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You might have heard of a guy called
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>> Pretty much exactly what I've been
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predicting throughout, which is massive
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inflation, big increase in asset prices,
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big increase in interest rates.
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>> He's a city trader who quit his
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lucrative job in Canary Warf to start a
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YouTube channel called Gary's Economics,
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which now has more than 1 million
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subscribers. Well, Gary has attracted
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news headlines over the past year or two
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over some of his bold calls for a wealth
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tax in the UK, and he's made some pretty
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outlandish predictions about the future
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of the UK economy. So, I want to have a
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look at one of the predictions that he
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has recently made. This time, two years
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ago, Gary produced a YouTube video in
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which he made some forecasts about the
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future of the UK property market. These
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forecasts were pretty bold. He suggested
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that the rich would buy up assets all
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over the UK across 2024 and 25 leading
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>> really aggressive asset price inflation.
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>> Has that materialized? The short answer
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is no, it hasn't. In fact, recent house
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price data from Halifax showed the
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average UK house price rose about 0.3%
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over a year. In other words, house
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prices have pretty much stayed flat. And
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in fact, when you compare that to
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inflation, house prices have actually
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fallen. And when you compare that to
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wage growth over that period, house
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prices have become about the most
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affordable they've been in over a
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decade. And indeed, when you compare uh
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his predictions to what's happened in
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London, in the capital, we've seen a
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more than 1% fall in house prices over
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the past year. And indeed, if you look
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at areas where rich people live, buying
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multi-million pound homes, the fall in
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house prices has been even more acute.
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In wealthy areas like Kensington, we've
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seen a more than 10% fall in top
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property prices over the past couple of
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years. So Gary's predictions haven't
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quite lived up to expectations. He also
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made some quite interesting predictions
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about whether wealthy people will leave
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>> If you tax the rich, they'll leave. I'll
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leave you to watch the video to see
