If interested, more detail on the fascinating Truss/Kwarteng Experiement and why it failed. kzfaq.info/get/bejne/a72EZ66b3NjFd3k.html

The UK has run out of decent politicians that is a fact.

Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?

It's not just the "debt" that should be focused on - it's the cost of servicing that debt.

Yes debt was very high in the 50's but we were a world leading country in manufacturing. We now have an economy based on consumerism and services.

How can tax keep going up and services keep going down. I’ve had enough and left

You forgot that Sunak when Chancellor was warned by the treasury to insure against interest rate rises and maturity dates on Bonds and didn't take the advice. This cost the UK tax payer 11 billion.

Fascinating. I’m 75 and have lived through most of that. But I’ve never lived in a period when the fabric of the the country was so run down. A small elite is making huge amounts of money. Nowhere in your analysis do you mention that. Nor do you mention tax rates for the more well off were much higher in the 60’s.

The average PAYE worker gets hammered with more and more taxes year on year. It isn't our fault. Genuinely sick of seeing the government pi55ing away our taxes on stuff that doesn't benefit US in any way, then telling us we need austerity. No, Labour won't be better either.

You can print money, you can't print wealth.

0:44 Ireland’s “GDP” is totally skewed due to the amount of tax dodging multinationals it has on its soil and is totally unrepresentative of the dire Social and economic circumstances the country is actually in.

Keep up the good work. This is a goldmine for me.

Great video! One thing to keep in mind is that the UK government is spectacularly bad at investing and building infrastructure. HS2 is just one example, but it also does not invest in the North, Northern Ireland, a reliable train infrastructure, nationwide broadband, smart meters, an electricity grid that can actually cope with electric cars becoming the mainstream, and so on. If the UK government borrowed, built and delivered these things ... the UK would be in much better shape.

Trickle-down economics posits that by incentivizing the wealthiest members of society with tax breaks and other economic advantages, the resulting wealth accumulation will eventually “trickle down” to benefit the broader population. However, in practice, this theory often leads to disproportionate wealth concentration among the affluent, leaving the majority with minimal tangible benefits. In analogy, it’s akin to pouring treacle at the top of the socioeconomic hierarchy, with the hope that its sweetness will permeate downward. Yet, more often than not, the lower tiers are left with mere traces of sweetness, while the bulk remains concentrated at the top, failing to effectively address systemic economic inequalities.

I love your clear and without fuss explanations. Thank you !

Too many immigrants! Not enough spent on universities, Schools, housing and Frail Care.. And NHS!

Another great video mate! Thanks for keeping us on top of things really enjoy your videos as said before 👏 cheers

I don't think any of our so called Politicians understand the value of Solvency Ratios or the implementation of Lean Six Sigma, designed to reduce waste. Large Companies use it. Why can't a Government? If you attend a Party in the Commons Wine and Food is on Tap free. I would love to see an Audit Report.

I'd like to know what the money was spent on becasue I cannot see anything tangible from it. And no, COVID bounce back loans do not count.

It's not how much owe it's who you borrowed the money from that counts. Germany has a high level of debt. Its saving grace is that it always borrows from itself. Being a Creditor Nation (and once the world's largest) Japanese debt is a different type of debt when comparing it to the UK, albeit more volatile since it relies on the intrest repayments for it's neighbouring countries such as Thailand. In fact, the economies of both Germany and Japan are very similar for historical reasons since both lost the war and both lack a sense of humour. Seriously though, both specialise in Vendor Credit, which is hardly mentioned by economists nowadays. Both export large amounts of machinery in return for things apart from just interest alone. When I was in Jamaica, there was a lot of excitement for Germany had promised 200 Mercedes buses in return for a large chunk of real estate in the *Parish of Hanover on Jamaica's North Coast. In the 1970s, the UK accepted a full shipment of oranges from Morocco in exchange for three Land Rovers. Both Germany and **Japan's middle-classes have an awful lot of savings, too. Thus, both their treasuries issue bonds, which are snapped up by locals. The UK is king when it comes to international offshore banking. With Jersey, the Isle of Man and Gibraltar on this side of the Atlantic and ***Bermuda, The Cayman islands, and The Virgin Islands on the other side. In fact, the USA borrows 20% of it debt from these UK overseas territories annually via the neighbouring USVI. The UK also has a card up it's sleeve in that it has access to the many sovereign wealth funds and "principalities" that lie within the Arabian Peninsula. Nations such as Kuwait, Bahrain, and even Saudi Arabia were created by the UK after the collapse if the Ottoman Empire. When, at that time, many of these nations were not known to possess any mineral wealth whatsoever. Such nations, including Brunei, are still loyal to the UK when it comes to financial loans and are willing to charge ridiculously low rates of interest and even defer repayments. The UK has been bankrupt for a very long time. Here's an old adage: Debts grow mouldy, but they never go away. *As an additional form of repayment, the Jamaican government gave Germany the exclusive rights to the wreckage of 'La Nina', one of the three ships that Columbus used to settle in Jamaica's Discovery Bay where he and his crew bade residence for nearly two years. **the Japanese Post office held the world's largest pool of "sovereign" wealth, which was valued at 14 trillion USDs. ***Bermuda and the USVI - the latter of which was purchased from Denmark and known as the Golden Island, made their enormous wealth from supplying both Confederacy and Unionist armies, arms and munitions during the American Civil War.

IMHO, it's all down to the housing crisis . The replacement of council housing with private landlords and the subsequent commoditisation of property , has led to millions dependent on housing benefit and income support due to in work poverty.

Love your videos.

Parliament is one big sink hole

Love your work, sir

With the Bank of England (BOE) buying a huge chunk of government debt via quantitative easing (QE), by 2014 Chancellor George Osborne reached an agreement with the BOE whereby, as I understand, interest paid to the BOE on bonds bought under QE would be remitted back to the Treasury after the BOE had deducted administrative costs. In effect, QE debt was interest-free. When people talk of interest paid by the government to service debt it is never made clear if it is the gross amount paid by the Treasury or the net amount after the BOE remitted payments back to the Treasury. I'd be pleased if a video clarified the cost of QE to the Treasury.

He say, “after a decade of creating money…” he means printing Monopoly money not backed by sweat labour or product weakening the hard earned pounds in our pockets. USURIOUS USURY BY THE USURIOUS!!!

Very interesting analysis..

Economic investigator Frank G Melbourne Australia is still following this content cheers Frank ❤

Thank you !

A closer look at your graph comparing government borrowing and the savings rate shows that changes in savings slightly lags movements in government borrowing.

Very good summary of the UK debt situation with lots of explanation of government debt in general, thank you! One thing i miss though - so many data, so much information and not a word about the elephant in the room (no, not Brexit this time 😂). I mean the role of unfunded liabilities, which in the UK are proportionally higher than in similar economies because of the extreme centralization of everything: the British all eggs in one basket syndrome....

I think this is true. HMRC are coming down hard on small medium businesses to take in as much tax as possible..

The spectacular QE and half a trillion quid in borrowing for covid makes the Truss/Kwarteng fiasco look like a child's walk in the park.

Interest rates have risen. These debts are unsustainable.

Why doesn’t parliament call in the French loan? France hasn’t paid a penny to Treasury on its sovereign debt since 1931.

Low interest rates are not sustainable whatever the debt is, because they lead to inefficient resource allocation. Suppressing them is how our economies are actually being destroyed. Interest rates keep asset prices within a range relative to their output, making only businesses that produce a return higher than the rate of interest viable. Thinking you can set it to what you want to for the purposes of government debt instead of to allow efficient resource allocation to happen is a mistake.

The debt itself is less of a problem than the lack of growth. Some people run on high debt levels all the time, but that's because they have enough regular and reliable income to service that debt. Extending this credit card analogy, the UK is borrowing more just to spend on its 'basics' because its 'income' ie taxation is consistently falling short of covering those costs ie its deficit as opposed to its debt. Consequently the cost of serving the interest payments, effectively dead money, on its growing debt is steadily forming an ever larger part of its expenditure and consuming ever more of its productive output.

That a country can have a large debt in relation to GDP presupposes constant growth. Without growth, the debt cannot be repaid. The problem today is growth. Countries in economic stagnation have a hard time.

The markets behaved the way Sunak told them to. Wrecking the economy was the objective. Truss is just a tool.

the UK govt cannot run out of the £ sterling. Its impossible , legislation means that the uk govt taxes and borrows. Borrowing is a gold std hangover, to prevent swapping all your cash for claims on gold . Borrowing , if you speak to any central banker they will tell you that its monetary policy, i.e. When The govt spends , this creates additional reserves in the banking system, the CB is targeting a specific bank rate (rate at which reserves are lent by banks to each other ). if there are too many reserves in the system this drives the bank rate towards 0 (excess liquidity), so the central bank has to drain liquidity, this is done via borrowing, i.e. Gilts are exchanged for reserves (int bearing instruments for non interest bearing instruments), this pushes the bank rate back towards its target (drains liquidity). this used to be the case before banks lobbied for int to be paid on reserves as they were awash with them post 2008 and were earning no interest for holding them. So now banks get int on reserves and int on gilts. As they now get int on reserves there is no need to issue gilts other than to offer wealthy people with safe govt assets. its rendered obsolete

The governments net worth is negative and foreign exchange reserves are on a downward trend.

Arguably some of the best economics channels I've seen. Really would like to hear your take on other parts of the world.

In case anyone missed the first dozen times he mentioned it: Matt Goodwin has a Substack.

The making of commitments for future Government spending seems to know no limits! The denial of the negative 4 - 5% impact of Brexit on GDP and reduced tax revenue, the triple lock on pension increases, the additional hours and lowering of age qualification for funded child care are just three examples. Where will the money come from without economic growth?

You know, in the long term this could be seen as a good thing. Germany with their war debt had to pay it back quickly by maximizing production, which allowed them to generate an income. We could do the same. I hear theres a company that can potentially make materials out of literally anything, I think it's called mattershift in the US. maybe our science industry could use that. Of course this will only be useful if we do have a debt crisis.

Look at the gold price in £ versus $.

Government dept very low in mid 2000s , who was in power the Reckless Labour Party . Government dept now very high who’s in power the fiscally sound Tory Party?

Keynesian principles were refuted long ago. Politicians of course still love Keynes. That tells you all you need to know. Inflating away debt is Government sanctioned THEFT my friend. I am sure you agree.

It would pay dividends to understand nature of the money. As the old credit theory of money says, money is debt. Because money is debt, so called "borrowing" creates new money. Government debt is best thought as that part of the money supply that is publicly issued. That is why economic stimulus works; government is expanding money supply by issuing new money to the economy. Clearly we need public debt in the system, and adequate amounts of it.

50% debt to GDP in 2010. I thought the tories austerity was meant to overcome this, but looking at your graphic makes me think that failed?!

The problem the UK has is since 2010 focus was on short term neglecting the need's of the long term. The problem is long term is now here and instead of looking forward to the next 14 years we once again thinking short term in the now and next few years. The idea needing to balance the books in the short term is a myth put on by the spin machine of the Conservative's. Why would individuals invest when the government refuses to do so?

I worked out the amount of TAX I was paying, true TAX. It was around 50%+ and thats on 30K a year. Income TAX, NI, VAT, fuel duty, council tax, alcohol tax, energy tax etc. Do the sums, have a go. Thats not even adding parking tax we all pay from time to time.

There probably is plenty of scope under MMT for the UK to print money for investment. As was said in the video, inflation is a constraint but at present most of the inflation is a supply sided source rather than a demand sided one. Stephanie Kelton's book "The Deficit Myth" is well worth reading. She was a key part of Biden's economic task force that used MMT to create $1.9 trillion for the covid period including investment. The US, UK and Japan can do this as they have their own sovereign currency but other countries like Greece don't. Some countries such as Argentina do but have to borrow in a foreign currency such as USD so are less able to use MMT.

How is Ireland's percentage so small? I know the gdp number is very different from the real number in Ireland due to multinationals reporting there, but the percentage was a lot higher not so long ago

Window guidance originated as a way for the Japanese government to finance Japanese rebuilding efforts during the early stages of the Japanese economic miracle. Under the Bank of Japan Law of 1958, the Ministry of Finance took control over the Bank of Japan's administration, embedding Japanese government fiscal goals into the Bank of Japan's instruments and allowing for greater flexibility in the regulation of the money supply. During Hayato Ikeda's income doubling plan during the 1960s, the Bank of Japan was given "full control" of the monetary instruments in the economy and was fully responsible for the swings in the business cycle during the 1960s to 1970s period. This, combined with strict capital controls suppressing the private sector's ability to issue corporate bonds, gave the Bank of Japan a substantial amount of influence in the bond market.

5:20 All BIG Economics are now in Recession ( US , China , Japan , Germany , UK , AU , Canada , etc) but some people instead of saving try to invest in more risk assets as they think inflation going to eat my savings anyway !

Couldn't the government just borrow more money to build more houses on a mass scale (and not rely on the private sector)? It would make a great return on servicing and paying off the debt. You could better regulate rental and property prices meaning people would have more disposable income to spend in the economy, better productivity, an increase in the birth rate. You could even build green houses to better regulate energy costs and sell any surplus to other countries?

The Welfare State is the problem, just take “Our inactivity rate in the UK is 21.95%. In Iceland it is 13% and in the Netherlands it is 14%,” the Chancellor said last week, referring to the share of working age adults who are neither in work nor looking for a job. We have created a society of people who don't want to work or contribute. Angela Merkal told the World in 2012 “If Europe today accounts for just over 7 per cent of the world’s population, produces around 25 per cent of global GDP and has to finance 50 per cent of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life,” Ms Merkel said in the interview. “All of us have to stop spending more than we earn every year.” This is the UK and EUs biggest problem

If we'd had Tejvan's videos in recent history, we'd likely be wealthier as a Nation. I hope poiticians are watching what we the electorate are learning here. 'Education, education, education.'

One of the best explanations of why the Truss Kwarteng reign was so ruinous.

Government debt is not like borrowing from a rich uncle at a low rate of interest. It's like borrowing from your poor children and grandchildren at a market rate. The vast majority of tax is paid by the working classes and middle classes, with the highest proportion of tax to income being in the range of those earning £16-25k p.a. The money we borrowed during world war 2 was paid off by the boomers, Gen X and Millenials and was finally paid off in 2006. The money were are borrowing now to pay for our enormous welfare system, our foreign aid, and subsidising of business, our incarceration of the most British people ever (mostly for non-violent crimes), etc, etc will either be paid by Gen Z, and their children, and their children and their children (which is a problem because the high cost of living partly caused by unprecedented levels of taxation means that we are having so many children that our population is due to collapse completely by the end of the century). Borrowing and spending during a depression may make the recession better in the short term, but artificially inflates the economy causing inflation so the cost of living is higher after the inflation. It also creates bubbles which distort the economy, and when you try and cut the extra government subsidies off after the recession you either cause the bubble to burst or political pressure means you keep up the free money. The current recession we are facing is largely caused by the government ending the insane amounts of free money they were throwing around during Covid which mostly went to rich people. Keynesianism (artificially inflating GDP by spending money, often on useless things like public monuments or international sports competitions), 'quantative easing' (i.e. printing money and giving it to the rich), modern monetary policy (i.e. the belief that money grows on trees and debt doesn't matter), and getting into debt is inflationary to the cost of living, makes the unborn generations pay for the greed of their ancestors, bankrupts nations and creates demographic collapse as people don't have kids, and transfers wealth from the poor to the rich via taxation, asset booms and household debt. Periodically, we learn this, like in the 1980s and 1990s, and then we forget it again. But we have the highest ever taxes, the highest ever peace time debt, and the most stagnant economy we've ever had. Time to return to the free market economics of the 19th century before we become not Argentina or Greece, but Zimbabwe and Venezeula because a huge economic depression and currency collapse is coming any time in the next decade.

So, what was all that Austerity for?

The UK government cannot "run out of money"

This topic is very significant going forward for the UK and sterling (and US, Japan, and Argentina). Low interests with high debt is sustainable. High interest and high debt is not sustainable and leads to hyperinflation.

The UK government cannot run out of money in the same way individuals or businesses can. Governments that issue their own currency, like the UK, can always create more money to meet their financial obligations. This concept is supported by Modern Monetary Theory (MMT), which argues that countries with sovereign currencies can never truly run out of money.

They are stealing our money basically and giving it to their mates

Where did the funds for QE come from? And for the response to Covid?

The Uk has a low debt to GDP ratio, amongst countries with a sovereign currency.

As usual, misses the point on the Truss budget. The pound crashed because hours earlier the Fed had hiked rates 0.75% in one move. Most currencies mirrored GBPs crash against USD. It was an opportunistic move to blame the falling pound on that budget. Did Truss crash the Yen and the Euro? If not why did they move in an identical way to GBP on that day?

Printing money doesn't cause inflation, spending large amounts of money in ways that do not lead to a comparable rise in goods and services causes inflation, it doesn't matter where that money comes from whether that is the government, a foreign government or private institutions. Also, it isnt private saving that causes government deficits to rise, it is government deficits that cause savings to rise, the government spends money into existence, so more money created leads to more savings, you can't save money that doesn't exist, the graph you displayed shows this too. Correspondingly, surplus government bugets causes private savings to decrease. Furthermore, when the deficit decreases as a proportion of Gdp it causes economic stress on the economy since over time the monetary supply is smaller proportionally to the size of the economy leading to trading friction where productive capacity is unable to be properly utilised due to a lack of currency. Additionally, the government does not need to borrow to spend, it is the money issuer so debt is meaningless to it, bonds are issued not to cover spending but to support interest rates, they are not a required feature of our system in order to maintain deficit budgets. A final point is that the UK cannot unwillingly default on its debt unlike countries like Greece, because we have a sovereign currency, the UK government can always fund its obligations.

Can you do a video on China and how reshoring is impacting manufacturing and how the aging population is going to impact future growth? That would be interesting

Imagine the UK would be in a group of allies that could jump in if shit hits the fan.

The UK has defaulted on its debt before. In 1934 the UK stopped servicing it's ww1 debt. £4 billion debt owed to the USA. equivalent of £359 billion today

More importantly, I'd like to know where that money has gone....

I disagree with the extended family argument.

Not yet but soon would be going same way as Birmingham Rochdale etc

Dont feel alone US is $35 trillion in debt yet has more billionaires than ever.

The debt to GDP ratio is currently around 100%. When it reaches 130% then the country and its currency are bankrupt. 51 countries out of 52 defaulted when they reached 130%. It’s not great but we have a bit further to go.

Can a UBI indefinitely for the poor ease the load for the majority of citizens in the U.K.? Or investing in the poor a huge cost?🤔

I’ll raise you £14 billion for Hinckley Point C nuclear reactor. And then £33 billion saving Nat West Bank. And then £37 billion on the failed Test and Trace programme. And then £99 billion on HS2.

We will make a new digital currency can call it digitalisation , Eureka 20% hit across the board like 1970'

Why would the UK run out of money, are tax payers not paying taxes? The Gov't makes a good £1 trillion in taxes, VAT and fines per a year. As for debt, it is just money going into banks, stock market and other financial institutions. It is called the transfer of wealth from the public to the private, the money is there.

Japan went through a long period of Stagflation in the 90's, though!

That depends on how much money the city of London moved offshore. Their coming for the crown jewels. Maybe sell Windsor to Disney? Certainly the vacuum cleaner man Sir Suck Alot has a small fortune in Singapore.

Best they can is try to inflate the debt away, which is what they tried to do… but BofE has issues lots of linkers?

We need V to become a reality.

Apparently th UK has defaulted on its debt in the past, to the USA.

Countries in the top ten tend not to run out of money 💰.

GREEDY. Not Broke. The ONLY reason they're still getting away with it is because we, the people, don't posess the necessary 'arms' to deal with them.

No Harold Wilson would win by Landslide victory over Tories in 1966 UK general election yes Thomas. 96 majority. 364 Labour MP"s. Awesome.

It certainly looks broke. The U.K. now reminds me of Belgium in the 1980. I don’t see how the U.K. can improve infrastructure and the NHS in the next decade. With some people being on 8 year waiting lists for NHS procedures, you could argue it has already collapsed. But there’s hope. Belgium, and in particular Flanders, is now one of the wealthiest areas in the world. All you need is good government. We have the Tories.

The UK has been broked some decades ago and the government has been propped up by borrowing. Just look at the debt levels. Politicians spending are based on political ideology to win votes and didn't care about implications. For the political elites, money grow on trees and they are either spending our money or borrowing on our behalf to spend now but we still have to pay. 😢

Austerity was a political decision. It’s what the Neoliberals do,whether Conservative or Labour. Also the term “borrowing” is further used here but is a misnomer. Only bonds involve borrowing. Most money is created out of nothing. The Bank of England Q1 2014 Quarterly Bulletin explains how almost all money is now created out of nothing by private commercial banks as “loans” or “borrowing” but it’s private bank credits with interest paid back using private bank credits created the same way thus private debt must go up. Loans create deposits although they’re not loans but money creation. Who gets to create and benefit from the money creation process is vital to society. Public seigniorage has not been mentioned. This has been largely lost since WW2. Public debt is the mirror image of private wealth. I could go on but this partial Keynesian/ Classical presentation only describes but doesn’t explain nor indicate the proper role of democratic government in the fair running of a society with what should be its own money supply. The power of the private US Federal Bank system is to blame.

They just need to seize the royal assets as I understand it

Greed and corruption

Another clear introduction to an obviously complicated topic! MMT seems to be in fashion in some sectors on the left as it seems to offer a simplistic panacea. My main criticism of it is that it seems to think that printing money can somehow magically create resources. Printing money doesn't create the workers or materials needed for the grandiose projects planned. And besides, governments have such an awful track record of implementing these projects. Inflation seems inevitable. And although MMT says you'd just tax Inflation out of the economy, the proponents are always a bit vague on exactly who they would tax....

The conservatives seemed in the past to be the ones to faff about this wanting to blame the Labour Party or scaremongering that it would have high borrowing. What we need is intelligent fair government run by non self interested parties.

Actually UK has run out of the looted wealth it amassed from all over the world. People of UK never worked, rather they went out to establish colonies and loot. With colonies gone, nothing is left. Suits and serves you British well.

Whilst the Tories mismanagement of the UK economy has been an absolute travesty nevertheless every labour government in my lifetime has run out of money In particular I’m drawn to the healthy budget surplus bequeathed by Ken Clarke to Blair’s government in 1997. Even Derek Scott, Blair’s economics advisor conceded that Brown’s economic inheritance in 1997 was better than that of any previous chancellor in living history. In 2001 Brown forecast he would borrow £12 Billion over the next 6 years.In the event he borrowed £112 Billion, almost 10 times his forecast. Brown’s time as Chancellor has rightly been judged by his mismanagement of the public’s finances and his failure to achieve value for money for his vast increases in public spending. This was despite the stable monetary framework he inherited and whilst we’re at it let’s not forget his disastrous sale of the UK’s gold reserves. In particular,Labour’s mismanagement of the NHS reversed the productivity achievements in the early 1990’s and successive governments have been unable to rectify the position since. After 2000 the government went on a huge spending spree , much of which went on inflating the government’s payroll .Quango’s took off after the 1997 election when they began to be used as a method of public administration and the incumbent government appointed their political allies as the heads of these bodies with full discretion to appoint individuals of their choice to these political bodies. This was when the public purse lost control of the public finances and it has failed to recover ever since . The apparent aim was to enable senior civil servants to offload the practical issue of public service provision to the private sector and public agencies thus allowing for a reduction in department resources. However this never materialised and we now find ourselves in the precarious position of having a bloated state consuming an increasing proportion of our ever diminishing resources- what an almighty cock-up! Little wonder the UK taxpayer is taxed from cradle to grave as a hugely expensive non-productive body has to be financed by the productive sector . A further consequence of Brown’s actions was unfunded pension liabilities which have ballooned and is now becoming an unaffordable and unsustainable bill for our children, grandchildren and ourselves. This is where we should be having a public debate NOT about the triple lock for state pensions. Many people go to jail for unfunded liabilities but Brown’s attitude was to keep them off the government’s books and PRETEND the problem didn’t exist . He single handedly passed onto this and future generations the bills of an unreformed public sector, a growing pensions crisis and an increasing tax burden Successive governments including the Tories have been lamentable in their approach to reforming our public services , taking on vested interests and outdated/failed dogma and for that they should all be crucified which would be very apt at this time of year. However, let’s not forget that the architects of our current failings were designed and implemented by the Blair/Brown Labour axis of evil and we can only pray that an elected Labour government would see this as the opportunity to right all the wrongs committed under Labour’s last stint of governance. I won’t be holding my breath !!!

Wealth tax, stop inequality 🤟