Comments by "" (@lonevoice) on "No One is being Truthful about the State of UK Economy" video.

This has been a choice. Let's not forget that it is the public that has voted for far right neoliberalism with its austerity, public services decline, lower taxes for the rich, QE for the rich with surging wealth inequality, a surge in house prices and a Wild West lettings market, pitiful levels of investment, immigration on steroids. And on top of this they then gave us Brexit with its 5% drop in GDP. Neoliberalism doesn't work and the sooner we wake up to that fact the better.
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@VincentRE79 Neoliberalism leads to a failure to invest as it relies on private financing rather than state investment. Keynes provided a successful solution with state involvement after the Great Depression and we probably need something similar now. Biden made use of MMT and this approach when he gained power and we can see their success with their current growth.
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@VincentRE79 Not true. We have our own sovereign currency. Theresa May said that there was no magic money tree but when covid came along we created £450bn. This is what the Biden has done as well for investment on a larger scale. Care is needed though not to create inflation but if used for investment rather than extra money in people's pockets, any inflation rise should be minimal and containable.
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@RJ-ry5qu Thanks. You are right. There are many reasons why the UK is in the economic state that it is in and there is no quick fix. Any improvements are going to take time and will be incremental. Our growing wealth inequality is a really damaging problem for the economy. You have highlighted the fact that the share of the national income cake taken by the top 10% is vast. But that is only a reflection of that part of wealth due to earnings. We saw for example that when Sunak disclosed his Tax Return information his average rate of tax was lower than many ordinary working people and a sizeable proportion related to capital gains. As we know capital gains only arises when a gain arises so can be held back. If it is held back long enough until that person dies then the slate is wiped clean and no capital gains tax arises, only inheritance tax. As we also know, Jeremy Hunt now wants to get rid of inheritance tax. We also saw from Sunak's Tax Return that based on the wealth that he is believed to have most of the gain in the year would have been unrealised capital gains so no tax would have been paid. The problem with the wealthy is that they are incapable of spending enough. They already spend what they want to and the surpluses that they are left with each year find their way into asset purchases such as shares and property. Over the past few decades we have seen a continuous increase in wealth inequality. This acts as a drain on the active economy of jobs, business and services and is becoming increasingly damaging.
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