Tories & Super Rich Pals Called Out On Question Time
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Funny how it's the millionaires who are first to tell others to accept their poverty... 🤔
Is Huw Pill a millionaire?
@@MRW515 Net worth estimated at $5 million.
@@MRW515 Huw Pill is another economist who thinks they know everything about the world. He's just an accountant promoting himself to the wealthy client base.
@@MRW515 Hugh Pill earns nearly £200k and his house is valued £1.5m.
I love how Steve Keen goes on saying the world would be much better without economists. We're so utterly focused on this immaterial "money" based on speculation and born of debt going through the system that we've lost sight of the fact that money is merely a concept we came up with, but we allowed it to turn into an all encompassing entity in itself.
We need a proper alternative, but crypto copies the worst parts of our current system unfortunately.
Mahatma Gandhi's famous quote is more apt than ever :
There's enough on this planet for everyone's need, but not for everyone's greed.
@@lostintranslation1957 what happened?
@@lostintranslation1957and so? Everyone’s shit stinks. Doesn’t mean those words aren’t true though.
Quoting a racist pedophile…
As an Indian who has read about Gandhi, I would never quote that awful human being.
Absolutely ✊
Maybe apt but what does it do other than make you feel smug for quoting Gandhi
The luxury goods market for the millionaire class is booming, while working people suffer constant drops in their standard of living. We're absolutely not all in this together.
@@lostintranslation1957 The poor getting poorer and the rich getting richer is a sure sign of a failing society
Because the workers like struggling, they vote the scum in!
@@lostintranslation1957Is this a genuine question? You don't see the obvious link ?
That's because the welfare state has looted your wealth.
@@lostintranslation1957 🤡
Austerity was always a political choice. We keep being told bankers' bonuses need to be uncapped to attract talent. But doctors and nurses asking for pay restoration or even a rise in line with inflation will lead to higher inflation. People are being taken for mugs.
That's correct. Most people feel they have no choice, and one side in government is as bad as the other. Bunch of thieves and liers
I would rather have talented Doctors, nurses and teachers than “talented” bankers (which probably means they are good at making money for the bank).
People are mugs. If they had any sense about them, they wouldn't have spent the last decade plus voting in economic vandals and thieves.
Austerity is a consequence of the debts. How else do you pay a 16 trillion pound socialist pension debt with zero capital?
@@Nickle314 Socialism didn't cause the debt, sweetie. Grow up.
Being told by the rich to accept being poorer is essentially a declaration of war.
Class War
we’ve always been in a permanent state of class war, it’s never ended, just mutated
@@tompoynton They plundered and exploited the world and now there is only the UK left.
We are at war but most people seem ok with it
@@drastberry1454 That the British for you, the most supine people on earth
When you reach a certain level of wealth it's impossible Not to make money. If you didn't know any better, you'd swear the whole thing is rigged...
That depends on how many Caribbean islands, super yaughts, private aircraft, antiques and art and possibly a coke habit you want to buy!
Just like Rishi Sunak's wife, whose companies keep getting taxpayer funds and grants through sheer coincidence (!)
There's an old saying: turning £5 into £10 is impossible. Turning £5 million into £10 million is inevitable.
You know where half the worlds tax havens are?
Under the ‘advice’ of the city of London co.
It’s all corrupt to the core, but given pomp and ceremony to justify its continuation.
Politicians can’t seem to value the peoples concerns over their lobbyists latest pitch.
At some point the priorities need to be adjusted or their maybe some kerfuffle.
Imho.
@@richardfurness7556
...and turning 5 billion into 10 billion is easy.
Poverty exists, not because we can't afford to feed the poor, but because we cannot satisfy the greed of the rich.
Spot on.
@@ArtyFactual_Intelligence Why don't you move to Russia, China or North Korea
Nail on the head!👏🏻👏🏻
Making rich people poorer does not make poor people richer.
@@BENTWOONEZERO The distribution of wealth is gravely out of control. When workers have to fight for a wage increase when should not have to. All help to make the humongous profit workers see none if it. Capitalism if implemented correct way all should be better off. What we have now is corporatism not the same as capitalism. Distribution of wealth goes one way and has to stop.
Sometimes less is more. Those at the top have to settle for less so that those hard workers at the bottom get more.
Not how much wealth one has is what they do with it that counts.
Nothing worse when good people do nothing. However if hard workers do nothing, nothing is what they will get. If want change even though work hard have to fight for it.
Back in the 90s when my (then) missus and me were becoming financially secure we decided to throw some £ at Plan International and "sponsored" a little Kenyan lad. When I saw that Plan were paying executives 60k pa, we switched tactics. We continued paying £12 a mth, but raised extra money in this country which we paid into a Barclays account opened in Kenya. When we went to Kenya we gave Plan (in UK) only a last minute notice, and travelled straight to their field office Kisumu and asked there what does our boy NEED? With their help we then went out and spent our money on specifics in their community. There are tons of way in which folk with too much £ can seriously help folk. And I'm a 64 y.o. skint, atheist Socialist. 😄
Well done Mike. Excellent work.
@@petyrkowalski9887 It was a life-changing experience that I have continued to learn and benefit from. Cheers.👍
@@mikebarrow157Well done! Hearing stories like yours lifts my heart, which really needs lifting these days!
What a kind thing to do. You are not skint in your heart
Might be skint now but at least you tried to help someone. That’s what life is all about, memories and helping others.
My husband and I are both well into our seventies and agree with what you have said and wholeheartedly concur with the audience member of Question Time. As the years have gone by I have become more intolerant, in fact angry, at the wealth inequality in our country. We do own our own house, albeit a relatively small cottage, but our son and daughter are struggling to pay the ever increasing bills and mortgage at this time. I suppose I wanted to say that not all older people are tories and I despair at what is going to become of this country.
The fact that the money is in this country
The fact that there is more billionaires and millionaires in the uk than any other European country
The fact that the poor in the UK are poorer than the poor in other European countries
Finally leads to the fact that the UK needs a French style revolution to remind the greedy that their world doesn’t turn without us
is there a guillotine emoji?
Yes, and the fact that they can also further subvert our so called "democracy"" by willful abuse of the legal system to impoverish their opponents with legal costs (I am referring to the recent news about Jeremy Corbyn facing bankruptcy, over spurious law suits, which has thus far, mysteriously escaped mention in the media), tells us that their grip on power is almost complete. I suspect the only thing that could have an impact on the situation at this late stage would be direct action bringing the protest to their personal doorsteps, as it were, which might go someway towards explaining the current government's fascination with curbing rights to protest.
Oh yes it does it keeps turning without you in particular
i agree we can't even aford a Guillotine
Nah, that’s never going to happen, the British public will complainingly take it up the backside. Both the government and super rich know this all too well😂
Fan from across the pond here, I think we need to stop describing the purchase of these assets as wealth generating assets, but rather wealth *extracting* assets, particularly when the income is rents.
I am an old man and I am not Wright Wing. Neo liberalism has screwed me at every opportunity. I have been on the left since I began to see through Thatcherism on 1984ish. As an old man I have learned pragmatism over fundamentalism whether it be market fundamentalism or any other. This does not make me a Blairite either because he threw away the opportunity to make a fairer and just society by perpetuating neo Liberal orthodoxy. I
Shows you the level of unfairness in this country.
people voted for it...
The workers voted for it!
@@DrMontague not voting for corbyn isn't the same as voting boris in
And "CLAPPING " key workers ¡! Ffs
@@danielwilkinson9685 it literally is. and 'literally' used in the correct sense
The Ultra Rich no longer gift things to the public either....not that I’m suggesting we shift to Victorian Values, but the reality was that public libraries, hospitals etc were often built and paid for by the very wealthy and gifted to the public, there is a huge departure from philanthropy in modern super rich society.
Every man for themselves now im afraid🤷♂️
What are you talking about? Universities are always getting money for stuff…, There isn't an ulterior motive to that surely…
The Quakers who founded confectionary manufactury were businessmen but they were ethical philanthropists also. Robin Witting
@@blindbrad4719 hardly the same level of investment to the benefit of the public though is it, and it’s still about exclusivity as not all members of the public go....or can go to Universities.
@@robinwitting2023 yes they did. Any visit to Bourneville demonstrates how. Workers and their families wellbeing was prioritised. Other philanthropy existed at earlier times too, New Lanark is another example, though not Quaker.
Completely agree with Aaron @5:40 … how people are sitting there and not clapping this man’s intervention is beyond me. I’m from a working class background, grew up on a council estate in a 5 child family and I’m the only one who doesn’t tug a forelock. Too many people in this country accept that people who are wealthier deserve more and this is part of the reason we’re all struggling 15 years after the financial crash. The Tories need to go and stop giving tax breaks to their mates and the rich and we need progressive policies that give people something to believe in to work towards a better future for everyone
Yes but the same will happen if Starmer gets In . We need to vote reform.
Absolutely
@@paulwainwright6903 Hi, Tory.
@@paulwainwright6903 what are their economic policies?
I’d clap even with my ears. Had to understand people's reaction
It’s obvious if the rich are getting richer then someone has be getting poorer, it’s the very people who makes the money for the rich in the first place, the working class.
I'd caution you about the OBVIOUS. I'll do the Googling for you if you want but the idea that the CAKE is a fixed size got shot down around start of the 19th century. The French thought that this was the case and British economists realised that the cake size can be varied.
@@ErikHornstanding Thank you very much for correcting me.
see that guy with the afro on question time? basically said people on 100-200k are struggling to pay bills and we must tax the billionaires more for a pay rise ha ha ha , i would suggest if you struggle to pay leccy bill with 200k a year , you either have massive coke habit , gambling habit or both lol labour is middle class people fighting for middle class wages
And Starmer wont do a thing about it.
Even worse. The Tories are setting NHS up to fail. They'll keep it somewhat functioning to trundle along until the next election, and it will be Labour who'll have to privatise it, and the Tories will never let the public forget it.
Harping back over 13 years and blaming this catastrophe on the Labour Party is a great "get out of jail"card for the Tories.
@@sheilaroddick5853 Centrist alert.
He won't get elected if he does something about it. All the media outlets, that are owned by the rich, will turn on him like they did Corbyn and he'll stand no chance. It's either do a grubby deal with Murdoch or you don't get elected.
Accept getting poorer .....except if you're a billionaire or the PM. Rethoric like this is from the Victorian era ! BTW , that guy in the audience is brilliant, well done 👏 ✔️ 👍 😀
A salary of 100k pa does not mean you are rich, it means you have a decent income with which to invest and become rich over time.
If you earn £100,000 pa, you pay @£33,000 in tax and National Insurance, that's obscene. On £30,000 pa it's @£6,000.
So if you earn 3 times as much you pay over 5 times as much in tax and NI, how is that fair ?
@@jjefferyworboys8138 If one makes that much then one can afford a financial advisor. If one earned £100,000 p.a. as a salary, one would still have £67,000 after tax, without using a financial advisor to reduce one's tax bill - that's still more than double what the peasants making £30,000 (£24,000) p.a. make. Where's the drama?
Luxury goods booming but people are struggling to buy cookers, washing machines etc.... Consumerism is dying because rich have all the money. Capitalism eating itself.
And this morning we found some figures showing around 3500 UK bankers earning over a million each year. Does anyone remember the finacial crash? Does anyone remember the Tories deflecting the blame to Labour?
I'm surprised it's so few, Banking isn't what it used to be.Gordon Brown deregulated the financial sector.
Rather than French brands people need to study the French revolution. Once the money runs out for people to spend on food and distractions the anger with this level of inequality will spark a response.
I get the impression that the majority of Brits are quite happy with the status quo. There's no point protesting from our armchairs. I don't know why people aren't out on the streets demanding change. I was at the May Day March in London today and the thing that saddened me most were the people taking pictures and videos from the pavement. I wondered why they weren't marching too.
@@TT-fn1xb There's a lot of apathy right now but when it reaches a certain point people will become more galvanised. Interest rates rising means less cheap credit. Obviously they'll blame refugees, strikers or whoever but eventually the gig will be up
@@TT-fn1xb I saw no reports in the media. I didn't even know it was happening.
It's coming.prophecy does not fail
As soon as i helped my son register himself for university, i have received countless offers to invest in student property offering quite high returns on investment, seems a big con! Should be all free, like it was for most in parliament-give that money tree a shake for the people.
Johnathan ,to your son making you proud , thankyou for supporting him in realising his potential
There has never and will never be free accommodation, someone somewhere always pays for it...
@@ryanfraser167 The planet pays!
Who should pay for their "free" accommodation?
@@jonathanbrown1177 what a ridiculous answer.
Never mind 10 life times, £1 000 000 000 is enough to pay £20 000 per year for 1000, 50 year life times. To say being a billionaire is obscene doesn’t even begin to convey how disgusting it is that we are comfortable with this in a supposedly civilised society.
its worse than that working class tend to have their savings in money/bank which gets devalued by inflation while the rich have their savings in investments which aren't as effected by inflation
& when we buy a house we take out a mortgage so we pay a hell of alot more than the actual value of the house while the rich? they can buy cash so they keep more of their wealth while the poor get poorer
We are fast approaching the worlds first Trillionaire.
That is one Pound/Dollar every sec for 33'700 years.
This has to stop.
exactly, the guy was trying to highlight that someone who earns £100k a year is not rich compared to a billionaire. In fact they are closer to someone on the dole. That's how much money a billion is.
Here’s an irony to make your point real. I am owed over £40k by a Russian oligarch for work I did summer 2020 on his yacht. I can’t sue because his war chest is bigger than mine. After Brexit I don’t know whether it’s a matter for a UK or a court in Monaco, where the work was done, or in the British tax haven where the yacht is registered under the Monaco company. Oh, and I can’t forget : it’s illegal for me to receive the actual money because he’s one of Putin’s mates on the sanction list. 😡
It boggles my mind how ordinary people don't find this obscene. It is obscene that individuals can have so much power that they can circumvent the political and judiciary systems and that ordinary people are ok with it.
he's not wrong there.... tories worked thirteen years for this, and they've won
How do you keep voters away from them?
@@GattlingCombo polite conversation backed up by facts and figures, unfortunately you can't keep the moth from the flame.... only kidding, i scream at them whenever they stop at the traffic lights
20 years ago the BoE was separated from the government by Gordon Brown
@@GattlingCombo You won't. Stupidity is rife in this country.
@@MRW515 and thank Brown for that
Unfortunately the relevant phrase is, "Like they care".
What galls me is Mr Pill states 'we all' have accept being poorer, I'm sure Mr Pill isn't feeling the pain! 🤔
Bitter Pill, I'm very bittter!! 🤬
I bet most of the people saying we all have to accept that everyone is worse off are among those who are actually doing very well
Im doing well but thats because I wasn't prepared to accept being worse off. Success takes effort, not necessarily working harder, but smarter.
They don’t just buy luxury goods but the assets we want to buy and pushing the prices up and up out of our reach. They need to be taxed at at least the same rate as us poor bastards pay in income tax not the bs 25% or less they pay to make them even wealthier without getting out of bed
It's not so much the percentage of tax for the rich that needs to rise, it's that a tax needs to apply to their wealth, not just whatever income they declare.
I fear that the centre cannot hold 😮. If things continue on the same trajectory as they have over the past few decades, I suspect that the poorer classes - a group that is becoming ever larger - will rise up and seize power. Quite simply, enough is enough😢😢😢
I'm concerned the ever-widening wage and wealth inequity is going to result in serious and violent civil unrest over the next two years.
Time for a revolution
Time to get off your arse and do whatever it takes to be successful in life. Nothing worthwhile is ever easy, it takes a lot of effort.
It was called 'trickle down' economics, from Thatcher onwards.
There's no such thing as trickle-down economics. I cannot think of even one economist who advocates and believes in it. Can you name one? It's used as a useful fiction - a narrative that enjoys urban-myth status. Repeat a lie loud enough and long enough and it will become the truth.
They've been pissing on us ever since.
It's trickle up. Only a simpleton wouldn't realize that
@@danielcraig4974 Only 'trickle' up? Like it or not, capitalism quite literally delivers the goods. Socialists are great at spending (wasting?) money, but frankly hopeless at fostering conditions for the creation of wealth. As Thatcher quite rightly said, 'the problem with socialism is that eventually it runs out of other people's money.'
Benn used to say that wealth "Bubbles up" to the top, which seems more accurate!
100k doesn't make you rich, comfortable is how I'd describe it.
I have to agree with that.
100k now is like the 90s 40k
@@Friskni Something like that. 100k means you can afford food that isn't literal poison. For one person.
It depends entirely on your circumstances and commitments.
With tax and deductions your down to a few quid
"We're all in it together."
David Cameron.
Utter bollocks!
Didn’t his wife used to ‘design handbags’?
He was talking to his rich tory mates in his stich up plan. Not us peasants.
It really i like Germany in the 1930s. One can only dream of the day they will be voted out
It will lead to a Farage government at this rate. He'll be President of England 2040..
VOTE
It can't come soon enough
Aaron's delivery towards the end is very powerful. Unfortunately this sort of thing almost never exists in MSM.
Prices are driven up by lack of competition. This is a monopolised economy
But look how well our utilities are being run, they are such good value for money, aren't they?!
Lack of competition doesn't raise prices. Greedy people do. Yes, it's monopolized but not by 1 person. By a tiny percentage of people. Less than a hundred. The Forbes list is not a list of successful people. It's a list of thieves.
Spaffing money out to mates and moonshots?
GOVT: Here, have some of this £££ ££££ ££££ !!
Money for essential social growth at schools hospitals, trains, buses, roads, energy, water ?
GOVT: We got no money! We so poor!
We have to accept we are all getting poorer says the chief economist, except him.
Obviously he is a clever man and you probably aren't. Harsh but probably fair ?
Peter Mandelson's famous "relaxed about people becoming filthy rich" quip was based on his implied belief that people becoming wealthy creates wealth. In fact, the people whose luxury yachts he was so often a guest on were wealth extractors, not creators. The wealth creators are those who work for a living not those who rent out their money to others!
Who extracted the wealth from the citizens of Cuba, USSR, Mao China, Venulela? There are only poor people so who took there wealth.?
@@BENTWOONEZERO Well, the answer for Cuba is very easy and simple. Most of the wealth created on the backs of the poorthere up until 1959 was stuffed into suitcases and taken to Miami - where most of the people who took it still live. It's a bit more complicated for the others but you seem to be implying that the poor people in these countries had wealth and then someone took it. I'd love to know where you learned history!
@@charliemoore2551 I am saying wealth is created, and making rich people poorer does not make poor people richer. I imagine every Cuban who as moved to the US is better off because of it.
taxes are for little people....
The tax system is complicated, knowing how to pay the least you are legally required to do, is what accountants are for.
@@jjefferyworboys8138 is that you Jimmy Carr?
Brilliant guy! "You can never spend it in a lifetime". !!!!
Keeping people ignorant of economics ensures the victims remain prey and the predators continue to feed.
Economics isn't a secret, but remaining ignorant is a personal choice. Economics isn't hard to understand and everything you need to know is freely available.
It's all very depressing isn't it. There's been some weeks during these past 6 months where I've had less than £2 to get me through the week. So depressing
"You will have nothing and you will be happy"... :)
I totalling agree with the guy on question time, the burden shouldn’t be on the lowest earners it should be on the highest. But also we need to look at the whole system. Multimillionaires and billionaires don’t pay a lot in income tax, and even if we increased the income tax rates for them they still wouldn’t pay a lot because only a small portion of their wealth is made as what you and me would consider “income” and hence is taxable as income. That’s the real issue.
It's the PAYE coningent that bears the burden. The poor don't/can't/shouldn't make a net contribution and the rich can afford complex evasion tactics.
People on 100k are definitely pretty lucky, but the tax system needs to focus more on taxing wealth.
Yup. It's not so much the amount of tax the rich should pay but rather WHAT is taxed. Most tax the rich pay is on the relatively small amount they declare as income. All forms of their wealth should be taxed.
@@dazecm Spoken like someone who doesn't own anything and probably won't amount too much.
@@jjefferyworboys8138 Spoken like someone who defaults to ad hominins because their counter arguments won't amount to much.
We are in a systemic recession for the benefit of predatory billionaire capitalists.
The games been rigged, but we can’t collectively admit it.
Echoes of history, lessons never learnt.
**spoilers**
Power corrupts.
Greed is everywhere
Billionaires and millionaires always get richer when stocks go down, that’s when they buy more.
The UK now has a record number of billionaires with 177, according to the new Sunday Times Rich List.
That's up six from 2021 - and the combined wealth of the UK's billionaires stands at £653bn, up more than £55bn (9.4%) on the total wealth of the billionaires in last year's Rich List.
I have never felt any improvement since the crash, and when you look at the state of our country, it confirms that feeling.
Why would you expect any improvements?
@@zuzanazuscinova5209 because we pay them for results??
are we still owed £600 billion+ from us bailing out the banks in 2008/9?! They are literally laughing at us.
Its funny , even the telegraph recently wrote an article saying the BoE was wrong and that people deserve pay rises, even they get it
Must have been ill that day.
The Bank of England is factually right. People deserving pay rises is morally right. Morality is a luxury businesses can't afford.
The ancient Greeks once used a really cool method, can't remember what it was called but the basics, you only the tax the richest man in the land, you tax him until he's at the same level as the next richest and then tax the both of em... Rinse and repeat, a truly fair tax system, Those who benefit the most put back the most.
It wouldn't be so bad if they spent their money in this country instead of shipping it to off shore accounts.
That "floating boat " analogy misses out one important detail - Rich people can afford a longer and longer chain to their anchors... while us poor people are being swallowed up by the 'rising waters... Which the rich don't mind at all..
They don't have to put up with the sounds of all our death rattles - all they hear is "blub - blub - blub..."
The problem? The number of working class self employed/small business types that hear "tax the rich" and think it means them...
That’s not the problem, but it is an issue.
@@cujimmi Hundreds of millions.
@@cujimmi The call to tax the rich isn't about income, it's about assets.
@@cujimmi Assets like assets. It's a word with a meaning.
@@cujimmi If you spent a penny of your hypothetical £10,000 savings that's the same proportion as a billionaire spending £1000, what do you feel when you drop a penny? Or say £10/hr 24/7 for 11,415.5 years to make a billion.
Concentrating power into billionaires is dangerous. Let's hope they don't get to control social media / the media.
LMAO
Oh, bugga, too late......
They already do
I know, can you imagine if they owned the media and the executive?
Who do you think are now controlling the country?
Agree... how can some of those people just sit there and not clap that speaker 🤷 well said that guy!
What we need is a revolution
They've tried that in the past.
What you need to do is whatever it takes to be successful in life. Only you are responsible for your own success or failure, choose wisely.
@@jjefferyworboys8138thats funny, where is the opportunity? Theres a world outside kensington you know.
Any person who can afford to buy a Rolls Royce, can easily afford 10 Rolls Royce’s.
Conversely, any person who can only afford to buy a second-hand Focus, can probably only afford to buy one of them.
Really? Are you citing research, or are you simply expressing an unsubstantiated opinion?
It’s an intuitive opinion. While there very well may be folks who will spend their last pennies on an extravagant purchase such as a Rolls Royce and have nothing left in the bank, I would imagine that those people are few and far between. Conversely, there may be someone with £100,000,00 in the bank and chooses to buy a second-hand Ford, but again, I would imagine there aren’t too many of those people about. Would you spend your life savings on one extravagant purchase?
And the point of your 'intuitive' opinion-making and 'imagining'?
@@brucehamilton5609 As the reply says, it's an intuitive opinion but it's based on the well-established idea that a particular amount of money has differing values dependent on how much total wealth you have.
Without supporting facts, what substantively could the difference be between an intuitive opinion and a well-established idea? Both would seem to have a risk of being born of prejudicial imagining.
Info from a Robert Reich piece. Econmists research in the USA, stated that if the very rich in America just paid the taxes they are ment to pay, it would be worth $175 billion dollars extra to the US economy. Thats not extra taxes, just the unpaid taxes due.
A rising tide does raise all boats, but the deeper the water the more small boats that sink and the more people that drown
It’s a stupid phrase in this context, anyway. A rising tide in one place is inevitably matched by an ebb somewhere else.
Not if you can't afford to mend the leak in the bottom......
Thank you for your brilliant analysis 👏
Give Labour their due. They are at least looking for more acceptable ways to make the rich richer.
Lol
So it's only labour then not the ones who have caused this ?
That young man was fabulous!
These ultra rich ARE cartoonish villains. Any parody portrayal of them struggle to do them justice.
I'd portray them more as Bond Villains than cartoonish villains 🙂
With his usual alacrity Bastani sums it up calmly and with great clarity
To understand what is happening, just remember the last time you played Monopoly.
The problem is middlemen. The difference between suppliers and providers. OverReach lays all the fibre broadband cables but there dozens of companies charging different prices for that same broadband
Is this situation ever gonna change we seem to a be in a feudal paradigm dressed up as system of equality who said "We are all in this together" BUT on a different planet
I watched QT on TV he was very articulate 👍🏿
Also - don't forget the VAT threshold for small business has stayed the same for 20 years - £85,000 turnover. Its rediculously low - and CRIMINAL ! It means that SME's have to increase their prices by 20% just to lift the coffers of the tax man.
Er.... NO
Cos businesses don't pay VAT
You literally have no clue what you're on about
@@danielcrafter9349 WTF you on about chumo - it means that business's with £85,000 turn over have to charge 20% vat ! FFS - its not difficult to grasp ! IT MAKES WHAT THEY SELL MORE EXPENSIVE AND PUTS OFF CUSTOMERS - plus they have more paperwork to *uck around with !
Funny how people laughed at Corbyn in the run up to the 2019 election.
Fast forward to 2023. Same people that laughed want nationalisation.
People do want socialism - but not for everybody.......
Rich companies/corporations are also buying back their own shares! That’s what they’re spending their enormous cash reserves on! Tax is the answer. Tax all wealth. Corporations, individuals. And not just income tax - which is usually the default item for discussion. All wealth should be taxed and the more wealth the more tax.
So they leave. ( ie 70s )
Large corporations don't have to base themselves in the UK. A punitive tax system simply drives companies and people away.
@ 7:00 I wonder how many Hungry people in the World could name a dalliance shop for the Uber Rich, I'm a 69yr old Brit I had a motor workshop on a small industrial est in the 1980's, 2 doors away was one of my customers premises, It was a shirt making sweatshop, They made thousands of shirts but with, different Stikins depending on their customer, Many of which were Saville Row, or Harrods, Loads of French names, I often was gifted by my customer with not seconds or thirds but fourth level rejects, I eventually was dropped because I didn't accept Charity, I would rather burn their house down to my level than doff my cap greedy gits
Far more rich people than we realise. At least half the audience didn’t clap and looked in scorn at the commentator.
Yet no one is capable of defining what rich is or is it just someone who has more than you ?
@@jjefferyworboys8138 you don’t seem to get irony. And don’t ask a stupid question about being rich when it comes to wealth. We can define it, but it is a relative matter, and not relative to myself.
All things are relative, but I agree with the audience member that £100,000 gross income does not make you 'rich'. It would have counted as middle class before everyone reduced their expectations. When you think of someone who has, say 4 children and a mortgage on a house big enough to accommodate their family in the South of England, has a car and aims for one holiday a year (not unreasonable middle class ambitions), £100,000 (or the net equivalent of that) can soon disappear.
It won't be enough.
Exactly. A person earning £100,000 PA with many everyday expenses shouldn’t be lumped in with millionaires and billionaires who will never be able to spend all their money over many lifetimes.
Eat the rich, some of them will taste gammony.
Very bland.
Let them eat cake!
Or coronation quiche, as you swear allegiance to a cartoon character with vast hidden wealth.
Stopping tax breaks for the rich would help too. If you buy seven properties, or more, in one transaction, you pay no stamp duty? How does that work, fuck me.
What tools do we have for real change when both political parties are essentially the same. Are we doomed to perpetually 'spot and complain' about the Rich's malfeasance?
Incredibly good analysis. I’m getting VERY angry and I know many others are too. This inhumane exploitation and gas-lighting needs to end, now.
To be fair, I go to Texas for a holiday once a year if possible (I just really like it there, especially in Austin), and stay in a luxury hotel. That doesn't necessarily make you rich. The difference with me is I have to start saving the second I get home for the next year's trip. If I have an unexpected expense, I have to forego the trip that year unless I can still afford to switch to a standard or budget hotel and make the trip. If it's a significant unexpected cost; no holiday for me that year. I make it about 2/3 years, and afford a luxury hotel about 1/4 of the time. If I can't stretch at all on a given year, I just use my 1 week holiday to go up to Scotland for a week at and Air BnB and just chill and fish for a bit. Luckily my employer is pretty good about me cashing in the 2 weeks you are legally entitled to if you have 4 or more weeks left untaken at the end of a year, so there's a bit of extra money there to start saving for the next year.
My brother out over there in Texas has it FAR worse. They're not legally entitled to ANY paid leave over there :S
That's got to be a tenth what you could pay in Paris. The one they cited in the article was $2200/night, and I doubt many Austin hotels would break $200.
US could do with more annual leave.
Friends of mine who can afford to go on holiday about 4 to 5 times a year are, I’m afraid to say, very stingy when it comes to spending at home in the UK. If only they where more willing to put into our own economy, support home grown businesses 😔
There is only so many things you want. But experiences abroad.... world is your oyster.
You're correct Michael, but I would just like to say for most people & most workers the real problem isn't the 20% income tax, its all of the indirect stealth taxes which we all pay. These stealth taxes like council tax, VAT etc have in fact gone up a lot since 2010 under the tories & they disproportionately affect, hit the poor and less well off people on minimum wage or not much more, say people on between minimum wage and say £30000 gross per annum for example. And these tory policies are very damaging to our economy, which is clear to see since 2010. The tories have been giving big tax cuts for big corporate businesses and the wealthy and higher payed since 2010 and at the same time following austerity policies, massive funding cuts for all public services including the NHS since 2010. 40% tax band threshold has gone up significantly since 2010, so those people are paying somewhat less tax. But the personal tax allowance has hardly moved in that time, in fact it hasn't gone up at all since 2019. And putting up the personal allowance does help people on minimum wage or lower incomes
£100,000 doesn't make you rich - think about how much assets cost. The average home in London costs £550,000, so you can't even command the debt needed to buy the average house. Compare that to 30 years ago, when Mum and Dad got a job and then immediately could command assets (on x2, x3 mutliples) - we are all fundamentally poorer versus those days due to debasement of purchasing power.
I agree, tax people more who earn more. That is the current system. The idea that someone on £100k is rich though............based on what evidence? Compared to average salaries? Not convinved that makes you rich; just makes you comparatively better off than those on an average salary.
£100 grand today is about £65 grand in year 2000 .£100 grand does not make you rich.
Thank you!
It really isn't "billionaires" who are buying up all the luxury goods (there just aren't enough of them to make such an impact). It's the middle classes who have been buying those luxury goods - often saving up for them over time - and pushing LVMH's profits into the stratosphere.
It's both.
Exactly. Who needs handbags these days.
Let’s not call people who earn £100k “rich”. It allows the rich - the multi-millionaires and billionaires - to yet again dodge the responsibility of their wealth.
Paying 40% tax and earning 100k is fair but the tax brackets should go beyond 125k people over 300k should pay 50% for example and over 1million 60%
This kind of info. needs to be on repeat in public transport, supermarkets, doctors' surgeries, hospital and other public service waiting rooms etc.
Our economy cannot manage the accumulation of wealth by any other than the 1%.... house prices, wages, interest rates, utilitiy costs is the mechanism by which the wealthy protect thier interests.
How to spend it: How about spend it on tax and compete with each other on how much tax you can pay? Oh, and maybe compete about how much you can afford to pay your lowest paid workers too, that seems like a good one to spend on.
Private jets selling out, ffs!
Plenty of job opportunities for those in the aircraft industry and all the companies that supply them with parts then.
I used to work in luxury retail, selling furniture and house decor. I learned very quickly what real inequality looks like. While I was struggling to cover my expenses since 'luxury' doesn't pay luxury salaries I had some customers who were coming in four times a year to completely redecorate their entire properties based on a seasonal theme. I am not kidding, all of the previously bought furniture and decorations were binned. It used to break my heart when I started working there but over time I got completely immune, coming to a realisation that these people live in a different world than I do. Sadly this will never change, whoever is telling you differently is lying to you.
They make so much money from their money that they literally can't spend it fast enough. I worked in Bond Street in the 80s. 🤮
@@cdean2789 you know exactly what I’m talking about then :)
I used to work in interior design but however tactful one was these people’s taste was beyond awful.
@@PhilippaBeale money doesn't buy class
@@MrBee-qd3ri they just pointed at stuff, never asking the price and we'd deliver it to them. They were mostly rude people too.
Billionaires have written the laws and rules that keeps them rich and makes everyone else poor. It's their world. They own you.
The point about it "not being about somebody earning 100k" is VERY important.
When you dismiss that part of the discussion bc they should be taxed more due to their wealth... you're missing that this is the VERY argument that the right RELY on.
Your typical millionaire ACTUALLY pays taxes. Quite a lot of them. Typically millionaires either run a business directly OR actually work. If you earn 100k you can VERY easily become a millionaire while living a VERY comfortable life (yes, it's a very decent wage, but not one people are going to dismiss as unfair for very skilled work. A senior doctor might expect to earn as much. I don't think anyone minds doctors being well paid)
So, even if the intent is to increase taxes on high income earners, it is VERY important to draw a distinction between them and the rich. If you fail to do this, you empower that narrative that the rich pay their taxes. And they do not. The "top 10% of income earners" pay "over half of income tax" is EXTREMELY misleading when you consider that such analysis does not include capital gains, it doesn't include other forms of executive compensation like stock and it hides that the top echelons of this 10% pay the least. A millionaire is economically closer to a homeless bum than they are to a billionaire.
The problem here, is that, at 100k, those earners ARE taxed more than the rest of us; we have a progressive tax system
But at 100k IT STOPS. There's no tax bracket higher.
THAT'S the problem.
Bear in mind, that, during the 50s - the biggest economic boom, ever - taxes on over 1m were at **90%**
So higher taxes and tax brackets are NOT out of the question; we've done it before!
@@danielcrafter9349 No, the problem is that we always focus on taxing earnings, not wealth.
Two services station franchise went bankrupt yesterday in Australia, fuel tax 80% to import to Australia
It's pretty rich coming from someone from the class who pass the majority of their tax burden onto us
The top 50% of earners pay 90% of all income tax, the remainder just 10% and who do you think receives state benefits ? Check it out for yourself !
@@jjefferyworboys8138 What's your point? Who receives state benefits? That's what the welfare state is for... Those of us better off than average pay taxes for public services. One of those public service duties is to help those less well off (a job at which the Tories are failing abjectly, by the way).
Now that we've got that out of the way, let's examine your meaningless statistic:
the top 50% of earners are those earning more than the UK median wage: That currently stands at £31,772.
According to the research I've done, the top 1% account for around 30% of total income tax payments.
43% of people pay zero income tax, because they are below the personal allowance limit (£12,500).
Why is your statistic meaningless? Because it is too broad - 50% of people earn over £31,772. What percentage of that earn more than £51,000? How about £120,000? How about billionaires? 50% of earners covers working class to landed gentry...
To finish off, you're also failing to take into account NI and VAT, both of which hit the poor worst in proportion to their earnings.
VAT because everyone pays the same, and NI because there's a cutoff at around £52,000 whereby you pay no NI on earnings above that threshold.
“If you earn £100k a year, you are rich and should be taxed more”. This is why the ‘tax the rich’ arguments never cut through enough, as it quickly turns into an attack on middle earners and you immediately lose their support. Stick with the billionaires and multi-millionaires, and you’ll find that that squeezed middle will jump on board.