Frankie Boyle put it best: You're not in the middle of a recession; you're in the middle of a robbery
@MrSebastianBlake
Жыл бұрын
Woah 😮
@richardjames3022
Жыл бұрын
That's the way of a Con's government. Greed is good to quote a 1980's film
@tonyb9735
Жыл бұрын
Aided and abetted by our own government.
@carnmarth334
Жыл бұрын
Quoting from centrist twat Boyle isn't going to help. He showed where his true sympathies lie throughout the last election. Small wonder that centrist Guardian readers love him.
@nyakwarObat
Жыл бұрын
In broad daylight
@WhichDoctor1
Жыл бұрын
so when workers greedily ask for enough money to feed themselves its a dangerous wage price spiral. But when businesses inflate prices for additional profits it’s “rebuilding margins”. Why are workers not allowed to rebuild their margins with higher pay mister bank of England? Why are businesses not risking causing a price wage spiral with their greed for even larger dividends Lord moneybags? Please, i don’t understand
@tomato6460
Жыл бұрын
Because the whole country is set up to bleed ordinary people so a few can live in unimaginable wealth and we’re stupid enough to fall for their propaganda and do stuff like vote for Brexit and assist them in their pillaging
@yvettewilliamselliott8851
Жыл бұрын
@@SuperLuckyLad the comment asks why they shouldn’t when businesses can - it’s a criticism of the government/bank of England’s position.
@stefanos9882
Жыл бұрын
I think this question should be asked to our government rather than the BoE
@allykhan8594
Жыл бұрын
Greedy wage grabbers.
@mhtbfecsq1
Жыл бұрын
Especially when it's workers wages which feed and grow the economy whereas elites take money out of the economy and drive up asset prices. But that's the sinister plan.
@josephhughes1498
Жыл бұрын
Bank of England are quick to tell people not to try and get a pay rise but when the Supermarkets try to get a pay rise it’s alright then is it? 🤢
@jgdooley2003
Жыл бұрын
He who pays the piper calls the tune. Big business own the media and the formers of public policy in the banks and other institutions which dictate fiscal policy.
@terencefield3204
Жыл бұрын
Yes, as I hold shares on one of your supermarkets. It is excellent news.
@danielwebb8402
Жыл бұрын
Supermarkets with their huge 2-3% profit margins?
@terencefield3204
Жыл бұрын
@@danielwebb8402 Labour is s shyteshow, using the same 1940s techniques AND LYING ABOUT EVERYTHING. WHERE WERE THOSE SCUM WHEN MRS MAY REACHED TO THEM FOR SUPPORT OF A FAR LESS RUINOUS BREXIT? UNDER THE GREEN BLOODY SEATS. Starmer has the guts of a mouse. And the cunning of a mink.
@nanorider426
Жыл бұрын
@@danielwebb8402 I don't know if you listened to what she said? Double the profit margins before the pandemic!
@ObsidianMeridian
Жыл бұрын
It doesn't seem appropriate to keep calling it 'a cost of living crisis'. It feels more accurate to refer to our stituation as 'the price of greed'.
@biscuit4259
Жыл бұрын
Cost of Tory Crisis is what it is. Tories cost this every time they’re in greed and scarcity is their end game.
@fabiopaolobarbieri2286
Жыл бұрын
It's called class war. The last believers in the class war are in the boardrooms.
@flyingalbatross9634
Жыл бұрын
the tories are encouraging this greed themselves by not taxing the ones who can afford being taxed the most. Sadly there is little commercial common sense. When recession hits no one will make any money including the government. What on earth are the regulators doing when there is the most need for them?
@bigdaz7272
Жыл бұрын
Cost of Tories Crises.
@nothereandthereanywhere
Жыл бұрын
That is tricky.... When we were in the EU, we had much larger purchasing power, more could be brought in for the same, or similar value(due to the strength of the pound and capacity of the transport to and from EU). Now, the transport has became more difficult and many UK produces are not subsidised, so the prices had to rise. I don't have the details about the profits, so it isn't easy to say whether it is a price of greed, or just a price to keep themselves above the waters.
@JustinTimeEnglishClip
Жыл бұрын
Greed. The government is deeply involved and, indeed, a proponent of it.
@jamesbarbour8400
Жыл бұрын
Absolutely !
@Dynasty1818
Жыл бұрын
The government is in on private companies making excess profits? Haha, ok mate, whatever you say. Where's your proof or are you just pathetically cynical and been listening to Labour voting morons?
@FUT-Franklin
Жыл бұрын
The conservatives have always served the corporate crowd before the public through austerity.
@TheCraigy83
Жыл бұрын
They've not been real conservatives since ww2
@carnmarth334
Жыл бұрын
So have the vast majority of Labour governments.
@Kababalax
Жыл бұрын
@@carnmarth334 True!
@DrMalcolm97
Жыл бұрын
You really think if we had labour, all of this wouldnt be happening? Delusional
@fantastic1921
Жыл бұрын
And you really think any other party would be different? It's delusional.
@joshuabutler5905
Жыл бұрын
Would be interesting to see telecoms companies, e.g. BT, be similarly scrutinised, as it seems many have put prices up in line with one another, significantly above inflation.
@apinksquid
Жыл бұрын
the standard Telco price rise is inflation + 3.9%, wish my pay rises worked like that...
@alice1374
Жыл бұрын
@@apinksquid Should be ditched, at least that way it's easier to pay for it
@MosMunchyBox
Жыл бұрын
Virgin sent me an email. We reserve the right to charge 5% plus inflation. Thats what like 17%?
@GiZeeGis
Жыл бұрын
That one is not a problem if you know how to shop for them. Always switch at the end of your contract
@davefish8107
Жыл бұрын
All mobile phone and internet services have the same contracts so very hard to avoid this BT, EE , and most of the big ones have, inflation +3.9% yearly increases. Almost like they have got together and agreed to do the same thing
@lukebuchanan-hodgman837
Жыл бұрын
Surprisingly good economic analysis by Mrs Eagle. Typically I’m not particularly overawed by politicians’ musings over economic policy, but the passthrough of monetary policy in terms of interest rates applied to savings account is a key tool for the BoE to quell inflation. I do find it surprisingly that The Bank doesn’t do more on this. Very good - well done The New Statesmen
@kevinwillis6707
Жыл бұрын
if you are surprised that banks are amoral greedy bastards i dont know what to tell you.
@Phil_D_Waller
Жыл бұрын
LMFAO , int rates do nothing but pass on the cosst to consumers , its lazy monetarist thinking , int rate rises are corp wealth , they wont help if there is a supply side shock in Oil
@michaelmckay4698
Жыл бұрын
I’m Iii i i
@paulslater9061
Жыл бұрын
We're being ripped off its that simple
@jamesbarbour8400
Жыл бұрын
Rip Off Britain doesn't have the initials of 'R' 'O' 'B' for nothing you know.....
@Nconn360
Жыл бұрын
This used to be called "Racketeering" but I guess it's just shrewd business in Tory Britain.
@jamesbarbour8400
Жыл бұрын
Yep, in their mind they're one and the same, but hey ho, we just pay the bastards wages don't we. I'd sure like to see them try to survive on minimum wage !
@rogueceska
Жыл бұрын
I was getting 65 items in my shopping basket at Asda only 6 months ago for 70 quid now I get 39 items, and don't get me started on Morrisons, who decided to put their prices through the roof during the pandemic, and carried on putting their prices up. I know these are businesses are they are for making money, but how much do they need.
@alice1374
Жыл бұрын
The more the better they'd rather have all the money from everyone than not so say bye to your money before it's too late.
@jamesbarbour8400
Жыл бұрын
They need it for their shareholders don't you know !
@mr.145
Жыл бұрын
Dont use Asda anymore,countless items scan higher than shelf price,the used to give £5 voucher when complaints were made.not anymore.i wonder why😅
@awmillard7356
Жыл бұрын
This new corporate greed is evident throughout the financial industry, additionally to banks widening the rate of lending and saving is their blatant contempt for County Court Judgement found against them. I have two CCJs found in my favour, to the value of £600 and Barclays refuses to pay it. Knowing the court wont chase it and as a pensioner I can't
@cheezesmoker8851
Жыл бұрын
New? Where have you been looking 😂
@thisisbob1001
Жыл бұрын
Barclays are renowned for sharp practises
@boota1979
Жыл бұрын
@@thisisbob1001 Shark practices would be more apt.
@jamesbarbour8400
Жыл бұрын
That's a disgraceful situation - sorry to hear about it
@angelachanelhuang1651
Жыл бұрын
cool
@andrewbaxter9395
Жыл бұрын
Over the last few years we have had reasons cited for price increases such as Covid, Brexit, Ukraine and even a boat stuck in the Suez canal. Meanwhile the profitability of some of these companies has gone ever skywards with bonuses and payouts to CEOs whilst many staff have effectively had pay freezes or had to cover hours for free due to recruitment freezes. Many working families are having to rely on food banks. The phrase follow the money could not be more apt.
@jamesbarbour8400
Жыл бұрын
Yeah, funny how that works isn't it
@blackstone-
Жыл бұрын
For a long time companies have been making bank, while wages stagnate....for instance, starting salaries for the Big 4 have barely changed over the last 20+ years...you hear stories of UK managers getting paid the same as the graduates they manage in the US... teachers and nurses can double their salaries in Australia...
@ThatGuyThanus
Жыл бұрын
Spot on.. pure, unchecked, greed!
@evenskial1063
Жыл бұрын
In the early 90’s I was earning minimum wage of about £8.60 an hour. A decent house was only 60 to 80 thousand. The minimum wage has increased less than £2 in 30 years! Presently with inflation and profiteering todays £10.49 min wage is worth £4.40 in 1990 terms. 3 decades ago you did not have one billionaire, now they’re two a penny, Is this progress?
@jabberwockytdi8901
Жыл бұрын
What I've noticed is a very patchy at best supply of some own brands vs. "Branded" goods, e.g. Butter , particularly in smaller local stores. So this is disguising borderline shortage situation where the brands with higher margins pay slightly more and are able to ensure raw material supply allocation over own brand manufacture, this is reducing competition form own brands and allowing the more expensive brands to even increase margins further.
@jgdooley2003
Жыл бұрын
I have noticed this with High Fibre Bran. The own brand costs €1.89 while the branded stuff is over €4. The own brand always runs out of stock while the branded stuff is always in stock. Very convenient. I always make a point of buying and keeping a few packets at home so I never run out. Same thing applies to soft drinks. Generic ones are a fraction of the cost of branded and multipacks are often cheaper that single cans at the lunch displays.
@CurtisRouse-
Жыл бұрын
I would like to adopt the policy of the corporations. I would like to rebuild my personal margins, just as corporations are building their margins, therefore meaning i subvert inflation because I'm pretending it doesn't exist, acting like it's not greedflation, and gaslighting the public.
@alice1374
Жыл бұрын
@left_blank So basically, a monthly budget of say about 450 to survive on day on day out? Sure you can grow that way but you'll suffer in other areas
@CurtisRouse-
Жыл бұрын
@left_blank gonna assume your comment is a troll, or your parents provide most of the stuff for you in life, or you have a good monetary life with big help from parents. Any sane person isn't going to say that. You can't just go out and earn more immediately because you may not have the necessary qualifications and it's hard to cut back if your money is going on the essentials and child care. I'm privileged enough to not suffer through these sort of woes, but I'm also not dense. I recognise my pay has been indirectly cut by not keeping with inflation, yet corporations are making more than ever, and I want my fair piece for a fair days work. As I say, I am privileged, but even I am not so ignorant to push out the same rhetoric as you. I'd like to see you be in the same situation as some of our poorest, and I'd love to say to you exactly what you said in response to me, just to see how you'd fair up.
@macsmiffy2197
Жыл бұрын
I have to travel quite a way to shop somewhere other than a supermarket. I’ve noticed the margins on small packages are enormous compared to family packs, hitting single households more. A small loaf of bread in Tesco the other day was nearly twice the price of a large one. I was trying to explain to an elderly gentleman that he would be betting off buying the large loaf and throwing half of it away. It’s disgusting!🤬
@samanthahardy9903
Жыл бұрын
Or buy the large loaf and freeze half of it to use the following week would have been more economical than just throwing the other half away.
@i-am-vonnegut
Жыл бұрын
Buy flour yeast sugar and salt. Make any kind of loaves you want.
@samanthahardy9903
Жыл бұрын
@@i-am-vonnegut It's cheaper now in the U.K buying the loaves already made than it is buying the ingredients to make it yourself. Also bare in mind the cost of cooking the bread as well.
@JESTERFISH1
Жыл бұрын
If you can afford it do a bulk shop split it up and freeze it It requires a bit of effort but it’s worth it
@xtrailz
Жыл бұрын
The system is worked as intended for the people who operate the system
@caz2634
Жыл бұрын
Banks and the government are profiting from us and need to be held accountable
@helenmartin9150
Жыл бұрын
A granny in Australia says...I wish that articles about the economy, WORLD WIDE, would recognise that while we we still have people dealing with a "cost of living" crisis, there is an ever increasing chunk dealing with a "cost of SURVIVING" crisis.
@DylRicho
Жыл бұрын
This is basically all of them. Even as inflation drops, supermarkets have gotten away with keeping the prices as they were. All I ever see when I walk in, is alcohol on sale. Nothing people actually would want to buy, or need.
@jamesbarbour8400
Жыл бұрын
Maybe they put the alcohol front and centre, so that you'll be tempted to drink your woes away, while they continue to rip people off.
@UkSapyy
Жыл бұрын
The UK is a rich nation, the problem is that it is too in favor of the rich. We should address it.
@AbCd-lw5vs
Жыл бұрын
If even yourself as an American can see that then we are certainly in trouble!
@ianpeart5665
Жыл бұрын
It's just too easy to hide excessive price rises when all prices are genuinely rising, and consumers are expecting rises. As for competition, the watchdog needs to take a long, hard look at the goings on in the BRC (British Retail Consortium).
@jamesbarbour8400
Жыл бұрын
All together, in the same bed unfortunately - nothing gonna change - too many people getting kickbacks at the taxpayers expense !
@ecknareal
Жыл бұрын
Omg it's almost like capital can not be trusted to manage it's self, Good job freemarket once again proving your efficiency.
@DONTSASSMEBOI
Жыл бұрын
Free market capitalism is like communism, seems nice and fair then humans get involved.
@Crouchy232323
Жыл бұрын
It has proven it's efficiency perfectly. The market is not there to improve the nation. No such thing as society, remember.
@grzesiekniemogecipowiedzie7142
Жыл бұрын
I didn't realised printing money and gov involvement in everything is a free market now
@Crouchy232323
Жыл бұрын
@@grzesiekniemogecipowiedzie7142 It isn't. Risk is socialised, profit is capitalised. That's why we cannot afford to provide a decent wage, effective public services or quality of life for the general public.
@jgdooley2003
Жыл бұрын
Capital IS managing itself. That is what a share funded company is supposed to do. The big failures here are government failing to oversee and supervise pricing and supply systems and wage setting in the retail sector. The primary producers are not getting paid to reflect the huge increase in inputs such as energy, labour and fertilisers and reductions in these input costs are not being handed down to the end consumer as fast as the prices rose in the first place. Calling the UK a free market is invalid as most of the consumers are denied access to enough information with which to guage the true value of a given good or service and toxic marketing techniques are often employed to hide the true nature and real cost of a given purchase.
@BarryWaterlow
Жыл бұрын
*In Canada, the courts this month fined a food company $50 million dollars for illegal price fixing and other companies were recently implicated in the crime.*
@somecuriosities
Жыл бұрын
What will it actually take for people to demand change to the UK econony now? It is the national embarassment that leaves over 65 million citizen's ever more impoverished (minus a few hundred CEOs and bankers)
@beegnutz
Жыл бұрын
It could change if the English electorate didn't get their political opinions from racist billionaire newspaper owners who don't pay tax in the UK.
@jgdooley2003
Жыл бұрын
@robertstallard7836 The sad truth is that all the government has to do is keep 50% of the people in an OK situation and they can usually let the other 50% fly a kite. Until poverty becomes blatantly obvious such as people dying of hunger in the street or people in rags you will not get meaningful change. Charities and NGO's are set up to try and provide a sticking plaster solution to a failed system. Many of these charities have CEO's on highly inflated salaries and often have to pay a high percentage of their donations to collectors who were often volunteers in the past.
@tonyholmes962
Жыл бұрын
Best MP in town. Proud your ours.
@Victor-sh1ez
Жыл бұрын
Excellent interview focusing on core issue. Corporate greed and profiteering is impacting on society, cost of living and Inflation. Head on collision between Globalization and National economies in the money system.
@justjackman
Жыл бұрын
Where are the competition regulators? This government is letting down the country
@Xune2000
Жыл бұрын
A Tory government not interested in company collusion and profiteering? Well I never!
@jamesbarbour8400
Жыл бұрын
No change there then.
@einseitig3391
Жыл бұрын
One very important video and topic. I am not sure we in the UK understand how we are been driven to poverty. We appear to be living the result of every government decision of the last forty years from the privatization of British Gas and BP to the decision to ban Centrica from sharing the profits of its discovery arm with its wholesale British Gas arm by reducing gas pricing. Instead of large shops like M&S, Sainsbury's and Tesco delivering economies of scale, that is, large shops subsidizing small they offer differential pricing where goods having rising 20%-30% because of inflation are sold for up to 30% more in so called 'local', 'express' or franchise stores. When asked why they say it costs more to service those stores. It isn't solely the cost of living that is a great burden here it is that the quality of life in the UK is diminishing fast. Edit: Share buy-backs are unfortunately a necessary evil because these companies need their share performance to be good save private equity, especially US private equity, will look to pick off them off. We already have a real problem with UK businesses being picked off but perhaps that requires a separate video.
@Cinephileofmany
Жыл бұрын
It’s almost as if they system is purpose built to protect the wealthy, whilst telling the public this is how it is, there is no alternative.
@ConstructiveMinds100
Жыл бұрын
🥳 Why the poor people don't have a modicum of apathy for the rich and stop being selfish for a while. To change yacht every two years for bigger one and increase portfolio of houses in the most affluent places on this planet demands more money. Please stop whining.
@bjarkih1977
Жыл бұрын
Banks buying their own shares reminds me strongly of 2008. Not nice when one lives in Iceland...
@stevemorris289
Жыл бұрын
Tesco's have been taking the Mickey out of their customers for the last year or so. Prices increasing way above inflation, and clearly profiteering at your expense. Use you local store or market, much cheaper, and it might make them drop their prices across their whole range, rather than the odd product.
@FarmerGwyn
Жыл бұрын
Tesco makes over £3000 per employee, Asda make £6000 per employee, these guys working for ridiculously low pay to line the pockets of the shareholders to the tune of thousands per year.
@ConstructiveMinds100
Жыл бұрын
🥳 Why the poor people don't have a modicum of apathy for the rich and stop being selfish for a while. To change yacht every two years for bigger one and increase portfolio of houses in the most affluent places on this planet demands more money. Please stop whining.
@jamesbarbour8400
Жыл бұрын
That may or may not be true, but I still have no sympathy for supermarket workers, the vast majority who seem to have been brainwashed to become like mindless robots, asking the same stupid questions at the checkout, even though the answers are usually staring them in the face. They deserve what they get for letting themselves become a bunch of mindless morons with fuck all personality of their own to show !
@FarmerGwyn
Жыл бұрын
@@ConstructiveMinds100 Sorry, I'll immediately return to the grindstone. :)
@katherynmunis7915
Жыл бұрын
Calling it as it is greed, so true
@bigdaddyyo
Жыл бұрын
why the financial markets are not regulated is beyond understanding. WTF!! This is just senseless, the industry needs policing and needs it now.
@kenharris5390
Жыл бұрын
The dirty truth is that the rich are the great cause of poverty. Michael P -Arenti Let the monkeys run the country, at least they will only steal the Bananas. Those who eat their fill speak to the hungry of wonderful times to come. Bertholt Brecht
@MrAvant123
Жыл бұрын
Looking around all 3 supermarkets here Sainsburys, Tesco and Morrisons there is no doubt whatsoever they are price-gouging. People blame oil companies for making big profits, but the fact is this is largely an accident because the price of oil got very high, whereas Supermarkets have had the media and the govt bang on about the cost of living crisis which has laid the ground for them to price-gouge because people have subconsciously accepted the price rises.
@arandmorgan
Жыл бұрын
Its almost as if its not a wage price spiral but a price wage spiral.
@andykenny5674
Жыл бұрын
I concur with this article. It always strikes me as grossly unfair when CEOs see their already generous income multiply massively, whilst ordinary people and victims of war suffer. It’s obscene how world events are used to boost “margins” (= profits). Whilst it’s fine that people in positions of high stress and responsibilities should be rewarded, it’s simply unjust for their incomes to be literally tens of thousands of times more than average workers. Further, if the economy is damaged as a result of greed, it’s somewhat short sighted of the execs making these business decisions, as ultimately it hurts us all, including their companies.
@jamesbarbour8400
Жыл бұрын
Wish that was indeed the case, but they seem to be immune to reality - twats !
@RF_Burns
Жыл бұрын
You're not in the middle of a recession when you can afford to shop at M&S, or pay Starbucks to make you a coffee!
@gaspode505
Жыл бұрын
Free market now, no protection for customers from companies since out of EU. See, in France, the cost of stuff +5%
@sciencefliestothemoon2305
Жыл бұрын
@Breakthechochamber there is no EU protection, the laws can't be easily repelled because otherwise the EU will likely call the UK out for not keeping the necessary standards for products.
@nixi7688
Жыл бұрын
I knew Tesco were profiteering when they introduced the mandatory club card deals. The prices went up over night, but the club card deals were the original undiscounted price. If they can afford to sell it at that price, then my guess is they are charging non club card members a premium, not giving club card members a deal. Unfortunately it seems that other stores are following suit. Crazy as it sounds it feels like a form of coercion to get your shopping habits and data? Could they also be profiting from the raw consumer data,? Either by selling it or knowing exactly which products will make them the most money if they raise the price?
@ConstructiveMinds100
Жыл бұрын
They introduced this card schime during the pick of pandemic. To show how greedy they were they changed the rule for the till assistant. NO MORE ASKING FOR THE CLUB Card before you pay. How sneaky. .... If you remember too late go to to the return desk and scan each item once again. TESCO every little help. 😂 The little people in Tesco are alright but the greedy salesmen would not mind rob everyone from every single penny.
@nixi7688
Жыл бұрын
The staff get treated like shit, they fired all the cleaners in the pandemic and I think they got rid of the security guards as well (at least in the metro) so staff are expected to do all of it. That's fine in a quiet store but if it's crazy busy it's impossible to Keep up with it and their pay has not increased to reflect doing the job of 3 employees and that's after cutting the staff on shop floor to a minimum. There's other dodgy goings on as well. My mate works there. So far he's witnessed disability discrimination, unfair dismissal. The cycle of hiring students on probation and then sacking them to cope with staff shortages. Private WhatsApp groups for managers to cover up misogynistic behaviour. A manager who sexually assaulted and harassed female staff and it took three store managers until one was actually decent enough to get rid of him. The place is gross.
@jamesbarbour8400
Жыл бұрын
I'd say it's a bit of both myself. The odd time that I shop at Tescos, they'll always ask if I have a club card, so I just tell them I'm not giving my personal data to a Supermarket, so they can profit from my personal information, whilst chatging me over the odds for food, coz I refuse to get one. In effect, people like me, who greatly value their privacy, are subsidising the people who get discounted prices on their food shop. I was intending to take a Manager of my local Tesco to Court over discrimination in this respect, but knowing I would get no-where with my claim, and the amount of money it would cost, I instead, voted with my feet and now shop at a recently opened Lidls store - better value, and no two tier pricing like the other supermarkets do. It's a case of the haves (those with club cards), and the have nots when you enter any of the big supermarkets these days.
@farmerfreakeasy9577
Жыл бұрын
Why did he say the last year ? It's been awful for me since 2010 when the Tories came to power. Austerity never ended.
@paulslater9061
Жыл бұрын
The banks aren't buying thier shares back we are
@jabberwockytdi8901
Жыл бұрын
You can blame the FCA for a lot of the banks increased profits, their blunt instrument and extremely hand fisted attempt to force banks not to overcharge customers with poorer credit ratings higher overdraft rates led to a blanket 40% overdraft rate for everyone without any checks on the maximum rates banks can charge, so every one - even the customer previously on the highest rates - ended up paying a huge amount more.
@bluephonixe7371
Жыл бұрын
About the interests rate, not just the supermarket but the banks are pure greed.
@oneoflokis
Жыл бұрын
Apparently this sort of thing happened also, when the UK went through decimalisation at the end of the 1960s. (According to stories I remember from my late mother.) Profiteering in Britain is nothing new. 😏
@malcolmcuthbertson3359
Жыл бұрын
Conflation , this whole article starts by calling inflation the current changed wording accusing businesses of causing it . Inflation stems from the lowering of the value of money relative to GDP ( amount produced in the nation ) . When you print money excessively and give it away to keep some businesses and investors afloat during a lock down , when no one is producing anything , you have both a push and a pull creating a hidden tax on the money that people have saved , which is now worth less . We have the largest wealth transfer in history from the middle and lower classes to the wealthy business owners , but it is government policy not businesses profiteering that is causing this . I am really looking forward to seeing how labour are going to somehow manage to sail this titanic we call an economy further into the iceberg .
@martinfalconer546
Жыл бұрын
Thanks I'm glad someone's talking about this
@eriktopolsky8531
Жыл бұрын
State as REGULATOR cempletelly failed citizens, all they had to do is to introduce LIMITS on PROFIT MARGINS, allowing only those products, where there were reasonable inputs costs increases to increase the prices instead of SPECULATORS PROFITEEEEEEERING...all the time
@D-A-H8585
Жыл бұрын
The problem is usury. Stop usury! Let money represent sweat, labour and product.
@isayit6054
Жыл бұрын
Companies have been charging more even though their operating costs not changed
@stuarthunter7559
Жыл бұрын
Boots closing 300 stores and suppliers in downturn with major job losses. Why do figures no longer add up in the UK. Who is providing overwatch? It's obvious that the govt isn't
@nicksundby
Жыл бұрын
We live on Treasure Island apparently. BOYCOTT THEM
@Raqonteur
Жыл бұрын
No mention of energy companies who despite the base commodity prices falling to pre-Ukraine levels arent passing those drops on to customers to 'buy in advance' yet increase prices immediately on a commodity price rise.
@jamesbarbour8400
Жыл бұрын
Shareholders to be kept happy - energy prices are only ever going to go one way....
@EamonCoyle
Жыл бұрын
I think the economic fluctuations caused by the pandemic and the effective shut down of customer facing businesses has created a vacuum that is definitely being exploited by companies in all business sectors. I say that in the sense that you cannot simply take high profit increases as simply profiteering, it has to be considered against the previous year where the figures would have been lower due to coming out of covid. This being the case it makes it very easy for big companies to brush off criticism citing outside factors, but the bottom line is that those outside factors are hitting the consumer much more than the company.
@user-rd7ek9ve3r
Жыл бұрын
The point of corporations is to make money....they are not your friends, whatever warm and fuzzy Christmas adds they release each year.
@shauncameron8390
Жыл бұрын
Exactly.
@jabberwockytdi8901
Жыл бұрын
Focusing on the profit margins of Starbucks or Krispykreme is a side show, those companies are hardly core food suppliers. ( also please don't quote operating margin like it's a profit margin, they aren't the same thing)
@robertpearce7795
Жыл бұрын
Yeah, but he's counting on people to not know the difference.
@t28mcd
Жыл бұрын
Despite the high cost of living it remains popular.
@stanwilson8089
Жыл бұрын
The answer is to use social media to organise monthly boycotts of supermarkets in turn.They would be left with goods on the shelves,and profits would dive for a month.
@MrAvant123
Жыл бұрын
I wonder what the next half yearly report is going to look like for Tesco and Sainsbury ?? We cant see a report from Morrisons and Asda because they are no longer public co's. What this lady is saying is spot-on !!!!
@robbailie5878
Жыл бұрын
Rather than chasing after ex prim ministers or discussing Schofields personal tastes MP's should be dragging in Supermarket leaders and ask them to explain how their prices are so high yet their making much more money than they were in 2018.
@marxk4rl
Жыл бұрын
How can companies make huge profits when people can't afford to buy their products?!?
@shauncameron8390
Жыл бұрын
Companies have diversified portfolios. They're not that dependent on their main bread and butter to pay their bills.
@lrsco
Жыл бұрын
And yet we quietly accept and carry on just as they know we will.
@jamesbarbour8400
Жыл бұрын
Exactly so - Brits have a moan, then carry on regardless. Our Politicians know this
@ardentenquirer8573
Жыл бұрын
Can we humans maintain our virtue while actively participating in a market economy and governing it? HSBC Board of Directors are shows thoughtlessness
@user-gz6tx6yp3v
Жыл бұрын
Here's another thing to consider. When you took out your mortgage at say 2%, that bank typically borrowed on a fixed rate long term rate just below that. If you dont change lenders on renewal at say 5% and continue with them, they have already loaned you the money from a long term funding source at below 2%, yet they are still charging you 5%. Now let's say they borrowed at 1.8 so they make 0.2% every year on anything they lend at 2%, now they are making 3.2% which is around 16 times the profit they were making. They don't want you to know this.
@TheHairyKarl
Жыл бұрын
Eagle should’ve backed Corbyn if she really cared instead of being a backstabber 🤷🏻♂️
@Phoenix-in-flight
Жыл бұрын
Whilst shareholders in corporations demand profits the company can continue to increase prices and the people have to pay. Their needs to be regulation to offset profits with returns to the community or higher taxes for excessive profits. Tripling your profits in a year is outrageous price gouging.
@tomkerr4617
Жыл бұрын
Who are the owners of the big stores? not the ceo's or managers the actual owners? are they owned by a certain group who can control all of them? There must be a reason why they can keep pushing prices up every few weeks but I don't hear what it is, even Aldi seems to have jumped on the bandwagon now, do they have new owners or what?
@cinemaipswich4636
Жыл бұрын
Interest rates have been near zero for a decade, and corporations have been borrowing money to give to shareholders and executives with share buy-backs. Now, with the cost of living crisis, the corporations are making less profits "after costs". They owe billions to the banks, with interest rates above 5%.
@vmoses1979
Жыл бұрын
It would be good to get a rigorous mathematical analysis based on financial statements that breaks down input costs versus prices for consumers. This phenomenon will not be taken seriously and public pressure to address it will not ensue without solid evidence.
@3D_Printing
Жыл бұрын
0:26 Why Politicians enjoy the pay rises they give themselves and their Expenses boost while saying we have LOW inflation
@johnh1252
Жыл бұрын
Tesco putting prices up for no f*cking reason...
@johnh1252
Жыл бұрын
Pukka teabags went up 3.50 to 4.00 and then up again to 4.50. All within a few months. They are only £4.20 in Waitrose.
@bog6106
Жыл бұрын
This is what happens when company's consolidate without challenge. Monopolistic price gouging and using external events as cover. People need to be more involved with what's going on instead of ngaf till it affects them personally
@shauncameron8390
Жыл бұрын
Without challenge, because the government taxed and regulated the competition out of business.
@tomthumb2361
Жыл бұрын
Have you tried to get your money out of Clerical Medical? There's a story not being told there.
@christopherward5065
Жыл бұрын
You missed out Brexit and Government Policy as the largest driver of climbing prices.
@andrewlawrencemilton
Жыл бұрын
My bank is Lloyds and it has been very greedy in not passing on the interest in my savings account.
@nanorider426
Жыл бұрын
Well done New Statesman!
@Kababalax
Жыл бұрын
It's the same with the energy companies, some greed somewhere is behind the reason for high energy prices, nothing else.
@pv-mm2or
Жыл бұрын
We need the return of a retail prices and incomes board !.
@80barlo80
Жыл бұрын
A seruous government should impose a windfall tax to all greedy companies profiteering at the expense of people standard of living.
@blackstone-
Жыл бұрын
Saving accounts ought to have a min. interest to match at least the Bank of England base rate....otherwise, we may run into a problem whereby savers are not rewarded and it incentives people to spend money as it is falling in value.... EDIT: this way banks are incentivized to reinvest it....but they can just leave it with BoE and take a spread...problem is that the savings interest the banks would have to pay would not match their mortgage book which will be fixed at old rates...so the banks need a period to adjust.
@grzesiekniemogecipowiedzie7142
Жыл бұрын
The problem is that banks hold a lot of gov bonds that pay small interest themselves so they have no how to increase interest on saving accounts
@witlesswonderthe2nd883
Жыл бұрын
Blackstone you do know once your money is in the bank it belongs to them, they don’t have to pay you a penny back never mind pay interest. Banks worldwide only have about 8% in cash of all money created, the rest is a numbers Ponzi scheme which has made them very rich to the cost of the poorest.
@johnpatterson6448
Жыл бұрын
As I recal, Angela, who speaks intelligently, did quite a bit to drive out Jeremy Corbyn. Yet the essence of what she says here is that what is culturally/ethically acceptable flows top down. No point whingeing now. You had the chance to get behind Corbyn (without a knife in your hand)
@adrianrouse5148
Жыл бұрын
Allowing them to build up margins??????. What a rip off. Westminster should clamp down on this type of behavior not encourage it. Disgusting behaviour all the way to the top.
@jamesbarbour8400
Жыл бұрын
It's what our MPs do, why would the kill the goose that lays the golden eggs....
@beetleything1864
Жыл бұрын
petrol - diesel - BP- SHELL - et all raking it in - Tesco etc jacking up their prices over and over weekly - raking it in also - taking the piss !
@AlexParkYT
Жыл бұрын
If the majority of money doesn't go to the "peasants" (we the people) then it is not our economy. We don't make any of the decisions yet we are given all the burden.
@shauncameron8390
Жыл бұрын
You would have ran that economy into the ground as most people are ignorant and wasteful which is part of the reason they're poor in the first place.
@cdub5033
Жыл бұрын
Input price inflation is always the excuse given for opportunistic greed. Prices never fall, they remain at the new record high's. These are the simple lessons never learned by politicians & others.
@GHE1ST
Жыл бұрын
saw the inflation coming when they artificially raised the min wage about a year ago or so... not shocked
@petertyrrell1847
Жыл бұрын
Tescos selling something at £2.40 without club card but £1.36 with club card over a £1.00 difference just proves that the cost of them buying that product hasn’t risen by more than a few pence otherwise they wouldn’t Be able to knock over £1.00 off with club card its the likes of the supermarket that’s ripping us off
@core-element
Жыл бұрын
Lidl's own budget still spring water has just hit 35p per bottle. It was 17p in 2021. I don't think we have a shortage of water supply in the UK, so why double the price.
@colintawn3535
Жыл бұрын
Ha,Ha! A Labour politician who supported Blair' s PFI debacle that bankrupted Hospital Trusts. Who profited then? Certainly not hard working taxpayers. It is noticeable that Labour MP's have selective memories.
@BenCG
Жыл бұрын
Cap profit margins. Find the average profit margins of individual product groups and across individual sectors as they were in 2019 - and cap them there. This doesn't mean capping prices. If costs truly are going up, then so can the prices. Instead, such a law simply bans greed, and markets can compete on quality.
@leel9186
Жыл бұрын
Great job in highlighting this.
@emiliospowerballer1441
Жыл бұрын
I really do not understand the idea behind this mentality. When there's no crisis, everyone benefits, no concern. When there's a crisis, corporations are greedy. Inflation is killing the economy, except when it's not under control, because for as long as it is, it's not a serious matter. It's unethical and evil for companies to have profits during a crisis, but it's acceptable when there's no crisis. The problem has never been the corporations, but human infinite ignorance.
@Scotland2306
Жыл бұрын
Good for them, the public don’t know what’s going on so why would they stop?
@i-am-vonnegut
Жыл бұрын
Yeah but we still buy their shit regardless. Cheap convinience has come with a extremely high cost. But we still buy their shit!
@dananskidolf
Жыл бұрын
What does she mean when she says the banks are just "buying back their own chairs"?
@sophiasophiasophia
Жыл бұрын
Buying back their own shares
@dananskidolf
Жыл бұрын
Ohhh... Thanks! I thought it was a phrase I'd not heard before XD
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