falling<00:00:00.799> to<00:00:01.040> 4.7<00:00:02.399> down<00:00:02.639> just<00:00:02.800> a<00:00:02.879> smidgen<00:00:03.280> on

falling to 4.7 down just a smidgen on

falling to 4.7 down just a smidgen on where<00:00:03.679> it<00:00:03.760> was<00:00:04.080> rishi<00:00:04.480> sunak<00:00:05.040> says<00:00:05.279> the<00:00:05.440> data

where it was rishi sunak says the data

where it was rishi sunak says the data is<00:00:06.080> promising<00:00:06.640> gary<00:00:06.960> stevenson

is promising gary stevenson

is promising gary stevenson is<00:00:08.320> a<00:00:08.480> former<00:00:08.880> city<00:00:09.200> trader<00:00:09.679> turned<00:00:10.000> economist

is a former city trader turned economist

is a former city trader turned economist and<00:00:11.040> financial<00:00:11.519> campaigner<00:00:12.000> gary<00:00:12.320> thank<00:00:12.480> you

and financial campaigner gary thank you

and financial campaigner gary thank you very<00:00:12.799> much<00:00:13.040> for<00:00:13.679> your<00:00:14.000> time<00:00:14.480> this<00:00:14.799> morning<00:00:15.120> so

very much for your time this morning so

very much for your time this morning so massive<00:00:15.839> numbers<00:00:16.080> of<00:00:16.240> job<00:00:16.480> vacancies

massive numbers of job vacancies

massive numbers of job vacancies unemployment<00:00:17.600> down<00:00:17.760> a<00:00:17.840> little<00:00:18.080> rishi<00:00:18.400> sunak

unemployment down a little rishi sunak

unemployment down a little rishi sunak says<00:00:19.119> it's<00:00:19.439> encouraging<00:00:20.160> or<00:00:20.320> promising<00:00:20.800> do

says it's encouraging or promising do

says it's encouraging or promising do you<00:00:20.960> think<00:00:21.119> he's<00:00:21.279> right<00:00:21.600> to

you think he's right to

you think he's right to come<00:00:22.560> to<00:00:22.720> that<00:00:22.880> conclusion

come to that conclusion

come to that conclusion well<00:00:25.599> i<00:00:25.680> mean<00:00:25.840> there's<00:00:26.000> definitely<00:00:26.560> some<00:00:26.800> good

well i mean there's definitely some good

well i mean there's definitely some good news<00:00:27.279> if<00:00:27.359> you<00:00:27.439> look<00:00:27.599> at<00:00:27.680> it<00:00:27.760> on<00:00:27.920> face<00:00:28.160> value

news if you look at it on face value

news if you look at it on face value vacancies<00:00:29.760> are<00:00:29.920> up<00:00:30.080> so<00:00:30.240> that<00:00:30.480> should<00:00:30.720> mean<00:00:30.880> if

vacancies are up so that should mean if

vacancies are up so that should mean if you're<00:00:31.119> looking<00:00:31.279> for<00:00:31.439> a<00:00:31.519> job<00:00:31.679> it<00:00:31.760> should<00:00:31.920> be

you're looking for a job it should be

you're looking for a job it should be easy<00:00:32.160> to<00:00:32.320> get<00:00:32.399> one<00:00:32.559> unemployment<00:00:33.040> rate<00:00:33.280> is

easy to get one unemployment rate is

easy to get one unemployment rate is coming<00:00:33.760> down

coming down

coming down but<00:00:34.960> you<00:00:35.040> know<00:00:35.280> obviously

but you know obviously

but you know obviously these<00:00:37.040> are<00:00:37.120> not<00:00:37.280> normal<00:00:37.600> times<00:00:38.160> and<00:00:38.480> covert

these are not normal times and covert

these are not normal times and covert has<00:00:38.960> massively<00:00:39.280> affected<00:00:39.600> all<00:00:39.760> the

has massively affected all the

has massively affected all the statistics<00:00:40.399> massively<00:00:40.879> right<00:00:41.120> so<00:00:41.680> we've<00:00:41.840> got

statistics massively right so we've got

statistics massively right so we've got a<00:00:42.000> very<00:00:42.160> high<00:00:42.320> number<00:00:42.559> of<00:00:42.640> vacancies<00:00:43.120> right

a very high number of vacancies right

a very high number of vacancies right but<00:00:43.520> these<00:00:43.680> numbers<00:00:44.000> are<00:00:44.079> for<00:00:44.239> the<00:00:44.320> second

but these numbers are for the second

but these numbers are for the second quarter<00:00:45.280> of<00:00:45.600> the<00:00:45.760> year<00:00:46.320> and<00:00:46.480> that's<00:00:47.120> april<00:00:47.680> may

quarter of the year and that's april may

quarter of the year and that's april may june<00:00:48.559> of<00:00:48.800> this<00:00:48.960> year<00:00:49.600> yeah<00:00:50.079> in<00:00:50.160> that<00:00:50.399> period

june of this year yeah in that period

june of this year yeah in that period basically<00:00:51.280> every<00:00:51.600> single<00:00:52.160> restaurant<00:00:53.039> pub

basically every single restaurant pub

basically every single restaurant pub bar<00:00:53.680> in<00:00:53.760> the<00:00:53.840> country<00:00:54.239> was<00:00:54.719> reopening<00:00:55.680> you

bar in the country was reopening you

bar in the country was reopening you know<00:00:56.000> for<00:00:56.160> the<00:00:56.239> first<00:00:56.480> time<00:00:56.719> in

know for the first time in

know for the first time in you<00:00:57.520> know<00:00:57.680> pretty<00:00:57.920> much<00:00:58.079> a<00:00:58.239> year<00:00:58.559> so<00:00:58.719> a<00:00:58.800> lot<00:00:58.960> of

you know pretty much a year so a lot of

you know pretty much a year so a lot of these<00:00:59.120> guys<00:00:59.440> need<00:00:59.680> new<00:00:59.840> staff<00:01:00.160> so<00:01:00.320> it's<00:01:00.480> not

these guys need new staff so it's not

these guys need new staff so it's not really<00:01:00.879> any<00:01:01.039> surprise<00:01:01.359> that<00:01:01.600> at<00:01:01.760> that<00:01:02.000> period

really any surprise that at that period

really any surprise that at that period there<00:01:03.440> was<00:01:03.600> a<00:01:03.680> high<00:01:03.760> level<00:01:04.080> of<00:01:04.159> vacancies<00:01:04.879> um

there was a high level of vacancies um

there was a high level of vacancies um you<00:01:05.680> know<00:01:05.760> there<00:01:05.920> were<00:01:06.000> a<00:01:06.000> lot<00:01:06.080> of<00:01:06.240> other

you know there were a lot of other

you know there were a lot of other things<00:01:06.560> affecting<00:01:06.960> vacancies<00:01:07.439> as<00:01:07.600> well

things affecting vacancies as well

things affecting vacancies as well brexit<00:01:09.040> and<00:01:09.119> covered<00:01:09.439> meant<00:01:09.600> there's<00:01:09.760> fewer

brexit and covered meant there's fewer

brexit and covered meant there's fewer foreign<00:01:10.240> workers<00:01:11.119> um<00:01:11.840> so<00:01:12.080> yeah<00:01:12.320> more

foreign workers um so yeah more

foreign workers um so yeah more vacancies<00:01:13.040> than<00:01:13.200> usual<00:01:13.600> that<00:01:13.760> is<00:01:13.840> good<00:01:14.000> news

vacancies than usual that is good news

vacancies than usual that is good news if<00:01:14.320> you're<00:01:14.479> looking<00:01:14.640> for<00:01:14.720> a<00:01:14.799> job<00:01:15.040> but<00:01:15.200> i<00:01:15.280> think

if you're looking for a job but i think

if you're looking for a job but i think we<00:01:15.520> should<00:01:15.680> be<00:01:15.759> careful<00:01:16.080> reading

we should be careful reading

we should be careful reading too<00:01:17.200> much<00:01:17.439> into<00:01:17.680> these<00:01:17.840> numbers<00:01:18.240> there<00:01:18.479> are<00:01:18.640> a

too much into these numbers there are a

too much into these numbers there are a lot<00:01:18.880> of<00:01:19.200> other<00:01:19.360> things<00:01:19.600> happening<00:01:19.920> in<00:01:20.000> the

lot of other things happening in the

lot of other things happening in the economy<00:01:20.479> which<00:01:20.720> could<00:01:20.880> be<00:01:20.960> cause<00:01:21.200> for<00:01:21.280> concern

economy which could be cause for concern

economy which could be cause for concern well<00:01:22.320> let's<00:01:22.560> pick<00:01:22.720> up<00:01:22.880> on<00:01:23.040> brexit<00:01:23.520> because

well let's pick up on brexit because

well let's pick up on brexit because it's<00:01:23.840> striking<00:01:24.320> isn't<00:01:24.479> it<00:01:24.640> every<00:01:24.799> country<00:01:25.200> in

it's striking isn't it every country in

it's striking isn't it every country in europe<00:01:25.600> has<00:01:25.759> had<00:01:25.920> covert<00:01:26.320> only<00:01:26.560> britain<00:01:26.960> has

europe has had covert only britain has

europe has had covert only britain has empty<00:01:28.000> supermarket<00:01:28.720> shelves<00:01:29.200> it<00:01:29.360> is<00:01:29.600> plainly

empty supermarket shelves it is plainly

empty supermarket shelves it is plainly the<00:01:30.320> case

the case

the case that<00:01:31.520> covid<00:01:32.000> has<00:01:32.479> caused<00:01:32.960> difficulties<00:01:33.520> for

that covid has caused difficulties for

that covid has caused difficulties for all<00:01:33.840> countries<00:01:34.320> but<00:01:34.479> in<00:01:34.640> this<00:01:34.799> country<00:01:35.200> we've

all countries but in this country we've

all countries but in this country we've had<00:01:35.520> the<00:01:35.600> additional<00:01:36.400> unnecessary

had the additional unnecessary

had the additional unnecessary self-inflicted<00:01:38.720> damage<00:01:39.119> from<00:01:39.280> brexit

self-inflicted damage from brexit

self-inflicted damage from brexit you<00:01:40.960> know

you know

you know obviously

obviously

obviously what<00:01:42.720> we've<00:01:42.880> had<00:01:43.119> is<00:01:43.280> breaks<00:01:43.600> happening<00:01:43.920> at

what we've had is breaks happening at

what we've had is breaks happening at the<00:01:44.159> same<00:01:44.399> time<00:01:44.560> as<00:01:44.720> kovid<00:01:45.119> right<00:01:45.280> so<00:01:45.520> there's

the same time as kovid right so there's

the same time as kovid right so there's this<00:01:45.920> tricky<00:01:46.159> situation<00:01:46.640> where<00:01:46.960> it<00:01:47.040> can<00:01:47.280> be

this tricky situation where it can be

this tricky situation where it can be quite<00:01:47.600> difficult<00:01:48.000> for<00:01:48.079> economists<00:01:48.880> to<00:01:49.119> work

quite difficult for economists to work

quite difficult for economists to work out<00:01:49.520> exactly<00:01:49.920> what<00:01:50.079> is<00:01:50.240> being<00:01:50.399> caused<00:01:50.640> by<00:01:50.799> a

out exactly what is being caused by a

out exactly what is being caused by a coving<00:01:51.680> and<00:01:51.840> what<00:01:52.000> is<00:01:52.079> being<00:01:52.320> caused<00:01:52.560> by

coving and what is being caused by

coving and what is being caused by brexit<00:01:53.520> but<00:01:53.680> you<00:01:53.759> know<00:01:53.840> if<00:01:53.920> you<00:01:54.000> look<00:01:54.159> at<00:01:54.320> some

brexit but you know if you look at some

brexit but you know if you look at some of<00:01:54.560> the<00:01:54.720> areas<00:01:55.040> where<00:01:55.200> there<00:01:55.360> are<00:01:55.520> problems<00:01:56.240> a

of the areas where there are problems a

of the areas where there are problems a lot<00:01:56.479> of<00:01:56.560> them<00:01:56.880> are<00:01:57.280> areas<00:01:57.680> where

lot of them are areas where

lot of them are areas where traditionally<00:01:58.640> a<00:01:58.719> lot<00:01:58.880> of<00:01:58.960> workers<00:01:59.840> might

traditionally a lot of workers might

traditionally a lot of workers might have<00:02:00.159> been<00:02:00.320> coming<00:02:00.640> from<00:02:01.280> overseas<00:02:01.759> from<00:02:01.920> the

have been coming from overseas from the

have been coming from overseas from the eu<00:02:02.320> so<00:02:02.719> that's<00:02:02.960> definitely

eu so that's definitely

eu so that's definitely contributing<00:02:05.040> to

contributing to

contributing to some<00:02:06.079> of<00:02:06.159> the<00:02:06.159> reasons<00:02:06.479> why<00:02:06.719> some<00:02:06.960> industries

some of the reasons why some industries

some of the reasons why some industries are<00:02:07.360> struggling<00:02:07.680> to<00:02:07.759> find<00:02:08.000> workers<00:02:08.560> yes<00:02:08.879> and

are struggling to find workers yes and

are struggling to find workers yes and of<00:02:09.119> course<00:02:09.280> the<00:02:09.360> government<00:02:09.599> had<00:02:09.759> the<00:02:09.920> option

of course the government had the option

of course the government had the option didn't<00:02:10.560> it<00:02:11.120> last<00:02:11.440> year<00:02:11.920> of<00:02:12.160> extending<00:02:12.640> the

didn't it last year of extending the

didn't it last year of extending the transition<00:02:13.280> period<00:02:13.680> so<00:02:13.840> we<00:02:13.920> wouldn't<00:02:14.239> have<00:02:14.400> to

transition period so we wouldn't have to

transition period so we wouldn't have to be<00:02:14.640> fighting<00:02:15.040> these<00:02:15.280> two<00:02:15.520> things<00:02:15.840> at<00:02:15.920> the<00:02:16.080> same

be fighting these two things at the same

be fighting these two things at the same time<00:02:16.560> but<00:02:16.720> it<00:02:16.800> chose<00:02:17.040> not<00:02:17.280> to

time but it chose not to

time but it chose not to take<00:02:18.400> up<00:02:18.560> that<00:02:18.800> option

take up that option

take up that option well<00:02:19.920> i<00:02:20.000> mean<00:02:20.319> obviously<00:02:20.879> the<00:02:21.040> brexit<00:02:21.360> the

well i mean obviously the brexit the

well i mean obviously the brexit the russians<00:02:21.760> rolled<00:02:22.000> on<00:02:22.160> and<00:02:22.319> on<00:02:22.400> for<00:02:22.560> a<00:02:22.640> long

russians rolled on and on for a long

russians rolled on and on for a long time<00:02:23.040> lots<00:02:23.200> of<00:02:23.280> people<00:02:23.520> have<00:02:23.599> got<00:02:23.760> lots<00:02:24.000> of

time lots of people have got lots of

time lots of people have got lots of strong<00:02:24.480> opinions<00:02:24.959> in<00:02:25.120> uh<00:02:25.520> both<00:02:25.760> directions<00:02:26.879> um

strong opinions in uh both directions um

strong opinions in uh both directions um look<00:02:27.680> there<00:02:27.840> are<00:02:27.920> problems<00:02:28.239> with<00:02:28.319> some

look there are problems with some

look there are problems with some businesses<00:02:28.879> right<00:02:29.120> now<00:02:29.360> i<00:02:29.440> think<00:02:29.760> really<00:02:30.160> for

businesses right now i think really for

businesses right now i think really for me

me

me the<00:02:31.680> main<00:02:31.920> problem<00:02:32.400> which<00:02:32.640> i'm<00:02:32.879> worried<00:02:33.200> about

the main problem which i'm worried about

the main problem which i'm worried about is<00:02:33.760> um

is um

is um is<00:02:36.000> going<00:02:36.080> to<00:02:36.160> happen<00:02:36.400> when<00:02:36.640> we

is going to happen when we

is going to happen when we when<00:02:37.840> we<00:02:38.400> everybody<00:02:38.800> comes<00:02:39.040> off<00:02:39.200> furlough<00:02:40.000> are

when we everybody comes off furlough are

when we everybody comes off furlough are all<00:02:40.319> of<00:02:40.400> these<00:02:40.560> people<00:02:41.200> at<00:02:41.360> the<00:02:41.440> moment<00:02:41.760> that's

all of these people at the moment that's

all of these people at the moment that's one<00:02:42.080> of<00:02:42.160> the<00:02:42.239> reasons<00:02:42.400> why<00:02:42.560> vacancies<00:02:43.040> are

one of the reasons why vacancies are

one of the reasons why vacancies are high<00:02:43.360> because<00:02:43.599> people<00:02:43.840> are<00:02:43.920> unfollowed<00:02:44.319> when

high because people are unfollowed when

high because people are unfollowed when these<00:02:44.720> when<00:02:44.879> the<00:02:44.959> fellow<00:02:45.200> wins<00:02:45.519> are<00:02:45.680> they

these when the fellow wins are they

these when the fellow wins are they going<00:02:46.000> to<00:02:46.080> find<00:02:46.319> new<00:02:46.480> work<00:02:46.800> and<00:02:47.200> the<00:02:47.360> other

going to find new work and the other

going to find new work and the other thing<00:02:47.599> which<00:02:47.840> i'm<00:02:47.920> always<00:02:48.080> looking<00:02:48.400> at<00:02:48.560> is

thing which i'm always looking at is

thing which i'm always looking at is what's<00:02:49.599> happening<00:02:49.840> with<00:02:50.000> inequality<00:02:50.400> what's

what's happening with inequality what's

what's happening with inequality what's happening<00:02:50.800> with<00:02:50.959> house<00:02:51.200> prices<00:02:51.680> my<00:02:51.920> big

happening with house prices my big

happening with house prices my big concern<00:02:52.400> is<00:02:52.560> we're<00:02:52.640> going<00:02:52.800> to<00:02:52.879> see<00:02:53.280> on<00:02:53.360> top<00:02:53.599> of

concern is we're going to see on top of

concern is we're going to see on top of that<00:02:53.760> potentially<00:02:54.160> big<00:02:54.400> rise<00:02:54.560> is<00:02:55.040> a<00:02:55.120> big<00:02:55.280> rise

that potentially big rise is a big rise

that potentially big rise is a big rise in<00:02:55.840> inflation<00:02:56.560> so

in inflation so

in inflation so really<00:02:57.920> we're<00:02:58.080> sort<00:02:58.239> of<00:02:58.480> on<00:02:58.560> the<00:02:58.720> edge<00:02:58.959> of

really we're sort of on the edge of

really we're sort of on the edge of something<00:02:59.280> happening<00:02:59.599> here<00:02:59.760> and<00:02:59.840> there's<00:03:00.000> a

something happening here and there's a

something happening here and there's a lot<00:03:00.319> of<00:03:00.640> big<00:03:00.879> risks<00:03:01.120> which<00:03:01.280> could<00:03:01.440> be<00:03:01.599> about<00:03:01.760> to

lot of big risks which could be about to

lot of big risks which could be about to ordinary<00:03:02.319> people<00:03:02.480> would<00:03:02.640> know<00:03:02.879> families<00:03:03.360> yeah

ordinary people would know families yeah

ordinary people would know families yeah and<00:03:03.760> inflation's<00:03:04.239> an<00:03:04.400> interesting<00:03:04.800> one

and inflation's an interesting one

and inflation's an interesting one because<00:03:05.200> it's<00:03:05.440> it's<00:03:05.840> hovering<00:03:06.159> around<00:03:06.400> four

because it's it's hovering around four

because it's it's hovering around four percent<00:03:06.959> just<00:03:07.120> now<00:03:07.280> i<00:03:07.360> think<00:03:07.440> isn't<00:03:07.680> it<00:03:07.760> which

percent just now i think isn't it which

percent just now i think isn't it which is<00:03:08.000> twice<00:03:08.319> the<00:03:08.480> target<00:03:08.879> rate<00:03:09.200> of<00:03:09.440> of<00:03:09.680> two

is twice the target rate of of two

is twice the target rate of of two percent

percent

percent and<00:03:11.599> i<00:03:12.080> is<00:03:12.400> is<00:03:12.480> that<00:03:12.720> being<00:03:12.959> driven<00:03:13.280> to<00:03:13.519> an

and i is is that being driven to an

and i is is that being driven to an extent<00:03:14.080> by<00:03:14.560> wage<00:03:14.959> demand<00:03:15.519> because<00:03:16.080> wage

extent by wage demand because wage

extent by wage demand because wage increases<00:03:16.959> are<00:03:17.040> part<00:03:17.280> of<00:03:17.360> the<00:03:17.519> data<00:03:17.920> that

increases are part of the data that

increases are part of the data that we're<00:03:18.239> seeing<00:03:18.560> as<00:03:18.640> well<00:03:19.360> yeah<00:03:19.519> that's<00:03:19.680> an

we're seeing as well yeah that's an

we're seeing as well yeah that's an excellent<00:03:20.159> question<00:03:20.400> darren<00:03:20.640> if<00:03:20.800> i<00:03:20.879> could

excellent question darren if i could

excellent question darren if i could just<00:03:21.040> talk<00:03:21.280> a<00:03:21.360> little<00:03:21.519> bit<00:03:21.680> about<00:03:21.920> that

just talk a little bit about that

just talk a little bit about that because<00:03:22.319> it's<00:03:22.400> a<00:03:22.480> really<00:03:22.800> interesting

because it's a really interesting

because it's a really interesting situation<00:03:23.680> right<00:03:23.920> so<00:03:24.080> if<00:03:24.159> you<00:03:24.239> look<00:03:24.400> at<00:03:24.560> kovid

situation right so if you look at kovid

situation right so if you look at kovid the<00:03:25.599> government<00:03:26.000> spent<00:03:26.239> about<00:03:26.480> 450<00:03:27.360> billion

the government spent about 450 billion

the government spent about 450 billion pounds<00:03:28.080> last<00:03:28.400> year<00:03:28.720> in<00:03:28.959> covert<00:03:29.280> support<00:03:29.599> for

pounds last year in covert support for

pounds last year in covert support for the<00:03:29.840> economy<00:03:30.640> you<00:03:30.720> know<00:03:30.879> we<00:03:31.040> all<00:03:31.120> saw<00:03:31.280> the

the economy you know we all saw the

the economy you know we all saw the furlough<00:03:31.680> scheme<00:03:31.920> that<00:03:32.080> was<00:03:32.159> a<00:03:32.239> big<00:03:32.400> part<00:03:32.560> of

furlough scheme that was a big part of

furlough scheme that was a big part of the<00:03:32.720> cost<00:03:33.040> right<00:03:33.280> now<00:03:33.519> normally<00:03:33.920> when<00:03:34.080> the

the cost right now normally when the

the cost right now normally when the government<00:03:34.640> spends<00:03:34.959> a<00:03:35.040> lot<00:03:35.200> of<00:03:35.280> money<00:03:36.000> they

government spends a lot of money they

government spends a lot of money they will<00:03:36.799> tax<00:03:37.120> people<00:03:37.680> or<00:03:37.920> they<00:03:38.159> will<00:03:38.400> borrow

will tax people or they will borrow

will tax people or they will borrow money<00:03:39.360> but<00:03:39.599> in<00:03:39.680> this<00:03:40.000> instance<00:03:40.319> what<00:03:40.480> the

money but in this instance what the

money but in this instance what the government<00:03:40.959> did<00:03:41.200> was<00:03:41.440> they<00:03:41.599> borrowed<00:03:42.000> money

government did was they borrowed money

government did was they borrowed money but<00:03:43.040> they<00:03:43.200> borrowed<00:03:43.519> it<00:03:43.599> from<00:03:43.680> the<00:03:43.760> bank<00:03:44.000> of

but they borrowed it from the bank of

but they borrowed it from the bank of england<00:03:44.799> which<00:03:45.040> is<00:03:45.200> part<00:03:45.360> of<00:03:45.440> the<00:03:45.519> government

england which is part of the government

england which is part of the government and<00:03:46.239> the<00:03:46.400> bank<00:03:46.640> of<00:03:46.720> england<00:03:47.040> itself<00:03:47.360> printed

and the bank of england itself printed

and the bank of england itself printed the<00:03:47.840> money<00:03:48.080> so<00:03:48.319> essentially<00:03:49.360> that<00:03:49.599> 450

the money so essentially that 450

the money so essentially that 450 billion<00:03:50.640> pounds<00:03:50.879> which<00:03:51.040> was<00:03:51.200> due<00:03:51.360> to<00:03:51.440> support

billion pounds which was due to support

billion pounds which was due to support the<00:03:51.760> economy<00:03:52.159> and<00:03:52.319> covered<00:03:53.120> was<00:03:53.360> basically

the economy and covered was basically

the economy and covered was basically printed<00:03:54.239> so<00:03:54.640> what<00:03:54.879> happened<00:03:55.200> was<00:03:55.439> in<00:03:55.519> cobit

printed so what happened was in cobit

printed so what happened was in cobit suddenly<00:03:56.319> the<00:03:56.400> government<00:03:56.720> has<00:03:56.879> discovered

suddenly the government has discovered

suddenly the government has discovered that<00:03:57.360> the<00:03:57.519> magic<00:03:57.760> money<00:03:58.080> tree<00:03:58.319> exists<00:03:58.720> after

that the magic money tree exists after

that the magic money tree exists after all<00:03:59.200> and<00:03:59.360> they've<00:03:59.519> been<00:03:59.680> using<00:04:00.000> it<00:04:00.080> a<00:04:00.159> lot<00:04:00.319> 450

all and they've been using it a lot 450

all and they've been using it a lot 450 000<00:04:01.200> pounds<00:04:01.439> that's<00:04:01.840> 10<00:04:02.159> 000<00:04:02.319> pounds<00:04:02.560> per

000 pounds that's 10 000 pounds per

000 pounds that's 10 000 pounds per adult<00:04:03.040> in<00:04:03.120> the<00:04:03.200> country<00:04:03.599> and<00:04:04.080> that<00:04:04.239> money

adult in the country and that money

adult in the country and that money doesn't<00:04:04.720> disappear<00:04:05.120> what<00:04:05.280> that<00:04:05.439> means<00:04:05.760> is<00:04:06.480> a

doesn't disappear what that means is a

doesn't disappear what that means is a lot<00:04:06.720> of<00:04:06.879> people<00:04:07.360> in<00:04:07.519> this<00:04:07.680> country<00:04:08.159> are

lot of people in this country are

lot of people in this country are sitting<00:04:08.640> on<00:04:09.200> a<00:04:09.280> lot<00:04:09.519> more<00:04:09.680> money<00:04:10.159> than<00:04:10.319> they

sitting on a lot more money than they

sitting on a lot more money than they normally<00:04:10.879> have<00:04:11.040> been<00:04:11.280> right<00:04:11.519> and

normally have been right and

normally have been right and i<00:04:12.720> came<00:04:12.879> out<00:04:13.040> at<00:04:13.120> the<00:04:13.200> beginning<00:04:13.439> of<00:04:13.519> covert

i came out at the beginning of covert

i came out at the beginning of covert and<00:04:13.920> said<00:04:14.080> what<00:04:14.239> this<00:04:14.400> is<00:04:14.480> going<00:04:14.560> to<00:04:14.640> cause<00:04:14.879> the

and said what this is going to cause the

and said what this is going to cause the number<00:04:15.120> one<00:04:15.280> thing<00:04:15.360> you're<00:04:15.439> going<00:04:15.599> to<00:04:15.680> see<00:04:15.840> is

number one thing you're going to see is

number one thing you're going to see is first<00:04:16.320> of<00:04:16.400> all<00:04:16.479> inflation<00:04:17.040> but<00:04:17.280> mainly

first of all inflation but mainly

first of all inflation but mainly because<00:04:18.479> we<00:04:18.639> can<00:04:18.799> look<00:04:18.880> at<00:04:18.959> the<00:04:19.199> statistics

because we can look at the statistics

because we can look at the statistics now<00:04:19.840> and<00:04:19.919> see<00:04:20.079> that<00:04:20.160> money<00:04:20.400> is<00:04:20.479> being<00:04:20.880> largely

now and see that money is being largely

now and see that money is being largely held<00:04:21.359> by<00:04:21.519> richer<00:04:21.840> people<00:04:22.400> you're<00:04:22.560> going<00:04:22.639> to

held by richer people you're going to

held by richer people you're going to see<00:04:22.880> massive<00:04:23.199> increase<00:04:23.520> in<00:04:23.600> house<00:04:23.919> prices<00:04:24.560> and

see massive increase in house prices and

see massive increase in house prices and stock<00:04:25.040> prices

stock prices

stock prices my<00:04:26.240> concern<00:04:26.560> is<00:04:26.720> what<00:04:26.880> is<00:04:26.960> it<00:04:27.040> going<00:04:27.120> to<00:04:27.199> do<00:04:27.280> for

my concern is what is it going to do for

my concern is what is it going to do for inequality

inequality

inequality and<00:04:28.479> what<00:04:28.639> is<00:04:28.720> it<00:04:28.800> going<00:04:28.960> to<00:04:29.040> do<00:04:29.199> for<00:04:29.440> the

and what is it going to do for the

and what is it going to do for the ability<00:04:30.080> of<00:04:30.320> ordinary<00:04:30.880> people<00:04:31.120> from<00:04:31.280> ordinary

ability of ordinary people from ordinary

ability of ordinary people from ordinary families<00:04:32.400> to<00:04:32.560> buy<00:04:32.720> houses<00:04:33.040> to<00:04:33.120> raise<00:04:33.360> their

families to buy houses to raise their

families to buy houses to raise their kids<00:04:33.680> in<00:04:34.160> and<00:04:34.240> that<00:04:34.400> inequality<00:04:35.040> is<00:04:35.120> already

kids in and that inequality is already

kids in and that inequality is already there<00:04:35.680> of<00:04:35.759> course<00:04:36.080> isn't<00:04:36.400> it<00:04:36.560> because<00:04:37.040> people

there of course isn't it because people

there of course isn't it because people who<00:04:37.759> were<00:04:38.080> able<00:04:38.320> to<00:04:38.479> get<00:04:38.800> through<00:04:39.120> the

who were able to get through the

who were able to get through the pandemic

pandemic

pandemic without<00:04:40.960> losing<00:04:41.280> their<00:04:41.600> jobs<00:04:42.479> uh<00:04:42.720> maybe

without losing their jobs uh maybe

without losing their jobs uh maybe working<00:04:43.520> from<00:04:43.680> home<00:04:43.919> i<00:04:44.240> find<00:04:44.479> myself<00:04:44.880> my

working from home i find myself my

working from home i find myself my partner<00:04:45.360> find<00:04:45.600> himself<00:04:45.919> in<00:04:46.000> this<00:04:46.320> very

partner find himself in this very

partner find himself in this very fortunate<00:04:47.120> position<00:04:47.520> as<00:04:47.600> well<00:04:48.000> able<00:04:48.240> to<00:04:48.400> keep

fortunate position as well able to keep

fortunate position as well able to keep working<00:04:49.520> but<00:04:49.759> with<00:04:50.000> fewer<00:04:50.320> things<00:04:50.560> to<00:04:50.720> spend

working but with fewer things to spend

working but with fewer things to spend money<00:04:51.440> on<00:04:51.759> so<00:04:52.000> inevitably

money on so inevitably

money on so inevitably resources<00:04:54.080> will<00:04:54.320> stack<00:04:54.720> up<00:04:54.880> you'll<00:04:55.120> end<00:04:55.280> up

resources will stack up you'll end up

resources will stack up you'll end up with<00:04:55.520> more<00:04:55.759> money<00:04:56.000> at<00:04:56.080> the<00:04:56.240> end<00:04:56.400> of<00:04:56.479> this<00:04:56.800> than

with more money at the end of this than

with more money at the end of this than you<00:04:57.120> had<00:04:57.360> going<00:04:57.680> into<00:04:58.160> the<00:04:58.320> pandemic<00:04:58.880> but<00:04:59.040> for

you had going into the pandemic but for

you had going into the pandemic but for people<00:04:59.520> who

people who

people who weren't<00:05:00.720> in<00:05:00.800> that<00:05:01.039> position<00:05:01.520> they<00:05:01.680> were

weren't in that position they were

weren't in that position they were having<00:05:02.000> to<00:05:02.160> dig<00:05:02.320> into<00:05:02.560> whatever<00:05:02.880> savings<00:05:03.360> they

having to dig into whatever savings they

having to dig into whatever savings they had<00:05:03.759> they<00:05:03.919> maybe<00:05:04.160> lost<00:05:04.400> their<00:05:04.560> job<00:05:04.880> once<00:05:05.120> twice

had they maybe lost their job once twice

had they maybe lost their job once twice they<00:05:05.600> were<00:05:05.680> relying<00:05:06.080> on<00:05:06.240> furlough<00:05:06.560> which

they were relying on furlough which

they were relying on furlough which might<00:05:06.960> not<00:05:07.120> have<00:05:07.199> made<00:05:07.360> up<00:05:07.520> the<00:05:07.680> entirety<00:05:08.560> of

might not have made up the entirety of

might not have made up the entirety of the<00:05:08.800> money<00:05:09.039> that<00:05:09.120> they<00:05:09.280> were<00:05:09.440> losing<00:05:09.759> and<00:05:09.919> so

the money that they were losing and so

the money that they were losing and so the<00:05:10.720> inequality<00:05:11.360> has<00:05:11.440> widened<00:05:11.840> already

the inequality has widened already

the inequality has widened already hasn't<00:05:12.400> it

hasn't it

hasn't it yeah<00:05:13.440> i<00:05:13.520> think<00:05:13.680> you've<00:05:13.840> really<00:05:14.000> captured<00:05:14.400> it

yeah i think you've really captured it

yeah i think you've really captured it darren<00:05:15.199> you<00:05:15.280> know

darren you know

darren you know covert<00:05:16.880> has<00:05:17.039> been<00:05:17.120> such<00:05:17.360> a<00:05:17.440> disastrous

covert has been such a disastrous

covert has been such a disastrous inequality<00:05:18.400> from<00:05:18.560> so<00:05:18.720> many<00:05:18.960> angles<00:05:19.280> right

inequality from so many angles right

inequality from so many angles right people<00:05:19.759> who<00:05:19.919> tended<00:05:20.160> to<00:05:20.240> be<00:05:20.400> higher<00:05:20.639> earning

people who tended to be higher earning

people who tended to be higher earning generally<00:05:21.600> kept<00:05:21.840> their<00:05:22.000> jobs<00:05:22.560> the<00:05:22.720> people<00:05:22.880> who

generally kept their jobs the people who

generally kept their jobs the people who lost<00:05:23.280> their<00:05:23.440> jobs<00:05:23.680> were<00:05:24.320> self-employed

lost their jobs were self-employed

lost their jobs were self-employed people<00:05:25.199> and<00:05:25.280> lower-earning<00:05:25.840> people<00:05:26.160> right

people and lower-earning people right

people and lower-earning people right people<00:05:27.199> who<00:05:27.520> are<00:05:28.000> have<00:05:28.160> very<00:05:28.400> high<00:05:28.639> incomes

people who are have very high incomes

people who are have very high incomes saved<00:05:29.440> a<00:05:29.520> huge<00:05:29.759> amount<00:05:30.000> of<00:05:30.080> money<00:05:30.320> because

saved a huge amount of money because

saved a huge amount of money because their<00:05:30.639> spending<00:05:31.039> decreased<00:05:31.759> but<00:05:32.000> ordinary

their spending decreased but ordinary

their spending decreased but ordinary and<00:05:32.960> poorer<00:05:33.360> people<00:05:33.680> most<00:05:33.919> of<00:05:34.000> their

and poorer people most of their

and poorer people most of their outgoings<00:05:34.639> are<00:05:34.800> on<00:05:34.960> essentials<00:05:35.440> like<00:05:35.520> renting

outgoings are on essentials like renting

outgoings are on essentials like renting bills<00:05:36.160> so<00:05:36.240> they<00:05:36.400> didn't<00:05:36.639> save<00:05:36.880> any<00:05:37.039> money<00:05:37.600> so

bills so they didn't save any money so

bills so they didn't save any money so what<00:05:38.080> that<00:05:38.240> means<00:05:38.560> is

what that means is

what that means is after<00:05:40.160> already<00:05:40.479> having<00:05:40.720> seen<00:05:40.880> inequality

after already having seen inequality

after already having seen inequality increasing<00:05:41.680> so<00:05:41.919> much<00:05:42.080> in<00:05:42.160> the<00:05:42.320> last<00:05:42.479> 10<00:05:42.720> years

increasing so much in the last 10 years

increasing so much in the last 10 years now<00:05:43.520> with<00:05:43.759> covert<00:05:44.160> that's<00:05:44.320> really<00:05:44.560> going<00:05:44.880> into

now with covert that's really going into

now with covert that's really going into superdrive<00:05:45.680> and<00:05:45.759> what<00:05:45.919> we're<00:05:46.080> seeing<00:05:46.400> is

superdrive and what we're seeing is

superdrive and what we're seeing is massive<00:05:47.199> amounts<00:05:47.520> of<00:05:47.600> money<00:05:47.919> stacked<00:05:48.320> up<00:05:48.479> in

massive amounts of money stacked up in

massive amounts of money stacked up in the<00:05:48.639> bank<00:05:48.800> accounts<00:05:49.120> of<00:05:49.280> rich<00:05:49.600> individuals

the bank accounts of rich individuals

the bank accounts of rich individuals and<00:05:50.479> you<00:05:50.560> know<00:05:50.960> we<00:05:51.120> only<00:05:51.360> had<00:05:51.440> to<00:05:51.520> look<00:05:51.600> back<00:05:51.759> to

and you know we only had to look back to

and you know we only had to look back to 2008<00:05:52.720> to<00:05:52.800> find<00:05:52.960> the<00:05:53.120> crisis<00:05:53.520> where<00:05:53.759> again<00:05:54.080> we

2008 to find the crisis where again we

2008 to find the crisis where again we tried<00:05:54.479> to<00:05:55.039> fix<00:05:55.280> a<00:05:55.360> crisis<00:05:55.840> by<00:05:56.080> printing<00:05:56.400> money

tried to fix a crisis by printing money

tried to fix a crisis by printing money that<00:05:56.880> ended<00:05:57.039> up<00:05:57.199> with<00:05:57.280> richer<00:05:57.600> people<00:05:58.080> and<00:05:58.240> how

that ended up with richer people and how

that ended up with richer people and how did<00:05:58.560> that<00:05:58.720> turn<00:05:58.960> out<00:05:59.199> well<00:05:59.520> london<00:05:59.840> house

did that turn out well london house

did that turn out well london house prices<00:06:00.639> doubled<00:06:01.440> and<00:06:01.600> stock<00:06:01.919> prices<00:06:02.240> went<00:06:02.479> up

prices doubled and stock prices went up

prices doubled and stock prices went up 500<00:06:03.360> 600

500 600

500 600 whilst<00:06:04.639> wages<00:06:05.199> have<00:06:05.360> done<00:06:05.520> nothing<00:06:05.840> in<00:06:06.000> 15

whilst wages have done nothing in 15

whilst wages have done nothing in 15 years<00:06:06.560> so<00:06:06.960> my<00:06:07.199> real<00:06:07.440> concern<00:06:07.919> is<00:06:08.160> if<00:06:08.240> we<00:06:08.400> don't

years so my real concern is if we don't

years so my real concern is if we don't do<00:06:08.639> something<00:06:08.880> about<00:06:09.039> the<00:06:09.199> inequality<00:06:09.680> coming

do something about the inequality coming

do something about the inequality coming out<00:06:10.000> of<00:06:10.080> kovid<00:06:10.479> now<00:06:10.720> yeah<00:06:11.039> that's<00:06:11.199> going<00:06:11.360> to

out of kovid now yeah that's going to

out of kovid now yeah that's going to happen<00:06:11.680> again<00:06:12.080> and<00:06:12.240> i<00:06:12.400> really<00:06:13.120> worry<00:06:13.440> about

happen again and i really worry about

happen again and i really worry about what<00:06:13.759> is<00:06:13.840> that<00:06:13.919> going<00:06:14.000> to<00:06:14.080> mean<00:06:14.240> for<00:06:14.400> ordinary

what is that going to mean for ordinary

what is that going to mean for ordinary families<00:06:15.360> if<00:06:15.520> london<00:06:15.759> house<00:06:16.000> prices<00:06:16.319> double

families if london house prices double

families if london house prices double again<00:06:16.800> because<00:06:17.039> i<00:06:17.120> honestly<00:06:17.520> think<00:06:17.600> it<00:06:17.680> could

again because i honestly think it could

again because i honestly think it could happen

happen

happen not<00:06:19.120> just<00:06:19.280> london<00:06:19.600> house<00:06:19.840> prices<00:06:20.160> but<00:06:20.400> uh

not just london house prices but uh

not just london house prices but uh london<00:06:21.120> is<00:06:21.199> not<00:06:21.440> necessarily<00:06:22.000> the<00:06:22.080> most

london is not necessarily the most

london is not necessarily the most expensive<00:06:22.800> place<00:06:23.039> in<00:06:23.120> the<00:06:23.199> country<00:06:23.520> now<00:06:23.759> to

expensive place in the country now to

expensive place in the country now to buy<00:06:24.160> property<00:06:24.560> anyway<00:06:24.800> it<00:06:24.880> might<00:06:25.039> become<00:06:25.360> so

buy property anyway it might become so

buy property anyway it might become so again<00:06:25.840> but<00:06:26.160> there<00:06:26.319> are<00:06:26.479> places<00:06:26.880> where<00:06:27.039> you're

again but there are places where you're

again but there are places where you're paying<00:06:27.919> potentially<00:06:28.639> 10<00:06:28.960> 11<00:06:29.360> 12<00:06:29.759> times<00:06:30.160> your

paying potentially 10 11 12 times your

paying potentially 10 11 12 times your salary<00:06:31.360> yeah<00:06:31.600> we're<00:06:31.759> seeing<00:06:32.080> like<00:06:32.319> i<00:06:32.400> mean

salary yeah we're seeing like i mean

salary yeah we're seeing like i mean after<00:06:33.440> 2008<00:06:34.000> the<00:06:34.160> biggest<00:06:34.479> rises<00:06:34.800> are<00:06:34.880> in

after 2008 the biggest rises are in

after 2008 the biggest rises are in london<00:06:35.280> but<00:06:35.440> in<00:06:35.520> the<00:06:35.600> last<00:06:35.840> couple<00:06:36.080> years

london but in the last couple years

london but in the last couple years actually<00:06:36.560> it's<00:06:36.800> other<00:06:36.960> parts<00:06:37.199> of<00:06:37.280> the<00:06:37.360> country

actually it's other parts of the country

actually it's other parts of the country that<00:06:37.680> have<00:06:37.759> been<00:06:37.840> going<00:06:38.080> up<00:06:38.240> quicker<00:06:38.800> so<00:06:39.039> um

that have been going up quicker so um

that have been going up quicker so um we're<00:06:39.840> seeing<00:06:40.240> you<00:06:40.400> know

we're seeing you know

we're seeing you know it's<00:06:41.280> an<00:06:41.440> epic<00:06:41.759> we've<00:06:41.919> had<00:06:42.000> one<00:06:42.160> epidemic<00:06:42.639> of

it's an epic we've had one epidemic of

it's an epic we've had one epidemic of covered<00:06:43.039> but<00:06:43.120> in<00:06:43.199> the<00:06:43.280> last<00:06:43.520> 15<00:06:43.759> years<00:06:44.000> has

covered but in the last 15 years has

covered but in the last 15 years has been<00:06:44.160> an<00:06:44.560> epidemic<00:06:45.120> of

been an epidemic of

been an epidemic of housing<00:06:46.319> unaffordability<00:06:47.039> in<00:06:47.120> london<00:06:47.520> and

housing unaffordability in london and

housing unaffordability in london and we're<00:06:47.840> going<00:06:48.000> to<00:06:48.080> see<00:06:48.240> that<00:06:48.319> spread

we're going to see that spread

we're going to see that spread throughout<00:06:48.880> the<00:06:48.960> rest<00:06:49.120> of<00:06:49.199> the<00:06:49.280> country<00:06:49.520> now

throughout the rest of the country now

throughout the rest of the country now we're<00:06:49.840> going<00:06:50.000> to<00:06:50.000> have<00:06:50.080> a<00:06:50.160> real<00:06:50.400> problem<00:06:51.280> what

we're going to have a real problem what

we're going to have a real problem what do<00:06:51.680> young<00:06:52.000> people

do young people

do young people from<00:06:53.120> ordinary<00:06:53.520> hardworking<00:06:54.000> families<00:06:54.400> do

from ordinary hardworking families do

from ordinary hardworking families do when<00:06:55.199> a<00:06:55.280> house<00:06:55.520> costs<00:06:55.840> 10<00:06:56.160> 15<00:06:56.479> times<00:06:56.720> your

when a house costs 10 15 times your

when a house costs 10 15 times your income<00:06:57.280> that's<00:06:57.520> my<00:06:57.759> real<00:06:58.000> concern<00:06:58.720> let's<00:06:58.960> just

income that's my real concern let's just

income that's my real concern let's just end<00:06:59.520> on<00:06:59.759> on<00:06:59.919> the<00:07:00.080> good<00:07:00.400> news<00:07:00.720> story<00:07:01.199> if<00:07:01.360> we<00:07:01.520> zoom

end on on the good news story if we zoom

end on on the good news story if we zoom right<00:07:02.080> out<00:07:02.319> and<00:07:02.400> if<00:07:02.560> we<00:07:02.960> park<00:07:03.360> for<00:07:03.599> a<00:07:03.680> moment

right out and if we park for a moment

right out and if we park for a moment the<00:07:04.160> disastrous<00:07:05.039> slow<00:07:05.440> puncture<00:07:05.840> that<00:07:06.080> is

the disastrous slow puncture that is

the disastrous slow puncture that is brexit<00:07:06.639> if<00:07:06.720> we<00:07:06.800> can<00:07:06.960> strip<00:07:07.199> that<00:07:07.360> out<00:07:07.440> of<00:07:07.520> the

brexit if we can strip that out of the

brexit if we can strip that out of the conversation<00:07:08.160> for<00:07:08.319> a<00:07:08.319> moment<00:07:08.639> god<00:07:08.800> i<00:07:08.960> wish<00:07:09.199> we

conversation for a moment god i wish we

conversation for a moment god i wish we could

could

could but<00:07:10.319> let's<00:07:10.720> let's<00:07:10.960> just<00:07:11.120> look<00:07:11.360> at<00:07:11.520> the

but let's let's just look at the

but let's let's just look at the recovery<00:07:12.160> from<00:07:12.400> kovid<00:07:12.880> it<00:07:13.280> appears<00:07:13.759> doesn't

recovery from kovid it appears doesn't

recovery from kovid it appears doesn't it<00:07:14.400> that<00:07:14.560> the<00:07:14.720> pandemic<00:07:15.360> at<00:07:15.440> least<00:07:15.680> in<00:07:15.759> the<00:07:15.840> uk

it that the pandemic at least in the uk

it that the pandemic at least in the uk has<00:07:16.479> not<00:07:16.880> caused

has not caused

has not caused the

the

the quite<00:07:20.000> the<00:07:20.160> disaster<00:07:21.199> that<00:07:21.440> was<00:07:21.759> feared<00:07:22.319> this

quite the disaster that was feared this

quite the disaster that was feared this was<00:07:22.960> not<00:07:23.199> at<00:07:23.280> the<00:07:23.520> top<00:07:23.840> end

was not at the top end

was not at the top end of<00:07:24.960> people's<00:07:25.360> expectations

of people's expectations

of people's expectations yeah<00:07:27.440> look<00:07:27.599> we've<00:07:27.759> got<00:07:27.840> a<00:07:27.919> long<00:07:28.080> way<00:07:28.240> to<00:07:28.400> go

yeah look we've got a long way to go

yeah look we've got a long way to go with<00:07:28.639> this<00:07:28.800> for<00:07:28.960> sure<00:07:29.199> there's<00:07:29.440> problems<00:07:29.759> down

with this for sure there's problems down

with this for sure there's problems down the<00:07:30.000> line<00:07:30.160> there's<00:07:30.319> a<00:07:30.400> massive<00:07:30.720> government

the line there's a massive government

the line there's a massive government debt<00:07:31.280> there's<00:07:31.440> huge<00:07:31.680> amounts<00:07:31.919> of<00:07:32.000> money<00:07:32.160> in

debt there's huge amounts of money in

debt there's huge amounts of money in the<00:07:32.319> economy<00:07:32.639> there's<00:07:32.800> inequality<00:07:33.440> i<00:07:33.520> talk<00:07:33.759> a

the economy there's inequality i talk a

the economy there's inequality i talk a lot<00:07:34.000> about<00:07:34.160> that<00:07:34.319> on<00:07:34.400> my<00:07:34.479> youtube<00:07:34.800> at<00:07:34.880> gary's

lot about that on my youtube at gary's

lot about that on my youtube at gary's economics<00:07:35.840> but<00:07:36.319> what<00:07:36.560> has<00:07:36.800> happened<00:07:37.039> and<00:07:37.199> it's

economics but what has happened and it's

economics but what has happened and it's been<00:07:37.440> amazing<00:07:37.840> here<00:07:38.160> is

been amazing here is

been amazing here is what's<00:07:39.440> happening<00:07:39.840> covered<00:07:40.240> is<00:07:40.400> we've<00:07:40.639> seen

what's happening covered is we've seen

what's happening covered is we've seen that<00:07:41.039> if<00:07:41.120> the<00:07:41.199> government<00:07:41.440> is<00:07:41.520> willing<00:07:41.759> to

that if the government is willing to

that if the government is willing to stand<00:07:42.240> up<00:07:42.560> and<00:07:42.720> support<00:07:43.120> workers<00:07:43.759> through<00:07:43.919> the

stand up and support workers through the

stand up and support workers through the difficult<00:07:44.479> times<00:07:44.879> then<00:07:45.039> really<00:07:45.520> there<00:07:45.680> isn't

difficult times then really there isn't

difficult times then really there isn't any<00:07:46.160> need<00:07:46.479> for<00:07:46.639> people<00:07:46.800> to<00:07:46.960> lose<00:07:47.120> their<00:07:47.280> jobs

any need for people to lose their jobs

any need for people to lose their jobs you<00:07:47.599> know<00:07:47.759> after<00:07:47.919> 2008<00:07:48.720> millions<00:07:49.120> and

you know after 2008 millions and

you know after 2008 millions and millions<00:07:49.440> of<00:07:49.520> people<00:07:49.759> lost<00:07:49.919> their<00:07:50.080> jobs<00:07:50.400> yes

millions of people lost their jobs yes

millions of people lost their jobs yes but<00:07:50.960> here<00:07:51.360> in<00:07:51.599> kovid<00:07:52.400> governments<00:07:52.879> not<00:07:53.039> just

but here in kovid governments not just

but here in kovid governments not just the<00:07:53.360> uk<00:07:53.599> government<00:07:53.919> but<00:07:54.080> governments<00:07:54.479> all

the uk government but governments all

the uk government but governments all over<00:07:54.800> the<00:07:54.879> world<00:07:55.039> have<00:07:55.199> came<00:07:55.440> out<00:07:55.520> and<00:07:55.599> said<00:07:55.759> no

over the world have came out and said no

over the world have came out and said no we're<00:07:56.080> going<00:07:56.240> to<00:07:56.319> support<00:07:56.639> workers<00:07:57.360> we're

we're going to support workers we're

we're going to support workers we're going<00:07:57.680> to<00:07:57.759> make<00:07:57.840> sure<00:07:58.000> those<00:07:58.240> jobs<00:07:58.479> are<00:07:58.639> still

going to make sure those jobs are still

going to make sure those jobs are still there<00:07:59.440> when<00:07:59.599> we<00:07:59.680> come<00:07:59.919> out<00:08:00.000> of<00:08:00.080> the<00:08:00.240> crisis<00:08:00.879> and

there when we come out of the crisis and

there when we come out of the crisis and what<00:08:01.120> we've<00:08:01.280> seen<00:08:01.520> is<00:08:01.680> if<00:08:01.840> governments<00:08:02.319> are

what we've seen is if governments are

what we've seen is if governments are willing<00:08:02.960> to<00:08:03.120> support<00:08:03.599> their<00:08:03.759> economies<00:08:04.639> and

willing to support their economies and

willing to support their economies and support<00:08:05.199> the<00:08:05.280> people<00:08:05.520> in<00:08:05.599> their<00:08:05.759> countries

support the people in their countries

support the people in their countries then<00:08:06.639> we<00:08:06.800> can<00:08:07.039> come<00:08:07.280> through<00:08:07.440> a<00:08:07.520> crisis

then we can come through a crisis

then we can come through a crisis without<00:08:08.960> massive<00:08:09.520> lobster<00:08:10.240> massive<00:08:10.800> losses

without massive lobster massive losses

without massive lobster massive losses in<00:08:11.440> workers<00:08:12.080> but<00:08:12.560> there<00:08:12.800> are<00:08:12.879> still<00:08:13.039> a<00:08:13.120> lot<00:08:13.199> of

in workers but there are still a lot of

in workers but there are still a lot of problems<00:08:13.759> in<00:08:13.840> the<00:08:14.000> system<00:08:14.560> and<00:08:14.639> people<00:08:14.879> need

problems in the system and people need

problems in the system and people need to<00:08:15.039> be<00:08:15.199> careful<00:08:15.919> gary<00:08:16.319> where<00:08:16.479> can<00:08:16.639> we<00:08:16.720> find<00:08:16.960> you

to be careful gary where can we find you

to be careful gary where can we find you online<00:08:17.360> once<00:08:17.599> again

online once again

online once again gary's<00:08:19.360> economics<00:08:19.840> on<00:08:19.919> twitter<00:08:20.319> and<00:08:20.400> youtube

gary's economics on twitter and youtube

gary's economics on twitter and youtube and<00:08:21.039> facebook<00:08:21.440> everything<00:08:21.919> instagram

and facebook everything instagram

and facebook everything instagram you<00:08:23.199> are<00:08:23.360> ubiquitous

you are ubiquitous

you are ubiquitous yes<00:08:25.039> indeed<00:08:25.280> gary's<00:08:25.599> economics<00:08:26.000> thank<00:08:26.080> you

yes indeed gary's economics thank you

yes indeed gary's economics thank you very<00:08:26.319> much

very much

very much thank<00:08:27.440> you<00:08:27.759> gary<00:08:28.080> stevenson

thank you gary stevenson

thank you gary stevenson as<00:08:29.759> you<00:08:29.919> heard<00:08:30.240> uh<00:08:30.560> joining<00:08:30.879> me<00:08:31.039> this<00:08:31.120> morning

as you heard uh joining me this morning

as you heard uh joining me this morning reflecting<00:08:31.840> on<00:08:32.000> that<00:08:32.320> uh<00:08:32.640> but<00:08:32.880> quite<00:08:33.120> good

reflecting on that uh but quite good

reflecting on that uh but quite good economic<00:08:33.839> news<00:08:34.640> right<00:08:34.800> a<00:08:34.880> couple<00:08:35.039> of<00:08:35.120> minutes

economic news right a couple of minutes

economic news right a couple of minutes away<00:08:35.599> from<00:08:35.839> four

housing<00:08:38.640> could<00:08:38.800> be<00:08:38.959> so<00:08:39.120> much<00:08:39.279> more<00:08:39.519> affordable

housing could be so much more affordable

housing could be so much more affordable wages<00:08:40.560> could<00:08:40.719> be<00:08:40.880> so<00:08:41.120> much<00:08:41.360> higher<00:08:41.919> and<00:08:42.080> we

wages could be so much higher and we

wages could be so much higher and we could<00:08:42.320> have<00:08:42.479> so<00:08:42.640> many<00:08:42.880> more<00:08:43.120> options<00:08:43.760> in<00:08:43.919> how

could have so many more options in how

could have so many more options in how we<00:08:44.159> live<00:08:44.320> our<00:08:44.480> lives

we live our lives

we live our lives there<00:08:45.519> is<00:08:45.680> one<00:08:45.920> other<00:08:46.080> thing<00:08:46.240> they<00:08:46.399> can<00:08:46.560> do

there is one other thing they can do

there is one other thing they can do with<00:08:46.880> that<00:08:47.040> mass<00:08:47.279> amount<00:08:47.440> of<00:08:47.600> income

with that mass amount of income

with that mass amount of income they<00:08:48.959> can<00:08:49.120> buy<00:08:49.360> your<00:08:49.440> mom's<00:08:49.680> house

you