[Music]

[Music]

[Music] so<00:00:02.080> we're<00:00:02.240> talking<00:00:02.800> about

so we're talking about

so we're talking about the<00:00:03.600> gap<00:00:03.840> between<00:00:04.400> rich<00:00:04.960> and<00:00:05.600> poor

the gap between rich and poor

the gap between rich and poor and<00:00:07.120> uh<00:00:07.839> you're<00:00:08.000> welcome<00:00:08.320> to<00:00:08.400> call<00:00:08.639> in<00:00:08.880> oh

and uh you're welcome to call in oh

and uh you're welcome to call in oh three<00:00:09.200> four<00:00:09.440> five<00:00:09.760> six<00:00:09.920> oh<00:00:10.080> six<00:00:10.320> oh<00:00:10.559> nine<00:00:10.719> seven

three four five six oh six oh nine seven

three four five six oh six oh nine seven three<00:00:11.280> should<00:00:11.440> we<00:00:11.679> change<00:00:12.000> the<00:00:12.160> tax<00:00:12.480> system<00:00:12.799> in

three should we change the tax system in

three should we change the tax system in some<00:00:13.120> way<00:00:13.280> the<00:00:13.440> way<00:00:13.599> it<00:00:13.679> works

some way the way it works

some way the way it works let's<00:00:14.480> talk<00:00:14.719> now<00:00:14.880> to<00:00:15.040> gary<00:00:15.360> stevenson<00:00:15.839> who

let's talk now to gary stevenson who

let's talk now to gary stevenson who joins<00:00:16.160> us<00:00:16.320> he's<00:00:16.480> an<00:00:16.560> economist<00:00:17.119> and<00:00:17.359> former

joins us he's an economist and former

joins us he's an economist and former city<00:00:18.560> trader<00:00:19.119> who<00:00:19.279> was<00:00:20.080> one<00:00:20.240> of<00:00:20.320> the

city trader who was one of the

city trader who was one of the signatories

signatories

signatories uh<00:00:22.320> of<00:00:22.480> a<00:00:22.560> group<00:00:22.800> of<00:00:22.880> rich<00:00:23.199> people<00:00:23.600> calling<00:00:24.080> for

uh of a group of rich people calling for

uh of a group of rich people calling for more<00:00:24.800> tax<00:00:25.199> so<00:00:25.439> good<00:00:25.599> morning<00:00:25.840> to<00:00:26.000> you<00:00:26.160> gary

more tax so good morning to you gary

more tax so good morning to you gary is<00:00:26.960> the<00:00:27.279> gap<00:00:27.760> between<00:00:28.400> rich<00:00:28.720> and<00:00:28.880> paul<00:00:29.119> getting

is the gap between rich and paul getting

is the gap between rich and paul getting wider

wider

wider it<00:00:31.039> definitely<00:00:31.359> looks<00:00:31.599> like<00:00:31.760> it's<00:00:32.000> expanding

it definitely looks like it's expanding

it definitely looks like it's expanding this<00:00:32.719> year<00:00:32.880> especially<00:00:33.200> if<00:00:33.280> you<00:00:33.360> look<00:00:33.440> at<00:00:33.520> the

this year especially if you look at the

this year especially if you look at the time

time

time richness<00:00:34.800> out<00:00:35.040> today<00:00:35.600> so<00:00:35.840> according<00:00:36.239> to<00:00:36.399> that

richness out today so according to that

richness out today so according to that times<00:00:36.800> richlist<00:00:37.200> there's<00:00:37.440> been<00:00:37.680> a<00:00:37.879> 600

times richlist there's been a 600

times richlist there's been a 600 billion<00:00:39.280> pound<00:00:39.680> increase

billion pound increase

billion pound increase in<00:00:40.559> the<00:00:40.640> wealth<00:00:40.960> of<00:00:41.040> the<00:00:41.200> top<00:00:41.440> 250<00:00:42.399> people<00:00:42.719> in

in the wealth of the top 250 people in

in the wealth of the top 250 people in this<00:00:42.960> country<00:00:43.920> about

this country about

this country about 22<00:00:45.039> increase<00:00:45.360> um<00:00:46.079> that's<00:00:46.399> pretty<00:00:46.640> much

22 increase um that's pretty much

22 increase um that's pretty much very<00:00:47.840> similar<00:00:48.160> to<00:00:48.239> the<00:00:48.480> entire<00:00:48.879> amount<00:00:49.039> of

very similar to the entire amount of

very similar to the entire amount of money<00:00:49.440> the<00:00:49.520> government<00:00:49.840> has<00:00:50.000> spent

money the government has spent

money the government has spent dealing<00:00:50.800> with<00:00:50.879> the<00:00:50.960> korean<00:00:51.199> virus<00:00:51.520> crisis<00:00:51.840> so

dealing with the korean virus crisis so

dealing with the korean virus crisis so it's<00:00:52.239> um<00:00:52.719> yeah<00:00:52.879> it's<00:00:53.039> a<00:00:53.120> huge<00:00:53.360> amount<00:00:53.520> of<00:00:53.600> money

it's um yeah it's a huge amount of money

it's um yeah it's a huge amount of money it's

it's

it's something<00:00:54.320> about<00:00:54.480> 12<00:00:54.800> 13<00:00:55.199> 000<00:00:55.440> pounds<00:00:55.680> per

something about 12 13 000 pounds per

something about 12 13 000 pounds per dollar<00:00:56.000> in<00:00:56.079> this<00:00:56.239> country<00:00:56.800> that's<00:00:56.960> the

dollar in this country that's the

dollar in this country that's the increase<00:00:57.360> in<00:00:57.440> wealth<00:00:57.680> of<00:00:57.760> the<00:00:57.840> super<00:00:58.079> rich

increase in wealth of the super rich

increase in wealth of the super rich and<00:00:59.680> this<00:01:00.000> increase<00:01:00.399> in<00:01:00.640> wealth<00:01:00.960> these<00:01:01.280> extra

and this increase in wealth these extra

and this increase in wealth these extra billionaires

billionaires

billionaires is<00:01:03.280> this<00:01:03.520> because<00:01:04.000> of<00:01:04.080> the<00:01:04.239> pandemic<00:01:04.799> i<00:01:04.879> mean

is this because of the pandemic i mean

is this because of the pandemic i mean has<00:01:05.280> that<00:01:05.439> heightened<00:01:06.000> the<00:01:06.159> problem

has that heightened the problem

has that heightened the problem it's<00:01:08.400> crazy<00:01:08.720> to<00:01:08.880> think<00:01:09.040> about<00:01:09.280> it<00:01:09.439> but<00:01:09.680> um<00:01:10.080> it

it's crazy to think about it but um it

it's crazy to think about it but um it is<00:01:10.640> um<00:01:10.960> in<00:01:11.119> fact<00:01:11.360> i<00:01:11.439> wrote<00:01:11.600> an<00:01:11.760> article

is um in fact i wrote an article

is um in fact i wrote an article around<00:01:12.880> march<00:01:13.200> last<00:01:13.439> year<00:01:13.840> saying<00:01:14.080> that<00:01:14.240> the

around march last year saying that the

around march last year saying that the one<00:01:14.720> of<00:01:14.799> the<00:01:14.880> big<00:01:15.040> consequences<00:01:15.600> we're<00:01:15.680> going

one of the big consequences we're going

one of the big consequences we're going to<00:01:15.840> see<00:01:16.000> in<00:01:16.159> this<00:01:16.240> crisis<00:01:16.640> is<00:01:16.799> a<00:01:16.960> massive

to see in this crisis is a massive

to see in this crisis is a massive increase<00:01:17.840> of<00:01:17.920> the<00:01:18.000> wealth<00:01:18.240> in<00:01:18.400> the<00:01:18.479> super<00:01:18.720> rich

increase of the wealth in the super rich

increase of the wealth in the super rich and<00:01:19.520> that<00:01:19.759> is<00:01:19.840> the<00:01:19.920> result<00:01:20.240> of<00:01:20.320> the<00:01:20.479> way

and that is the result of the way

and that is the result of the way that<00:01:21.040> the<00:01:21.200> government<00:01:21.680> has<00:01:21.920> dealt<00:01:22.159> with<00:01:22.240> this

that the government has dealt with this

that the government has dealt with this crisis<00:01:23.119> now<00:01:23.840> there<00:01:24.000> were<00:01:24.320> times<00:01:24.560> in<00:01:24.640> the<00:01:24.799> past

crisis now there were times in the past

crisis now there were times in the past when<00:01:25.200> the<00:01:25.280> government<00:01:25.600> used<00:01:25.840> to<00:01:26.000> deal<00:01:26.159> with

when the government used to deal with

when the government used to deal with crises<00:01:26.799> by<00:01:27.040> taxing<00:01:27.520> the<00:01:27.680> richest<00:01:28.159> people<00:01:28.560> in

crises by taxing the richest people in

crises by taxing the richest people in our<00:01:28.799> society

our society

our society but<00:01:29.680> what<00:01:29.840> has<00:01:30.000> happened<00:01:30.320> here<00:01:30.560> in<00:01:30.640> this<00:01:30.799> class

but what has happened here in this class

but what has happened here in this class has<00:01:31.119> been<00:01:31.280> very<00:01:31.520> different<00:01:32.159> what<00:01:32.320> the

has been very different what the

has been very different what the government<00:01:32.799> has<00:01:32.960> done<00:01:33.200> combined<00:01:33.520> with<00:01:33.680> us

government has done combined with us

government has done combined with us with<00:01:34.079> the<00:01:34.400> central<00:01:34.640> bank<00:01:34.880> the<00:01:34.960> bank<00:01:35.119> of

with the central bank the bank of

with the central bank the bank of england<00:01:35.759> has<00:01:35.920> simply<00:01:36.400> printed<00:01:36.880> a<00:01:37.119> huge<00:01:37.439> amount

england has simply printed a huge amount

england has simply printed a huge amount of<00:01:37.680> money<00:01:37.920> they<00:01:38.079> printed<00:01:38.400> about<00:01:38.840> 450

of money they printed about 450

of money they printed about 450 billion<00:01:40.479> pounds<00:01:41.360> and<00:01:41.600> that<00:01:41.840> money<00:01:42.079> has

billion pounds and that money has

billion pounds and that money has largely<00:01:42.720> ended<00:01:43.040> up<00:01:43.119> with

largely ended up with

largely ended up with richer<00:01:43.840> and<00:01:43.920> higher<00:01:44.240> income<00:01:44.479> people<00:01:45.119> now

richer and higher income people now

richer and higher income people now richer<00:01:45.600> and<00:01:45.680> higher<00:01:45.920> income<00:01:46.159> people

richer and higher income people

richer and higher income people they<00:01:46.880> tend<00:01:47.040> to<00:01:47.200> use<00:01:47.360> their<00:01:47.520> money<00:01:47.840> to<00:01:48.000> buy

they tend to use their money to buy

they tend to use their money to buy assets<00:01:48.640> like<00:01:49.040> houses<00:01:49.439> and<00:01:49.600> stocks<00:01:49.920> and<00:01:50.000> shares

assets like houses and stocks and shares

assets like houses and stocks and shares that<00:01:50.720> pushes<00:01:51.119> their<00:01:51.280> prices<00:01:51.759> up<00:01:52.159> and<00:01:52.560> who<00:01:52.799> owns

that pushes their prices up and who owns

that pushes their prices up and who owns the<00:01:53.119> most<00:01:53.280> houses<00:01:53.600> on<00:01:53.680> the<00:01:53.759> most<00:01:53.920> stocks<00:01:54.240> and

the most houses on the most stocks and

the most houses on the most stocks and shares

shares

shares well<00:01:54.960> it's<00:01:55.119> super<00:01:55.439> rich<00:01:55.840> so<00:01:56.000> because<00:01:56.240> the

well it's super rich so because the

well it's super rich so because the government<00:01:56.640> has<00:01:56.799> printed<00:01:57.200> their<00:01:57.360> way<00:01:57.520> out<00:01:57.600> of

government has printed their way out of

government has printed their way out of this<00:01:57.840> crisis<00:01:58.240> or<00:01:58.399> at<00:01:58.479> least<00:01:58.719> tried<00:01:59.040> to

this crisis or at least tried to

this crisis or at least tried to that<00:01:59.759> has<00:02:00.000> led<00:02:00.159> to<00:02:00.399> a<00:02:00.560> massive<00:02:00.960> increase<00:02:01.360> in

that has led to a massive increase in

that has led to a massive increase in the<00:02:01.520> wealth<00:02:01.840> of<00:02:02.320> people<00:02:02.640> who

the wealth of people who

the wealth of people who have<00:02:03.200> the<00:02:03.280> most<00:02:03.600> wealth<00:02:03.920> which<00:02:04.159> is<00:02:04.320> of<00:02:04.479> course

have the most wealth which is of course

have the most wealth which is of course super<00:02:05.200> wealthy<00:02:06.000> and<00:02:06.240> is<00:02:06.399> this<00:02:06.719> something

super wealthy and is this something

super wealthy and is this something that<00:02:08.160> has<00:02:08.479> just<00:02:08.800> happened<00:02:09.200> or<00:02:09.360> has<00:02:09.520> this<00:02:09.759> been

that has just happened or has this been

that has just happened or has this been going<00:02:10.720> on

going on

going on i<00:02:11.200> mean<00:02:11.680> did<00:02:11.840> the<00:02:12.080> economic<00:02:12.560> crash<00:02:12.879> have<00:02:13.040> any

i mean did the economic crash have any

i mean did the economic crash have any effect<00:02:13.599> on<00:02:13.680> this

effect on this

effect on this yeah<00:02:15.040> well<00:02:15.200> i<00:02:15.280> mean<00:02:15.760> i<00:02:15.840> was<00:02:16.080> a<00:02:16.160> trader<00:02:16.720> um<00:02:16.959> in

yeah well i mean i was a trader um in

yeah well i mean i was a trader um in 2008<00:02:17.760> after<00:02:18.000> 2008<00:02:18.560> crisis

2008 after 2008 crisis

2008 after 2008 crisis and<00:02:19.599> um<00:02:19.840> i<00:02:20.000> made<00:02:20.239> my<00:02:20.400> money<00:02:20.640> by<00:02:20.800> basically

and um i made my money by basically

and um i made my money by basically betting<00:02:21.680> that<00:02:22.080> pretty<00:02:22.319> much

betting that pretty much

betting that pretty much exactly<00:02:22.959> the<00:02:23.040> same<00:02:23.280> thing<00:02:23.440> would<00:02:23.599> happen

exactly the same thing would happen

exactly the same thing would happen after<00:02:24.560> 2008<00:02:25.040> crisis<00:02:25.440> because

after 2008 crisis because

after 2008 crisis because really<00:02:26.319> this<00:02:26.560> is<00:02:26.720> deja<00:02:27.040> vu<00:02:27.280> all<00:02:27.440> over<00:02:27.599> again

really this is deja vu all over again

really this is deja vu all over again for<00:02:27.920> the<00:02:28.000> government<00:02:28.319> central<00:02:28.640> bank<00:02:28.959> because

for the government central bank because

for the government central bank because back<00:02:29.520> in<00:02:29.599> 2008

back in 2008

back in 2008 they<00:02:30.800> also<00:02:31.200> attempted<00:02:31.599> to<00:02:31.760> deal<00:02:31.920> with<00:02:32.080> the

they also attempted to deal with the

they also attempted to deal with the crisis<00:02:32.560> by<00:02:32.720> simply<00:02:33.360> printing<00:02:33.680> their<00:02:33.840> way<00:02:34.000> out

crisis by simply printing their way out

crisis by simply printing their way out of<00:02:34.239> it

of it

of it the<00:02:34.879> end<00:02:35.040> result<00:02:35.360> was<00:02:35.680> a<00:02:35.840> massive<00:02:36.239> increase<00:02:36.560> in

the end result was a massive increase in

the end result was a massive increase in stock<00:02:37.040> prices

stock prices

stock prices and<00:02:37.920> house<00:02:38.239> prices<00:02:38.800> so<00:02:39.599> they've<00:02:39.760> done<00:02:40.000> it<00:02:40.080> back

and house prices so they've done it back

and house prices so they've done it back then

then

then over<00:02:41.040> 10<00:02:41.200> years<00:02:41.360> ago<00:02:41.599> now<00:02:41.920> they<00:02:42.080> tried<00:02:42.319> to

over 10 years ago now they tried to

over 10 years ago now they tried to print<00:02:42.560> their<00:02:42.640> way<00:02:42.800> out<00:02:42.879> and<00:02:43.040> end<00:02:43.200> up<00:02:43.280> with<00:02:43.360> the

print their way out and end up with the

print their way out and end up with the richest<00:02:43.840> and<00:02:44.000> they're<00:02:44.400> doing<00:02:44.560> it<00:02:44.640> again

richest and they're doing it again

richest and they're doing it again so<00:02:45.519> i'm<00:02:45.680> predicting<00:02:46.160> we're<00:02:46.239> going<00:02:46.400> to<00:02:46.480> see<00:02:46.640> a

so i'm predicting we're going to see a

so i'm predicting we're going to see a very<00:02:47.120> similar<00:02:47.440> kind<00:02:47.680> of<00:02:47.760> recovery

very similar kind of recovery

very similar kind of recovery after<00:02:48.879> this<00:02:49.120> crisis<00:02:49.519> which<00:02:49.760> is<00:02:50.400> fantastic

after this crisis which is fantastic

after this crisis which is fantastic increases<00:02:51.360> in<00:02:51.440> wealth<00:02:51.680> for<00:02:51.840> the<00:02:51.920> richest

increases in wealth for the richest

increases in wealth for the richest and<00:02:53.519> not<00:02:53.680> very<00:02:53.840> much<00:02:54.080> for<00:02:54.239> the<00:02:54.319> rest<00:02:54.480> of<00:02:54.640> us

and not very much for the rest of us

and not very much for the rest of us well<00:02:55.360> yes<00:02:55.599> what<00:02:55.760> about<00:02:56.000> the<00:02:56.239> impact<00:02:56.640> i<00:02:56.720> mean<00:02:56.959> i

well yes what about the impact i mean i

well yes what about the impact i mean i i'm<00:02:57.360> describing<00:02:57.920> this<00:02:58.080> as<00:02:58.239> a<00:02:58.319> problem<00:02:58.640> but<00:02:58.879> is

i'm describing this as a problem but is

i'm describing this as a problem but is it<00:02:59.120> a<00:02:59.200> problem<00:02:59.599> if<00:02:59.760> you<00:02:59.840> have<00:03:00.000> a<00:03:00.080> lot<00:03:00.319> of<00:03:00.480> super

it a problem if you have a lot of super

it a problem if you have a lot of super rich

rich

rich as<00:03:02.400> long<00:03:02.640> as<00:03:02.800> that<00:03:03.040> wealth<00:03:03.440> kind<00:03:03.599> of<00:03:03.760> spreads

as long as that wealth kind of spreads

as long as that wealth kind of spreads out<00:03:04.400> to<00:03:04.640> others<00:03:04.959> as<00:03:05.040> well

out to others as well

out to others as well you<00:03:06.159> know<00:03:06.319> what<00:03:06.400> that<00:03:06.560> is<00:03:06.879> that<00:03:07.040> is<00:03:07.200> a<00:03:07.280> really

you know what that is that is a really

you know what that is that is a really important<00:03:07.680> question<00:03:08.000> actually<00:03:08.239> and<00:03:08.319> that<00:03:08.400> is

important question actually and that is

important question actually and that is something<00:03:08.720> which<00:03:08.879> i<00:03:09.040> think<00:03:09.200> a<00:03:09.200> lot<00:03:09.360> about

something which i think a lot about

something which i think a lot about someone<00:03:09.840> which<00:03:10.000> i'll<00:03:10.080> talk<00:03:10.239> a<00:03:10.319> lot<00:03:10.480> about

someone which i'll talk a lot about

someone which i'll talk a lot about because<00:03:10.879> i<00:03:10.959> think<00:03:11.120> it's<00:03:11.360> really<00:03:11.680> important

because i think it's really important

because i think it's really important for

for

for ordinary<00:03:13.440> people<00:03:13.680> that<00:03:13.840> are<00:03:13.920> people

ordinary people that are people

ordinary people that are people listening<00:03:14.480> to<00:03:14.560> the<00:03:14.640> show<00:03:14.879> to<00:03:15.040> understand

listening to the show to understand

listening to the show to understand that<00:03:16.319> when<00:03:16.480> the<00:03:16.640> super<00:03:16.879> rich<00:03:17.200> get<00:03:17.360> rich<00:03:17.680> that's

that when the super rich get rich that's

that when the super rich get rich that's not<00:03:18.159> just<00:03:18.319> an<00:03:18.480> abstract<00:03:18.800> number<00:03:19.200> you<00:03:19.280> know

not just an abstract number you know

not just an abstract number you know that's<00:03:20.080> houses<00:03:20.560> that's<00:03:20.879> buildings<00:03:21.440> that's

that's houses that's buildings that's

that's houses that's buildings that's land<00:03:22.080> of<00:03:22.319> natural<00:03:22.640> resources

land of natural resources

land of natural resources and<00:03:23.440> it's<00:03:23.599> the<00:03:23.680> natural<00:03:24.000> resources<00:03:24.400> and<00:03:24.480> the

and it's the natural resources and the

and it's the natural resources and the buildings<00:03:24.959> and<00:03:25.040> houses<00:03:25.360> that<00:03:25.440> the<00:03:25.519> rest<00:03:25.680> of<00:03:25.840> us

buildings and houses that the rest of us

buildings and houses that the rest of us need

need

need now<00:03:26.799> if<00:03:27.040> they<00:03:27.360> have<00:03:27.519> a<00:03:27.599> huge<00:03:27.840> amount<00:03:28.080> of<00:03:28.159> money

now if they have a huge amount of money

now if they have a huge amount of money then<00:03:28.640> that<00:03:28.720> means<00:03:29.040> we<00:03:29.200> need<00:03:29.440> to<00:03:29.599> pay<00:03:29.840> them<00:03:30.000> to

then that means we need to pay them to

then that means we need to pay them to use<00:03:30.319> it<00:03:30.400> so<00:03:30.560> it<00:03:30.640> creates<00:03:30.959> a<00:03:31.120> cash<00:03:31.360> flow<00:03:31.599> from

use it so it creates a cash flow from

use it so it creates a cash flow from ordinary<00:03:32.319> people

ordinary people

ordinary people to<00:03:33.200> the<00:03:33.280> richest<00:03:34.000> which<00:03:34.239> they<00:03:34.400> then<00:03:34.640> use<00:03:34.799> to

to the richest which they then use to

to the richest which they then use to push<00:03:35.200> up<00:03:35.280> house<00:03:35.599> prices

push up house prices

push up house prices and<00:03:36.400> the<00:03:36.560> end<00:03:36.720> result<00:03:37.120> which<00:03:37.280> is<00:03:37.360> what<00:03:37.519> we've

and the end result which is what we've

and the end result which is what we've seen<00:03:37.760> over<00:03:37.840> the<00:03:37.920> last<00:03:38.080> 20<00:03:38.319> years<00:03:38.720> is<00:03:38.879> a<00:03:38.959> massive

seen over the last 20 years is a massive

seen over the last 20 years is a massive decrease<00:03:39.760> in<00:03:39.840> affordability<00:03:40.560> of<00:03:40.720> housing

decrease in affordability of housing

decrease in affordability of housing for<00:03:41.599> ordinary<00:03:42.080> people<00:03:42.239> from<00:03:42.400> ordinary

for ordinary people from ordinary

for ordinary people from ordinary families<00:03:43.200> and<00:03:43.519> i<00:03:43.680> talk<00:03:43.840> about<00:03:44.000> this<00:03:44.159> a<00:03:44.159> lot<00:03:44.319> and

families and i talk about this a lot and

families and i talk about this a lot and i've<00:03:44.560> explained<00:03:44.959> very<00:03:45.120> clearly<00:03:45.440> actually<00:03:45.680> how

i've explained very clearly actually how

i've explained very clearly actually how this<00:03:46.080> works<00:03:46.400> on<00:03:46.560> my

this works on my

this works on my youtube<00:03:47.840> garry's<00:03:48.159> economics<00:03:48.640> on<00:03:48.720> a<00:03:48.799> video

youtube garry's economics on a video

youtube garry's economics on a video called<00:03:49.280> what<00:03:49.519> is<00:03:49.599> wealth<00:03:49.920> so<00:03:50.080> people<00:03:50.239> want<00:03:50.400> to

called what is wealth so people want to

called what is wealth so people want to understand<00:03:50.879> exactly

understand exactly

understand exactly how<00:03:52.480> the<00:03:52.640> increasing<00:03:53.040> wealth<00:03:53.280> and<00:03:53.360> the<00:03:53.439> riches

how the increasing wealth and the riches

how the increasing wealth and the riches is<00:03:54.239> damaging<00:03:54.640> ordinary<00:03:55.120> people<00:03:55.360> by<00:03:55.519> making

is damaging ordinary people by making

is damaging ordinary people by making houses<00:03:56.000> that's<00:03:56.159> affordable<00:03:56.560> i<00:03:56.640> think<00:03:56.799> we'll

houses that's affordable i think we'll

houses that's affordable i think we'll check<00:03:57.040> that<00:03:57.200> video

check that video

check that video well<00:03:58.480> i<00:03:58.640> will<00:03:58.879> certainly<00:03:59.200> have<00:03:59.360> a<00:03:59.439> look<00:03:59.599> at

well i will certainly have a look at

well i will certainly have a look at that<00:03:59.760> i'm<00:04:00.000> sure<00:04:00.239> people<00:04:00.560> will

that i'm sure people will

that i'm sure people will will<00:04:01.439> do<00:04:01.599> that<00:04:01.840> i<00:04:01.920> mean<00:04:02.319> so<00:04:02.480> you're<00:04:02.799> saying

will do that i mean so you're saying

will do that i mean so you're saying there's<00:04:03.360> a<00:04:03.519> direct<00:04:04.000> link

there's a direct link

there's a direct link between<00:04:04.879> more<00:04:05.200> billionaires<00:04:06.319> and<00:04:06.879> and<00:04:07.040> the

between more billionaires and and the

between more billionaires and and the the<00:04:07.519> problem<00:04:07.840> with<00:04:08.080> housing

the problem with housing

the problem with housing clive<00:04:09.920> i'm<00:04:10.080> not<00:04:10.239> just<00:04:10.400> saying<00:04:10.720> it<00:04:10.879> i've<00:04:11.120> been

clive i'm not just saying it i've been

clive i'm not just saying it i've been better<00:04:11.519> on<00:04:11.680> it<00:04:11.920> for<00:04:12.239> 12<00:04:12.560> years<00:04:12.879> and<00:04:12.959> i've<00:04:13.120> made

better on it for 12 years and i've made

better on it for 12 years and i've made millions<00:04:13.519> of<00:04:13.599> pounds<00:04:13.840> doing<00:04:14.080> it

millions of pounds doing it

millions of pounds doing it we<00:04:15.280> allow<00:04:15.680> all<00:04:15.920> of<00:04:16.000> the<00:04:16.079> money<00:04:16.400> to<00:04:16.479> go<00:04:16.639> to<00:04:16.720> the

we allow all of the money to go to the

we allow all of the money to go to the super<00:04:17.120> rich<00:04:17.440> the<00:04:17.519> fact<00:04:17.759> is

super rich the fact is

super rich the fact is super<00:04:18.400> rich<00:04:18.639> people<00:04:18.880> if<00:04:19.040> you<00:04:19.120> give<00:04:19.199> them<00:04:19.359> more

super rich people if you give them more

super rich people if you give them more money<00:04:19.759> they<00:04:19.919> don't<00:04:20.079> spend<00:04:20.400> it<00:04:20.799> they<00:04:21.040> use<00:04:21.199> that

money they don't spend it they use that

money they don't spend it they use that money<00:04:21.600> to<00:04:21.759> buy<00:04:21.919> assets

money to buy assets

money to buy assets assets<00:04:23.040> like<00:04:23.199> houses<00:04:23.600> like<00:04:23.680> the<00:04:23.759> rest<00:04:24.000> of<00:04:24.080> us

assets like houses like the rest of us

assets like houses like the rest of us that<00:04:24.479> the<00:04:24.560> rest<00:04:24.720> of<00:04:24.800> us<00:04:25.120> need

that the rest of us need

that the rest of us need so<00:04:26.080> really<00:04:26.320> it<00:04:26.400> makes<00:04:26.560> sense<00:04:26.800> if<00:04:26.880> you<00:04:26.960> give

so really it makes sense if you give

so really it makes sense if you give money<00:04:27.360> to<00:04:27.440> ordinary<00:04:27.840> people<00:04:28.400> they're<00:04:28.560> going

money to ordinary people they're going

money to ordinary people they're going to<00:04:28.800> spend<00:04:29.120> it<00:04:29.199> that's<00:04:29.440> going<00:04:29.520> to<00:04:29.600> go<00:04:29.759> back<00:04:29.919> into

to spend it that's going to go back into

to spend it that's going to go back into the<00:04:30.160> economy<00:04:30.639> that's<00:04:30.800> going<00:04:30.880> to<00:04:30.960> drive<00:04:31.199> wages

the economy that's going to drive wages

the economy that's going to drive wages up

up

up if<00:04:32.080> you<00:04:32.160> give<00:04:32.320> it<00:04:32.400> to<00:04:32.479> the<00:04:32.639> super<00:04:32.880> rich<00:04:33.360> they're

if you give it to the super rich they're

if you give it to the super rich they're going<00:04:33.680> to<00:04:33.759> buy<00:04:34.000> assets<00:04:34.320> and<00:04:34.479> it's<00:04:34.560> going<00:04:34.639> to

going to buy assets and it's going to

going to buy assets and it's going to make

make

make housing<00:04:35.600> less<00:04:35.840> affordable<00:04:36.560> so<00:04:36.720> ultimately<00:04:37.280> if

housing less affordable so ultimately if

housing less affordable so ultimately if the<00:04:37.440> money<00:04:37.680> goes<00:04:37.840> to<00:04:37.919> the<00:04:38.000> richest

the money goes to the richest

the money goes to the richest instead<00:04:38.800> of<00:04:38.880> the<00:04:38.960> rest<00:04:39.199> of<00:04:39.360> us<00:04:39.680> what<00:04:39.840> that

instead of the rest of us what that

instead of the rest of us what that means<00:04:40.400> is<00:04:40.800> house<00:04:41.040> prices<00:04:41.440> up

means is house prices up

means is house prices up wages<00:04:42.400> down<00:04:43.040> and<00:04:43.199> that<00:04:43.360> means<00:04:43.919> unfortunately

wages down and that means unfortunately

wages down and that means unfortunately a<00:04:44.960> bleak<00:04:45.360> future

a bleak future

a bleak future for<00:04:46.160> ordinary<00:04:46.639> people<00:04:46.800> so<00:04:46.960> i<00:04:47.040> really<00:04:47.199> think<00:04:47.360> we

for ordinary people so i really think we

for ordinary people so i really think we need<00:04:47.520> to<00:04:47.600> do<00:04:47.680> something<00:04:47.919> about<00:04:48.080> this<00:04:48.400> uh<00:04:48.639> what

need to do something about this uh what

need to do something about this uh what do<00:04:49.280> you<00:04:49.440> think<00:04:49.680> we<00:04:49.840> should<00:04:50.080> do<00:04:50.400> about<00:04:50.800> this

do you think we should do about this

do you think we should do about this there's<00:04:51.280> a<00:04:51.360> lot<00:04:51.520> of<00:04:51.600> talk<00:04:51.840> about<00:04:52.080> a<00:04:52.240> wealth<00:04:52.639> tax

there's a lot of talk about a wealth tax

there's a lot of talk about a wealth tax but<00:04:53.120> that<00:04:53.280> can<00:04:53.440> mean<00:04:53.680> a<00:04:53.759> lot<00:04:54.000> of<00:04:54.160> things

but that can mean a lot of things

but that can mean a lot of things what's<00:04:55.520> your<00:04:56.240> proposal<00:04:57.680> yeah<00:04:57.840> i<00:04:57.919> mean

what's your proposal yeah i mean

what's your proposal yeah i mean let's<00:04:58.400> look<00:04:58.560> at<00:04:58.639> the<00:04:58.720> figures<00:04:58.960> here<00:04:59.120> clive

let's look at the figures here clive

let's look at the figures here clive right<00:04:59.520> the<00:04:59.680> government<00:05:00.000> has<00:05:00.160> increased<00:05:00.560> its

right the government has increased its

right the government has increased its debt<00:05:00.960> by<00:05:01.240> 450<00:05:02.240> billion<00:05:02.639> pounds

debt by 450 billion pounds

debt by 450 billion pounds during<00:05:03.440> this<00:05:03.600> crisis<00:05:04.400> and<00:05:04.919> 250<00:05:06.000> individuals

during this crisis and 250 individuals

during this crisis and 250 individuals have<00:05:07.120> increased<00:05:07.600> their<00:05:07.759> wealth<00:05:08.240> by<00:05:08.720> 600

have increased their wealth by 600

have increased their wealth by 600 billion<00:05:09.520> pounds

billion pounds

billion pounds and<00:05:10.400> at<00:05:10.479> the<00:05:10.560> same<00:05:10.800> time<00:05:11.039> how<00:05:11.199> are<00:05:11.280> we<00:05:11.360> thinking

and at the same time how are we thinking

and at the same time how are we thinking of<00:05:11.600> dealing<00:05:11.840> with<00:05:11.919> this<00:05:12.080> crisis<00:05:12.400> well<00:05:12.479> we're

of dealing with this crisis well we're

of dealing with this crisis well we're looking<00:05:12.800> at<00:05:12.880> taxing

looking at taxing

looking at taxing ordinary<00:05:14.080> people<00:05:14.240> like<00:05:14.400> you<00:05:14.560> and<00:05:14.639> me<00:05:14.800> clients

ordinary people like you and me clients

ordinary people like you and me clients well<00:05:15.520> i<00:05:15.600> think<00:05:15.759> the<00:05:15.919> 250

well i think the 250

well i think the 250 richest<00:05:17.440> people<00:05:17.680> in<00:05:17.759> this<00:05:17.919> country<00:05:18.479> they

richest people in this country they

richest people in this country they shouldn't<00:05:19.120> be<00:05:19.280> profiting<00:05:19.680> from<00:05:19.840> a<00:05:19.919> crisis

shouldn't be profiting from a crisis

shouldn't be profiting from a crisis when<00:05:20.479> ordinary<00:05:20.880> people<00:05:21.120> have<00:05:21.199> to<00:05:21.280> pay<00:05:21.440> for<00:05:21.680> it

when ordinary people have to pay for it

when ordinary people have to pay for it we<00:05:22.000> really<00:05:22.240> have<00:05:22.400> to<00:05:22.560> look<00:05:22.800> at<00:05:22.960> ways

we really have to look at ways

we really have to look at ways to<00:05:23.680> get<00:05:23.840> these<00:05:24.080> super<00:05:24.320> rich<00:05:24.560> to<00:05:24.639> pay<00:05:25.120> but<00:05:25.360> of

to get these super rich to pay but of

to get these super rich to pay but of course<00:05:25.919> i<00:05:26.080> understand<00:05:26.400> we<00:05:26.479> need<00:05:26.639> to<00:05:26.720> be<00:05:26.800> very

course i understand we need to be very

course i understand we need to be very careful<00:05:27.360> we<00:05:27.440> do<00:05:27.600> this

careful we do this

careful we do this these<00:05:28.240> people<00:05:28.800> they've<00:05:29.039> got<00:05:29.199> the<00:05:29.280> best<00:05:29.440> tax

these people they've got the best tax

these people they've got the best tax accountants<00:05:30.240> in<00:05:30.400> the<00:05:30.479> world<00:05:30.800> working<00:05:31.120> for

accountants in the world working for

accountants in the world working for them

them

them and<00:05:31.680> they<00:05:31.840> will<00:05:32.000> try<00:05:32.160> and<00:05:32.240> dodge<00:05:32.639> any<00:05:32.800> taxes

and they will try and dodge any taxes

and they will try and dodge any taxes that<00:05:33.360> we<00:05:33.440> bring<00:05:33.680> in<00:05:34.080> but<00:05:34.240> we<00:05:34.400> need<00:05:34.560> to<00:05:34.639> bring

that we bring in but we need to bring

that we bring in but we need to bring taxes<00:05:35.360> but<00:05:35.440> when<00:05:35.600> we<00:05:35.759> do<00:05:35.919> it<00:05:36.080> we<00:05:36.240> need<00:05:36.400> to<00:05:36.479> make

taxes but when we do it we need to make

taxes but when we do it we need to make sure<00:05:36.880> that<00:05:36.960> they're<00:05:37.360> targeted<00:05:37.919> well<00:05:38.080> enough

sure that they're targeted well enough

sure that they're targeted well enough so<00:05:38.720> that<00:05:38.880> the<00:05:38.960> super<00:05:39.199> rich<00:05:39.440> have<00:05:39.680> to<00:05:39.840> pay<00:05:40.000> them

so that the super rich have to pay them

so that the super rich have to pay them and<00:05:40.479> they<00:05:40.639> don't<00:05:40.800> end<00:05:40.960> up<00:05:41.039> getting<00:05:41.280> screwed

and they don't end up getting screwed

and they don't end up getting screwed just<00:05:41.759> by

just by

just by ordinary<00:05:42.400> people<00:05:42.880> like<00:05:43.280> yourself<00:05:44.160> but<00:05:44.320> we're

ordinary people like yourself but we're

ordinary people like yourself but we're talking<00:05:44.880> about

talking about

talking about often<00:05:45.840> multinational<00:05:46.560> companies<00:05:47.039> aren't<00:05:47.280> we

often multinational companies aren't we

often multinational companies aren't we international

international

international uh<00:05:49.280> billionaires<00:05:50.320> who<00:05:50.560> if<00:05:50.720> we<00:05:50.960> come<00:05:51.120> up<00:05:51.199> with

uh billionaires who if we come up with

uh billionaires who if we come up with something<00:05:51.680> they'll<00:05:51.919> just<00:05:52.080> move<00:05:52.320> somewhere

something they'll just move somewhere

something they'll just move somewhere else

else

else so<00:05:54.080> it's<00:05:54.320> really<00:05:54.639> isn't<00:05:54.960> it<00:05:55.120> a<00:05:55.199> global<00:05:55.680> problem

so it's really isn't it a global problem

so it's really isn't it a global problem yeah<00:05:57.199> it's<00:05:57.360> funny<00:05:57.600> you<00:05:57.680> say<00:05:57.840> that<00:05:58.000> guy<00:05:58.240> because

yeah it's funny you say that guy because

yeah it's funny you say that guy because just<00:05:58.720> right<00:05:59.039> now<00:05:59.680> as<00:05:59.919> we<00:06:00.080> speak

just right now as we speak

just right now as we speak there's<00:06:01.199> a<00:06:01.600> internationally<00:06:02.240> coordinated

there's a internationally coordinated

there's a internationally coordinated attempt<00:06:03.280> driven<00:06:03.600> by

attempt driven by

attempt driven by biden<00:06:04.479> president<00:06:04.720> of<00:06:04.800> the<00:06:04.880> u.s<00:06:05.680> to<00:06:06.000> bring<00:06:06.160> in<00:06:06.319> a

biden president of the u.s to bring in a

biden president of the u.s to bring in a minimum<00:06:06.800> tax<00:06:07.039> rate<00:06:07.280> on<00:06:07.360> corporations<00:06:07.919> so<00:06:08.080> that

minimum tax rate on corporations so that

minimum tax rate on corporations so that corporations<00:06:08.880> cannot<00:06:09.280> compete<00:06:09.759> countries

corporations cannot compete countries

corporations cannot compete countries against<00:06:10.479> one<00:06:10.639> another

against one another

against one another and<00:06:11.520> germany<00:06:12.080> italy<00:06:12.560> france<00:06:13.039> japan<00:06:13.600> they've

and germany italy france japan they've

and germany italy france japan they've all<00:06:13.919> signed<00:06:14.240> up<00:06:14.319> for<00:06:14.479> this<00:06:14.720> along<00:06:14.960> with<00:06:15.120> the

all signed up for this along with the

all signed up for this along with the usa

usa

usa and<00:06:16.080> it's<00:06:16.160> being<00:06:16.400> blocked<00:06:16.639> by<00:06:16.800> rishi<00:06:17.039> sonak

and it's being blocked by rishi sonak

and it's being blocked by rishi sonak regional<00:06:18.080> experiment<00:06:18.639> law

regional experiment law

regional experiment law owns<00:06:19.520> a<00:06:19.600> multinational<00:06:20.720> billion<00:06:21.120> pound

owns a multinational billion pound

owns a multinational billion pound corporation

corporation

corporation christianity<00:06:22.800> is<00:06:22.880> blocking<00:06:23.440> this<00:06:23.600> from

christianity is blocking this from

christianity is blocking this from happening<00:06:24.240> so<00:06:24.960> countries<00:06:25.360> want<00:06:25.600> to<00:06:25.680> get

happening so countries want to get

happening so countries want to get together<00:06:26.319> to<00:06:26.479> make<00:06:26.639> the<00:06:26.720> super<00:06:26.960> rich<00:06:27.199> pay<00:06:27.360> tax

together to make the super rich pay tax

together to make the super rich pay tax at<00:06:27.759> the<00:06:27.840> moment

at the moment

at the moment richie<00:06:29.199> said<00:06:29.360> like<00:06:29.440> a<00:06:29.520> uk<00:06:29.759> government

richie said like a uk government

richie said like a uk government stopping<00:06:30.319> that<00:06:30.479> from<00:06:30.639> happening<00:06:31.280> so<00:06:31.600> yes<00:06:31.840> we

stopping that from happening so yes we

stopping that from happening so yes we need<00:06:32.160> international<00:06:32.560> coordination

need international coordination

need international coordination international<00:06:33.759> corporation<00:06:34.479> to<00:06:34.639> make<00:06:34.880> the

international corporation to make the

international corporation to make the rich<00:06:35.120> pay<00:06:35.360> their<00:06:35.440> taxes<00:06:36.000> but<00:06:36.160> at<00:06:36.240> the<00:06:36.319> moment

rich pay their taxes but at the moment

rich pay their taxes but at the moment the<00:06:37.120> uk<00:06:37.360> government<00:06:37.680> is<00:06:37.919> stopping<00:06:38.319> that<00:06:38.400> from

the uk government is stopping that from

the uk government is stopping that from happening<00:06:39.199> rather<00:06:39.520> than<00:06:39.680> supporting<00:06:40.080> it<00:06:40.160> and

happening rather than supporting it and

happening rather than supporting it and i<00:06:40.400> think<00:06:40.479> we<00:06:40.639> need<00:06:40.800> to<00:06:40.880> turn<00:06:41.120> around<00:06:41.280> to<00:06:41.440> risky

i think we need to turn around to risky

i think we need to turn around to risky sunnah<00:06:42.080> whose<00:06:42.240> father

sunnah whose father

sunnah whose father is<00:06:42.800> a<00:06:42.880> billionaire<00:06:43.360> and<00:06:43.440> ask<00:06:43.680> him<00:06:44.160> why<00:06:44.479> are<00:06:44.639> you

is a billionaire and ask him why are you

is a billionaire and ask him why are you stopping<00:06:45.120> corporations<00:06:45.759> from<00:06:46.000> paying<00:06:46.240> their

stopping corporations from paying their

stopping corporations from paying their fair<00:06:46.639> share<00:06:46.800> of<00:06:46.880> tax

fair share of tax

fair share of tax and<00:06:47.759> have<00:06:48.000> we<00:06:48.479> ever<00:06:48.880> had<00:06:49.440> a<00:06:49.840> tax<00:06:50.400> system

and have we ever had a tax system

and have we ever had a tax system where<00:06:51.360> the<00:06:51.680> extremely<00:06:52.400> rich<00:06:53.199> pay<00:06:53.759> pay<00:06:54.000> a<00:06:54.080> large

where the extremely rich pay pay a large

where the extremely rich pay pay a large amount<00:06:54.800> of<00:06:54.880> money

if<00:06:57.520> you<00:06:57.599> go<00:06:57.759> and<00:06:57.919> look<00:06:58.080> back<00:06:58.319> at<00:06:58.400> the<00:06:58.639> post-war

if you go and look back at the post-war

if you go and look back at the post-war period<00:06:59.759> 50<00:07:00.160> 60<00:07:00.720> there<00:07:00.880> were<00:07:01.120> much<00:07:01.440> much<00:07:01.680> higher

period 50 60 there were much much higher

period 50 60 there were much much higher rates<00:07:02.400> attacks<00:07:03.120> on<00:07:03.280> the<00:07:03.360> very<00:07:03.599> richest<00:07:04.240> in<00:07:04.319> the

rates attacks on the very richest in the

rates attacks on the very richest in the country<00:07:05.120> and<00:07:05.280> i<00:07:05.360> think<00:07:05.520> it's<00:07:05.680> not<00:07:05.840> a

country and i think it's not a

country and i think it's not a coincidence<00:07:06.560> that<00:07:06.720> back<00:07:06.960> then<00:07:07.120> housing<00:07:07.440> was

coincidence that back then housing was

coincidence that back then housing was much<00:07:07.919> much<00:07:08.080> more<00:07:08.240> affordable<00:07:08.800> you<00:07:08.960> know

much much more affordable you know

much much more affordable you know in<00:07:09.360> that<00:07:09.599> period<00:07:10.639> ordinary<00:07:11.199> people<00:07:11.440> you<00:07:11.599> know

in that period ordinary people you know

in that period ordinary people you know people<00:07:12.080> working<00:07:12.479> completely<00:07:12.960> ordinary<00:07:13.360> jobs

people working completely ordinary jobs

people working completely ordinary jobs without<00:07:13.840> degrees<00:07:14.080> or<00:07:14.240> anything

without degrees or anything

without degrees or anything could<00:07:14.880> afford<00:07:15.199> housing<00:07:15.520> especially<00:07:15.840> if

could afford housing especially if

could afford housing especially if they're<00:07:16.000> willing<00:07:16.240> to<00:07:16.319> save<00:07:16.560> up<00:07:16.720> for<00:07:16.800> a<00:07:16.880> few

they're willing to save up for a few

they're willing to save up for a few years<00:07:17.360> so

years so

years so if<00:07:18.000> you<00:07:18.080> go<00:07:18.240> and<00:07:18.319> look<00:07:18.479> back<00:07:18.639> at<00:07:18.800> the<00:07:18.880> 50s<00:07:19.280> 60s

if you go and look back at the 50s 60s

if you go and look back at the 50s 60s when<00:07:20.240> taxation<00:07:20.720> of<00:07:20.800> the<00:07:20.880> richest<00:07:21.280> was<00:07:21.520> much

when taxation of the richest was much

when taxation of the richest was much more<00:07:21.840> affordable

more affordable

more affordable famously<00:07:23.280> the<00:07:23.440> beetle<00:07:23.840> spoke<00:07:24.080> about<00:07:24.319> paying

famously the beetle spoke about paying

famously the beetle spoke about paying 95<00:07:25.440> tax

95 tax

95 tax but<00:07:26.319> if<00:07:26.479> you<00:07:26.560> go<00:07:26.639> and<00:07:26.720> look<00:07:26.880> at<00:07:26.960> that<00:07:27.120> period

but if you go and look at that period

but if you go and look at that period where<00:07:27.599> we<00:07:27.759> did<00:07:28.000> tax<00:07:28.240> the<00:07:28.319> rich<00:07:28.720> more

where we did tax the rich more

where we did tax the rich more effectively<00:07:29.840> housing<00:07:30.160> was<00:07:30.319> more<00:07:30.479> affordable

effectively housing was more affordable

effectively housing was more affordable and<00:07:31.840> quality<00:07:32.160> of<00:07:32.319> life<00:07:32.639> in<00:07:32.720> many<00:07:32.960> ways<00:07:33.520> was

and quality of life in many ways was

and quality of life in many ways was more<00:07:33.919> affordable<00:07:34.240> for<00:07:34.319> ordinary<00:07:34.720> people<00:07:35.039> and

more affordable for ordinary people and

more affordable for ordinary people and you<00:07:35.280> know<00:07:35.440> that's<00:07:35.759> 50<00:07:36.000> years<00:07:36.160> ago<00:07:36.319> before<00:07:36.560> the

you know that's 50 years ago before the

you know that's 50 years ago before the event<00:07:36.880> of<00:07:36.960> the<00:07:37.039> internet<00:07:37.440> live

event of the internet live

event of the internet live if<00:07:38.000> we<00:07:38.160> were<00:07:38.240> to<00:07:38.400> bring<00:07:38.560> in<00:07:38.720> a<00:07:38.800> better<00:07:39.039> tax

if we were to bring in a better tax

if we were to bring in a better tax system<00:07:39.599> now<00:07:40.080> that<00:07:40.319> hit<00:07:40.479> the<00:07:40.639> richest<00:07:41.120> instead

system now that hit the richest instead

system now that hit the richest instead of<00:07:41.520> ordinary<00:07:42.000> working<00:07:42.319> people

of ordinary working people

of ordinary working people we<00:07:43.120> can<00:07:43.280> have<00:07:43.599> so<00:07:44.080> much<00:07:44.879> more<00:07:45.440> quality<00:07:45.840> of<00:07:45.919> life

we can have so much more quality of life

we can have so much more quality of life more<00:07:46.560> affordable<00:07:46.960> housing<00:07:47.520> just<00:07:47.919> a

more affordable housing just a

more affordable housing just a phenomenally<00:07:48.400> better<00:07:48.639> economy<00:07:49.039> than<00:07:49.120> what<00:07:49.199> we

phenomenally better economy than what we

phenomenally better economy than what we have<00:07:49.360> at<00:07:49.440> the<00:07:49.520> moment

have at the moment

have at the moment but<00:07:50.639> it<00:07:50.800> isn't<00:07:51.120> part<00:07:51.280> of<00:07:51.360> the<00:07:51.520> housing<00:07:52.319> issue

but it isn't part of the housing issue

but it isn't part of the housing issue that<00:07:53.120> we<00:07:53.280> just<00:07:53.440> haven't<00:07:53.680> got<00:07:53.840> enough<00:07:54.080> houses

that we just haven't got enough houses

that we just haven't got enough houses i<00:07:54.720> mean<00:07:54.879> if<00:07:54.960> we<00:07:55.120> built<00:07:55.280> more<00:07:55.520> houses<00:07:56.000> then

i mean if we built more houses then

i mean if we built more houses then surely<00:07:57.360> they<00:07:57.520> would<00:07:57.759> be

surely they would be

surely they would be more<00:07:58.319> affordable<00:07:59.840> well<00:08:00.000> you<00:08:00.080> know<00:08:00.160> when<00:08:00.400> i<00:08:00.479> was

more affordable well you know when i was

more affordable well you know when i was a<00:08:00.720> trader<00:08:01.199> clive<00:08:01.680> um<00:08:01.919> i<00:08:02.000> worked<00:08:02.160> in<00:08:02.240> london<00:08:02.560> for

a trader clive um i worked in london for

a trader clive um i worked in london for a<00:08:02.720> few<00:08:02.879> years<00:08:02.960> now<00:08:03.120> transferred<00:08:03.520> to<00:08:03.599> tokyo<00:08:04.080> and

a few years now transferred to tokyo and

a few years now transferred to tokyo and toco's<00:08:04.639> got<00:08:04.800> 38<00:08:05.520> million<00:08:05.919> people<00:08:06.240> there

toco's got 38 million people there

toco's got 38 million people there they've<00:08:06.639> got<00:08:06.720> a<00:08:06.800> lot<00:08:06.879> of<00:08:06.960> houses<00:08:07.440> and<00:08:07.520> housing

they've got a lot of houses and housing

they've got a lot of houses and housing not<00:08:08.080> that<00:08:08.240> much

not that much

not that much more<00:08:08.720> affordable<00:08:09.680> i<00:08:09.840> think<00:08:10.479> really<00:08:10.800> this<00:08:10.960> is<00:08:11.039> a

more affordable i think really this is a

more affordable i think really this is a global<00:08:11.440> problem<00:08:11.840> the<00:08:12.000> problem<00:08:12.240> of<00:08:12.400> housing

global problem the problem of housing

global problem the problem of housing is<00:08:12.879> a<00:08:12.960> global<00:08:13.280> problem<00:08:13.599> you<00:08:13.680> can<00:08:13.759> see

is a global problem you can see

is a global problem you can see unaffordable<00:08:14.560> housing<00:08:15.440> any<00:08:15.919> major<00:08:16.160> country

unaffordable housing any major country

unaffordable housing any major country you<00:08:16.560> go<00:08:16.720> to<00:08:16.879> in<00:08:16.960> the<00:08:17.039> world<00:08:17.360> all<00:08:17.520> the<00:08:17.680> major

you go to in the world all the major

you go to in the world all the major cities<00:08:18.240> is<00:08:18.400> happening

cities is happening

cities is happening so<00:08:19.120> it's<00:08:19.280> not<00:08:19.440> really<00:08:19.680> a<00:08:19.759> london<00:08:20.000> specific

so it's not really a london specific

so it's not really a london specific problem<00:08:20.879> it's<00:08:21.039> an<00:08:21.199> international<00:08:21.759> problem

problem it's an international problem

problem it's an international problem and<00:08:22.160> that's<00:08:22.400> because<00:08:22.800> international<00:08:23.360> wealth

and that's because international wealth

and that's because international wealth international

international

international capital<00:08:25.280> can<00:08:25.520> cross<00:08:25.759> borders<00:08:26.080> freely<00:08:26.800> these

capital can cross borders freely these

capital can cross borders freely these super<00:08:27.360> rich<00:08:27.599> they<00:08:27.759> can<00:08:27.840> buy<00:08:28.000> houses<00:08:28.400> all<00:08:28.560> over

super rich they can buy houses all over

super rich they can buy houses all over the<00:08:28.800> world

the world

the world and<00:08:29.919> if<00:08:30.160> we<00:08:30.319> build<00:08:30.560> more<00:08:30.879> they'll<00:08:31.120> buy<00:08:31.360> them<00:08:31.919> so

and if we build more they'll buy them so

and if we build more they'll buy them so really<00:08:32.880> if<00:08:33.039> you<00:08:33.200> compare<00:08:33.599> internationally

really if you compare internationally

really if you compare internationally but<00:08:35.279> places<00:08:35.599> where<00:08:35.760> housing<00:08:36.159> is<00:08:36.320> affordable

but places where housing is affordable

but places where housing is affordable and<00:08:36.880> the<00:08:36.959> housing<00:08:37.279> is<00:08:37.360> not<00:08:37.440> affordable

and the housing is not affordable

and the housing is not affordable it's<00:08:38.320> largely<00:08:38.640> down<00:08:38.800> to<00:08:38.880> how<00:08:39.039> i<00:08:39.120> equal<00:08:39.519> the

it's largely down to how i equal the

it's largely down to how i equal the places<00:08:40.080> if<00:08:40.240> you<00:08:40.320> go<00:08:40.479> look<00:08:40.640> at<00:08:40.959> moscow<00:08:41.599> or

places if you go look at moscow or

places if you go look at moscow or mumbai<00:08:43.039> or<00:08:43.440> hong<00:08:43.680> kong<00:08:44.000> housing<00:08:44.320> is<00:08:44.480> even<00:08:44.720> more

mumbai or hong kong housing is even more

mumbai or hong kong housing is even more unaffordable<00:08:45.519> than<00:08:45.680> what<00:08:45.839> it<00:08:46.000> is<00:08:46.080> here

unaffordable than what it is here

unaffordable than what it is here if<00:08:46.800> we<00:08:46.880> don't<00:08:47.040> do<00:08:47.200> anything<00:08:47.440> about<00:08:47.600> inequality

if we don't do anything about inequality

if we don't do anything about inequality i<00:08:48.399> think<00:08:48.560> we<00:08:48.640> will<00:08:48.800> move<00:08:48.959> to<00:08:49.120> a<00:08:49.200> future<00:08:49.519> like

i think we will move to a future like

i think we will move to a future like that

that

that the<00:08:50.240> housing<00:08:50.560> will<00:08:50.720> be<00:08:50.880> even<00:08:51.120> less<00:08:51.279> affordable

the housing will be even less affordable

the housing will be even less affordable and<00:08:51.920> that's<00:08:52.160> going<00:08:52.240> to<00:08:52.320> mean<00:08:52.880> ordinary

and that's going to mean ordinary

and that's going to mean ordinary children<00:08:53.839> from<00:08:54.080> ordinary<00:08:54.480> families

children from ordinary families

children from ordinary families won't<00:08:55.760> have<00:08:55.839> houses<00:08:56.160> to<00:08:56.320> raise<00:08:56.480> the<00:08:56.640> kitchen

won't have houses to raise the kitchen

won't have houses to raise the kitchen gary<00:08:57.760> thank<00:08:57.920> you<00:08:58.000> very<00:08:58.160> much<00:08:58.320> that's<00:08:58.560> gary

gary thank you very much that's gary

gary thank you very much that's gary stevenson<00:08:59.519> economist<00:09:00.160> former<00:09:00.640> city

stevenson economist former city

stevenson economist former city trader<00:09:02.320> and<00:09:02.560> he<00:09:02.880> signed<00:09:03.440> a<00:09:03.839> uh<00:09:04.240> a<00:09:04.560> document

trader and he signed a uh a document

trader and he signed a uh a document calling<00:09:06.000> for<00:09:06.320> a<00:09:06.560> some<00:09:06.800> kind<00:09:06.959> of<00:09:07.120> wealth<00:09:07.440> tax

calling for a some kind of wealth tax

calling for a some kind of wealth tax what<00:09:08.640> do<00:09:08.720> you<00:09:08.880> think<00:09:09.440> how<00:09:09.600> do<00:09:09.760> we<00:09:10.320> do<00:09:10.560> we<00:09:10.720> need

what do you think how do we do we need

what do you think how do we do we need to

to

to narrow<00:09:12.000> the<00:09:12.080> gap<00:09:12.399> between<00:09:12.800> rich<00:09:13.120> and<00:09:13.279> poor<00:09:13.519> do

narrow the gap between rich and poor do

narrow the gap between rich and poor do we<00:09:13.760> just<00:09:14.000> accept<00:09:14.320> it's<00:09:14.560> there

we just accept it's there

we just accept it's there and<00:09:15.760> what<00:09:15.920> do<00:09:16.080> we<00:09:16.240> tax<00:09:16.800> who<00:09:16.959> do<00:09:17.040> we<00:09:17.200> tax<00:09:18.320> to<00:09:18.480> get

and what do we tax who do we tax to get

and what do we tax who do we tax to get some<00:09:18.880> of<00:09:18.959> this<00:09:19.279> money<00:09:19.519> back<00:09:19.760> that's<00:09:20.000> been

some of this money back that's been

some of this money back that's been spent

spent

spent maybe<00:09:21.120> you<00:09:21.200> think<00:09:21.360> we<00:09:21.519> don't<00:09:21.680> need<00:09:23.800> to