okay<00:00:01.199> welcome<00:00:01.439> back<00:00:01.680> to<00:00:01.800> Gary's<00:00:02.159> economics

okay welcome back to Gary's economics

okay welcome back to Gary's economics today<00:00:03.000> we<00:00:03.360> are<00:00:03.480> going<00:00:03.600> to<00:00:03.720> update<00:00:04.020> our

today we are going to update our

today we are going to update our predictions<00:00:04.680> for<00:00:05.040> interest<00:00:05.279> rates<00:00:05.700> and<00:00:06.000> house

predictions for interest rates and house

predictions for interest rates and house prices

okay<00:00:13.860> so<00:00:14.340> this<00:00:15.000> video<00:00:15.179> is<00:00:15.360> in<00:00:15.480> response<00:00:15.839> to

okay so this video is in response to

okay so this video is in response to popular<00:00:16.080> demand<00:00:16.500> and<00:00:16.740> also<00:00:17.039> to<00:00:17.220> you<00:00:17.520> know

popular demand and also to you know

popular demand and also to you know pretty<00:00:18.180> big<00:00:18.420> changes<00:00:18.779> that<00:00:19.020> have<00:00:19.140> happened<00:00:19.260> in

pretty big changes that have happened in

pretty big changes that have happened in the<00:00:19.680> last<00:00:19.859> month<00:00:20.640> with<00:00:21.300> regards<00:00:21.600> to<00:00:21.600> interest

the last month with regards to interest

the last month with regards to interest rates<00:00:22.140> and<00:00:22.260> house<00:00:22.380> prices<00:00:22.619> so<00:00:22.920> I<00:00:23.039> put<00:00:23.160> up<00:00:23.279> my

rates and house prices so I put up my

rates and house prices so I put up my last<00:00:23.699> video<00:00:24.000> on<00:00:24.900> interest<00:00:25.140> rates<00:00:25.439> probably

last video on interest rates probably

last video on interest rates probably about<00:00:26.039> five<00:00:26.460> or<00:00:26.699> six<00:00:26.820> months<00:00:27.119> ago<00:00:27.779> and

about five or six months ago and

about five or six months ago and generally<00:00:28.859> the<00:00:29.580> predictions<00:00:29.880> I've<00:00:30.119> been

generally the predictions I've been

generally the predictions I've been making<00:00:30.359> on<00:00:30.599> this<00:00:30.720> channel<00:00:30.900> are<00:00:31.140> that

making on this channel are that

making on this channel are that before<00:00:33.180> too<00:00:33.540> long<00:00:33.719> within<00:00:34.200> a<00:00:34.320> sort<00:00:34.440> of<00:00:34.500> a<00:00:34.559> year

before too long within a sort of a year

before too long within a sort of a year or<00:00:34.800> so<00:00:34.980> inflation<00:00:35.280> will<00:00:35.520> start<00:00:35.700> to<00:00:35.820> come<00:00:36.000> down

or so inflation will start to come down

or so inflation will start to come down interest<00:00:37.020> rates<00:00:37.380> will<00:00:37.500> start<00:00:37.680> to<00:00:37.800> come<00:00:37.920> down

interest rates will start to come down

interest rates will start to come down and<00:00:38.880> that<00:00:39.000> house<00:00:39.180> prices<00:00:39.480> will<00:00:39.899> stay<00:00:40.260> high<00:00:40.440> and

and that house prices will stay high and

and that house prices will stay high and get<00:00:41.040> higher<00:00:41.399> now

get higher now

get higher now a<00:00:43.739> few<00:00:43.800> things<00:00:43.980> have<00:00:44.100> happened<00:00:44.340> in<00:00:44.520> the<00:00:44.640> last

a few things have happened in the last

a few things have happened in the last couple<00:00:44.940> of<00:00:45.000> months<00:00:45.360> that<00:00:45.540> have

couple of months that have

couple of months that have potentially<00:00:47.160> changed<00:00:47.579> the<00:00:47.640> outlook<00:00:47.940> on<00:00:48.120> this

potentially changed the outlook on this

potentially changed the outlook on this front<00:00:48.480> so<00:00:48.960> the<00:00:49.620> big<00:00:49.739> thing<00:00:49.920> that<00:00:50.100> happened

front so the big thing that happened

front so the big thing that happened was<00:00:51.600> obviously<00:00:51.899> we<00:00:52.020> had<00:00:52.200> the<00:00:52.320> crisis<00:00:52.559> with

was obviously we had the crisis with

was obviously we had the crisis with Energy<00:00:52.980> prices<00:00:53.340> and<00:00:54.120> the<00:00:54.420> government

Energy prices and the government

Energy prices and the government responded<00:00:55.680> by

responded by

responded by giving<00:00:57.120> out<00:00:57.360> another<00:00:57.660> 150<00:00:58.559> billion<00:00:58.800> pounds

giving out another 150 billion pounds

giving out another 150 billion pounds and<00:01:00.239> also<00:01:00.480> giving<00:01:00.600> a<00:01:00.840> massive<00:01:01.079> tax<00:01:01.199> cut<00:01:01.379> to

and also giving a massive tax cut to

and also giving a massive tax cut to richer<00:01:01.920> people

richer people

richer people um

um

um when<00:01:04.739> I<00:01:05.040> saw<00:01:05.220> that<00:01:05.460> that<00:01:05.580> was<00:01:05.820> happening

when I saw that that was happening

when I saw that that was happening I<00:01:07.560> was<00:01:07.680> very<00:01:07.799> concerned<00:01:08.100> we've<00:01:08.280> got<00:01:08.400> another

I was very concerned we've got another

I was very concerned we've got another video<00:01:08.760> specifically<00:01:09.240> about<00:01:09.420> that<00:01:09.659> which<00:01:09.840> is<00:01:09.960> I

video specifically about that which is I

video specifically about that which is I think<00:01:10.260> what<00:01:10.439> called<00:01:10.680> Wireless<00:01:10.860> trusted

think what called Wireless trusted

think what called Wireless trusted energy<00:01:11.460> plan<00:01:11.700> won't<00:01:11.939> work

energy plan won't work

energy plan won't work so<00:01:13.979> if<00:01:14.159> you've<00:01:14.400> watched<00:01:14.640> this<00:01:14.700> channel<00:01:14.880> from

so if you've watched this channel from

so if you've watched this channel from the<00:01:15.240> start<00:01:15.360> you<00:01:15.540> will<00:01:15.720> know<00:01:15.920> in<00:01:16.920> my<00:01:17.040> opinion

the start you will know in my opinion

the start you will know in my opinion the<00:01:18.060> main<00:01:18.360> cause<00:01:18.780> for<00:01:19.439> the<00:01:19.560> inflation<00:01:19.860> that

the main cause for the inflation that

the main cause for the inflation that we're<00:01:20.280> seeing<00:01:20.460> now<00:01:20.700> and<00:01:20.880> have<00:01:21.060> been<00:01:21.180> seeing

we're seeing now and have been seeing

we're seeing now and have been seeing for<00:01:21.659> about<00:01:22.619> a<00:01:22.799> year<00:01:22.979> now<00:01:23.299> is<00:01:24.299> the<00:01:24.720> huge<00:01:25.020> amount

for about a year now is the huge amount

for about a year now is the huge amount of<00:01:25.259> money<00:01:25.439> that<00:01:25.619> was<00:01:25.740> given<00:01:25.979> out<00:01:26.100> by<00:01:26.880> the

of money that was given out by the

of money that was given out by the government<00:01:27.119> during<00:01:27.360> covid<00:01:27.900> which<00:01:28.560> largely

government during covid which largely

government during covid which largely ended<00:01:30.299> up<00:01:30.360> going<00:01:30.479> to<00:01:30.659> rich<00:01:30.840> people<00:01:31.080> it<00:01:31.500> was<00:01:31.680> 600

ended up going to rich people it was 600

ended up going to rich people it was 600 billion<00:01:32.400> pounds<00:01:32.700> that's<00:01:32.820> 12<00:01:33.299> 000<00:01:33.420> pounds<00:01:33.720> per

billion pounds that's 12 000 pounds per

billion pounds that's 12 000 pounds per person<00:01:34.080> but<00:01:34.439> it<00:01:34.560> almost<00:01:34.740> went<00:01:35.159> exclusively<00:01:35.579> to

person but it almost went exclusively to

person but it almost went exclusively to richer<00:01:36.060> people<00:01:36.180> so<00:01:36.420> they're<00:01:36.600> accumulating

richer people so they're accumulating

richer people so they're accumulating 100<00:01:37.619> 200<00:01:38.100> Grand<00:01:38.280> each<00:01:39.000> so<00:01:39.540> I<00:01:39.720> believe<00:01:39.900> that<00:01:40.079> the

100 200 Grand each so I believe that the

100 200 Grand each so I believe that the inflation<00:01:40.560> was<00:01:40.799> caused<00:01:41.100> by<00:01:41.280> that<00:01:41.520> money<00:01:41.880> being

inflation was caused by that money being

inflation was caused by that money being given<00:01:42.420> out

given out

given out that<00:01:43.799> caused<00:01:44.040> the<00:01:44.159> cost<00:01:44.280> of<00:01:44.400> living<00:01:44.520> Christ

that caused the cost of living Christ

that caused the cost of living Christ for<00:01:45.000> ordinary<00:01:45.299> people

for ordinary people

for ordinary people and<00:01:46.619> the<00:01:46.740> government<00:01:46.860> is<00:01:47.220> responding<00:01:47.700> by

and the government is responding by

and the government is responding by giving<00:01:48.000> out<00:01:48.180> another<00:01:48.299> 150<00:01:49.140> billion<00:01:49.380> pounds

giving out another 150 billion pounds

giving out another 150 billion pounds which<00:01:50.399> in<00:01:50.640> this<00:01:50.820> case<00:01:51.060> largely<00:01:51.780> is<00:01:51.960> going

which in this case largely is going

which in this case largely is going directly<00:01:52.500> to<00:01:52.619> energy<00:01:52.920> companies<00:01:53.460> and<00:01:54.000> also

directly to energy companies and also

directly to energy companies and also tax<00:01:54.479> cuts<00:01:54.840> over<00:01:55.020> to<00:01:55.259> people

tax cuts over to people

tax cuts over to people so<00:01:56.659> you<00:01:57.659> can<00:01:57.780> see<00:01:58.079> why<00:01:58.979> I<00:01:59.220> think<00:01:59.700> I'm<00:02:00.360> concerned

so you can see why I think I'm concerned

so you can see why I think I'm concerned about<00:02:01.020> this<00:02:01.439> policy<00:02:01.920> because

about this policy because

about this policy because they<00:02:03.479> gave<00:02:03.600> out<00:02:03.840> a<00:02:03.960> ton<00:02:04.079> of<00:02:04.200> money<00:02:04.320> to<00:02:04.560> rich

they gave out a ton of money to rich

they gave out a ton of money to rich people<00:02:04.979> that<00:02:05.759> caused<00:02:06.060> inflation<00:02:06.360> across<00:02:06.780> the

people that caused inflation across the

people that caused inflation across the living<00:02:07.020> crisis<00:02:07.380> and<00:02:08.099> they're<00:02:08.280> trying<00:02:08.520> to<00:02:08.759> deal

living crisis and they're trying to deal

living crisis and they're trying to deal with<00:02:09.000> that<00:02:09.179> by<00:02:09.420> giving<00:02:09.599> another<00:02:10.080> ton<00:02:10.319> of<00:02:10.440> money

with that by giving another ton of money

with that by giving another ton of money to<00:02:10.739> rich<00:02:10.920> people<00:02:11.160> so<00:02:12.000> when<00:02:12.180> that<00:02:12.420> happened<00:02:12.739> I

to rich people so when that happened I

to rich people so when that happened I looked<00:02:14.400> at<00:02:14.520> that<00:02:14.700> and<00:02:14.879> I<00:02:15.000> thought<00:02:15.660> there's

looked at that and I thought there's

looked at that and I thought there's potential<00:02:16.860> here

potential here

potential here for<00:02:18.420> a<00:02:18.540> kind<00:02:18.660> of<00:02:18.780> an<00:02:18.900> inflationary<00:02:19.379> spiral

for a kind of an inflationary spiral

for a kind of an inflationary spiral because<00:02:20.520> it<00:02:21.480> is<00:02:21.540> not<00:02:21.959> being<00:02:22.319> largely

because it is not being largely

because it is not being largely understood<00:02:23.280> that<00:02:23.940> the<00:02:24.060> government<00:02:24.180> giving

understood that the government giving

understood that the government giving out<00:02:24.660> money<00:02:24.900> is<00:02:25.800> inflationary<00:02:26.340> and<00:02:27.000> that<00:02:27.360> if

out money is inflationary and that if

out money is inflationary and that if that<00:02:27.720> money<00:02:27.900> goes<00:02:28.319> primarily<00:02:28.920> to<00:02:29.040> rich<00:02:29.220> people

that money goes primarily to rich people

that money goes primarily to rich people it<00:02:29.819> causes<00:02:30.060> the<00:02:30.180> cost<00:02:30.360> of<00:02:30.480> living<00:02:30.599> crisis<00:02:30.900> for

it causes the cost of living crisis for

it causes the cost of living crisis for ordinary<00:02:31.440> people<00:02:31.739> so<00:02:32.340> you<00:02:32.400> could<00:02:32.580> get<00:02:32.700> in<00:02:32.819> a

ordinary people so you could get in a

ordinary people so you could get in a spiral<00:02:33.180> where<00:02:33.239> they<00:02:33.360> give<00:02:33.480> out<00:02:33.599> money<00:02:33.840> that

spiral where they give out money that

spiral where they give out money that caused<00:02:34.739> the<00:02:34.860> cost<00:02:34.980> of<00:02:35.099> living<00:02:35.220> crisis<00:02:35.580> they<00:02:35.879> do

caused the cost of living crisis they do

caused the cost of living crisis they do they<00:02:36.360> respond<00:02:36.540> to<00:02:36.660> that<00:02:36.780> by<00:02:36.959> giving<00:02:37.140> up<00:02:37.260> more

they respond to that by giving up more

they respond to that by giving up more money<00:02:37.680> which<00:02:38.160> goes<00:02:38.520> to<00:02:38.580> rich<00:02:38.760> people<00:02:39.000> which

money which goes to rich people which

money which goes to rich people which causes<00:02:39.780> a<00:02:39.959> worsening<00:02:40.379> cost<00:02:40.500> of<00:02:40.680> living<00:02:40.739> crisis

causes a worsening cost of living crisis

causes a worsening cost of living crisis they<00:02:41.580> give<00:02:41.760> out<00:02:41.879> more<00:02:42.060> money<00:02:42.239> and<00:02:42.480> you<00:02:42.599> could

they give out more money and you could

they give out more money and you could just<00:02:42.840> see<00:02:43.019> inflation<00:02:43.260> spiraling<00:02:43.920> and

just see inflation spiraling and

just see inflation spiraling and interest<00:02:45.300> rates<00:02:45.720> going<00:02:45.959> up<00:02:46.140> alongside<00:02:46.560> that

interest rates going up alongside that

interest rates going up alongside that because<00:02:46.980> the<00:02:47.280> the<00:02:47.459> bank<00:02:47.640> of<00:02:47.760> England

because the the bank of England

because the the bank of England basically<00:02:48.360> has<00:02:48.540> to<00:02:48.599> respond<00:02:48.900> to<00:02:49.080> Rising

basically has to respond to Rising

basically has to respond to Rising inflation<00:02:49.800> and<00:02:50.700> at<00:02:51.060> the<00:02:51.180> same<00:02:51.300> time<00:02:51.480> living

inflation and at the same time living

inflation and at the same time living stand<00:02:52.019> is<00:02:52.260> decreasing<00:02:52.680> so<00:02:53.220> I<00:02:53.340> was<00:02:53.519> very

stand is decreasing so I was very

stand is decreasing so I was very worried<00:02:53.940> about<00:02:54.060> that<00:02:54.300> so<00:02:54.599> I<00:02:54.840> I<00:02:55.140> put<00:02:55.379> a<00:02:55.500> trade<00:02:55.739> on

worried about that so I I put a trade on

worried about that so I I put a trade on where<00:02:56.160> I

where I

where I basically<00:02:57.780> put<00:02:57.959> a<00:02:58.080> big<00:02:58.200> bet<00:02:58.319> on<00:02:58.500> interest

basically put a big bet on interest

basically put a big bet on interest rates<00:02:59.060> Rising<00:03:00.060> so<00:03:00.300> I<00:03:00.420> wanted<00:03:00.540> to<00:03:00.720> let<00:03:00.840> you<00:03:01.019> guys

rates Rising so I wanted to let you guys

rates Rising so I wanted to let you guys know<00:03:01.500> that<00:03:01.739> I<00:03:01.860> did<00:03:02.040> that

know that I did that

know that I did that um

what<00:03:06.599> happened<00:03:06.780> after<00:03:07.080> that<00:03:07.319> was<00:03:07.560> that

what happened after that was that

what happened after that was that essentially<00:03:08.220> financial<00:03:08.519> markets<00:03:09.239> refused<00:03:09.959> to

essentially financial markets refused to

essentially financial markets refused to allow<00:03:10.860> the<00:03:11.400> government<00:03:11.580> to<00:03:12.000> fully<00:03:12.360> implement

allow the government to fully implement

allow the government to fully implement their<00:03:14.280> spending<00:03:14.640> plan<00:03:14.760> in<00:03:15.060> particular<00:03:15.420> they

their spending plan in particular they

their spending plan in particular they they<00:03:16.019> kind<00:03:16.379> of<00:03:16.500> forced<00:03:16.800> the<00:03:16.920> u-turn<00:03:17.280> on<00:03:17.400> the

they kind of forced the u-turn on the

they kind of forced the u-turn on the tax<00:03:17.700> cuts<00:03:18.060> for<00:03:18.180> richer<00:03:18.480> people

tax cuts for richer people

tax cuts for richer people um<00:03:20.459> that<00:03:20.940> is<00:03:21.060> good<00:03:21.300> obviously<00:03:21.659> I<00:03:21.780> don't<00:03:21.959> think

um that is good obviously I don't think

um that is good obviously I don't think anyone<00:03:22.140> be<00:03:22.440> surprised<00:03:22.680> I'm<00:03:23.099> happy<00:03:23.220> about<00:03:23.459> that

anyone be surprised I'm happy about that

anyone be surprised I'm happy about that but<00:03:24.480> the<00:03:24.659> government<00:03:24.780> is<00:03:25.260> still<00:03:25.560> running<00:03:25.920> a

but the government is still running a

but the government is still running a massive<00:03:26.400> deficit<00:03:26.819> and<00:03:26.940> there<00:03:27.120> still<00:03:27.300> is

massive deficit and there still is

massive deficit and there still is potential<00:03:27.780> that<00:03:27.959> that<00:03:28.140> will<00:03:28.440> keep<00:03:28.980> inflation

potential that that will keep inflation

potential that that will keep inflation higher<00:03:29.760> going<00:03:29.940> forward

because<00:03:33.659> of<00:03:34.019> the<00:03:34.260> prospects<00:03:34.680> of<00:03:34.739> higher

because of the prospects of higher

because of the prospects of higher inflation

inflation

inflation both<00:03:36.959> the<00:03:37.140> bank<00:03:37.379> financial<00:03:38.099> markets<00:03:38.700> expect

both the bank financial markets expect

both the bank financial markets expect the<00:03:39.180> bank<00:03:39.300> of<00:03:39.420> England<00:03:39.599> to<00:03:39.900> raise<00:03:40.080> rates<00:03:40.379> much

the bank of England to raise rates much

the bank of England to raise rates much more<00:03:40.739> aggressively<00:03:41.280> so<00:03:41.580> at<00:03:41.760> the<00:03:41.940> moment

more aggressively so at the moment

more aggressively so at the moment financial<00:03:43.140> markets<00:03:43.799> expect<00:03:44.159> that<00:03:45.120> the<00:03:45.720> bank

financial markets expect that the bank

financial markets expect that the bank of<00:03:46.019> England<00:03:46.140> base<00:03:46.379> rate<00:03:46.620> will<00:03:46.799> go<00:03:46.980> up<00:03:47.040> to

of England base rate will go up to

of England base rate will go up to something<00:03:47.340> like<00:03:47.580> five<00:03:47.760> and<00:03:47.940> a<00:03:48.060> half<00:03:48.060> percent

something like five and a half percent

something like five and a half percent that's<00:03:49.560> very<00:03:49.799> volatile<00:03:50.280> this<00:03:50.519> video<00:03:50.700> might

that's very volatile this video might

that's very volatile this video might not<00:03:51.060> go<00:03:51.239> out<00:03:51.360> for<00:03:51.540> a<00:03:52.080> week<00:03:52.319> and<00:03:52.440> a<00:03:52.560> half<00:03:52.620> or<00:03:52.739> so

not go out for a week and a half or so

not go out for a week and a half or so so<00:03:52.980> it<00:03:53.159> might<00:03:53.220> have<00:03:53.340> changed<00:03:53.519> by<00:03:53.700> then

so it might have changed by then

so it might have changed by then um<00:03:54.480> I'll<00:03:54.720> probably<00:03:54.900> post<00:03:55.140> on<00:03:55.319> my<00:03:55.440> Twitter<00:03:55.620> when

um I'll probably post on my Twitter when

um I'll probably post on my Twitter when it<00:03:56.040> goes<00:03:56.280> up

it goes up

it goes up um

if<00:03:59.940> interest<00:04:00.120> rates<00:04:00.420> do<00:04:00.659> go<00:04:00.720> up<00:04:00.840> to<00:04:00.959> five<00:04:01.019> and<00:04:01.200> a

if interest rates do go up to five and a

if interest rates do go up to five and a half percent<00:04:01.500> then<00:04:01.799> that<00:04:01.980> will<00:04:02.099> mean

half percent then that will mean

half percent then that will mean mortgage<00:04:02.580> rates<00:04:02.819> going<00:04:03.000> up<00:04:03.180> to<00:04:03.360> sort<00:04:03.540> of

mortgage rates going up to sort of

mortgage rates going up to sort of know<00:04:04.860> seven<00:04:05.099> seven<00:04:05.340> half<00:04:05.580> percent<00:04:05.760> for<00:04:06.060> people

know seven seven half percent for people

know seven seven half percent for people with<00:04:06.360> lower<00:04:06.480> deposits<00:04:07.140> you<00:04:07.379> could<00:04:07.620> you<00:04:07.980> could

with lower deposits you could you could

with lower deposits you could you could easily<00:04:08.459> be<00:04:08.580> getting<00:04:08.940> talking<00:04:09.239> about<00:04:09.420> 10

easily be getting talking about 10

easily be getting talking about 10 mortgages

mortgages

mortgages so

so

so that<00:04:13.560> if<00:04:13.739> that<00:04:13.860> were<00:04:13.980> to<00:04:14.099> happen<00:04:14.340> that<00:04:14.760> would

that if that were to happen that would

that if that were to happen that would massively<00:04:15.360> affect

massively affect

massively affect people<00:04:16.799> who<00:04:16.979> have<00:04:17.160> mortgages

people who have mortgages

people who have mortgages much<00:04:19.320> bigger<00:04:19.620> costs<00:04:19.919> monthly<00:04:20.220> and<00:04:20.639> people<00:04:20.880> who

much bigger costs monthly and people who

much bigger costs monthly and people who are<00:04:21.120> trying<00:04:21.239> to<00:04:21.359> get<00:04:21.479> mortgages<00:04:21.900> May<00:04:22.500> well

are trying to get mortgages May well

are trying to get mortgages May well basically<00:04:23.100> not<00:04:23.220> be<00:04:23.340> able<00:04:23.460> to<00:04:23.520> get<00:04:23.639> the<00:04:23.699> help

basically not be able to get the help

basically not be able to get the help get<00:04:24.120> home<00:04:24.300> at<00:04:24.479> all<00:04:25.020> lots<00:04:25.560> and<00:04:25.620> lots<00:04:25.800> of<00:04:25.800> people

get home at all lots and lots of people

get home at all lots and lots of people are<00:04:26.040> worried<00:04:26.280> about<00:04:26.340> that<00:04:26.460> people<00:04:26.639> want<00:04:26.820> to

are worried about that people want to

are worried about that people want to know<00:04:27.000> what<00:04:27.120> to<00:04:27.240> do<00:04:27.360> with<00:04:27.720> regards<00:04:28.080> to<00:04:28.139> fixing

know what to do with regards to fixing

know what to do with regards to fixing mortgages<00:04:29.220> or<00:04:29.460> floating<00:04:29.639> mortgages

mortgages or floating mortgages

mortgages or floating mortgages people<00:04:31.500> also<00:04:31.800> want<00:04:31.919> to<00:04:32.040> know<00:04:32.100> what's<00:04:32.220> going<00:04:32.400> to

people also want to know what's going to

people also want to know what's going to happen<00:04:32.520> to<00:04:32.699> house<00:04:32.820> prices<00:04:33.060> so<00:04:33.540> I<00:04:34.139> think<00:04:34.320> we

happen to house prices so I think we

happen to house prices so I think we need<00:04:34.620> to<00:04:34.740> basically

need to basically

need to basically sit<00:04:36.840> down<00:04:37.020> and<00:04:37.139> deal<00:04:37.320> with<00:04:37.500> these<00:04:37.680> things<00:04:37.800> one

sit down and deal with these things one

sit down and deal with these things one at<00:04:38.160> a<00:04:38.280> time

at a time

at a time so<00:04:39.600> the<00:04:39.840> first<00:04:39.900> thing<00:04:40.080> is<00:04:40.199> what<00:04:40.440> are<00:04:40.560> the

so the first thing is what are the

so the first thing is what are the prospects<00:04:41.220> for

your<00:04:44.460> mortgage

your mortgage

your mortgage so<00:04:45.840> interest<00:04:45.960> rates<00:04:46.380> are<00:04:46.620> almost<00:04:46.860> certain<00:04:47.160> to

so interest rates are almost certain to

so interest rates are almost certain to go<00:04:47.580> up<00:04:47.699> in<00:04:47.880> the<00:04:48.000> next<00:04:48.120> sort<00:04:48.540> of<00:04:48.660> six<00:04:48.840> months<00:04:49.680> to

go up in the next sort of six months to

go up in the next sort of six months to significantly<00:04:50.580> higher<00:04:50.940> levels<00:04:51.300> if<00:04:52.259> you<00:04:52.380> have

significantly higher levels if you have

significantly higher levels if you have a<00:04:52.680> mortgage<00:04:52.979> which<00:04:53.340> is<00:04:53.520> the<00:04:54.000> fixed<00:04:54.300> rate<00:04:54.360> is

a mortgage which is the fixed rate is

a mortgage which is the fixed rate is expiring<00:04:54.960> or<00:04:55.080> trying<00:04:55.259> to<00:04:55.320> get<00:04:55.440> a<00:04:55.500> mortgage<00:04:55.800> now

expiring or trying to get a mortgage now

expiring or trying to get a mortgage now there's<00:04:56.580> basically<00:04:57.000> no<00:04:57.180> way<00:04:57.419> you<00:04:57.720> can<00:04:57.900> avoid

there's basically no way you can avoid

there's basically no way you can avoid getting<00:05:00.000> having<00:05:00.300> to<00:05:00.540> pay<00:05:00.660> much<00:05:00.840> higher

getting having to pay much higher

getting having to pay much higher interest<00:05:01.199> rate<00:05:01.440> payments

interest rate payments

interest rate payments um

um

um I<00:05:04.320> think<00:05:04.440> when<00:05:04.919> we<00:05:05.040> say<00:05:05.220> that<00:05:05.400> it's<00:05:05.580> important

I think when we say that it's important

I think when we say that it's important that<00:05:06.000> people<00:05:06.180> realize

that people realize

that people realize at<00:05:08.160> the<00:05:08.340> same<00:05:08.460> time<00:05:08.580> this<00:05:08.820> is<00:05:08.940> happening<00:05:09.479> the

at the same time this is happening the

at the same time this is happening the government<00:05:09.900> has<00:05:10.139> given<00:05:10.440> a<00:05:10.560> huge<00:05:10.680> amount<00:05:10.800> of

government has given a huge amount of

government has given a huge amount of cash<00:05:11.040> to<00:05:11.220> rich<00:05:11.400> people<00:05:11.639> so<00:05:12.600> there<00:05:13.020> is<00:05:13.199> a<00:05:13.500> small

cash to rich people so there is a small

cash to rich people so there is a small chunk<00:05:13.979> of<00:05:14.160> society<00:05:14.460> that<00:05:14.699> is<00:05:14.880> basically

chunk of society that is basically

chunk of society that is basically trying<00:05:15.360> to<00:05:15.540> buy<00:05:15.660> houses

trying to buy houses

trying to buy houses without<00:05:17.160> needing<00:05:17.520> a<00:05:17.639> mortgage<00:05:17.940> so<00:05:18.660> you<00:05:18.840> are

without needing a mortgage so you are

without needing a mortgage so you are competing<00:05:19.320> with<00:05:19.440> these<00:05:19.620> people<00:05:19.740> who<00:05:19.979> don't

competing with these people who don't

competing with these people who don't have<00:05:20.220> to<00:05:20.280> pay<00:05:20.400> mortgages<00:05:20.759> which<00:05:21.000> will<00:05:21.120> make<00:05:21.240> it

have to pay mortgages which will make it

have to pay mortgages which will make it much<00:05:21.479> more<00:05:21.600> difficult<00:05:21.840> for<00:05:21.960> ordinary<00:05:22.259> people

much more difficult for ordinary people

much more difficult for ordinary people to<00:05:22.560> buy<00:05:22.680> houses

to buy houses

to buy houses um<00:05:24.479> if<00:05:24.960> you<00:05:25.080> have<00:05:25.199> a<00:05:25.380> mortgage<00:05:25.740> there's

um if you have a mortgage there's

um if you have a mortgage there's basically<00:05:26.759> nothing<00:05:27.000> you<00:05:27.180> can<00:05:27.300> do<00:05:27.419> to<00:05:27.600> protect

basically nothing you can do to protect

basically nothing you can do to protect yourself<00:05:27.960> in<00:05:28.259> the<00:05:28.440> short<00:05:28.560> term

yourself in the short term

yourself in the short term um<00:05:29.400> you<00:05:29.699> can<00:05:29.820> take<00:05:29.940> a<00:05:30.120> fix<00:05:30.240> you<00:05:30.479> can<00:05:30.600> take<00:05:30.720> a

um you can take a fix you can take a

um you can take a fix you can take a medium<00:05:31.199> a<00:05:31.440> two-year<00:05:31.800> fix<00:05:31.979> a<00:05:32.160> five-year<00:05:32.460> fix

medium a two-year fix a five-year fix

medium a two-year fix a five-year fix even<00:05:32.940> a<00:05:33.120> 10-year<00:05:33.479> fix

even a 10-year fix

even a 10-year fix all<00:05:34.800> you're<00:05:34.919> going<00:05:35.039> to<00:05:35.039> be<00:05:35.160> doing<00:05:35.280> is<00:05:35.400> locking

all you're going to be doing is locking

all you're going to be doing is locking in<00:05:35.820> those<00:05:35.940> High<00:05:36.060> rates

in those High rates

in those High rates um

um

um will<00:05:39.300> those<00:05:39.479> rates<00:05:39.780> stay<00:05:39.960> high<00:05:40.139> for<00:05:40.380> longer<00:05:40.740> so

will those rates stay high for longer so

will those rates stay high for longer so I<00:05:41.520> think<00:05:41.639> that<00:05:41.940> very<00:05:42.120> much<00:05:42.300> depends<00:05:42.900> on<00:05:43.800> what

I think that very much depends on what

I think that very much depends on what we<00:05:44.160> see<00:05:44.280> from<00:05:44.520> governments

we see from governments

we see from governments if<00:05:46.500> governments<00:05:46.979> move<00:05:47.100> into<00:05:47.340> this<00:05:47.580> space<00:05:47.820> of

if governments move into this space of

if governments move into this space of constantly<00:05:49.560> running<00:05:50.780> massive<00:05:51.780> deficits<00:05:52.380> in

constantly running massive deficits in

constantly running massive deficits in response<00:05:52.979> to<00:05:53.039> every<00:05:53.160> crisis<00:05:53.639> then<00:05:54.600> we<00:05:54.840> will

response to every crisis then we will

response to every crisis then we will probably<00:05:55.199> get<00:05:55.440> an<00:05:55.560> inflationary<00:05:56.100> crisis<00:05:56.460> that

probably get an inflationary crisis that

probably get an inflationary crisis that goes<00:05:57.180> on<00:05:57.300> longer<00:05:57.840> and<00:05:58.259> that<00:05:58.380> means<00:05:58.560> rates

goes on longer and that means rates

goes on longer and that means rates might<00:05:59.400> stay<00:05:59.639> higher<00:05:59.940> for<00:06:00.060> a<00:06:00.240> lot<00:06:00.360> longer

might stay higher for a lot longer

might stay higher for a lot longer because<00:06:01.919> financial<00:06:02.280> markets<00:06:03.000> basically

because financial markets basically

because financial markets basically refuse<00:06:03.960> to<00:06:04.199> allow<00:06:04.560> the<00:06:04.740> government<00:06:04.860> to<00:06:05.220> run<00:06:05.340> a

refuse to allow the government to run a

refuse to allow the government to run a very<00:06:05.940> large<00:06:06.120> deficit

very large deficit

very large deficit it's<00:06:08.280> quite<00:06:08.460> possible<00:06:08.699> that<00:06:09.000> we<00:06:09.300> won't<00:06:09.780> end<00:06:09.960> up

it's quite possible that we won't end up

it's quite possible that we won't end up going<00:06:10.259> that<00:06:10.500> way<00:06:10.620> and<00:06:10.860> in<00:06:11.400> which<00:06:11.580> case<00:06:11.759> we'll

going that way and in which case we'll

going that way and in which case we'll probably<00:06:12.360> move<00:06:12.600> towards<00:06:13.020> a<00:06:13.199> more<00:06:13.699> austerity

probably move towards a more austerity

probably move towards a more austerity light

light

light something<00:06:17.220> more<00:06:17.400> like<00:06:17.520> we<00:06:17.699> saw<00:06:17.820> after<00:06:17.940> 2008<00:06:18.660> in

something more like we saw after 2008 in

something more like we saw after 2008 in which<00:06:19.320> case<00:06:19.440> the<00:06:19.680> government<00:06:19.800> tries<00:06:20.160> to<00:06:20.340> slash

which case the government tries to slash

which case the government tries to slash the<00:06:22.680> amount<00:06:22.919> of<00:06:23.039> money<00:06:23.100> gives<00:06:23.280> to<00:06:23.460> councils

the amount of money gives to councils

the amount of money gives to councils NHS<00:06:24.720> education<00:06:25.460> welfare<00:06:26.460> payments

NHS education welfare payments

NHS education welfare payments um and<00:06:27.900> if<00:06:28.020> that<00:06:28.319> happens<00:06:28.819> you<00:06:29.819> will<00:06:29.940> see<00:06:30.240> a

um and if that happens you will see a

um and if that happens you will see a real<00:06:30.720> squeezing<00:06:31.259> of<00:06:31.440> living<00:06:31.620> standards<00:06:32.160> for

real squeezing of living standards for

real squeezing of living standards for especially<00:06:32.759> poorer<00:06:33.180> people<00:06:33.360> but<00:06:33.600> also<00:06:33.840> people

especially poorer people but also people

especially poorer people but also people in<00:06:34.259> the<00:06:34.319> middle<00:06:34.440> that<00:06:35.340> will<00:06:35.460> really<00:06:35.639> starve

in the middle that will really starve

in the middle that will really starve the<00:06:36.300> ability<00:06:36.539> to<00:06:36.900> spend<00:06:37.080> of<00:06:37.319> ordinary

the ability to spend of ordinary

the ability to spend of ordinary families<00:06:38.100> and<00:06:38.400> then<00:06:38.520> you<00:06:38.699> probably<00:06:38.940> see

families and then you probably see

families and then you probably see inflation<00:06:39.479> come<00:06:39.720> down<00:06:39.900> quite<00:06:40.139> quickly<00:06:40.440> and

inflation come down quite quickly and

inflation come down quite quickly and interest<00:06:41.100> rates<00:06:41.400> come<00:06:41.580> down<00:06:41.699> quite<00:06:41.880> quickly

interest rates come down quite quickly

interest rates come down quite quickly in<00:06:42.960> which<00:06:43.080> case<00:06:43.259> mortgage<00:06:43.919> payments<00:06:44.340> will

in which case mortgage payments will

in which case mortgage payments will come<00:06:45.180> down<00:06:45.360> but<00:06:45.780> at<00:06:45.900> the<00:06:46.080> same<00:06:46.199> time<00:06:46.380> living

come down but at the same time living

come down but at the same time living standards<00:06:47.520> will<00:06:47.759> collapse<00:06:48.180> so<00:06:48.539> these<00:06:49.020> two

standards will collapse so these two

standards will collapse so these two options<00:06:49.440> are<00:06:49.680> both<00:06:49.800> pretty<00:06:50.039> bad<00:06:50.280> at<00:06:50.819> the

options are both pretty bad at the

options are both pretty bad at the moment<00:06:51.060> we're<00:06:51.300> filming<00:06:51.660> this<00:06:51.780> video<00:06:51.900> it's

moment we're filming this video it's

moment we're filming this video it's during<00:06:52.259> the<00:06:52.440> conservative<00:06:52.800> pie<00:06:52.979> conference

during the conservative pie conference

during the conservative pie conference there's<00:06:54.240> basically<00:06:54.660> Carnage<00:06:55.199> in<00:06:55.319> the

there's basically Carnage in the

there's basically Carnage in the conservative<00:06:55.740> party<00:06:55.919> and<00:06:56.100> we<00:06:56.220> don't<00:06:56.340> quite

conservative party and we don't quite

conservative party and we don't quite know<00:06:56.759> which<00:06:56.940> way<00:06:57.060> they're<00:06:57.240> going<00:06:57.419> to<00:06:57.539> go<00:06:57.720> so

know which way they're going to go so

know which way they're going to go so we'll<00:06:58.440> probably<00:06:58.620> do<00:06:58.800> another<00:06:59.039> update<00:06:59.520> sooner

we'll probably do another update sooner

we'll probably do another update sooner um<00:07:00.479> either<00:07:01.080> way<00:07:01.259> it's<00:07:01.440> like<00:07:01.620> a<00:07:01.800> disaster<00:07:02.039> for

um either way it's like a disaster for

um either way it's like a disaster for ordinary<00:07:02.759> families<00:07:03.180> but<00:07:03.600> one<00:07:04.080> way<00:07:04.500> also

ordinary families but one way also

ordinary families but one way also really<00:07:05.639> hits<00:07:05.819> mortgage<00:07:06.240> owners<00:07:06.539> and<00:07:06.660> other

really hits mortgage owners and other

really hits mortgage owners and other way<00:07:06.960> doesn't

way doesn't

way doesn't the<00:07:09.240> next<00:07:09.539> question<00:07:10.020> is<00:07:10.680> on<00:07:11.039> oh<00:07:11.340> I<00:07:11.639> should

the next question is on oh I should

the next question is on oh I should probably<00:07:12.000> before<00:07:12.240> just<00:07:12.960> finish<00:07:13.080> off<00:07:13.259> on

probably before just finish off on

probably before just finish off on interest<00:07:13.560> rates

interest rates

interest rates I<00:07:15.120> still<00:07:15.360> think<00:07:15.660> in<00:07:16.319> the<00:07:16.440> medium<00:07:16.740> term<00:07:16.919> both

I still think in the medium term both

I still think in the medium term both inflation<00:07:17.759> and<00:07:17.940> interest<00:07:18.060> rates<00:07:18.240> will<00:07:18.479> come

inflation and interest rates will come

inflation and interest rates will come back<00:07:18.720> down<00:07:18.900> the<00:07:19.680> reason<00:07:19.800> I<00:07:20.039> think<00:07:20.160> that<00:07:20.340> is

back down the reason I think that is

back down the reason I think that is we're<00:07:20.759> seeing<00:07:20.940> an<00:07:21.360> absolute<00:07:21.720> strangling<00:07:22.319> of

we're seeing an absolute strangling of

we're seeing an absolute strangling of the<00:07:22.560> middle<00:07:22.680> class<00:07:22.919> here<00:07:23.280> and<00:07:23.580> ultimately<00:07:23.940> if

the middle class here and ultimately if

the middle class here and ultimately if the<00:07:24.300> middle<00:07:24.360> class<00:07:24.539> don't<00:07:24.780> have<00:07:24.960> money<00:07:25.199> then

the middle class don't have money then

the middle class don't have money then it's<00:07:26.160> very<00:07:26.340> difficult<00:07:26.580> to<00:07:26.759> see<00:07:26.880> inflation

it's very difficult to see inflation

it's very difficult to see inflation stay<00:07:28.319> sustained<00:07:28.919> stay<00:07:29.280> high<00:07:29.460> and<00:07:29.639> sustain

stay sustained stay high and sustain

stay sustained stay high and sustain level<00:07:30.120> because<00:07:30.419> whilst<00:07:31.259> they're<00:07:31.380> very<00:07:31.500> rich

level because whilst they're very rich

level because whilst they're very rich are<00:07:31.919> getting<00:07:32.160> much<00:07:32.520> richer<00:07:32.940> there's<00:07:33.479> only<00:07:33.660> so

are getting much richer there's only so

are getting much richer there's only so much<00:07:33.960> these<00:07:34.259> guys<00:07:34.440> basically<00:07:34.979> can<00:07:35.280> consume

much these guys basically can consume

much these guys basically can consume um<00:07:36.840> but<00:07:37.380> like<00:07:37.620> I<00:07:37.800> say

um but like I say

um but like I say that<00:07:39.360> is<00:07:39.539> contingent<00:07:40.080> that<00:07:40.319> the<00:07:40.500> government

that is contingent that the government

that is contingent that the government is<00:07:41.039> not<00:07:41.220> able<00:07:41.400> to<00:07:41.580> keep<00:07:41.819> running<00:07:42.000> massive

is not able to keep running massive

is not able to keep running massive deficits<00:07:42.900> if<00:07:43.259> the<00:07:43.380> government<00:07:43.560> does<00:07:43.860> do<00:07:44.039> that

deficits if the government does do that

deficits if the government does do that then<00:07:44.400> I<00:07:44.580> think<00:07:44.639> we'll<00:07:44.819> see<00:07:44.940> inflation<00:07:45.360> and

then I think we'll see inflation and

then I think we'll see inflation and interest<00:07:46.199> rates<00:07:46.500> stay<00:07:46.680> high<00:07:46.860> so<00:07:47.039> as<00:07:47.160> you<00:07:47.280> see

interest rates stay high so as you see

interest rates stay high so as you see it's<00:07:47.520> difficult<00:07:47.880> at<00:07:48.060> the<00:07:48.180> moment<00:07:48.300> to<00:07:48.419> make<00:07:48.539> a

it's difficult at the moment to make a

it's difficult at the moment to make a clear<00:07:48.780> prediction<00:07:49.139> because<00:07:49.380> it<00:07:49.560> very<00:07:49.680> much

clear prediction because it very much

clear prediction because it very much depends<00:07:50.099> on<00:07:50.220> government<00:07:50.400> policy<00:07:51.000> I'm<00:07:51.479> an

depends on government policy I'm an

depends on government policy I'm an economic<00:07:52.020> forecaster<00:07:52.440> not<00:07:52.620> a<00:07:52.740> political

economic forecaster not a political

economic forecaster not a political forecaster<00:07:53.639> and<00:07:54.060> it<00:07:54.180> depends<00:07:54.419> on<00:07:54.479> what

forecaster and it depends on what

forecaster and it depends on what governments<00:07:54.960> are<00:07:55.080> going<00:07:55.199> to<00:07:55.319> do

governments are going to do

governments are going to do so<00:07:56.220> that<00:07:56.460> moves<00:07:56.639> all<00:07:56.759> the<00:07:56.880> house<00:07:57.000> prices

so that moves all the house prices

so that moves all the house prices as<00:07:59.160> I've<00:07:59.280> said<00:07:59.460> it's<00:07:59.819> almost<00:08:00.060> certain<00:08:00.960> that<00:08:01.259> in

as I've said it's almost certain that in

as I've said it's almost certain that in the<00:08:01.620> next<00:08:01.680> year<00:08:01.919> we'll<00:08:02.160> see<00:08:02.460> a<00:08:02.699> big<00:08:02.880> increase

the next year we'll see a big increase

the next year we'll see a big increase in<00:08:03.300> interest<00:08:03.479> rates<00:08:03.780> on<00:08:03.900> mortgages<00:08:04.199> we've

in interest rates on mortgages we've

in interest rates on mortgages we've already<00:08:04.740> seen<00:08:04.919> a<00:08:05.039> lot<00:08:05.099> of<00:08:05.160> mortgages<00:08:05.400> be

already seen a lot of mortgages be

already seen a lot of mortgages be pulled<00:08:05.880> off<00:08:06.000> the<00:08:06.120> market<00:08:06.240> entirely<00:08:06.780> that

pulled off the market entirely that

pulled off the market entirely that makes<00:08:07.680> it<00:08:07.860> very<00:08:08.039> difficult<00:08:08.340> for<00:08:08.759> ordinary

makes it very difficult for ordinary

makes it very difficult for ordinary people<00:08:09.660> to<00:08:09.840> buy<00:08:09.960> homes<00:08:10.259> because<00:08:10.500> they

people to buy homes because they

people to buy homes because they normally<00:08:10.979> dependent<00:08:11.340> on<00:08:11.460> large<00:08:11.639> mortgages

normally dependent on large mortgages

normally dependent on large mortgages that<00:08:12.720> would<00:08:12.840> also<00:08:13.080> squeeze<00:08:13.560> the<00:08:13.740> spending

that would also squeeze the spending

that would also squeeze the spending part<00:08:14.160> of<00:08:14.280> ordinary<00:08:14.699> families<00:08:15.060> who<00:08:15.419> already

part of ordinary families who already

part of ordinary families who already have<00:08:16.259> larger<00:08:16.620> mortgages

have larger mortgages

have larger mortgages because<00:08:18.900> of<00:08:19.139> this<00:08:19.259> I<00:08:19.440> can<00:08:19.620> very<00:08:19.800> much

because of this I can very much

because of this I can very much understand<00:08:20.160> that<00:08:20.520> a<00:08:20.699> lot<00:08:20.759> of<00:08:20.819> people<00:08:20.940> are

understand that a lot of people are

understand that a lot of people are predicting<00:08:21.479> Big<00:08:21.599> Falls<00:08:21.840> in<00:08:22.020> the<00:08:22.139> housing

predicting Big Falls in the housing

predicting Big Falls in the housing market<00:08:22.560> and<00:08:22.919> I<00:08:23.039> think<00:08:23.160> particularly<00:08:23.940> in<00:08:24.060> the

market and I think particularly in the

market and I think particularly in the short<00:08:24.419> term

short term

short term there<00:08:25.860> are<00:08:25.979> chances<00:08:26.280> that<00:08:26.460> we<00:08:26.580> do<00:08:26.699> see<00:08:26.879> Falls

there are chances that we do see Falls

there are chances that we do see Falls at<00:08:27.419> the<00:08:27.599> very<00:08:27.720> least<00:08:27.840> to<00:08:28.080> slow<00:08:28.199> down<00:08:28.379> in<00:08:28.560> the

at the very least to slow down in the

at the very least to slow down in the rise<00:08:29.000> largely<00:08:30.000> because<00:08:30.240> if<00:08:30.599> people<00:08:30.720> believe

rise largely because if people believe

rise largely because if people believe the<00:08:31.259> prices<00:08:31.379> are<00:08:31.680> falling<00:08:31.979> prices<00:08:32.219> will<00:08:32.520> fall

the prices are falling prices will fall

the prices are falling prices will fall but<00:08:33.000> also<00:08:33.240> because<00:08:33.360> simply<00:08:34.020> a<00:08:34.200> lot<00:08:34.260> of<00:08:34.320> people

but also because simply a lot of people

but also because simply a lot of people are<00:08:34.680> not<00:08:34.800> able<00:08:34.979> to<00:08:35.039> get<00:08:35.159> mortgages

are not able to get mortgages

are not able to get mortgages I<00:08:36.539> think<00:08:36.599> what<00:08:36.779> is<00:08:36.959> missing<00:08:37.260> in<00:08:37.380> that<00:08:37.560> analysis

I think what is missing in that analysis

I think what is missing in that analysis and<00:08:38.700> what<00:08:38.820> is<00:08:39.000> commonly<00:08:39.300> missing<00:08:39.659> in<00:08:39.860> analyzes

and what is commonly missing in analyzes

and what is commonly missing in analyzes of<00:08:41.219> what<00:08:41.640> is<00:08:41.760> happening<00:08:42.000> in<00:08:42.120> the<00:08:42.180> economy

of what is happening in the economy

of what is happening in the economy since<00:08:42.659> covid

since covid

since covid is<00:08:44.339> that<00:08:44.700> the<00:08:45.060> simple<00:08:45.240> fact<00:08:45.480> that<00:08:45.720> the<00:08:45.959> rich

is that the simple fact that the rich

is that the simple fact that the rich are<00:08:46.680> stacking<00:08:47.160> up<00:08:47.279> so<00:08:47.880> much<00:08:48.000> money<00:08:48.300> here<00:08:48.480> that

are stacking up so much money here that

are stacking up so much money here that 150<00:08:49.320> billion<00:08:49.560> pounds<00:08:49.980> that<00:08:50.519> has<00:08:50.640> been<00:08:50.820> given

150 billion pounds that has been given

150 billion pounds that has been given out<00:08:51.180> in<00:08:51.720> the<00:08:51.839> recent<00:08:52.140> budget<00:08:52.500> largely<00:08:53.100> to

out in the recent budget largely to

out in the recent budget largely to energy<00:08:53.399> companies<00:08:53.880> that<00:08:54.360> will<00:08:54.540> end<00:08:54.660> up<00:08:54.779> in<00:08:54.899> the

energy companies that will end up in the

energy companies that will end up in the bank<00:08:55.140> account<00:08:55.320> of<00:08:55.800> the<00:08:55.920> people<00:08:56.100> who<00:08:56.339> own<00:08:56.580> the

bank account of the people who own the

bank account of the people who own the shares<00:08:57.300> of<00:08:57.420> the<00:08:57.540> energy<00:08:57.660> companies<00:08:58.080> who<00:08:58.380> are

shares of the energy companies who are

shares of the energy companies who are wealthy<00:08:58.860> people<00:08:59.040> right<00:08:59.279> so<00:08:59.640> that's<00:09:00.000> another

wealthy people right so that's another

wealthy people right so that's another 150<00:09:00.959> billion<00:09:01.200> pounds<00:09:01.560> into<00:09:02.100> the<00:09:02.279> bank

150 billion pounds into the bank

150 billion pounds into the bank accounts<00:09:02.760> of<00:09:02.820> the<00:09:02.940> rich<00:09:03.060> on<00:09:03.779> top<00:09:03.899> of<00:09:04.019> the<00:09:04.200> 600

accounts of the rich on top of the 600

accounts of the rich on top of the 600 billion<00:09:04.860> pounds<00:09:05.100> which<00:09:05.279> has<00:09:05.399> already<00:09:05.519> been

billion pounds which has already been

billion pounds which has already been given<00:09:05.820> to<00:09:05.940> the<00:09:06.060> rich<00:09:06.180> in<00:09:06.360> the<00:09:06.480> last<00:09:06.540> three

given to the rich in the last three

given to the rich in the last three years<00:09:07.320> that's<00:09:07.740> a<00:09:07.920> total<00:09:08.100> of<00:09:08.220> 750<00:09:08.700> billion

years that's a total of 750 billion

years that's a total of 750 billion pounds<00:09:09.360> that's<00:09:09.839> an<00:09:09.959> enormous<00:09:10.200> amount<00:09:10.440> of

pounds that's an enormous amount of

pounds that's an enormous amount of money<00:09:10.680> that's<00:09:10.920> 15<00:09:11.339> 000<00:09:11.399> pounds<00:09:11.640> for<00:09:11.700> everyone

money that's 15 000 pounds for everyone

money that's 15 000 pounds for everyone in<00:09:12.180> the<00:09:12.300> country<00:09:12.420> that<00:09:13.140> means<00:09:13.440> again<00:09:13.740> 200<00:09:14.459> 300

in the country that means again 200 300

in the country that means again 200 300 Grand<00:09:15.060> per<00:09:15.600> person<00:09:15.779> for<00:09:16.080> richer<00:09:16.620> people<00:09:16.740> so

Grand per person for richer people so

Grand per person for richer people so even<00:09:18.779> though<00:09:19.080> you

even though you

even though you can't<00:09:20.519> afford<00:09:20.820> your<00:09:21.180> mortgage<00:09:21.600> and<00:09:22.260> you<00:09:22.560> can't

can't afford your mortgage and you can't

can't afford your mortgage and you can't get<00:09:23.040> a<00:09:23.220> mortgage

get a mortgage

get a mortgage you<00:09:25.740> are<00:09:25.860> competing<00:09:26.339> with<00:09:26.640> the<00:09:26.940> very<00:09:27.060> rich<00:09:27.240> to

you are competing with the very rich to

you are competing with the very rich to buy<00:09:27.600> houses<00:09:27.779> and<00:09:28.620> they<00:09:28.980> are<00:09:29.700> just<00:09:29.880> seeing<00:09:30.120> this

buy houses and they are just seeing this

buy houses and they are just seeing this enormous<00:09:31.019> flow<00:09:31.620> of<00:09:31.740> cash<00:09:31.920> coming<00:09:32.160> from<00:09:32.399> the

enormous flow of cash coming from the

enormous flow of cash coming from the government<00:09:32.640> so

government so

government so ultimately<00:09:35.160> what<00:09:36.060> the<00:09:36.180> rich<00:09:36.360> people<00:09:36.540> do<00:09:36.839> when

ultimately what the rich people do when

ultimately what the rich people do when they're<00:09:37.140> given<00:09:37.440> cash<00:09:37.680> they<00:09:38.100> they<00:09:38.339> buy<00:09:38.580> assets

they're given cash they they buy assets

they're given cash they they buy assets it's<00:09:39.120> the<00:09:39.360> main<00:09:39.420> thing<00:09:39.600> that<00:09:39.660> they<00:09:39.779> buy

it's the main thing that they buy

it's the main thing that they buy because<00:09:40.140> you<00:09:40.380> know<00:09:40.500> they<00:09:40.680> already<00:09:40.860> have<00:09:41.100> very

because you know they already have very

because you know they already have very high<00:09:41.459> spending<00:09:41.760> they<00:09:41.880> don't<00:09:42.000> need<00:09:42.120> to<00:09:42.240> spend

high spending they don't need to spend

high spending they don't need to spend much<00:09:42.600> more

much more

much more um

um

um so<00:09:44.760> ultimately<00:09:45.180> you<00:09:45.600> know<00:09:45.720> in<00:09:46.140> a<00:09:46.260> sense<00:09:46.380> we<00:09:46.560> are

so ultimately you know in a sense we are

so ultimately you know in a sense we are repeating<00:09:47.040> the<00:09:47.100> mistakes<00:09:47.339> of<00:09:47.519> covid<00:09:47.940> which<00:09:48.360> is

repeating the mistakes of covid which is

repeating the mistakes of covid which is we're<00:09:49.260> trying<00:09:49.620> to

we're trying to

we're trying to solve<00:09:51.660> a<00:09:51.779> problem<00:09:51.899> which<00:09:52.200> is<00:09:52.320> caused<00:09:52.620> by

solve a problem which is caused by

solve a problem which is caused by inequality<00:09:53.339> by<00:09:53.940> giving<00:09:54.120> cash<00:09:54.420> out<00:09:54.600> in<00:09:54.779> such<00:09:54.899> a

inequality by giving cash out in such a

inequality by giving cash out in such a way<00:09:55.080> that<00:09:55.260> it<00:09:55.380> increases<00:09:55.740> inequality

way that it increases inequality

way that it increases inequality um<00:09:57.720> and<00:09:58.320> that<00:09:58.440> means<00:09:58.680> that<00:09:58.800> you<00:09:58.980> we<00:09:59.279> will

um and that means that you we will

um and that means that you we will continue<00:09:59.820> to<00:10:00.180> see<00:10:00.360> this<00:10:00.779> massive

continue to see this massive

continue to see this massive accumulation<00:10:01.560> of<00:10:01.680> cash<00:10:01.800> by<00:10:02.040> the<00:10:02.160> rich<00:10:02.339> and

accumulation of cash by the rich and

accumulation of cash by the rich and because<00:10:03.540> of<00:10:03.839> that<00:10:04.080> I<00:10:04.740> can't<00:10:04.980> see<00:10:05.160> houses<00:10:05.279> doing

because of that I can't see houses doing

because of that I can't see houses doing anything<00:10:06.060> in<00:10:06.360> the<00:10:06.480> medium<00:10:06.779> to<00:10:06.959> long<00:10:07.140> term

anything in the medium to long term

anything in the medium to long term other<00:10:07.620> than<00:10:07.860> going<00:10:08.100> up<00:10:08.220> in<00:10:08.399> price<00:10:08.640> and<00:10:08.820> that<00:10:09.120> is

other than going up in price and that is

other than going up in price and that is simply<00:10:09.540> because<00:10:09.720> we<00:10:10.560> are<00:10:10.680> giving<00:10:10.860> so<00:10:11.160> much

simply because we are giving so much

simply because we are giving so much money<00:10:11.640> to<00:10:12.360> the<00:10:12.540> rich

money to the rich

money to the rich and<00:10:14.100> you<00:10:14.279> could<00:10:14.459> see<00:10:14.640> this<00:10:14.880> sort<00:10:15.060> of<00:10:15.120> nightmare

and you could see this sort of nightmare

and you could see this sort of nightmare combination<00:10:16.260> of<00:10:16.620> it'd<00:10:17.160> be<00:10:17.160> hard<00:10:17.339> to<00:10:17.459> get<00:10:17.640> a

combination of it'd be hard to get a

combination of it'd be hard to get a mortgage<00:10:18.120> and<00:10:18.779> house<00:10:19.019> prices<00:10:19.260> going<00:10:19.560> up<00:10:19.740> which

mortgage and house prices going up which

mortgage and house prices going up which basically<00:10:20.519> will<00:10:21.360> continue<00:10:22.019> this<00:10:22.320> trend<00:10:22.500> we've

basically will continue this trend we've

basically will continue this trend we've seen<00:10:22.860> for<00:10:23.040> the<00:10:23.100> last<00:10:23.220> 15<00:10:23.399> years<00:10:23.700> now<00:10:23.940> or<00:10:24.180> maybe

seen for the last 15 years now or maybe

seen for the last 15 years now or maybe even<00:10:24.480> 20<00:10:24.779> 25<00:10:25.140> years<00:10:25.560> of<00:10:26.100> it<00:10:26.279> becoming

even 20 25 years of it becoming

even 20 25 years of it becoming increasingly<00:10:27.240> impossible<00:10:27.600> for<00:10:27.899> people<00:10:28.080> from

increasingly impossible for people from

increasingly impossible for people from ordinary<00:10:28.800> families<00:10:29.220> to<00:10:29.580> get<00:10:29.700> property

ordinary families to get property

ordinary families to get property um<00:10:31.440> because<00:10:31.800> you<00:10:31.980> know<00:10:32.100> in<00:10:32.279> the<00:10:32.459> last<00:10:32.580> 10<00:10:33.060> 15

um because you know in the last 10 15

um because you know in the last 10 15 years<00:10:33.540> it<00:10:33.839> has<00:10:33.959> been<00:10:34.140> possible<00:10:34.500> if<00:10:35.040> you<00:10:35.160> have<00:10:35.279> a

years it has been possible if you have a

years it has been possible if you have a very<00:10:35.519> good<00:10:35.700> job<00:10:35.820> and<00:10:36.060> a<00:10:36.180> very<00:10:36.300> high<00:10:36.480> income<00:10:36.779> and

very good job and a very high income and

very good job and a very high income and you<00:10:37.140> save<00:10:37.320> for<00:10:37.620> a<00:10:37.680> long<00:10:37.800> time<00:10:37.980> to<00:10:38.820> buy<00:10:38.940> a<00:10:39.120> house

you save for a long time to buy a house

you save for a long time to buy a house on<00:10:39.420> your<00:10:39.600> own<00:10:39.720> income<00:10:40.080> it's<00:10:40.320> very<00:10:40.500> very

on your own income it's very very

on your own income it's very very difficult<00:10:41.040> by<00:10:41.700> using<00:10:41.940> larger<00:10:42.240> mortgages<00:10:42.620> but

difficult by using larger mortgages but

difficult by using larger mortgages but increasingly<00:10:44.240> you<00:10:45.240> as<00:10:45.480> somebody<00:10:45.720> from<00:10:45.899> an

increasingly you as somebody from an

increasingly you as somebody from an ordinary<00:10:46.380> family<00:10:46.560> will<00:10:46.740> be<00:10:46.860> competing<00:10:47.160> with

ordinary family will be competing with

ordinary family will be competing with cash<00:10:47.519> buyers<00:10:47.940> from<00:10:48.180> richer<00:10:48.540> families<00:10:48.899> because

cash buyers from richer families because

cash buyers from richer families because they<00:10:49.920> accumulating<00:10:50.519> so<00:10:50.760> much<00:10:50.820> more<00:10:50.940> cash<00:10:51.120> so

they accumulating so much more cash so

they accumulating so much more cash so this<00:10:53.579> is<00:10:53.700> a<00:10:53.820> very<00:10:53.940> counter<00:10:54.300> consensus

this is a very counter consensus

this is a very counter consensus prediction<00:10:55.079> at<00:10:55.320> this<00:10:55.440> point<00:10:55.620> I<00:10:55.980> think<00:10:56.100> in<00:10:56.279> the

prediction at this point I think in the

prediction at this point I think in the next<00:10:56.579> year<00:10:56.880> really<00:10:57.420> anything<00:10:57.660> could<00:10:57.899> happen

next year really anything could happen

next year really anything could happen to<00:10:58.140> house<00:10:58.320> prices<00:10:58.560> I<00:10:58.800> think<00:10:58.920> there's

to house prices I think there's

to house prices I think there's definitely<00:10:59.279> chances<00:10:59.700> of<00:10:59.820> a<00:10:59.940> fall

definitely chances of a fall

definitely chances of a fall um<00:11:00.839> but<00:11:00.959> I<00:11:01.079> think<00:11:01.200> in<00:11:01.440> the<00:11:01.560> next<00:11:01.740> three<00:11:02.160> four

um but I think in the next three four

um but I think in the next three four five<00:11:02.700> years<00:11:02.880> I<00:11:03.240> think<00:11:03.420> we<00:11:03.540> will<00:11:03.720> see<00:11:03.959> big

five years I think we will see big

five years I think we will see big increases<00:11:04.920> in<00:11:05.040> our<00:11:05.160> Sprites<00:11:05.579> and<00:11:05.640> I<00:11:05.760> think

increases in our Sprites and I think

increases in our Sprites and I think that<00:11:06.060> is<00:11:06.180> just<00:11:06.360> because<00:11:06.540> people<00:11:07.260> are<00:11:07.440> not

that is just because people are not

that is just because people are not really<00:11:07.920> getting<00:11:08.579> to<00:11:08.760> grips<00:11:09.060> with<00:11:09.240> and<00:11:09.660> it's

really getting to grips with and it's

really getting to grips with and it's totally<00:11:10.380> understandable<00:11:11.100> if<00:11:11.279> you<00:11:11.339> think

totally understandable if you think

totally understandable if you think about<00:11:11.519> it<00:11:11.640> because<00:11:11.820> most<00:11:12.060> people<00:11:12.240> are<00:11:12.420> not

about it because most people are not

about it because most people are not seeing<00:11:12.839> this<00:11:12.899> big<00:11:13.079> increase<00:11:13.260> in<00:11:13.500> cash

seeing this big increase in cash

seeing this big increase in cash balances<00:11:14.160> people<00:11:15.000> are<00:11:15.240> not<00:11:15.420> quite

balances people are not quite

balances people are not quite understanding<00:11:16.140> just<00:11:16.560> how<00:11:16.920> much<00:11:17.040> cash<00:11:17.279> is

understanding just how much cash is

understanding just how much cash is being<00:11:17.700> accumulated<00:11:18.000> by<00:11:18.240> the<00:11:18.360> rich<00:11:18.480> here<00:11:18.660> and

being accumulated by the rich here and

being accumulated by the rich here and those<00:11:19.320> rich<00:11:19.620> people<00:11:19.800> will<00:11:20.100> use<00:11:20.279> that<00:11:20.459> money<00:11:20.579> to

those rich people will use that money to

those rich people will use that money to buy<00:11:21.480> your<00:11:21.600> houses<00:11:21.779> or<00:11:22.140> the<00:11:22.260> kids<00:11:22.380> or<00:11:22.500> the

buy your houses or the kids or the

buy your houses or the kids or the houses<00:11:22.740> that<00:11:22.980> your<00:11:23.100> kids<00:11:23.220> need

houses that your kids need

houses that your kids need um<00:11:24.600> so<00:11:25.079> once<00:11:25.860> again<00:11:25.920> very<00:11:26.519> pessimistic

um so once again very pessimistic

um so once again very pessimistic predictions<00:11:27.360> here<00:11:27.600> on<00:11:27.779> Gary's<00:11:28.140> economics<00:11:28.560> but

predictions here on Gary's economics but

predictions here on Gary's economics but unfortunately<00:11:29.339> I'm<00:11:29.519> the<00:11:29.640> guy<00:11:29.760> who<00:11:29.940> keeps

unfortunately I'm the guy who keeps

unfortunately I'm the guy who keeps being<00:11:30.360> right<00:11:30.540> on<00:11:30.660> these<00:11:30.899> things

being right on these things

being right on these things um so<00:11:32.399> interest<00:11:32.579> rates<00:11:32.880> will<00:11:33.060> go<00:11:33.180> up<00:11:33.779> they'll

um so interest rates will go up they'll

um so interest rates will go up they'll probably<00:11:34.440> come<00:11:34.620> back<00:11:34.740> down<00:11:34.920> again<00:11:35.100> but<00:11:35.339> that's

probably come back down again but that's

probably come back down again but that's only<00:11:35.700> if<00:11:36.000> Government<00:11:36.300> moves<00:11:37.079> into<00:11:37.200> a<00:11:37.440> more

only if Government moves into a more

only if Government moves into a more austerity<00:11:38.220> space<00:11:39.000> which<00:11:39.300> would<00:11:39.480> be<00:11:39.600> a

austerity space which would be a

austerity space which would be a Devastation<00:11:40.140> for<00:11:40.800> ordinary<00:11:41.579> people's<00:11:41.880> living

Devastation for ordinary people's living

Devastation for ordinary people's living conditions<00:11:42.480> uh<00:11:43.380> mortgages<00:11:43.800> will<00:11:44.040> become

conditions uh mortgages will become

conditions uh mortgages will become harder<00:11:44.459> to<00:11:44.519> get<00:11:44.640> but<00:11:44.820> houses<00:11:45.060> will<00:11:45.300> become

harder to get but houses will become

harder to get but houses will become more<00:11:45.600> expensive<00:11:46.019> and<00:11:46.620> other<00:11:46.860> Devastation<00:11:47.640> for

more expensive and other Devastation for

more expensive and other Devastation for ornery<00:11:48.060> living<00:11:48.240> conditions

ornery living conditions

ornery living conditions the<00:11:49.740> only<00:11:49.800> way<00:11:49.980> to<00:11:50.160> stop<00:11:50.339> this<00:11:50.579> and<00:11:50.760> move<00:11:50.880> to<00:11:51.060> a

the only way to stop this and move to a

the only way to stop this and move to a better<00:11:51.300> outcome<00:11:51.600> of<00:11:52.140> better<00:11:52.440> living

better outcome of better living

better outcome of better living conditions

conditions

conditions better<00:11:54.480> affordability<00:11:55.019> of<00:11:55.320> living<00:11:55.620> better

better affordability of living better

better affordability of living better affordability<00:11:56.279> of<00:11:56.519> housing<00:11:56.820> would<00:11:57.240> be<00:11:57.480> to<00:11:57.600> tax

affordability of housing would be to tax

affordability of housing would be to tax the<00:11:57.899> rich<00:11:58.079> who<00:11:58.320> of<00:11:58.500> course<00:11:58.620> have<00:11:58.800> accumulated

the rich who of course have accumulated

the rich who of course have accumulated an<00:11:59.459> enormous<00:11:59.700> amount<00:12:00.000> of<00:12:00.120> money<00:12:00.240> in<00:12:00.420> the<00:12:00.600> last

an enormous amount of money in the last

an enormous amount of money in the last three<00:12:00.839> years<00:12:01.019> if<00:12:01.500> we<00:12:01.620> were<00:12:01.740> to<00:12:01.860> tax<00:12:02.040> the<00:12:02.279> rich

three years if we were to tax the rich

three years if we were to tax the rich just<00:12:03.959> to<00:12:04.200> bring<00:12:04.260> them<00:12:04.380> as<00:12:04.560> rich<00:12:04.800> as<00:12:04.920> they<00:12:05.040> were

just to bring them as rich as they were

just to bring them as rich as they were before<00:12:05.279> covert<00:12:05.760> weekly<00:12:06.000> deep<00:12:06.180> every<00:12:06.360> single

before covert weekly deep every single

before covert weekly deep every single adult<00:12:06.720> in<00:12:06.959> the<00:12:07.019> country<00:12:07.140> 12<00:12:07.620> 000<00:12:07.680> pounds<00:12:08.040> we

adult in the country 12 000 pounds we

adult in the country 12 000 pounds we could<00:12:08.760> easily<00:12:09.000> fix<00:12:09.180> this<00:12:09.360> problem<00:12:09.540> but<00:12:10.140> at<00:12:10.320> the

could easily fix this problem but at the

could easily fix this problem but at the moment<00:12:10.620> the<00:12:11.519> media<00:12:11.760> is<00:12:11.880> not<00:12:12.000> really<00:12:12.120> talking

moment the media is not really talking

moment the media is not really talking about<00:12:12.420> that<00:12:12.600> as<00:12:12.720> a<00:12:12.899> solution<00:12:13.200> the

about that as a solution the

about that as a solution the conservative<00:12:14.279> government<00:12:14.579> is<00:12:14.940> of<00:12:15.180> course<00:12:15.300> not

conservative government is of course not

conservative government is of course not talking<00:12:15.720> about<00:12:15.899> that<00:12:16.079> as<00:12:16.200> a<00:12:16.380> solution<00:12:16.620> which

talking about that as a solution which

talking about that as a solution which is<00:12:17.459> why<00:12:17.700> we<00:12:17.940> really<00:12:18.120> need<00:12:18.300> to<00:12:18.420> push<00:12:18.540> the

is why we really need to push the

is why we really need to push the message<00:12:18.959> this<00:12:19.860> is<00:12:19.980> solvable<00:12:20.339> if<00:12:20.579> we<00:12:20.700> tax<00:12:20.880> the

message this is solvable if we tax the

message this is solvable if we tax the rich<00:12:21.240> if<00:12:21.480> we<00:12:21.600> don't<00:12:21.720> tax<00:12:21.899> the<00:12:22.140> rich<00:12:22.320> then<00:12:22.680> life

rich if we don't tax the rich then life

rich if we don't tax the rich then life will<00:12:23.040> get<00:12:23.160> worse<00:12:23.459> it<00:12:24.120> will<00:12:24.240> be<00:12:24.360> it'll<00:12:24.779> be<00:12:24.899> your

will get worse it will be it'll be your

will get worse it will be it'll be your lives<00:12:25.200> and<00:12:25.380> your<00:12:25.500> kids<00:12:25.620> lives<00:12:25.920> that<00:12:25.980> will<00:12:26.100> get

lives and your kids lives that will get

lives and your kids lives that will get worse<00:12:26.519> so<00:12:27.240> you<00:12:27.600> know<00:12:27.660> help<00:12:28.200> us<00:12:28.380> spread<00:12:28.860> the

worse so you know help us spread the

worse so you know help us spread the message<00:12:29.160> that<00:12:29.519> we<00:12:29.640> can<00:12:29.700> fix<00:12:29.940> things<00:12:30.180> but<00:12:30.720> only

message that we can fix things but only

message that we can fix things but only if<00:12:30.959> we<00:12:31.079> tax<00:12:31.200> the<00:12:31.380> rich<00:12:31.500> because<00:12:31.740> at<00:12:31.920> the<00:12:32.040> moment

if we tax the rich because at the moment

if we tax the rich because at the moment it's<00:12:32.399> not<00:12:32.579> on<00:12:32.760> the<00:12:32.880> agenda<00:12:33.300> we<00:12:34.019> need<00:12:34.200> to<00:12:34.260> get<00:12:34.380> on

it's not on the agenda we need to get on

it's not on the agenda we need to get on the<00:12:34.680> agenda<00:12:35.040> you<00:12:35.399> know<00:12:35.519> you<00:12:36.240> know<00:12:36.360> I<00:12:36.480> speak<00:12:36.660> to

the agenda you know you know I speak to

the agenda you know you know I speak to people<00:12:36.959> behind<00:12:37.380> the<00:12:37.500> scenes<00:12:37.860> in<00:12:38.279> the<00:12:38.399> labor

people behind the scenes in the labor

people behind the scenes in the labor party<00:12:38.760> and<00:12:39.060> they<00:12:39.180> say<00:12:39.360> to<00:12:39.480> me<00:12:39.600> look<00:12:39.839> we'll

party and they say to me look we'll

party and they say to me look we'll support<00:12:40.620> it<00:12:40.860> if<00:12:40.980> if<00:12:41.220> people<00:12:41.459> support<00:12:41.760> it<00:12:42.060> so

support it if if people support it so

support it if if people support it so you<00:12:42.660> know<00:12:42.779> I<00:12:43.320> need<00:12:43.560> you<00:12:43.740> guys<00:12:43.920> to<00:12:44.100> support<00:12:44.399> it

you know I need you guys to support it

you know I need you guys to support it and<00:12:44.760> then<00:12:44.940> I<00:12:45.060> can<00:12:45.180> try<00:12:45.300> and<00:12:45.420> convince<00:12:45.839> these

and then I can try and convince these

and then I can try and convince these guys<00:12:46.200> to<00:12:46.320> do<00:12:46.500> it<00:12:46.560> I<00:12:47.040> don't<00:12:47.160> trust<00:12:47.279> them<00:12:47.459> 100<00:12:47.579> but

guys to do it I don't trust them 100 but

guys to do it I don't trust them 100 but at<00:12:48.300> least<00:12:48.360> we<00:12:48.540> can<00:12:48.660> try<00:12:48.720> and<00:12:48.839> get<00:12:48.959> them<00:12:49.019> to<00:12:49.200> move

at least we can try and get them to move

at least we can try and get them to move um<00:12:50.880> so<00:12:51.420> yeah<00:12:51.600> support<00:12:52.079> this<00:12:52.320> message

um so yeah support this message

um so yeah support this message share<00:12:54.000> the<00:12:54.120> video<00:12:54.360> like<00:12:55.320> comment<00:12:55.740> that<00:12:55.980> that

share the video like comment that that

share the video like comment that that gets<00:12:56.459> it<00:12:56.579> more<00:12:56.700> seen

gets it more seen

gets it more seen um

um

um but<00:12:59.339> yeah<00:12:59.459> the<00:12:59.639> picture<00:12:59.760> is<00:13:00.060> Bleak<00:13:00.480> but<00:13:00.959> you

but yeah the picture is Bleak but you

but yeah the picture is Bleak but you need<00:13:01.260> to<00:13:01.440> know<00:13:01.740> the<00:13:02.519> reality<00:13:02.880> of<00:13:03.120> the

need to know the reality of the

need to know the reality of the situation<00:13:03.540> and<00:13:03.779> realistic<00:13:04.320> prediction

situation and realistic prediction

situation and realistic prediction what's<00:13:04.980> going<00:13:05.100> to<00:13:05.160> happen

what's going to happen

what's going to happen but<00:13:06.480> it<00:13:06.600> can<00:13:06.720> be<00:13:06.839> fixed<00:13:07.200> but<00:13:07.740> only<00:13:07.920> if<00:13:08.040> we<00:13:08.160> get

but it can be fixed but only if we get

but it can be fixed but only if we get tax<00:13:08.399> in<00:13:08.579> the<00:13:08.639> rich<00:13:08.760> on<00:13:08.880> the<00:13:09.000> agenda<00:13:09.180> and<00:13:09.300> it's

tax in the rich on the agenda and it's

tax in the rich on the agenda and it's not<00:13:09.540> on<00:13:09.660> the<00:13:09.779> agenda<00:13:10.079> so<00:13:10.560> um<00:13:10.560> I'm<00:13:10.980> going<00:13:11.220> to

not on the agenda so um I'm going to

not on the agenda so um I'm going to keep<00:13:11.399> talking<00:13:11.519> about<00:13:11.760> it<00:13:11.940> and<00:13:12.120> I<00:13:12.360> would<00:13:12.480> like

keep talking about it and I would like

keep talking about it and I would like you<00:13:12.660> to<00:13:12.779> talk<00:13:12.899> about<00:13:13.019> it<00:13:13.200> more<00:13:13.320> too<00:13:13.500> because

you to talk about it more too because

you to talk about it more too because that<00:13:13.980> is<00:13:14.100> the<00:13:14.220> only<00:13:14.279> way<00:13:14.459> to<00:13:14.579> bring<00:13:14.940> us<00:13:15.360> um<00:13:15.360> to<00:13:15.899> a

that is the only way to bring us um to a

that is the only way to bring us um to a future<00:13:16.139> that<00:13:16.320> is<00:13:16.440> better<00:13:16.560> for<00:13:16.680> ordinary

future that is better for ordinary

future that is better for ordinary families<00:13:17.279> okay<00:13:17.880> thank<00:13:18.300> you<00:13:18.480> like<00:13:18.839> subscribe

families okay thank you like subscribe

families okay thank you like subscribe share<00:13:19.980> see<00:13:20.820> you<00:13:20.940> later

if<00:13:24.959> you<00:13:25.079> get<00:13:25.320> a<00:13:25.440> bit<00:13:25.560> more<00:13:25.680> money<00:13:25.920> and<00:13:26.639> the<00:13:26.820> rich

if you get a bit more money and the rich

if you get a bit more money and the rich get<00:13:27.240> a<00:13:27.360> lot<00:13:27.480> more<00:13:27.600> money<00:13:28.279> you<00:13:29.279> will<00:13:29.820> become

get a lot more money you will become

get a lot more money you will become poorer<00:13:31.139> and<00:13:31.680> you<00:13:31.860> need<00:13:31.980> to<00:13:32.100> have<00:13:32.220> a<00:13:32.399> policy

poorer and you need to have a policy

poorer and you need to have a policy which<00:13:33.060> actively<00:13:33.600> focuses<00:13:34.380> on<00:13:34.980> reducing

which actively focuses on reducing

which actively focuses on reducing energy<00:13:36.060> consumption<00:13:36.600> of<00:13:36.720> the<00:13:36.779> rich<00:13:36.899> and

energy consumption of the rich and

energy consumption of the rich and support<00:13:37.260> support<00:13:37.500> and<00:13:37.740> it's<00:13:37.860> not<00:13:37.980> there

support support and it's not there

support support and it's not there [Music]