Economist breaks down how Britain is creeping towards authoritarianism 

Explained: The Great British Culture War ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-v2mZviek5MM.html

It's about time people realised that the UK is being run solely for the benefit of shareholders and the rich. The sad thing is that British people are so docile and apathetic that they accept it and get willingly shafted. About time we were more like the French and stood up for ourselves.

There was a time when we " made it here", we had jobs for everyone and the products were of high quality, then the 1% wanted everything. Now Inflation drives prices up and if Inflation is high and jobs disappear by the millions we are in a recession and maybe headed for a Depression…So be careful with your money. It may take decades to get back on pay again. Luck to all..

Please tell the whole truth: we haven't lost confidence in our future, we've lost our future. We haven't lost confidence in the institutions designed to prevent catastrophe, we have been attacked by the very institutions that had our trust

I live in South Korea. It benefitted from the general post-war development boom but even though I like a lot of the people and places, it's not a very happy place. It feels on the cusp of collapse due to the unsustainable short-termism, massive monopolies, in-built inequality and social precarity and demographic issues. Most people want to leave. If that's the poster child for capitalism then that's quite damning.

I'm 41, the difference in living standards between now and the 90s is unbelievable. I used to pay a fiver per month for my energy, it's now 300. This is a deliberate collapse, intended to be used as justification for what is to come

I watched a documentary on 1930s Germany the other day, and it shocked me how the current UK regime is doing the same things (obviously with different targets, victims and intensity). Control the press, ban what you don't like, find groups in society to persecute and blame for the situation, stop the judiciary from holding you to account, get the population to vote based on emotional response not on logic and intellectual analysis. Scary times.

UK trajectory: from one of the best countries TO LIVE in 2009 to The Best country TO LEAVE in 2023. This is what I call COLLAPSE

i am reminded of France in the 1780´s. Massive state debt caused by involvement in the American War of Independence. An extremely rich Aristocracy and Church claiming it´s privileges not to pay any tax. An extremely poor (due to bad harvests) peasantry unable to pay tax and an emerging middle class crippled by taxes without any political representation. A deadly combination.

The Rentier Economy that originated in 17th century Britain with landowners was revived by Reagan and Thatcher in the 80s through the explosion of the financial industry and a passive income class that mostly derives value from what others produce. But as more money has gone to the value extractors and less to the value producers, like manufacturing as Martin pointed out, the less value there’s to extract. The financiers are like leeches sucking the productive class dry. Well, Britain is running out of blood to give, and eventually the leech - and Britain - will die if there isn’t significant structural reform. Or perhaps to save Britain we have to remove the leech.

Best Interviewer around who actually lets people speak and listens. They don't edit away the ugly stuff either. Excellent channel

Creeping towards is in my mind a gross mis-statement, its here and proudly standing up ... and continue to become more blatant if we as a nation allow this to continue ... we have become far too blase and accepting of this cabal of of corporate stooges

47:05 - "Austerity" is just another word for "don't tax the rich, tax the poor"!

The Tories have a massive problem when the Financial Times’ lead commentator declares them incompetent and without ideas.

I studied 20th century history and became alarmed when the Conservative government withdrew legal aid for housing matters. What followed on was the withdrawal of legal aid for people challenging benefit decisions and the third thing that happened was the "othering" of the disabled and the unemployed. Society began to fracture at that point and society was given tacit permission to "other" their neighbours. Benefits were changed, the effect of which has destroyed the dignity of people, stripping them of a fundamental right to chose the food they eat. It has been dangerous, divisive and calculated mission by the conservatives to "divide and rule". ID for elections and boundary changes are next in line to assist them to cling onto power. All of this mirrors 1930s Germany and it is frightening.

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

Britain is well on the road to a far right authoritarian regime. It can be traced back to the illiberalism of the Thatcher government. Neoliberalism has failed yet no-one in the public square will call it out. The political system is not working and reactionary forces are a clear and present danger. Remember this is a far right government already, not the traditional Conservative Party, which has been too right wing since Thatcher won power in 1979.

Love that opening comment "we are all subject to the law" except some politicians think they're above it. The name Boris Johnson comes to mind.

Between first past the post elections and the House of Lords, calling the UK a democracy even now is being awfully generous. Personally I feel like the growth slump is tied directly in to income inequality: concentration of wealth in the hands of people with the lowest marginal propensity to spend.

The MOST important thing those wishing to protect democracy in the UK is to push for some sort of proportional representation in the Commons. The Tories have proven how dangerous they can be with a majority in the Commons. The first-past-the-post system now has allowed them to achieve a massive majority with the support of only 43% of voters. That must never be allowed to happen again!

I never fail to be irked when economists speak of the ‘ unexpected’ or ‘unforeseen ‘ Great Recession of 2008. Many of these economists were cheerleaders for the ponsi scheme of collateralised debt obligations ( mixing AAA rated debt with junk debt and selling it for increasingly higher amounts) . This lead to equity bubbles ( every week large firms were bought out for record amounts) and the consumer and housing debt bubbles . Right up until all the bubbles burst ,economists were stating around the world that the global economy was built on sound economic principles ! I didn’t attend any of the large economic schools but I knew if the average wage was £25,000 pounds per year and the average house price was £250,000 along with buy with a friend mortgages, 110 percent mortgages, 50 year mortgages etc that there was something very wrong with the economy . Everyone in government and finance knew that all the debt was a bubble that had inflated over ten years but very few of them will admit their complicity and the fact that a lot of rich people became a lot richer and the only ones that had to pay when the bubbles eventually burst was the tax payer.

Even a golden goose needs feeding and shelter (housing). Austerity was a savage war on the working and middle classes.

When you see ex heads of parties collaborating on telling us how great digital id are. You can see where they are going with road pricing, CBDCs, digital ids and the online safety bill. The big question we should be asking is why? Democracy has always been an illusion of choice but now they don’t care and will be making themselves a ruling over class.

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

Hola from Spain...I left the UK just in time to get my Residencia under the Pre Brexit rules...I do not consider myself an ex pat...I am a refugee from Brexit...things are much better here in the EU...Britain is doomed under the Brexit English Nationalists...They are not Conservatives in the true sense...I didn't have much time for Thatcher but she knew the UK was better off in Europe...

The idea about decentralisation is excellent, but when I read Private Eye I find so much corruption at a local level so I worry about this idea.

The untold story of British deindustrialization has been that most British managers avoid to invest in product development, when they do it's with the most pitiful of budgets. Banks and financiers are only interested in rent seeking opportunities, and mostly ignore industry. The remainder of the surviving big industrial companies were sold to make a quick buck.

Thanks to Politics Joe for bringing economics into the conversation, it is the core to almost every issue we face a nation and until it changes very little else will.

We need more people like this guy to speak out . Older people who have retired and that worked in important positions that they had a lot of disagreements but couldn't say anything at the time, should speak out now, before they cant , and or no one there to hear them

My family came here as refugees in 1972 from Uganda. They had nothing when they first got here. I remember speaking to my dad when I was in my 30s. He spoke about his experience. He spoke of the descent into madness and the speed with which it happened. He was 35 when he left. I was 35 when I asked this question. Still with a certain degree of naivete I said to him well, at least you’re in the UK, and they would never do that kind of thing to you. He looked me dead in the eye and said, I never thought they would do that to me in Uganda. That was my home and they told me to get out. Since this is the time I’ve been watching UK politics with growing apprehension. Having been born and bred here, travelled the world and met people from other places; that confirmed I was British. It took years of coming to terms of being in a country where I wasn’t wanted, yet was given the designation of British to others outside. Not belonging here or ‘there’. It took years to develop a love and passion for my country. Not just to integrate myself, but to be given the space in which to integrate to. To be able to walk down the streets and be seen as belonging, to feel that I had my place, here was the most wonderful thing in the world. But now? I don’t recognise this country. The rhetoric I hear from the right is so venomous. I see danger coming. It may seem alarmist, but it’s the truth. There are people in this country who are now so vehement in their opinion of whether I belong. And a lot of these people are in positions of power. And I am scared. For me, for my family and our futures. I didn’t go through it, but I lived my family’s life of fear. For decades. Their experiences informed my life and outlook. I’m faced with the choice of whether to stay or to wait and be chased out. The future of this country doesn’t have a place for me. The most terrifying thing, is that there will be people who say good riddance - and that is their choice. But it’s already started, and I don’t want to wait until somebody is at my doorstep. I’m done. I can’t wait the final 30 years or so of my life on an experiment that is doomed to fail. I’m done. I’m saying goodbye to the place I called home. 😢

The brexit Paradox is that any govt capable of delivering brexit wouldn't

*I LEFT THE UK IN 2009* and it was the single best decision in my life

Lets face it, capitalism is not working as greed always ruins it for the silent majority

It’s shocking but true. Since the 1970’s, I have seen so many of our freedoms have been taken away. Add to that, the financial changes where we have gone from knowing we had the ability to save money for a good future, is now beyond many people. That equals a real loss of hope. The system needs to change. Big finance and industries cannot have the controlling access the currently do, I see it as part of the problem, the government must be independent of the industries they must regulate. Politicians must also be stopped from having anymore financial contribution from these big companies. When they do, they give away much of their independence and ability to be fair to all.

In relation to his analysis of UK being stuck in a cul-de-sac, he says our decline goes back to the 1970s and lack of investment in our top industries. Why did that happen? Thatcher happened. Her main driver was to crush the unions. If instead she had invested in the crumbling old infrastructure, we would be in a different place now.

Excellent, the best political commentary channel on RU-vid... thanks

We have a whole culture of passive rent collection from individuals with BTLs with everything built on an ever rising house prices to big business shareholders who rely on effective monopolies and regulatory capture that extracts money/value with very little innovation or investment. The real concern is have we gone too far to unpick this mindset at every level of the Country. Great interview btw

Martin Wolf is absolutely excellent, brilliant choice getting him on.

As a next-door neighbour to the UK, it's quite extraordinary to witness this self-immolation. As for explaining it to any coherent extent? I think that will be a job for historians. My sense, for what it's worth, this is largely a result of a denial of the decline of the British Empire and subsequently the prestige of the subjects within it. As an Irish person, it never ceases to amaze me just how sparce or how skewed our nearest neighbours' knowledge, on average, about our shared history is. And if they do have anything to say, it will be a shallow commentary on the last fifty years and nothing about the seven hundred prior to that, i.e. the antecedent. I think this outlook scales out. The history and sense of identity British people have about themselves is obscured by a carefully curated version of history that was delivered through an extremely biased education system. The people en masse don't seem to be able to reconcile their past with what's happening now. And I think it's something along these lines that leads to the quagmire the UK finds itself in now.

And yet a lot of the electorate think the Tories are the party of economic competence, the data from the last 12 years begs to differ.

GFC was NOT unexpected! It was overdue! Also, no mention of the neoliberal gutting of public service? or the privatisation of profit from government developed services like telecoms, railways, power companies etc--but the publicisation of risk and loss? Sometimes I think economists are too restricted in their thinking by their belief in the models they study.

A really interesting and thought provoking interview. I got his economic conclusion but there was a part of me that thought he would make the leap as to our political system. As both economic & political structures are not working. In my personal opinion, people have undergone over a decade of austerity and have suffered economic abuse, as to its consequence. Surely to counter the economic problem, requires a head-on reformation of the political system. The interviewee certainly made the leap in terms of devolution of political power but what about a change in the voting system and a shift in our parliamentary system? However, with a decade of stagnation behind us, and a menu of more of the same, as generations fall further and further behind. I think that a shift in radicalism will be inevitable. We currently have an unwritten constitution and we have seen its conventions and checks wrecked. And we all know by who? I genuinely think we are on a path not dissimilar to 1848. A Constitutional Revolution, where the 2 party system will be discarded and the injection of democratic structures and governance will be propelled. We cannot go on as we are, a Labour government and its prospects are in danger of being overwhelmed by the numerous problems confronting a 21st century state, that has for perhaps, too long, has been trashed by the longevity of Conservative governance.

On public V private question one could point out that in the example of U.K national utilitarian provision, for example water and energy, transport etc, that we currently have the worst of all worlds. Here competition is of no consequence as motivation to provide high standards can only be supportable via governmental legislation, the companies themselves have consistently failed on their own terms. As our current administration is corrupt and the private companies use lobby influence to alter general policy we have inherited a deeply dysfunctional system which is really no better than any former Socialist alternative. Is it really beyond the intellectual and organisational ability of our societies to devise hybridised and sane systems which do not become vehicles for profit over all else? The seeming inability of us to be able to do this will result in the death of the planet; notions of civilised society based in democracy will be distant memories.

I go door to door a lot lately and this isn't a criticism at anyone in particular, but we've all become so atomized! Its like there's no community any more

Totally agree.The Tories have flipped to a far right authoritarian Organisation. The.tories no longer believe in rules tradition or laws and are happy to flout them in the name of some 'greater cause' so that's the first big change. Not sure populism will survive but the Tories want a Putin style leader.The Tories need to battle it out and get back to the centre even if it means being out of power until that battle is won.

A first world country where vegetables and fruit are a luxury. The failure is that blatant.

What a delight to listen to this guest. Many thanks for giving us some understanding of how the economy, the people, the politicians and the countries are doing and the history. 🙏🏻😊

I really think we are past the point of no return

The last 40yrs of Laissez-Faire Free Market Capitalism starting with Thatcher (the most divisive PM we've ever had) have brought us inevitably to this point. Strange how I don't recall Martin Wolf during his 30+ yrs at the r/wing Financial Times saying much if anything over that period about this, but now he has a book to sell and is near retirement it appears he's discovered a conscience. Amongst his comments one thing in particular struck me and that was his comment about how it's difficult to increase productivity in the State Schools. As he was educated at UCS a private school where fees are about £24,000 per year, and many of his compatriots in Govt attend private schools where fees are nearly £40,000/yr and then we have State School funding which is £6,970/yr is there any chance that this might be a factor, or is that too obvious?

I have been saying this for years, based on my understanding of events as a historian. More and more people now speak of what has been going on. Sadly, this greater and greater awareness is something that happens when it's too late. When there is still time to change course, most people have their heads buried in the sands and the few who try to warn the majority are demonised.

It seems that capitalism, a free market and democracy are fine in principle. But like a pyramid scheme, there comes a point when all the competition has been bought out and all the money and power falls into the hands of a few who own all the basic needs of society and therefore shapes it to their needs, including political parties and media. So what is the difference in the end between that and an autocratic society where one pretends we all have freedom and democracy and the other just tells you how it will be.

Thank you again for having a knowledgeable person who understands economic models and will be honest with us all about the values of stability and improving the lives of everyday people.

For sure Martin Wolf is one of several good reasons for subscribing to the FT. Great 👍 to hear him speak.

Really fascinating interview. Very clearly explained for even the non-economists amongst us!

Schoolboy error Mr Wolf, socialism is not communism. China, North Korea, and the former Soviet Union of Russia among other places (including the mentioned former Yugoslavia)? Communist. Here in the UK? Socialist democracy, which is a blend of socialism and capitalism. Here's a crude example I like to give: a Russian worker during the Soviet Union era works in a factory and gets a meagre wage at best. Puts in an order for a Lada and has to wait perhaps two or three years before it arrives. That Russian worker has no choice what even the colour of that Lada will be, that worker will receive whatever Lada shall be received. Additionally, everyone owns everything which means no one owns anything. Theoretically when that Lada arrives, one of the worker's neighbours might decide to drive it away because everyone owns everything. A little bit hyperbolic at the end there, but I believe my point is clear. Capitalism: a modern day lower middle class British worker gets a wage somewhere between £30,000 (2020) and £38,000 (2023) a year on average, depending on the year and who you ask/believe. That worker can't even consider putting in an order for a brand new car of any description unless it is on some kind of leasing contract, therefore the bank/creditor would own that vehicle. There is choice but only if you can afford it and oh yes, _everything_ has gone up to the point that even the lower middle classes have to go to foodbanks. At least you still have ownership of things, at least until it gets half-inched by some good-for-nothing but that's not unique to capitalism. Socialism: farmers receive subsidies, unions aren't weak at the knees but instead are strong and why we have oh so many benefits, speaking of benefits we have state benefits for anyone who needs them, a fair wage for a fair days' work, and yet at no point will you just be able to sit at home twiddling your thumbs if you are both of working age and truly capable of work (under both communism and capitalism, you will be forced into work regardless of age and condition). If you want more money for more social mobility, you have to go and get a job and earn it, and the job will be one you want to do *and* you get that aforementioned fair wage. That hypothetical factory worker can buy a vehicle that is desired and if its a polluting vehicle, you'll pay a tax for that as it is now. Under capitalism, it is rare to actually enjoy working for a company and it is just a chore (as few want to be there)...plus you won't be getting paid enough to cover your personal and household expenditures. Under communism, it is rare to actually enjoy working for a company and it is just a chore (as few want to be there)...plus you won't be getting enough to cover your personal and household expenditures. Different circumstances, different overall feel, both give you pseudo "freedom" (as your compliance shall be rewarded), but the same overall result. Neither capitalism nor communism systems will give you enough money to keep you afloat during times of crisis, all avenues of social mobility are locked behind paywalls (financial in the case of capitalism and social credit in the case of communism), and in both there will be those who have the money and the control. It isn't difficult why such people not only hate socialism, but also to so deliberately misrepresent it.

Excellent choice of interviewee. Well done Joe.

Sir , your last phrase was the best: " People like me have to pay more taxes , I accept that , but most don't accept that..."

Excellent interview not least because it was so well handled. Rare to hear these days an interviewer who isn't constantly interrupting the person they're talking to and also asking very good questions. I am wondering though how far what Wolf says though is about The West generally and how much about The UK. The US is after all still growing fairly well. I think the UK in particular is in a very bad spot, not least because of the disaster that is Brexit.

Best interview on the U.K. economy. Brilliant interview!👍

Excellent interview.

The analysis of the road to Brexit is very illuminating and accurate.

brilliant - clear, concise, cutting. i just hope he doesn't accidentally fall backwards onto the spire of Norwich cathedral, courtesy of the odd billionaire.

We have lost confidence in our governments not ourselves.

This was a very thorough interview and the first time I can remember where the comments add value. A glimmer of hope.

This is a brilliant talk about the current state of the uk, very good!

30 million marching on the Politicians

The last sentence says it all. We need a fair Tax system that taxes richer people more proportionately. It's the only way. And it needs to be tackled head on. by asking richer people what type of society do you want to live in? If the answer is a fairer society how can anyone argue against it? If you want good social systems, low crime, and a good economy with fair distribution of wealth that's the answer !

I absolutely love economics and watch a lot of economists- he is spot on and his explanations are very easy to understand. I’ll be buying his book 👏🏼👏🏼👏🏼

Capitalist economist is shocked that a system which prioritises the concentration of resources amongst a few individuals has resulted in a horrible, highly unequal society dominated by poverty and corruption not too dissimilar to the fuedalism it replaced.

Hang on Martin. Democracy, inherently, is about engaging the populace in the running of their Nation/State i.e. we all participate. Then saying that Capitalism allows for a 'de-politicisation' of the populace implies that certain members of that Nation or State are then disengaged from this democracy. Either we are all involved or we aren't. The definitions Martin offers for Democracy and Capitalism are antithetical as he presents them. This form creates both financial inequality AND democratic inequality. A sensible thinker and undeniably well informed on the topics discussed, with a particularly acute understanding on the current multiple crises, but ultimately Martin is too ideologically entrenched in the current system to see its intractable failings. We can do better than capitalism or communism. Our institutions, as evidenced here, simply lack the political imagination (or will) for this to change.

What economists like to forget is that in a Market Economy, there are winners - Economists, Bankers, Politicians, Millionaires and Billionaires. And there are losers. Homelessness, poverty, hunger, children going home to no heating and no food. The Tories have spent since 1979 undermining collective agreements through unions, undermining pay, undermining job security, undermining rental housing security and making it very easy to go from redundancy to homelessness. Homeless people do not vote. It has to be remembered when talking about authoritarianism, that hungry children are not entitled to school meals, that unions have been made to be almost impossible to do anything. That the right to protest has already been removed and the right to strike will shortly be removed. That even to be able to vote, you have to have a current passport, and now they plan to rig the next general election by stopping anyone without photo ID from voting. The people to blame for everything are the nurses, the doctors, the fire fighters, the bus drivers, the train drivers, the bin men. Anyone who strikes for better pay having had it cut for years, must be vilified. Anyone who wants better working conditions must be vilified. Refugees and EU citizens are blamed for everything that is wrong with this country, backed up the Tory client media like the Financial Times, the Times, The Daily Mail, the Express, the Sun, and the BBC. We are so far down the authoritarian route with the Tory Party, keeping a population poor, hungry, cold and stressed, that the UK doesn't need a Hitler type leader to crawl out of the woodwork. Only 39% voted for the incompetent, lazy, corrupt worm that was Boris Johnson but he got an 80 seat majority. That is wrong. We NEED proportional representation. And We HAVE a Hitler type leader, and we didn't even get to vote for him. His name is Rishi Sunak. Nobody voted for the incompetent fool that was Liz Truss either. How many unelected Prime Ministers do we need before we work out that the UK is no longer a democracy, but is actually an vicious, autocratic state?

I be damned. An englishman that have a sharp and clear analyse. The last ten years it has only been silly waffling. With such people perhaps england "ist nicht verloren".

Oli's interviews with Wolf and Bell and Mazzucato have been fantastic, it's good to see actual experts dissect just how doomed our current and past economic policies are (lol). I hope they lean into interviewing more modern economists (@politicsjoe hit up Ha-Joon Chang and Kate Raworth). Particularly I'd like to see them explore degrowth as an idea, as none of the interviewees so far have addressed the unsustainability of promoting infinite growth

The uk is about to find out labour is on the same neolib train as the tories, but people are dazzled with superficial identity politics in disguise as some form of morality in order to buy votes with an illusion of progression... When in reality it is stopping the brittish/west having the bigger picture discussions we need to have...honestly and with courage and respect and a great deal of discomfort....if we truely want a better future.

Wish there was an option for a double thumbs up for this interview

Yes cos we feed it to the greedy and don’t circulate the cash .

The absence of meaningful GDP growth is underpinned by the stagnation of productivity caused by inadequate business investment essentially a declining circle of trying to squeeze more juice from the same fruit which is not sustainable

People literally get jail time for posting memes in private conversations. It's a police state

It's not just that people are "unhappy" it's not just an emotion. There is a very strong reasoned logical argument against EU membership. The benefits haven't been grasped because our institutions don't agree with the people. Across the board they are hostile to us.

Why would we have active shareholders in the uk? They're by and large old money, who are very used to passively have money trickle up to them and still behave like they are fuedal lords. As a country we don't save or invest much comparitively, because house prices are so inflated, that it sucks up the majority of the money generated each year. We'd be in a much better place today, if we'd of followed the french example and removed our aristocracy a few hundred years ago.

One of the most impressive videos I've seen recently.

This is fair warning from a staid & steady hand. Hopefully this wakes up the pertinent parts of the populace from their slumber. Not providing what the goose needs to thrive, usually would not give golden eggs.

You know what's a surer sign of authoritarianism? When institutions are held above scrutiny.

Not everyone got the vote in the 1930s. One of the demands of the civil rights marches in Northern Ireland was votes for all Catholics.

I certainly agree we are in political crisis. Can't remember a time when their was no real choice. Starmers platitudes don't cut it.

You know, I think he's mistaken about taxing corporate profits leading to less investment. Why? Because profits that are reinvested are no longer taxable profits, and allow a corporation to keep more of its money, at the cost of having to make said money less liquid. Also the taxes can be used to update infrastructure and that serves to make the overall operating environment more profitable. It works a bit against the instincts of publicly-traded companies, which are laser-focused on the next quarter's profits, but it does lead to growth.

A very interesting interview - excellent content. Thank you.

Britain is barrelling, not creeping towards authoritarianism, but not via the ways that Mr Wolf proposes.

Quite brilliant. Short, clear and very much to the point. Many thanks to all parties involved.

We practice Chicago Capitalism and yet live in what Tory Lord Hailsham correctly called 50 years ago " an Elective Dictatorship' with added banana Monarchy.

Excellent interview , very interesting

The elephant in the room being underplayed here. Corrupt and selfish politics defeats any attempt at reform. Some good reminders about our economic history with the occasional contradiction.(taxing corporate profits discourages investment Vs the better off need to pay more tax). Most important how applied austerity causes apathy in the population leading towards autocracy.

The real truth is that the UK has been in decline ever since the time of World War 1. Its just that the last 13 years has seen that decline accelerate faster than the Japanese bullet train. In 1913 Britain hit peak coal production and its been in decline ever since, World War 1 left the UK bankrupt and wider discontent led to the start of the break up of the Empire. By 1922 Ireland had left the UK and other colonies started demanding change and independence too. The economic situation also got worse as a result of WW2 and after a period of recovery in the 1950s and 1960s, economic decline set in particularly following the 73 Oil crisis and an almost complete abandonment of manufacturing as the basis of the UK economy. Fundamentally if you dont make things anymore there is nothing tangible to sell and make money, An economy based on services just doesnt generate the same amount of money. Britain sadly is going down the tubes at a rate of knots and sadly I cannot see how it can be ever reversed.

Speaking as an economist myself, he is wrong regarding two public enterprises a) British Rail was sold when it had tranche had a peak in efficiency & quality of rolling stock- Christopher Wolmar. b) The NHS has had its pgroblems, however the greatest decline has been since many services have Ben outsourced to PFI consortiums who are only interested in turning a decent grodit to benefit shareholders & huge salaries for executive staff and Managers.

It has to be said that the current government were elected and re-elected over 13 years, despite the countries poor economic performance. Many of those who are negatively affected seem most keen to vote for them again and their dear leader Bozo the clown. As the saying goes "you get the government you deserve".

Never been very political but always managed my own economics pretty well. That is, till others put their hands in my pockets. So we are expected to pay more taxes to a government who wastes what they take from us. Sounds like my ex husband!

In the mind of a Brexiteer: "The EU need us more than we need them" 🤣, "The EU will be bankrupt without the UK" any day now...any second...wait for it...🤦‍♂

I am guessing the idea is to make the general population themselves question democracy. I saw one comment on YT stating that what the UK needs is a strongman type figure to sort our problems out. I suspect we will see more and more of these comments being made to sew that particular seed. And it could be that in 10-15 years time we have suffered so much, seen institutions fail so much, that the right person who claims 'give me unconstrained power and I'll fix everything' could even be welcomed in Britain. We shall see.

Let's just for a moment celebrate that there's still channels like this, where someone gets the chance to speak at length about *what* they think, and *why* they think it, and to leave it up to us to discuss this and form our own opinions about it. This was an excellent interview, and like with all great performances, the interviewer made it seem easy... but actually it isn't. I don't agree on everything with Martin Wolf (I am more optimistic about France and less optimistic about the UK) but I enjoy hearing him explain what his thoughts are, and having the impression he cares whether or not we viewers understand why he thinks what he thinks. The interviewer does a great job at pacing the interview, selecting the questions and then giving room and time to the answers. This is really, really good... and one reason why we have Brexit and so many confused people voting against their own interests is because interviews like these are a rare exception, practically completely absent in the regular media, while many online media just go for click-baity hate-mongering.