Why Is Britain No Longer a Rich Economy? | UK Economy | Econ

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Get me out of the UK. Conservatives have leeched the people for everything they have. Millennials can’t start families, old people can’t afford basic care. Meanwhile, government ministers make millions in offshore accounts while gaslighting the electorate that foreigners are taking everything. Disgusting. Got two degrees and still on the same wage since 2016 - everyday is depression over here.

'Paying down the deficit'. 'Reduce the national debt'. These statements assume the country owes money. To whom are we indebted? No one! The national debt is simply a measure of how much money has been created by the government and the banks that has yet to be taxed out of the economy. It means that we have £2.8Tn in the non-government side of the economy. Most of this money resides with the wealthiest, giving the illusion that the UK is a rich country. Further, much of that wealth is hoarded in physical assets like land and property, or financial assets like shares, stocks and bonds, all of which effectively take money out of circulation, storing it to make the asset holders more money in the form of rental fees, dividends and interest payments. State spending has collapsed, which is a political choice because the government, as sole creators of GBP, can always pay. The Conservative mantra is always 'small state, market leads'. The Tories exploited the global banking crisis to blame the then Labour government for 'bankrupting' the country, seize power and shrink the state with its austerity policies and enrich the private sector. Only when people start to understand that policy choice shapes how the country is run, government can always find the money but simply chooses not to, and that our constraints on spending are the tangible resources available, will the tide begin to turn.

So the de-industrialisation ir a real problem that affects a larg part of the West. Due to the mistaken regulation of the financial market?

Congrats on the morons that voted for Brexit as a solution. They just hated immigrants and didn’t think they could just change their policies for illegal immigration. So some demagogues with interests in their secret benefactors (Nigel Farage) capitalised on the ignorance of the masses on what a proper solution would be, so just blindly offered them Brexit as the only solution for their feelings and evoked also feelings of tribalism to further blind them. A country of idiots we became…

Stopped watching when he said UK has 6th biggest economy in the world. Why are Brits so stupidly pessimistic? It's still a rich economy.

Basically should have kept the coal mines open ...enough energy for 300 years
Would have transitioned us to eco energy
Thanks Mrs Thatcher .

It,s the class system that is destroying britain the educated lording it over the uneducated so nothing will ever work in devided britain.

Looks like this idiot has never travelled much, work in over a hundred countries as I have and you will have a different perspective on the UK as a whole. It's really important to remember that most changes, may they be minor or major to the economy are not felt by the majority of the UK population.

There's basically no truthful information to be gleaned about the state of life in Britain. The media, government, quangos are all involved in lying about what's going on.

I literally know multiple people who spend their day in the gym bodybuilding whilst raking in £40,000 a year in benefits, tax free. Others have a BMW paid for by "disability payments" that they use to drive to their jobs on building sites.

When I grew up in England in the 1960s and 1970s, the street had maybe a couple of cars on it. Now that same street is packed with cars, and all the side streets which never had a car on them, there's no place to park even though there's no additional housing. My dad was a self-employed plumber who cycled to work with his tools on his bike. Now every idiot has a flash car and drives to "a food bank" to sponge some free food. It's common to hear of "working class" kids who have never even been on a bus, because they are ferried everywhere in cars.

What a load of nonsense. When I grew up in England in the 1970s there was ONE fat child in my school of 600 kids. Now 21% to 25% of schoolkids are not just fat, but OBESE. I can't remember the last time I saw a kid in the UK who looks as thin as my peers in the 1970s. These people are not going hungry. In my childhood people couldn't afford to go to restaurants, there were virtually no takeaways. But now in the town where I grew up just 1 takeaway shop has over a dozen drivers out delivering food to fat people.

The true state of the UK economy will show itself in the next few years, as the fake financial system based on the petrodollar, money printing, and financial speculation implodes. I'm looking forward to seeing these lazy fat people learn what poverty and hunger are.

I visited London last year for the very first time and I found London to be so beautiful and clean compared to California cities. Obviously all cities have good/safe parts and dangerous ones too. But my impression of London is that there is still so much wealth there and it was pretty affordable too. I guess what I’m trying to say is that I’d rather live in London than in the U.S.

COULD IT BE POSSIBLY BE ALL DOWN TO THIS BENT CORRUPTED GOVERNMENT AND HAVIN AN INDIAN FOR THE PRIME MINISTER WHO COULDN'T GIVE TWO FLYING FCKS AND HAS NO LOVE OR RESPECT FOR THIS ONCE USED TO BE PROUD AND INDEPENDENT COUNTRY🇬🇧🇬🇧🇬🇧🤔🤔🤬🤬??

Sold out to fund public and private spend and borrow approx £6 trillion over the last 30 years WE OWN NOTHING as the GOVERNMENT HAS MORGAGED IT FOR YOU to the tune of £80,000 for every adult so if you think you have paid off your mortgage THINK AGAIN.

and UK pm talk about democracy 😅 and war😅😅

finished country

Because our Government has wasted BILLIONS and we gave away our manufacturing base.

With a back door Pm like this Rishi Sunak who wants to promote himself and ignores the real economy issues, how can UK ever be rich again...