Okay i wanted to do a quick video updating  the current situation with the economy and

especially the situation with tax and payments for social care because these things have  

changed recently there's been a lot of coverage on  it but i want to put a bit of economic perspective  

okay so uh in October we did a video talking  about why Rishi Sunak is raising your taxes  

if you haven't seen that go check it out but basically Rishi Sunak raised 2.5%  

on national insurance which means an extra 2.5% tax taken off of everbody's

wages but not coincidentally billionaires like Rishi Sunak's father-in-law's income

they raised 2.5% tax on ordinary workers but  it does not apply to income earned by billionaires  

now the reason they raised those taxes is  because they needed money to pay for elderly care  

at the moment there's a situation where people  have to sell their homes to pay for their elderly  

care people don't like this the government  wants to change it so what have they done how  

they implemented this protection for elderly care  what they've done is they basically said everybody  

has to pay the first £80,000 towards their social care and above that the government's gonna  

cover the bill if you have a £1,000,000  in assets you have to use 8% of your assets

if you are an ordinary family and  you've got assets of maybe £200,000 

it might be less by the time you get very old  £150,000 you are going to end up having to pay  

half of your assets away to pay for elderly care  so we have a situation here where the government  

has raised taxes two and a half percent on  ordinary workers but not all on billionaires  

and then they're using that  money to completely protect  

almost all of the wealth of  millionaires and billionaires  

but poorer families will be forced to lose almost  all of the assets including their home so we're in  

a situation here where the government is raising  tax on ordinary workers but not on the super rich  

to protect the assets of the rich and the super  rich and not the assets of ordinary workers

and to put this in context we're coming out of  covid an economic crisis in which ordinary people  

are seeing rises in their bills their food costs  often financial hardship and we have seen the  

biggest ever single year increase in billionaire  wealth 22% increase in billionaire wealth the

top 250 richest families in the country saw their wealth increased by over £106 billion  

which is more than 10 times what is needed  to pay for the annual cost of social care  

so it's crazy what's happening um if you want to  understand why the rich have gotten so rich during  

Covid check out my first video on this channel  "why the rich are getting rich from Covid-19"

but the most important thing is understand what's  happening here we have a chancellor whose father  

in-law is a billionaire, a prime minister who is a  multi-millionaire or will become multi-millionaire  

as soon as he leaves office, they're raising taxes  on workers, they're not taxing the super rich  

and they're protecting the assets of the super  rich and they're not protecting assets of workers  

this is going to mean that wealth flows  from ordinary people to the super rich

it's going to mean that ordinary families  cannot afford to get homes for their kids

um ordinary families kids will struggle  to find a place to raise their families in  

this is going to affect the economy check  out the video "what is wealth?" to see like  

what wealth means and how inequality of wealth  affects the economy we're going to do another  

video soon explaining really clearly exactly  how inequality of wealth damages the economy  

but more importantly understand the situation  you're being taxed, the rich are not being taxed  

the rich are having their assets protected you're  not having assets protected ordinary families  

are struggling to get properties for their kids  ordinary workers are struggling to buy homes  

and the super-rich have had their biggest  every single year increase in wealth so yeah  

we're going to talk about how we can fight this in  upcoming videos but um yeah let your friends know  

what is happening because um it's important here  wealth is being lost by ordinary families and it's  

been accumulated by the rich which includes  a lot of members of our government that's all

so it's intentionally designed national insurance so that very rich people pay a very low percent

there is one other thing they can do with that mass amount of income  

they can buy your mum's house