Economist explains why Britain is poor

Fear and loathing on the campaign trail, with the right wing threat to the Conservatives: https://youtu.be/hRP7nIBPKgQ

I'm not an economist, but as a Pole living in England for almost 20 years, I have a few observations. When I came here Poland was a poor country, and earning in GBP allowed me to buy more stuff. But weirdly enough, in some ways I felt poorer. In Poland many life pleasures were free or very cheap, art galleries, amazing musicians and artists performing on the streets, spending time outside in nature - I missed all that. In England it seemed to me that everything above the basics was very expensive, every simple hobby required a significant amount of money. Only rich people could afford to send their children for music lessons, while in my family in Poland every child that was musical played an instrument. Certain things are expensive everywhere, like the vet bills for example. Yet I don't know anyone in Poland who would face a choice between saving their dog and becoming financially ruined. Vets are expensive but the difference between what they earn and what the average admin assistant earns isn't as colossal as it seems to be in England.

I'm also an economist and I entirely agree. We are a poor country with a tiny minority of very wealthy people. The current stagnation just makes that more obvious to everyone.

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.

Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.

This is like listening to a mathematically gifted James Acaster

Our economy is addicted to cheap labour. Immigration and government subsidies through benefits are covering up the fact that Starbucks, Amazon, Uber and others don’t have a business model that allows them to pay people a wage they can actually live on. A full time worker should be able to afford accommodation, food and energy without benefits. If they can’t, it means the system is fundamentally broken. Housing benefit is effectively a subsidy for these corporations.

Retiring soon and 520k worth of my positions are depleted. I am still making my employers match but I don’t want to sell since I missed out on the big sell off and wouldn’t want to wait on the sidelines, just confused as to what to continue doing apart from keep putting money in but I begin to think about the sunk cost fallacy and maybe I should consult with a licensed professional with valid ideas.

This economist makes some good points but I think he is far too trusting of our politicians. They don’t care about ‘levelling up’ but they want the appearance of caring. Also, no matter how much growth this country gets, money will still accumulate in the hands of the wealthy because the rich are the ones making up the rules. The Tories will never knowingly enforce or enact policies which are to the detriment of the rich. But they will never shy away from actions which cause the poor to become poorer. That is just the way things are.

Another important point amongst these and others is the tax avoidance. Over 490,000 acres of private land ad property is owned and registered to oversees companies. The profits from the sales and rental income never seen by the British tax payer and this doesn't take into consideration the high street shops and commercial property either. Imagine how many London offices there are alone being rented and the spoils disappearing of to the Virgin Islands. It's a staggering injustice.

It's been a rough year with losses from failed banks and government, real estate crashes, a struggling economy, and downturns in stocks and dividends. It feels like everything has been going wrong. What a terrible year it is…

Having lived through both 80s and 10s in the UK, i can honestly say that life has been purposely made very difficult for the working class. Living from pay to pay is wrong. We pay far too many taxes to a government that is totally out of touch and couldn't care less so long as you pay it.

Torsten speak so much sense and strikes me as the sort of expert that should be involved in policy making within government. Certainly the government of the day should listen to the Resolution Foundation and take on board their statements and work. “Unmoored” is a perfect word to capture where we are as a nation right now. It feels like 13 lost years, 14 years of decline on so many levels, off the back of a previous period in which inequality was made the norm. It feels depressing right now, but listening to this I’m also hopeful things can be turned around. Thanks for making this video.

I am disabled and receive benefits, I have three carers and I already pay about 100 a week towards my care ( I do not have savings or any other income, so I am left with about £400 every 4 weeks, I have a mortgage which is £180 I bought a house before I became disabled. This winter I have been going to bed at 3pm to keep warm, I've been spending on average £2 a day on food. Yes I will get the 10% rise in my benefits but when that Happens I will have to hand all that over to my local council towards my care. If I was on the same benefits but didn't need care I would be much better off. I know thousands of others will feel quite bitter about this, my family had always worked I.worked up until I became disabled, I feel embarrassed about being on benefits, but this 10% won't make things any easier for me.

As a USer living in England, it really is incredible how broke people are for a “developed country”. The government seems to piss away money like there’s no tomorrow and policy is in perpetual boondoggle. Add the taxation and low value return, you have a place that really is a serfdom.

I invested numerous times in 2008 when everyone panicked. I've raised my purchases again, but while I wait for stocks to rebound in the foreseeable future, I'd like to know how to create strategies to earn short-term profits. I've heard individuals making thousands and millions in this down market.

Britain isn't poor, it's the people who are.

I'm 24, full-time worker on about 22k a year. My partner is also full-time on about 19k a year. We have no children, nobody drives (though my partner is learning) and we are not married. It is only because of all of these factors that we are able to save money, society pressures us to have children but a child would absolutely destroy our quality of life. I have no idea how people are supposed to start families in this day and age, you need to have a mortgage by the time you're 22 and both parents need to have 40k+ a year jobs just to have a chance at a decent life. Get ready for a massive population decline and a pensions crisis in the next few decades, because I know a great many people who are in the same position.

My father took me to the side in 1998 and said the UK is in decline: you must get out of this country and make your money. I took his advice and spent 13 years in the far east making similar money to what I would have made in London but payed 15% tax (staggered) with zero capital gains tax and was in the position to semi retire in my thirties. I say to any youngsters watching this now to consider a move abroad especially if you don't have kids. You be lucky to retire at 70 the way things are going because the UK just takes from you and it's almost impossible to get ahead here. I was lucky to have a switched on father who planted the seed for me.

I moved to Canada when I was 28. I was working in retail as a manager in Birmingham and I moved to Vancouver. I was on £17500 in the UK as a dept manager. In Vancouver I got to £25000. It was a flagship store. I feel I also got less income tax as well. Definitely had more money to spend which in a developed economy is the whole point.