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how much there's money in your pocket
mean to you would higher wages be enough
to win your vote and would you believe
any politician that's offering that well
this week we're going to look at what
the parties are promising to make noon
better off money is an emotional thing
especially when things are tight and if
you're a millennial it's definitely
tough wages are still lower for people
in their 30s than they were 10 years ago
energy but before we know home from home
insurance five powerful easy with my
family's not being able to do absolutely
anything easy with no money for yourself
and a lot of that has to do with the
economy the economy is essentially
people and businesses spending money and
interacting with each other the more
productive activity that happens the
more the economy grows the more tax the
government receives that gives it more
ability to spend money on what it thinks
the public wants whether that be the NHS
public services or infrastructure but
decisions politicians make can also have
a negative effect on the economy it's
all a balance in act okay so that seems
straightforward and actually pretty
logical but here's the thing it's
totally not because our economy is run
by humans and we are pretty irrational
we make economic decisions emotionally
what you might think would be a
straightforward logical choice isn't
necessarily the case emotions are
important but we should never
underestimate them this is dr. Weinberg
who's an expert in all the strange
reasons behind how we vote you get into
the polling booth and you're thinking
well I've got a pretty good idea and
you've probably been weighing up well
what's good for me what's good for my
family mainly what's good for my
community and so that's where you've got
feelings about a whole host of things
were covered to play there's this
amazing star in a poll back in 2017
nearly two-thirds of brexit voters said
they thought significant damage to the
economy was a price worth paying for
leaving the EU
okay so this election is taking us by
surprise because the parties are in
agreement on something and that is
spending the two big parties are
offering some of the most radical
spending policies in decades this is
been our economics expert who loves just
dreamily thinking of the economy this is
the election where every party is
pledging to spend more labour especially
they want to spend more they're going to
borrow more they're going to put taxes
up the Conservatives are going to spend
more but they're not going to tax more
and they say that Labour's plans are so
reckless that they would wreck the
economy the Liberal Democrats they also
want to spend more they also want to
borrow more they also want to tax more
but they're saying that only they are
now the party of fiscal responsibility
the SNP
well they want Scottish independence
because they think that's the only way
they can get the balance of taxes and
spending that the Scottish people want
and need so the parties are promising
the world with our economy I wonder if
the Tories will spend on buses to
actually understand how we got to all
these promises we need to go back to the
2007 financial crash it began in the USA
with banks lending too much money to
people who couldn't afford to pay it
back which caused them to go bust
because American banks are so big and so
linked to the rest of the world
this caused the global financial system
to crash and the UK felt the effect big
time our banks panicked in fact you know
what everyone panicked banks asked for
emergency funding and suddenly huge
crowds of people started lining up to
drain their accounts nobody's given an
absolute guarantee that the money is
safe in this Bank the Labour government
under Gordon Brown had to lend the
bank's billions of pounds to stop them
from going under and with them our home
laconic sidenote remember this Gordon
classic the first point of
recapitalisation was to save banks that
would otherwise have collapsed
and we not only saved the world it saved
the bank okay so if we move to 2010 now
Lady Gaga's wearing meat dresses and the
Conservatives have taken over from
labour because it was a right honourable
gentleman who left that note there is no
money
who doesn't love some apocalyptic banter
so with our economy in bad shape the
government wasn't getting any money in
and have gone into debt to pay for the
crash
the Conservatives plan to get a handle
on the mounting national debt was simple
just stop spending so cuts to things
like police roads and benefits this
approach had a name austerity also known
as being tight
the Conservatives sold austerity as a
virtue they said that the UK government
was like a big UK household and that a
household has to have its incomings and
it's outgoings totally balanced to lead
people through those difficult decisions
so that together we can reach better
times ahead but labour and a number of
independent economists said this was a
big mistake because it was the wrong
analogy that a household is not the same
as a national government and that
cutting too far and too fast on state
expenditure risked undermining the
overall economy so far this has all been
pretty abstract but for many the
consequences of the economy not working
can be devastating
our reporter ed Thomas has been looking
at stories of people who just don't have
enough Tyler
Tyler's five and lives with his mom I
don't like losing the pennies because my
mum needs them to buy important stuff my
bread milk well just over important
stuff if I told him that we have to
watch the pennies I don't have to tell
him that there's nothing there with
wages and benefits some months she has
one thousand one hundred and forty
pounds after rent bills and debts she's
left with around thirteen pounds a day
he got very ill at one point because I
can't really afford to here we couldn't
afford the bus to school she's getting
knackered
so the age of austerity is over and
everyone's promising to make it rain so
with labour promising to spend big plus
a reputation for doing that in the past
they're a shoo-in for everyone's
economic vote in this election right
nope
because we found something really
surprising hello Reagan what this one
poll suggests is really interesting
ladies economic policies tend to go down
really well with people take the
increasing of income tax for the rich
nearly two-thirds of people support that
and more than half support nationalizing
the railways so while they're doing
better in the polls I mean it could be
down to the fact that people like
Labour's policies but they just don't
trust the party with the economy again
the same postage er 34% trust Boris
Johnson with the economy only 16% trust
Jeremy Corbyn thanks Megan
this time labour of promising some of
the most radical policies we've ever
seen yep
nationalization that's when privately
owned companies or industries like the
railways get taken over by the
government all become publicly owned and
if we go back to the 1970s labour were
big fans big chunks of the UK economy
were state owned but they've been sold
off over the years by mostly
conservative governments from Malaysia
to Mexico from Sri Lanka to Singapore
privatisation is on the moon
nationalisation became a dirty word but
it's something Jeremy Corbyn has always
wanted to bring back we are proposing
public ownership of what are obvious
monopolies he's better on the auto queue
now to investing in our young people and
strong message here you're not meant to
say that bit but back to emotion do
people really believe they'll deliver it
and many others think nationalization
just won't work economically that's why
the Conservatives have had so much joy
attacking them we're funding a huge
program of investment in our roads in
telecoms gigabit broadband unlike the
crazed crazed communist scheme that was
outlined earlier on ok the thing to
remember is we live in extraordinary
times the effect from that 2007 crash
and now brexit are massive lots of
people feel our system doesn't work for
them and some economists agree the
system is flawed and as we can see from
political parties breaking with their
traditions they too are reflecting on
how things work but one thing we do know
how you vote will have a big effect on
your wallet until next time see ya
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