How Badly is the UK economy Doing? - New Recession

A look at problems of UK economy - why we entered recession and why wages have stopped growing. Is there any glimmer of hope on horizon?

Chapters

0:00 Intro
0:37 Falling Living Standards
1:50 Unemployment
3:06 Impact on Poorest
3:55 Housing Crisis
5:30 Brexit
6:47 Investment
9:35 Inflation and Bank of England
10:57 Pound Sterling
11:32 Productivity Puzzle
12:09 Regional Inequality

Sources:

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ABOUT
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Books

[DavoInMelbourne]

Highest taxes but huge cuts to public spending; makes you wonder where all the money is going? Not to the ordinary people of the UK, that’s for damn sure.

[chrysalis]

Look how well Poland is doing on that graph, wouldn't it be ironic if the English started going over there for work.

[djmonstrosity]

Average wages in the UK today are the same the US had in 2001.

[Mrshuster]

The recession is currently the "most likely outcome for the economy and I cannot imagine being a victim of circumstances, " with inflation at a four-decade high. My portfolio took a serious hit, and it won't get any better. This red season, I've heard of folks netting hundreds of thousands. How can I make sure of that?

[oliverlaw]

If they included the same type of data from the 1980s that use to measure economic inactivity to calculate employment rates, real unemployment would at least be four times higher in the UK than the government currently claims.

[sigma-zero]

The biggest single problem right now is Housing. I am in the contruction of new homes and right now it coming to a stop. The reasons are cost of materials, skilled labour and interest rates. The amount of young people being trained is tiny compared to the demand. The quality and supply of materials is also in a dire state. The situtation is very bleak. We need at least 2 million affordable homes right now. The population has increased by about 6 million in the last 20 years, house building is way behind. Build houses and rents will fall and workers can have somewhere to live and move to where the jobs are. The cladding situation is far from being resolved and also take a look at the leasehold scam being allowed to develop along with leasehold maintenace. Sort this whole housing mess out and many other problems will resolve themselves.

[xtcv]

Firms always complain on lack of workers. They want someone already trained and willing to work for poverty wages

[ButchCassidyAndSundanceKid]

It's a mirage that the unemployment is low, a lot of people are not claiming unemployment benefits. With the tech sectors in the doldrums, high streets shops have been put into administration, do you still believe the government statistics that the unemployment is low ?

[cobbler]

I retired in 2006 from a mid range non managerial job. My wage from 2006 still looks good today ? It occurred to me that over that time wages should have doubled.

[MatthewRivers-Davis]

Everyone of these videos feels like an existential end of days for the UK economy - trouble is Tejvan's cold analysis doesn't exaggerate or have any alarmist hyperbole - it really is that bad. I think the Tories really did have an economic plan to return us to a feudal state through a lack of investment and austerity planning. Trouble is there is not going to be a positive economic shock to get the wheels out of the mud - look forward to Eastern and Central Europe passing us soon on the GDP per capital values.

[WhichDoctor]

the government claims that NHS spending has increase in real terms. But the money the actual NHS receives hasn't increased. Instead, that extra money labelled under "NHS" on the budget is going to private health providers chosen by the government and never even passing through the hands of the NHS. Private providers are obviously more expensive than the NHS per treatment to start with, but given the track record of this government and handing out money in contracts, you can imagine how much of this is just disappearing into offshore bank accounts for nothing in return

[jeff]

One of the big problems is the lack of decently paid manual jobs. Not everyone is suited to a white collar job and there used to be plenty of alternative options in manufacturing. The conversion of the UK economy to a service based economy means that you now have people working in roles that don't really suit their personality or skill set, because there is a lack of other options. All that means is they do their job poorly and also drag down the efficiency of their colleagues. If there was greater diversity in decently paid jobs people would be able to find a career that suits them and they would perform better.

[liamswyr]

I feel "weak demand" for homes needs to be looked at more... I think I fall into a large group of potential homeowners that really don't want to pay vastly unrealistic prices on the market... New builds in particular feel like a scam with so many of them not even fit for purpose

We need the government to step in with some sort not for profit scheme to get people off the toxic rent cycle

[seanlander]

Why doesn’t parliament call in or sell the French loan? France hasn’t paid a penny since 1931, close to a trillion is owed now and that would fix every hospital, school and pothole.

[kevinenerio]

And just like that I am cancelling all my plans to move and work in the UK. Inflation hitting real hard mate. I am no Harry Potter but I bet Voldemort will tell me this if I pushed through with my plans: "You're a fool and you will lose everything!" 😂

[jerryyau]

Constructing additional high-rise apartments in urban areas using prefabricated modules and foreign labor could address housing shortages. Furthermore, such projects could provide tax revenue for local governments. Raising funds from citizens for improved living conditions is generally more acceptable than increasing income taxes. This method has been successfully employed in several Asian countries for many years. However, there are significant challenges to be addressed, including restrictions on importing labor and building regulations.

[hygroscopicity]

The conservative ministers should be charged with negligence. How they can say they are the fiscally responsible party is laughable

[KILKennyLaDa-jsnr]

We had 0% interest rates and mass immigration into the UK for fully FIFTEEN years. It never shifted the dial on GDP.
And now we have a health, housing and sewage crisis.

[Nobumblegumforyou]

As someone who runs a international business.

Our problem starts with attitudes.

I work in the automation and productivity space.

British people don't want to innovate and take ages to make a decision on something.

This prevents change and lessons to do better.

Many businesses prefer to operate by employing cheap labour than to maximise efficiency.

This follows to lower productivity per worker, lower wages and all round grim or no growth.

If you don't believe me follow the science.

UK is 2nd LOWEST in the whole of Europe for business investment. Only Greece is the worst.

[evora]

The UK is sinking like the Titanic. I can hear the band playing