the<00:00:00.399> richest<00:00:00.799> in<00:00:00.960> our<00:00:01.040> society<00:00:01.439> are<00:00:01.520> making

the richest in our society are making

the richest in our society are making billions<00:00:02.159> off<00:00:02.320> of<00:00:02.399> kobe<00:00:02.720> 19.

billions off of kobe 19.

billions off of kobe 19. that<00:00:04.000> is<00:00:04.080> going<00:00:04.160> to<00:00:04.240> keep<00:00:04.480> our<00:00:04.560> economy<00:00:04.960> in<00:00:05.040> a

that is going to keep our economy in a

that is going to keep our economy in a crisis<00:00:05.520> for<00:00:05.600> decades<00:00:06.720> i<00:00:06.960> know

crisis for decades i know

crisis for decades i know because<00:00:07.680> i<00:00:07.839> made<00:00:08.080> millions<00:00:08.480> as<00:00:08.639> a<00:00:08.720> trader<00:00:09.040> in

because i made millions as a trader in

because i made millions as a trader in the<00:00:09.200> city<00:00:09.760> between<00:00:10.000> the<00:00:10.080> same<00:00:10.240> thing<00:00:10.400> would

the city between the same thing would

the city between the same thing would happen<00:00:10.800> after<00:00:11.040> the<00:00:11.120> 2008<00:00:11.759> crash

happen after the 2008 crash

happen after the 2008 crash so<00:00:12.639> my<00:00:12.799> name<00:00:12.960> is<00:00:13.040> gary<00:00:13.360> stevenson<00:00:14.240> in<00:00:14.400> 2011<00:00:15.200> i

so my name is gary stevenson in 2011 i

so my name is gary stevenson in 2011 i was<00:00:15.440> citibank's<00:00:16.000> most<00:00:16.240> profitable<00:00:16.720> trader

was citibank's most profitable trader

was citibank's most profitable trader globally<00:00:18.640> and<00:00:18.800> i<00:00:18.880> made<00:00:19.119> that<00:00:19.199> money<00:00:19.439> by

globally and i made that money by

globally and i made that money by betting<00:00:19.920> that

betting that

betting that after<00:00:20.880> 2008<00:00:21.520> crisis<00:00:21.840> there<00:00:22.000> would<00:00:22.080> be<00:00:22.240> no

after 2008 crisis there would be no

after 2008 crisis there would be no powerful<00:00:22.800> economic<00:00:23.199> recovery

powerful economic recovery

powerful economic recovery because<00:00:25.039> economists<00:00:25.599> don't<00:00:25.760> understand<00:00:26.400> the

because economists don't understand the

because economists don't understand the importance<00:00:27.039> of<00:00:27.279> inequality

importance of inequality

importance of inequality all<00:00:28.720> right<00:00:28.880> so<00:00:29.039> there's<00:00:29.199> been<00:00:29.359> a<00:00:29.439> lot<00:00:29.519> of<00:00:29.599> talk

all right so there's been a lot of talk

all right so there's been a lot of talk in<00:00:29.920> the<00:00:30.080> news<00:00:30.480> about<00:00:30.720> how<00:00:31.039> poor<00:00:31.359> people<00:00:31.599> have

in the news about how poor people have

in the news about how poor people have been<00:00:31.840> most<00:00:32.000> affected<00:00:32.320> by<00:00:32.480> coronavirus

been most affected by coronavirus

been most affected by coronavirus but<00:00:34.000> what<00:00:34.239> i<00:00:34.320> think<00:00:34.559> has<00:00:34.719> not<00:00:34.880> been<00:00:35.040> understood

but what i think has not been understood

but what i think has not been understood is<00:00:35.760> how<00:00:36.000> much<00:00:36.239> money<00:00:36.480> richer<00:00:36.800> people<00:00:37.040> have

is how much money richer people have

is how much money richer people have made

made

made now<00:00:38.000> this<00:00:38.160> can<00:00:38.320> be<00:00:38.480> easily<00:00:38.879> understood<00:00:39.760> if<00:00:39.840> you

now this can be easily understood if you

now this can be easily understood if you understand<00:00:40.719> the<00:00:40.879> flows<00:00:41.280> of<00:00:41.360> money<00:00:41.680> in<00:00:41.760> society

understand the flows of money in society

understand the flows of money in society so<00:00:43.280> normally<00:00:44.320> richer<00:00:44.640> people<00:00:44.960> spend<00:00:45.120> a<00:00:45.200> lot<00:00:45.280> of

so normally richer people spend a lot of

so normally richer people spend a lot of money

money

money now<00:00:46.480> that's<00:00:46.719> important<00:00:47.120> because<00:00:47.360> it<00:00:47.440> drives

now that's important because it drives

now that's important because it drives wages<00:00:48.480> and<00:00:48.640> it<00:00:48.719> drives<00:00:49.039> jobs<00:00:49.280> for<00:00:49.440> ordinary

wages and it drives jobs for ordinary

wages and it drives jobs for ordinary workers

workers

workers they<00:00:51.120> need<00:00:51.280> that<00:00:51.440> money<00:00:51.760> because<00:00:52.000> ordinary

they need that money because ordinary

they need that money because ordinary workers<00:00:52.879> have<00:00:53.039> to<00:00:53.120> pay<00:00:53.360> rent<00:00:53.920> bills

workers have to pay rent bills

workers have to pay rent bills mortgages<00:00:55.120> and<00:00:55.280> that<00:00:55.440> money<00:00:55.680> flows<00:00:56.079> back<00:00:56.320> up

mortgages and that money flows back up

mortgages and that money flows back up to<00:00:56.640> the<00:00:56.800> owners<00:00:57.120> of<00:00:57.199> properties<00:00:57.600> and

to the owners of properties and

to the owners of properties and owners<00:00:58.079> of<00:00:58.160> movies<00:00:58.559> who<00:00:58.640> are<00:00:58.800> the<00:00:58.879> rich<00:00:59.359> so<00:00:59.600> in

owners of movies who are the rich so in

owners of movies who are the rich so in normal<00:01:00.000> times<00:01:00.320> money<00:01:00.559> flows<00:01:00.800> in<00:01:00.879> a<00:01:00.960> circle

normal times money flows in a circle

normal times money flows in a circle rich<00:01:01.840> people<00:01:02.079> spend<00:01:02.399> a<00:01:02.480> lot<00:01:02.960> ordinary<00:01:03.520> people

rich people spend a lot ordinary people

rich people spend a lot ordinary people have<00:01:04.320> to<00:01:04.400> pay<00:01:04.559> their<00:01:04.720> rent<00:01:04.879> their<00:01:05.040> mortgages

have to pay their rent their mortgages

have to pay their rent their mortgages their<00:01:05.600> bills

their bills

their bills now<00:01:06.400> when<00:01:06.560> covered<00:01:06.960> happened<00:01:07.600> suddenly<00:01:08.080> rich

now when covered happened suddenly rich

now when covered happened suddenly rich people<00:01:08.960> massively<00:01:09.360> cut<00:01:09.520> their<00:01:09.680> spending

people massively cut their spending

people massively cut their spending quite<00:01:10.320> simply<00:01:10.640> because<00:01:10.880> a<00:01:10.960> lot<00:01:11.040> of<00:01:11.119> things

quite simply because a lot of things

quite simply because a lot of things they<00:01:11.439> like<00:01:11.600> to<00:01:11.760> spend

they like to spend

they like to spend on<00:01:12.479> holidays<00:01:13.040> hospitality<00:01:13.760> they<00:01:13.920> couldn't

on holidays hospitality they couldn't

on holidays hospitality they couldn't spend<00:01:14.479> anymore

spend anymore

spend anymore now<00:01:15.280> that<00:01:15.439> causes<00:01:15.759> a<00:01:15.840> big<00:01:16.000> problem<00:01:16.400> in<00:01:16.479> this

now that causes a big problem in this

now that causes a big problem in this circle<00:01:17.280> suddenly<00:01:17.759> money<00:01:18.080> is<00:01:18.159> not<00:01:18.320> flowing

circle suddenly money is not flowing

circle suddenly money is not flowing around

around

around it's<00:01:19.119> just<00:01:19.280> flowing<00:01:19.600> in<00:01:19.680> one<00:01:19.920> way<00:01:20.640> and<00:01:20.799> if<00:01:20.960> that

it's just flowing in one way and if that

it's just flowing in one way and if that keeps<00:01:21.360> happening

keeps happening

keeps happening very<00:01:22.320> quickly<00:01:22.799> ordinary<00:01:23.200> people<00:01:23.439> run<00:01:23.680> out<00:01:23.759> of

very quickly ordinary people run out of

very quickly ordinary people run out of money<00:01:24.400> and<00:01:24.479> they<00:01:24.640> can't<00:01:24.880> pay<00:01:25.040> their<00:01:25.360> bills<00:01:25.759> and

money and they can't pay their bills and

money and they can't pay their bills and they<00:01:25.920> can't<00:01:26.159> pay<00:01:26.320> their<00:01:26.479> rent<00:01:26.720> they<00:01:26.799> can't<00:01:26.960> pay

they can't pay their rent they can't pay

they can't pay their rent they can't pay their<00:01:27.200> mortgages

their mortgages

their mortgages so<00:01:28.479> obviously<00:01:29.040> government<00:01:29.520> had<00:01:29.680> to<00:01:29.759> do

so obviously government had to do

so obviously government had to do something<00:01:30.560> they<00:01:30.720> came<00:01:31.040> in<00:01:31.119> with<00:01:31.280> furlough

something they came in with furlough

something they came in with furlough schemes<00:01:31.920> and<00:01:32.079> other<00:01:32.240> support<00:01:32.560> schemes<00:01:32.960> to

schemes and other support schemes to

schemes and other support schemes to support<00:01:33.439> people<00:01:33.600> who<00:01:33.759> had<00:01:33.920> lost<00:01:34.159> their

support people who had lost their

support people who had lost their jobs<00:01:35.680> the<00:01:35.840> problem<00:01:36.240> is<00:01:36.720> they<00:01:36.960> didn't<00:01:37.200> take

jobs the problem is they didn't take

jobs the problem is they didn't take money<00:01:37.680> from<00:01:37.920> the<00:01:38.000> same<00:01:38.240> place<00:01:38.479> it<00:01:38.560> was<00:01:38.720> coming

money from the same place it was coming

money from the same place it was coming before<00:01:39.759> rather<00:01:40.000> than<00:01:40.240> taxing<00:01:40.640> the<00:01:40.720> rich

before rather than taxing the rich

before rather than taxing the rich to<00:01:41.360> help<00:01:41.600> struggling<00:01:42.000> workers<00:01:42.799> they<00:01:42.960> simply

to help struggling workers they simply

to help struggling workers they simply printed<00:01:44.159> the<00:01:44.240> money<00:01:44.479> at<00:01:44.560> the<00:01:44.640> bank<00:01:44.880> of<00:01:44.960> england

printed the money at the bank of england

printed the money at the bank of england what<00:01:46.240> that<00:01:46.399> means<00:01:46.720> is<00:01:47.040> money's<00:01:47.360> still<00:01:47.520> not

what that means is money's still not

what that means is money's still not flying<00:01:47.920> around<00:01:48.079> in<00:01:48.159> a<00:01:48.240> circle<00:01:48.720> now<00:01:48.880> it's

flying around in a circle now it's

flying around in a circle now it's stolen<00:01:49.280> in<00:01:49.439> a<00:01:49.520> line

stolen in a line

stolen in a line the<00:01:50.240> bank<00:01:50.479> of<00:01:50.640> england<00:01:50.880> prints<00:01:51.200> new<00:01:51.360> money

the bank of england prints new money

the bank of england prints new money they<00:01:52.479> lend<00:01:52.720> it<00:01:52.799> to<00:01:52.880> the<00:01:52.960> government<00:01:53.840> building

they lend it to the government building

they lend it to the government building up<00:01:54.240> the<00:01:54.320> government<00:01:54.720> debt

up the government debt

up the government debt they<00:01:55.520> give<00:01:55.600> it<00:01:55.680> to<00:01:55.840> ordinary<00:01:56.320> workers

they give it to ordinary workers

they give it to ordinary workers ordinary<00:01:57.600> workers<00:01:58.079> give<00:01:58.240> it<00:01:58.320> to<00:01:58.479> richer

ordinary workers give it to richer

ordinary workers give it to richer people<00:01:59.040> when<00:01:59.119> they<00:01:59.200> pay<00:01:59.360> their<00:01:59.520> bills

people when they pay their bills

people when they pay their bills and<00:02:00.240> richer<00:02:00.640> people<00:02:00.880> are<00:02:01.040> just<00:02:01.200> keeping<00:02:01.600> the

and richer people are just keeping the

and richer people are just keeping the money<00:02:02.560> it's<00:02:02.799> going

money it's going

money it's going from<00:02:03.439> the<00:02:03.520> bank<00:02:03.759> of<00:02:03.920> england<00:02:04.240> and<00:02:04.320> the

from the bank of england and the

from the bank of england and the government<00:02:05.759> to<00:02:05.920> the<00:02:06.079> very<00:02:06.240> rich

government to the very rich

government to the very rich the<00:02:06.960> amount<00:02:07.200> of<00:02:07.280> money<00:02:07.439> that<00:02:07.600> has<00:02:07.680> been

the amount of money that has been

the amount of money that has been printed<00:02:08.319> is<00:02:08.479> enormous<00:02:09.039> it's<00:02:09.560> 450<00:02:10.640> billion

printed is enormous it's 450 billion

printed is enormous it's 450 billion pounds<00:02:11.599> which<00:02:11.840> is<00:02:12.000> more<00:02:12.160> than<00:02:12.319> six<00:02:12.560> thousand

pounds which is more than six thousand

pounds which is more than six thousand pound<00:02:13.040> for<00:02:13.280> every<00:02:13.520> man<00:02:13.680> woman<00:02:14.080> and<00:02:14.239> child<00:02:14.560> in

pound for every man woman and child in

pound for every man woman and child in the<00:02:14.720> country

the country

the country there's<00:02:15.680> been<00:02:15.840> talk<00:02:16.080> about<00:02:16.239> more<00:02:16.480> austerity

there's been talk about more austerity

there's been talk about more austerity more<00:02:17.440> taxes<00:02:17.840> on<00:02:17.920> ordinary<00:02:18.400> people

more taxes on ordinary people

more taxes on ordinary people now<00:02:19.200> if<00:02:19.280> that<00:02:19.440> happens<00:02:19.840> that<00:02:20.000> can<00:02:20.239> increase

now if that happens that can increase

now if that happens that can increase inequality<00:02:21.200> even<00:02:21.440> further<00:02:22.000> but<00:02:22.160> what<00:02:22.319> i<00:02:22.400> want

inequality even further but what i want

inequality even further but what i want to<00:02:22.640> talk<00:02:22.800> about<00:02:23.120> is<00:02:23.200> that<00:02:23.440> massive

to talk about is that massive

to talk about is that massive increase<00:02:24.319> of<00:02:24.560> money<00:02:24.800> that<00:02:24.959> has<00:02:25.040> been<00:02:25.200> built<00:02:25.440> up

increase of money that has been built up

increase of money that has been built up in<00:02:25.680> a<00:02:25.760> bank<00:02:26.000> account<00:02:26.239> of<00:02:26.400> richer<00:02:26.720> people

in a bank account of richer people

in a bank account of richer people what<00:02:27.599> is<00:02:27.760> going<00:02:27.840> to<00:02:27.920> happen<00:02:28.160> with<00:02:28.319> that<00:02:28.480> money

what is going to happen with that money

what is going to happen with that money now<00:02:29.680> listen<00:02:30.239> i've<00:02:30.400> been<00:02:30.640> poor<00:02:30.879> and<00:02:31.040> i've<00:02:31.120> been

now listen i've been poor and i've been

now listen i've been poor and i've been rich

rich

rich i<00:02:31.920> know<00:02:32.080> how<00:02:32.239> ordinary<00:02:32.640> people<00:02:32.879> spend<00:02:33.040> their

i know how ordinary people spend their

i know how ordinary people spend their money<00:02:33.440> and<00:02:33.519> i<00:02:33.599> know<00:02:33.760> how<00:02:33.920> rich<00:02:34.080> people<00:02:34.319> spend

money and i know how rich people spend

money and i know how rich people spend their<00:02:34.640> money

their money

their money now<00:02:35.440> richer<00:02:35.840> people<00:02:36.319> if<00:02:36.400> you<00:02:36.560> give<00:02:36.720> them<00:02:36.959> a

now richer people if you give them a

now richer people if you give them a massive<00:02:37.360> amount<00:02:37.519> of<00:02:37.599> money<00:02:38.000> they're<00:02:38.239> going<00:02:38.319> to

massive amount of money they're going to

massive amount of money they're going to use<00:02:38.560> that<00:02:38.640> to<00:02:38.800> buy<00:02:38.959> stocks<00:02:39.280> they're<00:02:39.440> going<00:02:39.519> to

use that to buy stocks they're going to

use that to buy stocks they're going to use<00:02:39.760> that<00:02:39.920> to<00:02:40.000> buy<00:02:40.160> property

use that to buy property

use that to buy property and<00:02:40.800> that's<00:02:41.040> going<00:02:41.120> to<00:02:41.280> push<00:02:41.519> up<00:02:41.599> the<00:02:41.680> price<00:02:42.000> of

and that's going to push up the price of

and that's going to push up the price of those<00:02:42.319> things<00:02:42.959> that<00:02:43.120> means<00:02:43.280> that<00:02:43.519> right<00:02:43.760> now

those things that means that right now

those things that means that right now just<00:02:44.400> as<00:02:44.560> millions<00:02:44.879> of<00:02:45.040> ordinary<00:02:45.440> people<00:02:45.680> are

just as millions of ordinary people are

just as millions of ordinary people are losing<00:02:46.000> their<00:02:46.160> jobs<00:02:46.879> richer<00:02:47.200> people<00:02:47.599> are

losing their jobs richer people are

losing their jobs richer people are going<00:02:47.760> to<00:02:47.840> get<00:02:48.000> a<00:02:48.160> massive<00:02:48.560> income<00:02:48.800> from

going to get a massive income from

going to get a massive income from increase<00:02:49.440> in<00:02:49.599> the<00:02:49.680> prices<00:02:50.160> of<00:02:50.239> the<00:02:50.400> properties

increase in the prices of the properties

increase in the prices of the properties and<00:02:50.959> the<00:02:51.040> stocks<00:02:51.280> that<00:02:51.440> they<00:02:51.519> own<00:02:51.840> it's

and the stocks that they own it's

and the stocks that they own it's important<00:02:52.319> to<00:02:52.400> understand<00:02:52.800> how<00:02:52.959> this<00:02:53.120> is

important to understand how this is

important to understand how this is going<00:02:53.280> to<00:02:53.360> affect<00:02:53.680> ordinary<00:02:54.160> families

going to affect ordinary families

going to affect ordinary families you<00:02:55.120> know<00:02:55.280> back<00:02:55.519> in<00:02:55.599> 2008<00:02:56.319> we<00:02:56.400> made<00:02:56.560> the<00:02:56.720> same

you know back in 2008 we made the same

you know back in 2008 we made the same mistake<00:02:57.440> we<00:02:57.680> tried<00:02:57.840> to<00:02:58.000> fix<00:02:58.239> an<00:02:58.319> economic

mistake we tried to fix an economic

mistake we tried to fix an economic crisis<00:02:59.040> by<00:02:59.200> pouring<00:02:59.519> money<00:02:59.760> into<00:03:00.000> the<00:03:00.080> economy

crisis by pouring money into the economy

crisis by pouring money into the economy and<00:03:00.720> it<00:03:00.879> all<00:03:00.959> ended<00:03:01.120> up<00:03:01.200> with<00:03:01.360> richer<00:03:01.599> people

and it all ended up with richer people

and it all ended up with richer people what<00:03:02.400> happened<00:03:02.720> after<00:03:02.959> that<00:03:03.440> stock<00:03:03.760> prices

what happened after that stock prices

what happened after that stock prices trebled<00:03:04.560> quadrupled

trebled quadrupled

trebled quadrupled house<00:03:05.519> prices<00:03:05.920> in<00:03:06.000> london<00:03:06.400> doubled<00:03:07.120> what's<00:03:07.360> it

house prices in london doubled what's it

house prices in london doubled what's it gonna<00:03:07.599> mean<00:03:07.760> for<00:03:07.920> ordinary<00:03:08.319> families<00:03:08.720> if

gonna mean for ordinary families if

gonna mean for ordinary families if house<00:03:09.040> prices<00:03:09.440> double<00:03:09.680> again

house prices double again

house prices double again it's<00:03:10.720> gonna<00:03:10.959> mean<00:03:11.120> that<00:03:11.280> for<00:03:11.440> millions<00:03:11.840> of

it's gonna mean that for millions of

it's gonna mean that for millions of families<00:03:12.239> in<00:03:12.400> this<00:03:12.480> country<00:03:13.040> they<00:03:13.200> will<00:03:13.440> never

families in this country they will never

families in this country they will never ever<00:03:14.159> be<00:03:14.239> able<00:03:14.400> to<00:03:14.480> own<00:03:14.720> property<00:03:15.280> no<00:03:15.440> matter

ever be able to own property no matter

ever be able to own property no matter how<00:03:16.080> hard<00:03:16.239> they<00:03:16.400> work<00:03:16.640> no<00:03:16.800> matter<00:03:16.959> what<00:03:17.120> job

how hard they work no matter what job

how hard they work no matter what job they<00:03:17.440> get

they get

they get it<00:03:18.159> is<00:03:18.239> going<00:03:18.319> to<00:03:18.480> end<00:03:18.720> social<00:03:18.959> mobility<00:03:19.360> in

it is going to end social mobility in

it is going to end social mobility in this<00:03:19.519> country<00:03:20.239> it<00:03:20.480> is<00:03:20.560> going<00:03:20.640> to<00:03:20.800> end<00:03:21.040> the

this country it is going to end the

this country it is going to end the ability<00:03:21.680> of<00:03:21.840> ordinary<00:03:22.400> families

ability of ordinary families

ability of ordinary families to<00:03:23.040> access<00:03:23.440> housing<00:03:24.319> i<00:03:24.480> was<00:03:24.640> working<00:03:24.959> in

to access housing i was working in

to access housing i was working in canary<00:03:25.360> wharf<00:03:25.599> in<00:03:25.680> 2008.

canary wharf in 2008.

canary wharf in 2008. i<00:03:26.799> saw<00:03:27.040> the<00:03:27.120> economists<00:03:27.680> and<00:03:27.760> the<00:03:27.920> traders

i saw the economists and the traders

i saw the economists and the traders predict<00:03:28.560> who<00:03:28.640> would<00:03:28.720> get<00:03:28.879> a<00:03:28.959> massive<00:03:29.360> rapid

predict who would get a massive rapid

predict who would get a massive rapid recovery<00:03:30.080> because<00:03:30.239> of<00:03:30.400> all<00:03:30.480> the<00:03:30.560> money

recovery because of all the money

recovery because of all the money getting<00:03:30.959> poured<00:03:31.280> in

getting poured in

getting poured in but<00:03:31.920> it<00:03:32.000> didn't<00:03:32.239> happen<00:03:32.959> that<00:03:33.120> recovery<00:03:33.519> was

but it didn't happen that recovery was

but it didn't happen that recovery was only<00:03:33.840> for<00:03:34.000> the<00:03:34.080> owners<00:03:34.400> of<00:03:34.480> stocks<00:03:34.720> the<00:03:34.879> owners

only for the owners of stocks the owners

only for the owners of stocks the owners of<00:03:35.200> property

of property

of property for<00:03:36.080> ordinary<00:03:36.560> people<00:03:37.040> there<00:03:37.200> was<00:03:37.360> no

for ordinary people there was no

for ordinary people there was no recovery<00:03:38.000> because<00:03:38.239> the<00:03:38.319> inequality<00:03:38.799> was

recovery because the inequality was

recovery because the inequality was never<00:03:39.120> dealt<00:03:39.360> with

never dealt with

never dealt with if<00:03:40.239> we<00:03:40.400> do<00:03:40.560> the<00:03:40.640> same<00:03:40.799> thing<00:03:41.040> now<00:03:41.680> again<00:03:41.920> we

if we do the same thing now again we

if we do the same thing now again we will<00:03:42.239> have<00:03:42.400> 20<00:03:42.720> 30<00:03:42.959> years<00:03:43.120> of<00:03:43.280> economic

will have 20 30 years of economic

will have 20 30 years of economic weakness<00:03:43.920> for<00:03:44.080> ordinary<00:03:44.480> people

weakness for ordinary people

weakness for ordinary people this<00:03:45.360> problem<00:03:45.599> is<00:03:45.680> not<00:03:45.840> going<00:03:45.920> to<00:03:46.000> fix<00:03:46.319> itself

this problem is not going to fix itself

this problem is not going to fix itself inequality<00:03:47.680> will<00:03:47.760> only<00:03:47.920> get<00:03:48.080> worse<00:03:48.400> and<00:03:48.560> worse

inequality will only get worse and worse

inequality will only get worse and worse it<00:03:49.200> will<00:03:49.360> grow<00:03:49.519> like<00:03:49.760> a<00:03:49.840> cancer<00:03:50.319> in<00:03:50.480> our

it will grow like a cancer in our

it will grow like a cancer in our economy<00:03:51.760> listen

economy listen

economy listen i<00:03:52.400> don't<00:03:52.560> want<00:03:52.720> to<00:03:52.879> live<00:03:53.680> in<00:03:53.760> a<00:03:53.840> country<00:03:54.239> where

i don't want to live in a country where

i don't want to live in a country where ordinary<00:03:54.879> people

ordinary people

ordinary people can't<00:03:55.840> have<00:03:56.000> access<00:03:56.400> to<00:03:56.640> good<00:03:56.879> quality

can't have access to good quality

can't have access to good quality housing<00:03:57.920> to<00:03:58.080> financial<00:03:58.480> security

housing to financial security

housing to financial security i<00:03:59.680> don't<00:03:59.760> want<00:03:59.840> to<00:03:59.920> live<00:04:00.080> in<00:04:00.159> a<00:04:00.239> country<00:04:00.480> where

i don't want to live in a country where

i don't want to live in a country where if<00:04:00.640> you're<00:04:00.799> born<00:04:01.120> poor<00:04:01.439> you<00:04:01.599> will<00:04:01.760> live<00:04:01.840> your

if you're born poor you will live your

if you're born poor you will live your whole<00:04:02.159> life<00:04:02.400> poor<00:04:02.560> and<00:04:02.720> you<00:04:02.799> will<00:04:02.879> die<00:04:03.120> poor

whole life poor and you will die poor

whole life poor and you will die poor and<00:04:03.360> there's<00:04:03.519> nothing<00:04:03.760> you<00:04:03.840> can<00:04:03.920> do<00:04:04.080> about<00:04:04.319> it

and there's nothing you can do about it

and there's nothing you can do about it we've<00:04:05.040> got<00:04:05.200> a<00:04:05.280> tax<00:04:05.439> system<00:04:05.760> in<00:04:05.840> this<00:04:06.000> country

we've got a tax system in this country

we've got a tax system in this country which<00:04:06.560> is<00:04:06.720> very<00:04:06.959> good<00:04:07.200> at<00:04:07.280> taxing<00:04:07.840> ordinary

which is very good at taxing ordinary

which is very good at taxing ordinary workers

workers

workers if<00:04:09.200> you<00:04:09.360> work<00:04:09.599> you're<00:04:09.760> going<00:04:09.840> to<00:04:09.920> pay<00:04:10.080> your

if you work you're going to pay your

if you work you're going to pay your income<00:04:10.480> tax<00:04:11.120> but<00:04:11.280> the<00:04:11.439> richest<00:04:11.760> people<00:04:12.080> in

income tax but the richest people in

income tax but the richest people in this<00:04:12.239> country

this country

this country often<00:04:13.120> get<00:04:13.280> their<00:04:13.360> income<00:04:13.599> through<00:04:13.840> different

often get their income through different

often get their income through different forms<00:04:14.959> trusts<00:04:15.519> inheritances<00:04:16.239> capital<00:04:16.639> gains

forms trusts inheritances capital gains

forms trusts inheritances capital gains these<00:04:17.680> are<00:04:17.759> all<00:04:17.919> taxed<00:04:18.160> in<00:04:18.320> different<00:04:18.560> methods

these are all taxed in different methods

these are all taxed in different methods and<00:04:19.040> are<00:04:19.120> very<00:04:19.359> easy<00:04:19.600> to<00:04:19.680> legally<00:04:20.079> avoid

and are very easy to legally avoid

and are very easy to legally avoid under<00:04:21.040> that<00:04:21.280> current<00:04:21.600> tax<00:04:21.840> system<00:04:22.320> it<00:04:22.479> is

under that current tax system it is

under that current tax system it is inevitable<00:04:23.199> that<00:04:23.360> the<00:04:23.440> very<00:04:23.600> richest<00:04:24.000> will

inevitable that the very richest will

inevitable that the very richest will get<00:04:24.240> richer<00:04:24.560> and<00:04:24.639> richer

get richer and richer

get richer and richer house<00:04:25.520> prices<00:04:25.840> will<00:04:26.000> get<00:04:26.160> less<00:04:26.400> and<00:04:26.560> less

house prices will get less and less

house prices will get less and less affordable<00:04:27.440> ordinary<00:04:27.919> people<00:04:28.160> get<00:04:28.320> squeezed

affordable ordinary people get squeezed

affordable ordinary people get squeezed and<00:04:28.960> the<00:04:29.040> economy<00:04:29.520> will<00:04:29.680> never<00:04:29.919> recover

and the economy will never recover

and the economy will never recover i<00:04:30.639> don't<00:04:30.800> want<00:04:30.880> to<00:04:30.960> stand<00:04:31.120> in<00:04:31.199> front<00:04:31.360> of<00:04:31.440> you

i don't want to stand in front of you

i don't want to stand in front of you and<00:04:31.600> make<00:04:31.680> pessimistic<00:04:32.240> predictions<00:04:33.040> but

and make pessimistic predictions but

and make pessimistic predictions but i've<00:04:33.360> been<00:04:33.440> betting<00:04:33.680> on<00:04:33.759> this<00:04:33.840> for<00:04:34.000> 10<00:04:34.160> years

i've been betting on this for 10 years

i've been betting on this for 10 years and<00:04:34.560> i've<00:04:34.639> been<00:04:34.800> right<00:04:34.960> for<00:04:35.120> 10<00:04:35.280> years

and i've been right for 10 years

and i've been right for 10 years if<00:04:35.919> we<00:04:36.000> don't<00:04:36.160> fix<00:04:36.400> inequality<00:04:37.199> we're<00:04:37.360> not

if we don't fix inequality we're not

if we don't fix inequality we're not going<00:04:37.600> to<00:04:37.759> have<00:04:37.840> an<00:04:38.000> economic<00:04:38.320> recovery

going to have an economic recovery

going to have an economic recovery we<00:04:39.840> need<00:04:40.000> to<00:04:40.160> reform<00:04:40.560> the<00:04:40.639> tax<00:04:40.880> system<00:04:41.199> so<00:04:41.360> that

we need to reform the tax system so that

we need to reform the tax system so that it<00:04:41.520> doesn't<00:04:41.919> just<00:04:42.240> tax<00:04:42.479> the<00:04:42.639> income<00:04:42.960> of

it doesn't just tax the income of

it doesn't just tax the income of working<00:04:43.440> people

working people

working people but<00:04:44.400> also<00:04:44.720> taxes<00:04:45.120> the<00:04:45.280> wealth<00:04:45.600> of<00:04:45.680> the<00:04:45.919> super

but also taxes the wealth of the super

but also taxes the wealth of the super rich

rich

rich i<00:04:47.440> grew<00:04:47.600> up<00:04:47.680> here<00:04:47.840> in<00:04:47.919> east<00:04:48.080> london<00:04:48.880> i<00:04:49.040> came

i grew up here in east london i came

i grew up here in east london i came from<00:04:49.360> a<00:04:49.440> poor<00:04:49.600> family<00:04:50.240> and<00:04:50.400> i<00:04:50.479> went<00:04:50.639> to<00:04:50.720> work

from a poor family and i went to work

from a poor family and i went to work down<00:04:51.040> there<00:04:51.199> in<00:04:51.280> canary<00:04:51.600> wharf

down there in canary wharf

down there in canary wharf i<00:04:52.880> know<00:04:53.040> how<00:04:53.199> difficult<00:04:53.520> it<00:04:53.680> is<00:04:53.919> for<00:04:54.080> kids<00:04:54.320> from

i know how difficult it is for kids from

i know how difficult it is for kids from ordinary<00:04:54.880> families<00:04:55.280> to<00:04:55.360> make<00:04:55.600> something<00:04:55.919> of

ordinary families to make something of

ordinary families to make something of themselves

themselves

themselves to<00:04:56.720> get<00:04:56.880> property<00:04:57.199> to<00:04:57.280> get<00:04:57.440> financial

to get property to get financial

to get property to get financial security<00:04:58.479> and<00:04:58.639> i<00:04:58.720> know<00:04:58.880> how<00:04:59.040> important<00:04:59.360> it<00:04:59.520> is

security and i know how important it is

security and i know how important it is to<00:05:00.240> people<00:05:00.479> from<00:05:00.639> families<00:05:01.039> like<00:05:01.120> that<00:05:02.320> and

to people from families like that and

to people from families like that and that's<00:05:02.560> going<00:05:02.720> to<00:05:02.800> get<00:05:02.960> more<00:05:03.120> difficult<00:05:03.520> now

that's going to get more difficult now

that's going to get more difficult now if<00:05:04.320> we<00:05:04.400> don't<00:05:04.639> deal<00:05:04.880> with<00:05:05.120> the<00:05:05.199> extra

if we don't deal with the extra

if we don't deal with the extra inequality<00:05:05.919> we're<00:05:06.080> getting<00:05:06.240> from<00:05:06.320> cover<00:05:06.639> 19.

inequality we're getting from cover 19.

inequality we're getting from cover 19. but<00:05:08.560> it's<00:05:08.720> also<00:05:08.960> an<00:05:09.120> opportunity<00:05:10.240> the

but it's also an opportunity the

but it's also an opportunity the inequality<00:05:10.800> is<00:05:10.880> becoming<00:05:11.199> more<00:05:11.360> obvious<00:05:11.759> to

inequality is becoming more obvious to

inequality is becoming more obvious to everyone

everyone

everyone that<00:05:12.560> unfairness<00:05:13.840> this<00:05:14.000> is<00:05:14.080> a<00:05:14.160> chance<00:05:14.400> for<00:05:14.560> us

that unfairness this is a chance for us

that unfairness this is a chance for us to<00:05:14.800> come<00:05:14.960> together<00:05:15.280> and<00:05:15.440> challenge<00:05:15.840> the

to come together and challenge the

to come together and challenge the system

system

system and<00:05:16.639> make<00:05:16.800> sure<00:05:16.960> that<00:05:17.120> the<00:05:17.199> very<00:05:17.440> richest<00:05:17.840> in

and make sure that the very richest in

and make sure that the very richest in society<00:05:18.560> actually<00:05:18.960> contribute

society actually contribute

society actually contribute instead<00:05:19.919> of<00:05:20.080> getting<00:05:20.240> richer<00:05:20.560> every<00:05:20.720> time

instead of getting richer every time

instead of getting richer every time it's<00:05:21.039> a<00:05:21.120> crisis

it's a crisis

it's a crisis we<00:05:23.520> need<00:05:23.680> to<00:05:23.840> reform<00:05:24.080> the<00:05:24.160> tax<00:05:24.320> system<00:05:24.880> we<00:05:24.960> need

we need to reform the tax system we need

we need to reform the tax system we need to<00:05:25.199> make<00:05:25.360> things<00:05:25.680> fairer

to make things fairer

to make things fairer if<00:05:27.120> we<00:05:27.199> don't<00:05:27.440> do<00:05:27.600> that<00:05:28.560> the<00:05:28.720> future<00:05:28.960> is<00:05:29.039> going

if we don't do that the future is going

if we don't do that the future is going to<00:05:29.199> be<00:05:30.120> bleak