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The Biggest Drop In Living Standards In Many Decades…

A quick market update and a deep dive in the UK’s budget announcement, which was as political as it gets! The headline is households will go backwards, as unemployment rises, and a 2-year recession is likely. Worse, personal income tax bands are frozen, so the total tax take will be bigger than ever!

Investment allowances have been cut, and the future Government spending cuts have been pushed out beyond the next election.

The cost of debt to the Government rises.

This scenario is one we should expect to see playing out in other economies too. Living standards will drop.

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  1. Thank you again, Martin. Interesting times, to say the least. The winds that blow over the UK will surely hit us, in some guise, here in NZ. O would that our (non means-tested) Superannuation would follow other sectors' pay rises…or at least-says he, dreaming- that our Taxed income could be taxed at half the rate….Lucky I am to have 14 hours paid income, but that is only during school terms.

  2. All in the West are going to get a wake up call on living Standards, government waste and a inflated public service and central bank QE has severely damaged the social fabric of Western society.

  3. How the hell can they refer to deindustrialization as a "recession"? The main stream media avoidance of that phenomenon is a topic in itself Martin!

  4. Equity/income inequality – much easier to pull those with more down than it is to lift those with less up!
    The elites will not stop until the middle class are as poor as the working class – the working class of the third world that is!

  5. Brought BBQ lamb chops yesterday “ $5 each “ the once cheapest cuts now need a 6 figure pay packet to afford them. So what is the politicians solution to this ? They tell us we better eat Insects ! it’s time we the people shook the very foundations of our corrupt government !!

  6. Thanks Mr. Martin…if you didn't see this happening around 2003 under the Famous Tory Liberals of the Time you have yourself to blame…Oh Jerusalem and rule Brittanya!…you beauty!

  7. EU's embargo of Russian energy, fertiliser and food have caused the energy price rise, not Russian policy to the UK/EU; shot self in foot. Bojo intervened in Ukraine-Russia peace talks in Istanbul in April, causing Ukraine to prolong the war; leading US/EU/UK to continue funding their war effort and ongoing destruction & death. Denying early treatment during pandemic and pushing vaxing, led to increased cost, virus mutation, and a rort favouring the medical industrial complex. The speech in UK Parliament just sounds like excuses. What US neocon advice yields.

  8. Deliberate destruction of countries..
    Stealing the wealth of people…
    To stuff their pockets….in Australia
    Oh the BANKSTERS using taxpayers money $188 million…no interest…but pass it to us at about 3 to 6%….. theft…. using our money….

  9. It’s ironic how this recession/depression was forced by the deliberate release of a virus. The deliberate signing up to dangerous,untested big pharma injections, at incredibly overcharged prices! The ignorant push to expensive, unreliable “renewables”, while deliberately closing coal power stations, nuclear power stations, the again, ignorant push to ev’s. The deliberate UN sanctioned government run theft of farmland and farm stock. The deliberate, misled reduction in oil and gas production etc, etc. Yes, they know it hurts the poorest the most, and they are deliberately dividing, providing distrust and weakening society, yet it makes the rich richer! Yes, it is a global issue. But you signed up to that dangerous issue! Your ignorance in jumping onboard renewables and relying on Russian gas is your homegrown problem. Don’t blame Russia for your woke stupidity

  10. Thanks Martin..my favourite talks are yours on utube. I have a few others too. You can not have perpetual growth on a finite planet. And with a world population now at 8 billion..and none renewable energy like fossil fuels ie petrol, and electricity ie coal n
    metals I believe more than half is used up. Hence, I believe our standard of living will keep going down for most of us..esp the poor which we see already. And I believe it's only just begun. People angry about $2 a litre petrol that gets them 10kms on a fuel efficient car..or like most of my friends..10kms. If you asked anyone to push you car 10 or 20 kms for $2 they'd tell you where to go. That's how cheap petrol is! And noone is coming down from Mars to give us more. If saudii arabia peaks then categorically the world has peaked. Back to farms n food production we go..those who don't know history are bound to repeat it. The amount of fossil fuels to make one can of drink or baked beans uses a huge amount of fossil fuels. Get used to food prices continuing to increase. Learn to grow at least some food ..even in a flat..grow a few things in pots. Crime is already increasing. As is petrol, flights, cruises, food..everything that's uses Mon renewable fossil fuels. My friends don't sell their gas guzzlers or get their debts down..sell their huge house for a smaller one..they think I'm doom n gloom. I think im realistic!

  11. Seems to me, Martin, that economics has evolved more than politics. The way I see it, is that economics is like a mirror of US topology. You have the executive branch – Banks. The Senate – The Market. And. The congress – consumers. Of these, the Market has evolved the most, consolidating wealth. Basically, Blackrock is 80% of the market.

    We have been playing chess or checkers, when in fact, the game is chess AND checkers.

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