That's not a disaster and exports have held-up surprisingly well. There's so many more important things than Brexit that we need to get right: housing, education, infrastructure, public services, etc. The good news is we can address these things. How much gdp growth do we miss because we don't build houses owing to dysfunctional planning rules (construction is 7% of gdp - we need to double housebuilding so easy gains to be had )
Now that it no longer has cheap ruzzian gas and China is taking it's market share, germany is now the sick man of Europe and needs to quickly pivot the foundation of it's economy or soon it will be in irreversible and terminal economic decline.
I live in Barcelona and i see new investment in public transport every week (new Subway trains, new electric buses , trams, bike lanes, etc etc etc etc) while the monthly cost of a travel ticket for unlimited public travel is 20€s per month!!! its incredible value because it public run (not peeling off profits for shareholders). There is a Nationsl High speeds Train highway to 3 more cities(Above Existing connections between Barcelona, Madrid and Seville. Its so cheap, business people prefer the train. Nobody complains, it works well and is fantastic value..Investment in uk goes into shareholders pockets, thats why project prices go through the roof…Even the UK government is privatised and becoming more like the USA…Saddled witb debt and a huge cost of livibg for the majotity
@@CmdrTobs So, are shareholders in Boeing for example investing in the company? Or is Boeing trying to cut costs so they can please shareholders and in the process ruin the company? Are shareholders in the UK´s water systems "investors"? Or are they also trying to make profits from NOT investing in the necessary infrastructure and thereby destroying the water system. In the end the taxpayer might have to foot the bill...
Germany has currently "problems" with its rail system, but nothing compared to Britain´s mess. They too have a 39 euro a month ticket and that includes all trains, underground, tram, busses, ferries in every city and it covers the whole country. That is right !! You can travel north to south and use all the cities metro services for a whole month at a cost of 39 euros... Also, universities are free in Germany... Rent is a lot lower than in the UK. In many cities there is also free kindergarten care. The UK is a mess. Thanks to Thatcher privatising everything...
@@CmdrTobs possibly the commenter is alluding to the ticket price differential and the amount the companies shareholders are extracting in profits. €20 euros a month for clean efficient public transport government subsidised by only 30% seems almost in comparable to the UK, it has been like this in Barcelona for in excess of twenty years as I used the system myself in the past. The UK on the other hand charges £10 to travel 12 miles on an old late dirty train in one direction, something would appear to be going very wrong.
The problems with government infrastructure projects in the UK are legion, and inherent - leaving the EU is pretty much irrelevant to them. For some reason the people who administer the finances either don't pay attention, or think that haemorrhaging money is a good thing. I was subcontracted to do some IT work for a large potential railway project (HS2), and the overall contract for the project I was on was £50K per day. I asked for the deadline, and was told there wasn't one - so what impetus was there for us to get the work done quickly? In fact it was the inverse, everyone was stringing it out. All government contracts are more or less like that; in work for a private company they might pay the same amount (maybe more), but you get a deadline, and if you're not finished by that deadline you have to start paying them back at the rate of the contracted amount.
I met a Brit in Thailand years ago who explained to me why he supported Brexit during the debate leading to the vote. I heard him out. I offered no opinion, but on the inside I was just shaking my head.
I’m an American so obviously I really have no right to say anything about this, but when this was going on, I thought to myself are they going to vote for something as ridiculous as this? Do they not understand how isolated they will be? I’m sad for the people that have lost their livelihoods be because of some of the shenanigans that happenedwith the voting, that is much like what happened with Republicans in our country over the last several years. I sure hope it gets straightened out soon.
@@mishkalarsoncreations Of course you have a right to weigh in, but that doesn't necessarily mean you have the foggiest idea about it. A lot of lefty Americans drew false parallels between their politics and our Brexit. Are we isolated? No.
It's because The EU is a central powerbase and was becoming authority on everything. It was not about just the financial aspect, it was about telling them to fuck off primarily 🎉
May I politely disagree with you having no right to say something about Brexit for being an American? In this day and age where the world is more and more interconnected, a domestic major decision like Brexit do have an impact far far beyond the British shores. Concerned people all over the globe should have the right to have a say, if not vote. By the way, regarding SCOTUS ruling on Presidential immunity, I strongly believe that....
Well not strictly true 🤔 with respect ☺️ they did deliver a massive wealth shift from the many to the already rich few 😔 just one example, the £45 million increase in the Kings “wage”- sad times 😢 we are in trouble…
Brexit was and is always going to be an economic disaster. People had a utopian fantasy of what Britain can do. The truth is that we don’t manufacture or produce much anymore, we import more than we export = national debt. We have sold off all our infrastructure; water, energy, transportation etc. The average salary is far far below the average cost of living particularly in London. This country needs a significant rebuild and to try and move it away from a service led economy which effectively only benefits a small % of people and makes us vulnerable to external economic factors such as wars, crashes, currency fluctuations etc
Hit the nail on the head my friend. You are correct! We can’t offer the world anything that they can’t do themselves or get cheaper elsewhere. Scottish whiskey, cheddar cheese and Welsh lamb just won’t cut it! British people still believe we are a power! We aren’t! Punched above and beyond our means for decades! It’s a slow painful decline. Get out while if you can.
I think this is a little despondent. the UK is still a lead in technical services, with British engineering, Medical research, education systems and Economic services being exported globally. We should be producing more and we need to reconsider the social system against tax. Either tax has to go up or the services have to go down. either option upsets people, but we cant afford what we have currently... Its a hard choice but either we do away with the NHS, The pension system or the benefits system. currently we are trimming all three and they will soon be unserviceable. We have a cost of living crisis, so more tax on the worker will likely drive them under the bread line and a wealth tax will drive off investors. Long Short, Life is going to get a lot harder before it gets better, we are spending more than we earn.
I totally get what you are saying. And may be some truth. But Unfortunately we aren’t what we once was. All people say is” if you look at the figures”. I’m Sorry but keep looking at them and I’ll look at what’s happening in the real world with my own eyes and listening with my own ears. We don’t produce, manufacture or build anything. I’m 39 years old worked all over the world in oil/gas. I can say one thing. The uk is a spiced up third world country. Because of all those things you mentioned, the nhs, benefit system or what have you. But like you said…. It’s failed! But let’s keep doing what we’ve always done and raise the taxes on the “ working” people. This country is done and it’s no more than we deserve! The people including myself have sat by and let the country decline in front of our own very eyes. My friend it will be further decline and decay for years to come. You can tax 90% and it’s still not enough to pay what goes out. Hard lessons must be had - However the public won’t like it. It will take a very brave man/woman to turn this country round. No one is interested. Everyone is trying to suck whatever blood is left in the stone before its eventual collapse.
We have always been importing more than we’ve been exporting for decades, Brexit has just multiplied that effect and made previous imports twice as expensive as we are now outside the EU trading tariffs (effectively we are voluntary paying twice as much for our imports) Salaries do need to go up considerably when they have barely increased since 2008 people are losing so much on rent, income tax, council tax, student debt, energy and transport but companies are still achieving record profits/revenue. The UK needs some serious economic reform to solve what is long term economic decline outside of GDP figures and support sustainable growth across the whole economy, which I don’t see any government looking to achieve or solve at the moment.
@@matthewcarson5374 Oh and look another nail in the coffin , just released - Harland and Wolff ship building goes into administration! vital industry that a "great power" like Britain needs but its gone! never to return!. just add it to the Steal works in south wales that's gone this month! the slow closing down of the refinery in grangemouth. give it 6 months and British Steel up north in Scunthorpe will be gone. thousands of jobs never to return. BUT BUT !! HANG ON!! LETS LOOK AT THE FIGURES. HAHAHA! its a joke! laughable.
The pandemic which no one could have seen just around the corner from BREXIT has made the decision to leave disastrous for the economy and quality of life for many. That compounded by the two more recent wars which have shot up inflation and housing costs across the world has made life miserable for many in the the UK.
I'd say that keeping the billions to yourself instead of pouring it into the black hole that is the EU, and being boss over your own country is a pretty strong incentive. I guess it would be unrealistic to expect a switchover of this magnitude taking place without any hurdles. World economics, childish retribution from the EU, and bad leadership could also intensify the issues.
@@renevanderkraats224 looks like the EU was not such a black hole after all. Having access to such a huge market next door, having the freedom of movement for young European workers to contribute to the UK. It's ok, now instead of Polish people you can have 1 million Pakistanis entering a country with a dying economy and collapsing social services.
@@MihaiRUdeROHuge market, lol? Bankrupt market! Then again, all these booming markets across the Mediterranean - Eastern Europe with their huge salaries - benefits the Uk could only dream & zero unemployment..... not!!
Nothing to do with Brexit -- the bankers who want to own/control Europe are punishing Britain for having the gall to want to not be under their roof. Nothing new and predictable
At last people are talking about the main failure of Brexit being the way that Cameron's government allowed the issue to be voted upon in a media-frenzied referendum with no guard rails, so little understanding by the public and so little education to the public. So arrogant. He should be in jail.
But that's democracy and how every election is run. At least in the EU ref we were only voting on a narrow issue. If you think the public are unqualified to make that decision then every general election has to be illegitimate as it covers a multitude of policy areas. What 'guard-rails' would you suggest? No doubt ones that would favour Remain! Should any 'rejoin' referendum have a threshold of say 60% you would disagree no doubt. You lost the vote and all the subsequent general elections so the people did have multiple chances to reconsider and they didn't so we are where we are. We need to accept it and move on.
@@Lawrence4000-s3k Your divisive response is common. Instead of discussion you create gang warfare. Animosity armed with assumption. And this is all exactly what was wrong at the time. Much of the public thought some of our sensationalised political figures were actually telling the truth and the main media, instead of trying to educate as it once did, promotes extreme views. Guard rails are things like making politicians accountable for what they say. While that does not happen then change must only allowed to be very slow and gradual. A big problem here was Cameron’s arrogance and disconnect with the public in thinking that they would not shoot themselves in the foot to get new shoes.
@@Lawrence4000-s3k It appears my reply has been deleted because discussion is impossible through YT comments. I will repeat just one point. The guardrail I suggest is to make people, particularly politicians, responsible for what they claim. If society does not do that and then allows one of the biggest liars in the episode to become prime minister then I think independant reasonable thinking is not happening. Is that democracy?
@@jam99 Strange that you've also noticed the deleted posts problem. I thought it was just me. Am not sure if it isn't often the channel owner who deletes comments rather than the algorithm (if you provide stats that contradict them, for example, the post often disappears ). I've had plenty of racist comments aimed at me and those posts don't get deleted. I'm not sure it would be possible to put in place 'guardrails' however desirable such a thing might be - who would decide what was untrue? These are essentially political views and I don't want to go down the route of censoring certain viewpoints on the grounds that something they believe is a lie. I presume you are referring to Boris Johnson and Brexit but there were plenty of lies told on the other side (arguably more lies and from people and institutions that should be held to a higher standard). And couldn't we argue today that Kier Starmer lied to gain power in the most recent election? He didn't tell me he was going to let pensioners freeze. I prefer to leave it to the electorate all things considered. The hope might lie in AI - that could very possibly provide real time fact-checking and impartial analysis and that would be very interesting! I wish it could do it for a lot of the posts I see on here, tbh!
@@Lawrence4000-s3k Lying and omission are two different things. Someone cannot be expected to declare in advance something they have not yet decided. Deceit is what we should not have. You ask who would decide what is untrue. That is what we have democracy for. If we do not hold politicians to account for what they have said then what is the point in having them? It means they can say whatever they like simply for popularity. And this is where western democracies are failing. Democracy then becomes dictatorship. Public deceit by authorities should be seen as a far bigger evil than currently it appears to me. Most of the public ARE too little educated to ask themselves the right questions when they hear a talking head. Everybody is not an expert in everything and very few are experts in anything. It is always down to a tiny number of people to battle for integrity. It is the tiny number that upholds democracy and yet the vote is given to all, with the media wielding so much power. AI? You do know that it is an excellent facade to hind an agenda behind don't you? Great idea but they are not impartial and never will be. An excellent way to hide bias, and avoid responsibility and accountability. It literally is, "computer says no - it's not me". Right now the general public is clueless that different AIs might be different. They just think "AI". Most people had/have no clue that ChatGPT can lie because it's primary aim is to give you an answer, any popular or made up answer, as long as it is convincing.
Watch the US in two years.. if that long. People are stupid. We’re headed into an inevitable economic downturn and we overwhelmingly elected a felon whose primary modus operandi is to increase his own wealth and power plus feed his ego. Yeah, I wasn’t thrilled about Harris but at least she had real, actionable plans.
So he's saying that the government doesn't have any money to spend (on public infrastructure and services), at the same time that business investment is low. So the government isn't getting enough money (from "something"). And rich people aren't spending their wealth (which means they're saving it or putting it into non-productive assets like housing). Money missing meanwhile rich people are storing a lot of money. Hmmmmm. What could this mean? Tax the rich. Redistribute wealth.
No, it is the two-party system. Democracy version 1.0 is plain bad at handling adversity. Even if Labour succeeds the traitors will come along with smarm and pressed suits at destroy it all in another 10 years.
@@benbim540, it's in depression since we are cut from cheap gas from Russia. Before we had the biggest gold rush since the Wirtschaftswunder times. For example, look at the skyline of Frankfurt. Allmost doubled thanks to Brexit.
@@weizenobstmusli8232 That's part of it but they have other big problems. A slowdown in broad business activity follows an extended run of negative production PMI, which has been in contraction territory for more than two years. Germany is still reeling from the cut-off of cheap Russian oil and gas following the country’s invasion of Ukraine, increasing input costs for businesses. Falling demand from China, one of its major trading partners, has exacerbated a drawn-out recession in the production sector. The most publicized issue in recent months, however, has been a crisis engulfing Germany’s automotive sector. A slower-than-expected consumer transition to electric vehicles has left Volkswagen and BMW licking their wounds after an ambitious early bet on the technology. Both, meanwhile, have also fallen victim to the broader demand slowdown in China. Volkswagen, Germany’s largest employer, scrapped a 30-year agreement to protect jobs and suggested it could be forced to close a German factory for the first time in its history. The company is in negotiations with unions over pay agreements amid a plan to cut €10 billion in costs.
Germany is also in depression. The crisis is touching all Europe. It just coincided with Brexit, so many plain people associated one with another. The French or the Germans have similar economic collapse but they do not have theirs "brexits" to blame.
@ hmmm i was in Germany last week. Looks good to me. Its the UK with councils going bust, crumbling infrastructure, people using food banks in record numbers, people who cant afford to heat their homes. The UK is a mess. Europe doing much better. Even Poland and Ireland outperforming Broke Britain 👍
Yo - keep it in perspective. We're still a lot richer than most. We aren't drowning in floods or melted in unbearable summers. People risk their lives to come here. Don't forget it.
Comment expliquer que depuis le Brexit, l'économie française est passée derrière l'économie britanique (France 7 ème rang, RU 5 ème rang) ? Etrange non ?
To me after seeing so many videos about this I see the main problem in the Uk which I honestly dont think will ever get properly fixed unless its pointed out. Our quality of politicians has completely deteriorated and no one seems to call out on it. We have had 14 years of tory rule where time and time again they have proven to try and "fix" the uk but ultimately lead it to its downfall. Selfish politicians raised in high income areas where they are more focused on how they can get there moneys worth more than anything by having there wife, friends or whoever brings them in money. Its disgusting how stagnant we have become as a nation and how the bureaucracy to get anything done is unbelievable. I firmly believe at this point ideas are only dragged out so that people on the payroll to talk about it can get paid more to discuss every little detail just to "make sure" its all correct when in reality the key problem is the ever growing discussions and conversations that seems to drag it out the most. And whenever something new DOES happen, its London. ALWAYS LONDON first that seems to be the priority a new trainline? lets build the Elizabeth line. HS2? lets start in london and cancel it later on because we cant get it done. The country at the simplest is in dire need to get its workers moving around easier and to promote businesses in other regions so we can actually get the ball rolling. It just always seems like Cities in the uk exist solely to house people and thats it, not real big businesses operating or anything or atleast, no interest into growing those cities so the local community can take advantage of a booming business and grow from there.
UK economic journalists and political parties don't understand that UK entrepreneurial drivers are broken. Weak private investment is a symptom and not a root cause.
I have lost entrepreneurial drive in the UK. My clothes company is now out of business as Euro customers have to pay import, I pay VAT and Import docs charges on top to sell to Europe. So someone from France doesn't have those costs and can under cut me due to Brexit. My other specialist project management company is now out of business due to a blanket view on IR35 implementation across agencies. 2 of my business now ruined that would seed other opportunities.
UK needs immigration. Look at the demographics. The rich countries need the bodies right now and to adopt policies that strengthn college(uni) age individuals to be able to afford housing and to live. Its why birth rates are dropping across the developed world. Its a consumption based economy, consumption is going to slow as populations in the UK, Europe (aside from France and Sweden) age. Japan is a post growth society. SK is heading that way rapidly. China is on the decline.....where is the global market going to come from? The US has a stay of execution, but the demographic bomb is just 20 years away for us. But the US is less trade dependent than other countries, has food and oil independence, and has land borders with its too largest bilateral trade partners, the largest of whom (Mexico) has solid demographics for the next 20 years too. Not that the US shouldnt be taking all of the imigrants. The problems in the UK and the US are similar, they adopted neoliberal policies in the 80s under conservative governments, and have seen the overwhelming majority of profits go to the rich, while the share of taxes the rich pay drops. It was a reverse robinhood program.
@@Bigbudd0045 no you dont, you need immigration because young people arent having kids, young people arent having kids because housing costs are too high, housing costs are too high because old people refuse to allow any new housing because then they wont be able to live off the value of their house that increases from fixed supply. Just build more houses
@@Bigbudd0045 Look for legal immigrants, not illegal ones. Otherwise you are simply looking at modern day slaves, who are not fully protected by local laws.
Brexit. A decision taken in the most trivial way, that had the most profound and serious effect imaginable. Britain. A country obsessed with the most trivial matters, whilst unwilling to promote serious people to senior positions.
We live in a shopping society, no shopping no growth, we have a significant wedge of people with huge wealth and enormous numbers with non. When most places you look at are ran down when weeds grow from public buildings, when the growth is food banks and increased child poverty, where do those people spend their money. They spend it on tax, council tax, energy, and then they are stuck and when this number is 10million or 20million people it impacts the economic activity, less cars get serviced and fixed for instance. When the rich get so very rich they own 90% of everything maybe and hence there wealth grows but no one else’s does the economy declines.
Tory policies from years ago! They wanted a consumer economy. Services and little manufacturing. Remove the power of unions etc. Rot set in years ago but worse now.
A lot people seem to want to do very little to earn than wealth back from the wealthy. They want goverment to plunder it on their behalf. Try and buy something from the avg UK business to test this out. They won't even return your calls.....
@@br5380 Absolutely. The so-called “industrialised” countries (aka 1st World) are increasingly becoming closer to 3rd World with an ever widening gap between extremes of wealth and poverty. I’m surprised that this guy doesn’t know the reason why the U.K. didn’t join the then Common Market back in the 50’s and 60’s was because of De Gaul’s determination to veto any application.
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy >>and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
I usually go with registered representative; Zachery M Demers, He provides a more grounded approach, looking at factors like market demand, regulatory changes, and adoption trends. This approach enable to make informed decisions rather than solely relying on emotional market dynamics
To the people who had nothing and nothing to look forward to brexit has made no difference at all, they still have nothing and nothing to look forward to. Everyone else has lost out.
The sad truth about Brexit was that the citizens of UK and most importantly the UK politicians had too big of an inflated ego or delusion about the current state of UK's affairs, having the mindset that UK were still a great nation/empire that it once was. The power dynamic since it entered into EU had changed with UK becoming over-reliant on the systems created by EU. The main thing that were harped on during the Brexit campaign is seizing back the autonomy of decision making in UK, stopping of its contributions to EU and wanting to put that money back into UK's infrastructure. However they severely underestimated how intrinsically the EU's system which streamlined and benefitted many businesses and workers had been embedded into UK. They thought that they can simply to some minor tweaks here and there, and not have to completely revamp the framework created by EU and meant for EU members.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
As an investor, I would not invest in the UK either. I would rather invest in an EU country because of the strong network and easier expansion opportunities. It's sad to see that the UK is out everywhere, dependent on much bigger global powers. A nationwide referendum on complex issues is apparently not a good idea.
@@2msvalkyrie529 And you would be well advised to stay out of investing when you clearly don't understand the purpose of that report or what it will lead to.
Brexit was pretty much a protest vote, politicians failed to address problems outside of London. The overwhelming amount of areas outside of London voted leave (Scotland excluded). The public was willing to take the risk as they had less to lose. The mad thing is they're still not listening, how much of a hint do you need?
That's the thing with protest votes like this, they often make things even worse, and get hijacked by dishnoest con men like Farage and Trump. At least in case of Trump it's something that's not permanent, but Brexit is like cutting of your hand to protest against bad working conditions and low wages. The hand won't grow back, and you will be disabled for the rest of your life, even poorer, with fewer options, while the corporation you were protesting against will just find a replacement.
Spot on. The EU didn't listen either. The thing about the UK is, it's usually a window into the future for other European nations and now Germany and France are experiencing exactly the same protest.
I remember a lot of people were saying "it couldn't be worse, could it" or words to that effect. (it could and did of course) but I think the overwhelming majority of Brexit voters just believed the govt and media nonsense about holding all the cards and the sunlit uplands and unicorns to come. Sigh
Brexit shows the true colors of English. A sad state of facts. Lack of education, extended poverty, dissapointment in British law, distrust in leaders, etc led to Brexit. UK is a nation in serious decline and Brexit is another symptom.
@jonahwhale9047 Race Relations Act 1976 This act defined "racial grounds" as including "nationality" or "ethnic or national origins". Try google and you'll find almost every major institution in the world follows the same definition. But since you use words such as 'mongrol you are clearly an ignorant racist so I think this conversion should end. There's nothing to be gained from conversing with people like you.
Be careful. As Gove said, the people of this country are sick of experts. Don’t start using facts, that is totally unfair on those who voted to leave the European Union in 2016.
Exactly. Get rid of quangos and dodgy advisors and their supposed expertise and let's reinstate Westminster democracy. Sweep away deference and bring back real accountability. The only thing experts are expert in is covering their arses. I can't believe I'm in agreement with Gove.
Perhaps we are sick of "Experts" who have proven themselves not only ignorant, but malicious, corrupt and useless, having allowed them to rampantly destruct every enjoyable aspect of British lifestyle through the worst form of tumorous state managerialism
Well, true! That massive 'fact' that so called 'experts' gave us about -30% gdp value, who totally weren't all on the Euro gravy-train... We certainly need less of them.
@@Silverfish-qv8ig The Office for Budget Responsibilty assess the current impact of Brexit on GDP as four per cent. FOUR PERCENT of the entire productive output of the UK. That is a HUGE impact. Some communities have felt it much harder than others, of course, but even the wealthy south-east has been hit. 290,000 less jobs in London (independent report by Cambridge econometrics). £140 billion lost as a result of Brexit. Every family in the country worse off - here is what the Cambridge Econometrics report says: “The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year as a result of Brexit, the report reveals.* It also calculates that there are nearly two million fewer jobs overall in the UK due to Brexit - with almost 300,000 fewer jobs in the capital alone.” But continue ignoring independent professional economists and continue believing the likes of Farage and Tice, if you are sick of experts. You have f***ed a perfectly good country and you and your gammon cronies will never be forgiven by present and future generations.
Blair & Labour last in power created Brexit because when all the factory's and economy of local towns was destroyed it was after 1997 more rapidly than ever, in the worst way, Shapland & Petter architectural door set manufacturers gone in 1999 they had at one point 800 people working for them, Clarks shoe factory gone in 2003 over 500 people worked there and Brannam Pottery gone in 2004 that had many hundreds working there, Sussmans and Baidware all these Textiles factories left and this was in my town, when i talk to people about this then would add others they worked at like Phoenix a textiles company or Ayers Grimshaw a manuferting company, all the shops that have come and gone in high street and can not stay in business so what happens with people seeing this in their towns the London centred media calls them racist for voting for Brexit, but when Tescos and ASDA replaced some low level jobs it is nothing to what was lost, this is why we never recovered after 2008 there was nothing to bounce back with, Blair should of done his job and acted but as Textile and manufacturing left my town more this was what i saw when Labour was in power, of course much of this happened before with Torys before but Blair was to busy having his photos taken with pop bands like U2 to of cared about the country he should of been working for and could of turned this around putting in place more high tech manufacturing industries to create wealth, what i do not understand is how it is so hard to recreate wealth for people and not talk of leveling up as if it is a sports game as the local economy was destroyed nothing much replaced it in many parts of the UK, anyone who blames Brexit knows nothing about the UK and how Labour created a poor country, not understanding that London and services industry with people shopping are not how the country should be run base on GDP if the shops are selling things more than the last 3 months. This is all anyone saw this happen to their town or area in the 1990s and before that even, as we had a booming ecommerce in my town was so busy each Thursday to Sunday night people eating out and going to the pubs then after i left School in 1992 i saw factories taken over or close one by one, and this speeds up with Labour in power after 1997 and lack of money all around and when i ask people they say yes this happen in their area, so now London catches up to what happened in the UK, this is why i hate the main stream media as its been decades in the making. If you work for the Government why should you care as your wages are taken out of real hard working peoples taxes and so not doing a real job and just talking the talk is fine, yet the 2 Trillion of debt we are in could of created more money from building businesses yet letting China manufacture what four country's could is fine
The foundations for this economic collapse were laid down by Thatcher. The destruction of the manufacturing has destroyed a huge number of well paying jobs that have never been replaced. The UK now ha son average the poorest 20% of population in Europe, these people are no longer economically active.
@@seriousoldman8997 But did it accelerate the process? Can you provide evidence of that? Maybe it was the failing economic system that led to people to vote Brexit, and if you read the Draghi Report about the EU and the 'slow agony' of decline then maybe it was the smart move? In a burning building being the first out is always the smart move! We won't know for a decade but a sensible young person should probably move to the US. I think the UK is too far gone now and can't be saved and the EU I'm very sceptical will/can reform. It's all very depressing, tbh.
Over my long lifetime, British businesses have always been conservative (small “c”), reluctant to invest, reluctant to innovate. The publicly-owned utilities and railways were privatised, partly for ideological reasons, but mostly because they needed investment and the Tories did not want to pay for that. (It would have required raising taxes.) When the utilities were sold, I recall the Tory government saying that private owners would make the much-needed investment. That was a lie. Of course they would not invest if they could avoid it. The first duty of a company is to maximise return on investment for its shareholders. That means minimising costs. That means no investment. So, the water companies dumped raw sewage in our rivers and on our beaches because the fines were doing so were nothing compared with investment costs.
Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
there is a problem with that theory. The UK economy has had stagnant productivity since 2008, national debt sky rocketed, and the FTSE100 index also stagnated. This was 8 years before the BREXIT referendum, and 12 years before the UK actually left the EU. The UK is still paying for the bank bailouts. THe BOE will conduct more bond auctions to the tune of 100 billion in september/october 2024.
If our economy was in such a state BEFORE brexit ( referendum or actually leaving ) why on earth attempt an experiment with our economy? At the very least the transition period should have been 5, if not 10 years - to give time to adapt, test new border processes etc.
@@jusnewquay you will have to ask that to the powers that be. However there is plenty of evidence that the Uk economy was failing before BREXIT. We can look at things like the cost of living crises, and the national debt. If we compare how GBP has performed over a 10, 20 and 30 year period against the USD as the USD has also been debased, then compare the S and P 500 and NASDAQ against the FTSO100 it is very telling. GBP has been devalued and yet nobody invested in FTSO100 stocks.
@@jusnewquay because the people who really wanted Brexit aren't interested in the UK and it's citizens, they're just interested in how they can make the most from the UK, at this point in time - and the #usefulidiots assisted them...
@@jusnewquay If the way we are doing things isn't working, Why would we change them? - you just asked that. Its not all Brexits fault but some change was needed, but no politician actually wanted to do Brexit promptly and effectively. It dragged on for 3.5 years and 3 PMs! Either way the nation is f'ed, prepare for hard times and a slow decent to 3rd world status. failed roads, failed sewerage, failed water supply all due to lack of investment and aging infrastructure.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Any Brit who has visited Ireland since 2016/17 has clearly noted how robust its economy is, how much business has shifted over from the uk, how much €€ is being spent on infrastructure, on projects up and down the country, (even in N. Ireland (the Republic now the 2nd biggest FDI investor there , after the US) with many from the uk moving across the Irish Sea. If there is any place to hold-up a mirror to the stupidity of Brexit, its the UK's closest neighbour, Ireland
This has definitely happened and there is alot of FDI and tax revenue in Ireland currently but its niave to read too much into that. Several countries in the past 200 years have been in Irelands position where FDI, growth, revenues etc were off the charts but it doesnt last. When it stops who knows but it will come.
That's not true, Ireland is "rich" because it's essentially a tax haven for big companies like Google and Amazon, so they base their work in the EU there which makes the GDP look really high. The cost of living in Ireland is really high and Investment in infrastructure is poor. Just take a drive from the republic of Ireland to Northern Ireland, quite a big difference.
@@Silverfish-qv8ig Thats always going to be the case for a small country. The key thing is how you utilisie that money and time so you can prepare for that inevitable eventuality. The big issue is the lack of joined up thinking across the EU to stand on its own 2 feet. 500m is enough to be more self sufficient and resilient and not so dependant on US or China.
We'll see how that works out. The housing crisis in Ireland is absolutely ridiculous and anti-migrant feeling seems to be widespread. And the gdp figures just tell us what gdp measures and not how life is for most.
And if you knew what you were talking about, you'd know that is impossible! In order to get access to the single market you must be a full member of the EU. That means you need to sort your lack of democracy - the lack of a constitution, an unelected upper house of parliament etc, you must accept the Euro and all major political parties must be in favour of it. Now which part of that do you not understand. And if you wanted to do your usual cherry picking, the 38 regional and national parliaments of the EU states plus the voters in Denmark, France, Ireland and The Netherlands would have to vote to accept it. Which is not going to happen.
If reality was the opposite of what happened because of Brexit.That is if the UK had joined the EU not left the EU the Economic,the UK would have weathered what has happened to Europe really well.Brexit is a disaster and the very least the UK needed. Starmer needs to negotiate some sort of deal that the Norwegian’s managed.The Tory’s had nearly 15yrs to ruin the UK and they did an excellent job doing so.
I think the epephant in the room is the 2008 banking crises that we are still paying for. If you look at the ftso100 since and worker productivity since 2008 it has flatlined. investment is required for productivity growth. BREXIT referendum was in 2016, and we actually left in 2020.
@@sarangistudent8614 You can throw man power at a problem, or you can invest in machinery that will do the same job twice as fast. You then employ skilled staff to maintain said machinery. Lowering costs through this efficiency and therfore improving living standards. Therfore investment is needed to improve productivity for an economy that would not stagnate.
This is absolutely what they should be talking about, the UK is full of low wage, low skill jobs with people who have little to no money to spend in the economy after record high rents, travel and food /energy costs.
I agree with most of what he says except 3 points. He’s of the attitude that it's too difficult to manufacture anything in the UK and that everyone should get a vocational education. 1) No, it's not. We could grants and loans to UK companies to manufacture. Also, stop giving free grants/subsidies to huge corporations. (The PPE scandal) 2) My own experience with vocational education is terrible. I've taken 2 different courses, and neither one I've been able to get a job in, so I've worked in low paying service jobs. Most times, theres 10-20 people applying to 1 job. I'm not against vocational training, but its not the answer to low paying jobs. 3) Relying on the financial sector is the dumbest thing I've ever heard. Its like taking your savings and spending it at a casino. The financial sector is unstable, and with Brexit, it might decide to go to Dublin, Paris, or Frankfurt. This is the stupidity of the British elite who care nothing about the people and live in ivory towers.
The elite are not stupid. They know exactly what they are doing. The stupidity is in the 50% of the electorate that voted to f..k themselves. You can not blame the elite they are a very small minority. Blame the average Muppets that are so easily manipulated.
The UK could be a manufacturing powerhouse… … if it still had access to a free-trade European market and welcomed hard working and skilled laborers from Eastern Europe. Why should businesses invest in manufacturing goods in the uk if they cannot export those goods to the European continent without tariffs and costly border processing? It would make no sense. Manufacture instead in France or Germany or Poland so the goods can be sold free of tariffs into a much larger economic block. Also, for manufacturing, you need to import components and machinery. In a globalized economy, one country cannot make every single part and component and tool better than some other country. Post brexit, the cost and burden of importing parts from Europe grew while the size of the realistically-addressable market for manufactured goods shrank. The uk and Europe have many global companies. It doesn’t make sense for many UK companies to manufacture in the uk. It doesn’t matter if the government invests more to subsidize manufacturing. If uk companies sell more than half of their goods on the European continent and if they have to use parts or machinery from the continent and if they want access to a big pool of young workers, they should manufacture in Poland not the UK. It’s as simple as that. Astrazenica has a factory in poland. Rolls Royce builds ship engines in Germany for the European markets…
@clutteredchicagogarage2720 I mean post Brexit and we have kids in the UK that have to spend there lives working at McDonald's or scrubbing toilets. You can import parts and still assemble it in the UK.
The Anglo American life of a CEO and political party has been about as long term planning as we have suffered. In Germany or Scandi countries CEOs’ tenures and business plans have been decades long and this Thatcherite Milton Friedmanite short termism has betrayed the majority of workers, employees and even businesses. Contrast Microsoft Gates length of tenure or Jobs over all at Apple and the results !!! Britain needs huge investment in high value product manufacturing and the mass decent well paid jobs that go with it
However the problem with the German model (I speak as one who used to work for a German company - a very good employer, no complaints) is that it is very good at managing long term stability and predictability but much less good at dealing with unpredictability and market disruption. And not terrific at identifying and nurturing innovation - unless it is incremental improvement of existing product or process (which they’re very good at). And German managers often aren’t good at responding to the unexpected in a localised way - one of the jokes the Germans used to tell against themselves, but also to tease British colleagues, was that “just wing it” (pronounced “ving” of course) was simply untranslatable into German because it was culturally alien. If things aren’t going to plan, we need to revise the plan, not improvise. There is a fairly deep aversion to risk - “high uncertainty avoidance” as the cultural trainers call it. You can see this in what is happening to the German motor industry - the inventors and barely challenged masters of internal combustion engineering for over a century are struggling to cope with the disruption of the market by a concept that regards the car as simply a mobile electrical appliance and which has no respect for the history of German engineering expertise. I have a lot of time for the “German way” and it works very well in some circumstances - but by no means all. Smart German managers know the shortcomings of their corporate culture and try to modify it by internationalising their management (the same applies to smart French and Brits - not so much Americans). Beware of believing there is “one true way”.
Why were they buffoons? The writer is saying how great Barcelona is and Spain is a net recipient of EU funds. Maybe if we hadn't been a net contributor for so many years we too could also have had new things. There was never any money for the likes of Oldham or Rochdale but the government was never short of cash to send to the EU so it could be spent in Barcelona on electric trams and subsidised fares.
@@robinbreeds9217And ordinary working- class builders,sole traders,engineers,musicians, steel workers, manufacturers, people in finance ( large parts of Essex f' rinstance) fishermen and farmers. But hey, ' cos you don't like ' posh' people you thought it was worth it to commit economic suicide bordering on treason?
Add: In 2022 it was a 100 billion Brexit loss (Bloomberg research ) In 2023 it was a 140 billion Brexit loss (Cambridge econometrics) So the UK is getting poorer and poorer and will be bankrupt in around 10 years.
Brexit had nothing to do with Macro Economics. It was an Eastern Europe Immigration vote. It was basically about less Poles “Comin ere taking our Council Houses and usin our NHS”
Comin’ overe ‘ere… Opening shops, creating small businesses, respecting the law, speaking English, paying taxes, picking our fruit and vegetables, hand-washing our cars, taking jobs that Brits didn’t want to take and working hard in them, going to church…
@@rtfazeberdee3519No. It shows us that capture of the media by the capital class influences people into blaming minorities instead of the said capitalists that caused their problems.
I agree with this analysis but the mandate for Brexit was the result of the 2019 election not just the referendum result. I agree poor productivity is tied to lack of investment and it is a long term issue and problem. Thanks to Paul for his sharing his coherent perspective.
However, I do have a problem with the idea that the UK financial sector is a star performer which the Govt should support on the one hand, sitting side by side with the idea that lack of capital investment is a large part of the reason for poor productivity. Surely a proper functioning financial sector would ensure productive assets are funded and kept up to date. I wonder whether the fact that the ftse100 is comprised largely of US companies means that new UK investment is attracted overseas. A listing in the LSE is expensive and complex and it must be worthwhile for US companies to bother.
The proposition that Brexit is a withdrawal from globalisation is correct. The UK needs to correct the error and restart the single market and the customs union in some way.
@@col.hertford9855 OK. I never claimed they were the same. He studied a Masters in economics at the London School of Economics. He works as an economic journalist. He is using his education to earn a good income. He is applying his education to his work. He can be both things. You can also disagree with his opinion on the matters at hand.
There is no place for experts in the Brexit debate!!! Tory Government Ministers told the electorate that THEY knew better; didn’t you Mr Gove!! If there had been we wouldn’t be in this excremental void!😊
I always agreed with Gove on that point, tbh. A lot of the 'expert' analysis during the referendum was hopeless and if that's the best we can do then best not to listen to them (let alone be guided by them). There's surely a distinction to be drawn between experts in fields capable of understanding and prediction: engineering, science, medicine, etc, and the forecasts of foreign affairs, political and economic experts, etc. The latter were called the 'Dart throwing chimpanzees' for a reason!
Just a total lack of hope in every part of the UK. In the schools teachers don't want to teach, in the hospitals people don't care, your doctor isn't bothered just sends you away, your boss doesn't care he's ok... The whole country is absolutely defeated. I've never felt it so bad but people have given up on this country. People have no out, why train if the wages are so poor that literally working in Tesco is the same money as a starting electrician or carpenter. It's why people voted for Brexit everyone felt let down by the government so let's give them a bloody nose they thought. The current government still doesn't have a clue. Our leader speaks in riddles to simple questions. It's as if he's constantly on the election trail. I am yet to hear one plan that I think wow these guys have a plan that's going to change things. Why would you give civil workers a pay hike when the obvious solution is to train more people to get things on track with better working conditions then once it's turned around pay increases. I actually think they should go on a housing boom but with a government run building firm get people trained while they work. They should be thinking train, train, train in all these sectors with shortages. It is just a consumer economy at the moment and they need to steer away from that as it doesn't give people good quality work.
I sort of half-admire what you're saying but the country is totally finished and there's no coming back from here. It's gone and we should admit it. Just too many clowns in charge and the political class is beyond saving (Hancock and Truss, really!) Young person should emigrate if they can. Head west still seems to be the best advice.
"Hey, what should i wear for the interview?" "Not sure. Business casual?" "Oh, you mean bike shorts and a baby blue fleece?" "No, that's not what I-" "See you Monday, chap!"
As a beginner, it's essential for you to have a mentor to keep you accountable. I suggest Miss Nancy William's Laplace is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.
England is 2nd most densely populated country in Europe. 0.5 acres per person. America has 7 per person and France 2.7 as comparison bearing in mind France has same size population. 10% of England is built on, 70% for farming and food production while still importing 51% of what we eat, 20% woodland/green space. We are approx 6million homes short for our population with a ideal ratio being 2.4 people per dwelling. Record numbers arriving every year, to compare windrush was 500k people over the span of 15years so around 33k per year and last year 1.2m people came in one year alone. Some may be coming as a benefit but some not so much. 1million Chinese are now here with an employment rate of 51% and of that number 320k are employed as landlords and now make up 10% of UK landlords which is a 100% increase from the 5% it was in 2020. Are these people adding to our society by taking up housing while not contributing and also making a living off the back of renters priced out of ownership. Bigger GDP means nothing if there still isn't enough resources to go around hence why prices get pushed higher and higher. MASS immigration has not made us better.
Visas for study includes students are part of the migrant influx. These are NOT permanent migrants. Please learn how this system works. 'In the year ending June 2024, 1.16 million visas were granted for work, study or family reasons (including dependants)'. We require trade with Europe. It has devalued the economy to be out of the EU. Migrants help as they contribute to economy. Remember the skills' gap as employees won't pay British workers enough or there are poor transport links and people can't commute but migrants somehow do? The NHS needs migrants to fill nurses' roles and Dr's roles. Take away migrants and the NHS collapses. Please educate yourself.
@@tdtm82 Yes but we've heard this line for the past 20-odd years and surely by now we would have seen the benefits of mass immigration? How is it that wages are little higher and yet housing and public services are now almost luxuries? It's almost as though immigrants do add to the demand in an economy and so make almost no difference to the host population? I find the whole thing baffling, tbh. We've added 17% to our population since 2000 and the infrastructure simply hasn't been upgraded to match. Germany, on the other hand, has added about 2% and they're turning far-right! We have to be careful with too much of a good thing.
@@Lawrence4000-s3k Well with 14 years of bad public management by the Tories explains some of this. England has colonised or invaded a crazy number of percentage of the world. People want to come here because they think it is better but it is not. Then they get stuck and do not have the ability to get home. I worked in the NHS. Without migrants it would have collaipsed. Why do you not like migrants? What did they do to you? Have you traced your own family history?
@@tdtm82 But I said migration is a good thing so how do you work out I dislike migrants? This is a very left-wing thing to do - accuse your opponents of racism without any cause. I'm concerned, of course, at the numbers but so is every sensible person. Do you suggest we could take an additional 300 million or so? (hey, pick any number you like because you can't discriminate, after all) The UK has had a huge population increase in the last 20 years. I gave the example of the UK and Germany. Had Germany had the same population increase as the UK they would have an additional 13 million people. Do you really think Germany could absorb that many without serious societal problems and yet that is what the UK has taken so far. At the moment population growth is outstripping house building so the present housing crisis is only getting worse. I suppose you will say population growth has no effect on housing (the Bank of England says otherwise but facts rarely matter to people like you)
A fantasy 'what if figure'. If these things are to be taken seriously you should really lead on the estimated 20% (600Billion) we loose annually for not joing the Euro.
In America, we understand how territory, size, acreage, are so important for a country. It's a point of pride for us, to talk about our wide open spaces. Having good influence and relations with our neighbors is crucial as well. That's why many of us were confused when the UK, a postage stamp of land, started saying it was going to break off from Europe and thrive on their own, turning their backs on the giants around them. We wished them well, but aren't surprised it hasn't worked out.
Capitalism is a rigged economic system against the world's workers. Capitalism evolved in the 17th century. Capitalism wasn't designed to be good for working people.
@@claudermiller Capitalism was never designed to be good for the majority of people. Capitalism is a rigged economic system against the world's workers.
Good point. Some people claimed it and carried on working at the same time. Makes my blood boil that does, especially as someone who didn’t get furlough and now has to pay for it in tax.
Dearie me. I can’t be doing with these laconic toffs and their long pauses. Then they don’t say anything of interest. Ollie, why don’t you interview some left wing economists?
You beat me too this comment, I will say they have interviewed yanis varoufakis and some other left to leftish economists but the interview I just watched was possibly the most boring thing I've listened to in a long time, the guy said absolutely nothing interesting
Not so nieve, 1. Long-term Productivity Growth • Capital investment (e.g., machinery, technology, infrastructure) enhances productivity. A business that relies only on labor, imported or not, may not achieve the same efficiency gains that capital-intensive investments can offer. In the long run, productivity is key to competitiveness. • Training investment improves the skills of the workforce, leading to better innovation, higher-quality products or services, and reduced errors. A highly trained workforce is a strategic asset. 2. Sustainability of Imported Labor • Dependency risks: Relying on imported labor creates a dependency on external sources, which can be disrupted by political, economic, or logistical changes (e.g., changes in immigration laws or labor market conditions). • Supply shortages: If the supply of labor from other countries diminishes due to population changes or rising living standards abroad, the business could face severe staffing shortages. 3. Cost Implications • Imported labor costs: While imported labor may initially seem cheaper, it is subject to fluctuations in immigration policy, currency exchange rates, transportation costs, and housing expenses for migrant workers. • Capital investment as a long-term cost saver: Machines or automated systems, once installed, require less ongoing expenditure than a large labor force, which requires salaries, benefits, and management oversight. 4. Innovation and Competitiveness • Technological advancements: Countries that focus on investing in capital and training develop the ability to innovate, create new products, and remain competitive globally. Importing labor alone cannot drive innovation. • Competitive advantage: Companies that invest in cutting-edge technologies and highly skilled workers are more likely to create unique products or services that cannot be easily replicated. 5. Worker Quality and Expertise • Skill gaps: Imported labor may not always have the skills required for more advanced tasks. Investing in local workforce training ensures that businesses have employees with the specific expertise needed for complex operations. • Cultural and regulatory differences: Imported workers may lack familiarity with local laws, safety regulations, or business practices, which could lead to inefficiencies or legal issues. 6. Economic and Social Impact • Local job creation: Investing in training and capital promotes local employment and helps reduce unemployment. A skilled workforce contributes more to the local economy, increasing consumer spending and supporting other industries. • Social stability: Over-reliance on imported labor can create tensions in local communities, especially if locals feel they are being displaced. Investing in domestic labor reduces potential for social discord. 7. Employee Retention and Morale • Retention: A well-trained and skilled workforce is more likely to feel valued, leading to better job satisfaction, reduced turnover, and higher retention rates. Companies that invest in their employees often see stronger loyalty. • Career development: Investing in employee training helps build long-term careers, which benefits both the employees and the company through improved expertise and leadership development. 8. Technological Adaptation and Future-readiness • Automation and AI: As technology continues to evolve, businesses that invest in capital and training will be better positioned to integrate automation and artificial intelligence into their operations. Over-reliance on labor, especially manual labor, could put them at a disadvantage when these technologies become more widespread. 9. Environmental and Ethical Considerations • Sustainability: Many modern businesses focus on sustainability and reducing their environmental footprint. Capital investments in energy-efficient technologies and training employees to use them can lead to lower emissions and a better environmental record. • Ethical labor practices: Importing labor, especially from developing countries, can sometimes involve exploitation or poor working conditions. Businesses investing in local labor and ethical practices are more likely to avoid reputational and legal risks. 10. Flexibility and Innovation Potential • Agility: A well-trained workforce and capital investments allow a company to pivot quickly and adapt to new market trends or technological changes. Labor alone does not provide the flexibility needed to keep up with rapid innovation cycles. • Internal innovation: Employees with advanced training are more likely to contribute new ideas and improvements to the business, fueling innovation from within. Conclusion: Relying solely on importing labor without investing in capital or training is a short-sighted approach. Capital and training investment drive productivity, innovation, economic sustainability, and long-term competitiveness, which are essential for thriving in a globalized economy.
It's so strange to argue for higher taxes; you can't tax your way to growth!The UK has 515,000 Civil Servants (that's not including the police, teachers, army or NHS). Government spending needs to be cut and taxes brought down! I'm paying 20% Income Tax + 8% NI + 9% Student Loan + 5% pension + 20% VAT + Council Tax + Fule Duty + Car Tax. When is enouph enouph???
I'm from Ireland. We're doing ok now but we went close to leaving the EU. The trade associated with the Good Friday Agreement has greatly benefited the North and South of Ireland. The Scots miss the trade with the EU but strangely the English and the Welsh don't seem to. I find the situation odd.
"Much less influential outside than inside"... he's concerned with power, Power, do you hear me? POWER. Interestingly, that's what the referendum was about. It was about abandoning unresponsive and unaccountable governance by persons the public could not remove from office and reverting to a representative democracy. While this economist focuses on the power of the ruling elite, the referendum was about the power of the ordinary person. The pro-EU faction only ever carp on about economics because they have no case on the political dimension of EU membership. Imagine them trying to produce a cogent case for the abandonment of democracy. They can't. That's why they haven't. That's why the pro-EU faction only ever mention economic consequences of the change which was made to make our politicians answerable to the public.
The economic arguments are pretty weak too. It's all modeling and one thing you can say about modeling is it always shows what the modeler wants it to show.
Having been in the EU for 40+ years, Cornwall ended up the 2nd poorest region of the whole of Northern Europe (the other 8 of the ‘top’ 10 were also in the UK). The EU may have been good for London (incidentally the richest region of the EU - and coincidentally the region that determines where all the money, sucked out of the UK is redistributed - Strange that !!) but the EU wasn’t great for most other places in the UK.
@@rogerk6180 It all but obliterated the fishing industry down here. But who really knows, we may have ended up the poorest region without the EU’s assistance, instead of the 2nd poorest. The point being, a lot of the country didn’t really notice a lot of benefits except for London. Who coincidentally voted to stay in, so perhaps there’s a correlation there ?
@@gaztambo139 a lot of the auto industry was directed to northern england by the eu because that region was one of the less developed at the time in the union after the mining etc disapeared. Prior to when the eastern countries joined at least, after that priority understandibly shifted away from western european countries. There was also a lot of investment in schooling, infrastructure and communities initiated by the eu. The eu does try to manage and assist in these things to get regions kickstarted and level the playing field a big chunk of membership fees goes towards these efforts all across the union. But there is a limit to what it ultimatly can do if the domestic government does not invest further themselves in order to make the most of these opertunities. There are now reports comming forward where communities are now noticing things disapearing because they had no idea that they where supported by the eu. I think this was a big part of the problem in general. In other countries it is made perfectly clear what the eu is involved with. Both to be transparent about the work it does and the influence it has to the public but also to ensure support for eu membership by showing the positive outcomes it has for citzens. To me at least it seems that the uk government rather took credit for this stuff themselves and used it as an excuse to not have to invest itself. But this is just an outsiders view in the end. But if you only hear about some bad things, usually without further context or explanation to why it is important from an union context and never hear anything about positive contributions and outcomes it can quickly create a distorted view about what the eu actually is, what it does and how it impacts peoples lives.
I wonder how many years it will be before we look back at this kind of talk as being out of date. We are sleep walking into a disaster of epic proportions only a few years away and even the most respected journalists are talking about business as usual. I'm not sure if it's naivety or ignorance but unlimited growth in a debt based economy on a planet with finite resources is just insanity and is the easiest way to send everyone over a cliff within the next 15 years.
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As a British expat living in Austria it amazes me how all the problems we are having on the mainland we blame on incompetence, and we have literally the exact same issues. and yet in Britain you all just blame it on Brexit, which is absolutely pathetic.
Australia is approximately 35 times bigger than the whole of the UK. The UK is around 243,610 sq km whereas Australia is around 7,741,220 sq km. Yet Britain is the "mainland"? Did you say you are an expat or a cowpat?
how could some British master live, without pointing to Germany when supposedly approbiate? Germany is in a transition period, at the end we will see new businesss models and a modernized up-to-date industrial structure, whereas Britain is in bondage by public debt and self isolation and just spiralling downwards.
Well that is a popular myth However in order to sink to the current levels of quality of life in the Uk, Germany needs to to be in recession for at least 20 years and the Uk growing in that period. And Germany will recover again as society here accepts changes only when in crisis and contrary to the Uk, Germany has a political structure which is - due to total defeat 1945 - relatively modern - decentralisation, voting system, society which looks for coalitions, no monarchy, no bullshit house of lords, strong juisdiction, a constitution 90 percent of population trusts etc etc. And it id in the EU. So a year or two with kess growth than the Uk is a scratch , but not existential.
Hmmm Germany just overtook Japan and is now the 3rd largest economy on earth. Not doing that bad eh the Germans. I bought a BMW last week too bet that annoys you
UK suffers tremendously from the baggage of the British Empire. A hundred years ago Brits ruled the world. When the UK spoke, it mattered. But then the Empire evaporated in only a couple of decades after WWII, and the UK became just another European country, which they found impossible to accept.
@CmdrTobs it's more the truth than a meme
@@Evemeister12 it is a bad meme, it's pretty entertaining watching them spuriously relate everything back to 'empire'.
@@CmdrTobs
What has it got to do with “lefty liberals?”
NYT is pushing for Trump. …?
@@alee3079 NYT published an infmously panned peice written by a British nobody parroting some wired empire nonsense reason for Brexit.
Lefty Liberals in the main are obsessed with empire and 'decolonising' can easily see links between India, Atlantic slave trade and Brexit all from their London flats.
Why? You tell me. My best guess is when you are a hammer, all you see is nails.
@@CmdrTobs I remember seeing the Brexiteer hand made placards on the night we left the EU, they used red white and blue paint to say 'Britannia Rules' what was that refereing to?
I've said, from outside looking in, that the UK, England in particular, is the least self-aware country on Earth. Brexit was just a symptom of that.
That's a polite way of saying 'pig-ignorant'! Though I mostly blame Murdoch, the appalling standard of modern history education in our schools definitely hasn't helped - When I was at school, we did from Julius Caeser via the Vikings to the Norman Invasion, stopped off briefly with Henry VIII before skipping forward to Elizabeth and the Spanish Armada. Then we'd cycle back to the Romans and Boudicca to start over.
I thought this must surely have been remedied since I was at school half a century ago, but my 19 year old informs me that very little has changed - though they did at least mention the Industrial Revolution, he never even got as far as the 20th century. Not very a good basis to make decisions about the UK's role in the modern world.
The trash rightwing media (really, just stenographers for the old-money rich) certainly don’t help. They are major contributors to the anti-intellectual climate in this country
@@julian.morganwe studied 20th century history for my o- level with a particular empathise on the ..rise of Stalin and Hitler. That was in the 1980's I also lived in France in the 1990s and speak fluent French. I have come to see Brexit as good thing to be honest. Although I wasn't in favour at the time. It's amazing how an economist can talk so much nonsense tbh. The British middle classes have some kind of Stockholm syndrome over the EU.
@@matthewhalsall5743 anyone that has the slightest knowledge about economics knew that leaving the EU wouid have been a massacre, especially for the middle class
@@MrKare01 give an example? The universities? well they lose money on every student who pays "home fees" as the EU students were. This is my problem not that you are wrong, just that every example i personally know about, remainers lied about. Too much lying on all sides
Its kind of foolish and arrogant to think you can survive all by yourself as a country with all these large economic entities in the world. We Dutch don't like the EU very much, but we realize we are too small to make a difference. The same goes for Brittan.
Who’s Brittan
@@easterlinear Excuses me: Britain
Do not talk for other people, I am Dutch as well however I disagree strongly 😊
@@Bramfly you also have no empire anymore get over it. a big piece of Dutch GDP comes from movements of good to other EU country's via Rotterdam, Schiphol and all the different trucking company's. another big chunk is services [mostly tech companies] that have their European headquarters there.
Who is “we Dutch”?
It's interesting how over the last months these voices of concerns about the actual cost of immigration are coming up. I have looked on in disbelief as we were told that getting rid of things like the nursing bursary was a great idea and then having to bring in huge numbers of nurses and their dependents to offset the loss of skill. All while keeping the wage low enough to not be liveable. Genius move people!
Check out all the promises regarding privatisation of utilities back in the 80's & 90's - and now...
It's nonsense -the ringleaders of Brexit want you talking about Brexit to distract you from the real reason the British economy is underperforming.
Someone gets it! I'm for or against immigration, ethno-states, sovereignty/ borders. Why? The bottom line is that "they" don't want to pay anybody, no one, regardless of race or nationality.
Antinational Globalists with the maths skills of a cabbage have ruled The West for decades, and US Libs started it. Blame them.. and as a non-fake Green in a fake-Green NWO I voted for Economic Collapse - proper collapse, with at least 10 million people LEAVING. Obviously I knew this wouldn't happen but there's still time. UK has to collapse while the rest of the world doesn't - very unlikely.
England is built on stealing wealth and labour from everyone else. You can't run a society on English people.
Brexit, Brexit, Brexit. Without a doubt the most stupid thing any country could have done to itself. Any idea that we can return to 3% growth by cutting off our largest trading partner is laughable.
the EU has major trading partners who are not in the EU.. You don't need to be in the EU to trade with it.. and if Brexit is such a disaster how come 40000 people every year risk their necks to get out of the EU to come to the UK..There are no dinghies going from Dover to Calais
@@dolmen6613 I am not sure if you are trolling or did not even think for 1min why people still come to the UK and answer your own question.
@@dolmen6613 The 40 000 a year coming here aren’t from the EU are they? So we reject Europeans who look like us, pray to the same God, by and large share one of our two main religions (Catholicism or Protestant ), and who after being here for 1 generation are wholly assimilated and British and then open the flood gates to the rest of the world. Then Brexiter’s like you wonder why we have problems. And this of course is weaponised by the right wing. Let’s not even start on the economic impact of all this. We don’t have a decent trading relationship with the EU because that’s what Brexiteers wanted. And the EU quite rightly isn’t going to offer us any ‘special deal’ after we thumbed our noses at them. But, let me ask this: if we were such hotshots how come our governments subsequent to Brexit haven’t signed up trade deals with those other trade partners and boosted the UK economy above and beyond the EU as the Brexiteers promised?
Unfortunately the slowest growing economy in the G7.....is Germany. !!
Was that due to Brexit...??😂
@@dolmen6613 There weren't any dinghies before Brexit. Brexit has made our borders more porous. Brexit has been a disaster.
I watched the UK going down the toilet in the '60s and early '70s only to be saved by joining the EEC, so I never had any doubt that Brexit was going to be disastrous for the economy. Now I can say I told you so, from the safe distance of California.
You should place the blame solely on David Cameron. He took the risk and called a referendum on the UK's membership in the EU.
The kingdom barely remained "united" after the Scottish Independence Referendum, so why cause so much uncertainty?
Regardless of Brexit outcome, and the inevitable negative economic impact, the United Kingdom will survive.
Britain is a rich and highly influential great power with the capability of modernizing and adapting to remain competitive.
Russian interference.
@@RiteMoEquations😂😂😂😂
@@RiteMoEquations "Britain is a rich and highly influential great power with the capability of modernizing and adapting to remain competitive." I'm not sure about 'great' power (and even less sure that really matters) but the rest of this is spot on.
Too many people here talk about 'disaster', etc and that's simply unwarranted. We've merely changed our terms of trade with an export partner who takes 42% of our exports (and declining since 2000). That's not a disaster and exports have held-up surprisingly well.
There's so many more important things than Brexit that we need to get right: housing, education, infrastructure, public services, etc. The good news is we can address these things. How much gdp growth do we miss because we don't build houses owing to dysfunctional planning rules (construction is 7% of gdp - we need to double housebuilding so easy gains to be had )
@@ennediend2865 All the old fools being assailed by Russian Twitter-bots, I suppose 🙄
Sick man of Europe before joining the EU…reverting back to the sick man of Europe since Brexiting.
Lonely Sick man
@@arbjful Straight-up 💯👍🏻
Now that it no longer has cheap ruzzian gas and China is taking it's market share, germany is now the sick man of Europe and needs to quickly pivot the foundation of it's economy or soon it will be in irreversible and terminal economic decline.
@NativeAuslander
Complete bullshit based on profound ignorance.
Self inflicted 😂
By a narrow vote, the UK buggered itself with Brexit.
Don't forget to say thank you to Mr Murdoc.
Gotcha back for all those parking tickets
Russia’s information weaponry is like a scalpel. Surgically precise and immensely destructive
Whom the gods wish to punish they first make mad.
I live in Barcelona and i see new investment in public transport every week (new Subway trains, new electric buses
, trams, bike lanes, etc etc etc etc) while the monthly cost of a travel ticket for unlimited public travel is 20€s per month!!! its incredible value because it public run (not peeling off profits for shareholders). There is a Nationsl High speeds Train highway to 3 more cities(Above Existing connections between Barcelona, Madrid and Seville. Its so cheap, business people prefer the train. Nobody complains, it works well and is fantastic value..Investment in uk goes into shareholders pockets, thats why project prices go through the roof…Even the UK government is privatised and becoming more like the USA…Saddled witb debt and a huge cost of livibg for the majotity
Shareholders ARE investors, so you are clearly confused.
@@CmdrTobs So, are shareholders in Boeing for example investing in the company? Or is Boeing trying to cut costs so they can please shareholders and in the process ruin the company? Are shareholders in the UK´s water systems "investors"? Or are they also trying to make profits from NOT investing in the necessary infrastructure and thereby destroying the water system. In the end the taxpayer might have to foot the bill...
Germany has currently "problems" with its rail system, but nothing compared to Britain´s mess. They too have a 39 euro a month ticket and that includes all trains, underground, tram, busses, ferries in every city and it covers the whole country. That is right !! You can travel north to south and use all the cities metro services for a whole month at a cost of 39 euros... Also, universities are free in Germany... Rent is a lot lower than in the UK. In many cities there is also free kindergarten care. The UK is a mess. Thanks to Thatcher privatising everything...
@@CmdrTobs possibly the commenter is alluding to the ticket price differential and the amount the companies shareholders are extracting in profits. €20 euros a month for clean efficient public transport government subsidised by only 30% seems almost in comparable to the UK, it has been like this in Barcelona for in excess of twenty years as I used the system myself in the past. The UK on the other hand charges £10 to travel 12 miles on an old late dirty train in one direction, something would appear to be going very wrong.
The problems with government infrastructure projects in the UK are legion, and inherent - leaving the EU is pretty much irrelevant to them. For some reason the people who administer the finances either don't pay attention, or think that haemorrhaging money is a good thing.
I was subcontracted to do some IT work for a large potential railway project (HS2), and the overall contract for the project I was on was £50K per day. I asked for the deadline, and was told there wasn't one - so what impetus was there for us to get the work done quickly? In fact it was the inverse, everyone was stringing it out. All government contracts are more or less like that; in work for a private company they might pay the same amount (maybe more), but you get a deadline, and if you're not finished by that deadline you have to start paying them back at the rate of the contracted amount.
I met a Brit in Thailand years ago who explained to me why he supported Brexit during the debate leading to the vote. I heard him out. I offered no opinion, but on the inside I was just shaking my head.
Entertain us. Tell us what he said.
I’m an American so obviously I really have no right to say anything about this, but when this was going on, I thought to myself are they going to vote for something as ridiculous as this? Do they not understand how isolated they will be? I’m sad for the people that have lost their livelihoods be because of some of the shenanigans that happenedwith the voting, that is much like what happened with Republicans in our country over the last several years. I sure hope it gets straightened out soon.
@@mishkalarsoncreations Of course you have a right to weigh in, but that doesn't necessarily mean you have the foggiest idea about it. A lot of lefty Americans drew false parallels between their politics and our Brexit. Are we isolated? No.
“Are we isolated?”
Yes you are, as numerous serious people in the military and intelligence communities have clearly stated.
It's because The EU is a central powerbase and was becoming authority on everything. It was not about just the financial aspect, it was about telling them to fuck off primarily 🎉
AS an american you must realsie that the lunacy of voting against your own interests is hardly a peculiarly British phenomenon.....
May I politely disagree with you having no right to say something about Brexit for being an American? In this day and age where the world is more and more interconnected, a domestic major decision like Brexit do have an impact far far beyond the British shores. Concerned people all over the globe should have the right to have a say, if not vote. By the way, regarding SCOTUS ruling on Presidential immunity, I strongly believe that....
The torie lies and promised everything and delivered nothing but more lies.
Whats Labour doing different?
@adtastic1533 they're both rubbish!
@@adtastic1533 trying to fix the issues caused by 14 years of Tory Govts, how long would YOU need to do this?
Well not strictly true 🤔 with respect ☺️ they did deliver a massive wealth shift from the many to the already rich few 😔 just one example, the £45 million increase in the Kings “wage”- sad times 😢 we are in trouble…
They all lie, most can't bear the truth so you can't fix it. Nothing will changrle much.
Brexit was and is always going to be an economic disaster. People had a utopian fantasy of what Britain can do. The truth is that we don’t manufacture or produce much anymore, we import more than we export = national debt. We have sold off all our infrastructure; water, energy, transportation etc. The average salary is far far below the average cost of living particularly in London.
This country needs a significant rebuild and to try and move it away from a service led economy which effectively only benefits a small % of people and makes us vulnerable to external economic factors such as wars, crashes, currency fluctuations etc
Hit the nail on the head my friend. You are correct! We can’t offer the world anything that they can’t do themselves or get cheaper elsewhere. Scottish whiskey, cheddar cheese and Welsh lamb just won’t cut it! British people still believe we are a power! We aren’t! Punched above and beyond our means for decades! It’s a slow painful decline.
Get out while if you can.
I think this is a little despondent. the UK is still a lead in technical services, with British engineering, Medical research, education systems and Economic services being exported globally.
We should be producing more and we need to reconsider the social system against tax. Either tax has to go up or the services have to go down. either option upsets people, but we cant afford what we have currently... Its a hard choice but either we do away with the NHS, The pension system or the benefits system. currently we are trimming all three and they will soon be unserviceable. We have a cost of living crisis, so more tax on the worker will likely drive them under the bread line and a wealth tax will drive off investors.
Long Short, Life is going to get a lot harder before it gets better, we are spending more than we earn.
I totally get what you are saying. And may be some truth. But Unfortunately we aren’t what we once was. All people say is” if you look at the figures”. I’m
Sorry but keep looking at them and I’ll look at what’s happening in the real world with my own eyes and listening with my own ears. We don’t produce, manufacture or build anything. I’m 39 years old worked all over the world in oil/gas. I can say one thing. The uk is a spiced up third world country.
Because of all those things you mentioned, the nhs, benefit system or what have you. But like you said…. It’s failed! But let’s keep doing what we’ve always done and raise the taxes on the “ working” people.
This country is done and it’s no more than we deserve! The people including myself have sat by and let the country decline in front of our own very eyes. My friend it will be further decline and decay for years to come. You can tax 90% and it’s still not enough to pay what goes out. Hard lessons must be had - However the public won’t like it. It will take a very brave man/woman to turn this country round. No one is interested. Everyone is trying to suck whatever blood is left in the stone before its eventual collapse.
We have always been importing more than we’ve been exporting for decades, Brexit has just multiplied that effect and made previous imports twice as expensive as we are now outside the EU trading tariffs (effectively we are voluntary paying twice as much for our imports)
Salaries do need to go up considerably when they have barely increased since 2008 people are losing so much on rent, income tax, council tax, student debt, energy and transport but companies are still achieving record profits/revenue.
The UK needs some serious economic reform to solve what is long term economic decline outside of GDP figures and support sustainable growth across the whole economy, which I don’t see any government looking to achieve or solve at the moment.
@@matthewcarson5374
Oh and look another nail in the coffin , just released - Harland and Wolff ship building goes into administration! vital industry that a "great power" like Britain needs but its gone! never to return!. just add it to the Steal works in south wales that's gone this month! the slow closing down of the refinery in grangemouth. give it 6 months and British Steel up north in Scunthorpe will be gone. thousands of jobs never to return.
BUT BUT !! HANG ON!! LETS LOOK AT THE FIGURES. HAHAHA! its a joke! laughable.
One of the two 2016 Russian influence campaigns that accomplished its objective.
Is it your ignorance or misinformation campaign?
If not for Mr Murdock's media outlets spewing hatred every day people would vote to stay.
@@ConstructiveMinds100 The media has failed people like you big time.
@@ConstructiveMinds100 no, it's facts - do some reading
@@ConstructiveMinds100so... why boris hid the official 3:25 report about tory and brexit funding?
Blaming the Russians for each and every negative thing in the west gets a bit boring now...take some accountability for once in your life.
Who could have foreseen that Brexit would be a bad idea 😏
The pandemic which no one could have seen just around the corner from BREXIT has made the decision to leave disastrous for the economy and quality of life for many. That compounded by the two more recent wars which have shot up inflation and housing costs across the world has made life miserable for many in the the UK.
I'd say that keeping the billions to yourself instead of pouring it into the black hole that is the EU, and being boss over your own country is a pretty strong incentive. I guess it would be unrealistic to expect a switchover of this magnitude taking place without any hurdles. World economics, childish retribution from the EU, and bad leadership could also intensify the issues.
@@renevanderkraats224 looks like the EU was not such a black hole after all. Having access to such a huge market next door, having the freedom of movement for young European workers to contribute to the UK. It's ok, now instead of Polish people you can have 1 million Pakistanis entering a country with a dying economy and collapsing social services.
@@MihaiRUdeROHuge market, lol? Bankrupt market! Then again, all these booming markets across the Mediterranean - Eastern Europe with their huge salaries - benefits the Uk could only dream & zero unemployment..... not!!
Nothing to do with Brexit -- the bankers who want to own/control Europe are punishing Britain for having the gall to want to not be under their roof. Nothing new and predictable
At last people are talking about the main failure of Brexit being the way that Cameron's government allowed the issue to be voted upon in a media-frenzied referendum with no guard rails, so little understanding by the public and so little education to the public. So arrogant. He should be in jail.
But that's democracy and how every election is run. At least in the EU ref we were only voting on a narrow issue. If you think the public are unqualified to make that decision then every general election has to be illegitimate as it covers a multitude of policy areas.
What 'guard-rails' would you suggest? No doubt ones that would favour Remain! Should any 'rejoin' referendum have a threshold of say 60% you would disagree no doubt.
You lost the vote and all the subsequent general elections so the people did have multiple chances to reconsider and they didn't so we are where we are. We need to accept it and move on.
@@Lawrence4000-s3k Your divisive response is common. Instead of discussion you create gang warfare. Animosity armed with assumption. And this is all exactly what was wrong at the time. Much of the public thought some of our sensationalised political figures were actually telling the truth and the main media, instead of trying to educate as it once did, promotes extreme views. Guard rails are things like making politicians accountable for what they say. While that does not happen then change must only allowed to be very slow and gradual. A big problem here was Cameron’s arrogance and disconnect with the public in thinking that they would not shoot themselves in the foot to get new shoes.
@@Lawrence4000-s3k It appears my reply has been deleted because discussion is impossible through YT comments. I will repeat just one point. The guardrail I suggest is to make people, particularly politicians, responsible for what they claim. If society does not do that and then allows one of the biggest liars in the episode to become prime minister then I think independant reasonable thinking is not happening. Is that democracy?
@@jam99 Strange that you've also noticed the deleted posts problem. I thought it was just me. Am not sure if it isn't often the channel owner who deletes comments rather than the algorithm (if you provide stats that contradict them, for example, the post often disappears ). I've had plenty of racist comments aimed at me and those posts don't get deleted.
I'm not sure it would be possible to put in place 'guardrails' however desirable such a thing might be - who would decide what was untrue? These are essentially political views and I don't want to go down the route of censoring certain viewpoints on the grounds that something they believe is a lie.
I presume you are referring to Boris Johnson and Brexit but there were plenty of lies told on the other side (arguably more lies and from people and institutions that should be held to a higher standard). And couldn't we argue today that Kier Starmer lied to gain power in the most recent election? He didn't tell me he was going to let pensioners freeze.
I prefer to leave it to the electorate all things considered.
The hope might lie in AI - that could very possibly provide real time fact-checking and impartial analysis and that would be very interesting! I wish it could do it for a lot of the posts I see on here, tbh!
@@Lawrence4000-s3k Lying and omission are two different things. Someone cannot be expected to declare in advance something they have not yet decided. Deceit is what we should not have. You ask who would decide what is untrue. That is what we have democracy for. If we do not hold politicians to account for what they have said then what is the point in having them? It means they can say whatever they like simply for popularity. And this is where western democracies are failing. Democracy then becomes dictatorship. Public deceit by authorities should be seen as a far bigger evil than currently it appears to me.
Most of the public ARE too little educated to ask themselves the right questions when they hear a talking head. Everybody is not an expert in everything and very few are experts in anything. It is always down to a tiny number of people to battle for integrity. It is the tiny number that upholds democracy and yet the vote is given to all, with the media wielding so much power.
AI? You do know that it is an excellent facade to hind an agenda behind don't you? Great idea but they are not impartial and never will be. An excellent way to hide bias, and avoid responsibility and accountability. It literally is, "computer says no - it's not me". Right now the general public is clueless that different AIs might be different. They just think "AI". Most people had/have no clue that ChatGPT can lie because it's primary aim is to give you an answer, any popular or made up answer, as long as it is convincing.
The empire is gone but still lives on in the british identity
That is it, sadly
@@greifvillum Yep , that British superiority complex.
Of course you are generalising but please do not forget that there are very, very many Britons who are pleased that the Empire has gone.
People of England fell to a con, it happens, but rarely are they THIS devastating and costly.
Watch the US in two years.. if that long. People are stupid. We’re headed into an inevitable economic downturn and we overwhelmingly elected a felon whose primary modus operandi is to increase his own wealth and power plus feed his ego. Yeah, I wasn’t thrilled about Harris but at least she had real, actionable plans.
Sorry, but working in England I was conned by English many times...and finally you conned yourself now 😂
So he's saying that the government doesn't have any money to spend (on public infrastructure and services), at the same time that business investment is low.
So the government isn't getting enough money (from "something"). And rich people aren't spending their wealth (which means they're saving it or putting it into non-productive assets like housing).
Money missing meanwhile rich people are storing a lot of money. Hmmmmm. What could this mean?
Tax the rich. Redistribute wealth.
Just stirring the pot doesent make any more soup
@@Xanderbelle
Economists: Tax the rich
Random wagie : 🤮🤮🤮 I will physically harm myself before letting this happen
@@Xanderbelle finish High School, I am fairly certain you will learn some economics, then come back and look at the utter poppycock you wrote.
@@Xanderbelle Lovely metaphor... but...The economy is not a soup.
It means that the rich have the finance to weather any financial storm, whilst the average family has not.
One of the most glaringly obvious problems with our Economy is the lack of capital investment on the part of the both Public and Private sector.
No, it is the two-party system. Democracy version 1.0 is plain bad at handling adversity. Even if Labour succeeds the traitors will come along with smarm and pressed suits at destroy it all in another 10 years.
But who is going to doing to do all the work? All the skilled polish worker returned because Poland's Economy is booming.
Germany is now the worlds 3rd largest economy and all my German friends say that they are loving Brexit as all the jobs are going there!
It's in a depression while UK economy is now in good growth.
@@benbim540, it's in depression since we are cut from cheap gas from Russia. Before we had the biggest gold rush since the Wirtschaftswunder times. For example, look at the skyline of Frankfurt. Allmost doubled thanks to Brexit.
@@weizenobstmusli8232 That's part of it but they have other big problems. A slowdown in broad business activity follows an extended run of negative production PMI, which has been in contraction territory for more than two years. Germany is still reeling from the cut-off of cheap Russian oil and gas following the country’s invasion of Ukraine, increasing input costs for businesses.
Falling demand from China, one of its major trading partners, has exacerbated a drawn-out recession in the production sector.
The most publicized issue in recent months, however, has been a crisis engulfing Germany’s automotive sector. A slower-than-expected consumer transition to electric vehicles has left Volkswagen and BMW licking their wounds after an ambitious early bet on the technology. Both, meanwhile, have also fallen victim to the broader demand slowdown in China.
Volkswagen, Germany’s largest employer, scrapped a 30-year agreement to protect jobs and suggested it could be forced to close a German factory for the first time in its history. The company is in negotiations with unions over pay agreements amid a plan to cut €10 billion in costs.
Germany is also in depression. The crisis is touching all Europe. It just coincided with Brexit, so many plain people associated one with another. The French or the Germans have similar economic collapse but they do not have theirs "brexits" to blame.
@ hmmm i was in Germany last week. Looks good to me. Its the UK with councils going bust, crumbling infrastructure, people using food banks in record numbers, people who cant afford to heat their homes. The UK is a mess. Europe doing much better. Even Poland and Ireland outperforming Broke Britain 👍
The British empire eventually unravelled and now the UK is unraveling , how the mighty has fallen.
Yo - keep it in perspective. We're still a lot richer than most. We aren't drowning in floods or melted in unbearable summers. People risk their lives to come here. Don't forget it.
Comment expliquer que depuis le Brexit, l'économie française est passée derrière l'économie britanique (France 7 ème rang, RU 5 ème rang) ?
Etrange non ?
@@roxan110
False.
@@ennediend2865
VRAI
Faîtes la recherche sur google : classement economies par pays.
@@ennediend2865
VRAI
rechercher sur google : classement par pays économie
To me after seeing so many videos about this I see the main problem in the Uk which I honestly dont think will ever get properly fixed unless its pointed out. Our quality of politicians has completely deteriorated and no one seems to call out on it. We have had 14 years of tory rule where time and time again they have proven to try and "fix" the uk but ultimately lead it to its downfall. Selfish politicians raised in high income areas where they are more focused on how they can get there moneys worth more than anything by having there wife, friends or whoever brings them in money.
Its disgusting how stagnant we have become as a nation and how the bureaucracy to get anything done is unbelievable. I firmly believe at this point ideas are only dragged out so that people on the payroll to talk about it can get paid more to discuss every little detail just to "make sure" its all correct when in reality the key problem is the ever growing discussions and conversations that seems to drag it out the most.
And whenever something new DOES happen, its London. ALWAYS LONDON first that seems to be the priority a new trainline? lets build the Elizabeth line. HS2? lets start in london and cancel it later on because we cant get it done.
The country at the simplest is in dire need to get its workers moving around easier and to promote businesses in other regions so we can actually get the ball rolling.
It just always seems like Cities in the uk exist solely to house people and thats it, not real big businesses operating or anything or atleast, no interest into growing those cities so the local community can take advantage of a booming business and grow from there.
A 2 party system is devistating for social cohesion. It is a breeding place for populism and seeding devision.
UK economic journalists and political parties don't understand that UK entrepreneurial drivers are broken. Weak private investment is a symptom and not a root cause.
I have lost entrepreneurial drive in the UK. My clothes company is now out of business as Euro customers have to pay import, I pay VAT and Import docs charges on top to sell to Europe. So someone from France doesn't have those costs and can under cut me due to Brexit. My other specialist project management company is now out of business due to a blanket view on IR35 implementation across agencies. 2 of my business now ruined that would seed other opportunities.
UK needs immigration. Look at the demographics. The rich countries need the bodies right now and to adopt policies that strengthn college(uni) age individuals to be able to afford housing and to live. Its why birth rates are dropping across the developed world. Its a consumption based economy, consumption is going to slow as populations in the UK, Europe (aside from France and Sweden) age. Japan is a post growth society. SK is heading that way rapidly. China is on the decline.....where is the global market going to come from? The US has a stay of execution, but the demographic bomb is just 20 years away for us. But the US is less trade dependent than other countries, has food and oil independence, and has land borders with its too largest bilateral trade partners, the largest of whom (Mexico) has solid demographics for the next 20 years too. Not that the US shouldnt be taking all of the imigrants. The problems in the UK and the US are similar, they adopted neoliberal policies in the 80s under conservative governments, and have seen the overwhelming majority of profits go to the rich, while the share of taxes the rich pay drops. It was a reverse robinhood program.
@@Bigbudd0045 no you dont, you need immigration because young people arent having kids, young people arent having kids because housing costs are too high, housing costs are too high because old people refuse to allow any new housing because then they wont be able to live off the value of their house that increases from fixed supply. Just build more houses
UK dont need immigration, UK need birth and lots of it
@@Bigbudd0045 Look for legal immigrants, not illegal ones. Otherwise you are simply looking at modern day slaves, who are not fully protected by local laws.
Brexit. A decision taken in the most trivial way, that had the most profound and serious effect imaginable.
Britain. A country obsessed with the most trivial matters, whilst unwilling to promote serious people to senior positions.
Well said. Agreed
We live in a shopping society, no shopping no growth, we have a significant wedge of people with huge wealth and enormous numbers with non. When most places you look at are ran down when weeds grow from public buildings, when the growth is food banks and increased child poverty, where do those people spend their money. They spend it on tax, council tax, energy, and then they are stuck and when this number is 10million or 20million people it impacts the economic activity, less cars get serviced and fixed for instance.
When the rich get so very rich they own 90% of everything maybe and hence there wealth grows but no one else’s does the economy declines.
Pretty much following America, AKA a rich country full of poor people
Tory policies from years ago! They wanted a consumer economy. Services and little manufacturing. Remove the power of unions etc. Rot set in years ago but worse now.
A lot people seem to want to do very little to earn than wealth back from the wealthy. They want goverment to plunder it on their behalf.
Try and buy something from the avg UK business to test this out. They won't even return your calls.....
@@br5380 Absolutely. The so-called “industrialised” countries (aka 1st World) are increasingly becoming closer to 3rd World with an ever widening gap between extremes of wealth and poverty. I’m surprised that this guy doesn’t know the reason why the U.K. didn’t join the then Common Market back in the 50’s and 60’s was because of De Gaul’s determination to veto any application.
You mean capatalism?
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy >>and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
How can i get started when it comes to investing and passive income?
I usually go with registered representative; Zachery M Demers, He provides a more grounded approach, looking at factors like market demand, regulatory changes, and adoption trends. This approach enable to make informed decisions rather than solely relying on emotional market dynamics
he often interacts on Telegrams
To the people who had nothing and nothing to look forward to brexit has made no difference at all, they still have nothing and nothing to look forward to. Everyone else has lost out.
Thats the point...enjoy😅
Brexit is an even worse idea if deglobalization comes to pass....
It won’t
Great interview!
The sad truth about Brexit was that the citizens of UK and most importantly the UK politicians had too big of an inflated ego or delusion about the current state of UK's affairs, having the mindset that UK were still a great nation/empire that it once was. The power dynamic since it entered into EU had changed with UK becoming over-reliant on the systems created by EU.
The main thing that were harped on during the Brexit campaign is seizing back the autonomy of decision making in UK, stopping of its contributions to EU and wanting to put that money back into UK's infrastructure. However they severely underestimated how intrinsically the EU's system which streamlined and benefitted many businesses and workers had been embedded into UK. They thought that they can simply to some minor tweaks here and there, and not have to completely revamp the framework created by EU and meant for EU members.
Well said. Great information.
no not really. Info was very bad.
Fear of The Other is the biggest weakness of humanity. We shoot ourselves in the foot again and again when we vote out of fear.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
As an investor, I would not invest in the UK either. I would rather invest in an EU country because of the strong network and easier expansion opportunities. It's sad to see that the UK is out everywhere, dependent on much bigger global powers. A nationwide referendum on complex issues is apparently not a good idea.
Maybe you should read the Mario Draghi Report on the future of the EU before investing...?? 😂
@@2msvalkyrie529 And you would be well advised to stay out of investing when you clearly don't understand the purpose of that report or what it will lead to.
This is absolutely true
Brexit was pretty much a protest vote, politicians failed to address problems outside of London. The overwhelming amount of areas outside of London voted leave (Scotland excluded).
The public was willing to take the risk as they had less to lose. The mad thing is they're still not listening, how much of a hint do you need?
That's the thing with protest votes like this, they often make things even worse, and get hijacked by dishnoest con men like Farage and Trump. At least in case of Trump it's something that's not permanent, but Brexit is like cutting of your hand to protest against bad working conditions and low wages. The hand won't grow back, and you will be disabled for the rest of your life, even poorer, with fewer options, while the corporation you were protesting against will just find a replacement.
Speak for yourself, I hated EU membership and dislike the EU.
Spot on. The EU didn't listen either. The thing about the UK is, it's usually a window into the future for other European nations and now Germany and France are experiencing exactly the same protest.
I remember a lot of people were saying "it couldn't be worse, could it" or words to that effect. (it could and did of course) but I think the overwhelming majority of Brexit voters just believed the govt and media nonsense about holding all the cards and the sunlit uplands and unicorns to come. Sigh
@@englishsteve1465 always mind reading others.
Still waiting for the actual pro-EU argument.
Brexit shows the true colors of English. A sad state of facts. Lack of education, extended poverty, dissapointment in British law, distrust in leaders, etc led to Brexit. UK is a nation in serious decline and Brexit is another symptom.
Thanks for that racist input to the debate. Would you care to share with us any other of your sweeping views on any other groups.
@jonahwhale9047
Race Relations Act 1976
This act defined "racial grounds" as including "nationality" or "ethnic or national origins".
Try google and you'll find almost every major institution in the world follows the same definition.
But since you use words such as 'mongrol you are clearly an ignorant racist so I think this conversion should end. There's nothing to be gained from conversing with people like you.
Wales had a majority to leave too just saying
@@JosephSmith-zj9uk because that wouldn't prop up his views that England hates everyone and they oppress the rest of the UK
@@Lawrence4000-s3k bigoted, English isn't a race its a Nationality. Racism is such a misused word.
Paul is a very clever man. Great Interview.
Be careful. As Gove said, the people of this country are sick of experts. Don’t start using facts, that is totally unfair on those who voted to leave the European Union in 2016.
Exactly. Get rid of quangos and dodgy advisors and their supposed expertise and let's reinstate Westminster democracy. Sweep away deference and bring back real accountability. The only thing experts are expert in is covering their arses. I can't believe I'm in agreement with Gove.
Perhaps we are sick of "Experts" who have proven themselves not only ignorant, but malicious, corrupt and useless, having allowed them to rampantly destruct every enjoyable aspect of British lifestyle through the worst form of tumorous state managerialism
You've drunk the Kool-Aid. There's no hope for you.
Well, true! That massive 'fact' that so called 'experts' gave us about -30% gdp value, who totally weren't all on the Euro gravy-train... We certainly need less of them.
@@Silverfish-qv8ig The Office for Budget Responsibilty assess the current impact of Brexit on GDP as four per cent. FOUR PERCENT of the entire productive output of the UK. That is a HUGE impact. Some communities have felt it much harder than others, of course, but even the wealthy south-east has been hit. 290,000 less jobs in London (independent report by Cambridge econometrics). £140 billion lost as a result of Brexit. Every family in the country worse off - here is what the Cambridge Econometrics report says:
“The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year as a result of Brexit, the report reveals.* It also calculates that there are nearly two million fewer jobs overall in the UK due to Brexit - with almost 300,000 fewer jobs in the capital alone.”
But continue ignoring independent professional economists and continue believing the likes of Farage and Tice, if you are sick of experts. You have f***ed a perfectly good country and you and your gammon cronies will never be forgiven by present and future generations.
Economic collapse had been going on since 2008. Britain never really recovered.
True, but accelerating the process with Brexit was total madness.
Blair & Labour last in power created Brexit because when all the factory's and economy of local towns was destroyed it was after 1997 more rapidly than ever, in the worst way, Shapland & Petter architectural door set manufacturers gone in 1999 they had at one point 800 people working for them, Clarks shoe factory gone in 2003 over 500 people worked there and Brannam Pottery gone in 2004 that had many hundreds working there, Sussmans and Baidware all these Textiles factories left and this was in my town, when i talk to people about this then would add others they worked at like Phoenix a textiles company or Ayers Grimshaw a manuferting company, all the shops that have come and gone in high street and can not stay in business so what happens with people seeing this in their towns the London centred media calls them racist for voting for Brexit, but when Tescos and ASDA replaced some low level jobs it is nothing to what was lost, this is why we never recovered after 2008 there was nothing to bounce back with, Blair should of done his job and acted but as Textile and manufacturing left my town more this was what i saw when Labour was in power, of course much of this happened before with Torys before but Blair was to busy having his photos taken with pop bands like U2 to of cared about the country he should of been working for and could of turned this around putting in place more high tech manufacturing industries to create wealth, what i do not understand is how it is so hard to recreate wealth for people and not talk of leveling up as if it is a sports game as the local economy was destroyed nothing much replaced it in many parts of the UK, anyone who blames Brexit knows nothing about the UK and how Labour created a poor country, not understanding that London and services industry with people shopping are not how the country should be run base on GDP if the shops are selling things more than the last 3 months. This is all anyone saw this happen to their town or area in the 1990s and before that even, as we had a booming ecommerce in my town was so busy each Thursday to Sunday night people eating out and going to the pubs then after i left School in 1992 i saw factories taken over or close one by one, and this speeds up with Labour in power after 1997 and lack of money all around and when i ask people they say yes this happen in their area, so now London catches up to what happened in the UK, this is why i hate the main stream media as its been decades in the making. If you work for the Government why should you care as your wages are taken out of real hard working peoples taxes and so not doing a real job and just talking the talk is fine, yet the 2 Trillion of debt we are in could of created more money from building businesses yet letting China manufacture what four country's could is fine
The foundations for this economic collapse were laid down by Thatcher. The destruction of the manufacturing has destroyed a huge number of well paying jobs that have never been replaced. The UK now ha son average the poorest 20% of population in Europe, these people are no longer economically active.
@@seriousoldman8997 But did it accelerate the process? Can you provide evidence of that?
Maybe it was the failing economic system that led to people to vote Brexit, and if you read the Draghi Report about the EU and the 'slow agony' of decline then maybe it was the smart move? In a burning building being the first out is always the smart move!
We won't know for a decade but a sensible young person should probably move to the US. I think the UK is too far gone now and can't be saved and the EU I'm very sceptical will/can reform. It's all very depressing, tbh.
since the 1950s really. back then before eden decided on the genius move in suez, the pound was $3.
the ESSENCE: British believed they are greater, more popular, better and cooler than Europeans. Pride & Prejudice
‘Some’ British @liang8255. Remember, the votes was only just over 50%, meaning the other half did not agree with Brexit or being isolated
One of the best JP interviews I have watched
No one ever talks about businesses making record profits while middle class salaries have remained relatively stagnant for more than four decades.
Great Interview. Very Very Interesting
Over my long lifetime, British businesses have always been conservative (small “c”), reluctant to invest, reluctant to innovate.
The publicly-owned utilities and railways were privatised, partly for ideological reasons, but mostly because they needed investment and the Tories did not want to pay for that. (It would have required raising taxes.)
When the utilities were sold, I recall the Tory government saying that private owners would make the much-needed investment.
That was a lie. Of course they would not invest if they could avoid it.
The first duty of a company is to maximise return on investment for its shareholders.
That means minimising costs. That means no investment.
So, the water companies dumped raw sewage in our rivers and on our beaches because the fines were doing so were nothing compared with investment costs.
Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
there is a problem with that theory. The UK economy has had stagnant productivity since 2008, national debt sky rocketed, and the FTSE100 index also stagnated. This was 8 years before the BREXIT referendum, and 12 years before the UK actually left the EU. The UK is still paying for the bank bailouts. THe BOE will conduct more bond auctions to the tune of 100 billion in september/october 2024.
Brexit kicked away the 'crutch' that was keeping the UK upright.
If our economy was in such a state BEFORE brexit ( referendum or actually leaving ) why on earth attempt an experiment with our economy? At the very least the transition period should have been 5, if not 10 years - to give time to adapt, test new border processes etc.
@@jusnewquay you will have to ask that to the powers that be. However there is plenty of evidence that the Uk economy was failing before BREXIT. We can look at things like the cost of living crises, and the national debt. If we compare how GBP has performed over a 10, 20 and 30 year period against the USD as the USD has also been debased, then compare the S and P 500 and NASDAQ against the FTSO100 it is very telling. GBP has been devalued and yet nobody invested in FTSO100 stocks.
@@jusnewquay because the people who really wanted Brexit aren't interested in the UK and it's citizens, they're just interested in how they can make the most from the UK, at this point in time - and the #usefulidiots assisted them...
@@jusnewquay If the way we are doing things isn't working, Why would we change them? - you just asked that. Its not all Brexits fault but some change was needed, but no politician actually wanted to do Brexit promptly and effectively. It dragged on for 3.5 years and 3 PMs!
Either way the nation is f'ed, prepare for hard times and a slow decent to 3rd world status. failed roads, failed sewerage, failed water supply all due to lack of investment and aging infrastructure.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
The shorts add a tone of gravitas. Well done!
Any Brit who has visited Ireland since 2016/17 has clearly noted how robust its economy is, how much business has shifted over from the uk, how much €€ is being spent on infrastructure, on projects up and down the country, (even in N. Ireland (the Republic now the 2nd biggest FDI investor there , after the US) with many from the uk moving across the Irish Sea.
If there is any place to hold-up a mirror to the stupidity of Brexit, its the UK's closest neighbour, Ireland
This has definitely happened and there is alot of FDI and tax revenue in Ireland currently but its niave to read too much into that. Several countries in the past 200 years have been in Irelands position where FDI, growth, revenues etc were off the charts but it doesnt last. When it stops who knows but it will come.
That's not true, Ireland is "rich" because it's essentially a tax haven for big companies like Google and Amazon, so they base their work in the EU there which makes the GDP look really high. The cost of living in Ireland is really high and Investment in infrastructure is poor. Just take a drive from the republic of Ireland to Northern Ireland, quite a big difference.
Erm, Ireland has a ridiculous economy. If one US company left the country, its GDP would see a loss of 10%. That's not how to run finances
@@Silverfish-qv8ig Thats always going to be the case for a small country. The key thing is how you utilisie that money and time so you can prepare for that inevitable eventuality. The big issue is the lack of joined up thinking across the EU to stand on its own 2 feet. 500m is enough to be more self sufficient and resilient and not so dependant on US or China.
We'll see how that works out. The housing crisis in Ireland is absolutely ridiculous and anti-migrant feeling seems to be widespread.
And the gdp figures just tell us what gdp measures and not how life is for most.
If the Labour party were serious about growth they would be striving to get back into the single market ASAP.
Single Market is NOT on the table for the UK!
Can't cherry pick !
That, like every other tasty EU morsel is permanently off your menu.
UK is still partially in the Single Market and will fully out June 2025.
@@brianferguson7840 Do your 'tasty morsels' include mutual debt issuance? There''s liabilities as well as benefits.
And if you knew what you were talking about, you'd know that is impossible! In order to get access to the single market you must be a full member of the EU. That means you need to sort your lack of democracy - the lack of a constitution, an unelected upper house of parliament etc, you must accept the Euro and all major political parties must be in favour of it. Now which part of that do you not understand.
And if you wanted to do your usual cherry picking, the 38 regional and national parliaments of the EU states plus the voters in Denmark, France, Ireland and The Netherlands would have to vote to accept it. Which is not going to happen.
If reality was the opposite of what happened because of Brexit.That is if the UK had joined the EU not left the EU the Economic,the UK would have weathered what has happened to Europe really well.Brexit is a disaster and the very least the UK needed.
Starmer needs to negotiate some sort of deal that the Norwegian’s managed.The Tory’s had nearly 15yrs to ruin the UK and they did an excellent job doing so.
The EU is not working very well for the once great German economy at the moment.
The EU no longer offers these options to third countries such as the UK.
@@ebbonfly What about-isms add nothing of value.
@@ebbonflyReally why?
S'what results when people are permitted and encouraged to make decisions based upon "feelings" rather than upon critical thinking.
Thank you for your insight !
Brexit, the 🐘 in the room
I think the epephant in the room is the 2008 banking crises that we are still paying for. If you look at the ftso100 since and worker productivity since 2008 it has flatlined. investment is required for productivity growth. BREXIT referendum was in 2016, and we actually left in 2020.
@@m0o0n0i0rimmigration is required to IMPROVE productivity. Those guys work hard.
@@sarangistudent8614 You can throw man power at a problem, or you can invest in machinery that will do the same job twice as fast. You then employ skilled staff to maintain said machinery. Lowering costs through this efficiency and therfore improving living standards. Therfore investment is needed to improve productivity for an economy that would not stagnate.
Wrong emoji.
@@PanglossDr 🤔
It was on the cards due to the 70s and 80s , not sure a service economy paying peanuts relying on UC to survive does anybody any favours
Bingo!
Nothing to do with Brexit, seeds sown with privatisation and post industrial managed decline.
This is absolutely what they should be talking about, the UK is full of low wage, low skill jobs with people who have little to no money to spend in the economy after record high rents, travel and food /energy costs.
I agree with most of what he says except 3 points. He’s of the attitude that it's too difficult to manufacture anything in the UK and that everyone should get a vocational education.
1) No, it's not. We could grants and loans to UK companies to manufacture. Also, stop giving free grants/subsidies to huge corporations. (The PPE scandal)
2) My own experience with vocational education is terrible. I've taken 2 different courses, and neither one I've been able to get a job in, so I've worked in low paying service jobs. Most times, theres 10-20 people applying to 1 job. I'm not against vocational training, but its not the answer to low paying jobs.
3) Relying on the financial sector is the dumbest thing I've ever heard. Its like taking your savings and spending it at a casino. The financial sector is unstable, and with Brexit, it might decide to go to Dublin, Paris, or Frankfurt.
This is the stupidity of the British elite who care nothing about the people and live in ivory towers.
The elite are not stupid. They know exactly what they are doing. The stupidity is in the 50% of the electorate that voted to f..k themselves. You can not blame the elite they are a very small minority. Blame the average Muppets that are so easily manipulated.
The UK could be a manufacturing powerhouse…
… if it still had access to a free-trade European market and welcomed hard working and skilled laborers from Eastern Europe.
Why should businesses invest in manufacturing goods in the uk if they cannot export those goods to the European continent without tariffs and costly border processing?
It would make no sense. Manufacture instead in France or Germany or Poland so the goods can be sold free of tariffs into a much larger economic block.
Also, for manufacturing, you need to import components and machinery. In a globalized economy, one country cannot make every single part and component and tool better than some other country.
Post brexit, the cost and burden of importing parts from Europe grew while the size of the realistically-addressable market for manufactured goods shrank.
The uk and Europe have many global companies. It doesn’t make sense for many UK companies to manufacture in the uk. It doesn’t matter if the government invests more to subsidize manufacturing. If uk companies sell more than half of their goods on the European continent and if they have to use parts or machinery from the continent and if they want access to a big pool of young workers, they should manufacture in Poland not the UK. It’s as simple as that.
Astrazenica has a factory in poland. Rolls Royce builds ship engines in Germany for the European markets…
@clutteredchicagogarage2720 I mean post Brexit and we have kids in the UK that have to spend there lives working at McDonald's or scrubbing toilets. You can import parts and still assemble it in the UK.
You need to interview Professor Diane Rae.
She is Brilliant!🤩
What a refreshingly thoughtful and eloquent appraisal of the disaster that is Brexit.
The Anglo American life of a CEO and political party has been about as long term planning as we have suffered. In Germany or Scandi countries CEOs’ tenures and business plans have been decades long and this Thatcherite Milton Friedmanite short termism has betrayed the majority of workers, employees and even businesses.
Contrast Microsoft Gates length of tenure or Jobs over all at Apple and the results !!!
Britain needs huge investment in high value product manufacturing and the mass decent well paid jobs that go with it
However the problem with the German model (I speak as one who used to work for a German company - a very good employer, no complaints) is that it is very good at managing long term stability and predictability but much less good at dealing with unpredictability and market disruption. And not terrific at identifying and nurturing innovation - unless it is incremental improvement of existing product or process (which they’re very good at).
And German managers often aren’t good at responding to the unexpected in a localised way - one of the jokes the Germans used to tell against themselves, but also to tease British colleagues, was that “just wing it” (pronounced “ving” of course) was simply untranslatable into German because it was culturally alien. If things aren’t going to plan, we need to revise the plan, not improvise. There is a fairly deep aversion to risk - “high uncertainty avoidance” as the cultural trainers call it.
You can see this in what is happening to the German motor industry - the inventors and barely challenged masters of internal combustion engineering for over a century are struggling to cope with the disruption of the market by a concept that regards the car as simply a mobile electrical appliance and which has no respect for the history of German engineering expertise.
I have a lot of time for the “German way” and it works very well in some circumstances - but by no means all. Smart German managers know the shortcomings of their corporate culture and try to modify it by internationalising their management (the same applies to smart French and Brits - not so much Americans). Beware of believing there is “one true way”.
And this is why i remain pissed off at the buffoons who've voted for it nearly 10 years later....
Why were they buffoons? The writer is saying how great Barcelona is and Spain is a net recipient of EU funds.
Maybe if we hadn't been a net contributor for so many years we too could also have had new things.
There was never any money for the likes of Oldham or Rochdale but the government was never short of cash to send to the EU so it could be spent in Barcelona on electric trams and subsidised fares.
So you've had nearly 10 years and not effed off to europe then?
What gives??
@@robinbreeds9217And ordinary working- class builders,sole traders,engineers,musicians, steel workers, manufacturers, people in finance ( large parts of Essex f' rinstance) fishermen and farmers. But hey, ' cos you don't like ' posh' people you thought it was worth it to commit economic suicide bordering on treason?
@@jonathansimmons5353you took their right to freedom of movement or they probably would have left
@@robinbreeds9217 🤡
Because we let people with absolutely no idea about economics decide. Thanks Cameron
From being a rules co-maker to a rules taker. The rules of international trade and co-existence on the continent and beyond.
Who shows up to an interview in shorts? Sorry, but that is all I could focus on. 😂
Tough times he had to make cuts…
Track record of BJ,
1) BREXIT
2) Stopped the Istanbul peace negotiation on the Ukraine War
3) Worst hair style of any PM in history.
What does not work is 3 trillion of debt borrowing 2 billion a week and payng 2 billion weekly interest on the debt.. let those numbers sink in 😢
Add:
In 2022 it was a 100 billion Brexit loss (Bloomberg research )
In 2023 it was a 140 billion Brexit loss (Cambridge econometrics)
So the UK is getting poorer and poorer and will be bankrupt in around 10 years.
Obama told y’all
Adam Posen laid it all out in 2016. And the UK is just at the start of the worst.
Nothing but respect and admiration for mr Wallace and his analysis. But why the shorts?
Brexit had nothing to do with Macro Economics.
It was an Eastern Europe Immigration vote. It was basically about less Poles “Comin ere taking our Council Houses and usin our NHS”
and then when they were warned that Brexit will cause vast immigration from elsewhere, they ignored us...
Comin’ overe ‘ere… Opening shops, creating small businesses, respecting the law, speaking English, paying taxes, picking our fruit and vegetables, hand-washing our cars, taking jobs that Brits didn’t want to take and working hard in them, going to church…
yep, a great example that the common voter should not be called to vote in referendums on complicated matters
Poland will overtake the uk shortly
@@rtfazeberdee3519No. It shows us that capture of the media by the capital class influences people into blaming minorities instead of the said capitalists that caused their problems.
I agree with this analysis but the mandate for Brexit was the result of the 2019 election not just the referendum result. I agree poor productivity is tied to lack of investment and it is a long term issue and problem. Thanks to Paul for his sharing his coherent perspective.
However, I do have a problem with the idea that the UK financial sector is a star performer which the Govt should support on the one hand, sitting side by side with the idea that lack of capital investment is a large part of the reason for poor productivity. Surely a proper functioning financial sector would ensure productive assets are funded and kept up to date. I wonder whether the fact that the ftse100 is comprised largely of US companies means that new UK investment is attracted overseas. A listing in the LSE is expensive and complex and it must be worthwhile for US companies to bother.
Brexit was always a case of self harm in trade terms so growth is affected.
Also please dont drink from a bottle while interviewing.
The proposition that Brexit is a withdrawal from globalisation is correct. The UK needs to correct the error and restart the single market and the customs union in some way.
Lol remember when the tory government such as Theresa May asserted a "Global Britain" in the aftermath of brexit?
What a sensible conversation.
BTW this guy an an economic jouranlist, not an economist.
He is educated in economics, though.
@@KevinHorroxit’s not the same thing. Economists are scientists (albeit in a soft, social science) not journalists.
@@KevinHorrox sure, just like a lot of others. Ever though economics is not actually a good thing to study?
@@col.hertford9855 OK. I never claimed they were the same.
He studied a Masters in economics at the London School of Economics. He works as an economic journalist.
He is using his education to earn a good income. He is applying his education to his work. He can be both things. You can also disagree with his opinion on the matters at hand.
@@m0o0n0i0r Why is economics a bad thing to study?
There is no place for experts in the Brexit debate!!!
Tory Government Ministers told the electorate that THEY knew better; didn’t you Mr Gove!!
If there had been we wouldn’t be in this excremental void!😊
The "Experts" have been wrong on every issue from 1945.
Look at the state of the West.
@@foldingglint1514 He's quoting Michael Gove.
@@happyflea yes I see now
I always agreed with Gove on that point, tbh. A lot of the 'expert' analysis during the referendum was hopeless and if that's the best we can do then best not to listen to them (let alone be guided by them).
There's surely a distinction to be drawn between experts in fields capable of understanding and prediction: engineering, science, medicine, etc, and the forecasts of foreign affairs, political and economic experts, etc. The latter were called the 'Dart throwing chimpanzees' for a reason!
@@Lawrence4000-s3k like they said “you can’t fix stupid”. 🤷🏻♂️
Just a total lack of hope in every part of the UK. In the schools teachers don't want to teach, in the hospitals people don't care, your doctor isn't bothered just sends you away, your boss doesn't care he's ok... The whole country is absolutely defeated. I've never felt it so bad but people have given up on this country.
People have no out, why train if the wages are so poor that literally working in Tesco is the same money as a starting electrician or carpenter. It's why people voted for Brexit everyone felt let down by the government so let's give them a bloody nose they thought.
The current government still doesn't have a clue. Our leader speaks in riddles to simple questions. It's as if he's constantly on the election trail.
I am yet to hear one plan that I think wow these guys have a plan that's going to change things. Why would you give civil workers a pay hike when the obvious solution is to train more people to get things on track with better working conditions then once it's turned around pay increases.
I actually think they should go on a housing boom but with a government run building firm get people trained while they work. They should be thinking train, train, train in all these sectors with shortages. It is just a consumer economy at the moment and they need to steer away from that as it doesn't give people good quality work.
I sort of half-admire what you're saying but the country is totally finished and there's no coming back from here. It's gone and we should admit it. Just too many clowns in charge and the political class is beyond saving (Hancock and Truss, really!)
Young person should emigrate if they can. Head west still seems to be the best advice.
People are tired of working for pennies so they can put money in the rich man's pocket.
Hunt and Sunak needs his time in court for a breach "Duty of Care" in managing the Economy.
"Hey, what should i wear for the interview?"
"Not sure. Business casual?"
"Oh, you mean bike shorts and a baby blue fleece?"
"No, that's not what I-"
"See you Monday, chap!"
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England is 2nd most densely populated country in Europe. 0.5 acres per person. America has 7 per person and France 2.7 as comparison bearing in mind France has same size population. 10% of England is built on, 70% for farming and food production while still importing 51% of what we eat, 20% woodland/green space. We are approx 6million homes short for our population with a ideal ratio being 2.4 people per dwelling.
Record numbers arriving every year, to compare windrush was 500k people over the span of 15years so around 33k per year and last year 1.2m people came in one year alone.
Some may be coming as a benefit but some not so much. 1million Chinese are now here with an employment rate of 51% and of that number 320k are employed as landlords and now make up 10% of UK landlords which is a 100% increase from the 5% it was in 2020. Are these people adding to our society by taking up housing while not contributing and also making a living off the back of renters priced out of ownership.
Bigger GDP means nothing if there still isn't enough resources to go around hence why prices get pushed higher and higher.
MASS immigration has not made us better.
Visas for study includes students are part of the migrant influx. These are NOT permanent migrants. Please learn how this system works. 'In the year ending June 2024, 1.16 million visas were granted for work, study or family reasons (including dependants)'. We require trade with Europe. It has devalued the economy to be out of the EU. Migrants help as they contribute to economy. Remember the skills' gap as employees won't pay British workers enough or there are poor transport links and people can't commute but migrants somehow do? The NHS needs migrants to fill nurses' roles and Dr's roles. Take away migrants and the NHS collapses. Please educate yourself.
Careful pointing out things like that round here!
@@tdtm82 Yes but we've heard this line for the past 20-odd years and surely by now we would have seen the benefits of mass immigration? How is it that wages are little higher and yet housing and public services are now almost luxuries? It's almost as though immigrants do add to the demand in an economy and so make almost no difference to the host population? I find the whole thing baffling, tbh.
We've added 17% to our population since 2000 and the infrastructure simply hasn't been upgraded to match. Germany, on the other hand, has added about 2% and they're turning far-right! We have to be careful with too much of a good thing.
@@Lawrence4000-s3k Well with 14 years of bad public management by the Tories explains some of this. England has colonised or invaded a crazy number of percentage of the world. People want to come here because they think it is better but it is not. Then they get stuck and do not have the ability to get home. I worked in the NHS. Without migrants it would have collaipsed. Why do you not like migrants? What did they do to you? Have you traced your own family history?
@@tdtm82 But I said migration is a good thing so how do you work out I dislike migrants? This is a very left-wing thing to do - accuse your opponents of racism without any cause.
I'm concerned, of course, at the numbers but so is every sensible person. Do you suggest we could take an additional 300 million or so? (hey, pick any number you like because you can't discriminate, after all)
The UK has had a huge population increase in the last 20 years. I gave the example of the UK and Germany. Had Germany had the same population increase as the UK they would have an additional 13 million people. Do you really think Germany could absorb that many without serious societal problems and yet that is what the UK has taken so far.
At the moment population growth is outstripping house building so the present housing crisis is only getting worse.
I suppose you will say population growth has no effect on housing (the Bank of England says otherwise but facts rarely matter to people like you)
the uk loses 100 billion a year, from brexit (Bloomberg
A fantasy 'what if figure'. If these things are to be taken seriously you should really lead on the estimated 20% (600Billion) we loose annually for not joing the Euro.
In America, we understand how territory, size, acreage, are so important for a country. It's a point of pride for us, to talk about our wide open spaces. Having good influence and relations with our neighbors is crucial as well. That's why many of us were confused when the UK, a postage stamp of land, started saying it was going to break off from Europe and thrive on their own, turning their backs on the giants around them.
We wished them well, but aren't surprised it hasn't worked out.
Living in the US I don't understand how we have had economic growth basically every year but our standard of living has declined at the same time.
Capitalism is a rigged economic system against the world's workers.
Capitalism evolved in the 17th century. Capitalism wasn't designed to be good for working people.
Because the growth dividend goes to the corporations and the (already) rich. Quantitative Easing, money printing, is UBI for the wealthy.
You love your billionaires too much
@bambina5604 I love them with butter, garlic, salt and pepper.
@@claudermiller Capitalism was never designed to be good for the majority of people. Capitalism is a rigged economic system against the world's workers.
Has anyone asked where 400 billion COVID furlough money end up? Who has all of those money now?…
Good point. Some people claimed it and carried on working at the same time. Makes my blood boil that does, especially as someone who didn’t get furlough and now has to pay for it in tax.
If you follow where COVID money end up after furloughed workers spent them paying for rent and essentials. Gary Stevenson explains it in detail.
@@alrx4603 I am referring to people I knew to who basically moonlighted. So wrong.
Dearie me. I can’t be doing with these laconic toffs and their long pauses. Then they don’t say anything of interest. Ollie, why don’t you interview some left wing economists?
You beat me too this comment, I will say they have interviewed yanis varoufakis and some other left to leftish economists but the interview I just watched was possibly the most boring thing I've listened to in a long time, the guy said absolutely nothing interesting
@@tommynocash2419Really, I found it quite interesting and thought provoking to be honest.
@@tommynocash2419 would be good to hear them interview Steve Keen, the Australian heterodox economist.
It was incredibly dull
@@marksc111 bet you voted for Johnson...
Why would anyone invest in capital or training when you can import cheap labour!. So nieve
Not so nieve,
1. Long-term Productivity Growth
• Capital investment (e.g., machinery, technology, infrastructure) enhances productivity. A business that relies only on labor, imported or not, may not achieve the same efficiency gains that capital-intensive investments can offer. In the long run, productivity is key to competitiveness.
• Training investment improves the skills of the workforce, leading to better innovation, higher-quality products or services, and reduced errors. A highly trained workforce is a strategic asset.
2. Sustainability of Imported Labor
• Dependency risks: Relying on imported labor creates a dependency on external sources, which can be disrupted by political, economic, or logistical changes (e.g., changes in immigration laws or labor market conditions).
• Supply shortages: If the supply of labor from other countries diminishes due to population changes or rising living standards abroad, the business could face severe staffing shortages.
3. Cost Implications
• Imported labor costs: While imported labor may initially seem cheaper, it is subject to fluctuations in immigration policy, currency exchange rates, transportation costs, and housing expenses for migrant workers.
• Capital investment as a long-term cost saver: Machines or automated systems, once installed, require less ongoing expenditure than a large labor force, which requires salaries, benefits, and management oversight.
4. Innovation and Competitiveness
• Technological advancements: Countries that focus on investing in capital and training develop the ability to innovate, create new products, and remain competitive globally. Importing labor alone cannot drive innovation.
• Competitive advantage: Companies that invest in cutting-edge technologies and highly skilled workers are more likely to create unique products or services that cannot be easily replicated.
5. Worker Quality and Expertise
• Skill gaps: Imported labor may not always have the skills required for more advanced tasks. Investing in local workforce training ensures that businesses have employees with the specific expertise needed for complex operations.
• Cultural and regulatory differences: Imported workers may lack familiarity with local laws, safety regulations, or business practices, which could lead to inefficiencies or legal issues.
6. Economic and Social Impact
• Local job creation: Investing in training and capital promotes local employment and helps reduce unemployment. A skilled workforce contributes more to the local economy, increasing consumer spending and supporting other industries.
• Social stability: Over-reliance on imported labor can create tensions in local communities, especially if locals feel they are being displaced. Investing in domestic labor reduces potential for social discord.
7. Employee Retention and Morale
• Retention: A well-trained and skilled workforce is more likely to feel valued, leading to better job satisfaction, reduced turnover, and higher retention rates. Companies that invest in their employees often see stronger loyalty.
• Career development: Investing in employee training helps build long-term careers, which benefits both the employees and the company through improved expertise and leadership development.
8. Technological Adaptation and Future-readiness
• Automation and AI: As technology continues to evolve, businesses that invest in capital and training will be better positioned to integrate automation and artificial intelligence into their operations. Over-reliance on labor, especially manual labor, could put them at a disadvantage when these technologies become more widespread.
9. Environmental and Ethical Considerations
• Sustainability: Many modern businesses focus on sustainability and reducing their environmental footprint. Capital investments in energy-efficient technologies and training employees to use them can lead to lower emissions and a better environmental record.
• Ethical labor practices: Importing labor, especially from developing countries, can sometimes involve exploitation or poor working conditions. Businesses investing in local labor and ethical practices are more likely to avoid reputational and legal risks.
10. Flexibility and Innovation Potential
• Agility: A well-trained workforce and capital investments allow a company to pivot quickly and adapt to new market trends or technological changes. Labor alone does not provide the flexibility needed to keep up with rapid innovation cycles.
• Internal innovation: Employees with advanced training are more likely to contribute new ideas and improvements to the business, fueling innovation from within.
Conclusion:
Relying solely on importing labor without investing in capital or training is a short-sighted approach. Capital and training investment drive productivity, innovation, economic sustainability, and long-term competitiveness, which are essential for thriving in a globalized economy.
@@cormackeenan8175 could not agree more that's why just importing cheap labour is a disaster. The UK is levelling down for the vast majority
It's so strange to argue for higher taxes; you can't tax your way to growth!The UK has 515,000 Civil Servants (that's not including the police, teachers, army or NHS). Government spending needs to be cut and taxes brought down! I'm paying 20% Income Tax + 8% NI + 9% Student Loan + 5% pension + 20% VAT + Council Tax + Fule Duty + Car Tax. When is enouph enouph???
I'm from Ireland. We're doing ok now but we went close to leaving the EU. The trade associated with the Good Friday Agreement has greatly benefited the North and South of Ireland. The Scots miss the trade with the EU but strangely the English and the Welsh don't seem to. I find the situation odd.
"Much less influential outside than inside"... he's concerned with power, Power, do you hear me? POWER.
Interestingly, that's what the referendum was about. It was about abandoning unresponsive and unaccountable governance by persons the public could not remove from office and reverting to a representative democracy. While this economist focuses on the power of the ruling elite, the referendum was about the power of the ordinary person.
The pro-EU faction only ever carp on about economics because they have no case on the political dimension of EU membership. Imagine them trying to produce a cogent case for the abandonment of democracy. They can't. That's why they haven't. That's why the pro-EU faction only ever mention economic consequences of the change which was made to make our politicians answerable to the public.
The economic arguments are pretty weak too. It's all modeling and one thing you can say about modeling is it always shows what the modeler wants it to show.
Having been in the EU for 40+ years, Cornwall ended up the 2nd poorest region of the whole of Northern Europe (the other 8 of the ‘top’ 10 were also in the UK). The EU may have been good for London (incidentally the richest region of the EU - and coincidentally the region that determines where all the money, sucked out of the UK is redistributed - Strange that !!) but the EU wasn’t great for most other places in the UK.
Why, when everybody who has money owns a holiday home in Cornwall. Problems which were home made. Are they better now, after the big B ???
dude the eu is not your local government xD how stupid are u?
We'll see. It could easilly have been even worse without the eu.
@@rogerk6180 It all but obliterated the fishing industry down here. But who really knows, we may have ended up the poorest region without the EU’s assistance, instead of the 2nd poorest.
The point being, a lot of the country didn’t really notice a lot of benefits except for London. Who coincidentally voted to stay in, so perhaps there’s a correlation there ?
@@gaztambo139 a lot of the auto industry was directed to northern england by the eu because that region was one of the less developed at the time in the union after the mining etc disapeared. Prior to when the eastern countries joined at least, after that priority understandibly shifted away from western european countries.
There was also a lot of investment in schooling, infrastructure and communities initiated by the eu.
The eu does try to manage and assist in these things to get regions kickstarted and level the playing field a big chunk of membership fees goes towards these efforts all across the union. But there is a limit to what it ultimatly can do if the domestic government does not invest further themselves in order to make the most of these opertunities.
There are now reports comming forward where communities are now noticing things disapearing because they had no idea that they where supported by the eu. I think this was a big part of the problem in general. In other countries it is made perfectly clear what the eu is involved with. Both to be transparent about the work it does and the influence it has to the public but also to ensure support for eu membership by showing the positive outcomes it has for citzens.
To me at least it seems that the uk government rather took credit for this stuff themselves and used it as an excuse to not have to invest itself. But this is just an outsiders view in the end.
But if you only hear about some bad things, usually without further context or explanation to why it is important from an union context and never hear anything about positive contributions and outcomes it can quickly create a distorted view about what the eu actually is, what it does and how it impacts peoples lives.
I wonder how many years it will be before we look back at this kind of talk as being out of date. We are sleep walking into a disaster of epic proportions only a few years away and even the most respected journalists are talking about business as usual. I'm not sure if it's naivety or ignorance but unlimited growth in a debt based economy on a planet with finite resources is just insanity and is the easiest way to send everyone over a cliff within the next 15 years.
Has Brexit been so bad that he couldn’t afford long pants? On anything else, I agree 😅
I dont think it was economic collapse but it was a massive econcomic shock.
Is this guy an economist as per se? He's a journalist by trade, surely?
He is a journalist by trade, an economist by education
@@KevinHorrox published?
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As a British expat living in Austria it amazes me how all the problems we are having on the mainland we blame on incompetence, and we have literally the exact same issues. and yet in Britain you all just blame it on Brexit, which is absolutely pathetic.
you are an immigrant. We do not know expats in the our language.
@@MrGieltedze😂 They hate being called that! Oh! The irony of it all😅😅.
Australia is approximately 35 times bigger than the whole of the UK. The UK is around 243,610 sq km whereas Australia is around 7,741,220 sq km. Yet Britain is the "mainland"?
Did you say you are an expat or a cowpat?
@@SonOfViking When did Austria = Australia
@@TheTroyc1982 I misread his post. But now his use of the word "mainland" is even more weird, isn't it?
0:34 sorry but I laughed so hard and it was hard to recover.
economists need trousers😂
is it not Germany that is the current.sick man of Europe not the UK
how could some British master live, without pointing to Germany when supposedly approbiate? Germany is in a transition period, at the end we will see new businesss models and a modernized up-to-date industrial structure, whereas Britain is in bondage by public debt and self isolation and just spiralling downwards.
Well that is a popular myth
However in order to sink to the current levels of quality of life in the Uk, Germany needs to to be in recession for at least 20 years and the Uk growing in that period.
And Germany will recover again as society here accepts changes only when in crisis and contrary to the Uk, Germany has a political structure which is - due to total defeat 1945 - relatively modern - decentralisation, voting system, society which looks for coalitions, no monarchy, no bullshit house of lords, strong juisdiction, a constitution 90 percent of population trusts etc etc.
And it id in the EU.
So a year or two with kess growth than the Uk is a scratch , but not existential.
Hmmm Germany just overtook Japan and is now the 3rd largest economy on earth. Not doing that bad eh the Germans. I bought a BMW last week too bet that annoys you
@@augustiner3821spot on
Luckily Germany which has a trillion more in GDP compared to the UK is part of the greatest single market in the world.