1 00:00:05,002 --> 00:00:09,008 the super-rich taking over somebody like me 2 00:00:09,026 --> 00:00:12,067 earns 10 twenty thousand dollars 3 00:00:12,067 --> 00:00:17,121 an hour eighty-five people on the same well first half the world's population 4 00:00:18,021 --> 00:00:23,430 their get the stuff I like the charm how much are you worth 5 00:00:23,619 --> 00:00:26,760 around 250 million pounds 6 00:00:26,076 --> 00:00:29,084 never before has money been so polarized 7 00:00:30,056 --> 00:00:33,092 for the 21st century will be the most unequal 8 00:00:33,092 --> 00:00:37,661 period in human history my name's Jack Peretti and in this series I'm going to 9 00:00:38,489 --> 00:00:39,260 find out 10 00:00:39,026 --> 00:00:44,050 how the super-rich have changed Britain explain how important Britney's as a tax 11 00:00:44,005 --> 00:00:45,564 haven for the super-rich 12 00:00:46,059 --> 00:00:51,510 is very important it's the most attractive location now on the planet 13 00:00:51,051 --> 00:00:54,077 but are they making this richer we once 14 00:00:54,077 --> 00:00:57,088 more super rich people hearing 15 00:00:57,088 --> 00:01:03,172 creating more divided society prevent to see our local labor Marilyn he said 16 00:01:04,072 --> 00:01:07,155 twice a few conflicts with no new conflict in even-numbered you want me to 17 00:01:08,055 --> 00:01:10,414 do about 18 00:01:10,909 --> 00:01:14,570 human nature will always be a little MBAs 19 00:01:14,057 --> 00:01:17,079 all those who have more in Beijing 20 00:01:17,079 --> 00:01:20,086 who sold us the idea the super-rich 21 00:01:21,049 --> 00:01:24,104 make us better off 22 00:01:25,004 --> 00:01:28,005 always been the haves and the have-nots but today you have the haves and 23 00:01:28,014 --> 00:01:29,058 have-nots and have the arts 24 00:01:29,058 --> 00:01:32,087 this is the story at the super-rich on 25 00:01:32,087 --> 00:01:39,087 and office 26 00:01:45,053 --> 00:01:46,752 as the rest Britain struggles 27 00:01:47,229 --> 00:01:52,318 the super-rich never had it so good since the 08 crash 28 00:01:53,119 --> 00:01:56,450 has been 80 billion pounds of austerity cuts 29 00:01:56,045 --> 00:02:03,045 the same amount bankers would have been given bonuses 30 00:02:05,033 --> 00:02:06,059 just over 100 31 00:02:06,059 --> 00:02:09,120 80,000 pounds his Lamborghini cost the same 32 00:02:10,002 --> 00:02:17,002 as an average house in Britain Simon has flown in from switzerland 33 00:02:17,073 --> 00:02:20,146 buy second hand car but not like when you are I might buy 34 00:02:21,046 --> 00:02:25,084 you collect cars how many cars have you got 35 00:02:25,084 --> 00:02:28,118 which is i deny that my wife's the sing-off 36 00:02:29,018 --> 00:02:34,033 I less than 10 lets them center 37 00:02:34,033 --> 00:02:37,098 the super-rich are behaving to the biggest recession since the war 38 00:02:37,098 --> 00:02:40,104 didn't affect them but it did profoundly 39 00:02:41,058 --> 00:02:45,090 they made lots of money from hard to believe 40 00:02:45,009 --> 00:02:50,025 until you hear it from the horse's mouth Michael Wainwright is the bosses diamond 41 00:02:51,006 --> 00:02:52,028 merchant boodles 42 00:02:52,028 --> 00:02:55,092 his family's reported $85 million pound fortune 43 00:02:55,092 --> 00:02:59,095 is among the thousands biggest Britain when the crash happened did you think oh 44 00:03:00,022 --> 00:03:00,086 this is 45 00:03:00,086 --> 00:03:03,100 curtains for offshore you have always with you feeling 46 00:03:04,000 --> 00:03:07,053 will we worry was very bleak for about three or four months 47 00:03:07,053 --> 00:03:10,096 and in spite of what's going on in the world since 08 48 00:03:10,096 --> 00:03:14,104 nothing the welcome you probably have got wealthier mandela reticence to spend 49 00:03:15,004 --> 00:03:17,047 it to begin with optima lake but not now 50 00:03:17,047 --> 00:03:20,105 I think that definitely out to play a game your Michael might have had a bad 51 00:03:21,005 --> 00:03:22,007 few months 52 00:03:22,007 --> 00:03:27,025 the we've had seven years austerity our incomes have stagnated 53 00:03:27,025 --> 00:03:30,098 but last year alone the top thousands of their wealth rise 54 00:03:30,098 --> 00:03:34,107 I seventy billion pounds making their wealth equal to the combined annual 55 00:03:35,088 --> 00:03:36,175 earnings at Britain's entire 56 00:03:37,075 --> 00:03:41,103 full-time workforce got smacking gap between 57 00:03:42,003 --> 00:03:46,031 ass and the richest 1 percent is returning us to a world we thought had 58 00:03:46,031 --> 00:03:46,110 gone away 59 00:03:47,001 --> 00:03:50,050 know when I was growing up in the nineteen seventies 60 00:03:50,059 --> 00:03:54,061 the idea that the aristocracy ruled britain had gone 61 00:03:54,061 --> 00:03:58,086 they were finished but now there's a new aristocracy who have taken over 62 00:03:58,086 --> 00:04:03,133 and they're not the landed gentry by the super-rich 63 00:04:04,033 --> 00:04:06,108 Britain now has a 104 billionaire's 64 00:04:07,008 --> 00:04:11,247 that's more per head any other country in the world 65 00:04:11,319 --> 00:04:14,323 but when you ask how their presence benefits address the us 66 00:04:14,719 --> 00:04:17,840 it turns out that the rich have a party line on that 67 00:04:17,084 --> 00:04:22,283 it's called trickle-down this is multi-millionaire Rob hurts of 68 00:04:23,039 --> 00:04:26,360 dream art leverage 69 00:04:26,036 --> 00:04:29,315 good for Britain yes very good for Britain we want 70 00:04:29,639 --> 00:04:34,120 more super rich people here in England why because 71 00:04:34,012 --> 00:04:37,056 if they invest here if they 72 00:04:37,056 --> 00:04:40,475 hire people if they use taxis 73 00:04:40,979 --> 00:04:44,016 if they go to restaurants they're creating wealth 74 00:04:44,349 --> 00:04:48,390 for people in England its Issac trickle-down its trickled through 75 00:04:48,759 --> 00:04:52,460 you know that creating opportunities for other people 76 00:04:52,046 --> 00:04:55,046 trickle-down 77 00:04:55,046 --> 00:04:59,091 trickle through the idea is that they're spending will benefit oliver's 78 00:04:59,091 --> 00:05:04,190 but does it I've come to a high and showcase the Super watches 79 00:05:05,009 --> 00:05:09,920 to find out 80 00:05:09,092 --> 00:05:12,156 Alex amazing side if I want to buy the how much we got 81 00:05:13,056 --> 00:05:14,099 seven right 82 00:05:14,099 --> 00:05:15,192 only 250 83 00:05:16,092 --> 00:05:19,181 250 bargain I 84 00:05:20,081 --> 00:05:27,081 plays regard thank you time 85 00:05:28,012 --> 00:05:29,021 a we have 86 00:05:29,021 --> 00:05:30,108 metals 87 00:05:31,008 --> 00:05:34,015 metamorphosis to sister what was metamorphosis 1 like 88 00:05:34,078 --> 00:05:36,160 metamorphosis from was amazing 89 00:05:37,006 --> 00:05:38,018 cases now 90 00:05:38,072 --> 00:05:42,073 but a on the matter on an even higher level separate 91 00:05:42,073 --> 00:05:46,081 the hours from me hey you actually have used 92 00:05:47,053 --> 00:05:50,055 was just insane how on earth can I tell the time should 93 00:05:50,073 --> 00:05:53,105 at the moment is very simple win now act 94 00:05:54,005 --> 00:05:57,097 20 tight so no way right many people who 95 00:05:57,097 --> 00:06:00,145 understand how this works works other people who I'm 96 00:06:01,045 --> 00:06:05,058 I S says a bit like a private club this 97 00:06:05,058 --> 00:06:12,058 I tried on right 98 00:06:13,449 --> 00:06:16,476 while not in use 99 00:06:16,719 --> 00:06:18,140 as in the 100 00:06:18,014 --> 00:06:20,473 many 101 00:06:20,599 --> 00:06:21,610 think %uh my 102 00:06:21,061 --> 00:06:24,136 I think I might just make a move alright I say let up 103 00:06:25,036 --> 00:06:30,095 well if you thought that was ostentatious 104 00:06:30,419 --> 00:06:35,250 look at this 105 00:06:35,025 --> 00:06:37,078 it's made old zambian emeralds 106 00:06:37,078 --> 00:06:40,113 white diamonds white gold 107 00:06:41,013 --> 00:06:46,071 a snip 2 million pounds 108 00:06:46,071 --> 00:06:47,119 pics 109 00:06:48,019 --> 00:06:51,308 came to me 110 00:06:51,479 --> 00:06:56,210 whatever you think at this watch these items a trophy assets 111 00:06:56,021 --> 00:07:02,350 manufacturing them is unlikely to employ thousands in the factory here in the UK 112 00:07:02,539 --> 00:07:09,539 so it's hard to see how this kind of spending benefits the rest of us 113 00:07:11,006 --> 00:07:13,625 this is a problem abroad 114 00:07:14,219 --> 00:07:18,250 many the super-rich for attracting spend their money on such trophy assets 115 00:07:18,529 --> 00:07:21,860 private helicopters Learjet so 116 00:07:21,086 --> 00:07:28,086 the office 117 00:07:30,086 --> 00:07:35,115 the money stays pretty much in their world but for the seriously super-rich 118 00:07:35,889 --> 00:07:42,889 only one thing do a premiership football club 119 00:07:45,011 --> 00:07:45,055 time 120 00:07:45,055 --> 00:07:48,141 tiny walking onto the hallowed South we r expensive to 121 00:07:49,041 --> 00:07:52,106 I I know thorpy to brush would cost a million pounds 122 00:07:53,006 --> 00:07:58,055 QPR was bought in 2011 for $35 million pounds by this man 123 00:07:58,055 --> 00:08:02,069 Malaysian businessman Tony Fernandez eases 124 00:08:02,069 --> 00:08:05,165 toughest job interview begins welcome to the most challenging interview 125 00:08:06,065 --> 00:08:09,066 you live he's the star the Asian apprentice 126 00:08:09,066 --> 00:08:15,149 the Alan Sugar the Far East his net worth of $650 million pounds 127 00:08:16,049 --> 00:08:19,056 makes him one of the richest men in both Britain and Malaysia 128 00:08:20,019 --> 00:08:24,082 monument in school for that reason your fire of i 129 00:08:24,082 --> 00:08:29,100 The Apprentice Asia friends tonight attorney made you money for a min 130 00:08:30,000 --> 00:08:33,279 Asian airline why to buy British football club a 131 00:08:33,279 --> 00:08:37,354 when you buy Learjet or a massive yacht you know it's 132 00:08:38,029 --> 00:08:42,200 gently for yourself the occasional parties but QPR 133 00:08:42,002 --> 00:08:45,002 this the feelings I can't describe in 134 00:08:45,002 --> 00:08:48,065 life is about experiences so I rather do that 135 00:08:48,083 --> 00:08:53,110 been set on a massive boat in the military 136 00:08:54,001 --> 00:08:57,027 buying big things might be exciting to the separation 137 00:08:57,036 --> 00:09:00,041 and employ some people but trickle-down was working 138 00:09:00,086 --> 00:09:03,935 the fact we have more super rich than ever before in Britain should mean 139 00:09:04,709 --> 00:09:07,710 we are all getting richer I'm 140 00:09:07,071 --> 00:09:12,071 to win not instead the one percent share of wealth is rising 141 00:09:12,071 --> 00:09:19,071 for the 99 percent living standards remain pre-crisis levels 142 00:09:19,072 --> 00:09:22,114 across the world people are marching 143 00:09:23,014 --> 00:09:27,323 this is a demonstration in Boston against low pay 144 00:09:27,449 --> 00:09:31,180 in London what began with an occupation outside some polls 145 00:09:31,018 --> 00:09:34,112 continued last year with a protest march against low-paying 146 00:09:35,012 --> 00:09:42,012 and the growing chasm between the 1 percent and the rest the box 147 00:09:42,044 --> 00:09:45,063 me and my husband worked all my life we on 148 00:09:45,063 --> 00:09:48,642 part no hey you know just a week on the board 149 00:09:49,209 --> 00:09:50,250 every British 150 00:09:50,025 --> 00:09:50,120 lot of 151 00:09:51,002 --> 00:09:54,044 1 percent attend years 152 00:09:54,062 --> 00:09:57,086 the average weekly income a British family state the same 153 00:09:57,086 --> 00:10:01,150 429 pounds 154 00:10:02,005 --> 00:10:05,079 in the same period the richest thousand people in Britain so they're well 155 00:10:06,024 --> 00:10:12,087 more than double from 200 billion $2,500 billion pounds 156 00:10:12,087 --> 00:10:14,926 do you think it's right the idea that their wealth will trickle down to the 157 00:10:15,709 --> 00:10:16,860 rest the best tasting 158 00:10:16,086 --> 00:10:20,108 up you can see it's not worth it 159 00:10:21,008 --> 00:10:25,017 you can't see it it's not working 160 00:10:25,098 --> 00:10:28,177 inequalities become the FEMA epic Hollywood blockbusters 161 00:10:29,077 --> 00:10:33,136 like The Hunger Games in which people from outside the super rich city 162 00:10:34,036 --> 00:10:41,036 fight to the death for survival 163 00:10:46,329 --> 00:10:47,970 this isn't just science fiction 164 00:10:47,097 --> 00:10:50,776 the recent US government report predicted a Hunger Games future 165 00:10:51,649 --> 00:10:58,649 a world to delete some commonness and inequality is a race to the bottom 166 00:10:59,149 --> 00:11:03,160 that Britain is winning with the only leading economy to have grown 167 00:11:03,259 --> 00:11:04,290 consistently more 168 00:11:04,569 --> 00:11:08,621 unequal this century so how did we come to believe that 169 00:11:09,089 --> 00:11:13,600 attracting the super-rich would benefit everyone who sold us the idea 170 00:11:13,006 --> 00:11:20,006 why to understand need to go back to the 1960s 171 00:11:20,889 --> 00:11:24,938 Britain's well to be built on Empire and the City of London 172 00:11:25,379 --> 00:11:28,620 was the hob now that was gone 173 00:11:28,062 --> 00:11:32,080 but britain had a plan to reinvent itself 174 00:11:32,008 --> 00:11:36,046 as a tax haven for the super-rich we will no longer an empire 175 00:11:37,018 --> 00:11:40,054 we were casino and the biggest high rollers 176 00:11:40,054 --> 00:11:47,054 were about to roll into town 177 00:11:51,069 --> 00:11:53,082 this was the era the jet-set 178 00:11:53,082 --> 00:11:56,471 and leading the pack with the greek shipping tycoon 179 00:11:57,209 --> 00:12:00,277 its old me the ship 180 00:12:00,889 --> 00:12:04,810 and law add up to six million on 28,000 181 00:12:04,081 --> 00:12:08,105 602 top whatever it is the Greek shipping industry 182 00:12:09,005 --> 00:12:12,594 obviously happen he also had a problem 183 00:12:12,639 --> 00:12:16,550 if they settled here they would end up paying tax on the profits 184 00:12:16,055 --> 00:12:20,086 from their huge ships but a compliant British government was happy 185 00:12:20,086 --> 00:12:26,175 for them to exploit a loophole the men they could avoid paying tax 186 00:12:26,949 --> 00:12:30,620 and it was called in on Dom world 187 00:12:30,062 --> 00:12:32,148 rule was a hangover from Britain's imperial past 188 00:12:33,048 --> 00:12:36,137 it was designed to encourage wealthy British colonial magnates 189 00:12:37,037 --> 00:12:40,186 rich from the spoils a vampire to come to Britain 190 00:12:40,519 --> 00:12:44,550 and spend money 191 00:12:44,055 --> 00:12:45,116 this nineteenth century relic 192 00:12:46,016 --> 00:12:52,018 now turned into a twentieth-century tax giveaway 193 00:12:52,018 --> 00:12:55,081 the non dawn roommate Britain uniquely attractive to the super-rich 194 00:12:55,081 --> 00:12:58,125 you could come here and avoid paying taxes simply through a 195 00:12:59,025 --> 00:13:02,112 family connection to a foreign country thank couldn't believe 196 00:13:03,012 --> 00:13:07,981 matlock grant woods is a man who make the system work 197 00:13:08,089 --> 00:13:12,094 as a senior wealth adviser shoots bankers to the super-rich 198 00:13:12,589 --> 00:13:16,670 you place your profits in offshore centers that can be managed 199 00:13:16,067 --> 00:13:19,296 there you can live happily in London enjoyable 200 00:13:19,899 --> 00:13:25,190 all the facilities at the in London among men on Dom's who came to Britain 201 00:13:25,019 --> 00:13:28,050 to reinvent themselves as pillars at the establishment 202 00:13:28,005 --> 00:13:31,040 with czech-born robert maxwell originally 203 00:13:31,085 --> 00:13:34,514 young hot and German tycoon 204 00:13:35,279 --> 00:13:40,570 tiny Rowland Roland futile to his friends 205 00:13:40,057 --> 00:13:42,154 brown words his job was to do these people saw 206 00:13:43,054 --> 00:13:47,343 tax breaks as the key tool people keep kept 207 00:13:47,829 --> 00:13:50,836 testing the limits of what was acceptable and not acceptable 208 00:13:51,529 --> 00:13:56,630 because there are no rules laid down by the Inland Revenue specifically dealing 209 00:13:56,063 --> 00:13:59,582 with this situation the rules will very very lives 210 00:14:00,149 --> 00:14:05,500 it was all very cozy non-dominant poll remained largely on scrutinized 211 00:14:05,005 --> 00:14:08,524 until the 1990s when Tory donor 212 00:14:09,019 --> 00:14:13,170 multi-millionaire as on the deer was found guilty of fraud 213 00:14:13,017 --> 00:14:16,616 large number of people who work in Britain who have the money and written 214 00:14:16,769 --> 00:14:20,770 who don't pay much tax in Britain and many of these people millionaires 215 00:14:20,779 --> 00:14:25,740 using non resident status on on domicile status to avoid the property of cash now 216 00:14:25,074 --> 00:14:28,863 I'm going to close these loopholes but guess what nothing happened 217 00:14:29,529 --> 00:14:32,550 fifteen years in 2008 218 00:14:32,055 --> 00:14:35,060 Alistair Darling finally imposed an annual charge 219 00:14:36,005 --> 00:14:39,057 have 30,000 pounds the someone who is a 220 00:14:39,057 --> 00:14:43,826 billionaire how how how prohibitive is a thirty thousand pound 221 00:14:44,339 --> 00:14:47,351 and platform for someone who's super wealthy 222 00:14:47,459 --> 00:14:54,459 it's the sort of money they'd spend on a party for one of the kids 223 00:14:55,011 --> 00:14:56,048 far from being a Tarrant 224 00:14:56,048 --> 00:15:01,093 30,000 pounds is peanuts on Dom's whose numbers are now back on the increase 225 00:15:01,093 --> 00:15:04,141 30,000 pounds 226 00:15:05,041 --> 00:15:08,070 is three thousand pounds more average salary 227 00:15:08,007 --> 00:15:12,014 first you could blow he espoused on one visit 228 00:15:12,077 --> 00:15:15,104 this Salam all rose gold High Street Kensington 229 00:15:16,004 --> 00:15:19,010 either have come from the point 230 00:15:19,064 --> 00:15:20,092 yes 231 00:15:20,092 --> 00:15:25,107 help piling 30,000 pounds is also around the average deposit 232 00:15:26,007 --> 00:15:30,032 for first time via I'm 233 00:15:30,032 --> 00:15:34,048 doing today he just want to hang your about 10 Canadian 234 00:15:34,048 --> 00:15:38,707 home the current time scale to say for such a deposit 235 00:15:39,139 --> 00:15:43,186 is 22 years 236 00:15:43,609 --> 00:15:50,230 so what you get for this kind of money something called a facial 237 00:15:50,023 --> 00:15:54,072 from miss lee what's going to happen what are you doing 238 00:15:54,279 --> 00:15:56,830 and 239 00:15:56,083 --> 00:16:00,172 discontent skin now 240 00:16:01,072 --> 00:16:04,116 in the PM are simple reaction isn't that 241 00:16:05,016 --> 00:16:08,065 unusual dream note I T Y and usually 242 00:16:08,209 --> 00:16:11,221 it's not really one of treatment things income for 243 00:16:11,329 --> 00:16:15,160 I'm a series of treatments to get maximum results 244 00:16:15,016 --> 00:16:18,185 continuously between six and 12 treatments 245 00:16:18,329 --> 00:16:23,411 monthly basis the more instances from another card 246 00:16:24,149 --> 00:16:29,198 ahead forty from when in school the full super-rich service 247 00:16:29,639 --> 00:16:32,684 ads gold flecked moisturized for the gold marks 248 00:16:33,089 --> 00:16:37,730 with caviar mass Oct 3 ani: because you're worth 249 00:16:37,073 --> 00:16:41,852 or just can just party cause of 250 00:16:42,509 --> 00:16:45,810 called in jail for 251 00:16:45,081 --> 00:16:50,088 luxury services like or a cold 252 00:16:50,088 --> 00:16:57,088 thrived thanks to the arrival of so many super rich people in Britain 253 00:16:58,053 --> 00:17:01,084 in the nineteen seventies who getting used to their presence 254 00:17:01,084 --> 00:17:04,091 first time but while they enjoy 255 00:17:05,054 --> 00:17:08,353 taxation Britain the homegrown super-rich 256 00:17:08,839 --> 00:17:14,901 not amused in 1974 the new labor government promised a massive increase 257 00:17:15,459 --> 00:17:16,497 in welfare spending 258 00:17:16,839 --> 00:17:20,650 to pay for this the increased taxes on the wealthiest 259 00:17:20,065 --> 00:17:23,106 to eighty-three percent the top earners 260 00:17:24,006 --> 00:17:31,006 had enough see him 261 00:17:36,015 --> 00:17:40,113 yeah 262 00:17:41,013 --> 00:17:44,562 but their saviors were hand the unlikely for me 263 00:17:44,679 --> 00:17:47,700 to enterprising accountants Roy 264 00:17:47,007 --> 00:17:51,706 tucker and Ron Plummer thing today 265 00:17:52,399 --> 00:17:55,990 spotting gap in the market they set up their own bank 266 00:17:55,099 --> 00:17:59,118 home Ross Minster its main purpose was the development 267 00:18:00,009 --> 00:18:03,240 complex schemes for avoiding tax 268 00:18:03,024 --> 00:18:06,843 the waiting room at the accountants office resembled an extraordinary 269 00:18:07,059 --> 00:18:08,090 cocktail party 270 00:18:08,009 --> 00:18:12,036 Led Zeppelin Roger Moore the client's and most famously 271 00:18:12,036 --> 00:18:19,036 to have the Beatles 272 00:18:21,076 --> 00:18:25,139 Richard Brooks his attacks inspector who was investigated Ross missus activities 273 00:18:26,039 --> 00:18:30,130 they were promoting weird and wonderful schemes with names like 274 00:18:31,003 --> 00:18:35,077 exam get scheme commodity can be scheme known deposit interest all kinds have 275 00:18:36,004 --> 00:18:39,061 wacky stop my 276 00:18:39,061 --> 00:18:42,088 you aim 277 00:18:42,088 --> 00:18:45,102 pension beings I didn't teach you in school 278 00:18:46,002 --> 00:18:50,061 one Ab responses most unusual schemes is to use the losses from investments in 279 00:18:50,061 --> 00:18:51,072 british films 280 00:18:51,072 --> 00:18:55,089 to reduce customs tax bills came one filmed right into this 281 00:18:55,089 --> 00:18:59,113 tangled web was the British cult classics come a film about 282 00:19:00,013 --> 00:19:03,013 borstal and trouble was now looming 283 00:19:03,013 --> 00:19:07,016 for tucker and plum on the 13th July 284 00:19:07,043 --> 00:19:10,077 1979 seventy tax inspectors 285 00:19:10,077 --> 00:19:13,131 and 28 police officers raided Ross Minster 286 00:19:14,031 --> 00:19:18,040 their offices here with closed and that little party was over 287 00:19:18,004 --> 00:19:25,004 but an even bigger party with just about to begin 288 00:19:26,087 --> 00:19:28,152 russians to show you what you could do with a taxable 289 00:19:29,052 --> 00:19:32,090 just have created you could feed and 5 the 290 00:19:32,009 --> 00:19:36,051 by the late eighties you found big accounting firms devising tax avoidance 291 00:19:37,032 --> 00:19:38,068 schemes and sending them 292 00:19:38,068 --> 00:19:41,075 very aggressive but %uh compliment 293 00:19:41,075 --> 00:19:44,120 not face criminal charges things would never be the same 294 00:19:45,002 --> 00:19:50,074 the man behind Ross Minster mark the fundamental change in attitudes 295 00:19:50,092 --> 00:19:54,110 from now on they were saying rules are there to be broken 296 00:19:55,001 --> 00:19:59,036 but only if you well 297 00:19:59,045 --> 00:20:03,049 I'll Britain was now the tax dodge capital 298 00:20:03,085 --> 00:20:04,158 the world 299 00:20:05,058 --> 00:20:09,140 and it's still happening last year because the rest the first 20 billion 300 00:20:10,004 --> 00:20:10,087 pounds 301 00:20:11,023 --> 00:20:17,055 one man has experienced how tax avoidance works for the super-rich 302 00:20:17,055 --> 00:20:21,059 is billionaire John Caldwell 303 00:20:21,059 --> 00:20:23,528 John you rust sister 304 00:20:24,059 --> 00:20:27,134 thanks for your time pleasure it's not a place to go where 305 00:20:27,809 --> 00:20:31,857 it is phenomenal place you don't get the stuff I like you 306 00:20:32,289 --> 00:20:37,375 the chair like is truly good job like 307 00:20:38,149 --> 00:20:41,940 he built up phones for you from nothing to a billionaire lifestyle 308 00:20:41,094 --> 00:20:46,783 helicopters and a Jacobean part in stock the chip 309 00:20:47,629 --> 00:20:51,682 but this is his latest acquisition a pair of Mayfair mansions 310 00:20:52,159 --> 00:20:56,340 reported value 250 million pounds 311 00:20:56,034 --> 00:21:00,069 I'll a good place to entertain and 312 00:21:00,069 --> 00:21:05,158 really in place to network with with with the rich and famous 313 00:21:05,779 --> 00:21:09,813 London John how does this compare with where you grew up 314 00:21:10,119 --> 00:21:15,172 I provide mail more spacious 315 00:21:15,649 --> 00:21:18,727 well for my my first home 316 00:21:19,429 --> 00:21:22,448 quirk first marital home when I was 317 00:21:22,619 --> 00:21:28,090 I was about 20 at the time was a 14-foot sprite musketeer 318 00:21:28,009 --> 00:21:32,058 caravan on my mother's long Caldwell's not like many of the super-rich 319 00:21:32,058 --> 00:21:35,857 the actually pays his way and as Britain's biggest taxpayer 320 00:21:36,379 --> 00:21:41,590 he's handed over 200 million pounds in the last five years 321 00:21:41,059 --> 00:21:45,080 the has he ever been tempted to break the rules John have you ever saw have 322 00:21:45,008 --> 00:21:48,091 been approached the kind of mad schemes or was approached all the time with my 323 00:21:49,063 --> 00:21:49,135 schemes 324 00:21:50,035 --> 00:21:53,060 and we did take some of them up you know I'm not proud 325 00:21:53,006 --> 00:21:55,054 are how does it work you know what what what's the what's the conversation 326 00:21:56,008 --> 00:21:57,017 that's had 327 00:21:57,017 --> 00:22:00,040 how would you know so with some other schemes is so convoluted 328 00:22:00,004 --> 00:22:03,783 but I couldn't even though I wouldn't even begin to nestle you understand this 329 00:22:04,179 --> 00:22:08,000 hundreds or even thousands of tax accountants 330 00:22:08,000 --> 00:22:11,095 often recruited from the Inland Revenue would tax inspectors 331 00:22:11,095 --> 00:22:15,161 to advise people on hi all to have the latest bombings cutting-edge 332 00:22:16,061 --> 00:22:19,098 scheme if I thought they were reasonably ethical outdo them 333 00:22:19,098 --> 00:22:22,134 but they were wrong 334 00:22:23,034 --> 00:22:26,098 at the end of the day I believe they were wrong but this wasn't just about 335 00:22:26,098 --> 00:22:27,114 individuals 336 00:22:28,014 --> 00:22:31,051 there was a culture in which cozy relationships develop 337 00:22:31,051 --> 00:22:34,127 between corporations and the tax authorities with devastating 338 00:22:35,027 --> 00:22:37,082 consequences for the public purse 339 00:22:37,082 --> 00:22:42,114 there was a.m. very much a system in which senior tax officials 340 00:22:43,014 --> 00:22:46,053 rewarded in terms of promotions 341 00:22:46,179 --> 00:22:50,890 and bonuses not for success in tackling 342 00:22:50,089 --> 00:22:54,151 taxable incomes but success in fostering a partnership 343 00:22:55,051 --> 00:22:58,113 between the company's and and the Department 344 00:22:59,013 --> 00:23:02,942 say was about how well can you create relationship with the company rather 345 00:23:03,059 --> 00:23:03,510 than 346 00:23:03,051 --> 00:23:06,147 how much money can you actually get for the public out the back company 347 00:23:07,047 --> 00:23:11,386 that's right any any few ended up in a big dispute with that company 348 00:23:11,809 --> 00:23:15,290 that would probably count against you in terms of fuel 349 00:23:15,029 --> 00:23:20,054 prospects and Tues which are also being promoted for not doing your job 350 00:23:20,054 --> 00:23:23,061 essentially back at your job as a public employee is to 351 00:23:24,024 --> 00:23:27,091 raise revenue on behalf of the public but actually they were working 352 00:23:27,091 --> 00:23:30,136 pretty much of the company's yeah I think many 353 00:23:31,036 --> 00:23:34,072 senior tax officials 10 years ago would have 354 00:23:34,072 --> 00:23:40,099 said that's how they feel yes 355 00:23:40,099 --> 00:23:43,121 least toxic combination of tax breaks for foreigners 356 00:23:44,021 --> 00:23:47,037 massive avoid implements the home grown wealthy 357 00:23:47,037 --> 00:23:52,075 as change Britain's role in we were once an imperial superpower 358 00:23:52,075 --> 00:23:56,084 now we're a tax hike paper malcolm's 359 00:23:56,084 --> 00:23:59,133 former economic adviser to President George W Bush 360 00:24:00,033 --> 00:24:05,040 can you explain how important Britney's as a tax haven for the super-rich 361 00:24:05,004 --> 00:24:09,007 is very important it's the most attractive location now I think on the 362 00:24:09,043 --> 00:24:09,050 planet 363 00:24:10,013 --> 00:24:14,019 and that's partly because the old tax havens in places like Switzerland are no 364 00:24:14,019 --> 00:24:16,086 longer open for business for new money 365 00:24:16,086 --> 00:24:20,148 do you think the super-rich the super wealthy were surprised by how 366 00:24:21,048 --> 00:24:25,115 open Britain walls as this new tax saving this news Switzerland 367 00:24:26,015 --> 00:24:30,028 yeah I think that they had assumed 368 00:24:30,028 --> 00:24:34,062 that they would be placing their money and you know Geneva and the Cayman 369 00:24:34,062 --> 00:24:37,126 Islands in places like that 370 00:24:38,026 --> 00:24:42,049 these changes only happened because successive governments became convinced 371 00:24:42,049 --> 00:24:47,058 that trickle-down was the onset it started 1979 372 00:24:47,058 --> 00:24:50,081 Conservative government is elected 373 00:24:50,081 --> 00:24:53,178 on the assumption that Britain is broke and the money if the wealthiest 374 00:24:54,078 --> 00:24:57,109 helps save us within weeks 375 00:24:58,009 --> 00:25:01,020 they slashed the top-rated tax from 83 376 00:25:01,002 --> 00:25:04,017 sixty percent the biggest giveaway to the wealthy 377 00:25:04,035 --> 00:25:09,047 in decades tax avoidance was now 378 00:25:09,047 --> 00:25:12,054 government policy my 379 00:25:12,054 --> 00:25:16,061 the old world a heavy industry unions and high taxes 380 00:25:17,024 --> 00:25:20,067 is no longer to be trusted it had failed 381 00:25:20,067 --> 00:25:27,067 and should be chucked on the bonfire history 382 00:25:30,068 --> 00:25:33,071 it was serious concern about how these brave new world 383 00:25:33,071 --> 00:25:37,088 have lower taxes for 1 percent would create inequality 384 00:25:37,088 --> 00:25:40,119 it dominated missus thatcher's first 385 00:25:41,019 --> 00:25:48,019 ever TV interview as prime minister day 386 00:25:52,078 --> 00:25:54,177 is the price for our economic with cover-weight 387 00:25:55,077 --> 00:25:59,081 and prosperity greater inequality in this country you will get 388 00:26:00,017 --> 00:26:05,026 amo sliding society when people can rise to the limit of their talents 389 00:26:05,026 --> 00:26:08,059 and out as the wells they create we should all be better off 390 00:26:08,059 --> 00:26:12,094 so im a moron equal society you think is actually better for a small 391 00:26:12,094 --> 00:26:15,100 opportunity society which enables the 392 00:26:16,000 --> 00:26:19,052 able to earn more but it does mean when a quality does it 393 00:26:19,052 --> 00:26:22,151 does mean mother yes indeed if opportunity 394 00:26:23,051 --> 00:26:27,097 and talent isn't equally distributed than allowing people to exercise that 395 00:26:27,097 --> 00:26:28,141 talent an opportunity 396 00:26:29,041 --> 00:26:32,086 means more inequality but it means you 397 00:26:32,086 --> 00:26:35,148 drag up the poor people because other resources to do so 398 00:26:36,048 --> 00:26:39,062 no one would remember the good samaritan 399 00:26:39,062 --> 00:26:42,073 if you'd only had good intentions he had money as well 400 00:26:42,073 --> 00:26:46,169 thank you very much prime minister 401 00:26:47,069 --> 00:26:50,078 this belief but lower taxes would stimulate 402 00:26:50,078 --> 00:26:54,079 growth came from the US radical economists like 403 00:26:54,088 --> 00:26:59,162 this man of her life an adviser to republican presidential candidate 404 00:27:00,062 --> 00:27:03,096 ronald reagan latter believe 405 00:27:03,096 --> 00:27:06,191 the business not government should be trusted to create prosperity 406 00:27:07,091 --> 00:27:11,183 and to do this the rich should freed from the burden of tax 407 00:27:12,083 --> 00:27:16,108 rich people are different than most people the rich is the one group of 408 00:27:17,008 --> 00:27:19,077 people were you lower tax rates you will get more revenues 409 00:27:19,077 --> 00:27:22,148 and every time we have a raise those tax rates on the rich 410 00:27:23,048 --> 00:27:27,053 they paid less laughter when further he said taxing the rich 411 00:27:27,098 --> 00:27:31,112 would make society as a whole horror 412 00:27:32,012 --> 00:27:35,035 it tax which people give the money to poor people 413 00:27:35,035 --> 00:27:39,087 uranium lots and lots a poor people know rich people the dream is always to make 414 00:27:39,087 --> 00:27:39,175 the poor rich 415 00:27:40,075 --> 00:27:45,090 not to make the rich poor in Britain 416 00:27:45,009 --> 00:27:48,052 chancellor of the Chancellor courted the super-rich 417 00:27:49,033 --> 00:27:53,041 in the belief that they would create well and trickle-down would be our 418 00:27:53,041 --> 00:27:53,049 reward 419 00:27:54,021 --> 00:28:00,046 2010 up 420 00:28:00,046 --> 00:28:03,120 but after three decades have devotion to lower taxes 421 00:28:04,002 --> 00:28:07,078 a new breed economists who have looked at the evidence 422 00:28:07,096 --> 00:28:12,097 a convinced we've got it wrong among them one of the world's leading 423 00:28:13,006 --> 00:28:14,018 economists 424 00:28:14,018 --> 00:28:18,063 Cambridge academic Arjun Chang trickle-down economics a 425 00:28:18,063 --> 00:28:22,144 you know interior is not a stupid idea in our but that the trouble is that are 426 00:28:23,044 --> 00:28:26,072 you really think that this prediction has not been born out because the in 427 00:28:26,072 --> 00:28:30,104 countries like the UK the US that abuse that these policies 428 00:28:31,004 --> 00:28:34,008 investment as a share of national income has fallen 429 00:28:34,044 --> 00:28:37,103 equally crosses at fallen so 430 00:28:38,003 --> 00:28:43,005 ways a though putting you know at that time your promise told is that they're 431 00:28:43,023 --> 00:28:44,089 well if you keep these people were 432 00:28:44,089 --> 00:28:47,182 more money then create are more jobs are boring call 433 00:28:48,082 --> 00:28:52,168 they haven't done anything 434 00:28:53,068 --> 00:28:56,071 the pursuit of trickle-down in the UK means the richer 435 00:28:56,098 --> 00:29:00,172 double their share of income since the nineteen eighties the last decade has 436 00:29:01,072 --> 00:29:02,143 seen incomes for most diverse 437 00:29:03,043 --> 00:29:06,049 stagnate for the widening the gap 438 00:29:06,049 --> 00:29:10,084 so it's hard to see how trickle-down could not be linked with the quality 439 00:29:10,084 --> 00:29:15,150 unless iraq the laffer schools 440 00:29:16,005 --> 00:29:18,030 what critics would say about your 441 00:29:18,075 --> 00:29:21,166 innovation you the moment which economics is turned on its head 442 00:29:22,066 --> 00:29:26,087 is essentially its a fig leaf for politicians to 443 00:29:26,087 --> 00:29:29,124 cynically create tax cuts but with absolutely no 444 00:29:30,024 --> 00:29:33,069 economic rationale behind it was slow but that's not true come on 445 00:29:33,069 --> 00:29:36,095 taxation at its most basic is raising revenue 446 00:29:36,095 --> 00:29:40,101 so society can function exists a taxation is bad is to essentially say 447 00:29:41,055 --> 00:29:44,153 everyone for themselves there is no such thing as society 448 00:29:45,053 --> 00:29:48,117 hand this is what the deal is of course the reason you tax 449 00:29:49,017 --> 00:29:53,030 is so that you can get those rafters and do good the government can do what 450 00:29:53,003 --> 00:29:54,008 government should do 451 00:29:54,035 --> 00:29:57,081 me highway schools defense all these wonderful things 452 00:29:57,081 --> 00:30:00,083 and when they've run out of things the government should do 453 00:30:01,001 --> 00:30:05,036 just up but look what's happened in Britain we have one of the lowest 454 00:30:05,036 --> 00:30:09,038 levels a taxation for the super wealthy and our economy has 455 00:30:09,038 --> 00:30:14,050 real level a stagnated to thing in it inequality has increased as a result 456 00:30:14,005 --> 00:30:17,071 if by inequality declining you make everyone poor but you meet the poor 457 00:30:18,016 --> 00:30:20,051 little bit less poor than you make the rich a lot poorer 458 00:30:20,051 --> 00:30:25,095 I don't like it I like I like equality when everyone is benefiting 459 00:30:25,095 --> 00:30:29,113 and I don't wanna see everyone reaching equality by everyone going to the 460 00:30:30,013 --> 00:30:30,071 basement 461 00:30:30,071 --> 00:30:34,102 that's my view so I think looking at equality as an issue by itself 462 00:30:35,002 --> 00:30:41,041 is nonsense 463 00:30:41,041 --> 00:30:44,062 this conviction that taxes should be low 464 00:30:44,062 --> 00:30:47,134 is the super-rich mantra but here in Seattle 465 00:30:48,034 --> 00:30:54,068 one of them it's breaking rank make an hour is an internet billionaire 466 00:30:54,068 --> 00:30:58,132 who believes we've been choose trickle-down economics is 467 00:30:59,032 --> 00:31:02,119 is old as human civilization used to call it divine right 468 00:31:03,019 --> 00:31:08,054 now now we call it trickle-down economics it is simply the idea that 469 00:31:08,054 --> 00:31:12,101 I matter and you don't that 470 00:31:13,001 --> 00:31:16,096 that what I do is indispensable and what you do 471 00:31:16,096 --> 00:31:22,135 is extra on it how we keep you in line 472 00:31:23,035 --> 00:31:26,110 he agrees with the critics that the gross inequality we are now witnessing 473 00:31:27,001 --> 00:31:30,068 is the result of the wrong turn we took three decades ago 474 00:31:30,077 --> 00:31:33,144 the great problem we face 475 00:31:34,044 --> 00:31:37,136 in Britain and the United States is that we are you know we have formed 476 00:31:38,036 --> 00:31:41,042 are economic policies on essentially 477 00:31:41,042 --> 00:31:44,113 believing the trickle-down idea of reagan thatcherism 478 00:31:45,013 --> 00:31:48,072 right the idea that if you make rich people richer everybody's gonna be 479 00:31:48,072 --> 00:31:48,156 better off 480 00:31:49,056 --> 00:31:53,078 and and you know that's just not true it's not how the economy works 481 00:31:53,078 --> 00:31:56,146 use me as an example I mean I earn literally 482 00:31:57,046 --> 00:32:00,142 a thousand times as much per year 483 00:32:01,042 --> 00:32:06,049 as the as the median wages sensually in the united states plus or minus 484 00:32:07,012 --> 00:32:11,017 but I I don't buy a thousand times as much stuff 485 00:32:11,017 --> 00:32:14,095 I own three or four pairs of jeans a 486 00:32:14,095 --> 00:32:18,156 couple appears issues mom you know we have a big beautiful house 487 00:32:19,056 --> 00:32:22,094 but I don't have a thousand houses here in Seattle and so 488 00:32:22,094 --> 00:32:25,095 on no matter how much money I have 489 00:32:25,095 --> 00:32:30,189 I cannot sustain a great national economy only a robust middle-class can 490 00:32:31,089 --> 00:32:33,094 do that 491 00:32:33,094 --> 00:32:37,141 this is not simply about the failure of trickle-down inequalities threatening 492 00:32:38,041 --> 00:32:39,079 capitalism itself 493 00:32:39,079 --> 00:32:43,083 capitalism which is the greatest social technology 494 00:32:43,083 --> 00:32:46,157 ever created for creating prosperity human societies does need some 495 00:32:47,057 --> 00:32:48,061 inequality 496 00:32:48,061 --> 00:32:51,135 just like plants do need some water 497 00:32:52,035 --> 00:32:55,044 but in precisely the same way that too much water 498 00:32:56,025 --> 00:32:59,120 kills plants by drowning them too much inequality 499 00:33:00,002 --> 00:33:05,066 kills capitalism by drowning the middle class gains at the super-rich 500 00:33:05,084 --> 00:33:11,089 have come at the expense have all of us stagnation is touching parts of society 501 00:33:11,089 --> 00:33:15,094 that had previously avoided paying 502 00:33:16,039 --> 00:33:19,043 welcome to Twickenham home at the middle classes 503 00:33:19,079 --> 00:33:23,080 for decades who complained when shops like little arrived 504 00:33:23,089 --> 00:33:28,123 not any longer I wanted to see if they still felt secure is a class 505 00:33:29,023 --> 00:33:34,032 was suffering like everyone else since 2008 I haven't 506 00:33:34,032 --> 00:33:38,128 enjoyed an increase in pay and yet inflation has run higher than my paper 507 00:33:39,028 --> 00:33:40,054 goods effectively I'm 508 00:33:40,054 --> 00:33:43,068 earning less now than I was in 2008 509 00:33:43,068 --> 00:33:46,159 I think germany a personal out this guy gonna get down down downnnnn 510 00:33:47,059 --> 00:33:50,125 my parents I'm like I could pension arm 511 00:33:51,025 --> 00:33:55,063 you know they get there I winter fuel payments survey gets 512 00:33:55,063 --> 00:33:58,107 I am you cannot have unknown if freebies but 513 00:33:59,007 --> 00:34:02,083 I'm not expecting to have a pension I'm expecting to be much poorer when I'm 514 00:34:02,083 --> 00:34:02,127 older 515 00:34:03,027 --> 00:34:06,110 and because the money is in there 5 ani: continuing healthcare 516 00:34:07,001 --> 00:34:13,070 forget it I'll be off to take my tax me I 517 00:34:13,169 --> 00:34:16,244 but inequalities in just about the middle class it's about something more 518 00:34:16,919 --> 00:34:19,100 fundamental 519 00:34:19,001 --> 00:34:22,019 here in paris groundbreaking research is being carried out 520 00:34:22,028 --> 00:34:25,032 which reveals that a seismic changes taking place 521 00:34:25,032 --> 00:34:31,049 in the structure of society 522 00:34:31,049 --> 00:34:34,208 it was here that plaster the Concorde in Paris 523 00:34:34,649 --> 00:34:38,691 the higher the French Revolution the original one percent got their heads 524 00:34:39,069 --> 00:34:42,960 chopped off 525 00:34:42,096 --> 00:34:47,015 so it's fitting behavior in Paris two hundred years of one-man 526 00:34:47,879 --> 00:34:50,978 an economist is changing out very understanding of what's going on 527 00:34:51,869 --> 00:34:58,869 by analyzing how the super-rich a transforming our world. 528 00:34:59,007 --> 00:35:02,035 the man in question is the world's most influential economist 529 00:35:02,098 --> 00:35:08,101 Thomas picketed the middle class is very important for the for the economy 530 00:35:09,001 --> 00:35:13,029 because she's worked social who knows too well you don't want to develop 531 00:35:13,029 --> 00:35:17,568 mass consumption and to develop a massive investment in construction 532 00:35:17,829 --> 00:35:21,720 and he does started to shrink to some extent influenza 533 00:35:21,072 --> 00:35:25,078 past 20 or 30 years and and I think it would be a major threat 534 00:35:25,078 --> 00:35:28,100 to I'll democracies you shouldn't west to 535 00:35:29,000 --> 00:35:32,047 continue and shrinking in the coming decades 536 00:35:32,047 --> 00:35:37,104 well and picketing puts the blame for the shrinking middle class 537 00:35:38,004 --> 00:35:41,068 on the growing concentration of wealth in the hands of the rich 538 00:35:41,068 --> 00:35:46,105 I'm gonna continues direction for shrinking middle class 539 00:35:47,005 --> 00:35:50,042 it's difficult to know how far these chemical weapons 540 00:35:50,042 --> 00:35:53,125 sure is that in recent years what we observe in 541 00:35:54,025 --> 00:35:57,090 in print and and across countries and very top 542 00:35:57,009 --> 00:36:01,011 when Saunders billion as i have been raising 543 00:36:01,092 --> 00:36:05,092 much faster than average rents and much faster 544 00:36:05,092 --> 00:36:10,291 thousands a size as you can you can see that uses continue for several DJ's 545 00:36:11,119 --> 00:36:15,250 to share going to the middle class dragged 546 00:36:15,025 --> 00:36:18,114 if we believe that a more equal society represents programs 547 00:36:19,014 --> 00:36:21,973 this is under threat 548 00:36:22,099 --> 00:36:24,176 picketing points to one former wealth in particular 549 00:36:24,869 --> 00:36:28,940 as a key to understanding his argument property 550 00:36:28,094 --> 00:36:31,117 pollution in home ownership many of my generation 551 00:36:32,017 --> 00:36:36,166 followed them onto the property ladder but since 2003 552 00:36:36,319 --> 00:36:43,319 home ownership has stalled I'll 553 00:36:44,026 --> 00:36:47,035 this is Oxford 554 00:36:47,035 --> 00:36:50,102 but with far away from the dreaming spires here 555 00:36:51,002 --> 00:36:55,016 in this city homes used to cost three times the average local salary 556 00:36:55,016 --> 00:37:01,695 but now an average home costs eleven times the monthly salary making Oxford 557 00:37:01,839 --> 00:37:08,839 one of the least affordable places in Britain 558 00:37:09,005 --> 00:37:12,071 Oxford professor Danny doling agrees that the decline in home ownership 559 00:37:13,016 --> 00:37:16,019 is at the heart of the growth in inequality 560 00:37:16,046 --> 00:37:19,046 how important was 561 00:37:19,046 --> 00:37:22,072 the idea owning property to actual relative 562 00:37:22,072 --> 00:37:25,119 economic equality this is incredibly important we 563 00:37:26,019 --> 00:37:30,035 we went from the sea position at ninety percent was renting and only those who 564 00:37:30,035 --> 00:37:30,120 earn money 565 00:37:31,002 --> 00:37:34,057 owning to position lay it was up the normal for the middle class 566 00:37:34,075 --> 00:37:37,116 to buy property while and then pour house if the four thousand pounds in the 567 00:37:38,016 --> 00:37:38,078 seventies 568 00:37:38,078 --> 00:37:42,082 I'm to to position is known in the working-class turbine 569 00:37:43,018 --> 00:37:47,044 did this really have been society set up help people and money 570 00:37:47,044 --> 00:37:51,047 to get a friend to build you a house my house 571 00:37:51,074 --> 00:37:55,096 not commonly used to saying that how do you see my house 572 00:37:55,096 --> 00:37:59,148 while you'll come around to my house old 573 00:38:00,048 --> 00:38:06,130 cool way to move in in the seventies popular sitcoms such as the likely lads 574 00:38:07,003 --> 00:38:13,065 reflected the reality of an upwardly mobile society 575 00:38:13,092 --> 00:38:17,126 but today's likely lads more likely to live in a rented flat 576 00:38:18,026 --> 00:38:21,113 spending twice as much renting as they put on a mortgage 577 00:38:22,013 --> 00:38:26,014 in every dream home 578 00:38:26,014 --> 00:38:31,075 muhamed taking and improve step back take 579 00:38:31,075 --> 00:38:36,082 takes me there's no way that this crisis is more evident 580 00:38:36,082 --> 00:38:39,101 than here in London their building 581 00:38:40,001 --> 00:38:43,024 but it's the super-rich Bonnie but 582 00:38:43,024 --> 00:38:46,089 homeowners be and developers are chasing their cash 583 00:38:46,089 --> 00:38:49,116 its with extraordinary developments 584 00:38:50,016 --> 00:38:54,084 like base one Hyde Park showcased in this highly polished promo 585 00:38:54,084 --> 00:38:58,106 one Hyde Park represents a valuable investment in which develop a cell 586 00:38:59,006 --> 00:39:00,013 potential buyers the dream 587 00:39:00,076 --> 00:39:03,084 in have living a celebrity lifestyle in the centre of London 588 00:39:04,056 --> 00:39:07,062 to the south Knightsbridge one other the cheapest 589 00:39:08,016 --> 00:39:11,083 lacked is 6.5 million pounds residences 590 00:39:11,083 --> 00:39:15,127 on average income it would take 250 years to buy it 591 00:39:16,027 --> 00:39:19,081 if you just went to work keeping and slept 592 00:39:19,081 --> 00:39:22,118 security and never had children resident school holidays safety 593 00:39:23,018 --> 00:39:27,025 of food ok a unique thanks in part to super rich investment 594 00:39:27,088 --> 00:39:30,153 London prices have increased by 25 percent 595 00:39:31,053 --> 00:39:35,078 in a year be one Hyde Park offers legendary service 596 00:39:35,078 --> 00:39:38,135 a new global benchmark for luxury residential living 597 00:39:39,035 --> 00:39:43,049 representing a secure investment in the current economic climate 598 00:39:43,049 --> 00:39:47,100 some existing owners have already seen a substantial increase in capital value 599 00:39:48,000 --> 00:39:51,035 in excess up eighty percent own the legacy 600 00:39:51,035 --> 00:39:55,083 experience the exception 601 00:39:55,083 --> 00:39:57,352 few people have changed London skyline 602 00:39:58,099 --> 00:40:02,170 like Peter Reid's the former head of planning 603 00:40:02,017 --> 00:40:06,075 City of London he now blames foreign speculation for driving prices 604 00:40:06,075 --> 00:40:11,684 outside the reach of ordinary London's we have a housing bubble in London that 605 00:40:12,359 --> 00:40:13,650 is fueled by 606 00:40:13,065 --> 00:40:16,071 an almost limitless wave over international capital 607 00:40:16,071 --> 00:40:20,153 there's no end to that supply it's constantly being generated in 608 00:40:21,053 --> 00:40:23,066 russia and China 609 00:40:23,066 --> 00:40:26,113 how to foreign investors view the properties that buying in London did 610 00:40:27,013 --> 00:40:28,442 they see them as homes 611 00:40:28,559 --> 00:40:31,920 investment in the residential real estate market in London 612 00:40:31,092 --> 00:40:35,115 is perceived as even better than gold bricks what you have to hide in a hole 613 00:40:36,015 --> 00:40:39,394 you can see these things are out there piled up 614 00:40:39,529 --> 00:40:42,630 and you can actually keep an eye on them but of course 615 00:40:42,063 --> 00:40:46,692 inside they are just containers for this same capitol that you would otherwise 616 00:40:47,259 --> 00:40:48,268 put in a bank vault 617 00:40:48,349 --> 00:40:55,349 because I would that why refer to these as piles safe deposit boxes 618 00:40:58,067 --> 00:41:01,088 mine 619 00:41:01,088 --> 00:41:04,096 Battersea Power Station once a symbol industrial power 620 00:41:05,068 --> 00:41:08,079 seen in this glossy and as being redeveloped 621 00:41:08,079 --> 00:41:12,156 flats the first 866 sold 622 00:41:13,056 --> 00:41:19,078 eighty percent went to foreign buyers seventy percent simple new build 623 00:41:19,078 --> 00:41:21,115 residential property in central London 624 00:41:22,015 --> 00:41:27,020 is now being bored by foreign investors so what does this mean for 625 00:41:27,002 --> 00:41:30,056 ordinary people us the paying claims 626 00:41:30,074 --> 00:41:33,163 above the very rich spreading over larger and larger areas 627 00:41:34,063 --> 00:41:37,117 and not even in areas where the you for Richard living 628 00:41:38,017 --> 00:41:41,078 but areas where they're simply investing how far can this go 629 00:41:41,078 --> 00:41:44,116 how much do we give over to this desert to 630 00:41:45,016 --> 00:41:48,032 wells before London ceases to work 631 00:41:48,032 --> 00:41:51,129 of 632 00:41:52,029 --> 00:41:56,045 this is creating a new class have economic refugees 633 00:41:56,045 --> 00:42:01,454 a newer this group of single moms are being removed from their homes 634 00:42:01,859 --> 00:42:06,310 to make way for a new development but they refused to go 635 00:42:06,031 --> 00:42:09,076 what's happening here is being called social cleansing 636 00:42:09,076 --> 00:42:12,175 is orpheus what's happenin all these 637 00:42:12,859 --> 00:42:17,510 am Paso homes and places are being demolished ambulance /url 638 00:42:17,051 --> 00:42:19,129 glass buildings luxury apartments that nobody 639 00:42:20,029 --> 00:42:24,031 local area an awful this one being built just there's a stone's throw from where 640 00:42:24,031 --> 00:42:25,076 we're standing right now 641 00:42:25,076 --> 00:42:28,100 chef a plaza and before that I was even of way up 642 00:42:29,000 --> 00:42:34,016 it is a ripple of prevent to see our local labor matter and he said twice 643 00:42:34,016 --> 00:42:37,023 if if you can afford to live in a new conflict to live in and what do you want 644 00:42:37,086 --> 00:42:38,101 me to do about it 645 00:42:39,001 --> 00:42:42,065 and master response that we've had from I M P 646 00:42:42,065 --> 00:42:46,086 counselors and only men how does that make you feel you're being made to move 647 00:42:46,086 --> 00:42:47,118 out of where you live 648 00:42:48,018 --> 00:42:52,042 this very upset him because obviously you believe all about finding a support 649 00:42:52,042 --> 00:42:52,095 network 650 00:42:52,095 --> 00:42:55,098 here has anyone shown you any support low 651 00:42:56,025 --> 00:42:59,032 I would grow VeriFone enough insightful day care 652 00:42:59,095 --> 00:43:02,170 for an embarrassment to them because we're treating something that this on 653 00:43:03,007 --> 00:43:03,090 lock me in 654 00:43:04,053 --> 00:43:08,099 after a public outcry %um Council did eventually 655 00:43:08,099 --> 00:43:11,173 reprieve 40 at the 434 homes 656 00:43:12,073 --> 00:43:15,131 and apologize for the treatment of the wood for the fact that they're just 657 00:43:16,031 --> 00:43:17,038 fighting for a place to live 658 00:43:18,001 --> 00:43:21,070 shows how far expectations have dropped 659 00:43:21,007 --> 00:43:27,081 for this generation buying a property is a ridiculous dream 660 00:43:28,044 --> 00:43:32,047 2032 Britain will be a country in which the majority 661 00:43:32,047 --> 00:43:36,055 rentals 662 00:43:36,055 --> 00:43:39,142 getting hold back key piece as well property will become 663 00:43:40,042 --> 00:43:42,211 ever more difficult 664 00:43:42,589 --> 00:43:45,430 am gonna 665 00:43:45,043 --> 00:43:51,049 Shin him should 666 00:43:51,049 --> 00:43:54,066 1 667 00:43:54,066 --> 00:43:55,144 from home 668 00:43:56,044 --> 00:43:59,070 this demonstration is taking place outside the property fair 669 00:43:59,007 --> 00:44:05,101 in London's Olympia but this fair isn't just about London 670 00:44:06,064 --> 00:44:10,161 cash-strapped councils from all over Britain are selling off land 671 00:44:11,061 --> 00:44:17,144 Prada I was an investor coming here and I said I've got $15 billion 672 00:44:18,044 --> 00:44:20,713 spat K thank you 673 00:44:21,109 --> 00:44:26,151 I'm here I K foreign investors are now circling property markets 674 00:44:26,529 --> 00:44:30,010 across the country 675 00:44:30,001 --> 00:44:31,032 some believable 676 00:44:31,032 --> 00:44:32,036 they're all just here 677 00:44:32,072 --> 00:44:33,159 logging on basically 678 00:44:34,059 --> 00:44:35,081 what they are 679 00:44:35,081 --> 00:44:38,133 to private investors from abroad 680 00:44:39,033 --> 00:44:41,562 I'm from Tokyo on a business people 681 00:44:41,859 --> 00:44:45,300 week and I mean the property business 682 00:44:45,003 --> 00:44:47,071 many 683 00:44:47,098 --> 00:44:48,107 190 million 684 00:44:49,088 --> 00:44:50,577 but time 685 00:44:51,369 --> 00:44:54,320 kinda vanilla money to spend 686 00:44:54,032 --> 00:44:57,131 however many investors interested UK properties that's why I'm here today 687 00:44:58,031 --> 00:45:05,031 just community when the same industry I know you know what opportunities here 688 00:45:06,589 --> 00:45:08,760 what is now becoming clear is the 689 00:45:08,076 --> 00:45:13,117 hyper properties new investors after they want more and more 690 00:45:14,017 --> 00:45:18,206 us to read 691 00:45:18,359 --> 00:45:20,408 and that's increasingly what the market will supply 692 00:45:20,849 --> 00:45:24,450 through 693 00:45:24,045 --> 00:45:29,047 but is not just super rich foreign investors exploiting this trend 694 00:45:29,047 --> 00:45:33,196 properties are being swept up by a growing class British super-rich 695 00:45:33,619 --> 00:45:34,633 property investor 696 00:45:34,759 --> 00:45:41,759 the buy to let power this man is the biggest bites lip 697 00:45:42,022 --> 00:45:49,022 on the mall having green yes 698 00:45:50,072 --> 00:45:55,171 yes 3 699 00:45:55,819 --> 00:45:59,914 high five to the first 700 00:46:00,769 --> 00:46:03,772 he owns 700 properties but he also gives 701 00:46:04,069 --> 00:46:07,730 wealth seminars on how to be a buy to let millionaire 702 00:46:07,073 --> 00:46:10,112 you worry what everybody's gonna say about you 703 00:46:10,769 --> 00:46:14,777 you a Kennedy com a very successful entrepreneur does that make sense 704 00:46:14,849 --> 00:46:20,380 kevin's business is doing very well but he's gaining at the expense of one group 705 00:46:20,038 --> 00:46:20,121 in particular 706 00:46:21,021 --> 00:46:24,130 first-time buyers by value 707 00:46:24,319 --> 00:46:27,398 buy to let lending is growing faster than first time mortgages 708 00:46:28,109 --> 00:46:31,980 it seems as though in britain or two worlds being created one is the buy to 709 00:46:31,098 --> 00:46:31,139 let 710 00:46:32,039 --> 00:46:36,958 market which is booming and then and the other half is everyone else is trying to 711 00:46:37,309 --> 00:46:39,407 get on the property ladder into simply can't afford to get on the property 712 00:46:40,289 --> 00:46:40,364 ladder in 713 00:46:41,039 --> 00:46:44,690 and the and that they're related because your world is 714 00:46:44,069 --> 00:46:47,128 is forcing everyone else from not being able to buy anything 715 00:46:47,749 --> 00:46:51,830 so how do you feel about that yeah I mean is a fair comment that property you 716 00:46:52,559 --> 00:46:53,561 get into it does 717 00:46:53,759 --> 00:46:56,910 we do it right get you in a very wealthy position generally 718 00:46:56,091 --> 00:46:59,970 there is a split and it's getting harder for the first time buyer to come in 719 00:47:00,789 --> 00:47:04,690 whether that's because investors is arguable we then had 720 00:47:04,069 --> 00:47:07,648 a payment of 31,000 pounds tax-free 721 00:47:08,269 --> 00:47:13,318 principles like these people are make a landlord but everyone that succeeds 722 00:47:13,759 --> 00:47:17,340 push out one more first time buyers 723 00:47:17,034 --> 00:47:19,092 if everyone becomes a buy to let landlord 724 00:47:19,092 --> 00:47:22,131 and won't be any property left for anyone else it's gonna 725 00:47:23,031 --> 00:47:27,040 just exacerbate the problem make things even worse probability that problem is 726 00:47:28,021 --> 00:47:28,098 already been 727 00:47:28,098 --> 00:47:32,192 realized that we've reached that point how housing crisis 728 00:47:33,092 --> 00:47:36,130 is Kevin's business opportunity as we become 729 00:47:37,003 --> 00:47:41,099 a nation a rentals when I get up every morning 730 00:47:42,026 --> 00:47:46,122 I do something which is a little bit different sometimes as an entrepreneur 731 00:47:47,022 --> 00:47:50,079 is a good thing to be a little bit crazy a little bit different his name what I 732 00:47:50,079 --> 00:47:50,161 do is 733 00:47:51,061 --> 00:47:54,067 I instill self-belief I go if 734 00:47:54,067 --> 00:47:57,114 I wasn't me I would so want to be 735 00:47:58,014 --> 00:48:02,033 in on then I feel better already didn't 736 00:48:02,033 --> 00:48:07,037 which you've got that's sweet taste the success the stars come in 737 00:48:07,037 --> 00:48:10,082 then you just want more after three wine 738 00:48:10,082 --> 00:48:13,123 to 3 I me 739 00:48:14,023 --> 00:48:18,079 so 17 any in this as a round of applause 740 00:48:18,079 --> 00:48:22,083 property equals wealthy in Britain it's at the heart 741 00:48:22,083 --> 00:48:26,112 ballooning inequality increasing wealth for the super-rich 742 00:48:27,012 --> 00:48:33,201 and taking it away from office 743 00:48:33,309 --> 00:48:34,400 and as we struggle 744 00:48:34,004 --> 00:48:37,007 party only gets better for the wealthiest in Britain 745 00:48:37,043 --> 00:48:40,972 I'm on my way to a private event at Prince Harry's favorite pop 746 00:48:41,359 --> 00:48:44,364 mickey kantor thrown by time and sell it to the super-rich 747 00:48:44,859 --> 00:48:46,760 fashion 748 00:48:46,076 --> 00:48:49,081 how's it going bashing study 749 00:48:49,081 --> 00:48:52,320 50 people 750 00:48:53,049 --> 00:49:00,049 going unexpected yeah but 751 00:49:03,075 --> 00:49:07,184 for bashing business is booming this is Stephanie 752 00:49:07,859 --> 00:49:12,260 wife a Russian multi-millionaire in London wants to spend a lot of money 753 00:49:12,026 --> 00:49:15,103 diamonds think so. the jury 754 00:49:16,003 --> 00:49:20,004 well what are you looking for him you like to surprise people who simply 755 00:49:20,013 --> 00:49:26,014 it great this take it out was the most ridiculous thing that you've been asked 756 00:49:26,023 --> 00:49:26,122 to cover in time 757 00:49:27,022 --> 00:49:30,171 well he had the other day someone by now Prime you know 758 00:49:30,369 --> 00:49:33,410 crusted with nine month that's the only way you can buy a brother for 759 00:49:33,041 --> 00:49:37,130 than the impulsive spelled buying diamonds isn't simply an extravagance 760 00:49:38,003 --> 00:49:39,022 for the super-rich 761 00:49:39,319 --> 00:49:43,890 like gold all Watches their own investment insulating their well 762 00:49:43,089 --> 00:49:46,100 in case the economy goes belly up again people 763 00:49:47,000 --> 00:49:51,018 yes me after that a polite horse-trading they agree on a price 764 00:49:51,018 --> 00:49:54,052 altogether seasonal 5450 eyes are beautiful 765 00:49:54,052 --> 00:49:57,101 50 thank you very much precious a fingerprint graded 766 00:49:58,001 --> 00:50:04,960 Shaq your me 767 00:50:04,969 --> 00:50:09,032 for decades as we've seen government of the government issued an economic policy 768 00:50:09,599 --> 00:50:13,697 to attract the super-rich to britain it was all based on a flawed idea 769 00:50:14,579 --> 00:50:18,622 their wealth will trickle down to the rest the bus it didn't 770 00:50:19,009 --> 00:50:22,016 economists believe it actually trickled up 771 00:50:22,079 --> 00:50:25,890 from us to the super-rich into that John reservoir 772 00:50:25,089 --> 00:50:29,908 private well see think in a way trickle-down was almost a way that UPS 773 00:50:30,709 --> 00:50:30,800 into 774 00:50:31,619 --> 00:50:36,683 redistributing wealth from all a vast 22 the richest members a society as i can 775 00:50:37,259 --> 00:50:39,410 only describe it I like that because 776 00:50:39,041 --> 00:50:44,042 especially in the US and the UK back in the late nineteen seventies that Pope 1 777 00:50:44,042 --> 00:50:47,461 percent used to take about 10 percent of total income 778 00:50:47,839 --> 00:50:51,890 on the eve of the 2008 financial crisis 779 00:50:51,089 --> 00:50:56,528 this rose to 23 percent there is now a growing consensus that this trickle 780 00:50:57,329 --> 00:51:02,402 up effect needs to be reversed we have indeed made rich people richer 781 00:51:03,059 --> 00:51:06,134 I and testament to that arm but but clearly 782 00:51:06,809 --> 00:51:09,890 everyone else is in better off in its 783 00:51:09,089 --> 00:51:12,528 both immoral but also economically 784 00:51:13,329 --> 00:51:17,140 idiotic the super-rich have the money 785 00:51:17,014 --> 00:51:21,693 and we need it so how do we get it of but Thomas picketed has a radical 786 00:51:21,819 --> 00:51:21,828 solution 787 00:51:22,719 --> 00:51:26,723 instead of increasing income tax directly target the wealth that the 788 00:51:27,119 --> 00:51:27,207 super-rich 789 00:51:27,999 --> 00:51:31,078 it would be better treat with an annual tax unwaged 790 00:51:31,789 --> 00:51:35,630 this is just a matter of common sense you know this is not a matter of just 791 00:51:35,063 --> 00:51:37,232 left or right when you have been meaning 792 00:51:37,799 --> 00:51:40,804 property values as a top and and booming 793 00:51:41,299 --> 00:51:44,308 that took place pop for you as it up and need from me crazy 794 00:51:45,199 --> 00:51:50,040 not to ask them to be no to these people 795 00:51:50,004 --> 00:51:55,763 but guess who disagrees the super-rich themselves 796 00:51:55,799 --> 00:51:59,847 I'm very very much in favor very low taxation 797 00:52:00,279 --> 00:52:05,313 right the way across the board I think we don't need to be taxed anymore 798 00:52:05,619 --> 00:52:08,626 we are paying a lot attacks if I gave you got my tax penny probably a heart 799 00:52:09,319 --> 00:52:09,370 attack 800 00:52:09,829 --> 00:52:12,878 so this approach shelled Robin the rich to pay the plague 801 00:52:13,319 --> 00:52:16,321 don't agree with it if somebody's done well for themselves 802 00:52:16,519 --> 00:52:20,522 through hard work and effort why should they be taxed through the eyeballs 803 00:52:20,549 --> 00:52:23,628 the super-rich don't want higher taxes 804 00:52:24,339 --> 00:52:28,400 but low taxation does not necessarily equal higher growth 805 00:52:28,004 --> 00:52:32,057 since 1980 countries which have reduced tax rates for the wealthy 806 00:52:32,093 --> 00:52:35,121 such as Britain and the US have not grown 807 00:52:36,021 --> 00:52:42,840 any quick a than Denmark or Sweden which kept them higher 808 00:52:43,029 --> 00:52:45,097 we need to change the discourse Europe because 809 00:52:45,709 --> 00:52:48,760 if are your tax was good in his serve 810 00:52:49,219 --> 00:52:53,258 why doesn't everyone moved to Jamaica the highest income tax rate in 811 00:52:53,609 --> 00:52:57,641 that Jamaica's Piper certain if you for example look at that the Scandinavian 812 00:52:57,929 --> 00:52:57,934 countries 813 00:52:58,429 --> 00:53:02,486 the system there is that you taxi been heavily but did you spend up for every 814 00:53:02,999 --> 00:53:04,043 aunt are quite heavily 815 00:53:04,439 --> 00:53:08,443 eighty eighty percent of Danish people would say that they are happy to 816 00:53:08,479 --> 00:53:12,410 pay the what pacs they're paying know this is %uh quite the amazing 817 00:53:12,041 --> 00:53:15,140 on we in Britain happen low-tax culture 818 00:53:16,004 --> 00:53:20,083 instilled in us through thirty years of driving taxis down 819 00:53:20,479 --> 00:53:23,660 for the super-rich but it hasn't worked 820 00:53:23,066 --> 00:53:26,455 the economy would be 20 percent bhikha 821 00:53:27,049 --> 00:53:31,101 at the gap between the rich and poor not widened since the 1980s 822 00:53:31,569 --> 00:53:35,594 now even the rich believe things must change 823 00:53:35,819 --> 00:53:39,847 nobody wants to live in a society where your society is gated we have to live 824 00:53:40,099 --> 00:53:41,122 behind barbed wire 825 00:53:41,329 --> 00:53:44,401 we can't walk down the street no 826 00:53:45,049 --> 00:53:49,140 people were very wealthy billionaires and zillionaires a every stripe do need 827 00:53:49,014 --> 00:53:50,423 to encode 828 00:53:50,549 --> 00:53:53,637 the price that you have to pay in higher taxes 829 00:53:54,429 --> 00:53:58,512 for a safe civil society work everybody's happy and doing 830 00:53:59,259 --> 00:54:03,357 better is very very low it's just not that big a deal 831 00:54:04,239 --> 00:54:08,301 but it would be a massive struggle to convince any government too seriously 832 00:54:08,859 --> 00:54:12,883 hammer the super-rich the drive is to attract more them here 833 00:54:13,099 --> 00:54:16,170 and ever before and that's a surprising reason why 834 00:54:16,809 --> 00:54:21,860 economist Matt Whittaker has been crunching the numbers on the super-rich 835 00:54:22,319 --> 00:54:26,360 and come to a startling conclusion it turns out the super-rich 836 00:54:26,729 --> 00:54:30,747 do have a vital role to play in our economy just not the one we were told 837 00:54:30,909 --> 00:54:30,917 they were playing 838 00:54:31,709 --> 00:54:34,740 take the activities at the super rich white particularly in finance and 839 00:54:35,019 --> 00:54:35,117 business services 840 00:54:35,999 --> 00:54:39,003 and our GDP figures simply would not have looked as good 841 00:54:39,039 --> 00:54:42,082 so the super-rich have played a role in our economy 842 00:54:42,469 --> 00:54:45,547 in terms of window-dressing p economic figures 843 00:54:46,249 --> 00:54:49,620 you can certainly see the attraction to chances that the Exchequer up 844 00:54:49,062 --> 00:54:53,116 attracting the super-rich to the UK but clearly for the majority of people in 845 00:54:54,016 --> 00:54:54,085 the UK 846 00:54:54,085 --> 00:54:58,138 actually what the the super-rich done is simply mask over the fact that economic 847 00:54:59,038 --> 00:55:00,042 growth has not been as strong as a 848 00:55:00,078 --> 00:55:03,094 is it would otherwise have been in recent years and 849 00:55:03,094 --> 00:55:06,137 living standards have improved corporate significant number of people 850 00:55:07,037 --> 00:55:11,085 even in the pre-crisis years and I think that a model which is based on 851 00:55:11,085 --> 00:55:14,092 top one percent generating and consuming love the growth 852 00:55:15,055 --> 00:55:18,126 simply isn't sustainable so if I gave you an option 853 00:55:19,026 --> 00:55:22,088 all were the super-rich good for Britain yes or no 854 00:55:22,088 --> 00:55:25,121 which one of those two words would you go for saner 855 00:55:26,021 --> 00:55:28,026 on 856 00:55:28,071 --> 00:55:31,102 when we first began to move the super-rich to britain there was no 857 00:55:32,002 --> 00:55:33,011 pretence that we benefits 858 00:55:33,092 --> 00:55:36,189 but then with the collapse in manufacturing in the eighties 859 00:55:37,089 --> 00:55:40,298 we were told that these people would be the savior 860 00:55:41,099 --> 00:55:44,230 the British economy but it was a lie 861 00:55:44,023 --> 00:55:49,024 we've ended up poor was not even of snow even really the super-rich ultimately 862 00:55:49,024 --> 00:55:50,373 benefited most 863 00:55:50,589 --> 00:55:53,930 government allowing successive chancellors 864 00:55:53,093 --> 00:55:56,129 the hell economic growth when the reality for ass 865 00:55:57,029 --> 00:56:02,101 was a decade of stagnation the super-rich for a massive PR exercise 866 00:56:03,001 --> 00:56:08,086 we bought tix but not anymore 867 00:56:08,086 --> 00:56:11,159 next week we travel into the world that the global super-rich 868 00:56:12,059 --> 00:56:15,066 how the billions that fueled their fortunes were made 869 00:56:16,029 --> 00:56:19,098 from a debt finance test means other people's deaths 870 00:56:19,098 --> 00:56:22,115 you yourself didn't think about the crash but you created the mechanics for 871 00:56:23,015 --> 00:56:23,088 it to happen 872 00:56:23,088 --> 00:56:26,167 now that's true and as luxury boons we reveal how 873 00:56:27,067 --> 00:56:30,096 job insecurity has been turned into a super rich 874 00:56:30,096 --> 00:56:34,140 business opportunity employment as we know it traditionally has 875 00:56:35,004 --> 00:56:39,015 many people quite lazy in many ways increasing inequality 876 00:56:39,051 --> 00:56:42,053 is going to change our world and the super-rich 877 00:56:42,071 --> 00:56:45,075 are worried soaring pitchfork summing 878 00:56:45,075 --> 00:56:52,075 things keep going the way they are for sure they're gonna come 879 00:57:19,047 --> 00:57:19,079 speech