Placeholder Image

Subtitles section Play video

  • How much money in your pocket mean Tiu?

  • Would higher wages be enough to win your vote?

  • And would you believe any politician that's offering that?

  • This week we're gonna look at what the parties are promising to make you better off.

  • Money is an emotional thing, especially when things are tight.

  • And if you're a millennial, it's definitely tough.

  • Wages are still lower for people in their thirties than they were 10 years ago.

  • Energy.

  • Well, before you know it, home insurance, £5 about leads.

  • You would definitely be able to do absolutely anything.

  • No money for you.

  • So on.

  • A lot of that has to do with the economy.

  • The economy is essentially people in businesses, spending money and interacting with each other.

  • The more productive activity that happens, the more the economy grows, the more tax the government receives.

  • That gives it more ability to spend money on what it thinks the public wants, whether that be the NHS, public services or infrastructure.

  • But decisions politicians make can also have a negative effect on the economy.

  • It's all the balancing act.

  • OK, so that seems straightforward on actually pretty logical.

  • But here's the thing.

  • It's totally know, because our economy is run by humans and we are pretty irrational.

  • We make economic decisions emotionally.

  • What you might think would be a straightforward, logical choice isn't necessarily the case.

  • Emotions are important, but we should never underestimate.

  • This is Dr Weinberg is an expert in all the strange reasons behind how we vote.

  • You get into the polling booth you're thinking while I've got a pretty good idea, and you probably been weighing up.

  • Well, what's good for May?

  • What's good for my family made what's good for my community.

  • And so that's where your got feelings about A whole host of things will come into play.

  • There's this amazing start in.

  • Upon back in 2017 nearly 2/3 of Brexit voters said they thought significant damage to the economy was a price worth paying for.

  • Leaving the EU.

  • Okay, so this election is taking us by surprise because the parties are in agreement on something, and that is spending the two big parties are offering some of the most radical spending policies in decades.

  • This is Ben, our economics expert who loves just dreamily thinking of the economy.

  • This is the election where every party is pledging to spend more labour, especially.

  • They want to spend more.

  • They're gonna borrow MAWR.

  • They're gonna put taxes up.

  • Conservatives are going to spend more, but they're not going to tax more.

  • And they say that Labour's plans are so reckless that they would wreck the economy.

  • Liberal Democrats, they also want to spend more.

  • They also want to borrow more.

  • They also want a tax more.

  • But they're saying that only they are now the party of fiscal responsibility.

  • The SNP well, they want Scottish independence because they think that's the only way they could get the balance of taxes and spending that Scottish people want and need.

  • So the parties of promising the world with our economy I wonder if the Tories will spend on buses to actually understand how we got to all these promises.

  • We need to go back to the 2007 financial crash It began in the U.

  • S.

  • A.

  • With banks lending too much money to people who couldn't afford to pay it back, which caused them to go bust because American banks are so big and so linked to the rest of the world.

  • This caused the global financial system to crash and the UK felt the effect big time.

  • Our banks panicked.

  • In fact, you know what?

  • Everyone panicked banks asked for emergency funding and suddenly huge crowds of people started lining up to drain their accounts.

  • Nobody's given an absolute guarantee that the money is safe in this bank.

  • The Labour government under Gordon Brown had to lend the banks billions of pounds to stop them from going under and with them, our whole economy side note.

  • Remember, this golden classic first point of recapitalization was to save banks that would otherwise have collapsed and we know only saved the world.

  • It saved the banks.

  • Okay, so if we moved to 2010 now, lady gargles wearing meat dresses and the conservatives have taken over from Labour because it was the right honorable gentleman who left that note.

  • There is no money who doesn't love some apocalyptic banta.

  • So with our economy in bad shape, the government wasn't getting any money in and have gone into debt to pay for the crash.

  • The conservatives plan to get a handle on the mounting national debt was simple.

  • Just stop spending so cuts to things like police roads and benefits.

  • This approach has a name austerity, also known as being tight.

  • The conservative sold austerity as a virtue.

  • They said that the UK government was like a big UK household on the household has to have its incomings and outgoings totally balanced to lead people through those difficult decisions, so that together we can reach better times ahead.

  • But Labour on a number of independent economists said this was a big mistake because it was the wrong analogy that our household is not the same as a national government on the cutting too far and too fast on state expenditure risked undermining the overall economy.

  • So far, this has all been pretty abstract.

  • But for many the consequences of the economy not working congee devastating.

  • Our reporter Ed Thomas has been looking at stories of people who just don't have enough.

  • Tyler.

  • It's tireless five me and lives with his mom.

  • We don't know a somewhat, but you do it.

  • I don't like losing the panic because Marmol needs them to buy important stuff.

  • My bread milk on well, just over important stuff.

  • If I told him that we have to watch the pennies found out after telling that there's nothing there with wages and benefits.

  • Some months she has £1140.

  • After rent, bills and debts, she's left with around £13 a day.

  • Recovery Ilott One part because it can really afford to hear.

  • We couldn't afford the Boston's girl shoes getting knackered, these pants too small emporium.

  • So the age of austerity is over, and everyone's promising to make it rain.

  • So with Labour promising to spend big plus a reputation for doing that in the past, they're a shoo in for everyone's economic vote in this election, right?

  • Nope, because we found something really surprising.

  • What this one poll suggest is really interesting.

  • Labour's economic policies tend to go down really well with people.

  • Take the increasing off income tax for the rich.

  • Nearly 2/3 of people support that on more than half sport nationalising the railways.

  • So why are they doing better in the polls?

  • I mean, it could be down to the fact that people like Labour's policies, but they just don't trust the party with the economy again.

  • The same posted a 34% trust, Boris Johnson, with the economy only 16% Trust Jeremy Corbyn.

  • Thanks, Megan, This time Labour promising some of the most radical policies with ever seen.

  • Yep, nationalization.

  • That's when privately owned companies or industries like the railways get taken over by the government or become publicly owned.

  • And if we go back to the 1917 neighbor, were big fans big chunks of the UK economy worst day owned.

  • But they've been sold off over the years by mostly conservative governments.

  • Malaysia, Mexico, from Sri Lanka to Singapore.

  • Privatization is on the moon.

  • Nationalization became a dirty word, but it's something Jeremy Corbyn has always wanted to bring back.

  • We are proposing public ownership off what are obvious monopolies.

  • He's better on the auto queue now to investing in our young people and strong message here.

  • You're not meant to say that bit, but back to emotion.

  • Do people really believe they'll deliver it?

  • And many others think nationalisation just won't work economically.

  • That's why the conservatives have had so much joy attacking them.

  • We're funding a huge program of of investment in our roads.

  • In telecoms gigabit broadband are like the crazed, crazed communist scheme that was outlined, Uh, the Iraq Okay, the thing to remember is we live in extraordinary times.

  • The effect from that 2007 crash and now Brexit are massive.

  • Lots of people feel our system doesn't work for them.

  • On some economists agree the system is flawed.

  • And as we can see from political parties breaking with their traditions, they too are reflecting on how things work.

  • But one thing we do know how you vote will have a big effect on your wallet until next time I see you from.

How much money in your pocket mean Tiu?

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 economy labour promising spend spending austerity

Will Your Vote Make You Better Off? - BBC News

  • 2 0
    林宜悉 posted on 2020/07/02
Video vocabulary