video UK · 30 September 2022

Post-Budget: Why the Markets Reacted

This video explains how the UK government's unfunded tax cuts for the wealthy led to a collapse in government bond values, threatening pension funds and forcing Bank of England intervention. It argues this represents a continued transfer of wealth to the rich, increasing inequality and inflation for ordinary people, a policy even the IMF deems unsustainable.

By Gary Stevenson

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Arguments in this video

Government spending is too high Gary Stevenson · 07:00
“you cannot run massive deficits permanently”
Curbs extreme inequality Gary Stevenson · 06:07
“you cannot expect to see the fastest ever increase in inequality in the history of the country and not see living standards for ordinary people fall”
Raises real revenue Gary Stevenson · 01:09
“if you're not going to tax the rich people who have all the world you're not going to be able to to pay the debt back”