41.<00:00:01.360> now<00:00:01.520> we've<00:00:01.680> been<00:00:01.760> talking<00:00:02.159> today<00:00:02.399> about

41. now we've been talking today about

41. now we've been talking today about the<00:00:02.800> government's<00:00:03.199> plans<00:00:03.600> to<00:00:03.840> level<00:00:04.160> up

the government's plans to level up

the government's plans to level up england<00:00:05.040> and<00:00:05.440> other<00:00:05.600> parts<00:00:05.920> of<00:00:06.000> the<00:00:06.080> united

england and other parts of the united

england and other parts of the united kingdom<00:00:07.120> this<00:00:07.359> is<00:00:07.759> mostly<00:00:08.160> about<00:00:08.639> handing

kingdom this is mostly about handing

kingdom this is mostly about handing power<00:00:09.360> and<00:00:09.519> money<00:00:09.840> down<00:00:10.080> from<00:00:10.240> whitehall<00:00:10.719> to

power and money down from whitehall to

power and money down from whitehall to towns<00:00:11.200> and<00:00:11.280> communities<00:00:12.160> around<00:00:12.960> the<00:00:13.360> country

towns and communities around the country

towns and communities around the country and<00:00:14.240> are<00:00:14.480> in<00:00:14.559> my<00:00:14.799> opinion<00:00:15.120> today<00:00:16.000> fits<00:00:16.320> in

and are in my opinion today fits in

and are in my opinion today fits in really<00:00:16.880> well<00:00:17.119> with<00:00:17.279> the<00:00:17.440> question<00:00:17.840> of<00:00:17.920> how<00:00:18.080> to

really well with the question of how to

really well with the question of how to tackle<00:00:18.720> inequalities<00:00:19.520> let<00:00:19.680> me<00:00:19.760> introduce<00:00:20.160> you

tackle inequalities let me introduce you

tackle inequalities let me introduce you to<00:00:20.320> gary<00:00:20.640> stevenson<00:00:21.760> a<00:00:22.080> trader<00:00:22.560> economist<00:00:23.359> and

to gary stevenson a trader economist and

to gary stevenson a trader economist and a<00:00:23.760> self-made<00:00:24.240> millionaire<00:00:24.960> hello<00:00:25.279> gary<00:00:25.599> how

a self-made millionaire hello gary how

a self-made millionaire hello gary how are<00:00:25.840> you

are you

are you hi<00:00:27.199> i'm<00:00:27.279> okay<00:00:27.519> thanks<00:00:28.080> you're<00:00:28.240> someone<00:00:28.560> who

hi i'm okay thanks you're someone who

hi i'm okay thanks you're someone who grew<00:00:29.439> up<00:00:29.599> i<00:00:29.760> think<00:00:30.000> in<00:00:30.160> the<00:00:30.240> southeast<00:00:30.800> right

grew up i think in the southeast right

grew up i think in the southeast right so<00:00:31.679> are<00:00:31.760> you<00:00:31.920> an<00:00:32.079> essex<00:00:32.399> boy<00:00:32.640> is<00:00:32.800> that<00:00:32.960> right

so are you an essex boy is that right

so are you an essex boy is that right uh<00:00:34.160> i'm<00:00:34.320> from<00:00:34.480> illford<00:00:35.120> which<00:00:35.440> uh<00:00:36.160> soldier<00:00:36.480> for

uh i'm from illford which uh soldier for

uh i'm from illford which uh soldier for some<00:00:36.800> debate

some debate

some debate [Laughter]

[Laughter]

[Laughter] right<00:00:40.000> so<00:00:40.160> how<00:00:40.480> are<00:00:40.640> you<00:00:40.800> aware<00:00:41.200> of<00:00:41.360> these

right so how are you aware of these

right so how are you aware of these level<00:00:42.079> of<00:00:42.239> these<00:00:42.480> um<00:00:42.800> sort<00:00:42.960> of<00:00:43.040> regional

level of these um sort of regional

level of these um sort of regional inequalities<00:00:44.239> and<00:00:44.320> the<00:00:44.399> leveling<00:00:44.800> up<00:00:45.039> issues

inequalities and the leveling up issues

inequalities and the leveling up issues that<00:00:45.520> are<00:00:45.680> around<00:00:46.000> and<00:00:46.079> we've<00:00:46.239> been<00:00:46.320> talking

that are around and we've been talking

that are around and we've been talking about

about

about well<00:00:48.399> i<00:00:48.480> mean<00:00:48.879> i've<00:00:49.120> been<00:00:49.200> i'm<00:00:49.360> an<00:00:49.440> inequality

well i mean i've been i'm an inequality

well i mean i've been i'm an inequality economist<00:00:50.399> i<00:00:50.480> mean<00:00:50.800> my<00:00:50.960> background<00:00:51.360> is<00:00:51.520> i

economist i mean my background is i

economist i mean my background is i worked<00:00:51.840> in<00:00:51.920> the<00:00:52.000> city<00:00:52.239> in<00:00:52.320> 2008<00:00:53.440> and<00:00:53.680> um

worked in the city in 2008 and um

worked in the city in 2008 and um i<00:00:54.960> saw<00:00:55.199> a<00:00:55.280> crisis<00:00:55.680> where<00:00:55.840> the<00:00:55.920> rich<00:00:56.239> got

i saw a crisis where the rich got

i saw a crisis where the rich got enormously<00:00:57.039> richer<00:00:57.360> and<00:00:57.520> ordinary<00:00:57.920> people

enormously richer and ordinary people

enormously richer and ordinary people did<00:00:58.239> pretty<00:00:58.480> badly<00:00:58.960> and<00:00:59.199> um<00:00:59.520> i<00:00:59.760> made<00:01:00.000> my<00:01:00.079> money

did pretty badly and um i made my money

did pretty badly and um i made my money by<00:01:00.480> betting<00:01:00.800> on<00:01:00.879> the<00:01:00.960> fact<00:01:01.199> that<00:01:01.520> because<00:01:02.079> we

by betting on the fact that because we

by betting on the fact that because we wouldn't<00:01:02.399> do<00:01:02.559> anything<00:01:02.800> about<00:01:02.960> inequality

wouldn't do anything about inequality

wouldn't do anything about inequality ordinary<00:01:04.479> people<00:01:04.720> would<00:01:04.799> struggle<00:01:05.119> and<00:01:05.280> the

ordinary people would struggle and the

ordinary people would struggle and the economy<00:01:05.760> would<00:01:05.920> be<00:01:06.159> very<00:01:06.320> weak<00:01:06.479> for<00:01:06.640> a<00:01:06.640> long

economy would be very weak for a long

economy would be very weak for a long time<00:01:07.119> so<00:01:07.520> you<00:01:07.600> know<00:01:07.920> i<00:01:08.080> know<00:01:08.320> that<00:01:08.479> if<00:01:08.560> we<00:01:08.640> don't

time so you know i know that if we don't

time so you know i know that if we don't deal<00:01:09.439> with<00:01:09.680> inequality<00:01:10.320> which<00:01:10.560> again<00:01:10.799> is

deal with inequality which again is

deal with inequality which again is exploding<00:01:11.439> now<00:01:12.000> we'll<00:01:12.159> have<00:01:12.320> a<00:01:12.400> very<00:01:12.560> weak

exploding now we'll have a very weak

exploding now we'll have a very weak economy<00:01:13.520> for<00:01:13.600> a<00:01:13.680> long<00:01:13.840> long<00:01:13.920> time<00:01:14.159> so<00:01:14.320> putting

economy for a long long time so putting

economy for a long long time so putting it<00:01:14.640> very<00:01:14.880> simply<00:01:15.200> you<00:01:15.360> made<00:01:15.680> a<00:01:15.759> lot<00:01:16.000> of<00:01:16.159> money

it very simply you made a lot of money

it very simply you made a lot of money betting<00:01:16.880> on<00:01:17.040> the<00:01:17.119> fact<00:01:17.439> that<00:01:18.080> our<00:01:18.240> economy

betting on the fact that our economy

betting on the fact that our economy would<00:01:18.960> stay<00:01:19.280> unequal<00:01:19.840> and<00:01:20.080> the<00:01:20.240> wealthy<00:01:20.640> would

would stay unequal and the wealthy would

would stay unequal and the wealthy would get<00:01:20.960> wealthier

get wealthier

get wealthier not<00:01:22.479> just<00:01:22.720> unequal<00:01:23.119> but<00:01:23.280> that<00:01:23.439> our<00:01:23.600> economy

not just unequal but that our economy

not just unequal but that our economy would<00:01:24.320> would<00:01:24.560> be<00:01:24.799> very<00:01:25.119> very<00:01:25.360> weak<00:01:25.680> for<00:01:25.840> a<00:01:25.920> long

would would be very very weak for a long

would would be very very weak for a long time<00:01:26.400> because<00:01:26.640> if<00:01:26.799> the<00:01:26.880> money<00:01:27.119> sits<00:01:27.280> in<00:01:27.360> the

time because if the money sits in the

time because if the money sits in the pocket<00:01:27.759> of<00:01:27.920> millionaires<00:01:28.400> and<00:01:28.479> billionaires

pocket of millionaires and billionaires

pocket of millionaires and billionaires while<00:01:29.520> ordinary<00:01:29.840> people<00:01:30.079> get<00:01:30.240> poorer

while ordinary people get poorer

while ordinary people get poorer then<00:01:31.600> you<00:01:31.759> will<00:01:31.840> not<00:01:32.000> have<00:01:32.159> an<00:01:32.240> economic

then you will not have an economic

then you will not have an economic stimulus<00:01:32.960> you're<00:01:33.040> not<00:01:33.200> an<00:01:33.280> economic<00:01:33.600> boom<00:01:33.840> all

stimulus you're not an economic boom all

stimulus you're not an economic boom all you<00:01:34.079> will<00:01:34.240> see<00:01:34.560> is<00:01:35.040> stock<00:01:35.280> prices<00:01:35.600> and<00:01:35.680> house

you will see is stock prices and house

you will see is stock prices and house prices<00:01:36.720> go<00:01:36.880> through<00:01:37.040> the<00:01:37.119> roof<00:01:37.439> which<00:01:37.600> is

prices go through the roof which is

prices go through the roof which is exactly<00:01:38.159> what<00:01:38.240> we've<00:01:38.400> seen<00:01:38.960> so<00:01:39.360> you<00:01:39.600> were

exactly what we've seen so you were

exactly what we've seen so you were there<00:01:40.240> working<00:01:40.560> in<00:01:40.640> the<00:01:40.720> city<00:01:41.040> 2008

there working in the city 2008

there working in the city 2008 fast<00:01:42.720> forward<00:01:43.040> to<00:01:43.200> now<00:01:43.600> 2022<00:01:44.799> what<00:01:44.960> are<00:01:45.040> you

fast forward to now 2022 what are you

fast forward to now 2022 what are you seeing<00:01:45.360> what<00:01:45.600> parallels<00:01:46.159> are<00:01:46.240> you<00:01:46.399> seeing

seeing what parallels are you seeing

seeing what parallels are you seeing with<00:01:46.799> the<00:01:46.880> way<00:01:47.119> that<00:01:47.280> the<00:01:47.360> economy<00:01:47.759> has<00:01:47.920> been

with the way that the economy has been

with the way that the economy has been managed<00:01:48.399> through<00:01:48.560> the<00:01:48.720> pandemic

managed through the pandemic

managed through the pandemic the<00:01:50.159> parallels<00:01:50.640> are<00:01:50.720> unbelievable<00:01:51.280> i<00:01:51.439> mean

the parallels are unbelievable i mean

the parallels are unbelievable i mean it's<00:01:51.920> like<00:01:52.079> deja<00:01:52.399> vu<00:01:52.560> all<00:01:52.720> over<00:01:52.880> again<00:01:53.200> and

it's like deja vu all over again and

it's like deja vu all over again and it's<00:01:53.439> a<00:01:53.520> nightmare<00:01:53.840> to<00:01:54.000> be<00:01:54.079> honest<00:01:54.399> so<00:01:54.799> you

it's a nightmare to be honest so you

it's a nightmare to be honest so you know<00:01:55.280> the<00:01:55.439> kovitz<00:01:55.840> crisis<00:01:56.799> was<00:01:57.040> a<00:01:57.119> disaster

know the kovitz crisis was a disaster

know the kovitz crisis was a disaster for<00:01:57.600> ordinary<00:01:58.000> people<00:01:58.479> but<00:01:58.719> it<00:01:58.799> saw<00:01:58.960> the

for ordinary people but it saw the

for ordinary people but it saw the biggest<00:01:59.759> ever<00:02:00.240> increase<00:02:00.799> in<00:02:00.960> billionaire

biggest ever increase in billionaire

biggest ever increase in billionaire wealth<00:02:01.840> in<00:02:02.000> the<00:02:02.079> history<00:02:02.320> of<00:02:02.479> this<00:02:02.560> country

wealth in the history of this country

wealth in the history of this country can<00:02:02.960> you<00:02:03.119> explain<00:02:03.520> how<00:02:03.680> that<00:02:04.000> happened<00:02:04.560> i<00:02:04.799> i

can you explain how that happened i i

can you explain how that happened i i think<00:02:05.040> a<00:02:05.119> lot<00:02:05.280> of<00:02:05.360> people<00:02:05.600> have<00:02:05.759> heard<00:02:06.000> that

think a lot of people have heard that

think a lot of people have heard that but<00:02:06.320> don't<00:02:06.560> quite<00:02:06.960> understand<00:02:07.600> it<00:02:08.160> well

but don't quite understand it well

but don't quite understand it well basically<00:02:09.119> you<00:02:09.200> know<00:02:09.360> the<00:02:09.440> economy<00:02:09.759> went<00:02:10.000> on

basically you know the economy went on

basically you know the economy went on freeze<00:02:10.959> but<00:02:11.120> the<00:02:11.200> problem<00:02:11.599> is<00:02:11.920> under<00:02:12.239> a<00:02:12.319> normal

freeze but the problem is under a normal

freeze but the problem is under a normal economy<00:02:13.520> very<00:02:13.760> rich<00:02:14.000> people<00:02:14.400> make<00:02:14.640> an

economy very rich people make an

economy very rich people make an enormous<00:02:15.120> amount<00:02:15.360> of<00:02:15.440> income<00:02:15.920> from<00:02:16.080> their

enormous amount of income from their

enormous amount of income from their wealth<00:02:16.800> but<00:02:16.959> that<00:02:17.200> comes<00:02:17.520> from<00:02:18.080> ordinary

wealth but that comes from ordinary

wealth but that comes from ordinary workers<00:02:19.280> but<00:02:19.440> if<00:02:19.599> ordinary<00:02:19.920> workers<00:02:20.239> can't

workers but if ordinary workers can't

workers but if ordinary workers can't work<00:02:20.720> then<00:02:20.959> they<00:02:21.120> can't<00:02:21.440> pay<00:02:21.599> any<00:02:21.840> money<00:02:22.160> to

work then they can't pay any money to

work then they can't pay any money to the<00:02:22.400> rich<00:02:22.879> because<00:02:23.120> the<00:02:23.200> rich<00:02:23.440> aren't

the rich because the rich aren't

the rich because the rich aren't spending<00:02:24.080> any<00:02:24.239> money

spending any money

spending any money so<00:02:25.360> when<00:02:25.520> the<00:02:25.599> government<00:02:26.000> pumped<00:02:26.239> loads<00:02:26.480> of

so when the government pumped loads of

so when the government pumped loads of money<00:02:26.879> into<00:02:27.120> the<00:02:27.200> economy

money into the economy

money into the economy the<00:02:28.560> rich<00:02:28.800> were<00:02:28.959> still<00:02:29.120> making<00:02:29.599> their<00:02:29.840> income

the rich were still making their income

the rich were still making their income but<00:02:30.319> they<00:02:30.400> weren't<00:02:30.560> spending<00:02:30.879> any<00:02:31.040> money<00:02:31.280> and

but they weren't spending any money and

but they weren't spending any money and they<00:02:31.599> accumulated<00:02:32.239> an<00:02:32.319> enormous<00:02:32.720> amount<00:02:32.959> the

they accumulated an enormous amount the

they accumulated an enormous amount the average<00:02:33.280> billionaire<00:02:33.680> accumulated<00:02:34.400> 700

average billionaire accumulated 700

average billionaire accumulated 700 million<00:02:35.599> pounds<00:02:36.160> university<00:02:36.640> of<00:02:36.720> kobet

million pounds university of kobet

million pounds university of kobet i<00:02:38.000> mean<00:02:38.239> those<00:02:38.480> kinds<00:02:38.800> of<00:02:39.120> figures<00:02:39.519> are

i mean those kinds of figures are

i mean those kinds of figures are eye-watering<00:02:40.720> and<00:02:40.879> way<00:02:41.040> bigger<00:02:41.280> than<00:02:41.519> any<00:02:41.680> of

eye-watering and way bigger than any of

eye-watering and way bigger than any of the<00:02:41.840> money<00:02:42.080> that<00:02:42.160> we're<00:02:42.319> talking<00:02:42.640> about<00:02:42.879> being

the money that we're talking about being

the money that we're talking about being invested<00:02:43.440> in<00:02:43.519> various<00:02:43.920> different<00:02:44.160> leveling

invested in various different leveling

invested in various different leveling up<00:02:44.800> projects<00:02:45.680> right<00:02:45.920> what<00:02:46.080> is<00:02:46.239> the<00:02:46.400> answer<00:02:46.640> to

up projects right what is the answer to

up projects right what is the answer to all<00:02:46.959> of<00:02:47.040> this<00:02:47.280> you've<00:02:47.440> got<00:02:47.599> a<00:02:47.680> plan

all of this you've got a plan

all of this you've got a plan yeah<00:02:49.040> it<00:02:49.280> has<00:02:49.440> to<00:02:49.599> be<00:02:49.599> a<00:02:49.680> wealth<00:02:50.000> tax<00:02:50.319> you<00:02:50.400> know

yeah it has to be a wealth tax you know

yeah it has to be a wealth tax you know at<00:02:50.560> the<00:02:50.640> moment<00:02:50.959> we<00:02:51.040> have<00:02:51.200> a<00:02:51.280> tax<00:02:51.519> system<00:02:52.080> which

at the moment we have a tax system which

at the moment we have a tax system which is<00:02:52.480> very<00:02:52.800> very<00:02:53.040> effective<00:02:53.440> at<00:02:53.519> taxing

is very very effective at taxing

is very very effective at taxing ordinary<00:02:54.720> working<00:02:55.040> people<00:02:55.280> you<00:02:55.360> know<00:02:55.440> i'm

ordinary working people you know i'm

ordinary working people you know i'm sure<00:02:55.760> you<00:02:56.000> pay<00:02:56.160> your<00:02:56.319> fair<00:02:56.480> share<00:02:56.640> of<00:02:56.720> tax<00:02:57.040> when

sure you pay your fair share of tax when

sure you pay your fair share of tax when you<00:02:57.280> work<00:02:57.519> i<00:02:57.680> paid<00:02:57.920> mine<00:02:58.400> but<00:02:58.720> very<00:02:58.879> wealthy

you work i paid mine but very wealthy

you work i paid mine but very wealthy people<00:02:59.760> who<00:02:59.920> get<00:03:00.080> their<00:03:00.239> income<00:03:00.560> from<00:03:00.720> wealth

people who get their income from wealth

people who get their income from wealth rather<00:03:01.680> than<00:03:01.920> work<00:03:02.560> tend<00:03:02.720> to<00:03:02.879> pay<00:03:03.120> extremely

rather than work tend to pay extremely

rather than work tend to pay extremely low<00:03:03.920> rates<00:03:04.159> of<00:03:04.239> tax<00:03:04.480> because<00:03:04.720> they<00:03:04.800> don't<00:03:05.040> pay

low rates of tax because they don't pay

low rates of tax because they don't pay normal<00:03:05.519> income<00:03:05.760> tax<00:03:06.000> it's<00:03:06.159> capital<00:03:06.560> gains

normal income tax it's capital gains

normal income tax it's capital gains it's<00:03:07.120> trusts<00:03:07.680> they<00:03:07.760> have<00:03:07.920> lower<00:03:08.159> rates<00:03:08.480> of<00:03:08.560> tax

it's trusts they have lower rates of tax

it's trusts they have lower rates of tax and<00:03:08.959> they<00:03:09.120> can<00:03:09.280> be<00:03:09.360> more<00:03:09.519> easily<00:03:09.840> avoided<00:03:10.480> so

and they can be more easily avoided so

and they can be more easily avoided so currently<00:03:11.200> we<00:03:11.280> have<00:03:11.440> a<00:03:11.519> tax<00:03:11.760> system<00:03:12.000> where

currently we have a tax system where

currently we have a tax system where ordinary<00:03:12.560> people<00:03:12.800> pay<00:03:12.959> very<00:03:13.120> high<00:03:13.280> rates<00:03:13.519> of

ordinary people pay very high rates of

ordinary people pay very high rates of tax<00:03:13.920> i<00:03:14.080> paid<00:03:14.480> more<00:03:14.640> than<00:03:14.800> 50<00:03:15.360> on<00:03:15.519> everything<00:03:15.840> i

tax i paid more than 50 on everything i

tax i paid more than 50 on everything i made<00:03:16.480> but<00:03:16.640> wealthy<00:03:17.040> people<00:03:17.280> pay<00:03:17.440> almost

made but wealthy people pay almost

made but wealthy people pay almost nothing<00:03:18.400> if<00:03:18.640> you<00:03:18.879> have<00:03:19.120> this<00:03:19.280> system<00:03:19.920> it<00:03:20.080> is

nothing if you have this system it is

nothing if you have this system it is inevitable<00:03:20.800> that<00:03:20.879> wealth<00:03:21.200> will<00:03:21.360> flow<00:03:21.599> up<00:03:22.000> the

inevitable that wealth will flow up the

inevitable that wealth will flow up the rich<00:03:22.400> will<00:03:22.480> get<00:03:22.640> massively<00:03:23.040> richer<00:03:23.280> which

rich will get massively richer which

rich will get massively richer which they<00:03:23.599> are<00:03:23.760> doing<00:03:24.319> ordinary<00:03:24.799> families<00:03:25.120> will

they are doing ordinary families will

they are doing ordinary families will get<00:03:25.440> poorer<00:03:25.840> and<00:03:26.000> the<00:03:26.159> economy<00:03:26.480> will<00:03:26.640> be

get poorer and the economy will be

get poorer and the economy will be weaker<00:03:27.280> we<00:03:27.519> need<00:03:27.760> to<00:03:28.000> shift<00:03:28.319> taxes<00:03:28.640> to<00:03:28.799> wealth

weaker we need to shift taxes to wealth

weaker we need to shift taxes to wealth we<00:03:29.200> need<00:03:29.360> to<00:03:29.440> bring<00:03:29.599> in<00:03:29.680> a<00:03:29.760> wealth<00:03:30.000> tax<00:03:30.400> and<00:03:30.560> how

we need to bring in a wealth tax and how

we need to bring in a wealth tax and how would<00:03:30.879> that<00:03:31.040> wealth<00:03:31.360> tax<00:03:31.599> actually<00:03:32.000> work

would that wealth tax actually work

would that wealth tax actually work well<00:03:33.760> the<00:03:33.840> first<00:03:34.080> thing<00:03:34.239> to<00:03:34.319> do<00:03:34.480> is<00:03:34.560> to<00:03:34.640> make

well the first thing to do is to make

well the first thing to do is to make clear<00:03:35.040> the<00:03:35.120> difference<00:03:35.360> between<00:03:35.680> wealth<00:03:35.840> and

clear the difference between wealth and

clear the difference between wealth and income<00:03:36.319> right<00:03:36.560> i<00:03:36.720> come<00:03:36.879> from<00:03:36.959> an<00:03:37.120> ordinary

income right i come from an ordinary

income right i come from an ordinary family<00:03:37.840> i<00:03:37.920> know<00:03:38.080> that<00:03:38.239> for<00:03:38.400> most<00:03:38.640> ordinary

family i know that for most ordinary

family i know that for most ordinary families<00:03:39.760> money<00:03:40.080> is<00:03:40.239> about<00:03:40.400> your<00:03:40.640> job<00:03:40.879> money

families money is about your job money

families money is about your job money is<00:03:41.200> about<00:03:41.519> income<00:03:42.000> that's<00:03:42.239> not<00:03:42.400> how<00:03:42.640> very

is about income that's not how very

is about income that's not how very wealthy<00:03:43.120> families<00:03:43.519> work<00:03:43.840> okay<00:03:44.239> they<00:03:44.480> own

wealthy families work okay they own

wealthy families work okay they own enormous<00:03:45.200> amounts<00:03:45.440> of<00:03:45.599> assets<00:03:46.239> that's

enormous amounts of assets that's

enormous amounts of assets that's companies<00:03:47.200> buildings<00:03:47.760> lands<00:03:48.239> property

companies buildings lands property

companies buildings lands property and<00:03:49.519> they<00:03:49.680> get<00:03:49.840> their<00:03:50.080> income<00:03:50.799> from<00:03:51.040> that

and they get their income from that

and they get their income from that wealth<00:03:51.519> okay<00:03:51.760> so<00:03:51.920> it's<00:03:52.080> about<00:03:52.319> the<00:03:52.480> amount<00:03:52.799> of

wealth okay so it's about the amount of

wealth okay so it's about the amount of wealth<00:03:53.200> that<00:03:53.360> you<00:03:53.519> own<00:03:53.920> ordinary<00:03:54.400> people

wealth that you own ordinary people

wealth that you own ordinary people probably<00:03:54.879> just<00:03:55.120> own<00:03:55.360> a<00:03:55.439> house<00:03:55.680> if<00:03:55.760> they're

probably just own a house if they're

probably just own a house if they're lucky<00:03:56.480> but<00:03:56.640> wealthy<00:03:56.959> people<00:03:57.280> own<00:03:57.680> hundreds<00:03:58.080> of

lucky but wealthy people own hundreds of

lucky but wealthy people own hundreds of millions<00:03:58.640> of<00:03:58.720> pounds<00:03:58.959> worth<00:03:59.200> of<00:03:59.360> assets<00:03:59.920> it's

millions of pounds worth of assets it's

millions of pounds worth of assets it's about<00:04:00.319> looking<00:04:00.560> at<00:04:00.640> the<00:04:00.799> wealth<00:04:01.040> that<00:04:01.200> you<00:04:01.360> own

about looking at the wealth that you own

about looking at the wealth that you own and<00:04:02.239> saying<00:04:02.480> you<00:04:02.640> need<00:04:02.799> to<00:04:02.879> pay<00:04:03.040> a<00:04:03.120> percentage

and saying you need to pay a percentage

and saying you need to pay a percentage of<00:04:03.599> that<00:04:03.760> back<00:04:04.239> because<00:04:04.480> it's<00:04:04.560> important<00:04:04.879> to

of that back because it's important to

of that back because it's important to realize<00:04:05.280> that<00:04:05.439> these<00:04:05.680> guys<00:04:06.000> make<00:04:06.640> money<00:04:07.040> from

realize that these guys make money from

realize that these guys make money from their<00:04:07.439> wealth<00:04:07.760> and<00:04:07.840> that<00:04:07.920> money<00:04:08.159> comes<00:04:08.400> from

their wealth and that money comes from

their wealth and that money comes from us<00:04:08.879> but<00:04:09.040> at<00:04:09.120> the<00:04:09.200> moment<00:04:09.680> they're<00:04:09.840> not<00:04:10.000> paying

us but at the moment they're not paying

us but at the moment they're not paying anything<00:04:10.480> back<00:04:10.640> so<00:04:10.799> it's<00:04:10.959> about<00:04:11.439> not<00:04:11.599> looking

anything back so it's about not looking

anything back so it's about not looking just<00:04:12.080> at<00:04:12.239> work<00:04:12.480> at<00:04:12.640> income<00:04:12.959> by<00:04:13.200> looking<00:04:13.439> at

just at work at income by looking at

just at work at income by looking at these<00:04:13.760> families<00:04:14.239> small<00:04:14.560> amount<00:04:14.799> of<00:04:14.879> families

these families small amount of families

these families small amount of families have<00:04:15.439> accumulated<00:04:16.160> huge<00:04:16.479> amounts<00:04:16.720> of<00:04:16.880> wealth

have accumulated huge amounts of wealth

have accumulated huge amounts of wealth and<00:04:17.199> saying<00:04:17.440> look<00:04:17.759> we<00:04:17.919> can't<00:04:18.160> let<00:04:18.320> you

and saying look we can't let you

and saying look we can't let you continue<00:04:18.880> sucking<00:04:19.199> wealth<00:04:19.440> out<00:04:19.600> of<00:04:19.600> society

continue sucking wealth out of society

continue sucking wealth out of society you<00:04:20.560> have<00:04:20.639> to<00:04:20.720> start<00:04:20.959> paying<00:04:21.199> tax<00:04:21.519> not<00:04:21.680> just<00:04:21.919> on

you have to start paying tax not just on

you have to start paying tax not just on your<00:04:22.160> income<00:04:22.479> which<00:04:22.639> often<00:04:22.880> they<00:04:22.960> don't<00:04:23.120> pay

your income which often they don't pay

your income which often they don't pay but<00:04:23.759> on<00:04:23.919> the<00:04:24.160> wealth<00:04:24.479> that<00:04:24.639> you<00:04:24.800> own<00:04:25.040> as<00:04:25.120> well

but on the wealth that you own as well

but on the wealth that you own as well but<00:04:25.520> this<00:04:25.759> could<00:04:26.000> draw<00:04:26.320> in<00:04:26.720> potentially<00:04:27.600> more

but this could draw in potentially more

but this could draw in potentially more you<00:04:28.479> know

you know

you know ordinary<00:04:29.919> people<00:04:30.160> for<00:04:30.320> one<00:04:30.479> of<00:04:30.639> a<00:04:30.720> better<00:04:30.960> term

ordinary people for one of a better term

ordinary people for one of a better term who<00:04:31.759> happen<00:04:32.080> to<00:04:32.240> have<00:04:32.320> sat<00:04:32.560> in<00:04:32.639> a<00:04:32.720> house<00:04:33.360> over

who happen to have sat in a house over

who happen to have sat in a house over three<00:04:34.400> or<00:04:34.560> four<00:04:34.800> decades<00:04:35.520> that's<00:04:35.840> massively

three or four decades that's massively

three or four decades that's massively increased<00:04:36.960> in<00:04:37.120> value<00:04:37.600> if<00:04:37.680> you're<00:04:37.840> talking

increased in value if you're talking

increased in value if you're talking about<00:04:38.560> a<00:04:38.639> wealth<00:04:38.960> tax<00:04:39.360> on<00:04:39.520> assets<00:04:39.840> of<00:04:39.919> a

about a wealth tax on assets of a

about a wealth tax on assets of a million<00:04:40.479> pounds

million pounds

million pounds yeah<00:04:42.320> i<00:04:42.400> mean<00:04:42.720> the<00:04:42.880> first<00:04:43.040> thing<00:04:43.199> to<00:04:43.360> say<00:04:43.520> is

yeah i mean the first thing to say is

yeah i mean the first thing to say is you<00:04:43.680> know<00:04:43.919> the<00:04:44.000> most<00:04:44.240> important<00:04:44.479> thing<00:04:44.639> is

you know the most important thing is

you know the most important thing is that<00:04:44.800> the<00:04:44.880> super<00:04:45.120> super<00:04:45.360> rich<00:04:45.680> get<00:04:45.840> taxed

that the super super rich get taxed

that the super super rich get taxed that's<00:04:46.320> the<00:04:46.400> most<00:04:46.639> important<00:04:46.960> thing<00:04:47.280> but<00:04:47.440> you

that's the most important thing but you

that's the most important thing but you know<00:04:47.600> i<00:04:47.680> got<00:04:47.840> called<00:04:48.080> up<00:04:48.160> for<00:04:48.240> this<00:04:48.320> program

know i got called up for this program

know i got called up for this program and<00:04:48.720> they<00:04:48.880> said<00:04:49.040> you<00:04:49.120> know<00:04:49.199> what<00:04:49.280> kind<00:04:49.440> of

and they said you know what kind of

and they said you know what kind of level<00:04:49.680> would<00:04:49.840> you<00:04:49.919> be<00:04:50.000> comfortable<00:04:50.400> with<00:04:50.639> and

level would you be comfortable with and

level would you be comfortable with and look<00:04:50.880> the<00:04:51.040> truth<00:04:51.280> is<00:04:51.360> you<00:04:51.440> know<00:04:51.600> i've<00:04:51.680> been

look the truth is you know i've been

look the truth is you know i've been very<00:04:52.080> open<00:04:52.240> about<00:04:52.479> it<00:04:52.800> i'm<00:04:52.960> a<00:04:53.040> millionaire<00:04:53.840> but

very open about it i'm a millionaire but

very open about it i'm a millionaire but i'm<00:04:54.160> not<00:04:54.400> super<00:04:54.639> rich<00:04:54.880> you<00:04:54.960> know<00:04:55.120> i'm<00:04:55.199> not

i'm not super rich you know i'm not

i'm not super rich you know i'm not rishi<00:04:55.680> sonak<00:04:56.000> who<00:04:56.080> has<00:04:56.160> an<00:04:56.320> estimated<00:04:56.639> worth

rishi sonak who has an estimated worth

rishi sonak who has an estimated worth of<00:04:56.880> 200<00:04:57.199> million<00:04:57.440> pounds<00:04:58.160> and<00:04:58.240> if<00:04:58.400> i<00:04:58.560> say<00:04:58.720> look

of 200 million pounds and if i say look

of 200 million pounds and if i say look let's<00:04:59.120> come<00:04:59.280> in<00:04:59.440> and<00:04:59.600> start<00:04:59.759> a<00:04:59.840> tax<00:05:00.160> at<00:05:00.479> 10

let's come in and start a tax at 10

let's come in and start a tax at 10 million<00:05:00.960> pounds<00:05:01.600> well<00:05:01.759> that's<00:05:02.000> not<00:05:02.080> going<00:05:02.240> to

million pounds well that's not going to

million pounds well that's not going to affect<00:05:02.639> me<00:05:03.120> but<00:05:03.759> what<00:05:03.919> i'm<00:05:04.160> saying<00:05:04.479> is<00:05:04.720> i'm

affect me but what i'm saying is i'm

affect me but what i'm saying is i'm willing<00:05:05.120> to<00:05:05.280> contribute<00:05:06.000> i'm<00:05:06.240> willing<00:05:06.479> to

willing to contribute i'm willing to

willing to contribute i'm willing to contribute<00:05:06.960> i'm<00:05:07.120> willing<00:05:07.280> to<00:05:07.360> pay<00:05:07.520> more<00:05:07.680> and<00:05:07.759> i

contribute i'm willing to pay more and i

contribute i'm willing to pay more and i think<00:05:07.919> the<00:05:08.000> wealthy<00:05:08.320> people<00:05:08.479> of<00:05:08.560> this<00:05:08.720> country

think the wealthy people of this country

think the wealthy people of this country would<00:05:09.440> be<00:05:09.600> willing<00:05:09.759> to<00:05:09.919> pay<00:05:10.160> more<00:05:10.400> if<00:05:10.560> it<00:05:10.639> was

would be willing to pay more if it was

would be willing to pay more if it was going<00:05:10.880> to<00:05:11.039> improve<00:05:11.360> the<00:05:11.520> economy<00:05:11.840> of<00:05:11.919> this

going to improve the economy of this

going to improve the economy of this country<00:05:12.400> but<00:05:12.560> the<00:05:12.720> most<00:05:12.960> important<00:05:13.280> thing<00:05:13.520> is

country but the most important thing is

country but the most important thing is if<00:05:14.160> people<00:05:14.400> like<00:05:14.639> me<00:05:14.880> are<00:05:14.960> going<00:05:15.120> to<00:05:15.199> pay

if people like me are going to pay

if people like me are going to pay people<00:05:16.000> who<00:05:16.240> are<00:05:16.479> millionaires<00:05:17.039> but<00:05:17.199> not

people who are millionaires but not

people who are millionaires but not super<00:05:17.680> rich<00:05:18.320> then<00:05:18.479> they're<00:05:18.639> super<00:05:18.960> super<00:05:19.199> rich

super rich then they're super super rich

super rich then they're super super rich like<00:05:19.600> richie<00:05:19.840> sonic<00:05:20.160> and<00:05:20.240> jacob<00:05:20.479> rees-mogg

like richie sonic and jacob rees-mogg

like richie sonic and jacob rees-mogg have<00:05:21.199> to<00:05:21.360> pay<00:05:21.600> too<00:05:22.240> and<00:05:22.400> it's<00:05:22.560> about<00:05:22.800> fixing

have to pay too and it's about fixing

have to pay too and it's about fixing the<00:05:23.360> economy<00:05:23.680> of<00:05:23.759> this<00:05:23.919> country<00:05:24.240> how<00:05:24.400> do<00:05:24.400> you

the economy of this country how do you

the economy of this country how do you pay<00:05:24.720> a<00:05:24.800> tax<00:05:25.280> on<00:05:25.520> a<00:05:25.600> house<00:05:26.000> if<00:05:26.080> you're<00:05:26.240> not

pay a tax on a house if you're not

pay a tax on a house if you're not selling<00:05:26.720> it

selling it

selling it well<00:05:28.479> i<00:05:28.560> mean<00:05:29.039> there<00:05:29.199> are<00:05:29.360> many<00:05:29.520> ways<00:05:29.759> you<00:05:29.840> can

well i mean there are many ways you can

well i mean there are many ways you can do<00:05:30.080> it<00:05:30.240> you<00:05:30.320> know<00:05:30.479> you<00:05:30.639> can<00:05:31.039> you<00:05:31.199> can<00:05:31.280> take

do it you know you can you can take

do it you know you can you can take loans<00:05:31.840> out<00:05:32.000> on<00:05:32.160> that<00:05:32.320> house<00:05:32.560> if<00:05:32.639> you<00:05:32.800> if<00:05:32.960> your

loans out on that house if you if your

loans out on that house if you if your wealth<00:05:33.360> is<00:05:33.440> into<00:05:33.759> 10<00:05:34.000> hundreds<00:05:34.240> of<00:05:34.320> millions

wealth is into 10 hundreds of millions

wealth is into 10 hundreds of millions of<00:05:34.720> pounds<00:05:35.520> you<00:05:35.680> should<00:05:35.919> be<00:05:36.080> able<00:05:36.240> to<00:05:36.800> easily

of pounds you should be able to easily

of pounds you should be able to easily raise<00:05:37.440> cash<00:05:37.759> but<00:05:38.320> there's<00:05:38.479> a<00:05:38.560> few<00:05:38.720> economists

raise cash but there's a few economists

raise cash but there's a few economists who<00:05:39.280> have<00:05:39.360> looked<00:05:39.520> at<00:05:39.600> this<00:05:39.759> there's<00:05:40.000> aaron

who have looked at this there's aaron

who have looked at this there's aaron advani<00:05:40.560> there's<00:05:40.720> gabriel<00:05:41.120> zuckerman

advani there's gabriel zuckerman

advani there's gabriel zuckerman basically<00:05:42.080> you<00:05:42.160> know<00:05:42.479> they<00:05:42.639> say<00:05:42.800> the

basically you know they say the

basically you know they say the government<00:05:43.280> can<00:05:43.680> take<00:05:43.919> a<00:05:44.000> small<00:05:44.320> percentage

government can take a small percentage

government can take a small percentage ownership<00:05:45.120> share<00:05:45.440> you<00:05:45.520> know<00:05:45.600> if<00:05:45.680> we're

ownership share you know if we're

ownership share you know if we're talking<00:05:46.080> about<00:05:46.320> people<00:05:46.479> with<00:05:46.560> wealth<00:05:46.880> of<00:05:47.440> 10

talking about people with wealth of 10

talking about people with wealth of 10 20<00:05:48.240> even<00:05:48.400> 100<00:05:48.720> million<00:05:49.039> pounds<00:05:49.680> they<00:05:49.840> can

20 even 100 million pounds they can

20 even 100 million pounds they can afford<00:05:50.320> to<00:05:50.400> pay<00:05:50.639> some<00:05:50.800> percentage<00:05:51.120> of<00:05:51.280> that

afford to pay some percentage of that

afford to pay some percentage of that back<00:05:51.680> and<00:05:51.840> there's<00:05:52.000> various<00:05:52.240> ways<00:05:52.479> of<00:05:52.639> doing

back and there's various ways of doing

back and there's various ways of doing it<00:05:52.880> they<00:05:52.960> can<00:05:53.039> borrow<00:05:53.280> against<00:05:53.600> it<00:05:53.759> or<00:05:53.840> the

it they can borrow against it or the

it they can borrow against it or the government<00:05:54.160> can<00:05:54.320> take<00:05:54.560> small<00:05:54.800> shares<00:05:55.039> of

government can take small shares of

government can take small shares of ownership<00:05:55.759> you<00:05:55.919> know<00:05:56.080> better<00:05:56.319> than<00:05:56.479> me<00:05:57.120> right

ownership you know better than me right

ownership you know better than me right the<00:05:57.680> laffer<00:05:58.080> curve<00:05:58.720> which<00:05:59.039> basically<00:05:59.680> says

the laffer curve which basically says

the laffer curve which basically says that<00:06:01.039> the<00:06:01.199> higher<00:06:01.840> you<00:06:02.160> tax<00:06:02.560> people<00:06:03.280> there<00:06:03.520> is

that the higher you tax people there is

that the higher you tax people there is a<00:06:04.080> point<00:06:04.400> at<00:06:04.639> which<00:06:05.120> you<00:06:05.360> then<00:06:05.600> start<00:06:06.000> to

a point at which you then start to

a point at which you then start to accrue<00:06:07.199> less<00:06:07.680> or<00:06:07.919> fewer<00:06:08.240> tax<00:06:08.560> receipts<00:06:08.960> you

accrue less or fewer tax receipts you

accrue less or fewer tax receipts you don't<00:06:09.360> get<00:06:09.600> as<00:06:09.759> much<00:06:10.080> back<00:06:10.400> because<00:06:11.039> i<00:06:11.199> guess

don't get as much back because i guess

don't get as much back because i guess simply<00:06:11.840> but<00:06:12.080> ultimately<00:06:12.720> very<00:06:12.960> rich<00:06:13.360> people

simply but ultimately very rich people

simply but ultimately very rich people will

will

will find<00:06:15.039> ways<00:06:15.440> to<00:06:15.680> protect<00:06:16.080> their<00:06:16.400> assets<00:06:17.120> from

find ways to protect their assets from

find ways to protect their assets from taxation<00:06:18.080> that's<00:06:18.560> the<00:06:18.720> problem<00:06:19.120> isn't<00:06:19.360> it<00:06:20.000> yes

taxation that's the problem isn't it yes

taxation that's the problem isn't it yes i<00:06:20.400> mean<00:06:20.560> that<00:06:20.720> question<00:06:20.960> has<00:06:21.039> been<00:06:21.199> bouncing

i mean that question has been bouncing

i mean that question has been bouncing around<00:06:21.840> for<00:06:22.000> a<00:06:22.080> bit<00:06:22.400> this<00:06:22.800> idea<00:06:23.120> about<00:06:23.280> the

around for a bit this idea about the

around for a bit this idea about the laffer<00:06:23.680> curve<00:06:24.000> that's<00:06:24.240> about<00:06:24.479> income<00:06:24.800> taxes

laffer curve that's about income taxes

laffer curve that's about income taxes and<00:06:25.680> you<00:06:25.840> know<00:06:25.919> it's<00:06:26.080> been<00:06:26.240> contested<00:06:26.800> the

and you know it's been contested the

and you know it's been contested the idea<00:06:27.360> but<00:06:27.600> the<00:06:27.680> idea<00:06:28.000> is<00:06:28.240> if<00:06:28.319> you<00:06:28.400> were<00:06:28.479> to<00:06:28.560> have

idea but the idea is if you were to have

idea but the idea is if you were to have a<00:06:28.720> 100<00:06:29.280> tax<00:06:29.520> on<00:06:29.680> income<00:06:30.080> well<00:06:30.319> people<00:06:30.479> wouldn't

a 100 tax on income well people wouldn't

a 100 tax on income well people wouldn't work<00:06:30.960> right<00:06:31.120> you<00:06:31.199> wouldn't<00:06:31.440> work<00:06:31.680> if<00:06:31.759> you're

work right you wouldn't work if you're

work right you wouldn't work if you're going<00:06:32.000> to<00:06:32.080> lose<00:06:32.319> all<00:06:32.560> of<00:06:32.639> your<00:06:33.120> income<00:06:33.520> from<00:06:33.680> it

going to lose all of your income from it

going to lose all of your income from it but<00:06:34.080> we're<00:06:34.240> not<00:06:34.319> talking<00:06:34.560> about<00:06:34.800> income<00:06:35.039> here

but we're not talking about income here

but we're not talking about income here we're<00:06:35.360> talking<00:06:35.600> about<00:06:35.840> wealth<00:06:36.400> the<00:06:36.560> whole

we're talking about wealth the whole

we're talking about wealth the whole idea<00:06:37.280> is<00:06:37.520> we<00:06:37.600> want<00:06:37.759> to<00:06:37.840> move<00:06:38.080> wealth<00:06:38.400> away<00:06:38.880> from

idea is we want to move wealth away from

idea is we want to move wealth away from wealthy<00:06:39.440> people<00:06:39.759> towards<00:06:40.319> ordinary<00:06:40.800> families

wealthy people towards ordinary families

wealthy people towards ordinary families okay<00:06:42.000> and<00:06:42.240> you<00:06:42.400> know<00:06:42.800> if<00:06:42.880> you<00:06:43.039> had<00:06:43.120> a<00:06:43.199> 100<00:06:43.680> tax

okay and you know if you had a 100 tax

okay and you know if you had a 100 tax your<00:06:44.080> income<00:06:44.319> you<00:06:44.479> could<00:06:44.560> say<00:06:44.720> well<00:06:44.800> i'm

your income you could say well i'm

your income you could say well i'm stopping<00:06:45.199> working<00:06:45.759> but<00:06:45.919> if<00:06:46.080> you<00:06:46.160> have<00:06:46.240> a<00:06:46.319> high

stopping working but if you have a high

stopping working but if you have a high tax<00:06:46.639> on<00:06:46.800> your<00:06:46.880> wealth<00:06:47.199> well<00:06:47.520> what<00:06:47.680> are<00:06:47.680> you

tax on your wealth well what are you

tax on your wealth well what are you going<00:06:47.840> to<00:06:47.919> do<00:06:48.000> you're<00:06:48.160> going<00:06:48.240> to<00:06:48.319> give<00:06:48.400> your

going to do you're going to give your

going to do you're going to give your wealth<00:06:48.800> away<00:06:49.039> well<00:06:49.199> that's<00:06:49.440> what<00:06:49.599> we<00:06:49.759> want<00:06:50.000> we

wealth away well that's what we want we

wealth away well that's what we want we want<00:06:50.400> ordinary<00:06:50.800> families<00:06:51.199> to<00:06:51.360> get<00:06:51.440> their

want ordinary families to get their

want ordinary families to get their wealth<00:06:51.919> back<00:06:52.240> you<00:06:52.319> know<00:06:52.639> that<00:06:52.880> is<00:06:52.960> the<00:06:53.039> whole

wealth back you know that is the whole

wealth back you know that is the whole reason<00:06:53.520> why<00:06:53.759> we<00:06:53.840> need<00:06:53.919> to<00:06:54.000> tax<00:06:54.319> wealth<00:06:54.560> because

reason why we need to tax wealth because

reason why we need to tax wealth because it's<00:06:54.960> less<00:06:55.120> avoidable<00:06:55.680> because<00:06:55.919> they<00:06:56.080> can't

it's less avoidable because they can't

it's less avoidable because they can't stop<00:06:57.360> holding<00:06:57.759> it<00:06:57.919> let<00:06:58.080> me<00:06:58.160> read<00:06:58.319> some

stop holding it let me read some

stop holding it let me read some reaction<00:06:58.880> because<00:06:59.120> you're<00:06:59.199> getting<00:06:59.440> lots<00:07:00.240> get

reaction because you're getting lots get

reaction because you're getting lots get this<00:07:00.720> man<00:07:01.039> on<00:07:01.120> more<00:07:01.360> please<00:07:01.520> he's<00:07:01.759> absolutely

this man on more please he's absolutely

this man on more please he's absolutely spot<00:07:02.560> on<00:07:02.880> can<00:07:03.039> we<00:07:03.120> make<00:07:03.280> this<00:07:03.440> guy<00:07:03.680> chancellor

spot on can we make this guy chancellor

spot on can we make this guy chancellor this<00:07:04.560> man<00:07:04.880> is<00:07:05.199> fab<00:07:05.919> this<00:07:06.160> man<00:07:06.400> speaks<00:07:06.720> the

this man is fab this man speaks the

this man is fab this man speaks the truth<00:07:07.199> at<00:07:07.280> long<00:07:07.520> last<00:07:07.759> it's<00:07:07.919> on<00:07:08.000> the<00:07:08.160> radio

truth at long last it's on the radio

truth at long last it's on the radio this<00:07:09.120> one<00:07:09.280> here<00:07:09.599> your<00:07:09.759> caller<00:07:10.160> on<00:07:10.240> wealth<00:07:10.479> tax

this one here your caller on wealth tax

this one here your caller on wealth tax is<00:07:10.800> talking<00:07:11.199> tosh<00:07:11.599> assets<00:07:11.919> of<00:07:12.000> one<00:07:12.160> million

is talking tosh assets of one million

is talking tosh assets of one million including<00:07:12.800> a<00:07:12.880> house<00:07:13.120> does<00:07:13.280> not<00:07:13.440> mean<00:07:13.599> you<00:07:13.759> have

including a house does not mean you have

including a house does not mean you have money<00:07:14.160> or<00:07:14.319> earn<00:07:14.479> a<00:07:14.560> huge<00:07:14.880> salary<00:07:15.280> many<00:07:15.520> people

money or earn a huge salary many people

money or earn a huge salary many people have<00:07:15.840> worked<00:07:16.240> all<00:07:16.479> their<00:07:16.800> lives<00:07:17.360> and<00:07:17.599> still

have worked all their lives and still

have worked all their lives and still not<00:07:18.000> retired<00:07:18.479> that<00:07:18.560> are<00:07:18.720> on<00:07:18.800> a<00:07:18.960> normal<00:07:19.280> salary

not retired that are on a normal salary

not retired that are on a normal salary that<00:07:19.759> would<00:07:19.919> be<00:07:20.080> penalized<00:07:20.720> unfairly

that would be penalized unfairly

that would be penalized unfairly it's<00:07:22.160> utter<00:07:22.479> rubbish<00:07:23.120> says<00:07:23.360> sean

it's utter rubbish says sean

it's utter rubbish says sean yeah<00:07:25.280> you<00:07:25.360> know<00:07:25.440> to<00:07:25.599> be<00:07:25.680> honest<00:07:26.160> i'm<00:07:26.319> very<00:07:26.560> sort

yeah you know to be honest i'm very sort

yeah you know to be honest i'm very sort of<00:07:27.039> understanding<00:07:27.520> of<00:07:27.599> that<00:07:27.759> the<00:07:27.840> truth<00:07:28.160> is

of understanding of that the truth is

of understanding of that the truth is the<00:07:28.319> way<00:07:28.479> that<00:07:28.560> house<00:07:28.800> prices<00:07:29.120> have<00:07:29.199> gone

the way that house prices have gone

the way that house prices have gone especially<00:07:29.919> in<00:07:30.000> southeastern<00:07:30.479> london<00:07:30.800> over

especially in southeastern london over

especially in southeastern london over the<00:07:31.039> last<00:07:31.199> 10<00:07:31.440> 15<00:07:31.680> years<00:07:32.240> there<00:07:32.400> are<00:07:32.560> a<00:07:32.560> lot<00:07:32.720> of

the last 10 15 years there are a lot of

the last 10 15 years there are a lot of people<00:07:33.120> who<00:07:33.759> have<00:07:33.919> lived<00:07:34.240> relatively

people who have lived relatively

people who have lived relatively ordinary<00:07:35.039> lives<00:07:35.360> who<00:07:35.440> have<00:07:35.520> not<00:07:35.680> been<00:07:35.759> super

ordinary lives who have not been super

ordinary lives who have not been super rich<00:07:36.319> who<00:07:36.720> are<00:07:37.120> now<00:07:37.440> millionaires<00:07:38.000> because<00:07:38.160> of

rich who are now millionaires because of

rich who are now millionaires because of what<00:07:38.400> has<00:07:38.479> happened<00:07:38.639> to<00:07:38.720> house<00:07:38.960> prices<00:07:39.599> and

what has happened to house prices and

what has happened to house prices and it's<00:07:40.319> important<00:07:40.639> to<00:07:40.720> make<00:07:40.960> clear<00:07:41.120> look<00:07:41.360> these

it's important to make clear look these

it's important to make clear look these guys<00:07:41.840> are<00:07:41.919> not<00:07:42.000> the<00:07:42.080> problem<00:07:42.720> really<00:07:43.199> it's<00:07:43.360> not

guys are not the problem really it's not

guys are not the problem really it's not the<00:07:44.080> the<00:07:44.479> well<00:07:44.879> ordinary<00:07:45.280> millionaires<00:07:45.680> it's

the the well ordinary millionaires it's

the the well ordinary millionaires it's important<00:07:46.000> to<00:07:46.080> say<00:07:46.240> a<00:07:46.319> million<00:07:46.560> pounds<00:07:46.800> is<00:07:46.960> a

important to say a million pounds is a

important to say a million pounds is a lot<00:07:47.120> of<00:07:47.199> money<00:07:47.759> these<00:07:48.000> guys<00:07:48.160> not<00:07:48.319> the<00:07:48.400> problem

lot of money these guys not the problem

lot of money these guys not the problem really<00:07:48.879> the<00:07:48.960> problem<00:07:49.199> is<00:07:49.280> the<00:07:49.360> super<00:07:49.599> rich<00:07:49.840> and

really the problem is the super rich and

really the problem is the super rich and if<00:07:50.000> you<00:07:50.080> were<00:07:50.160> to<00:07:50.240> say<00:07:50.400> to<00:07:50.560> me<00:07:50.639> look<00:07:50.800> let's<00:07:50.960> come

if you were to say to me look let's come

if you were to say to me look let's come in<00:07:51.199> at<00:07:51.280> five<00:07:51.599> ten<00:07:51.759> million<00:07:52.080> and<00:07:52.240> only<00:07:52.479> get<00:07:52.639> the

in at five ten million and only get the

in at five ten million and only get the really<00:07:52.960> really<00:07:53.199> rich<00:07:53.680> i<00:07:53.840> would<00:07:53.919> buy<00:07:54.080> your<00:07:54.240> hand

really really rich i would buy your hand

really really rich i would buy your hand off<00:07:54.560> and<00:07:54.639> say<00:07:54.800> let's<00:07:55.039> do<00:07:55.199> that<00:07:55.759> but<00:07:56.000> what<00:07:56.240> i'm

off and say let's do that but what i'm

off and say let's do that but what i'm saying<00:07:56.720> is<00:07:57.039> look<00:07:57.280> i'm<00:07:57.360> happy<00:07:57.680> to<00:07:57.759> pay<00:07:58.000> two<00:07:58.319> and

saying is look i'm happy to pay two and

saying is look i'm happy to pay two and i<00:07:58.960> wouldn't<00:07:59.199> be<00:07:59.360> talking<00:07:59.599> about<00:07:59.919> any<00:08:00.160> sort<00:08:00.319> of

i wouldn't be talking about any sort of

i wouldn't be talking about any sort of really<00:08:00.879> significant<00:08:01.360> taxes<00:08:01.759> on<00:08:01.840> people<00:08:02.000> above

really significant taxes on people above

really significant taxes on people above a<00:08:02.319> million<00:08:02.639> pounds<00:08:02.960> because<00:08:03.280> you<00:08:03.360> know

a million pounds because you know

a million pounds because you know now<00:08:04.319> in<00:08:04.639> a<00:08:04.720> lot<00:08:04.800> of<00:08:04.879> parts<00:08:05.120> of<00:08:05.120> the<00:08:05.199> country

now in a lot of parts of the country

now in a lot of parts of the country that<00:08:05.599> amount<00:08:05.759> of<00:08:05.840> money<00:08:06.000> is<00:08:06.160> only<00:08:06.319> enough<00:08:06.479> to

that amount of money is only enough to

that amount of money is only enough to buy<00:08:06.879> you<00:08:06.960> a<00:08:07.039> house<00:08:07.360> basically<00:08:08.080> but<00:08:08.319> um

buy you a house basically but um

buy you a house basically but um what<00:08:09.280> i'm<00:08:09.440> saying<00:08:09.759> is<00:08:09.840> that<00:08:10.080> i'm<00:08:10.160> not<00:08:10.319> super

what i'm saying is that i'm not super

what i'm saying is that i'm not super rich<00:08:10.800> but<00:08:10.960> i'm<00:08:11.120> a<00:08:11.199> millionaire<00:08:11.919> i'd<00:08:12.080> be<00:08:12.160> happy

rich but i'm a millionaire i'd be happy

rich but i'm a millionaire i'd be happy to<00:08:12.560> i<00:08:12.639> mean<00:08:12.960> i<00:08:13.039> should<00:08:13.199> say<00:08:13.440> i<00:08:13.520> should<00:08:13.680> keep

to i mean i should say i should keep

to i mean i should say i should keep saying<00:08:14.160> that<00:08:14.639> you<00:08:14.879> are<00:08:15.039> super<00:08:15.360> rich<00:08:15.759> compared

saying that you are super rich compared

saying that you are super rich compared to<00:08:16.240> most<00:08:16.479> people<00:08:16.720> in<00:08:16.800> this<00:08:16.960> country<00:08:17.120> well<00:08:17.440> that

to most people in this country well that

to most people in this country well that makes<00:08:17.759> it<00:08:17.840> super<00:08:18.080> rich

makes it super rich

makes it super rich you<00:08:19.039> know<00:08:19.199> a<00:08:19.360> million<00:08:19.599> pounds<00:08:19.919> is<00:08:20.000> 200<00:08:20.319> times

you know a million pounds is 200 times

you know a million pounds is 200 times less<00:08:20.720> than<00:08:20.800> what<00:08:21.039> you've<00:08:21.120> seen<00:08:21.919> a<00:08:22.000> thousand

less than what you've seen a thousand

less than what you've seen a thousand times<00:08:22.560> less<00:08:22.720> than<00:08:22.879> his<00:08:22.960> father

times less than his father

times less than his father very<00:08:24.400> very<00:08:24.639> few<00:08:24.800> people<00:08:25.280> very<00:08:25.520> nice<00:08:25.680> people<00:08:26.160> i

very very few people very nice people i

very very few people very nice people i can<00:08:26.479> buy<00:08:26.720> like<00:08:26.879> one<00:08:27.120> nice<00:08:27.280> house<00:08:27.599> in<00:08:27.680> london

can buy like one nice house in london

can buy like one nice house in london but<00:08:28.000> richardson<00:08:28.400> i<00:08:28.479> can<00:08:28.560> buy<00:08:28.720> 200.<00:08:29.360> okay<00:08:29.840> and<00:08:30.080> i

but richardson i can buy 200. okay and i

but richardson i can buy 200. okay and i i<00:08:30.479> should<00:08:30.960> say<00:08:31.520> to<00:08:31.680> be<00:08:31.919> fair<00:08:32.399> across<00:08:32.719> the<00:08:32.880> board

i should say to be fair across the board

i should say to be fair across the board no<00:08:33.760> political<00:08:34.399> party<00:08:35.200> has<00:08:35.519> ever<00:08:35.760> gone<00:08:36.000> for

no political party has ever gone for

no political party has ever gone for this<00:08:36.800> not<00:08:36.959> the<00:08:37.039> conservatives<00:08:37.919> and<00:08:38.080> not

this not the conservatives and not

this not the conservatives and not labour<00:08:38.719> they've<00:08:38.959> not<00:08:39.200> got<00:08:39.360> anywhere<00:08:39.760> close<00:08:40.080> to

labour they've not got anywhere close to

labour they've not got anywhere close to raising<00:08:40.560> the<00:08:40.640> sorts<00:08:40.880> of<00:08:40.959> money<00:08:41.200> you're

raising the sorts of money you're

raising the sorts of money you're talking<00:08:41.760> about<00:08:42.479> yeah<00:08:42.719> you<00:08:42.800> know<00:08:42.959> it's

talking about yeah you know it's

talking about yeah you know it's interesting<00:08:43.440> you<00:08:43.519> say<00:08:43.680> that<00:08:43.839> but<00:08:44.000> if<00:08:44.080> you<00:08:44.240> go

interesting you say that but if you go

interesting you say that but if you go back<00:08:44.480> and<00:08:44.640> look<00:08:44.800> at<00:08:44.880> sort<00:08:45.040> of<00:08:45.120> the<00:08:45.200> 50s<00:08:45.600> and<00:08:45.680> 60s

back and look at sort of the 50s and 60s

back and look at sort of the 50s and 60s which<00:08:46.240> i<00:08:46.399> generally<00:08:46.720> consider<00:08:47.040> to<00:08:47.200> be<00:08:47.519> the

which i generally consider to be the

which i generally consider to be the golden<00:08:48.160> era<00:08:48.399> of<00:08:48.480> capitalism<00:08:49.279> we<00:08:49.440> had<00:08:49.600> much

golden era of capitalism we had much

golden era of capitalism we had much much<00:08:50.000> higher<00:08:50.160> rates<00:08:50.399> of<00:08:50.480> tax<00:08:50.720> on<00:08:50.800> wealth<00:08:51.040> you

much higher rates of tax on wealth you

much higher rates of tax on wealth you know<00:08:51.200> what<00:08:51.279> i<00:08:51.279> mean<00:08:51.440> it<00:08:51.519> was<00:08:51.680> much<00:08:52.160> more

know what i mean it was much more

know what i mean it was much more difficult<00:08:52.959> to<00:08:53.120> hold<00:08:53.360> huge<00:08:53.600> amounts<00:08:53.839> of<00:08:53.920> wealth

difficult to hold huge amounts of wealth

difficult to hold huge amounts of wealth and<00:08:54.320> to<00:08:54.399> accumulate<00:08:54.720> and<00:08:54.800> hold<00:08:54.959> it<00:08:55.040> within

and to accumulate and hold it within

and to accumulate and hold it within families<00:08:55.839> and<00:08:56.000> what<00:08:56.160> was<00:08:56.399> the<00:08:56.480> case<00:08:56.720> at<00:08:56.800> that

families and what was the case at that

families and what was the case at that time<00:08:57.600> houses<00:08:58.000> cost<00:08:58.240> two<00:08:58.399> to<00:08:58.480> three<00:08:58.640> times

time houses cost two to three times

time houses cost two to three times income<00:08:59.519> there<00:08:59.680> were<00:08:59.760> lots<00:09:00.000> of<00:09:00.080> good<00:09:00.320> jobs<00:09:00.800> it

income there were lots of good jobs it

income there were lots of good jobs it was<00:09:01.040> generally<00:09:01.360> considered<00:09:01.680> to<00:09:01.760> be<00:09:01.839> a<00:09:01.920> time

was generally considered to be a time

was generally considered to be a time that<00:09:02.240> was<00:09:02.480> that<00:09:02.560> was<00:09:02.720> great<00:09:02.959> to<00:09:03.040> be<00:09:03.120> alive

that was that was great to be alive

that was that was great to be alive economically<00:09:04.000> you<00:09:04.080> know<00:09:04.160> what<00:09:04.240> i<00:09:04.320> mean<00:09:04.800> um<00:09:05.120> i

economically you know what i mean um i

economically you know what i mean um i don't<00:09:05.360> think<00:09:05.519> it's<00:09:05.600> a<00:09:05.680> coincidence<00:09:06.240> that<00:09:06.399> now

don't think it's a coincidence that now

don't think it's a coincidence that now we've<00:09:06.800> stopped<00:09:07.120> taxing<00:09:07.519> wealth<00:09:08.000> and<00:09:08.080> we've

we've stopped taxing wealth and we've

we've stopped taxing wealth and we've moved<00:09:08.399> to<00:09:08.560> a<00:09:08.640> situation<00:09:09.040> where<00:09:09.120> the<00:09:09.200> rich<00:09:09.360> are

moved to a situation where the rich are

moved to a situation where the rich are getting<00:09:09.600> richer<00:09:09.839> and<00:09:09.920> richer<00:09:10.160> and<00:09:10.320> richer<00:09:10.880> the

getting richer and richer and richer the

getting richer and richer and richer the house<00:09:11.279> price<00:09:11.519> is<00:09:11.600> going<00:09:11.839> up<00:09:11.920> and<00:09:12.000> inflation's

house price is going up and inflation's

house price is going up and inflation's going<00:09:12.560> up<00:09:12.720> you<00:09:12.800> know<00:09:13.040> at<00:09:13.120> the<00:09:13.279> beginning<00:09:13.519> of

going up you know at the beginning of

going up you know at the beginning of kobe<00:09:14.080> i<00:09:14.160> put<00:09:14.320> a<00:09:14.399> video<00:09:14.640> out<00:09:14.720> on<00:09:14.800> my<00:09:14.880> youtube

kobe i put a video out on my youtube

kobe i put a video out on my youtube channel<00:09:15.440> gary's<00:09:15.760> economics<00:09:16.160> saying<00:09:16.399> look<00:09:16.720> the

channel gary's economics saying look the

channel gary's economics saying look the rich<00:09:17.120> are<00:09:17.200> going<00:09:17.279> to<00:09:17.360> get<00:09:17.440> massively<00:09:17.839> richer

rich are going to get massively richer

rich are going to get massively richer here<00:09:18.640> that's<00:09:18.880> going<00:09:19.040> to<00:09:19.200> massively<00:09:19.760> increase

here that's going to massively increase

here that's going to massively increase inequality<00:09:21.040> house<00:09:21.360> prices<00:09:21.839> and<00:09:22.000> inflation

inequality house prices and inflation

inequality house prices and inflation and<00:09:22.720> it's<00:09:22.880> happened<00:09:23.200> you<00:09:23.360> know<00:09:23.360> what<00:09:23.440> i<00:09:23.519> mean

and it's happened you know what i mean

and it's happened you know what i mean if<00:09:23.760> you<00:09:23.920> allow<00:09:24.080> the<00:09:24.160> rich<00:09:24.399> to<00:09:24.480> get<00:09:24.640> richer

if you allow the rich to get richer

if you allow the rich to get richer that's<00:09:25.440> what<00:09:25.600> will<00:09:25.760> happen<00:09:26.240> house<00:09:26.560> prices

that's what will happen house prices

that's what will happen house prices inflation<00:09:27.600> are<00:09:27.680> going<00:09:27.839> to<00:09:27.920> go<00:09:28.080> through<00:09:28.160> the

inflation are going to go through the

inflation are going to go through the roof<00:09:28.720> we<00:09:28.880> need<00:09:28.959> to<00:09:29.040> do<00:09:29.120> something<00:09:29.360> about<00:09:29.600> it

roof we need to do something about it

roof we need to do something about it garen<00:09:30.160> really<00:09:30.560> enjoyed<00:09:30.880> listening<00:09:31.200> to<00:09:31.279> your

garen really enjoyed listening to your

garen really enjoyed listening to your arguments<00:09:31.839> this<00:09:32.000> morning<00:09:32.240> i<00:09:32.320> know<00:09:32.560> people

arguments this morning i know people

arguments this morning i know people will<00:09:33.360> um

will um

will um you<00:09:34.560> know<00:09:34.959> agree<00:09:35.440> and<00:09:35.600> some<00:09:35.839> will<00:09:36.080> disagree

you know agree and some will disagree

you know agree and some will disagree and<00:09:36.880> and<00:09:36.959> that's<00:09:37.200> what<00:09:37.440> we<00:09:37.600> like<00:09:37.839> it's

and and that's what we like it's

and and that's what we like it's provoked<00:09:38.880> a<00:09:38.959> reaction<00:09:39.600> and<00:09:40.240> got<00:09:40.399> us<00:09:40.560> thinking

provoked a reaction and got us thinking

provoked a reaction and got us thinking in<00:09:40.959> a<00:09:41.040> slightly<00:09:41.360> different<00:09:41.600> way<00:09:42.000> thank<00:09:42.320> you

in a slightly different way thank you

in a slightly different way thank you for<00:09:42.800> coming<00:09:43.040> on<00:09:43.120> and<00:09:43.279> talking<00:09:43.600> to<00:09:43.839> us

for coming on and talking to us

for coming on and talking to us thank<00:09:44.800> you<00:09:45.120> all<00:09:45.279> the<00:09:45.360> best<00:09:45.600> gary<00:09:45.920> stevenson

thank you all the best gary stevenson

thank you all the best gary stevenson trader<00:09:46.720> economist<00:09:47.279> millionaire<00:09:47.760> himself<00:09:48.480> as

trader economist millionaire himself as

trader economist millionaire himself as he<00:09:48.880> said<00:09:49.200> but<00:09:49.360> not<00:09:49.600> super<00:09:49.920> rich<00:09:50.320> as<00:09:50.560> he<00:09:50.800> said<00:09:51.279> so

he said but not super rich as he said so

he said but not super rich as he said so what<00:09:51.680> do<00:09:51.760> you<00:09:51.839> think<00:09:52.080> about<00:09:52.399> all<00:09:52.560> of<00:09:52.720> that

what do you think about all of that

what do you think about all of that as<00:09:53.680> i've<00:09:53.839> already<00:09:54.080> mentioned<00:09:54.399> loads<00:09:54.640> of<00:09:54.800> you

as i've already mentioned loads of you

as i've already mentioned loads of you sharing<00:09:55.120> your<00:09:55.360> thoughts<00:09:55.680> 85058<00:09:57.040> send<00:09:57.360> us<00:09:57.680> a

sharing your thoughts 85058 send us a

sharing your thoughts 85058 send us a voice<00:09:58.399> note<00:09:58.800> via<00:09:59.120> whatsapp<00:09:59.640> 08085<00:10:00.720> 909

voice note via whatsapp 08085 909

voice note via whatsapp 08085 909 693<00:10:03.279> if<00:10:03.440> you<00:10:03.519> want<00:10:03.680> to<00:10:03.760> have<00:10:03.920> your<00:10:04.160> say<00:10:04.480> like

693 if you want to have your say like

693 if you want to have your say like gary<00:10:05.200> it's<00:10:05.440> 7<00:10:05.680> 52.