Comments by "Piccalilli Pit" (@piccalillipit9211) on "The Growing Regret of Brexit and Economic Costs" video.
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@pincermovement72 "The agreement was that Germany..." Thats nonsense - its how it worked out for sure, but it was not pre-agreed.
"London and the south east did well the rest of the country withered on the vine . " Thats absolutely 100% correct.
"We need to return to a state where everyone benefits not just some toffs in London ." which is NOT going to happen cos money = power so the power is in London and they dont want less money.
The Resolution Foundation just released an AMAZING report on the 4th Dec - I absolutely suggest you look it up and read the summary. Here are the 10 key findings:
A Stagnation Nation in 10 key facts
1. Low growth: Real wages grew by 33 per cent a decade from 1970 to 2007, but have flatlined since, costing the average worker £10,700 per year in lost wage growth.
2. High inequality: Income inequality in the UK is higher than any other large European country.
3. The toxic combination: Low growth and high inequality means typical households in Britain are 9 per cent poorer than their French counterparts, while our low-income families are 27 per cent poorer.
4. Stalled progress: 9 million young workers have never worked in an economy with sustained average wage rises, and millennials are half as likely to own a home, and twice as likely to rent privately, as their parents’ generation.
5. Talent wasted: Almost a third of young people in the UK are not undertaking any education by age 18 – compared to just one in five in France and Germany. wwwwwwwwwwwwwww
6. Gaping gaps: Income per person in the richest local authority – Kensington and Chelsea (£52,500) – was over four times that of the poorest – Nottingham (£11,700) – in 2019.
7. Bad work: Half of shift workers in Britain receive less than a week’s notice of their working hours or schedules.
8. Flaky firms: UK companies have invested 20 per cent less than those
in the US, France and Germany since 2005, placing Britain in the bottom
10 per cent of OECD countries, and costing the economy 4 per cent of GDP.
9. Taxes up: Having averaged 33 per
cent of GDP in the first two decades
of this century, the tax take is now on course to rise over 4 percentage points by 2027-28: equivalent to £4,200 per household.x
10. The wrong track: Six in ten Britons think the country is heading in the wrong direction, with far fewer – just one in six – thinking it is on the right track.
And these are their recommendations - sadly they wont be implemented cos it involves taxing the rich and the wealthy and investing in places other than London on a VAST scale, we might get £3 billion for M<anchaster but they are talking about hundreds of billions
Ending Stagnation in 10 key steps
1. A services superpower: Britain must build on its strengths as the second biggest services exporter in the world, behind only the US, while protecting the place of its high value manufacturing in European supply chains.
2. Our second cities are too big to fail: Our cities should be centres for Britain’s thriving high-value service industries. But instead, all England’s biggest cities outside London have productivity levels below the national average.
3. Investing in our future, not living off our past: Public investment in the average OECD country is nearly 50 per cent higher than in the UK. Tackling
this legacy, alongside the net zero transition, requires public investment to rise to 3 per cent of GDP.
4. Pressure from above and below: British managers too rarely invest for the long-term. Pressure for change should come from more engaged owners – a smaller number of far larger pensions funds – and from workers on boards.
5. Good work in every town: Despite the success of the minimum wage, a good work agenda cannot be a one-trick pony. Statutory Sick Pay can leave the ill on just £44 a week, while 900,000 workers miss out on paid holiday.
6. Steering change: Hospitality represents a higher share of consumption in the
UK than anywhere else in Europe, because it is relatively cheap. Better pay for low earners in hospitality, paid for by higher prices that most affect better off households, will create a more equal UK.
7. Recoupling everyone to rising prosperity: Benefit levels have not kept pace with prices: cuts since 2010 have reduced the incomes of the poor by almost £3,000 a year. Shared prosperity means benefits rising with wages.
8. Better, not just higher, taxes: A rising tax burden should not just fall on earnings, but should be shouldered by other sources of income and wealth. Wealth has risen from three to over seven times national income since the 1980s.
9. Resilient public and private finances: Higher growth and higher taxes are needed to raise investment, rescue public services, and repair public finances. Higher investment should be funded by higher savings at home, not borrowing from abroad.
10. Exploiting catch-up potential: If the UK matched the average income and inequality of Australia, Canada, France, Germany and the Netherlands, the typical household would be £8,300 better off.
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