Martin Lewis telling us how financially awful the future looks.

He’s certainly a show man and gets the attention he craves. His advice about not fixing energy tariffs earlier this year was way off & I'm glad I ignored it.

Lewis is far more believable than any of the Tory politicians we are currently stuck with.

vegansrock

Perhaps someone could tell us why 100% French government owned EDF are building UKs new nuclear plant?

France has more experience of operating Nuclear than anyone else and are quite happy to profit from the UKs inability to develope our own nuclear plants. EDF also operates a great deal of Wind renewable power in the UK as well as sell energy to consumers.

Successive governments have taken the short term view NOT to develop home grown technology now were paying the price.
It’s not just energy most industries buy technology from elsewhere because development support is not there.

Seems ironic that British taxpayers are helping to keep French consumers energy prices low. Bit like the highest fares in Europe on our foreign state owned railways….

Thank you for the transcript Far North.

Martin Lewis is one of the good guys....
not really sure who the others are these days, thin on the ground.
Not a doom monger.

I guess it's because it's a near identical model to the nuclear power station already being build at Hinckley Point which is being funded by EDF Energy (66.5%) and China’s state-owned China General Power (33.5%).

The Nuclear Energy Financing Act was passed in 2022 to make it easier to raise British funds for nuclear power station construction. It doesn't seem to have worked.

Perhaps someone could tell us why 100% French government owned EDF are building UKs new nuclear plant?

One or two specialist sports car builders, TVR is one, Morgan is now Italian owned, there might be a couple of other hand built luxury brands producing a few each year, hard to tell who owns them.

growstuff

In case people aren't aware, Martin Lewis has produced a booklet (funded by him) on mental health connected to debt problems.

www.moneysavingexpert.com/credit-cards/mental-health-guide/

He can't wave a magic wand, but he does show how debt can be broken down into small steps and managed. It could literally be a life saver for some people.

This is a great thing for him to do.

What are "non productive expenses"?

Good question, growstuff.

Even Covid spending was of benefit to someone.

Unfortunately much of it seems to have been spirited away and not entered the domestic economy.

And, of course, Brexit has affected GDP because so many firms losing export markets in the EU and animals have had to be slaughtered and fruit and vegetables have rotted in the fields because there have been fewer workers to process or harvest them. It all contributes to loss of GDP.

Incidentally, how many UK-based car manufacturers are UK-owned?

Katie59

growstuff

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

We spend far too much on services that improve our “lifestyle”, houses, cars, restaurants and luxuries. If much more was spent on technology production that could reduce imports, for example we assemble a lot of cars, a large proportion of the parts are made overseas, we don’t invest in technology.

But houses (and maintenance thereof), cars, restaurants and "luxuries" provide work and keep money flowing. They're as productive as making a table out of a lump of wood.

The country imports for a reason, which is generally because goods are cheaper than they could be in the UK.

FarNorth Thanks for posting the transcript, I didn’t think about going to his website.

growstuff

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

We spend far too much on services that improve our “lifestyle”, houses, cars, restaurants and luxuries. If much more was spent on technology production that could reduce imports, for example we assemble a lot of cars, a large proportion of the parts are made overseas, we don’t invest in technology.

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

Taxation doesn't fund spending - any half-decent economist would tell you that it's the other way round.

MaizieD

^To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.^

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

Disagree, other western nations spent vast sums on Covid, yet Sterling remained very weak in comparison, you cannot spend on non productive expenses without weakening the currency.
QE does not have to be repaid but is taken into account by foreign investors.

I’m pretty sure taxation does fund spending, you’re going to have to explain why you think public services, benefits and the NHS run without taxation

MaizieD

^To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.^

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

In any case, inequality has risen. The burdens of cost of living increases are disproportionately affecting the poorest, as Covid did.

Martin Lewis has always distanced himself from endorsing specific political parties. He applied to go into the Lords as a cross-bencher, but was turned down.

Maisie.....you're right history is full of myths, legends, half truths and downright lies.

The programme was referring to the rhetoric used, over and over again, throughout history, to sell the "island story". So by the time Brexit came around the nation was, as it were, . already primed. We were so familiar with the story it could be dredged up to sell Brexit without any further explanation.

To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

Katie59

vegansrock

It maybe a global issue but individual states deal with it in different ways. Perhaps * Urmstongran* or others who think there’s nothing we can do about it explain why France’s energy cost to the the consumer has gone up 4% whilst the UKs has gone up 54%?? Could it be because the French government have nationalised EDF?

The French look after all their own industries, one way or another the government makes sure that they are all “helped”
regardless of any EU regulations.
Energy prices have only gone up 4 % because most power is nuclear of which they have direct control.

And how sensible that is!

grannydarkhair

I wonder if any of the contenders for our soon to be new Prime Minister will bother to listen to this?

twitter.com/martinslewis/status/1549309745135325186?s=12

The only way a recession is going to be avoided is if we all work harder and accept less government handouts, because that is not going to happen recession is certain.

To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive. The only saving grace is that the Euro is also weak, although wether they have the energy to manufacture for export this winter is questionable.

Sunak is basing his hopes on growth, that’s a big aim in 2 yrs, he will probably fail and the Tories will loose the next GE, everything depends on Ukraine the longer it lasts the worse it will get

vegansrock

It maybe a global issue but individual states deal with it in different ways. Perhaps * Urmstongran* or others who think there’s nothing we can do about it explain why France’s energy cost to the the consumer has gone up 4% whilst the UKs has gone up 54%?? Could it be because the French government have nationalised EDF?

The French look after all their own industries, one way or another the government makes sure that they are all “helped”
regardless of any EU regulations.
Energy prices have only gone up 4 % because most power is nuclear of which they have direct control.