A wealth tax in the UK is becoming unavoidable
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What is the current political situation in the UK regarding wealth taxes?
All right, welcome back to Gary's economics. I've been really looking forward to doing this week's video because I get to talk to you about what I have been working my tits off for basically the last couple of months.
Who is likely to become the new Prime Minister in the UK?
I've become more or less a full time lobbyist in this country.
What challenges does the new Prime Minister face regarding wealth taxes?
And that is because the UK is currently by far the closest it has ever been to introducing wealth taxes, which is unbelievably exciting. And you can pat yourself on the back for that. And today we're going to discuss whether the new UK Prime Minister is going to give us wealth taxes. All right, so are we going to get wealth taxes?
How can the Labour Party effectively support wealth taxes?
Let's get you up to speed with what is happening here in this country because things have been moving incredibly quickly and I know some of you are not in the UK. We're going to discuss what's happening here and how you can learn to get wealth taxes in your country. So we have had in the UK a centre-left Labour government for two years. They are incredibly unpopular.
What are the implications if Andy Burnham becomes Prime Minister?
The prime minister, Keir Starmer, is incredibly unpopular. They got smashed in the local elections. Maybe that was about three or four weeks ago now. And as I've been predicting for a while, there has been like a push to replace Keir Starmer as leader. A couple of people basically made their move. One of those is Wes Streeting, who has long been considered as somebody who wants to be prime minister. he resigned as health secretary and wrote a pretty scathing letter about the prime minister and then andy burnham who is currently the mayor of manchester made his move he has again been spoken about as a potential new leader for a long time but he is currently not an mp he is the mayor of manchester which means he needs to
stand in the seat to become an MP. He got an MP to step down in the constituency of Makerfield, which is again in the northwest of England, close to Manchester, close to Wigan. And if he wins that by-election in Makerfield, it is almost certain that he will challenge Keir Starmer to become prime minister. And if he challenges Keir Starmer to become prime minister, he will almost certainly win and we will get a new prime minister. And we are going to discuss First, the different ways this could possibly play out. And then we're going to talk about whether we can get wealth taxes. Alright, so what are the probable outcomes? As you know, I follow the betting market very closely on this. At the moment, the betting market has
What happens if the UK implements wealth taxes?
Andy Burnham at about 63% chance to become the new Prime Minister. Yeah, somewhere 62 63% chance. So that's obviously about 50%.
How can long-term economic problems be addressed in the UK?
It's probably going to be Andy Burnham, but it's a long way below 100%. That all depends on whether he wins the by election, he has something like 70% chance of winning the by election. So it's kind of contingent if he wins the by election, which he probably will, but might not.
What are the predictions for the future of wealth taxes in the UK?
then he will become the MP and then he has to challenge Keir Starmer. He'll probably end up being Prime Minister. If Andy Burnham loses the by-election, then Keir Starmer has about a 30% chance of surviving the year, which basically tells you at the moment What you probably get is either Burnham or another year of Keir Starmer. If we get another year of Keir Starmer, that doesn't mean Keir Starmer will stay prime minister. I think it's still very unlikely he survives till the next election. If Burnham loses, then next year we could have either Angela Rayner, Ed Miliband or Wes Streeting. But either way, we will definitely get a new prime minister and probably it will be Andy Burnham, probably within the next few months.
Alright, so new Prime Minister, what does that mean for wealth taxes? I think it's really interesting to consider what happens when the new Prime Minister comes in. So we're in the midst of both a long term and a short term economic crisis of cost of living here in the UK and across the world, our living standards have fallen for a long time. But obviously, we are now a couple of months into the Iran war, which the economic impact of that war are delayed and we haven't seen them fully yet.
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Chapters
8 chapters
1
What is the current political situation in the UK regarding wealth taxes?
0:00–0:12
2
Who is likely to become the new Prime Minister in the UK?
0:12–0:16
3
What challenges does the new Prime Minister face regarding wealth taxes?
0:16–0:38
4
How can the Labour Party effectively support wealth taxes?
0:38–0:56
5
What are the implications if Andy Burnham becomes Prime Minister?
0:56–2:29
6
What happens if the UK implements wealth taxes?
2:29–2:43
7
How can long-term economic problems be addressed in the UK?
2:43–2:58
8
What are the predictions for the future of wealth taxes in the UK?
2:58–39:45
Speakers
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