Martin Lewis telling us how financially awful the future looks.

You can hardly blame the Tories for Brexit.

I can blame them for the utter mess they made of it. And their complete lack of interest in the consequences.

They were delivering what the people voted for, whilst battling a pandemic at the same time. A perfect storm really.

They were still in the transition period during 2020, the height of the pandemic and lockdowns.. They could have extended the transition period but insisted on it ending in Jan 2021. They caused their own problems; I've no time for their pathetic excuses

Things are so bad now I don't think anyone could fix our problems by September.

It's not as though it's suddenly come upon us, signs have been clear for ages. The 'help with energy costs' came far too late and is inadequate. They really aren't bothered.

Martin Lewis is great, I think.
Who else informs people of the latest and best deals in almost everything, for nothing?
We could do with more like him, although they'd need a magic wand to find any good deals these days.

I approve of Martin Lewis too. Anyone who reads his website will see the thousands of people he has helped fight their way back from debt and he has shown them the tools they need to help manage their financial affairs. He looks at the so-called deals and offers touted by financial companies and helps you understand if they would benefit you in your circumstances, or if they have major drawbacks. I find it difficult to see him in a political arena - he's far too down to earth. He'd probably just get ignored or pushed aside by those lining their own pockets.

It maybe a global issue but individual states deal with it in different ways. Perhaps * Urmstongran* or others who think there’s nothing we can do about it explain why France’s energy cost to the the consumer has gone up 4% whilst the UKs has gone up 54%?? Could it be because the French government have nationalised EDF?

I've long been a "fan/follower" of Martin Lewis.
I can't answer the OP's question, But, in the past ML has claimed credit for things done by the recent-past Chancellor, so, who knows?
I remember ML & RS having a discussion on TV.

Urmstongran

Hah! He’s on a winner then isn’t he?

And let’s not forget it’s not just the UK! Europe is experiencing one of the most significant energy crises in recent years.

You're obviously not a Lewis convert. . Lol.

Yes he can be emotional and a bit excitable but there's no doubting his sincerity. He is passionate about teaching people about finance, even to the point of trying to get personal finance to be taught as part of the national curriculum,

As I have said before he saved me from bankruptcy. If I had known at 20 what he taught me at 55 I would be a multi millionaire by now. ??.

Over the years I have saved tens of thousands thanks to his website.

I seriously wish he would go into politics because whether you like him or not he is straight as they come. And he knows his stuff.

I watched a fascinating programme last night. Lucy Worsley, great myths of history. All about Henry VIII and the Reformation.

Apparently the roots of Brexit can be traced directly back to the Reformation, especially the idea that as an island nation we are somehow "special" and therefore separate from Europe. A rhetoric used to rally the nation and which has been employed for centuries, from seeing off the Armada, fighting Napoleon, standing alone in 1940 in WW2, saying No to Maastricht and finally culminating in Brexit.

History does have a habit of repeating itself. Which is why we need to take heed.....recession is looming and it's going to be a big one.

Martin Lewis is not doom mongering any more than Churchill was war mongering. They both could see the writing on the wall.

I would like to think that, come September, the new PM will be able to pull some rabbits out Of the hat. But sadly I doubt it.

Apparently the roots of Brexit can be traced directly back to the Reformation, especially the idea that as an island nation we are somehow "special" and therefore separate from Europe. A rhetoric used to rally the nation and which has been employed for centuries, from seeing off the Armada, fighting Napoleon, standing alone in 1940 in WW2, saying No to Maastricht and finally culminating in Brexit.

There's a fine few myths in that little lot! The weather saw off the Armada, we didn't fight Napoleon alone, we fought with the Portuguese and Spanish in the Iberian peninsula and with with Prussians, Hanoverians & Belgians at Waterloo. And we certainly didn't stand alone' in WW2.

Was she destroying these myths or perpetuating them?

Sadly, it was our unjustified belief in our exceptionalism, the overweening conceit of it, that motivated me to vote Remain twice!

Sorry, derailing...

But I agree, come September, whichever of the contenders is in place as PM, they will be completely ineffectual because their interest is in destroying the state, not making it effective.

Casdon

Chestnut

MaizieD

Well who’s to say action won’t be taken come September?

Well, for a start, I'd say anybody who has lived through tory governments since 1979.... particularly the last 6 years when the tories have contrived to make the whole of the UK poorer with its ludicrous Brexit and has manged to increase the number of people living in poverty.

I don't believe in the triumph of hope over experience...

You can hardly blame the Tories for Brexit. They were delivering what the people voted for, whilst battling a pandemic at the same time. A perfect storm really. Things are so bad now I don't think anyone could fix our problems by September.

You must have posted that tongue in cheek Chestnut. Had the implications of Brexit been fully explained before the referendum, and had a proper No to Brexit campaign been led by Cameron, Brexit would not have happened. It wasn’t the will of the people, it was the ignorance of the people. I blame the Tories 100% for Brexit.

Agreed - it was the ignorance of the people being led to believe that if we voted to leave "them foreigners who take all our jobs will be on the next plane home", and the "£millions paid to the EU would be spent on the NHS" etc .... 100% a deliberate ploy by the Tories, and look where it has left us, as well as being a laughing stock!

vegansrock

It maybe a global issue but individual states deal with it in different ways. Perhaps * Urmstongran* or others who think there’s nothing we can do about it explain why France’s energy cost to the the consumer has gone up 4% whilst the UKs has gone up 54%?? Could it be because the French government have nationalised EDF?

The French look after all their own industries, one way or another the government makes sure that they are all “helped”
regardless of any EU regulations.
Energy prices have only gone up 4 % because most power is nuclear of which they have direct control.

grannydarkhair

I wonder if any of the contenders for our soon to be new Prime Minister will bother to listen to this?

twitter.com/martinslewis/status/1549309745135325186?s=12

The only way a recession is going to be avoided is if we all work harder and accept less government handouts, because that is not going to happen recession is certain.

To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive. The only saving grace is that the Euro is also weak, although wether they have the energy to manufacture for export this winter is questionable.

Sunak is basing his hopes on growth, that’s a big aim in 2 yrs, he will probably fail and the Tories will loose the next GE, everything depends on Ukraine the longer it lasts the worse it will get

Katie59

vegansrock

It maybe a global issue but individual states deal with it in different ways. Perhaps * Urmstongran* or others who think there’s nothing we can do about it explain why France’s energy cost to the the consumer has gone up 4% whilst the UKs has gone up 54%?? Could it be because the French government have nationalised EDF?

The French look after all their own industries, one way or another the government makes sure that they are all “helped”
regardless of any EU regulations.
Energy prices have only gone up 4 % because most power is nuclear of which they have direct control.

And how sensible that is!

To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

Maisie.....you're right history is full of myths, legends, half truths and downright lies.

The programme was referring to the rhetoric used, over and over again, throughout history, to sell the "island story". So by the time Brexit came around the nation was, as it were, . already primed. We were so familiar with the story it could be dredged up to sell Brexit without any further explanation.

Martin Lewis has always distanced himself from endorsing specific political parties. He applied to go into the Lords as a cross-bencher, but was turned down.

MaizieD

^To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.^

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

In any case, inequality has risen. The burdens of cost of living increases are disproportionately affecting the poorest, as Covid did.

MaizieD

^To maintain the welfare state either higher taxes or more borrowing is needed, the latter will result in further depreciation of sterling making imports of food and fuel even more expensive.^

Neither of those things is true. Taxation doesn't fund spending and the government has no particular need to borrow, t can issue money. The eyewatering sums of money the government created to cope with covid have not caused inflation or devaluation of the pound. It's our weak economy that is causing the latter.

Disagree, other western nations spent vast sums on Covid, yet Sterling remained very weak in comparison, you cannot spend on non productive expenses without weakening the currency.
QE does not have to be repaid but is taken into account by foreign investors.

I’m pretty sure taxation does fund spending, you’re going to have to explain why you think public services, benefits and the NHS run without taxation

Taxation doesn't fund spending - any half-decent economist would tell you that it's the other way round.

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

growstuff

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

We spend far too much on services that improve our “lifestyle”, houses, cars, restaurants and luxuries. If much more was spent on technology production that could reduce imports, for example we assemble a lot of cars, a large proportion of the parts are made overseas, we don’t invest in technology.

FarNorth Thanks for posting the transcript, I didn’t think about going to his website.

Katie59

growstuff

What are "non productive expenses"? Even Covid spending was of benefit to someone.

Most money in the UK isn't produced as a result of tangible goods. It's a means for people to buy goods and services from other people. The government creates it and can recall it through taxation.

We spend far too much on services that improve our “lifestyle”, houses, cars, restaurants and luxuries. If much more was spent on technology production that could reduce imports, for example we assemble a lot of cars, a large proportion of the parts are made overseas, we don’t invest in technology.

But houses (and maintenance thereof), cars, restaurants and "luxuries" provide work and keep money flowing. They're as productive as making a table out of a lump of wood.

The country imports for a reason, which is generally because goods are cheaper than they could be in the UK.

Incidentally, how many UK-based car manufacturers are UK-owned?

What are "non productive expenses"?

Good question, growstuff.

Even Covid spending was of benefit to someone.

Unfortunately much of it seems to have been spirited away and not entered the domestic economy.

And, of course, Brexit has affected GDP because so many firms losing export markets in the EU and animals have had to be slaughtered and fruit and vegetables have rotted in the fields because there have been fewer workers to process or harvest them. It all contributes to loss of GDP.

growstuff

In case people aren't aware, Martin Lewis has produced a booklet (funded by him) on mental health connected to debt problems.

www.moneysavingexpert.com/credit-cards/mental-health-guide/

He can't wave a magic wand, but he does show how debt can be broken down into small steps and managed. It could literally be a life saver for some people.

This is a great thing for him to do.

One or two specialist sports car builders, TVR is one, Morgan is now Italian owned, there might be a couple of other hand built luxury brands producing a few each year, hard to tell who owns them.