40 years after Thatcher: Inequality in the UK - BBC Newsnight

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40 years after Thatcher: Inequality in the UK - BBC Newsnight 4
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Forty years after Margaret Thatcher came to power, is the UK once again on the brink of a sea change?

In the final of a series of three films about the direction of the UK, our economics editor Ben Chu looks at the issue of inequality.

He's visits Cambridge, home to Silicon Fen, and is joined by Shadow Chancellor John McDonnell, chief secretary to the Treasury Liz Truss and former Bank of England governor Lord King.

Newsnight is the BBC's flagship news and current affairs TV programme - with analysis, debate, exclusives, and robust interviews.


💬 Comments on the video
Author

"Success" in the UK is defined by whether you have friends in the right places, whether you fit into a specific social category, whether you're willing to sacrifice your pride and massage the egos of those who supervise you and whether you're willing to allow other people to take advantage advantage of you. It has nothing to do with your talents, your abilities or how hard you are willing to work, hence why UK productivity is the worst in the G8 as people with friends in the right places/people within specific social categories/arse lickers and those who are willing to be taken advantage of are not necessarily the most productive workers, as we are seeing.

As someone who can trace his English heritage all the way back to the height of the empire I think its safe to say that Britain has completely abandoned the principle of honesty, hard work and fair play that guided the British people for centuries and moved towards something which is completely rotten to its core. Brexit for example is simply one of the consequences of that shift.

Author — BigWilki123321

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Liz Truss is a failed KPMG accountant and NOT an economist.

Author — JSavic

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Its scary when you hear the Treasury Deputy Liz Truss come out with such old and disproven economic theory from the 1990's. It amounts to rhetoric... World has moved on and we're facing quite different challenges than 30 yrs ago. Get real!

Author — ChawenHalo 008

Author

Lord King, Bank of England, says you can't tax the rich.
Kiz Truss, Chief Secretary, says taxation slows growth.

BBC doesn't even challenge these factually incorrect statements... while acting surprised that people want higher taxation, and marginalizing economists which state the truth.

Author — Transition21

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The division is continuing, the rich are taking and buying this world up! The ever shrinking resources are being bought up!

Author — Origins686720

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Haven't they heard of a wealth or financial assets tax? Income tax isn't every thing.

Author — Alan O'Nyme

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he could have asked some of these questions to john mcdowell, but ofcourse bbc wouldnt. Bbc are stuck in centrism.

Author — Devin McGregor

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I do not want a bloody car. I walk, get bus or taxi.

Author — Fiona Gregory

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Gini coefficient is between 0 and 1. Why does the gini chart at at 3.20 have 3.5 etc on the scale?

Author — Shaun McKinlay

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Am only seeing the statistics saying the rich have gotten richer but where are the statistics for the poor? Are they getting poorer or stagnant? Also how many people from the original 10% are still in the 10% today?

Author — shedrack kombe

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Well nothing will change under the tory government

Author — Avalon Kenton

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Mass-immigration and the resulting suppression of wages didn't exactly help the living standards of the native poor. All things the BBC supported.

Author — J. Harris.

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Some of the things said in this program needs a deeper dive, for e.g. Lord King said that to have better funding for public services, not just the rich has to pay more taxes, but everyone have to pay more taxes. Ben Chu needs to ask what's behind that statement. Where I live, taxes on citizens fall into 2 big categories: Income tax and Goods-n-Services-Tax (GST). Income tax can be progressive. That is the case in many countries already, thriving prosperous countries. We can't just have these convenient throwaway statements, from high officials, and not have a proper conversation about what tools there are to mitigate and indeed, correct inequality.

Author — William C

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if the rich continue to avoid pulling their fair share
of the weight
a small thing called revolution will rear its ugly head
and
it will be ugly

Author — Kid Mohair

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I had to laugh when the lady talked about companies investing in "training" and "equipment". Companies do their damnedest to only hire people who are fully experienced, and try to push equipment well beyond its usable lifespan, never mind upgrading or replacing it. They try and use everything up to and including the moo. The money just builds up, look at Apple, they have so much cash on hand they could just buy out dozens of companies.


As for wealthy people with money, again, it just sits there. Accumulating. There's only so much you can buy, so many toys to be played with and cars to be driven. Past a certain point the money becomes just a way of keeping score and nothing more. At least for some people.

Author — Seithon Jetter

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the statistics about 1/4 the way through don't appear to count for the fact that more people were in fact earning more

Author — Daragh Logan

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Let the 1% pay tax and raise the wages of the porters and Baristas and cleaners. We don't have to follow Richer Sounds example but we should
Shame shame shame on the wealthy you pay super low wages to their employees

Author — TeleSamGram

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Tax cuts for the wealthy don't trickle down. There"s little employment creation. Rich people make money mostly out of market speculation, property and other lucrative speculative investments that are not productive for the economy.

Author — Devin McGregor

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Thatcher Thatcher the childrens milk snatcher.

Author — Encore1234567890

Author

This lot at the BBC about

Inequality see them spend our money hypocrite s exposed

Author — anna belle