Economist explains why Britain is poor 

Fear and loathing on the campaign trail, with the right wing threat to the Conservatives: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-hRP7nIBPKgQ.html

I'm not an economist, but as a Pole living in England for almost 20 years, I have a few observations. When I came here Poland was a poor country, and earning in GBP allowed me to buy more stuff. But weirdly enough, in some ways I felt poorer. In Poland many life pleasures were free or very cheap, art galleries, amazing musicians and artists performing on the streets, spending time outside in nature - I missed all that. In England it seemed to me that everything above the basics was very expensive, every simple hobby required a significant amount of money. Only rich people could afford to send their children for music lessons, while in my family in Poland every child that was musical played an instrument. Certain things are expensive everywhere, like the vet bills for example. Yet I don't know anyone in Poland who would face a choice between saving their dog and becoming financially ruined. Vets are expensive but the difference between what they earn and what the average admin assistant earns isn't as colossal as it seems to be in England.

This is like listening to a mathematically gifted James Acaster

Having lived through both 80s and 10s in the UK, i can honestly say that life has been purposely made very difficult for the working class. Living from pay to pay is wrong. We pay far too many taxes to a government that is totally out of touch and couldn't care less so long as you pay it.

Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.

I'm also an economist and I entirely agree. We are a poor country with a tiny minority of very wealthy people. The current stagnation just makes that more obvious to everyone.

Our economy is addicted to cheap labour. Immigration and government subsidies through benefits are covering up the fact that Starbucks, Amazon, Uber and others don’t have a business model that allows them to pay people a wage they can actually live on. A full time worker should be able to afford accommodation, food and energy without benefits. If they can’t, it means the system is fundamentally broken. Housing benefit is effectively a subsidy for these corporations.

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.

Retiring soon and 520k worth of my positions are depleted. I am still making my employers match but I don’t want to sell since I missed out on the big sell off and wouldn’t want to wait on the sidelines, just confused as to what to continue doing apart from keep putting money in but I begin to think about the sunk cost fallacy and maybe I should consult with a licensed professional with valid ideas.

This economist makes some good points but I think he is far too trusting of our politicians. They don’t care about ‘levelling up’ but they want the appearance of caring. Also, no matter how much growth this country gets, money will still accumulate in the hands of the wealthy because the rich are the ones making up the rules. The Tories will never knowingly enforce or enact policies which are to the detriment of the rich. But they will never shy away from actions which cause the poor to become poorer. That is just the way things are.

Britain isn't poor, it's the people who are.

It's been a rough year with losses from failed banks and government, real estate crashes, a struggling economy, and downturns in stocks and dividends. It feels like everything has been going wrong. What a terrible year it is…

I am disabled and receive benefits, I have three carers and I already pay about 100 a week towards my care ( I do not have savings or any other income, so I am left with about £400 every 4 weeks, I have a mortgage which is £180 I bought a house before I became disabled. This winter I have been going to bed at 3pm to keep warm, I've been spending on average £2 a day on food. Yes I will get the 10% rise in my benefits but when that Happens I will have to hand all that over to my local council towards my care. If I was on the same benefits but didn't need care I would be much better off. I know thousands of others will feel quite bitter about this, my family had always worked I.worked up until I became disabled, I feel embarrassed about being on benefits, but this 10% won't make things any easier for me.

I'm 24, full-time worker on about 22k a year. My partner is also full-time on about 19k a year. We have no children, nobody drives (though my partner is learning) and we are not married. It is only because of all of these factors that we are able to save money, society pressures us to have children but a child would absolutely destroy our quality of life. I have no idea how people are supposed to start families in this day and age, you need to have a mortgage by the time you're 22 and both parents need to have 40k+ a year jobs just to have a chance at a decent life. Get ready for a massive population decline and a pensions crisis in the next few decades, because I know a great many people who are in the same position.

As a USer living in England, it really is incredible how broke people are for a “developed country”. The government seems to piss away money like there’s no tomorrow and policy is in perpetual boondoggle. Add the taxation and low value return, you have a place that really is a serfdom.

I invested numerous times in 2008 when everyone panicked. I've raised my purchases again, but while I wait for stocks to rebound in the foreseeable future, I'd like to know how to create strategies to earn short-term profits. I've heard individuals making thousands and millions in this down market.

In every job I've had the people that work the hardest get paid the same as the layabouts. We didn't get a pay rise for working harder. Instead, we were expected to do more and more.

Another important point amongst these and others is the tax avoidance. Over 490,000 acres of private land ad property is owned and registered to oversees companies. The profits from the sales and rental income never seen by the British tax payer and this doesn't take into consideration the high street shops and commercial property either. Imagine how many London offices there are alone being rented and the spoils disappearing of to the Virgin Islands. It's a staggering injustice.

Can we just get Torsten to run this country? This interview alone has my vote.

The most damaging factor to british cohesion, is the obsession with house prices and the weird belief that the higher they go, the better it is. In Switzerland, for instance, the topic of house prices is almost totally absent from people’s minds.

Torsten should get more exposure in the media. He talks facts and sense in a way that the average Joe can understand.

A number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 65, I would appreciate any advice on potential investments.

My father took me to the side in 1998 and said the UK is in decline: you must get out of this country and make your money. I took his advice and spent 13 years in the far east making similar money to what I would have made in London but payed 15% tax (staggered) with zero capital gains tax and was in the position to semi retire in my thirties. I say to any youngsters watching this now to consider a move abroad especially if you don't have kids. You be lucky to retire at 70 the way things are going because the UK just takes from you and it's almost impossible to get ahead here. I was lucky to have a switched on father who planted the seed for me.

To rent a 2-bedroom apartment in a cheap suburb of London costs £1200. Any entry-level job pays £2000 before tax, leaving you with about £1600 after tax. Then you have to pay council tax, TV license and £12 per day to drive your car or take public transport. The only way to survive here is to live in miserable overcrowded conditions to save some money and then get the hell out as soon as possible.

trickle down doesn't work! I left the UK in 1993. nothing has changed.

I moved to Canada when I was 28. I was working in retail as a manager in Birmingham and I moved to Vancouver. I was on £17500 in the UK as a dept manager. In Vancouver I got to £25000. It was a flagship store. I feel I also got less income tax as well. Definitely had more money to spend which in a developed economy is the whole point.

Incredible video and really thought provoking discussion! I just wish it was longer, so you could expand more on your suggestions for reducing inequality and improving productivity.

Why doesn't anyone ever talk about the effect of ever rising corporate profits on inflation and inequality?

Great comments and analysis of the current economic situation here in the UK. The £8,500 ish stat is particularly interesting, as this is exactly how much would be added to my annual paycheck if my salary had matched inflation over the past 11 years. As it stands however, my employer hasn't given me a pay-rise once in that whole time. I have a feeling this is a common theme for most professionals in the UK for the last decade.

8800 pounds isn’t a lot for people who dream of owning a house.

Coming to the UK after having grown up in the US and Korea…I’m shocked as to how poor the average Englishman is. Besides London (and even then, a small percentage of London) the average British citizen does not seem to be living in the 6th wealthiest country in the world. Even in South Korea, where they are ranked 10th or 11th economically, the standard of living is FAR higher than this (and don’t even get me started on the US 😂)

It amazes me, how UK governments cannot look to Europe and just copy what is best done there. Literally next door in Ireland, even people who live on the dole can save money. Having a good job in UK and not being able to save or buy food is crazy.

Torsten speak so much sense and strikes me as the sort of expert that should be involved in policy making within government. Certainly the government of the day should listen to the Resolution Foundation and take on board their statements and work. “Unmoored” is a perfect word to capture where we are as a nation right now. It feels like 13 lost years, 14 years of decline on so many levels, off the back of a previous period in which inequality was made the norm. It feels depressing right now, but listening to this I’m also hopeful things can be turned around. Thanks for making this video.

Not an economist but I am a Master of Finance and a physicist. I really enjoyed Torsten and I believe he is both competent and morally-minded. Let's take what he said here as being entirely correct - the root of our problems is we are experiencing the inequality of the 1980s and the stagnation of the 2010s. Our wages haven't grown in the lower-middle classes due to a lag in productivity relative to other major economies like France, Germany, Canada, Australia and the Netherlands. OK, I have a pretty easy fix for both inequality and productivity and by extension a solid reason for why both of these things existed in the first place: 1) The relatively low productivity exists due to the fact people aren't motivated to grow and progress in the work place. Why would anyone care about the overall picture if they are being treated like dirt with low wages and poor working conditions? Most people fall into this group but in particular, employees of fast food joints and restaurants often work extremely hard yet don't get much more than minimum wage. The same is true in supermarkets and just about every mass-employment arena that pays low wages. The most unfortunate are arguably the zero-hours contract workers and the gig workers, specifically those working for large multinational companies like drivers for Uber, Deliveroo, Just Eat and Amazon, and also those working for our NHS, which should be a national scandal. Why would any of these people do more than is required when they have no incentive to do so? 2) The inequality is a result of the low wages at the bottom-middle end and the extremely high wages at the sharp end - those who own assets and make money from value-added services, rent-seeking and professional services like law, consultancy and finance. The incentive structure is broken, or at least dangerously skewed towards the upper echelons of society. 3) The solution to inequality and low productivity therefore rests with solving the incentive structure and fair remuneration problems. We should solve these problems by giving ownership, responsibility and profit-sharing to those at the bottom of the pyramid, with the objective being to inspire those on lower wages to increase their own skills and productivity with the promise that gains made by the individual company or collaboration of companies will be shared equally with those at the bottom, not just hoarded in a neo-capitalist manner by the elites 4) I have many ideas which are complex but in brief the ordinary UK citizen should own 20% + of the companies that are important to our economy, including the UK subsidiaries of FAANG + companies. That would require some honest accounting but thankfully professional services are something we excel at. When these companies do well, we do well, when they do badly, we do badly. The incentive structure is properly aligned. We hear the politicians talk about, "being in it together", but this is quite obviously disingenuous. It's not radical to suggest that employees/workers/self-employed contractors perform better when they have a shareholding in the company or organisation they work for, so why do we not do more of it? 5) Other contributing ideas to a stronger economy involve decriminalising drugs, providing professional researchers, pharma and medical companies carte blanche to research into whatever substances they see fit. Perhaps it's the case that psilocybin is a better anti-depressant and mood regulator than expensive and damaging existing products. Perhaps cannabis is better for depression than prescription drugs. We should legalise cannabis and get those taxes on board, although this would have to be done in an extremely intelligent manner by learning from other jurisdictions such as certain US states, Canada and the Netherlands. Another certain money-spinner for the taxpayer is to nationalise large parts of the online casino industry. They have proven themselves to be irresponsible stewards and have unleashed untold misery and economic ruin on many in this country. That is when we nationalise - when the private companies have proven themselves to be incompetent and to cause significant harm. As part of harm reduction we should have a national casino that is 100% owned by each individual citizen, as opposed to the central government. A well-run and reputable casino has potential to attract business from all over the world. It's a shame that our private companies and our regulator, the UKGC, have done such a piss-poor job. When every citizen is properly incentivised to improve their skills and work diligently in their positions, then our productivity will rise, the wages will rise for those at the bottom and the riches for those at the top will also multiply. The system as it stands is designed to entrench the interests of those at the very top and punish those at the very bottom. That has to change in order for us to progress as a country

Surely Britain is very rich country - it's simply that the distribution of wealth is so skewed. In just just the same way it is globally.

As an Australian, this was a fantastic overview of what has happened in Britain over the last half century

Very good video. As American, I have become more intrigued by the economic history of Europe in the modern era. I would say however, as an American living through the 80s, I never once read an article about Italy as an economic threat to overtake America. Japan was a different matter. There was a lot of sentiment and information about the Japanese economic juggernaut.

its embarrassing we are talking about the 1980's having an impact over 40 years later

There was a study number of years ago and I can't remember who the authors were. The 15 richest regions and the 15 poorest regions were identified in the EU. And the narrative was decisive in demonstrating wealth inequality. The UK contained nine of the 15 poorest regions in the whole of the EU but it had the number one richest region as well.

UK has 5 million millionaires who have a wealth of over 5m. 20% on that wealth leaving every millionaire still with 4m each would create enough cash to give every uk worker 34million of them 147k each.

The stock market rally still appears to be in the midst of a normal pullback. I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?

The biggest issue with this country is that people vote like Daily Mail want them to do.

This guy talks the truth, its someone like him who we need at the helm.

I watch this guy often in select committees, always gives very good answers, good on him!

One of the strange things I've noticed over the last 13 years is that graduate salaries in Engineering have not increased at all, it was an average of about £28k in 2010 and it's still at that level today. This arguably drags down the earning power of those with more experience. Upon graduation I started on £32k. I know Engineers today, with 12 years experience, getting paid £32-33k! That's way too low for the value Engineers add. 15-20 years ago it was said that a Chartered Engineer would earn an average of £50k. I highly doubt that's the case now, yet Engineers are highly valuable and help drive the economy, job growth and security. Another thing I've noted is that the salary paid to Technicians, particularly electrical biased Techs, have seen their salaries explode! I regularly see jobs advertised for Techs on £45-50k! Could this indicate a reduction in inequality (generally Engineers have had a more affluent upbringing than Techs, although that's certainly not the case for all, inc me).

I cannot help but feel, this entire interview was craftful way of not saying "we shound not have left the single market"

It's not often that you get an economist that actually knows what they're talking about.

What a brilliant conversation. Bell is very interesting to listen to. You at JOE really do something special. Thanks.

Tory Bunch of Crooks

Not into politics, but really enjoyed listening to this guy. Enough facts, mixed with his opinions and balanced with ideals of fairness and comparison. Great video!

It would be easier to believe that wage stagnation is due to lack of productivity for 15 years (false) if multi-nationals hadn't made increasingly huge profits in recent years.

Great to see someone give a realistic and balanced view no sensationalism.

I am a new immigrant to this country... and after spending 1 yr here, I realize it is not much of a difference and some part is even worst compare to the authoritarian state that I am running away from. I see an incompetent government, ridiculous politicians who are mostly spoiled wealthy elites who can do nothing, a ridiculous tax system that is almost like a robbery, a failed NHS system even though millions are poured in every year, people are generally lazy and irresponsible (but friendly), for countless times that I, as a customer, have to point out to staff that they did something wrong but they will make excuses and lie. To be honest, it is really disappointing. I can't believe this country was once so powerful and influential to the world, this just doesn't make sense. Maybe UK should focus on colonization as a business, and this is where you will thrive, look at all the colonies and how prosperous they were.

As Lord O'Neil, a former Government chief economist said, " For growth we need a large skilled work force and an increase in productivity." We fail on both. And then we've got BREXIT! 😖

As usual, Torsten is clear headed and clear about cause and effect. Excellent.

I never thought I’d trust James Acaster on economics but he’s pretty good

"Everybody is poor because of no productivity growth". I'd argue the main reason everyone is poor is because the government and bank of England have worked hand in hand over the last few decades to devalue the pound in your pocket by 'printing' ungodly amounts of currency. Every new pound that is printed devalues every other pound out there. That's who is causing this economic mess we are in not lack of productivity.

Absolutely true, especially near the end regarding factories & manufacturing up. I personally run a UK manufacturing business and have seen no support or benefits, before, after and during Covid. I have been working with powerstations, the government (e.g. BEIS) and investment companies and seen no support. We need to get our shit together, top down.

He was very good. Very balanced. Didn't pick a side, didn't whine about Brexit or other things.

Q: What do you think of the UK economy? A: It's a great idea, we should certainly get one.

I have been self employed one way or another for many years, and the take-home is the same: get up, do what you can, go to bed, repeat. I think that's the reason the Scottish First Minister is still popular...lots of policies one after another that make things a little bit better. Baby boxes, sanitary towels, prescriptions, free bus travel for under 22s etc. Not enough for a revolution, but the "mony a mickle maks a muckle" school of policymaking. Eventually people feel the weight of the pounds in their pocket that they don't have to spend.

The UK has been mismanaged for years! Current Tories are tax avoiders, how many government do you know where the current cabinet have all been tax avoiders? they keep loop holes open so they can get away with it. The prmie ministers wife has no intention of returning to her home country, her children and husband have a British passport, they are not going to leave to a new culture, yet she is able to avoid paying tax, but poor pensioners are asked to contribute more! The boss of HMRC and the chancellor was fined 1M because he used a deliberate tax avoidance scheme, I mean you cant write this stuff... I cant fathom how the people of Britain have been let down by these corrupt Tory politicians

he lost me at "do we get poorer because profits go down" the fact is profits across the board are so disgustingly high they can afford fair wage rise, they just won't and the money doesn't fucking go anywhere except top earners pockets, that is why we're in this fucking mess!

I recently got into an online spat with an American over teenage pregnancies, I've personally never met anyone who got pregnant before age 19 and the statistics for Germany and similar countries show there's less teenage pregnancy but this guy kept claiming the teenage pregnancy rates in Europe are astronomical and universal healthcare doesn't work and I finally figured out he was talking about Britain because to Americans that's basically all they care about and it's really shocking how far Britain lags behind the rest of western Europe now, there's a significant number of low income people falling back into Victorian levels of poverty.

Stunning, straightforward evaluation of our plight. Suggest we all send links to the PM and give him an insight into the way forward. Great video, thank you.

Thank you Torsten. If only we had someone speaking such common sense making the decisions, and concerned for the welfare of the main population rather than asset stripping to increase their own personal wealth. I've never understood the house price obsession here; they're just bricks and mortar and then the 'owner' is enslaved to servicing the mortgage for the rest of his life (or longer) - it prevents genuine investment for development into a happier more successful society (throughout the world) in which the real problems of inequality and climate change can be tackled. Equally important is to stop wars so people don't want to leave their own countries and societies

Who would have thought, asset stripping a country in the 80s would lead to problems in the future.

See, these are the people governments need to be using when making decisions. Not their mates who run think tanks on Tufton Street who donate to their political campaigns

Quite simply, there is not enough money circulating in the economy at the bottom end of the scale, because for 13 years the government determined that poor people can't be trusted with money, and will spend it on frivolous things. But you need people to keep spending, for the whole economic ecosystem to flourish. Otherwise you get the sort of dieback of shops and basic services that can be witnessed in towns and cities up and down the country. Experts and politicians can debate until they're blue in the face about "regeneration schemes" but seem to shy away from the obvious answer. Put money back in people's pockets, so they can spend it in their communities. A universal basic income would be a good start.

REALLY enjoyed this. thanks for the upload! Great work!

Anecdotally, the analysis that 80s inequality never left some areas feels true. I live in an area, in the Southern England, it tanked in the 80s and never recovered. No 90s or 2000s boom or recovery, unremitting sh1t for 40 years.

I’ve spent the last decade working all over but last year I was in the UK and I’m telling you: from the outside looking in the place is fkd. The regional towns remind me of post soviet towns in the mid/early nineties when I was travelling in Eastern Europe. And yet somehow a majority of the population don’t blame the political right despite them being almost entirely responsible. The English, or at least too many of them to allow change, are completely unable to put a finger on the source of their troubles. It’d be funny if it weren’t so fkng tragic.

I remember the 1980's. We didn't have a housing crisis, energy was cheap, and personal debt was low. A school friend - his mum was a dinner lady and his dad was a lorry driver. They bought their own home.

So well said without the bias you so often see in these talks of chats these days

You know what the secret to climbing the wealth ladder and achieving financial success in the UK is? 1) Be born into wealth 2) Emigrate and live somewhere else

Damn I started following you guys for football news and now I'm watching a half hour video on the economics of inequality. Good job 👍

An interesting interview but it would have helped to get Torsten’s views on firstly the balance of power between Capital and Labour. Secondly his views on taxation, most importantly the question of how to tax income versus how to tax wealth.

I don’t understand why James B-caster here says “the reason wages haven’t gone up for 15 years is because there hasn’t been productivity growth” at 18:42. These companies are still making insane profits THANKS to decades of OUR LABOUR and productivity growth. The REAL problem is that the government doesn’t step in to protect us workers by forcing companies to share their profits more fairly with us workers. The problem isn’t growth, it’s GREED! And he is defending it.

Great interview! It's my first time hearing Bell. I like his approach.

Thanks guys. Really thoughtful, persuasive and intelligent discussion. Correct to keep the arguments away from the normal petty party lines. Keep up the good work 👍

We keep being told that 'the country has no money' and 'times are tough' yet our GDP is higher than ever before. It's clearly the distribution of money that's the issue here. This government (and to a certain extent the incoming Labour one) will do everything it can to deflect this question away and threaten us with the potential 'lack of investment' and the loss of the 'wealth creators' if we dare to tax the wealthy or the corporations properly. There is plenty of money to keep everyone in housing and food with a manageable quality of life it's just that those in charge would rather keep as much of it for themselves as possible. We are moving from capitalism back to feudalism.

here in Italy we are stuck since we let the mobsters rule our country. the saddest part is they are still there, still ruling the vast majority of our media and therefore of our politics

20:24 what a difference that £8000 would make to our lives.

A great comparison to make is to compare the 'local cost of living adjusted' pay of nurses and teachers. You'll find that they are much better off in real terms in Germany, France and the Netherlands than in the UK.

Excellent interview and so many good points. I can't deny anything he outlines.

Great summary of the current situation done in a very humorous way, Torsten has a wicked sense of humour. Having lived through the period he's described from the 1960s to the present, I can say that people from working-class backgrounds have been on the receiving end of such cynical incompetence by mostly Tory policies, to their obvious detriment. I thank God my mother was Irish, as shall be getting the hell out of here very soon to more sunnier climes in the EU. Keep up the good work Torsten and Joe. It's a pity that it's only posh boys who get the chance to argue the toss either for the establishment or against it, but then again, it was ever thus.

Britain isn’t poor... luxury cars on all the roads, £300,000 house being built on every spare bit of land that people are buying, supermarkets full of luxury food. Some people have been left behind an under employed class... but everyone is lower middle class in the UK now. There is no working class, the plumbers are driving BMWs

Since Cameron and the start of austerity, a friend with a career in social care has seen her wages cut and cut till its now halved. Because she works in 'social care charitys' that are subject to council cuts, and these charitys in a council system of having to bid to be taken under the council funding umbrella, leading to many very good charitys providing a very service have gone bust being out bid by cheaper often newer/new charitys who often provide a lesser service and always paying much lower wages.

I'm going to add one thing. I'm an economist myself too, but there is another problem added to the rest and it's the same in the rest of the Western world (and Japan, I'll add). Basically, we didn't change the idea of our ideal society since the 80's. We are still looking for a safe job > owning a house > retiring. After 80's reforms this ideal is less and less true, but the expectations, the laws, and the economic system are similar. So we have more an more inequality and a society focusing on protecting less and less people...

The "city" sucked the life out of the UK decades ago. Cashing in chips asset stripping and inevitable selling on companies to foreign firms which went on to take UK capacity elsewhere. Loads and loads of jobs lost to make a few pension funds richer and what on earth for!

Talk about the Brexit effects of it and why they no longer want us to mention it. As a Londoner I definitely feel the difference on how it has changed things.

Around 50 years ago, Norway was one of the poorest countries in Europe. Then it struck oil. Today, a country with a population of just a few million has a sovereign wealth fund worth around a trillion (!) dollars, and they're one of the richest countries in the world. Around 50 years ago, the UK struck the same oil. Does anyone know where it's all gone? (NB! Brexiteers might say it all went to Brussels. It didn't. It's not the EU's fault. Norway has to follow all of their rules, but has no say in how they're made. As the UK is now finding out the hard way, being in the EU is actually of financial benefit, not cost.)

"Doom loops" - so true; I've found it's also true about Ukraine. An analysis of the Italy case, I found it very interesting because I used to talk with a person from Italy, and she shared the same opinion. The suggestion to focus on both productivity growth and inequality is a general approach for the last decade, which is highly discussed worldwide.

Best episode ever ! Thanks Marcus for sharing and best of luck with the new watches and your change of life !

I'd really like to hear this guy and Gary Stevenson discussing economics, perhaps with Mazzucato or Ha Joon-Chang. I'd like to hear how mission economics and what Gary has to say about wealth inequality fit into this perspective and where the disagreements and overlaps are.

Fantastic explanation and discussion, if only politicians could coherently do this, with integrity, then we'd all be in a better place.

'un moored' seems to sum it up for me. As a Brit living Northern Europe the model of 'success' is not very complicated. A well educated and healthy population whose tax system is very clear and 'equal' plus a proportional democratic system delivers a 'voice for all spectrums of opinion' delivers a country that is innovative and productive. Poor, sick, and under educated people need help from the state, healthy and engaged people earn a wage and pay taxes.

Thank you. Very fair, well thought out and informative.

£200bn the world cup cost in Qatar. Equivalent to £80000 per person of that country .Let's put that into context. A £33bn deficit in the budget(a 6thof the cost of the world cup) caused almost total financial armegeddon in the UK,the 5th largest economy in the world. Now what does that day? We are paying far too much for out fuel. Bring on Net Carbo Zero. They're laughing at us.Laughing all the way to the BANK

Torsten Bell talks a lot of sense. I'd like to have heard more on these two points: 1: The UK is one of the (6?) richest countries in the world. 2: inequality is widening in the UK. MY main questions would be: If the UK is so rich but inequality is on the increase, where is all that wealth? Once we've pinpointed that, the next question would be: what needs to happen to spread that wealth in order to decrease the inequality? My final question would be: is the UK sufficiently equipped to take the measures needed to reduce that inequality, and if not - why not? Once we have clear answers on those points I believe we can begin to organise the strategies to make the required changes. It clearly won't be easy!