Business UK
Is a high wage economy a good think in practice?
‘What is worrying is if you push wages up when productivity is low, which it is’
Vicky Pryce, Chief Economic Advisor at Centre for Economics & Business Research, explains whether a high wage economy is beneficial long-term.
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A Labour government minister has refused to rule out rejoining the European Union.
It comes after Andy Burnham claimed Russia “clearly” meddled in the 2016 Brexit referendum in an indication he may push to rejoin the EU.
Asked if Labour would put reversing Brexit into their next manifesto, Defence Minister Luke Pollard said: “I don’t think you can have a conversation about how we are meaningfully going to grow our economy, how we’re going to reinforce our place in the world without having a conversation about our relationship with the European Union.”
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‘IT’S OUT OF CONTROL!’ Michelle Dewberry FUMES as bloated BENEFITS bill EXPOSED in bombshell report
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Michelle Dewberry reacts to new report that reveals a single economically inactive claimant receiving Universal Credit health and housing support and PIP can be seeing £27,400 a year, tax free coming into their bank account.
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‘Labour’s early release scheme is an absolute joke.’
Nana Akua says she is shocked at the state of Britain as Sir Mark Rowley reveals officers are arresting two or three recently freed prisoners every week. This comes amid the Labour government’s early release scheme.
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@fransdigitalmediaservices3912
January 11, 2024 at 12:05 pm
If people had access to decent social housing, education and healthcare, then people do not need high wages. The US has high wages, but their costs of housing, healthcare and education are off the scale, so you wonder what is the benefit of high wages
@uingaeoc3905
January 11, 2024 at 12:05 pm
The wages in the Personal Services-Leisure Retail Sector (catering and restaurants-bars) along with Agriculture and we know now HGV Drivers was artificially low because of the import of Slavic and Southern labour. The wage rates in the technical sectors of construction and maintenance, which actually is high value, was also depressed because of the so called F-reedom of Movement from notably Poland and Hungary. The classic rules of economics in these sectors mean that employers set prices by competing with others and they take advantage of surplus labour to lower wages. So if there is a shortage of labour wages will rise and this eats into profits because the company still has to set competitive prices. A huge chunk of the 'leisure-retail' businesses will go to the wall – the multitude of KostaLotta Koffee Bars because their business model is based on Benefits Subsidies from the tax payers, ie the better off working class.
As for the EU's freedom of Movement, well I never met a brit working in a bar in Vilnius nor a UK Electrician in Budapest. In fact the UK ahs the highest EU Nationals ex-pat population in Europe, with 6.5m wanting right to remain.
@israeldiegoriveragenius2th164
January 11, 2024 at 12:05 pm
No to discriminatory vaccine passports.
@FirstLast-nt5ui
January 11, 2024 at 12:05 pm
No because then the inflation will be through the roof….
Capitalism + Inflation x Consolidation of Wealth = Mass Poverty
@vagabondvibes2578
January 11, 2024 at 12:05 pm
A good think….?!?!?!
@LAD907
January 11, 2024 at 12:05 pm
higher wages? it wont matter when the council & government come to swoop in like vultures demanding ridiculous amounts in Tax. You will basically be on the same as you are now they will see to it that you dont start suddenly climbing the social ladder
@davidearl4022
January 11, 2024 at 12:05 pm
Average house price in 1908 was £21000 but today is £230000. Maybe we can afford houses in the future.
@jgreen2015
January 11, 2024 at 12:05 pm
In the victorian era,the upper class had 100x more than 3rd class
Today, the top 1% make 300x more than THE AVERAGE wage. Not even the lowest. They earn in 1 day almost the average yearly salary
You do not need an entire system overhaul to deal with that
@amirmohammadnoormohammad5590
January 11, 2024 at 12:05 pm
Kindly please remember Afghanistan 🇦🇫.
@unholylemonpledge9730
January 11, 2024 at 12:05 pm
Imagine being a PR spokesperson for neoliberalism
@unholylemonpledge9730
January 11, 2024 at 12:05 pm
A question only a tory would ask. Evil
@oldshiny3012
January 11, 2024 at 12:05 pm
high wage economy is just a code word for Rich people getting richer!
@eugenewelbeck2905
January 11, 2024 at 12:05 pm
The government don't care about us, that's why I always advice people to invest.
@markthacker9387
January 11, 2024 at 12:05 pm
You will not get a high wage this is bs, it will never happen to many greedy bosses, sucking the life out of you for little money, only good for the rich the rest of us all struggle, I was on more money in late 1990s ans early 2000 than I am now doing the same job it all smoke and mirrors.
@garystevenson1193
January 11, 2024 at 12:05 pm
Don't ask a silly question, if I'd a living WAGE,
I'd be fucking happy.
@jrobs1133
January 11, 2024 at 12:05 pm
Who is writing your video title text? lol
@jonahdave5826
January 11, 2024 at 12:05 pm
A good think?!!!
@DT-kd3xi
January 11, 2024 at 12:05 pm
More wages more spending =cash back into the economy. However there won't be a wage increase with Boris, not with interest rates, high utilities and possible monthly health care Insurance, any increase will be cancelled out.
@asteve4914
January 11, 2024 at 12:05 pm
“Is a high wage economy a good think (sic)?”
Come on GB News – this isn’t the first time. PROOF READ!
@twoforty252
January 11, 2024 at 12:05 pm
China's success is because it has first world infrastructure and third world wages property prices are 40 times the average wage…
@westedinburgh
January 11, 2024 at 12:05 pm
She is a lot smarter than her dumb ex husband.
@Will-vs5kp
January 11, 2024 at 12:05 pm
High wages
+
Low productivity
=
High unemployment
+
Expensive goods and services
Boris the nut job thinks everyone should earn more than they're worth.