Labour looking at austerity. Budget cuts and tax rises on the way…

so in this segment we're going to be discussing um kind of the return to austerity I guess um and before any pro laor goons um put in the comments oh there's there not austerity just let let me cook on this one and then we you can discuss it after you've watched I know like four minutes of the video right so you got Grim Budget on the horizon with tax Rises and spending cuts likely okay and so I do want to caveat this with by saying yes we are seeing public sector pay increases above inflation or at least above the current rates of inflation it's not going back to what it should be um which okay that's fine minimum wage increase good good um so I say that to say this some of the other stuff not so good so when we look at what's being offered here so the changes that she's considering raising money from inheritance tax and capital gains I'm I'm for that sticking to plans for a 1% increase in public sector uh spending even though it would involve cuts for some whiteold departments this is below inflation so if inflation's at around above 2% if you do a 1% increase in spending that's a real terms spending cut because of inflation so that's not good is it that's austerity in itself or a form of austerity rejecting pressure to scrap the two child benefit cap again austerity even though um you had these kind of pro labor people saying well you know obviously they can't get rid of it now they're going to get rid of it in the budget where where are those guys at you know how come they're not covering this stuff coming out here you know they're not even saying oh you know obviously laar going to get rid of the two child app you know it's just press briefings or whatever they're not even addressing it it's crazy to me changing the way debt is measured to exclude the bank of England so that's an interesting one but you know when it when it comes to it you got this guy annaa saying no austerity under labor sa tell Scottish leaders um debate this has not aged well this is aged like milk U when you look at the UK's um jet GDP ratio it's around um it was around 99. 5% it's Fallen uh down there it is there so if we remove the bank of England's debt um you know the UK's debt to GDP ratio is at 91.6% at the end of June it was lower obviously last year um but you know the Tories have kind of damaged the economy a lot so there's not a lot of fiscal Headroom because of the fact that the uh labor government want to reduce our debt to GDP ratio there's only two ways to do that one is to reduce the debt or the other one is to grow the economy and when you look at their spending programs or whatever they're not really going to grow the economy especially with them cutting back on kind of big infrastructure projects as well or these smaller scale infrastructure projects this would be um an interesting move um if they do change the way the kind of debt is measured because if you exclude the money owed to the bank of England you're looking at 91.6% although I don't know in reality how that would work because I'm not an economist um and so when you look at other countries debt to GDP ratio I always go back to France France's debt to GDP ratio is 11 12.3% yet we don't hear a lot of fear around France's uh national debt not really and you know this is a country that's gotten gone for more infrastructure projects than we have um and you know they are I think their econom is doing their econom is in a much better position than ours um labor has no plans for a wealth tax it can be revealed despite Britain's biggest Trade union unite calling on the new government to implement one um you know and you know in reality austerity does impact people you know we can't forget that you know um this is from uh Francis Ryan saying it's AO it's a story starmar Reeves and their colleagues should bear in mind how about how imposing Cuts not only ruins lives but soon results in the reverse of what was intended costs go up often uncontrollably this is about special educational needs schools um you know this about the uh the um cutting you know witer fuel payments um you know you got mainstream commentators questioning labor of this asking are they crazy to do so because um you know typically pensioners are protected um because they're a large um voting block especially for the conservatives I I just don't you have a situation where I don't know exactly how the payments are measured but you do have obviously Rich pensioners you also have pensioners who are asset rich in terms of they've got a house they've owned their whole life um it's Freehold you know there's no mortgage on it but they don't have a lot of cash income and you know people can say oh why don't you just sell your house like such a dumb argument to make like why would you not because a house isn't just you know a financial thing it's where you've lived your whole life then some of these people have lived in those houses you know 50 60 years for them so the house would be um just just ludicrous in the sense of like where do you expect them to upro and move to it's silly um this this from you know a while ago about K th you know 2022 when the energy prices were quite high or 23 even saying here's the choice let the let the oil and gas companies continue to make huge profits whilst every family across the UK suffer or do something about it label stop the energy price cap going up this will say families ,000 per year and the question is how come labor aren't doing these um doing these um winful tax Etc let's actually have a listen to the profits profits up 10 times over long the figures are absolutely insane British gas profits up 10 times over last year 751 million BP the first three months of this year4 billion pounds in profit in three months shell 22 billion profit 22 billion and the government looks at those figures and yes to be fair they're not all UK profits but they're still huge huge profits they're making it looks at those figures and it says actually no that that we'll leave that aside where are we going to recoup this is this is it you know how come we're not there's no winful tax under labor that's happening I don't get it so here's the choice clearly you've made one it's a political Choice um this the head of off gem talking about this in in your program you know I talk to customers on a regular basis and I know this is not welcome use for many households and I know many households still struggle with all of their bills including energy but what we're announcing today is a 10% increase in the price cap that's the regulated price that we we lay out that says that's the maximum a company can charge if you're not in the wider Market if you're not on for example a fixed deal now the reason we're making that change is those price increases are driven by the increase in cost in the international gas that we buy so let's look at the international gas price I know they deal in the Futures market and whatever the price has come down like the international price has come down uming to this website anyway it's trading economics you know fair enough it's is quite low February 1924 we look at it over the last 5 years you think right energy price would come down I know there was a government cap around this point but it's it's lower than it has been in you know since you know last year for example I don't I don't get how the price could still be up or going up it doesn't make sense unless they're can argue about Staffing but that's not really happened um you Ed redhead Redemption rest in peace you know him talking about off gem you know the fact is the government if if the government wanted to they could change the Mandate of um off gem they could or they could say look you're not doing your job properly we're going to look at abolishing this and just creating a new independent group that's the role of government you know as this person points out you can abolish offg if you want you can overrall it you can impose whatever constraint on entry prices you want you know there are there are things the government can do here but they're choosing to kind of wash their hands of it it's just crazy to me um you know someone asking why is our energy going up and up Energy prices broader in Europe are going down we're on the wrong track so it should be up to the government to actually look at that CU clearly off's not doing its job you know Rachel ree saying I'll never forget the woman in leads I spoke to who had purple fingers because her pension wasn't enough to pay for the heating clearly she doesn't really remember her that well she must have forgotten you know and when it comes to other stuff you know what are labor playing at when it comes to um certain other schemes like you've got Rachel Reeves talking about wearing a PFI style deal for for new temps Crossing PFI was a disaster for the country an absolute disaster letting the private sector come in um and build this stuff at a huge cost a huge longer term cost to the country it makes absolutely zero sense completely brain dead honestly anyone backing this stuff is is complete fraud in my opinion if you if you back these policies you're not on the left the this this is just a giveaway to companies and corporations you know we've talked about schools in the past where there were PFI schools right and they had to have their grass a certain height and only the company the owner the PFI company could could choose the height of the grass and also the company that cuts it just endless amounts of money could you imagine right you got this Crossing there's a pothole on the road right here right and under the contract only a specific company can deal with it it has to be the the pole can be a certain depth and once it exceeds that depth um they can pay out for a company to deal with it and they'll they'll um ask for more money for the taxpayer under the contract they can gouge people it's it's crazy to me absolutely crazy um you know when it comes to other stuff like makes for this one here dodgy contracts privileged access jobs for their mates this is the return of Tory sleeve and then you got this guy here labor Pier wah Ali st's biggest personal donor paying 50k towards his clothes his his outfit basically his whole fit and he has he had a press pass to number 10 and you know he attended a party and whatever with no explanation from number 10 as to why he um he got these things and you know I saw someone tweet out like the only reason people are making the big this a big deal is because of a hom homophobia or something like that is like no this is corruption if this happened on the conservatives You' call it out it did happen on the conservatives starma called it out and yet it's happening under his government you know you got you O'Brien asking is this the first misstep of the labor government I I think this the over winter fuel payments I think it's a complete um stupidity to be honest means testing better benefits is dumb um and I think you know by keeping it in you know if anyone did get mad about certain other things not being mean you could say well we don't mean winter fuel payments Etc you could have used this as a way of making more Universal kind of benefits for people but you know once again re fumbles it you just the stuff St was saying kind of before this and after this it's just crazy to me um when we look at the energy price cap like when it spiked big you know the government did step in uh Liz Trust did you know it was a complete giveaway to these companies they should have done a winfall tax um to be honest but you can see you know the price gap between you know 2022 and 24 it's about the same like where is the support for people when this was a time when people were struggling as well um around that time kind of end end of 21 into 22 it's just ludicrous to me honestly um you know when it comes to other stuff UK has labor has no plan to fix the sewage crisis kind of the some of these topics are miscellaneous um You' got here Professor Danny blanchflower an economist saying that proved be wrong but labor have no clear plan and no clear economic ideas at all how is social cohesion meant to be restored and you know him saying they've got no vision and he was a person who signed actually a letter endorsing um Labor's kind of economic plan and then you know him saying you know there was no alternative that's one of the things labor kind of forgets that they will voted in because you know the conservative you conservative govern completely fell out you know they were they were done at that point they were done and so if labor don't make big changes all you're going to see is a lot more apathy and potentially a lot more votes for the Dems and the greens to be honest with you um but you know when it comes to this stuff we've got our Noble Knight here ready to fight back against La asking I wonder if the Oasis reion is what St is referring to when he says things will get worse before they get better so the these are the people who say they'll hold labor accountable one person who mention another video just kind of saying oh you know this youth Mobility scheme is going to happen don't worry about it and another person saying You know despite starma promising more hard times um for people who have you know people have really struggled from really from 2007 to now don't worry guys you know it's going to be making some sort of joke about Oasis like I genuinely just I just don't get it honestly these are the people who said they would hold labor to account give them a big majority and we'll do something about it I just it's bizarre at least this professor has enough kind of understanding to say like um there there are problems with labor and he's willing to push back um the kind of noble knights of the labor party who pushed the labor party so much so and kept calling people Tory enablers and whatever whenever we question labor where are they I can't see them anywhere to be honest I just it's bizarre but anyways I'm going to leave it there let me know what you think in the comments below like comment share subscribe support the channel on patreon if you can and hopefully I'll see you in the next one