Mick Lynch reacts to Labour’s plan to nationalise the railways
ฝัง
- เผยแพร่เมื่อ 24 เม.ย. 2024
- General Secretary of the RMT on why it's time to take money back from private companies that are "leeching" off the state.
Interview and Edit: Ava Santina Evans
Videographer: Oli Johnson
Subscribe to our new podcast now, or you're a silly goose:
linktr.ee/pubcast
Whenever I hear from Mick Lynch it makes me think that’s how politicians should speak. Imagine if you had this level of honesty, integrity and professionalism at PMQs instead of trying to make zingy one liners so your own MPs jeer across the hall.
The issue is they make pmqs a circus because they can't give genuine honest answers. How refreshing would it be if someone stood at the box and spoke like Mr Lynch. Its not about being right all the time or boasting about what you have done. These clowns need to simply act like adults.
Here here👏👏👏
You mean selling the Brexit lies?
Except he's big brexiteer - so inwardly I groan whenever I see him pontificating on lesser issues.
@@bbbf09 maybe he just knows more than you? Not a brexiter myself but if like Mick you are a socialist there's a lot not to like (obvs the Tory brexit is the worst of all worlds)
The utilities should be renationalised as well as the railways.
Definitely. You should look into what is happening in that area as parties have proposals in that direction. Labour is planning on renationalising some of it.
I'm not feeling optimistic. Yes, we're pretty much guaranteed to have a Labour government, but will they keep to their promise? If I remember, the previous Labour government promised to nationalise the railways and it never happened...
Damn right. The water companies had zero debt when they were privatised. Now it's in the tens of billions. Where did all that money go?
I agree, everything that was privatised by Thatcher and the Tories since should all be renationalised, energy, water, BT, Royal mail, the Railways, bus services, education, the lot, lock , stock and barrel.
hear hear
Hell, even if you're a true blue tory, you have to accept the possibility that they've utterly shat the bed at this point. I don't think the rest of us need any convincing.
15-20% of people will just go with their emotions and always vote for them, unfortunately
there still a few with no tv up north thinking borris is a national hero.
Worse... they've shat in our beds too :)
I don't think the north's the problem@@andydudley1775 - however, go to the midlands and the amount of flag shagging tories is truly terrifying.
@@andydudley1775😂
Same at NHS, gas, electric, housing, water 😢
internet and telephone too
schools..
Correct me if I'm wrong but it seems to me that Thames water and Anglian water have been sucking every ounce of profit out of the UK to international shareholders. They have failed to invest any of the profits into sustaining/growing the company and now we have raw sewage in our water. We have no option but to pay as there are no alternatives, they literally have a monopoly!
@@-Eternal-Damnation- So what? Scottish water have the exact same problems and are publicly run. Infact they were the biggest per capita sewage dischargers two years running.
@@0w784g _'Between 1991 and 2020 private water companies in England paid out over £57 billion in dividends to their shareholders - money that could have been reinvested to protect our environment. In the last ten years, company directors’ pay has also soared. The earnings of the nine water companies’ highest-paid directors rose by 8.8% in 2019, to a total of £12.9m.'_ *If you you think this is the way to run a public service, we deserve the poo in our water*
We're basically subsiding dividends for private investors, whilst they run our utilities into the ground by piling on debt.
Debt in itself is not the issue, a properly functioning company will use debt to make even greater profit.
The issue is that those profits are paid for by charges to the customers, and by reducing maintainance costs. Meanwhile the management and shareholders pat themselves on the back because of increased profits.
When companies are nationalised not only are profits paid directly back to the public purse, enabling tax cuts across the board but it provides funding for other sectors such as NHS.
privatisation is a scam
@@dougaltolan3017 If you have a decent and regular income, you can take out a mortgage to buy that house. Same thing for the water companies, regular and enforceable income from the users, allows the companies to get huge loans off the banks. Of course, absolutely no-one expected those loans to be used to pay shareholders massive dividends.
Having huge debt is intended to make re-nationalisation unattractive, and an excuse to demand additional subsidies.
It should be unlawful for loss-making major strategically important or infrastructure industries to receive loans from anywhere other than the government, thus making them essentially publicly owned in the event of default or catastrophic insolvency. It should also be unlawful for loss making industries to pay bonuses or dividends to any senior management and shareholders.
Rubbish. Firstly you have to accept that the railways were never truly de-nationalised. The structure put in place was heavily regulated and many special conditions were set. This mean that no really entrepreneurial outfit could make any sort of bid. Plus the fixed infrastructure was owned by a single company again heavily controlled by government and bureaucrats. There was no actual de-nationalisation at all.
As for Lynch he is talking nonsense. As ever.
Mr Lynch is one of the few players in the current political sphere who is worth listening to; not because I always agree with him but because his arguments are articulate, well informed and, here's the rarest of all things, he actually 'thinks'! His delivery is well paced and temperate and lacks the mountain of obfuscation and dialectics that are otherwise endemic. Many a politician would do well to emulate his style.
Ahhh, Mick Lynch is back. A much welcome sight and sound.
Unless he is not talking about Europe!
@@tomtheeagle1 Well, yes, kind sir. But, no one is perfect and I think even Mick can see what a mess that is!
You mean the COMMUNIST
Mick Lynch is a class act.
Bar his view on brexit
Yep, a complete dreamer..........
@Toodyslexicforyou funny how no one mentions it - I think RMT was one of three unions to endorse Brexit. But this channel has a clear bias anyway
Not really. He is economically clueless.
@@stevef01 you sure m8 as Spain the country that INCREASED worker wages like what Lynch wants actually seen 2.5% growth yt we where just in a recession. Do you wanna know why? Aggregate demand
I can't think of any privatised industry that has improved the service to the customer. Thatcher has a lot to answer for.!!
i think the only one might be telephony....arguably..... maybe
@@flamingotwist mmmmm, possibly. But the suppliers still rip off customers. So I'd have to disagree.
It wasn’t about improving service to the customer.
@@jgmediting7770 So, what was it all really about. ?
@@keithgoodrick-meech3921The theory is that privatisation allows for private investment. The service companies could then raise capital from shareholders, instead of being paid for through taxation.
Thats the capitalist theory, but as with most theories it dosent play out that way in the real world.
The problems arise when management go the next step and increase shareholder dividends (essential in order to keep thier capital) by maximising charges and minimising investment.
This guy is so lucid in his analysis of things, while being so down to earth. Perfect spokesman for the members of any union.
When tha cxxx richard Madeley tried to tackle him 😅😅😅
I wish he was prime minister
I wish he was my boyfriend
I wish he was the president of the planet!
I wish he was the president of this planet
@@spewter lol!
Apparently he would hate the position, don't blame him tbh.
Mick Lynch should be Minister for Transport,Water,Electric,Housing,Health. Actually Prime Minister
Minister for transport maybe but letrs not forget he was a brexitter
Absolutely , prime minister of independent England.... we've had it the miscreant establishment of Westminster gangster arms dealers....
@@vincentvangogh8092 Lexiter
@@vincentvangogh8092 He's quite obviously a straight-up honest guy. I very much doubt the Brexit we have now is the one he would have wanted.
Thanks for my Mick Lynch straight-talking fix.
tell us one Nationalised industry that HAS benefited from "Nationalisation." ?
Steel ? Coal ? Cars ? Shipbuilding ?
@@user-eu4zy6rm3l Industries have been nationalized for several reasons, but more often than not it has been because the industry was strategically essential to defence or the larger economy or they were very large businesses employing many thousands of workers, or both of those. The "benefit" was that they could continue to keep people in gainful employment whilst ensuring they could continue to service other essential industries, for example defence manufacturing, (steel, coal, shipbuilding, aerospace).
The NHS was begun as a Nationalized public service and the "benefit" was for the population to be given healthcare which was free at the point of use.
Over the years many of those businesses and industries have been privatised.
So the question could equally be "which industries have benefitted from privatisation?". (Energy, Steel making, telecommunications, railways, cars......)
@@philipcrossley1279 I dont question the motives. The problem we have is the Unions who see Nationalisation as a "free pass" to generous annual pay rises irrespective of how they are performing. Nationalisation breeds Entitlement.
@@user-eu4zy6rm3lIn the (quite distant) past, some Unions have unquestionably acted irresponsibly but that isn't true in the majority of cases. Most strikes were about improving poor working terms and conditions, the result of which have set the standard, both here and abroad for workplaces that we now have.
The worst and most damaging industrial actions were almost always a result of government attempting to strongarm new contractual obligation into effect at the detriment of workers, or in response to poor management decisions or pay deprivation.
Things had moved on since then and there has been a long period of comparatively strike-free cooperation. Until recent years, when workers have again been expected to shoulder the cost of government and management incompetence, and suffer rapidly devaluing pay. The railways have been private hands for years and no-one can possibly claim it has led to a better service, better value for money or better, more secure working conditions and remuneration.
Mick Lynch is brilliant. I wish MPs are like him - he tells the truth, has no ulterior motive and no bs!!!
He's not an impartial commentator! His loyalty is to his union
@@Naren25 but I still think he does a better job than a lot of politicians, whose incompetence and lack of any empathy for the people they're supposed to be working for (as opposed to who they do work for) is often plainly on display
@@jgbreezer You're not wrong!
Yes, considering he has a particular union axe to grind, he is a model of informed impartiality. Also, it's nice to hear more humanitarian and principled opinions expressed, again... Thanks, Mike.
Privatisation without rigorous competition is just ‘a nice little earner.’
Privatisation I don't think works in general. Competition doesn't work.
@@murphy7801it does in general but not for these kind of services like rail and utilities. These should be nationalised and performance rigorously monitored (which is not always easy in public sector). They’ll all be shambles but still better than what we have now
@@murphy7801 Competition works; look at Russia when it''s no competition. We need it to strive and be innvoative. The problem is the balance of the greed and the companies not doing anything to adhere to the structure which doesn't seem to be there like a certain water company and others being grossly incompetent. We should fine companies when they don't commit and fail to competency standards but the Tories don't want that as it's their mates.
This guy knows his onions. Respect!
I wish he was my onions
tell us one Nationalised industry that HAS benefited from "Nationalisation." ?
Steel ? Coal ? Cars ? Shipbuilding ?
@@user-eu4zy6rm3l Which countries have state-owned railways?
Contents
1 Russia.
2 Argentina.
3 Canada.
4 France.
5 Germany.
6 India.
7 Ireland.
8 Italy.
japan
etc ... Wikipedia
@@tecmissle9256 you are missing the point. In the UK at any rate, Nationalisation of industry doesn't work for 2 reasons : govt has to spend money on other things like NHS, schools etc and Unions see it as a blank cheque to strike every year for double-digit pay rises, earned or not. Japan is a great example of how it CAN work, if people make a bit of effort.
Quote of the episode....Mick Lynch: "and there's my hippy statement for the day"....class!
Excellent Interview Ava 👏 🚂
So many Trade Union leaders talk common sense. If only government would engage in conversation.
the Post Office postmasters would disagree. they got ignored by their union.
They bought this country to it's knees in the 70's, they made us the poor man of Europe and will so so again if Labour get in
tell us one Nationalised industry that HAS benefited from "Nationalisation." ?
Steel ? Coal ? Cars ? Shipbuilding ?
@@user-eu4zy6rm3l All these were sold off to private companies and look how that turned out. Only foreign cars built here, only foreign steel built here, only foreign trains built here. Train companies being subsidised whilst paying dividends, how is that helping?
@@user-eu4zy6rm3lall those industries were BUILT by nationalisation in the aftermath of the Second World War and DESTROYED by free market fundamentalist privatisations.
It's just a shame that they cant remove these companies of their assets and pensions straight away, rather then let them continue to suck money out of the system at Tax payers expense, right up until their contracts expires...
They can , but they lack the political will and once inertia sets in the nationalisation process will be sidelined with more excuses
We have a thing called property rights. You start stripping companies it can happen too private individuals
@@matthewgubbins8515 there's a difference between public and limited liability I suggest you read up about it
@@matthewgubbins8515 Property rights didn't protect people from HS2 who had their land bought and houses sold by compulsory orders.. only for the government to ditch the project.. why not have the same for private companies that don't deliver services, but continue to pay shareholders millions?
What people seem to forget is that when the trains were under the government control we haemorrhaged even more money than we do as a private enterprise because public ownership is so inefficient
Mick Lynch always hits all the nails right on their heads. We really need someone with his compassionate vision, strong moral compass and unbreakable spine in government.
Just give me Mick as prime minister already
Er, no, we don't want or need another Brexiteer.
@@hovefactually7505 Corbyn wanted to nationalise the railways and energy companies, this prat advised the workers to vote brexit and therefore vote for bojo! he stabbed Corbyn in the back. He doesn't fool me! Under tory starmer nationalisation will be a total disaster , he will probably appoint Paula Venells as CEO. or anyone other PO managers with dementia!
A brexiteer? No thanks.
That would be a better option than Keir!!
@@Shood33Starmer won't reverse Brexit.
Hes no politician he answers the questions
Mick for Prime Minister
That’s because answering questions truthfully isn’t a threat to those he represents.
You can say anything when in opposition..
@@jgmediting7770but it isn't untrue.
@@murphy7801 what isn’t untrue?
This man speaks so much sense it highlights the inadequacies of our politicians
It's so nice having a person with so much knowledge giving clear answers to questions in the interests of others. I saw him speak at the right to strike march, he was fantastic. I want to see him in charge of policy reform.
Apart from his calm, rational and honest answers, Mick Lynch knows his stuff. No reference to papers, he can name all the companies, the finance deals and all the other relevant facts. He names them all instantly without flannel or generalisation. No wonder politicians fear him.
✨ "The more society denies the truth, the more it will punish those who speak it!" ✨
- George Orwell.
Good to see Mick again.
I keep a photo of him in my wallet. Should I send you a Mick pic?
@@spewter😂 naughty
Lynch for Prime Minister!!
No. He voted leave.
@@Believe-you-me- Even better.
'for' or 'the' ?
@@margaretgaskin4928 the troll is strong in this one.
Mick Lynch would make a great PM, He's British Rail through and through. Probably born in the caboose. Why wouldn't he want to keep railroad manufacturing jobs in England? Why does everyone have to fall into the category of "leave" or don't leave?
If you wanna know the truth about politics ask a Mick Lynch
I really wish this man would stand for government! 👏 Honest, straight talking and morally principled.
Thanks for being there ,MICK
Ooh, I like your big Mick
The departing head of British Rail back in 1994, said splitting it up into multiple 'private' pieces would be a disaster. 30 years later the penny has finally dropped. Better late than never.
Listening to this, how could anybody not see the damage the Conservatives have done to this country?
It will all be sorted when Labour are in !!!!!!!!!!!
Which one, the Tory named Blair?
Mick Lynch is nonpareil. The admiration, respect and trust I have for this man is second to none. How I wish he was Labour leader.
He never will. He has a very nice number and is virtually unassailable. Why put yourself in the bear pit of politics as a politician when you are embedded and very well paid where you are? He serves his members, not the public.
Mick Lynch and Ian Hislop, if only we had more straight talking people.
As soon as I hear a politician " Let me be very clear on this...." more sewage than is getting pumped into,our,waterways.
I can't imagine Mick Lynch telling disabled people they need a job. That's how bad the government is. IMO.
A very intelligent and knowledgeable guy. Never seen him get flustered or struggle when being interviewed . When asked a question he always answers unlike Politicians who never answer any question !
And he never interrupts.
Love him. He needs a louder platform. Thanks for sharing this.
I'm actually shocked tbh that Keir even wants to bring railways under public ownership. I absolutely did not expect that, and its a positive move. Yes it could go further, yes more industries could also be nationalised, and I'm a socialist so I'll always want more. But If I bash this policy, what am I except just being annoying at that point. I'm a co-op party member because of Starmer, I hope one day he impresses enough that I can re-join Labour. What we have at the moment is pure corruption with the Tories and private companies, so any step away from that is a good step.
👍👏
Socialism has only murdered over 100 million souls, the most deadly of political ideologies. No thanks.
I wouldn’t trust a pledge from Starmer. He’s already broken ten
He’ll say absolutely anything to attain power. And once he does, he’ll pander to Israel over taking care of our national interests.
What? Public money being funnelled into Private hands? Say it ain't so! (and don't forget this has been going on for decades and not just by Tories).
Whatever Blairs ideological issues under him we've never been better off. The NHS was No.1 in the world for healthcare AND for value for money.
@@henryburton6529 It was indeed - had Blair not structured the PFI funnel, it might have had a chance of remaining so (leastways, until the next privateer came along)
@@henryburton6529 He set the path for this shit, he was effective at what he did but not just uniformly good because of this.
Either way, it has to be stopped?!
@@alphasword5541 He didn't set the path. This is Tory policy. What Blair did was successful and good for the country. What Tories have done was unsuccessful and bad for the country.
Don't let anyone tell you this is Labour's fault. Its not.
Mick is an absolute hero in my view. His philosophy on life should be an inspiration to us all.
Some train services are improving and the rolling stock. The main issue is how ridiculously expensive tickets are and how many delays there are!
Right now we need to get Labour into power. To do that the flavour of Labour we get will be very light Red. As Lynch rightly pionts out once we have Labour in we do need as any group on the left to push Labour to be braver and move the needle from the right where it is to a more fairer set of systems that support normal people. I wish more politicians spoke in the way Lynch does. I might not agree with every thing he says but at least he is honest to his own position.
Tory red in power,yeah,that'll fix it.
👏👍
They don’t want to move the needle from the right.
Our biggest problem is the W.E.F and Zionists, of which Starmer is one.
We need who we didn't realise was destroyed by the government and press, for a reason.
Jeremy Corbyn.
First you need to flush the blairites out, otherwise all you have is another tory party wearing red.
To make nationalisation of the railways (or any other utility) work effectively, the government MUST have worker representation on the board. Management are invariably university graduate: theorists who know nothing of the true nature of the business.
Ohh that might be too left wing for the electorate. Not for me I hasten to add I agree.. But maybe just maybe a positive change is about to happen. But the tories need to be out for a decade and then kept out by electoral reform. We can but hope. Starmer I do think will be more radical post election
and you do? Estimated cost of nationalising the railways £10 billion.
Capitalism cannot be made to work in the interest of workers. Mick clearly understands what's taking place, workers have never needed a boss, workers left to their own devices will naturally organise it effectively. Syndicalism is natural. Capitalism requires perpetual growth on a planet of finite resources, both cannot survive.
@@denzel270 Your point? The companies currently running the railways sucked far more than that out in profits. They allowed them to deteriorate because hey - maintenance costs money and that means less profit. They flogged the staff to the breaking point and now they cannot squeeze out any more profit and performance is unacceptable - they want to hand the responsibility back to the taxpayer. This needs to be remembered - otherwise 50 years down the line, when the infrastructure has been revitalised, some profiteer will say 'we need to privatise the railways'.
@@denzel270 We're paying billions in at the moment, while foreign nations are skimming profits...We could take those profits.
This is great news now gas, electric, water, NHS social services
Lovely to hear mick again he should be leading this country
Patriotic country 😂😂😂 only when it suits them.
So well spoken it’s untrue. Such a clear message, you’d love this bloke as your boss.
Always impressive - comes across as informed and principled. Why can't he run for office?
Thanks All, agree with schools. My daughter is starting secondary school this year. The School forcing parents to pay £16 per month for three years to a private leasing company so they receive their teaching via a laptop to receive teaching of the National curriculum. After research this is common across state funded schools. This cannot be right
speak with other parents and organise a payment boycott.
Parents need to take legal action. Academy school equivalents in Spain have tried this kind of thing and legal action when taken shuts it down very quickly.
Mick Lynch, Jeremy Corbyn, and George Galloway, we need no others! Peace and goodwill.
Respect to Mick Lynch, speaks plainly and with prespective.
Always my hero
Lol, the Tories must despise the eminently competent, bright and principled Mick Lynch
No, they _fear_ him because he highlights their incompetence and BS.
Mick Lynch focuses 100% on the vision he’s driving towards. He doesn’t try to steer a cunning path between positions that he thinks will make him popular. He has that same laser-like single mindedness as someone like Braverman, but towards good not evil. Where would we be without people like him? It’s a horrifying thought.
We would have the work shy railway workers back to work and our trains running for a start!
This ridiculous strike thats being going on for 2 years is a greedy one for more money that no one can afford!
love mick get him to run for pm
Such a knowledgeable man, no bullshit. I'll take his word over any politician.
Mighty Mick speaks the bald truth. Refreshingly honest and principled.
"bald truth" lol. You really didn't need to do our boy Mick that dirty.
@@Triv1umxxx lol he’s streamlined for maximum truth-telling
Lovely to see you again Mick. It’s great to hear your erudition of the coming man.
Keep the hippy statements coming senior Mick. It's people like Mick Lynch that have the power to unite people with his knowledge, his experience and his common sense statements. Very difficult to argue or disagree with. Gives me hope.
Let's see if the 'new deal for workers' actually makes it in the labour manifesto...
Good on ya, Mick.
Your a good man Mick, and I stand behind your every word.
You've got to love this guy...common sense all the way through!
Except he voted Leave...
I don't have much confidence that Starmer/ Labour will keep to this promise (or, should that be 'Pledge').
Lynch is brilliant. So glad we've got someone as wise and decent in the union movement.
So eloquently delivered👏🏾👏🏾👏🏾
We need people like Mick to run the business of humanity. Can't see him in a Starmer coalition but with Rayner . . . . . . . . . we could get our lives back on track!
Huge respect for Mick Lynch, but disappointed that he didn't once mention how much of our public services were privatised under the Labour government when Blair and Brown were running the show.
Labour are not angels and I will wait and see what the incoming Labour government actually does for us as opposed to what they do for the Banks and PE firms.
Margret Thatcher privatised ancillary railway services and engineering, John Major finished the privatisation.
What a legend, I would vote for this guy in a second. How I wish more of our politicians were like him.
Lovely to see and hear you again Mr Lynch …..
Surprised he didn't include Derby in the list of UK manufacturing sites but then again the list was huge at one time.
Great interview
Spot on.
So true that Labour have to be dragged kicking and screaming into doing anything that benefits working class people. And no, I'm not a Tory.
Ticket prices won’t go down
@@krob2327funny how they did nothing but go up since privatisation though isn’t it?
@@maxpowerii7368 absolutely agree. They will continue to rise under these new plans though
Railways, Utilities, and Energy need to be re-nationalized urgently!
hopefully you can find 50 - 100 billion plus then
Mick restores faith in humanity.
That the grot mags haven't been able to smear him show's he's probably the real deal.
Sane, intelligent, well spoken... what Politics actually needs.
So refreshing to here someone of morale standing.
it's a start now they need to move for the rolling stock and then the water and energy system.
Am All For Renationalnisation Of Our Railways
"Money Leaching" - what a great term Mick ! It's basically semi-legalised money laundering, taking taxes and giving them to private individuals.
Good to see Mick again. I've missed him.
It's just a pity that he voted Leave, even if I understand his reasons for doing so at the time. Otherwise he is absolutely right about railway privatisation, which has been done so badly and at such enormous costs to the taxpayer, while treating railway employees like cattle.
Thing is, A lot of people were hoodwinked and conned by the Tories into leaving the EU (£350M into the NHS, Better deals for farmers and fisherman etc). It was hard to turn those promises down at the time because we were in the midst of austerity. I was one of those persons who voted to leave, but i'm now ashamed to admit I was wrong. I think Mick would probably say the same thing too.
@@mra3149I wish that more people shared your perspective on feeling “ashamed” (to quote yourself) at voting for Brexit.
As Mark Twain put it: it’s easier to fool people, than to convince them that they’ve been fooled.
Since Brexit, it’s become a political hot potato and no one wants to even mention the word. Understandable, to an extent… but if it’s never mentioned, how do we have any chance of admitting that the public were largely hoodwinked into voting for something they didn’t truly understand, with falsified promises tied up in a ribbon… and without mentioning it, how do we have any hope of trying to fix it?
Our subsidies go direct to Germany as they own big chunks of BR!
Renationalise without compenssation.
Then renationalise gas, electric, water...
Then tell banks to invest in uk.
Absolutely 100%.
More power to you and your union Mick
Well said Mick.. This rationale is sorely missing from our public, mainstream conversations
He speaks for a lot of us. I wish politicians spoke as plainly and logically as he does.
Yes, more money for the public purse, and less for rich people, it's finally swinging back the other way now, brilliant 👏
The Rolling Stock companies also take money out of the UK. But this is a good start. Great to hear from Mick, he talks sensibly about the issues and priorities.
Could we have the Mick Lynch show on TV please, franchised so that I could stream it here in Oz. The man talks simple, unrattled common sense - a straight batting style missing conspicuously from the diatribe that spews forth from both sides of the HoC benches.
The PFI method of funding public assets was recommended by business consultants to keep the so-called "debt" off the balance sheet. For example, if government issues money (effectively borrowing from itself) it is added to the public debt figure. If we bought hospital buildings or rail stock (for example) we would own an asset to offset said "borrowing". Instead we pay more to companies who fund the asset, paying though the nose for rent so no "public borrowing" is involved. Effectively similar to renting a house, which costs more than buying through a mortgage. (There is no mortgage debt but there is no capital asset to compensate.) The myth is created by this fallacious method of defining public debt. How can we be in debt to ourselves? The myth remains unchallenged to keep power in the hands of banks, when we (through government) own the Bank of England
Very good point, which I hadn’t thought about. It’s back to that ridiculous idea of the economy being like a household budget, ‘maxing out the credit card’ and all that nonsense. Labour doesn’t challenge this.
@@stshnie Yes. Unfortunately Reeves is a traditional Bank of England economist and Labour should grow some cajones, after listening to Prof Bill Mitchell or Prof Richard Murphy. Their political dilemma is resistance from banks, who would cede some power to government and be in danger of getting back to offering a service, rather than being the controllers.
Agree the off balance sheet wheeze was nonsense, but I still believe that the overall benefits of tying in government spending for long term building maintenance was worth the cost. You just need to look at the state of our non - pfi school infrastructure to see what happens when politicians decide they don't need to replace the roof on a 30 year old school.
@@MG-df8mw Yes. We needed the building but the method of finance cost us more by putting a chain around our necks because of the out-of-date method of defining national debt (which I understand the world bank disagrees with).
Starmer will maintain the status quo set by the Tories.
Absolutely spot on, wake up Britain!
The first politician I haven't cringed while listening to in quite some time. More of this guy please.
He's not a politician. He's a Trade Unionist working for the National Union of Rail, Maritime and Transport Workers. But yes please, more of this guy.
That still sounds like a politician tbh
He’s not a politician… yet.
fucking marvellous gentleman!
Mick, you are well respected and we would very much welcome your help and cooperation with Labour to start getting the railway “ back on track”
Absolute class act as always.
Mick Lynch is a top class leader of the RMT and a great debater until it comes to Brexit when he basically starts spouting regurgitated and unsubstantiated crap. At least GMB held him to account on Brexit.
Free movement from the European Union was a wetdream for big business and the oil 🛢 for the Gig Economy , the old left know this
Who cares what neoliberals think about Brexit? they are Tories through and through whether they are members of the party or not.
HS2
Thanks for that, I needed it.
What he said right at the end there... What a truly good and decent man.
This man should be Prime Minister & could have all the scum arrested.