and<00:00:00.320> uh<00:00:00.480> gary<00:00:01.120> is<00:00:01.360> an<00:00:01.520> equality<00:00:02.240> uh<00:00:02.480> inequality

and uh gary is an equality uh inequality

and uh gary is an equality uh inequality economist<00:00:03.520> and<00:00:03.679> also<00:00:04.000> a<00:00:04.080> former<00:00:04.480> trader<00:00:04.799> and<00:00:04.880> i

economist and also a former trader and i

economist and also a former trader and i asked<00:00:05.200> him<00:00:05.279> whether<00:00:05.520> he<00:00:05.600> thought<00:00:06.080> this<00:00:06.399> was

asked him whether he thought this was

asked him whether he thought this was enough

enough

enough uh<00:00:09.040> well<00:00:09.280> i<00:00:09.360> think

uh well i think

uh well i think it's<00:00:10.400> uh<00:00:10.880> it's<00:00:11.040> something<00:00:11.519> obviously<00:00:11.920> people

it's uh it's something obviously people

it's uh it's something obviously people out<00:00:12.240> there<00:00:12.320> who<00:00:12.480> are<00:00:12.559> low<00:00:12.799> ages<00:00:13.040> will<00:00:13.200> be<00:00:13.360> will

out there who are low ages will be will

out there who are low ages will be will be<00:00:13.679> grateful<00:00:14.160> but<00:00:14.320> when<00:00:14.400> we<00:00:14.480> look<00:00:14.559> at<00:00:14.639> what's

be grateful but when we look at what's

be grateful but when we look at what's happening<00:00:15.200> to<00:00:15.519> costs<00:00:15.839> for<00:00:15.839> ordinary<00:00:16.240> people

happening to costs for ordinary people

happening to costs for ordinary people increases<00:00:17.680> in

increases in

increases in food<00:00:19.119> costs<00:00:19.760> fuel<00:00:20.080> costs<00:00:20.640> petrol<00:00:21.039> costs<00:00:21.680> and

food costs fuel costs petrol costs and

food costs fuel costs petrol costs and especially<00:00:22.640> people<00:00:22.880> who<00:00:22.960> might<00:00:23.119> have<00:00:23.199> been<00:00:23.359> on

especially people who might have been on

especially people who might have been on universal<00:00:23.840> credits<00:00:24.160> in<00:00:24.240> that<00:00:24.400> car<00:00:24.640> as<00:00:24.720> well

universal credits in that car as well

universal credits in that car as well i<00:00:25.680> think<00:00:25.840> people<00:00:26.160> are<00:00:26.240> going<00:00:26.320> to<00:00:26.480> find<00:00:26.800> that

i think people are going to find that

i think people are going to find that life's<00:00:27.840> going<00:00:28.000> to<00:00:28.080> get<00:00:28.160> harder<00:00:28.400> in<00:00:28.480> the<00:00:28.560> future

life's going to get harder in the future

life's going to get harder in the future and<00:00:28.960> i<00:00:29.039> think<00:00:29.199> if<00:00:29.279> we<00:00:29.359> put<00:00:29.519> this<00:00:29.679> in<00:00:29.760> the

and i think if we put this in the

and i think if we put this in the context<00:00:30.400> of<00:00:30.560> a<00:00:30.640> coronavirus<00:00:31.279> crisis<00:00:31.679> which

context of a coronavirus crisis which

context of a coronavirus crisis which has<00:00:31.920> seen<00:00:32.480> billionaire<00:00:32.960> wealth<00:00:33.200> go<00:00:33.280> up<00:00:33.360> by

has seen billionaire wealth go up by

has seen billionaire wealth go up by over<00:00:33.760> 100<00:00:34.399> billion<00:00:34.800> pounds<00:00:35.440> i<00:00:35.520> think<00:00:35.680> there's

over 100 billion pounds i think there's

over 100 billion pounds i think there's a<00:00:35.920> legitimate<00:00:36.480> question<00:00:36.719> to<00:00:36.880> be<00:00:37.040> asking<00:00:37.520> about

a legitimate question to be asking about

a legitimate question to be asking about whether<00:00:38.079> more<00:00:38.320> needs<00:00:38.480> to<00:00:38.559> be<00:00:38.640> done<00:00:38.800> for<00:00:38.960> the

whether more needs to be done for the

whether more needs to be done for the ordinary<00:00:39.680> working<00:00:40.079> people<00:00:40.320> of<00:00:40.399> this<00:00:40.559> country

ordinary working people of this country

ordinary working people of this country well<00:00:41.680> particularly<00:00:42.079> i<00:00:42.160> think<00:00:42.320> you<00:00:42.399> know<00:00:42.559> given

well particularly i think you know given

well particularly i think you know given many<00:00:43.040> people<00:00:43.680> rather<00:00:43.920> like<00:00:44.079> the<00:00:44.160> government

many people rather like the government

many people rather like the government are<00:00:45.200> in<00:00:45.520> debt<00:00:46.000> and<00:00:46.320> uh<00:00:46.640> maybe<00:00:46.960> don't<00:00:47.280> always

are in debt and uh maybe don't always

are in debt and uh maybe don't always get<00:00:47.840> the<00:00:48.320> number<00:00:48.559> of<00:00:48.719> hours<00:00:49.280> per<00:00:49.440> week<00:00:49.840> that

get the number of hours per week that

get the number of hours per week that they<00:00:50.160> need<00:00:50.480> and<00:00:50.640> it<00:00:50.719> still<00:00:50.960> strikes<00:00:51.360> me<00:00:51.520> that

they need and it still strikes me that

they need and it still strikes me that it<00:00:51.760> must<00:00:51.920> be<00:00:52.480> very<00:00:52.800> very<00:00:53.199> difficult<00:00:53.840> to<00:00:54.320> live

it must be very very difficult to live

it must be very very difficult to live on<00:00:55.039> a<00:00:55.199> wage<00:00:56.000> of<00:00:56.640> of<00:00:56.800> nine<00:00:57.039> pounds<00:00:57.360> 18<00:00:57.760> an<00:00:57.920> hour

on a wage of of nine pounds 18 an hour

on a wage of of nine pounds 18 an hour yeah<00:01:00.480> i<00:01:00.559> mean<00:01:00.800> i<00:01:01.039> i<00:01:01.280> am<00:01:01.840> i<00:01:02.000> wrote<00:01:02.160> a<00:01:02.239> letter<00:01:02.399> with

yeah i mean i i am i wrote a letter with

yeah i mean i i am i wrote a letter with the<00:01:02.559> group<00:01:02.800> today<00:01:02.960> to<00:01:03.120> the<00:01:03.199> chancellor<00:01:03.680> to<00:01:03.760> say

the group today to the chancellor to say

the group today to the chancellor to say we<00:01:04.000> need<00:01:04.159> to<00:01:04.320> um

we need to um

we need to um rethink<00:01:06.080> the<00:01:06.240> raising<00:01:06.640> of<00:01:07.119> national

rethink the raising of national

rethink the raising of national insurance<00:01:07.760> and<00:01:07.840> ordinary<00:01:08.159> working<00:01:08.479> people

insurance and ordinary working people

insurance and ordinary working people and<00:01:09.520> perhaps<00:01:09.840> shift<00:01:10.080> that<00:01:10.159> burden<00:01:10.479> towards

and perhaps shift that burden towards

and perhaps shift that burden towards richer<00:01:11.200> people<00:01:11.600> and<00:01:11.920> i've<00:01:12.159> had<00:01:12.240> so<00:01:12.400> many

richer people and i've had so many

richer people and i've had so many messages<00:01:13.119> today<00:01:13.360> from<00:01:13.520> people<00:01:13.840> saying<00:01:14.080> you

messages today from people saying you

messages today from people saying you know<00:01:14.320> thanks<00:01:14.560> around<00:01:14.720> this<00:01:14.880> letter<00:01:15.280> because

know thanks around this letter because

know thanks around this letter because we're<00:01:16.320> out<00:01:16.479> here<00:01:16.640> working<00:01:16.960> every<00:01:17.119> day

we're out here working every day

we're out here working every day struggling<00:01:18.240> just<00:01:18.400> to<00:01:18.479> put<00:01:18.640> food<00:01:18.880> on<00:01:18.960> the<00:01:19.040> table

struggling just to put food on the table

struggling just to put food on the table and<00:01:19.439> it's<00:01:19.600> just<00:01:19.759> getting<00:01:20.000> harder<00:01:20.400> and<00:01:20.640> um

and it's just getting harder and um

and it's just getting harder and um yeah<00:01:21.840> i<00:01:22.000> think

yeah i think

yeah i think we<00:01:22.880> need<00:01:23.040> to<00:01:23.119> look<00:01:23.280> at<00:01:23.360> that

we need to look at that

we need to look at that and<00:01:24.640> ask<00:01:24.880> why<00:01:25.119> have<00:01:25.200> they<00:01:25.360> raised<00:01:25.520> taxes<00:01:25.920> on

and ask why have they raised taxes on

and ask why have they raised taxes on ordinary<00:01:26.560> people<00:01:26.799> and<00:01:26.960> national<00:01:27.200> insurance

ordinary people and national insurance

ordinary people and national insurance specifically<00:01:28.479> excludes<00:01:29.520> taxing

specifically excludes taxing

specifically excludes taxing billionaires<00:01:30.720> and<00:01:30.880> the<00:01:30.960> question<00:01:31.280> has<00:01:31.439> to<00:01:31.520> be

billionaires and the question has to be

billionaires and the question has to be asked<00:01:31.920> you<00:01:32.000> know<00:01:32.560> our<00:01:32.799> chances<00:01:33.200> of<00:01:33.360> family<00:01:33.759> are

asked you know our chances of family are

asked you know our chances of family are billionaires<00:01:35.040> is<00:01:35.200> this<00:01:35.439> one<00:01:35.600> of<00:01:35.680> the<00:01:35.759> reasons

billionaires is this one of the reasons

billionaires is this one of the reasons why<00:01:36.479> richie<00:01:36.799> turner<00:01:37.040> has<00:01:37.200> chosen<00:01:37.520> to<00:01:37.680> tax

why richie turner has chosen to tax

why richie turner has chosen to tax ordinary<00:01:38.479> people<00:01:39.280> instead<00:01:39.680> of<00:01:39.759> billionaires

ordinary people instead of billionaires

ordinary people instead of billionaires who've<00:01:40.640> seen<00:01:40.799> their<00:01:40.960> wealth<00:01:41.360> explode<00:01:42.079> during

who've seen their wealth explode during

who've seen their wealth explode during the<00:01:42.399> crisis<00:01:43.200> do<00:01:43.280> you<00:01:43.360> think<00:01:43.600> this<00:01:43.759> is<00:01:43.920> likely

the crisis do you think this is likely

the crisis do you think this is likely to<00:01:44.880> gain<00:01:45.280> rishi<00:01:45.600> sunak<00:01:46.479> any<00:01:46.640> popularity

to gain rishi sunak any popularity

to gain rishi sunak any popularity amongst<00:01:47.600> those<00:01:47.920> people<00:01:48.479> who<00:01:48.720> it<00:01:48.880> affects<00:01:49.280> or

amongst those people who it affects or

amongst those people who it affects or would<00:01:49.680> it<00:01:50.000> be<00:01:50.159> seen<00:01:50.560> rather<00:01:50.960> more<00:01:51.200> cynically

would it be seen rather more cynically

would it be seen rather more cynically simply<00:01:52.399> as<00:01:52.560> a<00:01:52.720> token<00:01:53.119> increase<00:01:53.680> rather<00:01:54.079> like

simply as a token increase rather like

simply as a token increase rather like uh<00:01:54.720> many<00:01:54.960> workers<00:01:55.360> in<00:01:55.439> the<00:01:55.520> ns<00:01:56.000> nhs<00:01:56.479> or<00:01:56.640> the

uh many workers in the ns nhs or the

uh many workers in the ns nhs or the increase<00:01:57.040> that<00:01:57.439> they<00:01:57.680> received<00:01:58.079> some<00:01:58.240> time

increase that they received some time

increase that they received some time ago

ago

ago well<00:02:00.240> i<00:02:00.320> think<00:02:00.479> a<00:02:00.560> lot<00:02:00.719> of<00:02:00.799> people<00:02:01.119> are<00:02:01.680> you

well i think a lot of people are you

well i think a lot of people are you know<00:02:02.399> people<00:02:02.719> are<00:02:02.799> on<00:02:02.880> the<00:02:02.960> tough<00:02:03.200> end<00:02:03.360> of

know people are on the tough end of

know people are on the tough end of things<00:02:03.600> here<00:02:03.840> they<00:02:04.000> can<00:02:04.159> see<00:02:04.399> that<00:02:04.719> they've

things here they can see that they've

things here they can see that they've been<00:02:05.040> given<00:02:05.280> with<00:02:05.439> one<00:02:05.600> hand<00:02:05.759> and<00:02:05.840> taken<00:02:06.079> away

been given with one hand and taken away

been given with one hand and taken away with<00:02:06.399> the<00:02:06.479> other<00:02:06.880> it's<00:02:07.119> exactly<00:02:07.439> as<00:02:07.600> i've<00:02:07.680> said

with the other it's exactly as i've said

with the other it's exactly as i've said you<00:02:08.000> know<00:02:08.560> universal<00:02:08.959> credit<00:02:09.200> has<00:02:09.280> been<00:02:09.440> cut

you know universal credit has been cut

you know universal credit has been cut from<00:02:09.840> the<00:02:09.920> families<00:02:10.319> most<00:02:10.640> in<00:02:10.720> these<00:02:11.360> national

from the families most in these national

from the families most in these national insurance<00:02:12.080> has<00:02:12.160> been<00:02:12.720> risen<00:02:13.280> on<00:02:13.840> that<00:02:14.000> starts

insurance has been risen on that starts

insurance has been risen on that starts on<00:02:14.480> workers<00:02:14.879> 9<00:02:15.200> 000<00:02:15.360> pounds<00:02:15.599> a<00:02:15.760> year<00:02:16.239> and<00:02:16.400> at

on workers 9 000 pounds a year and at

on workers 9 000 pounds a year and at the<00:02:16.560> same<00:02:16.800> time<00:02:17.280> billionaires<00:02:17.760> have<00:02:17.840> been

the same time billionaires have been

the same time billionaires have been excluded<00:02:18.560> the<00:02:18.720> message<00:02:19.040> i<00:02:19.120> want<00:02:19.200> to<00:02:19.280> tell

excluded the message i want to tell

excluded the message i want to tell these<00:02:19.680> people<00:02:19.920> because<00:02:20.239> i<00:02:20.400> think<00:02:20.640> ordinary

these people because i think ordinary

these people because i think ordinary people<00:02:21.360> they<00:02:21.520> see<00:02:21.680> how<00:02:21.760> hard<00:02:21.920> it<00:02:22.000> is<00:02:22.080> for<00:02:22.239> them

people they see how hard it is for them

people they see how hard it is for them but<00:02:22.800> what<00:02:22.959> they<00:02:23.120> don't<00:02:23.360> realize<00:02:23.760> is<00:02:24.000> just<00:02:24.400> how

but what they don't realize is just how

but what they don't realize is just how much<00:02:25.120> money<00:02:25.360> billionaires<00:02:25.840> have<00:02:25.920> made<00:02:26.080> in

much money billionaires have made in

much money billionaires have made in this<00:02:26.319> crisis<00:02:26.959> the<00:02:27.120> top<00:02:27.440> three<00:02:27.760> families<00:02:28.160> in

this crisis the top three families in

this crisis the top three families in this<00:02:28.400> country<00:02:28.959> the<00:02:29.120> mittels<00:02:29.680> the<00:02:29.760> reubens<00:02:30.160> and

this country the mittels the reubens and

this country the mittels the reubens and the<00:02:30.319> blavatniks<00:02:31.280> increased<00:02:31.680> their<00:02:31.840> wealth<00:02:32.080> by

the blavatniks increased their wealth by

the blavatniks increased their wealth by 20<00:02:33.120> billion<00:02:33.599> pounds<00:02:33.840> during<00:02:34.000> the<00:02:34.080> pandemic

20 billion pounds during the pandemic

20 billion pounds during the pandemic that's<00:02:34.959> 20<00:02:35.440> 000<00:02:35.680> million<00:02:36.080> pounds<00:02:36.560> and<00:02:36.640> the

that's 20 000 million pounds and the

that's 20 000 million pounds and the national<00:02:37.040> insurance<00:02:37.360> rise<00:02:37.680> is<00:02:37.760> supposed<00:02:38.000> to

national insurance rise is supposed to

national insurance rise is supposed to raise<00:02:38.400> 10<00:02:38.640> billion<00:02:39.040> pounds<00:02:39.280> a<00:02:39.360> year<00:02:39.680> so<00:02:39.840> this

raise 10 billion pounds a year so this

raise 10 billion pounds a year so this tax<00:02:40.319> which<00:02:40.480> has<00:02:40.560> been<00:02:40.720> risen<00:02:40.959> from<00:02:41.120> ordinary

tax which has been risen from ordinary

tax which has been risen from ordinary people<00:02:42.000> they<00:02:42.160> could<00:02:42.319> have<00:02:42.480> risen<00:02:42.720> that<00:02:43.200> twice

people they could have risen that twice

people they could have risen that twice over<00:02:44.160> from<00:02:44.400> three<00:02:44.800> families<00:02:45.680> and<00:02:45.840> made<00:02:46.000> them

over from three families and made them

over from three families and made them just<00:02:46.480> as<00:02:46.640> rich<00:02:46.879> as<00:02:46.959> they<00:02:47.040> were<00:02:47.200> before<00:02:47.440> the

just as rich as they were before the

just as rich as they were before the pandemic<00:02:48.000> and<00:02:48.080> had<00:02:48.239> enough<00:02:48.480> money<00:02:48.720> left<00:02:48.879> to<00:02:48.959> by

pandemic and had enough money left to by

pandemic and had enough money left to by cristiano<00:02:49.519> ronaldo<00:02:50.160> 35<00:02:50.720> times

cristiano ronaldo 35 times

cristiano ronaldo 35 times if<00:02:52.400> indeed<00:02:52.720> you'd<00:02:52.879> want<00:02:53.040> to<00:02:53.120> do<00:02:53.200> that<00:02:53.440> i

if indeed you'd want to do that i

if indeed you'd want to do that i suppose<00:02:53.760> some<00:02:53.920> people<00:02:54.239> would<00:02:54.879> if<00:02:55.040> they<00:02:55.120> were

suppose some people would if they were

suppose some people would if they were if<00:02:55.519> they<00:02:55.680> were<00:02:55.760> interested<00:02:56.160> in<00:02:56.239> football<00:02:56.959> i'm

if they were interested in football i'm

if they were interested in football i'm not<00:02:57.360> personally<00:02:58.239> but<00:02:58.640> you<00:02:58.800> know<00:02:59.040> is<00:02:59.200> there

not personally but you know is there

not personally but you know is there therefore<00:03:00.080> a<00:03:00.239> case<00:03:00.640> for

therefore a case for

therefore a case for very<00:03:01.760> simple

very simple

very simple old-fashioned<00:03:03.840> suggestion<00:03:04.400> that<00:03:05.040> the<00:03:05.200> labour

old-fashioned suggestion that the labour

old-fashioned suggestion that the labour party<00:03:05.840> would<00:03:06.000> have<00:03:06.159> echoed<00:03:06.560> on<00:03:06.879> goodness

party would have echoed on goodness

party would have echoed on goodness knows<00:03:07.440> how<00:03:07.599> many<00:03:07.760> occasions<00:03:08.159> in<00:03:08.319> his

knows how many occasions in his

knows how many occasions in his existence<00:03:09.280> of<00:03:09.840> making<00:03:10.640> taxes<00:03:11.200> higher<00:03:11.519> for<00:03:11.680> the

existence of making taxes higher for the

existence of making taxes higher for the very<00:03:12.239> richest<00:03:13.040> and<00:03:13.519> increasing<00:03:14.239> maybe

very richest and increasing maybe

very richest and increasing maybe either<00:03:15.680> universal<00:03:16.159> credit<00:03:16.560> or<00:03:16.720> the<00:03:16.879> national

either universal credit or the national

either universal credit or the national living<00:03:17.519> rage<00:03:17.920> buy<00:03:18.080> more<00:03:18.239> than<00:03:18.400> he<00:03:18.560> has

living rage buy more than he has

living rage buy more than he has yeah<00:03:20.400> first<00:03:20.640> things<00:03:20.879> first<00:03:21.440> go<00:03:21.680> back<00:03:21.840> and

yeah first things first go back and

yeah first things first go back and revisit<00:03:22.319> this<00:03:22.480> national<00:03:22.800> insurance<00:03:23.120> right

revisit this national insurance right

revisit this national insurance right this<00:03:23.599> is<00:03:24.000> low<00:03:24.239> paid<00:03:24.560> workers<00:03:25.440> paying<00:03:25.840> tax<00:03:26.400> and

this is low paid workers paying tax and

this is low paid workers paying tax and and<00:03:26.799> move<00:03:27.280> shift<00:03:27.519> that<00:03:27.599> focus<00:03:28.000> to<00:03:28.080> the

and move shift that focus to the

and move shift that focus to the wealthiest<00:03:28.799> at<00:03:28.959> the<00:03:29.040> moment<00:03:29.360> we're<00:03:29.519> taxing

wealthiest at the moment we're taxing

wealthiest at the moment we're taxing workers<00:03:30.640> and<00:03:30.959> the<00:03:31.120> very<00:03:31.360> wealthiest<00:03:31.760> people

workers and the very wealthiest people

workers and the very wealthiest people billionaires<00:03:32.879> are<00:03:32.959> sometimes<00:03:33.360> paying<00:03:33.599> lower

billionaires are sometimes paying lower

billionaires are sometimes paying lower rates<00:03:34.239> than<00:03:34.400> their<00:03:34.560> cleaners<00:03:35.200> this<00:03:35.440> is<00:03:35.519> not

rates than their cleaners this is not

rates than their cleaners this is not acceptable<00:03:36.159> and<00:03:36.239> it<00:03:36.319> leads<00:03:36.480> to<00:03:36.560> a<00:03:36.640> situation

acceptable and it leads to a situation

acceptable and it leads to a situation where<00:03:37.599> ordinary<00:03:38.159> people<00:03:38.400> are<00:03:38.480> seeing<00:03:38.640> money

where ordinary people are seeing money

where ordinary people are seeing money sucked<00:03:39.200> out<00:03:39.280> of<00:03:39.360> their<00:03:39.519> pockets<00:03:40.159> and<00:03:40.319> put<00:03:40.480> into

sucked out of their pockets and put into

sucked out of their pockets and put into pockets<00:03:40.879> of<00:03:40.959> billionaires<00:03:41.519> but<00:03:41.680> what<00:03:41.840> does

pockets of billionaires but what does

pockets of billionaires but what does that<00:03:42.000> do<00:03:42.159> to<00:03:42.239> the<00:03:42.400> economy<00:03:42.959> ordinary<00:03:43.519> people

that do to the economy ordinary people

that do to the economy ordinary people to<00:03:43.840> spend<00:03:44.159> that<00:03:44.560> in<00:03:44.720> businesses<00:03:45.280> local<00:03:45.599> shops

to spend that in businesses local shops

to spend that in businesses local shops billionaires<00:03:46.799> are<00:03:46.879> just<00:03:47.040> going<00:03:47.120> to<00:03:47.280> use<00:03:47.440> that

billionaires are just going to use that

billionaires are just going to use that to<00:03:48.239> buy<00:03:48.400> our<00:03:48.560> mom's<00:03:48.799> houses<00:03:49.200> and<00:03:49.280> push<00:03:49.440> the

to buy our mom's houses and push the

to buy our mom's houses and push the house<00:03:49.760> prices<00:03:50.080> up

house prices up

house prices up what<00:03:51.360> about<00:03:52.000> something<00:03:52.319> you<00:03:52.400> mentioned

what about something you mentioned

what about something you mentioned earlier<00:03:53.120> on<00:03:53.280> and<00:03:53.680> that<00:03:53.920> is<00:03:54.239> universal<00:03:54.720> credit

earlier on and that is universal credit

earlier on and that is universal credit which<00:03:55.280> as<00:03:55.439> far<00:03:55.680> as<00:03:55.840> i<00:03:56.000> can<00:03:56.319> as<00:03:56.480> far<00:03:56.640> as<00:03:56.799> i<00:03:56.959> know

which as far as i can as far as i know

which as far as i can as far as i know um<00:03:58.239> if<00:03:58.560> you're<00:03:58.799> earning<00:03:59.120> you<00:03:59.200> know<00:03:59.360> pretty

um if you're earning you know pretty

um if you're earning you know pretty much<00:03:59.840> nothing<00:04:00.239> per<00:04:00.400> month<00:04:00.640> you<00:04:00.879> you<00:04:01.040> get<00:04:01.200> 400

much nothing per month you you get 400

much nothing per month you you get 400 pounds<00:04:02.080> in<00:04:02.159> the<00:04:02.239> region<00:04:02.480> of<00:04:02.560> 400<00:04:03.040> pounds<00:04:03.280> a

pounds in the region of 400 pounds a

pounds in the region of 400 pounds a month<00:04:03.599> now<00:04:04.080> see<00:04:04.239> once<00:04:04.560> again<00:04:05.200> um<00:04:05.680> in<00:04:05.920> terms<00:04:06.480> of

month now see once again um in terms of

month now see once again um in terms of a<00:04:07.200> social<00:04:07.519> security<00:04:08.080> payment<00:04:08.400> as<00:04:08.640> we<00:04:08.879> used<00:04:09.040> to

a social security payment as we used to

a social security payment as we used to perhaps<00:04:09.519> call<00:04:09.760> it<00:04:09.920> i<00:04:10.000> know<00:04:10.159> it's<00:04:10.319> not<00:04:10.480> quite

perhaps call it i know it's not quite

perhaps call it i know it's not quite the<00:04:10.799> same<00:04:11.360> system<00:04:11.680> these<00:04:11.920> days<00:04:12.159> that<00:04:12.319> strikes

the same system these days that strikes

the same system these days that strikes me<00:04:12.799> as<00:04:12.959> very<00:04:13.280> little

me as very little

me as very little yeah<00:04:15.200> and<00:04:15.519> one<00:04:15.680> thing<00:04:15.840> i<00:04:15.920> just<00:04:16.079> want<00:04:16.160> to<00:04:16.239> make

yeah and one thing i just want to make

yeah and one thing i just want to make clear<00:04:16.639> because<00:04:16.959> i<00:04:17.199> know<00:04:17.440> some<00:04:17.600> people<00:04:17.759> are

clear because i know some people are

clear because i know some people are aware<00:04:18.079> of<00:04:18.160> this<00:04:18.239> but<00:04:18.400> some<00:04:18.560> people<00:04:18.799> might<00:04:18.959> not

aware of this but some people might not

aware of this but some people might not be<00:04:19.519> a<00:04:19.759> huge<00:04:20.079> percentage<00:04:20.720> i<00:04:20.799> think<00:04:20.959> is<00:04:21.120> about<00:04:21.280> 40

be a huge percentage i think is about 40

be a huge percentage i think is about 40 maybe<00:04:22.000> even<00:04:22.160> more<00:04:22.479> of<00:04:22.720> universal<00:04:23.199> credit

maybe even more of universal credit

maybe even more of universal credit recipients<00:04:23.919> are<00:04:24.000> working<00:04:24.320> people<00:04:24.800> and<00:04:24.960> they

recipients are working people and they

recipients are working people and they have<00:04:25.280> to<00:04:25.440> receive<00:04:25.759> this<00:04:25.919> because<00:04:26.160> wages<00:04:26.560> are

have to receive this because wages are

have to receive this because wages are so<00:04:27.120> low<00:04:27.520> for<00:04:27.680> so<00:04:27.919> many<00:04:28.160> people<00:04:28.560> and<00:04:28.720> living

so low for so many people and living

so low for so many people and living costs<00:04:29.440> so<00:04:29.680> high<00:04:30.240> that<00:04:30.479> they<00:04:30.560> can't<00:04:30.800> afford

costs so high that they can't afford

costs so high that they can't afford even<00:04:31.360> though<00:04:31.520> they're<00:04:31.680> working<00:04:32.240> to<00:04:32.400> take<00:04:32.639> care

even though they're working to take care

even though they're working to take care of<00:04:32.880> a<00:04:32.960> family<00:04:33.440> you<00:04:33.520> know<00:04:33.759> this<00:04:34.000> is<00:04:34.479> a

of a family you know this is a

of a family you know this is a ridiculous<00:04:34.960> system<00:04:35.280> and<00:04:35.360> it<00:04:35.440> needs<00:04:35.680> to<00:04:35.759> be

ridiculous system and it needs to be

ridiculous system and it needs to be changed<00:04:36.720> straight<00:04:36.960> away<00:04:37.120> we<00:04:37.199> should<00:04:37.360> look<00:04:37.520> at

changed straight away we should look at

changed straight away we should look at the<00:04:37.680> taxes<00:04:38.000> these<00:04:38.240> people<00:04:38.400> pay<00:04:38.560> and<00:04:38.639> we<00:04:38.720> should

the taxes these people pay and we should

the taxes these people pay and we should reduce<00:04:39.280> them<00:04:39.840> straight<00:04:40.080> away<00:04:40.720> the<00:04:40.800> fact<00:04:41.040> that

reduce them straight away the fact that

reduce them straight away the fact that they're<00:04:41.280> playing<00:04:41.440> national<00:04:41.759> insurance<00:04:42.160> when

they're playing national insurance when

they're playing national insurance when they<00:04:42.639> at<00:04:42.800> nine<00:04:43.040> thousand<00:04:43.360> pounds<00:04:43.680> that<00:04:43.919> you

they at nine thousand pounds that you

they at nine thousand pounds that you cannot<00:04:44.320> support<00:04:44.639> family<00:04:45.120> on<00:04:45.280> nine<00:04:45.520> thousand

cannot support family on nine thousand

cannot support family on nine thousand pounds<00:04:46.400> take<00:04:46.720> these<00:04:46.880> guys<00:04:47.199> out<00:04:47.280> of<00:04:47.360> the<00:04:47.440> tax

pounds take these guys out of the tax

pounds take these guys out of the tax system<00:04:48.240> reduce<00:04:48.720> the<00:04:48.800> taxes<00:04:49.199> on<00:04:49.360> ordinary

system reduce the taxes on ordinary

system reduce the taxes on ordinary hard-working<00:04:50.479> people<00:04:51.040> and<00:04:51.280> move<00:04:51.520> the<00:04:51.680> taxes

hard-working people and move the taxes

hard-working people and move the taxes to<00:04:52.800> billionaires<00:04:53.440> this<00:04:54.080> this<00:04:54.479> this

to billionaires this this this

to billionaires this this this should<00:04:54.880> be<00:04:55.040> classic<00:04:55.440> common<00:04:55.759> sense<00:04:56.080> but

should be classic common sense but

should be classic common sense but unfortunately<00:04:57.120> our<00:04:57.280> chance<00:04:57.600> of<00:04:57.680> the<00:04:57.759> family

unfortunately our chance of the family

unfortunately our chance of the family are<00:04:58.160> billionaires<00:04:58.720> and<00:04:58.800> if<00:04:58.880> you<00:04:59.040> are<00:04:59.120> a

are billionaires and if you are a

are billionaires and if you are a billionaire<00:04:59.840> you<00:05:00.000> probably<00:05:00.400> prefer<00:05:01.120> that<00:05:01.520> to

billionaire you probably prefer that to

billionaire you probably prefer that to be<00:05:01.759> paid<00:05:02.320> by<00:05:02.560> builders<00:05:02.960> and<00:05:03.120> cleaners

be paid by builders and cleaners

be paid by builders and cleaners what<00:05:04.240> about<00:05:04.720> let's<00:05:05.039> think<00:05:05.199> about<00:05:05.440> it<00:05:05.520> from<00:05:05.919> the

what about let's think about it from the

what about let's think about it from the the<00:05:06.320> other<00:05:06.560> side<00:05:06.800> of<00:05:06.880> the<00:05:06.960> coin<00:05:07.280> if<00:05:07.360> you<00:05:07.440> like

the other side of the coin if you like

the other side of the coin if you like what<00:05:07.759> about<00:05:08.320> um<00:05:08.800> small<00:05:09.199> employers<00:05:09.840> um<00:05:10.160> who<00:05:10.400> may

what about um small employers um who may

what about um small employers um who may argue<00:05:11.120> that<00:05:11.280> they<00:05:11.520> can't<00:05:11.759> afford<00:05:12.560> this

argue that they can't afford this

argue that they can't afford this increase<00:05:13.360> in<00:05:13.440> the<00:05:13.520> national<00:05:13.919> living<00:05:14.160> wage

increase in the national living wage

increase in the national living wage well<00:05:16.720> i<00:05:16.800> mean<00:05:17.039> i<00:05:17.120> think<00:05:17.199> this<00:05:17.440> goes<00:05:17.600> back<00:05:17.759> down

well i mean i think this goes back down

well i mean i think this goes back down to<00:05:18.000> the<00:05:18.080> economy<00:05:18.560> you<00:05:18.639> know<00:05:18.960> we<00:05:19.120> need<00:05:19.280> to<00:05:19.520> of

to the economy you know we need to of

to the economy you know we need to of course<00:05:19.840> we<00:05:19.919> need<00:05:20.000> to<00:05:20.080> support<00:05:20.400> some<00:05:20.479> more

course we need to support some more

course we need to support some more employers<00:05:21.360> but<00:05:21.600> at<00:05:21.680> the<00:05:21.759> moment<00:05:22.720> because

employers but at the moment because

employers but at the moment because we're<00:05:23.360> sucking

we're sucking

we're sucking spending<00:05:24.800> power<00:05:25.039> away<00:05:25.199> from<00:05:25.360> ordinary<00:05:25.840> people

spending power away from ordinary people

spending power away from ordinary people we're<00:05:26.560> making<00:05:26.880> it<00:05:26.960> hard<00:05:27.280> for

we're making it hard for

we're making it hard for these<00:05:29.039> small<00:05:29.360> employers<00:05:29.680> as<00:05:29.840> well<00:05:30.479> but

these small employers as well but

these small employers as well but the<00:05:31.520> question<00:05:31.840> ultimately<00:05:32.320> is<00:05:32.479> that<00:05:32.880> who<00:05:33.280> is

the question ultimately is that who is

the question ultimately is that who is it<00:05:33.520> who<00:05:33.600> has<00:05:33.759> the<00:05:33.840> money<00:05:34.080> here<00:05:34.160> you<00:05:34.320> mentioned

it who has the money here you mentioned

it who has the money here you mentioned the<00:05:34.639> government<00:05:34.960> debt<00:05:35.120> right<00:05:35.280> government

the government debt right government

the government debt right government debt<00:05:35.840> as<00:05:36.000> you<00:05:36.080> know<00:05:36.320> has<00:05:36.560> increased<00:05:37.199> by<00:05:37.440> 450

debt as you know has increased by 450

debt as you know has increased by 450 billion<00:05:38.639> pounds<00:05:38.880> during<00:05:39.039> the<00:05:39.120> pandemic

billion pounds during the pandemic

billion pounds during the pandemic that's<00:05:40.160> enormous<00:05:40.479> that's<00:05:40.720> 10<00:05:40.960> 000<00:05:41.199> pounds<00:05:41.680> per

that's enormous that's 10 000 pounds per

that's enormous that's 10 000 pounds per person<00:05:42.240> okay<00:05:42.560> well<00:05:42.960> who<00:05:43.120> do<00:05:43.280> we<00:05:43.360> owe<00:05:43.520> that

person okay well who do we owe that

person okay well who do we owe that money<00:05:43.840> to<00:05:44.000> you<00:05:44.080> know<00:05:44.160> we<00:05:44.320> don't<00:05:44.479> owe<00:05:44.639> it<00:05:44.720> to

money to you know we don't owe it to

money to you know we don't owe it to mars<00:05:45.120> obviously<00:05:45.680> whose<00:05:45.919> wealth<00:05:46.160> has

mars obviously whose wealth has

mars obviously whose wealth has increased<00:05:46.960> it's<00:05:47.199> the<00:05:47.360> billionaires<00:05:47.919> it's<00:05:48.080> the

increased it's the billionaires it's the

increased it's the billionaires it's the super<00:05:48.479> rich<00:05:48.800> you<00:05:48.960> know<00:05:49.280> it's<00:05:49.759> not<00:05:49.919> rocket

super rich you know it's not rocket

super rich you know it's not rocket science<00:05:50.639> okay<00:05:51.199> government<00:05:51.600> is<00:05:51.759> struggling

science okay government is struggling

science okay government is struggling ordinary<00:05:52.720> people<00:05:52.960> are<00:05:53.039> struggling<00:05:53.840> all<00:05:54.080> of

ordinary people are struggling all of

ordinary people are struggling all of that<00:05:54.320> money<00:05:54.639> all<00:05:54.720> of<00:05:54.800> that<00:05:54.960> debt<00:05:55.199> is<00:05:55.440> to<00:05:55.680> the

that money all of that debt is to the

that money all of that debt is to the billionaires<00:05:56.479> this<00:05:56.720> is<00:05:56.800> where<00:05:56.960> the<00:05:57.039> money<00:05:57.360> is

billionaires this is where the money is

billionaires this is where the money is this<00:05:57.919> is<00:05:58.000> where<00:05:58.160> the<00:05:58.240> wealth<00:05:58.560> is<00:05:58.880> this<00:05:59.120> is

this is where the wealth is this is

this is where the wealth is this is where<00:05:59.280> the<00:05:59.440> spending<00:05:59.759> power<00:06:00.000> is<00:06:00.240> if<00:06:00.400> you<00:06:00.479> want

where the spending power is if you want

where the spending power is if you want a<00:06:00.639> strong<00:06:00.800> economy<00:06:01.440> you<00:06:01.680> have<00:06:02.000> to<00:06:02.240> find<00:06:02.479> a<00:06:02.560> way

a strong economy you have to find a way

a strong economy you have to find a way to<00:06:02.880> tax<00:06:03.120> them<00:06:03.280> i<00:06:03.440> know<00:06:03.600> i'm<00:06:03.840> nailing<00:06:04.240> the

to tax them i know i'm nailing the

to tax them i know i'm nailing the hammer<00:06:04.560> on<00:06:04.639> their<00:06:04.720> heads<00:06:04.960> here<00:06:05.039> but<00:06:05.199> but<00:06:05.520> you

hammer on their heads here but but you

hammer on their heads here but but you know<00:06:05.759> i'm<00:06:05.919> an<00:06:06.000> economist<00:06:06.560> i've<00:06:06.639> made<00:06:06.800> lots<00:06:06.960> of

know i'm an economist i've made lots of

know i'm an economist i've made lots of money<00:06:07.280> betting<00:06:07.520> on<00:06:07.600> these<00:06:07.759> things<00:06:08.240> if<00:06:08.400> we

money betting on these things if we

money betting on these things if we don't<00:06:08.639> find<00:06:08.800> a<00:06:08.880> way<00:06:09.039> to<00:06:09.120> tax<00:06:09.280> the<00:06:09.360> billionaires

don't find a way to tax the billionaires

don't find a way to tax the billionaires it's<00:06:10.319> going<00:06:10.479> to<00:06:10.560> be<00:06:10.720> a<00:06:10.880> very<00:06:11.199> difficult

it's going to be a very difficult

it's going to be a very difficult economy<00:06:12.080> for<00:06:12.240> the<00:06:12.319> rest<00:06:12.560> of<00:06:12.720> us<00:06:12.880> and<00:06:13.039> just

economy for the rest of us and just

economy for the rest of us and just finally<00:06:13.840> uh<00:06:14.080> tell<00:06:14.240> me<00:06:14.400> gary<00:06:14.720> how<00:06:14.880> you<00:06:15.039> feel

finally uh tell me gary how you feel

finally uh tell me gary how you feel this<00:06:15.440> will<00:06:15.680> play<00:06:16.319> in<00:06:16.479> the<00:06:16.639> house<00:06:16.960> when<00:06:17.120> it's

this will play in the house when it's

this will play in the house when it's announced<00:06:18.000> tomorrow<00:06:18.479> in<00:06:18.560> the<00:06:18.639> in<00:06:18.800> the<00:06:18.880> budget

announced tomorrow in the in the budget

announced tomorrow in the in the budget how<00:06:19.360> will<00:06:19.440> the<00:06:19.600> labour<00:06:19.840> party<00:06:20.240> respond

how will the labour party respond

how will the labour party respond well<00:06:22.400> i'm<00:06:22.479> not<00:06:22.639> sure<00:06:23.280> i'm<00:06:23.360> not<00:06:23.600> too<00:06:23.840> well

well i'm not sure i'm not too well

well i'm not sure i'm not too well connected<00:06:24.319> with<00:06:24.400> a<00:06:24.479> labor<00:06:24.639> party<00:06:24.880> i<00:06:24.960> know

connected with a labor party i know

connected with a labor party i know there's<00:06:25.280> lots<00:06:25.440> of<00:06:25.520> different<00:06:25.759> people<00:06:26.000> lots<00:06:26.240> of

there's lots of different people lots of

there's lots of different people lots of different<00:06:26.639> views<00:06:26.960> um<00:06:27.440> you<00:06:27.600> know<00:06:27.680> i<00:06:27.759> would

different views um you know i would

different views um you know i would imagine<00:06:28.319> of<00:06:28.479> course<00:06:28.639> they<00:06:28.800> will<00:06:28.960> support<00:06:29.280> a

imagine of course they will support a

imagine of course they will support a rise<00:06:30.240> um

rise um

rise um i<00:06:31.280> would<00:06:31.440> suggest<00:06:31.919> that<00:06:32.000> they<00:06:32.240> question

i would suggest that they question

i would suggest that they question whether<00:06:32.720> this<00:06:32.880> rise<00:06:33.199> will<00:06:33.360> be<00:06:33.520> enough<00:06:34.240> to

whether this rise will be enough to

whether this rise will be enough to counter<00:06:34.960> all<00:06:35.120> of<00:06:35.280> the<00:06:35.440> different<00:06:35.919> missiles

counter all of the different missiles

counter all of the different missiles that<00:06:36.479> come<00:06:36.639> in<00:06:36.800> ordinary<00:06:37.199> working<00:06:37.440> families

that come in ordinary working families

that come in ordinary working families here<00:06:38.000> and<00:06:38.160> i<00:06:38.240> would

here and i would

here and i would suggest<00:06:39.600> that<00:06:39.759> they<00:06:40.000> say<00:06:40.400> yes<00:06:40.720> it's<00:06:40.880> good<00:06:41.039> to

suggest that they say yes it's good to

suggest that they say yes it's good to raise<00:06:41.360> the<00:06:41.440> minimum<00:06:41.840> wage<00:06:42.240> but<00:06:42.400> it's<00:06:42.560> not

raise the minimum wage but it's not

raise the minimum wage but it's not going<00:06:42.800> to<00:06:42.880> be<00:06:42.960> enough<00:06:43.280> and<00:06:43.360> we<00:06:43.440> need<00:06:43.600> to<00:06:43.680> do

going to be enough and we need to do

going to be enough and we need to do more<00:06:44.080> to<00:06:44.240> help<00:06:44.639> the<00:06:44.800> ordinary<00:06:45.360> hard<00:06:45.520> working

more to help the ordinary hard working

more to help the ordinary hard working families<00:06:46.240> of<00:06:46.319> this<00:06:46.479> country<00:06:47.120> all<00:06:47.199> right<00:06:47.360> that

families of this country all right that

families of this country all right that was<00:06:47.680> a<00:06:47.759> gary<00:06:48.160> stevenson<00:06:48.880> an<00:06:49.120> inequality

was a gary stevenson an inequality

was a gary stevenson an inequality economist<00:06:50.240> and<00:06:50.319> an<00:06:50.479> economist<00:06:51.360> and<00:06:51.599> a<00:06:51.840> former

economist and an economist and a former

economist and an economist and a former trader<00:06:52.960> um<00:06:53.280> discussing<00:06:53.680> this<00:06:53.919> morning<00:06:54.160> on<00:06:54.319> lbc

trader um discussing this morning on lbc

trader um discussing this morning on lbc the<00:06:55.440> rise<00:06:55.840> that<00:06:55.919> will<00:06:56.000> be<00:06:56.080> announced<00:06:56.479> tomorrow

the rise that will be announced tomorrow

the rise that will be announced tomorrow of<00:06:57.039> the

of the

of the national<00:06:58.319> living<00:06:58.639> wage<00:06:59.039> to<00:06:59.440> nine<00:06:59.840> pounds

national living wage to nine pounds

national living wage to nine pounds fifty<00:07:00.960> if<00:07:01.120> you<00:07:01.280> are<00:07:01.440> over<00:07:01.919> 23.<00:07:02.560> do<00:07:02.720> you<00:07:02.960> feel

fifty if you are over 23. do you feel

fifty if you are over 23. do you feel that<00:07:03.599> that<00:07:04.240> is<00:07:04.639> enough<00:07:04.960> do<00:07:05.120> you<00:07:05.280> welcome<00:07:05.680> at

that that is enough do you welcome at

that that is enough do you welcome at the<00:07:05.919> rise<00:07:06.720> are<00:07:06.880> you<00:07:07.039> somebody<00:07:07.599> who<00:07:07.840> feels

the rise are you somebody who feels

the rise are you somebody who feels undervalued<00:07:09.599> by<00:07:09.840> your<00:07:10.080> employer

undervalued by your employer

undervalued by your employer are<00:07:11.440> you<00:07:11.599> somebody<00:07:12.560> who's<00:07:12.800> struggling<00:07:13.440> to

are you somebody who's struggling to

are you somebody who's struggling to make<00:07:13.919> ends<00:07:14.240> meet<00:07:14.880> oh<00:07:15.120> three<00:07:15.280> four<00:07:15.520> five<00:07:15.759> six<00:07:16.000> oh

make ends meet oh three four five six oh

make ends meet oh three four five six oh six<00:07:16.400> oh<00:07:16.560> nine<00:07:16.720> seven<00:07:16.960> three<00:07:17.280> back<00:07:17.440> in<00:07:17.520> a<00:07:17.599> few

six oh nine seven three back in a few

six oh nine seven three back in a few moments<00:07:18.000> time

housing<00:07:22.240> could<00:07:22.400> be<00:07:22.560> so<00:07:22.720> much<00:07:22.880> more<00:07:23.039> affordable

housing could be so much more affordable

housing could be so much more affordable wages<00:07:24.160> could<00:07:24.319> be<00:07:24.479> so<00:07:24.720> much<00:07:24.960> higher<00:07:25.520> and<00:07:25.680> we

wages could be so much higher and we

wages could be so much higher and we could<00:07:25.919> have<00:07:26.080> so<00:07:26.240> many<00:07:26.479> more<00:07:26.720> options<00:07:27.360> in<00:07:27.440> how

could have so many more options in how

could have so many more options in how we<00:07:27.759> live<00:07:27.919> our<00:07:28.080> lives<00:07:28.400> some<00:07:28.560> of<00:07:28.639> them<00:07:28.800> put<00:07:28.960> a<00:07:29.039> lot

we live our lives some of them put a lot

we live our lives some of them put a lot of<00:07:29.199> money<00:07:29.520> into<00:07:29.759> paying<00:07:30.000> economists<00:07:30.560> and

of money into paying economists and

of money into paying economists and think<00:07:30.960> tanks<00:07:31.280> to<00:07:31.360> tell<00:07:31.599> you<00:07:32.000> that<00:07:32.160> inequality

think tanks to tell you that inequality

think tanks to tell you that inequality is<00:07:32.880> important<00:07:33.199> for<00:07:33.280> the<00:07:33.440> economy

is important for the economy

is important for the economy that<00:07:34.639> is<00:07:34.720> not<00:07:34.960> true

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