🔵 The Truth Behind The 2021 UK Budget

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The Truth Behind The 2021 UK Budget

Government borrowing for this financial year has reached £271bn. That's £222bn more than a year ago. Last year was £50bn
This has pushed up the national debt to £2.13 trillion. That’s 100% of GDP.

Key points:
- UK economy shrank by 10% in 2020
- Economy forecast to rebound in 2021, with predicted annual growth of 4% this year
- Economy forecast to return to pre-Covid levels by middle of 2022, with growth of 7.3% next year
- 700,000 people have lost their jobs since pandemic began
- Unemployment expected to peak at 6.5% next year, lower than 11.9% previously predicted
- UK to borrow a peacetime record of £355bn this year.
- Borrowing to total £234bn in 2021-22
- The bank of England believe that the UK economy is like a coiled spring ready to bounce back. The Chancellor didn’t seem to agree with this.
- Expecting as full recovery in 2023. I think they are both incorrect on their forecasts, and I predict a strong initial recovery, followed by a new slump to hit the UK in the Winter of 2021 going into 2022. This is due to a concept called employment scarring…

Stamp duty extension: I previously predicted that at the end of the stamp duty holiday, property prices would start to come down, obviously that hasn’t happened because the chancellor keeps extending the SD holiday.

My last prediction was that he would extend it by a short while, perhaps 6 weeks to allow those already in the home buying process to complete their transaction. This has now been confirmed as their strategy with an extension until the end of June 21, so come 1st July 2021, we could see a some troubling signs in the housing market

Combine this with the new proposal of… 95% mortgages:
This is a terrible idea for the housing market because it will keep prices up (BAD) but allow first time buyers to get on the ladder (GOOD)
The problem is that the Government will guarantee the mortgage, which means that YOU will guarantee the mortgage since the Government doesn’t make any money, they only tax...

From next month, you’ll have access to these 95% mortgages, this will again, keep the UK housing market bubble growing and growing, making It even worse when the collapse comes, this is 2007 all over again!

Corporation Tax: 19% up to 25% in 2023
He should have given small-medium sized business a tax break. By giving the small businesses a tax break, this will actually help to get more people employed.

It’s interesting that he said that the rise will only occur once the recovery is in place, which says that he doesn’t expect the recovery until 2023. But in actual fact, I would say he’s timed that very badly and that 2023 is probably going to be the worst year as we go into this new greater depression

Income Tax, NI, VAT, Fuel Price & alcohol duties: No change. Surprising
Fuel tax is roughly 65%, VAT added on top - scandal!
I’m surprised that he didn’t go after either of these low hanging fruits! Most chancellors would have done. So all of these will be frozen for the time being

Furlough: Extended until the end of September for both employees and self employed. Employers will be expected to pay 10% towards the hours their staff do not work in July, increasing to 20% in August and September, as the economy reopens.

This is a terrible mistake. Although I know people are going to be upset with me for saying this, but we need to get back to work now. The longer we extend this furlough, the worse it's going to be. You can't just keep paying people. We're just continuing to kick the can down the road and those jobs which are no longer productive or have already been replaced by robotics or AI, need to be ended.

DISCLAIMER
This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

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[melanierose]

Prepare prepare prepare! If I can do it living in exstreme poverty so can you!. I went with out a smart cellphone, with out internet, I walked or biked every where, I used food banks, and I shopped at thift stores. When I needed clothes I went to my local free market. I made use of things people left out for free on the side of the road. I taught myself alot of skills like how to look for wild eddables and grow a indoor garden and cann food and sew. I had a budget of $200 a month to live off of and prep with. With in one year on this budget I was able to stockplie at least 2-4 years worth of hygiene products, this included powder hand soap, powdered dish soap, and laundry strips that i stored in mylar bags with O2 absorbers and moisture absorbers. I also built up a nice stock pile of white rice, dyhrated veggies etc etc.I listened to the radio alot. Used my local library alot. Practice a non consumer life style. The following years that I made a bit more money at my job and was able to build up and emgancy fund for rent and bills. I found a place to rent that was all inclusive. This really helped alot. The next year after that I repaired my credit. When the pandemic hit I was fine. I had enough to actually help others which made it a little more positive to get though this for me. I started using my stock plie. And restocking up. For any one stugglimg right now with money. If you go with out even just for a few years. You will get though this and come out in a better spot. Also, every thing you need will come to you. You will be blessed. The good Lord always makes sure of that!

[reshapethestars]

They aren’t stupid they are doing all this for a reason and we all know that reason is never for our best interest. You are always bang on with this information. Sadly unless we all stand up to this nonsense at the same time it will never stop!

[MnemonicCarrier]

I hope everybody who supported the lockdowns are proud of themselves. Consensus (of the terminally stupid) let this happen.

[margaretfoley]

We will be locked down again next winter. New variants . 😡

[stevesecret]

Furlough until September...ready for a new winter variation from October

[chainsain_faunachainproject]

When you add Derivative Liability, Banking Debt, personal debt, household debt, private sector Pension Unrealized Liabilities, public sector Pension Unrealized Liabilities/ Obligations, Corporate debt, Unrealized national productivity deficit, the debt...(cumulative) is closer to £17 Trillion for the UK - If anyone ever thinks Tax receipts or, indeed inflation, will ever fix is the word that comes to mind real quick

[e.vendeville]

FYI is in the Dutch news this morning

The corona crisis has resulted in a huge vacancy in Amsterdam. The situation is so bad that it is expected that about 14.6 percent of the retail properties will be vacant in the capital next year. And the government is surprised that support for the corona measures has diminished? Not surprising if entrepreneurs barely survive.

[davidshort]

Neil, it'd be great if you could release another video about properties in the UK with this new scheme. Thanks a lot for your work!

[paulmanning]

The high street is dead. Search for any item on google and every link ends up with a BUY THIS ON AMAZON list! There has been a deliberate attempt to kill small business!

[comsunjava]

With the current government practices, is anyone reminded of the Beavis and Butthead episode where they are selling candy bars for $1.00? They manage to sell one, and then they proceed to buy the candy bars from each other. Handing the dollar back and forth, consuming the candy bars. They return to whoever gave them a candy bars with an empty bag, and a dollar. Kind of summarizes the economic nonsense we are seeing now.

[stevenhowarth]

The debt is all irellevant now, it can never be paid back. They know this but think we don't know this. Great reset coming to a country near you soon!

[viewmodeimages]

OMG Gerald Celente! I love that guy! He is brutal!!!! Taking no crap from anyone! I wish we had more like him! Great idea getting him on, Neil! 😀👍🏻

[jayjay-zbzg]

GERALD CELENTE IS A BOSS WATCH HIM PPL HE WILL TELL IT HOW IT IS GWAN NEIL KEEP UR HEAD UP LAD WE ALL BEHIND YA

[thetowncrier]

The furlough will be turned into universal basic income after September all part of the great reset, why do you think they changed the benefits to universal credit

[munhl]

There's no way furlough will end in September, 2021 they'll extend it yet again.

[secular]

it is not a mistake it's destruction of the economy of the world by design fo Grrreat Rezzzet

[johntheaccountant]

Lets be realistic;
With the fact that the UK (like most western countries) outsourced manufacturing to China; the fact that there will be more automation, robots and AI and data bases resulting in less and less jobs in the UK.
The government will have to introduce UBI (Universal Basic Income) that Universal Credit is already the progression to it.
The result is going to be more and more printing so the debt is already irrelevant.

[kimaminu]

They have an agenda with the furlough to September!!!

[christopherashley]

What a catastrophic state of affairs. We need to know every penny that has been waisted through government contracts, track and trace, help out to eat out and the furlough scheme which has so many cracks in it. Conservative MPS should take a 50% pay cut for the duration that they are in government to help compensate for the complete disregard of public spending in history.

[donebeingduped]

6uild 6ack 6etter the devils work, gates schwab hrh and the like