The Podcast of the Lotus Eaters - FREEMIUM： Brokenomics

00:00:00.000 Hello and welcome to the intro of Brokernomics because in the last Brokernomics I filmed

00:00:29.020 I gave advice to Nigel Farage and it was actually before Rupert Lowe came out and launched Restore

00:00:37.620 and what I did in the Brokernomics you're about to see is I thought long and hard about

00:00:43.180 you know because I don't like Nigel Farage and I think he's weak and duplicitous and cunning and

00:00:52.560 backstabbing and anyway all the rest of it but at the time of the recording he was the best we had

00:00:59.000 and therefore okay I thought well what I'm going to do is I'm going to give him the best advice

00:01:03.100 that I can give him on how to message how to talk about it how to perceive the political situation

00:01:08.800 so I thought long and hard about it and I prepared the Brokernomics that you're about to see

00:01:12.540 now I'm still going to put it out but the thing I would note is that I shortly after that was filmed

00:01:22.240 in fact the evening after that was filmed Rupert Lowe then came out with his video and he hit

00:01:30.300 every single point that I made in that video without needing the memo he got all of it and

00:01:38.800 everything that I'm saying in the video that you're about to watch is stuff that Farage couldn't get to

00:01:45.980 after 35 years in politics and whatever it is now a year or 18 months at the top of the poll

00:01:52.220 he could not understand all those points I was making and Rupert nailed it first time so I'm sure

00:02:01.020 you've seen the Rupert video watch the Brokernomics that you're about to watch right and then go and

00:02:06.660 watch the Rupert Lowe thing and see how Rupert nailed it but anyway the advice stands the advice is good

00:02:13.180 it's still important it's still necessary to understand the mechanisms behind it so without

00:02:18.160 further ado here follows the actual Brokernomics. Hello and welcome to Brokernomics now in this

00:02:25.540 episode I wanted to make this one basically a direct video to Nigel Farage because it looks like Nigel

00:02:35.340 Farage is going to be the Prime Minister in a very short period of time and so I kind of wanted to

00:02:42.760 take this opportunity to give him my well wishes and actually some practical advice and that begins

00:02:50.500 with this that Britain is not a democracy in the way that you think it is Nigel the situation you are

00:02:57.700 actually inheriting you will enter office with a democratic mandate for change but you will not

00:03:03.300 inherit a system that is capable of delivering it Britain no longer operates as a democracy in the

00:03:09.160 sense that elections are determined by policy directions elections are now determined by who

00:03:14.740 administers a fixed set of constraints you are not taking control of a sovereign decision making

00:03:21.520 apparatus you are stepping into a credential weighted compliance system whose primary function

00:03:27.500 is risk management and not national direction and that distinction is going to define your premiership

00:03:33.320 you will quickly discover that decisive power flows through institutions that own the downside risk

00:03:39.680 are insulated from electoral punishment and can veto actions without appearing to be political

00:03:46.320 these are things like the treasury because they are fiscally legible they own market confidence

00:03:52.720 they're the regulators they're courts they're the crazy NGOs now these bodies they don't need consent to block you

00:04:03.320 but you do need their consent to act and they're not going to oppose you publicly what they will do is

00:04:11.000 they will render your proposals unworkable or irresponsible or non-compliant

00:04:15.620 you will be presented with clear pathways and each pathway will be validated against things like legal risk

00:04:24.820 and compliance cost and international alignment and reputational safety

00:04:29.240 you get to choose which pathway you may not redefine the constraint set without triggering institutional resistance

00:04:39.480 anything outside those boundaries will not be argued against they will simply fail to proceed

00:04:45.260 this is how veto power hides behind deniability

00:04:49.460 this system does not arise from conspiracy or malice

00:04:54.820 it arose because the state adapted to survive complexity

00:04:59.200 and over the decades the policy chains have lengthened and attribution becomes opaque

00:05:05.640 being wrong became career ending

00:05:08.780 being inert became safe

00:05:11.860 and the institutions they responded rationally to that

00:05:16.720 judgment was replaced by process

00:05:19.280 decisions by compliance and responsibility by auditability

00:05:24.880 independence was introduced to stabilize market and expectations

00:05:29.720 and it gradually evolved into veto without ownership

00:05:34.220 the result is a state that is that persists by shedding blame but not solving problems

00:05:41.380 you are not necessarily facing bad actors

00:05:44.340 you're facing hardened incentives

00:05:46.900 what your mandate will and won't let you do

00:05:51.860 you will be able to change rhetoric

00:05:55.680 and you will be able to change personnel

00:05:57.740 and you'll be able to signal priorities

00:06:00.080 and you'll be able to absorb public anger

00:06:02.480 but you will not automatically be able to override treasury constraints

00:06:06.900 you won't be able to reverse judicial interpretations

00:06:12.000 or violate international treaties

00:06:14.580 so the first mistakes that you need to avoid

00:06:18.360 do not interpret this resistance as sabotage

00:06:22.820 drawing competence or lack of will

00:06:24.520 if you treat this as a loyalty problem you're going to lose

00:06:28.060 this is a structural problem

00:06:30.020 structures do not respond to speeches or pressure

00:06:33.860 they respond to incentive change

00:06:36.420 if you govern as it still as if it still operates

00:06:42.260 as a preference aggregation democracy

00:06:45.020 you will burn political capital without seeing results

00:06:49.220 stop asking what the voters want

00:06:51.580 and start asking what actions are currently impossible

00:06:55.780 regardless of what they want

00:06:58.040 and these impossibilities define the real constitution

00:07:03.340 that Britain operates by

00:07:04.600 your job is not to argue with them

00:07:06.380 your job is to move the boundaries of what is actually permissible

00:07:09.380 if you try this change

00:07:10.940 understand it

00:07:12.800 be clear-eyed

00:07:13.920 markets will react

00:07:15.220 legal challenges will multiply

00:07:17.420 the press will frame everything as recklessness

00:07:20.580 institutional actors will brief against you anonymously

00:07:25.100 you will be accused of undermining norms

00:07:28.780 rather than being wrong

00:07:29.820 this is the price of reassigning downside risk

00:07:33.520 back to elected authorities

00:07:34.880 if you are not willing to pay that price

00:07:37.980 the system will continue unchanged

00:07:40.160 just under different management

00:07:41.940 the core reality you must internalize is this

00:07:45.020 you are not entering office to lead the system

00:07:48.360 you are entering office to renegotiate

00:07:51.660 who carries risk

00:07:53.480 until downside risk is reattached

00:07:56.840 to elected decision makers

00:07:58.560 and removed from processes

00:07:59.960 independence and abstraction

00:08:01.520 your mandate will be absorbed

00:08:03.640 diluted and neutralized

00:08:05.660 this is the rule

00:08:07.440 everything else follows

00:08:09.820 whether you choose to hit it

00:08:11.440 go around it

00:08:12.480 or pretend that it isn't there

00:08:14.320 this is the core insight you must internalize

00:08:16.560 the British state no longer governs

00:08:18.520 in the classic sense

00:08:19.400 every major institution optimizes

00:08:22.660 not for outcomes

00:08:23.640 but for minimizing legal exposure

00:08:26.380 minimizing reputational volatility

00:08:29.200 maximizing audit defensibility

00:08:32.280 this is not a culture failure

00:08:34.080 this is the rational end state of a system

00:08:37.280 in which being wrong is punished harder

00:08:40.020 than being ineffective

00:08:41.380 your mandate for change

00:08:44.200 will collide with this immediately

00:08:46.240 what this means in practice

00:08:49.100 is that you will encounter

00:08:50.900 endless consultation

00:08:52.300 procedural delays

00:08:54.280 requests for impact assessments

00:08:55.920 warning about unintended consequences

00:08:58.380 these are not stalling tactics

00:09:01.720 in the normal sense that we think of them

00:09:03.280 they are risk elevation mechanisms

00:09:05.920 within the system

00:09:07.700 action creates personal downside

00:09:10.320 and delay distributes it

00:09:12.800 and inaction eliminates it

00:09:15.140 the safest move for any official

00:09:16.880 is to ensure that nothing traceable to them

00:09:19.520 causes harm

00:09:20.560 even if that means nothing improves

00:09:22.620 no one is allowed to be right too early

00:09:25.660 one of the least understood dynamics you will face

00:09:28.560 is that in risk-crossing states such as Britain

00:09:31.540 early correctness is indistinguishable from recklessness

00:09:35.600 if someone acts early and is right

00:09:37.660 the counterfactual

00:09:38.960 what if you were wrong

00:09:40.620 is unknowable

00:09:41.540 the risk appears unjustified

00:09:43.840 the personal exposure is absolute

00:09:46.120 but if someone waits and it is wrong

00:09:49.460 blame is diffused

00:09:51.180 circumstances are cited

00:09:52.900 process and compliance will shield them

00:09:56.080 this is why innovation is dying inside the state

00:09:58.900 and why your most capable people will hesitate

00:10:02.120 the moral language trap is this

00:10:04.680 as outcomes weaken

00:10:06.500 the state that

00:10:07.680 the system substitutes moral language

00:10:11.420 for performance

00:10:12.500 compassion replaces capacity

00:10:16.000 fairness replaces effectiveness

00:10:18.340 and inclusion replaces delivery

00:10:21.060 this is not ideological

00:10:23.280 it's defensive

00:10:24.460 moral claims cannot be audited

00:10:27.180 but outcomes can

00:10:28.540 expect every failure to be reframed

00:10:31.780 as virtue under pressure

00:10:33.340 and the walls that you will hit

00:10:35.320 first of all legal risk

00:10:36.460 this is going to expose us

00:10:39.180 to judicial review prime minister

00:10:41.220 translation being

00:10:43.300 no one wants to own the downside of this

00:10:45.880 and the reputational risk

00:10:48.340 this will damage trust prime minister

00:10:51.020 and the translation is

00:10:52.640 few blame

00:10:54.500 future blame

00:10:55.540 is being priced in

00:10:57.080 and audit risk

00:10:59.580 this isn't best practice prime minister

00:11:01.800 in translation

00:11:03.160 it cannot be defended later

00:11:05.560 now these are vetoes without veto language

00:11:08.360 and you might be tempted to think

00:11:12.260 issue stronger directives

00:11:14.060 demand pace

00:11:15.220 or replace personnel

00:11:16.280 this will fail if the risk structure remains unchanged

00:11:20.780 officials will comply procedurally

00:11:23.600 while neutralizing the substance of what you're trying to do

00:11:26.740 the system is very good at performing obedience

00:11:30.380 while preserving inertia

00:11:31.740 if you want outcomes

00:11:34.380 you must reroute risk

00:11:36.140 not demand effort

00:11:37.960 this means

00:11:39.640 you've got to shorten decision chains

00:11:41.400 you've got to

00:11:41.920 force explicit trade-offs

00:11:43.760 you've got to make

00:11:45.380 non-decision

00:11:46.280 carry downside

00:11:48.260 protecting those who act early

00:11:51.140 when they're authorised

00:11:52.300 and removing safe harbours

00:11:54.360 that reward delay

00:11:55.220 and until that happens

00:11:56.500 you are going to be pushing water uphill

00:11:58.060 and again be clear-eyed

00:11:59.640 about what this is going to cost you

00:12:00.980 accused of recklessness

00:12:02.540 failures will be personalised to you

00:12:05.780 successes will be normalised as inevitable

00:12:08.680 and institutional warnings

00:12:10.940 will leak out to the press

00:12:13.160 the system is signalling

00:12:15.920 that you are absorbing risk

00:12:17.760 that it previously shed off

00:12:19.480 and if you're not willing to take that exposure

00:12:22.100 nothing changes

00:12:23.500 the practical implications

00:12:26.220 you cannot fix this by motivating

00:12:28.220 or messaging or loyalty

00:12:29.700 you must decide whether you want to control

00:12:33.220 without consequence

00:12:35.880 which is the default

00:12:37.060 or consequences with control

00:12:40.600 which is the only path to change

00:12:42.940 one produces stability without purpose

00:12:45.620 the other produces visible risk

00:12:47.540 potentially real outcomes

00:12:50.380 the operating rule that you should carry forward

00:12:52.980 is every time the system tells you something is impossible

00:12:56.220 ask who avoids owning the downside risk

00:12:59.400 if this goes wrong

00:13:00.260 the question will reveal

00:13:02.640 where the block is

00:13:04.140 who benefits from inaction

00:13:06.000 and what must change if you want movement

00:13:08.520 also this

00:13:09.820 you need to understand that

00:13:10.980 parliament no longer functions

00:13:13.300 as a primary decision-making body

00:13:15.020 it functions as a signalling

00:13:17.160 and shock absorption layer

00:13:18.840 the job of parliament

00:13:21.340 the real job of parliament

00:13:22.420 is to transmit

00:13:24.060 acceptable norms

00:13:25.340 and convert system decisions

00:13:27.060 into public narratives

00:13:28.300 and absorb anger

00:13:30.180 that would otherwise

00:13:31.360 target the institutions

00:13:32.940 that really do have power

00:13:34.380 and this isn't so much

00:13:36.100 a failure of MPs as individuals

00:13:37.680 this is the role

00:13:39.280 that parliament

00:13:39.980 has structurally been reassigned

00:13:42.440 in the British system

00:13:43.820 if you properly understand

00:13:45.820 what is going on

00:13:46.760 so legislative debate

00:13:48.760 is not about persuasion or discovery

00:13:50.760 it's about record creation

00:13:52.940 what matters is not

00:13:55.640 what is said to change minds

00:13:57.680 or even what passes on the date

00:13:59.360 but what exists on the record

00:14:02.600 that can be used later

00:14:04.380 by courts and regulators

00:14:06.560 and inquiries

00:14:07.340 and compliance bodies

00:14:08.580 in practice

00:14:09.780 speeches become future citations

00:14:12.520 and amendments

00:14:13.180 become legal tripwires

00:14:14.600 and ambiguity

00:14:15.360 becomes leverage

00:14:17.180 parliament is supplying

00:14:20.080 the downstream veto

00:14:21.360 raw material

00:14:22.900 that they can use

00:14:24.100 the trap that you are going

00:14:25.560 to be pushed into

00:14:26.260 you will be encouraged

00:14:28.180 to win the argument

00:14:29.320 in parliament

00:14:29.860 or deliver powerful speeches

00:14:31.320 or pass

00:14:32.600 declaratory legislation

00:14:34.940 and it feels like governing

00:14:38.840 but it's not

00:14:40.200 the system is comfortable

00:14:42.780 in letting you say

00:14:43.760 almost anything

00:14:44.980 provided it can later

00:14:46.800 reinterpret

00:14:47.600 narrow and neutralize

00:14:49.200 whatever it is you said

00:14:50.240 parliamentary victory

00:14:52.020 without control

00:14:53.100 of interpretation

00:14:53.980 produces symbolic wins

00:14:56.020 and in all practice

00:14:57.600 status

00:14:58.100 so you've got to understand

00:14:59.620 that this configuration

00:15:00.420 solves

00:15:01.100 three problems

00:15:02.560 for the administrative state

00:15:03.760 first is legitimacy

00:15:05.260 parliament provides

00:15:07.640 democratic cover

00:15:08.980 without requiring

00:15:10.020 transfer control

00:15:11.140 blame management

00:15:12.560 MPs absorb

00:15:13.920 public anger

00:15:15.100 while unelected

00:15:16.580 institutions

00:15:17.260 remain insulated

00:15:18.940 and continuity

00:15:20.620 policy direction

00:15:22.400 persists regardless

00:15:23.580 of electoral churn

00:15:24.660 parliament stabilizes

00:15:26.320 this system

00:15:26.900 by decoupling

00:15:27.900 voice

00:15:28.480 from consequence

00:15:30.100 so if you treat

00:15:31.620 parliament as a

00:15:32.340 debating chamber

00:15:33.040 you lose

00:15:33.820 if you treat it

00:15:35.320 as a constraint

00:15:36.260 shaping tool

00:15:37.480 you gain leverage

00:15:38.900 the three rules

00:15:40.420 that you should

00:15:40.720 internalize for this

00:15:41.680 is first of all

00:15:42.980 legislate for hierarchy

00:15:44.420 and not aspiration

00:15:45.440 replace

00:15:47.220 have regard

00:15:48.580 to

00:15:49.040 with explicit

00:15:50.780 priority ordering

00:15:52.620 ambiguity

00:15:54.460 in powers

00:15:55.260 courts

00:15:55.640 and regulators

00:15:56.680 but not ministers

00:15:57.980 second

00:15:58.840 you've got to

00:15:59.400 force explicit

00:16:00.540 trade-offs

00:16:01.120 onto the record

00:16:02.060 make downstream

00:16:03.800 bodies

00:16:04.360 understand

00:16:05.200 and you've got

00:16:06.760 to say to them

00:16:07.520 state which

00:16:08.740 outcomes

00:16:09.340 they are choosing

00:16:10.460 not to pursue

00:16:12.100 not just the ones

00:16:13.540 that they're choosing

00:16:14.140 to pursue

00:16:15.180 and you've got to

00:16:16.160 bind interpretation

00:16:17.360 early

00:16:17.780 you've got to

00:16:19.260 draft

00:16:19.940 judicial

00:16:20.760 use

00:16:21.600 in mind

00:16:22.520 if it can

00:16:24.600 be read

00:16:25.000 two ways

00:16:26.320 it will be

00:16:27.360 read two ways

00:16:28.040 so the key

00:16:29.140 mistakes

00:16:29.460 to avoid

00:16:29.860 don't rely

00:16:30.840 on speeches

00:16:31.440 or moral

00:16:31.880 appeals

00:16:32.280 or popular

00:16:32.860 majorities

00:16:33.400 to force

00:16:33.800 compliance

00:16:34.400 parliament

00:16:35.780 parliamentary

00:16:36.980 theatre

00:16:37.700 satisfies

00:16:38.800 public

00:16:39.340 expectation

00:16:40.020 while leaving

00:16:41.420 real

00:16:42.000 machinery

00:16:43.280 of power

00:16:43.980 untouched

00:16:44.820 your task

00:16:46.800 is not to

00:16:47.280 speak louder

00:16:47.820 in parliament

00:16:48.420 it's to reduce

00:16:49.700 how much

00:16:50.100 interpretive

00:16:50.840 freedom

00:16:51.800 parliament

00:16:52.280 leaves behind

00:16:53.140 now let's

00:16:54.020 look at

00:16:54.360 what your

00:16:54.960 first

00:16:55.320 hundred

00:16:56.520 day

00:16:56.800 strategy

00:16:57.220 might be

00:16:57.820 remembering

00:16:59.000 that you've

00:16:59.440 got to

00:16:59.760 force

00:17:00.300 risk

00:17:00.880 back into

00:17:02.160 the system

00:17:02.720 understood

00:17:05.140 risk

00:17:05.660 and this isn't

00:17:06.920 so much

00:17:07.240 of a revolution

00:17:07.880 this is a

00:17:08.400 rerouting

00:17:08.880 exercise

00:17:09.320 to make

00:17:09.660 the system

00:17:10.060 work

00:17:10.380 you've got

00:17:11.360 to create

00:17:11.780 a single

00:17:12.480 doctrine

00:17:13.280 which is

00:17:14.160 decision

00:17:14.820 ownership

00:17:15.600 you've got

00:17:17.280 to issue

00:17:17.660 prime ministerial

00:17:18.520 instructions

00:17:19.200 back it by

00:17:20.420 statute

00:17:20.880 whenever you

00:17:21.300 can of

00:17:21.600 course

00:17:21.840 that advice

00:17:23.420 is advisory

00:17:24.780 decisions

00:17:27.140 are ministerial

00:17:28.740 and outcomes

00:17:31.480 attached

00:17:32.100 to named

00:17:33.220 office holders

00:17:34.340 make this

00:17:35.660 boring

00:17:36.200 procedural

00:17:37.280 but universal

00:17:38.720 you've got

00:17:41.320 to pick

00:17:41.820 one narrow

00:17:43.760 domain

00:17:44.180 and concentrate

00:17:46.100 risk there

00:17:46.800 don't fight

00:17:48.420 on all fronts

00:17:49.020 choose one

00:17:50.560 area

00:17:50.920 with clear

00:17:51.960 public

00:17:52.320 mandate

00:17:52.860 measurable

00:17:54.000 outcomes

00:17:54.620 and visible

00:17:55.360 failures

00:17:55.840 my preference

00:17:56.520 would of course

00:17:56.920 be remigration

00:17:57.720 but nevertheless

00:17:58.880 I'm providing

00:17:59.580 the best

00:17:59.980 advice I can

00:18:00.740 to you

00:18:01.100 and you've

00:18:02.140 got to force

00:18:02.640 a single

00:18:03.360 accountable

00:18:03.940 minister

00:18:04.400 you've got

00:18:04.920 to force

00:18:05.380 a single

00:18:06.160 delivery

00:18:06.960 check

00:18:07.320 a single

00:18:08.880 published

00:18:09.620 counterfactual

00:18:10.600 you've got to

00:18:11.860 introduce

00:18:12.380 on most of

00:18:13.560 the stuff

00:18:13.900 you do

00:18:14.320 automatic

00:18:15.680 sunsets

00:18:16.380 outcome

00:18:18.160 tests

00:18:18.580 for new

00:18:18.940 regulations

00:18:19.560 and

00:18:20.920 expiry

00:18:21.760 and less

00:18:22.480 renewed

00:18:22.900 and apply

00:18:24.600 that retroactively

00:18:25.360 to existing

00:18:26.240 regulations

00:18:27.060 expiry

00:18:28.500 and less

00:18:29.140 renewed

00:18:29.800 and renewal

00:18:31.760 conditions

00:18:32.260 are based on

00:18:32.880 outcomes

00:18:33.500 not

00:18:34.280 intentions

00:18:34.900 and what that

00:18:37.020 will do

00:18:37.320 is we'll start

00:18:37.880 cleaning up

00:18:38.720 the drift

00:18:39.340 that has loaded

00:18:42.000 up our system

00:18:42.660 to the point

00:18:43.140 of ineffectuality

00:18:44.060 you've got to

00:18:45.680 explicitly protect

00:18:47.100 early movers

00:18:47.880 written

00:18:49.360 issue

00:18:51.000 written

00:18:52.140 indemnities

00:18:53.120 and career

00:18:54.460 protections

00:18:55.020 for officials

00:18:55.760 acting under

00:18:56.780 ministerial

00:18:57.560 instructions

00:18:58.120 and if you

00:18:59.080 don't do that

00:18:59.840 they won't

00:19:00.400 move

00:19:00.700 make non

00:19:01.820 decisions

00:19:02.420 visible

00:19:03.640 require

00:19:06.060 departments

00:19:06.720 to publish

00:19:07.480 when decisions

00:19:08.780 are deferred

00:19:09.380 why

00:19:10.240 and who

00:19:11.140 signed off

00:19:11.660 on that

00:19:11.920 delay

00:19:12.220 you've got

00:19:14.260 to get to

00:19:14.700 the point

00:19:15.020 where delay

00:19:15.760 acquires

00:19:17.180 reputational

00:19:18.360 cost

00:19:19.200 and this

00:19:20.360 won't fix

00:19:21.080 the system

00:19:21.480 in 100

00:19:21.840 days

00:19:22.220 but you

00:19:23.560 can change

00:19:24.340 expectations

00:19:24.980 about where

00:19:25.540 risk sits

00:19:26.200 and once

00:19:27.280 the pocket

00:19:27.760 of the state

00:19:28.260 operates

00:19:29.040 under real

00:19:29.780 downside

00:19:30.320 others are

00:19:30.940 going to

00:19:31.200 notice

00:19:31.620 you're

00:19:33.260 changing

00:19:33.860 the incentive

00:19:35.460 structure

00:19:36.000 not just

00:19:37.020 when you

00:19:37.380 get criticised

00:19:38.080 so

00:19:38.560 parliament

00:19:39.320 gives you

00:19:39.700 legitimacy

00:19:40.260 the administrative

00:19:41.480 state

00:19:42.200 manages risk

00:19:43.220 if you want

00:19:44.520 outcome

00:19:44.960 you've got to

00:19:45.520 use parliament

00:19:46.460 to constrain

00:19:47.400 interpretation

00:19:48.220 use

00:19:50.060 executives

00:19:51.060 the executive

00:19:52.140 your part of

00:19:53.080 the government

00:19:53.360 the ministers

00:19:53.940 to reassign

00:19:55.920 downside

00:19:56.480 and accept

00:19:58.560 that resistance

00:19:59.360 is the signal

00:20:00.460 that you're

00:20:00.860 touching on

00:20:01.460 something real

00:20:02.360 you've got to

00:20:03.580 understand

00:20:03.920 Nigel

00:20:04.200 that Britain

00:20:04.920 is governed

00:20:05.360 less by

00:20:06.320 explicit rules

00:20:07.300 than by a

00:20:08.840 whole bunch

00:20:09.200 of inherited

00:20:09.660 assumptions

00:20:10.160 about what

00:20:11.840 is allowed

00:20:12.340 what is

00:20:13.340 suspicious

00:20:13.740 and what

00:20:14.140 must be

00:20:14.420 justified

00:20:14.820 and these

00:20:17.120 assumptions

00:20:17.560 that you're

00:20:17.980 going to

00:20:18.200 inherit

00:20:18.480 they're not

00:20:19.360 written down

00:20:19.900 and they're

00:20:20.940 rarely defended

00:20:21.640 and they

00:20:22.420 operate as

00:20:23.000 default priors

00:20:24.080 inside the

00:20:24.800 institutions

00:20:25.440 effectively

00:20:26.960 what I'm

00:20:27.280 saying is

00:20:27.580 that they

00:20:27.800 shape policy

00:20:28.500 long before

00:20:29.000 any vote

00:20:29.440 is taken

00:20:29.880 historically

00:20:31.040 these

00:20:31.400 assumptions

00:20:31.940 naming

00:20:32.440 these

00:20:32.760 assumptions

00:20:33.160 were

00:20:33.380 dangerous

00:20:33.780 because

00:20:35.120 elites

00:20:37.200 kind of

00:20:38.300 still remember

00:20:38.780 choosing

00:20:39.120 them

00:20:39.380 they were

00:20:40.860 actively

00:20:41.320 policed

00:20:42.300 and enforcement

00:20:44.000 was confidential

00:20:44.760 and that's

00:20:47.220 no longer

00:20:47.560 fully true

00:20:48.160 many of

00:20:49.280 these assumptions

00:20:49.860 have become

00:20:50.560 embedded

00:20:51.660 where they're

00:20:52.380 no longer

00:20:53.120 consciously

00:20:53.800 held

00:20:54.280 and so

00:20:55.520 expansive

00:20:56.180 that they're

00:20:56.640 just colliding

00:20:57.300 with reality

00:20:57.980 and that

00:20:59.820 creates an

00:21:00.260 opening

00:21:00.560 expose

00:21:03.160 them

00:21:03.600 name them

00:21:04.720 and show

00:21:05.340 them

00:21:05.520 and show

00:21:06.260 how far

00:21:07.080 they have

00:21:07.440 drifted

00:21:08.020 force a

00:21:09.240 recalibration

00:21:10.000 and this

00:21:11.640 only

00:21:11.920 and this

00:21:12.520 only works

00:21:13.160 when free

00:21:13.940 conditions

00:21:14.420 hold

00:21:14.780 and in

00:21:15.680 Britain

00:21:16.380 increasingly

00:21:17.320 they do

00:21:17.840 the assumptions

00:21:19.460 that you can

00:21:20.640 name

00:21:20.940 and name

00:21:21.720 them directly

00:21:22.300 is that

00:21:23.620 economic growth

00:21:24.780 was never

00:21:25.320 visibly

00:21:26.040 advantaged

00:21:26.640 the native

00:21:27.040 population

00:21:27.620 and that

00:21:29.260 was once

00:21:29.640 a guardrail

00:21:30.280 put in

00:21:30.820 for best

00:21:31.140 intentions

00:21:31.700 but now

00:21:32.940 it's a

00:21:33.180 distortion

00:21:33.740 that suppresses

00:21:34.560 wages

00:21:34.920 and productivity

00:21:36.260 it's

00:21:38.040 especially

00:21:38.840 true

00:21:39.280 of young

00:21:40.340 white men

00:21:40.840 who are

00:21:41.420 getting the

00:21:41.740 rawest deal

00:21:42.240 in all of

00:21:42.600 this

00:21:42.780 name it

00:21:44.200 explicitly

00:21:45.260 other

00:21:45.880 implicit

00:21:47.120 assumptions

00:21:47.700 cultural

00:21:48.940 continuity

00:21:49.640 is inherently

00:21:51.500 suspect

00:21:52.040 and again

00:21:54.180 that was

00:21:54.500 brought in

00:21:55.140 by people

00:21:56.880 with best

00:21:57.840 meaning

00:21:58.220 I guess

00:21:58.680 as a

00:22:00.320 check on

00:22:00.740 chauvinism

00:22:02.940 but it's

00:22:03.920 become warped

00:22:04.540 name it

00:22:05.220 another one

00:22:07.440 international

00:22:09.120 legibility

00:22:10.060 outranks

00:22:10.780 domestic

00:22:11.320 coherence

00:22:11.980 the

00:22:13.440 adherence

00:22:14.680 to

00:22:14.920 international

00:22:15.620 agreements

00:22:16.460 or charters

00:22:17.580 or

00:22:18.460 whatever

00:22:20.300 deal has

00:22:21.140 been made

00:22:21.620 at the

00:22:21.860 international

00:22:22.300 level

00:22:22.700 always

00:22:24.160 outranks

00:22:24.780 domestic

00:22:25.520 coherence

00:22:26.180 so say

00:22:27.360 it plainly

00:22:28.080 admit it

00:22:29.780 and it

00:22:31.740 was once

00:22:32.220 a source

00:22:32.620 of

00:22:32.860 strategy

00:22:34.240 I suppose

00:22:34.680 a survival

00:22:35.280 strategy

00:22:35.760 but now

00:22:36.760 it's a source

00:22:37.240 of democratic

00:22:37.900 paralysis

00:22:38.720 bring it

00:22:39.420 into the

00:22:39.760 open

00:22:40.040 and they

00:22:41.120 also assume

00:22:41.700 that stability

00:22:42.300 means consensus

00:22:43.540 but not

00:22:44.180 outcomes

00:22:44.740 again

00:22:46.540 name it

00:22:47.480 now these

00:22:48.880 were all

00:22:49.480 originally

00:22:49.900 trade-offs

00:22:50.480 and they've

00:22:51.800 hardened

00:22:52.360 into

00:22:52.800 defaults

00:22:53.860 not case

00:22:55.020 by case

00:22:55.460 trade-offs

00:22:55.960 that's a

00:22:57.180 vulnerability

00:22:57.560 so and

00:23:00.440 this is

00:23:00.700 this is the

00:23:01.240 crucial tactical

00:23:01.920 distinction

00:23:02.420 you don't

00:23:04.240 name them

00:23:04.620 as accusations

00:23:05.280 you name

00:23:07.420 them as

00:23:07.800 unexamined

00:23:09.140 inheritances

00:23:10.140 the correct

00:23:12.300 move is

00:23:12.720 not to

00:23:13.360 say this

00:23:14.460 assumption

00:23:14.820 is wrong

00:23:15.360 you could be

00:23:17.720 softer you can

00:23:18.320 say this

00:23:18.680 assumption may

00:23:19.300 have gone

00:23:19.540 too far

00:23:20.100 is it still

00:23:20.900 the right

00:23:21.260 balance

00:23:21.700 get people

00:23:22.980 discussing what

00:23:23.800 the balance

00:23:24.580 is what

00:23:24.960 those trade-offs

00:23:25.860 are

00:23:26.200 and that

00:23:28.220 reframes the

00:23:29.080 issue from

00:23:29.520 morality to

00:23:30.720 calibration

00:23:31.200 so you're not

00:23:32.460 attacking the

00:23:33.120 values

00:23:33.540 you're

00:23:34.380 questioning the

00:23:35.580 parameter

00:23:36.060 setting

00:23:36.500 so state

00:23:38.560 it as an

00:23:38.860 axiom

00:23:39.260 state it

00:23:41.320 plainly

00:23:41.720 we are

00:23:42.580 currently

00:23:43.040 operating as

00:23:43.920 if x is

00:23:45.140 always

00:23:45.480 preferable to

00:23:46.780 y

00:23:47.020 show its

00:23:49.720 justification

00:23:50.140 you can say

00:23:50.800 look this

00:23:51.480 made sense

00:23:52.220 when conditions

00:23:52.880 a b c

00:23:53.580 relevant

00:23:54.800 and you can

00:23:56.160 demonstrate

00:23:56.660 drift

00:23:56.980 you can say

00:23:57.380 those conditions

00:23:58.700 no longer

00:23:59.700 hold

00:24:00.120 but the

00:24:01.080 rule remains

00:24:01.660 and you can

00:24:03.260 pose balancing

00:24:04.060 questions

00:24:04.660 should we

00:24:05.840 rebalance

00:24:06.400 or continue

00:24:07.300 by inertia

00:24:07.940 and as soon

00:24:10.280 as you start

00:24:10.760 framing it

00:24:11.340 like this

00:24:11.760 resistance

00:24:12.240 is going to

00:24:12.780 look irrational

00:24:14.380 rather than

00:24:15.140 righteous

00:24:15.560 and why this

00:24:19.940 works now

00:24:20.520 even though it

00:24:22.000 didn't before

00:24:22.520 free structural

00:24:24.800 shifts have

00:24:25.400 made this

00:24:25.920 powerful today

00:24:27.160 institutional

00:24:29.460 memory loss

00:24:30.340 many officials

00:24:32.140 are enforcing

00:24:33.260 assumptions

00:24:33.800 that they

00:24:34.740 cannot explain

00:24:35.940 and can't

00:24:37.460 justify those

00:24:38.060 trade-offs

00:24:38.460 anymore

00:24:38.820 and outcome

00:24:39.880 pressure

00:24:40.300 assumptions

00:24:41.400 that once

00:24:42.160 reduced risk

00:24:43.240 now generate

00:24:44.700 visible failure

00:24:46.100 and legitimacy

00:24:48.580 fragmentation

00:24:49.660 the system

00:24:50.640 the system

00:24:50.660 can no longer

00:24:51.260 rely on

00:24:51.820 trust us

00:24:52.900 as a response

00:24:53.800 there is no

00:24:54.460 trust left

00:24:55.060 if you name

00:24:57.140 these actions

00:24:57.820 you force

00:24:59.680 the defenders

00:25:00.420 to re-own

00:25:01.860 it

00:25:02.120 and re-litigate

00:25:03.680 the trade-offs

00:25:04.360 and the assumptions

00:25:05.340 that came with

00:25:06.040 it

00:25:06.300 and that's going

00:25:07.860 to be very

00:25:08.180 uncomfortable

00:25:08.580 for them

00:25:09.020 it is often

00:25:10.100 going to be

00:25:10.460 fatal to their

00:25:11.220 authority

00:25:11.720 that's how

00:25:12.340 you can use

00:25:13.180 this

00:25:13.580 you've got to

00:25:15.100 think about

00:25:15.340 how this system

00:25:15.820 is going to

00:25:16.100 respond to this

00:25:16.720 when you name

00:25:18.700 an assumption

00:25:19.240 directly

00:25:19.880 expect accusations

00:25:21.900 of tone

00:25:22.960 rather than

00:25:23.560 substance

00:25:23.940 or claiming

00:25:25.000 that you're

00:25:25.420 changing the

00:25:25.980 subject

00:25:26.260 or reframing

00:25:28.040 calibration

00:25:28.680 as extremism

00:25:29.540 but that's

00:25:31.080 not refuting

00:25:31.680 you

00:25:31.980 that's boundary

00:25:33.480 defence

00:25:34.040 under exposure

00:25:35.480 the moment

00:25:37.260 the defenders

00:25:37.860 stop saying

00:25:38.640 why the

00:25:39.300 assumption

00:25:39.720 exists

00:25:40.560 and start

00:25:41.400 saying how

00:25:41.980 you should

00:25:42.380 speak

00:25:42.780 that means

00:25:43.900 you're winning

00:25:44.340 and these

00:25:45.820 assumptions

00:25:46.340 they collapse

00:25:48.320 when they are

00:25:48.920 just stated

00:25:50.080 clearly

00:25:50.640 and linked

00:25:51.480 to cost

00:25:52.260 and forced

00:25:53.120 into explicit

00:25:54.060 trade-offs

00:25:54.680 and once an

00:25:55.900 axiom is visible

00:25:56.840 it can be

00:25:57.980 debated

00:25:58.340 and it can be

00:25:59.580 limited

00:25:59.940 and it can be

00:26:01.220 partially reversed

00:26:02.260 unspoken rules

00:26:04.320 are absolute

00:26:05.040 spoken rules

00:26:06.440 are negotiable

00:26:07.660 so

00:26:09.400 the strategic

00:26:11.060 takeaway for you

00:26:11.940 is there are

00:26:12.360 two kinds of

00:26:13.260 constraints

00:26:13.720 in the British

00:26:14.240 system

00:26:14.580 those that

00:26:16.600 are actively

00:26:17.020 defended

00:26:17.560 and those

00:26:19.660 that are

00:26:20.380 enforced

00:26:20.780 out of habit

00:26:21.500 those especially

00:26:23.400 you need to

00:26:24.100 name early

00:26:25.060 and your

00:26:26.460 advantage

00:26:26.820 is that

00:26:27.400 many of the

00:26:28.580 most damaging

00:26:29.080 assumptions

00:26:29.540 now fall

00:26:30.140 into the

00:26:30.520 second category

00:26:31.200 you're not

00:26:32.620 proposing a

00:26:33.220 new ideology

00:26:33.940 what you're

00:26:35.100 asking is

00:26:35.880 if the old

00:26:36.560 defaults

00:26:37.260 still serve

00:26:38.300 in the modern

00:26:38.740 world

00:26:39.120 and that's

00:26:39.960 not radical

00:26:40.500 that's

00:26:41.360 governance

00:26:41.820 every system

00:26:45.300 runs on

00:26:46.060 assumption

00:26:46.500 and the

00:26:48.500 danger is

00:26:49.400 not

00:26:50.040 choosing

00:26:50.820 used carefully

00:26:54.020 naming the

00:26:54.900 invisible

00:26:55.360 is no longer

00:26:56.840 a provocation

00:26:57.620 it's a way

00:26:58.220 of restoring

00:26:59.040 your agency

00:27:00.020 axioms

00:27:02.100 that you must

00:27:02.520 name directly

00:27:03.140 Britain has

00:27:05.860 been governed

00:27:06.740 for decades

00:27:08.080 now by

00:27:09.180 an unnamed

00:27:10.540 but decisive

00:27:11.140 axiom

00:27:11.780 that population

00:27:13.800 inflow is

00:27:15.260 preferable to

00:27:16.400 economic

00:27:17.000 adjustment

00:27:17.700 but that

00:27:19.940 assumption

00:27:20.320 was never

00:27:20.700 voted on

00:27:21.260 and it

00:27:22.700 was adopted

00:27:23.200 quietly

00:27:23.880 as a stable

00:27:24.580 option

00:27:24.920 it meant

00:27:26.560 that whenever

00:27:26.920 the system

00:27:27.720 faced

00:27:28.220 labour

00:27:29.300 scarcity

00:27:29.740 or wage

00:27:30.320 pressure

00:27:30.740 or fiscal

00:27:32.340 strain

00:27:32.860 from demographic

00:27:33.900 ageing

00:27:34.480 or debt

00:27:35.180 sustainability

00:27:35.800 the response

00:27:37.980 was not

00:27:38.560 reform or

00:27:39.140 repricing

00:27:39.840 or retrenchment

00:27:41.140 it was

00:27:41.940 importing

00:27:42.560 more

00:27:43.360 people

00:27:44.100 the axiom

00:27:46.320 solved

00:27:47.060 short-term

00:27:47.760 problems

00:27:48.240 it created

00:27:49.680 very big

00:27:50.380 long-term

00:27:50.800 ones

00:27:51.120 and your

00:27:52.280 first task

00:27:53.180 is to

00:27:54.120 say it

00:27:54.780 out

00:27:55.400 loud

00:27:56.240 look

00:27:58.100 this is

00:27:58.480 this axiom

00:27:59.420 of just

00:28:00.480 import me

00:28:01.020 people

00:28:01.380 rather than

00:28:01.860 deal with

00:28:02.160 economic

00:28:02.540 consequences

00:28:03.140 it's drifted

00:28:04.900 far beyond

00:28:05.980 its original

00:28:06.680 justification

00:28:07.360 it began

00:28:09.120 as a

00:28:09.440 pressure

00:28:09.940 release

00:28:10.300 mechanism

00:28:10.780 and it

00:28:11.900 has become

00:28:12.340 the default

00:28:13.120 growth

00:28:13.600 model

00:28:13.920 that suppresses

00:28:15.280 wages

00:28:15.640 and props

00:28:16.640 up weak

00:28:17.220 productivity

00:28:17.760 and inflates

00:28:18.600 housing demand

00:28:19.380 and delays

00:28:20.060 fiscal reckoning

00:28:20.900 and it erodes

00:28:21.740 democratic

00:28:22.820 consent

00:28:23.320 if you name

00:28:25.280 it plainly

00:28:26.100 you will force

00:28:26.980 the real

00:28:27.400 question

00:28:27.940 is permanent

00:28:29.880 population growth

00:28:31.020 still the right

00:28:32.440 substitute

00:28:33.120 for hard

00:28:34.360 economic

00:28:35.020 choices

00:28:35.560 and that

00:28:37.380 question alone

00:28:38.240 gets you to

00:28:39.120 reorder the

00:28:39.820 debate

00:28:40.160 and do be

00:28:41.400 explicit about

00:28:42.000 the trade-offs

00:28:42.500 don't even

00:28:43.320 try and soften

00:28:44.080 them

00:28:44.340 if you intend

00:28:46.300 to reduce

00:28:46.880 immigration

00:28:47.340 materially

00:28:48.040 you must

00:28:49.020 pre-commit

00:28:50.040 to the

00:28:50.560 consequences

00:28:51.240 and the

00:28:52.540 public will

00:28:53.000 tolerate pain

00:28:53.720 if it is

00:28:54.780 named

00:28:55.260 honestly

00:28:55.700 and linked

00:28:56.540 to purpose

00:28:57.200 here are

00:28:59.940 some of the

00:29:00.240 unavoidable

00:29:00.700 trade-offs

00:29:01.120 that you can

00:29:01.500 talk about

00:29:01.980 wages

00:29:03.520 will rise

00:29:04.220 and margins

00:29:05.640 for businesses

00:29:06.320 will fall

00:29:07.120 labour

00:29:08.820 scarcity

00:29:09.840 will reassert

00:29:11.040 itself

00:29:11.440 wages

00:29:13.000 will increase

00:29:13.760 in care

00:29:14.660 hospitality

00:29:15.340 logistics

00:29:16.080 and agriculture

00:29:17.260 and corporate

00:29:18.480 margins

00:29:19.080 will be

00:29:19.740 compressed

00:29:20.280 and a number

00:29:22.120 of low

00:29:22.480 productivity

00:29:22.940 firms

00:29:23.480 will fail

00:29:24.380 this isn't

00:29:25.520 a bug

00:29:25.860 it's a mechanism

00:29:27.340 by which the

00:29:28.000 economy

00:29:28.480 adjusts

00:29:29.920 second

00:29:30.860 debt

00:29:31.900 assumptions

00:29:32.300 will be

00:29:33.220 strained

00:29:33.700 just come

00:29:34.820 out and say

00:29:35.280 it

00:29:35.500 slower population

00:29:37.040 growth means

00:29:37.760 slower headline

00:29:38.780 GDP growth

00:29:39.920 debt to GDP

00:29:41.620 projections are

00:29:42.540 built on

00:29:42.980 perpetual inflows

00:29:44.400 they will break

00:29:45.920 and it will

00:29:47.260 force

00:29:47.780 spending

00:29:49.160 constraints

00:29:49.780 and reprioritisation

00:29:51.780 and visible

00:29:52.940 cuts

00:29:53.440 immigration

00:29:56.400 mass immigration

00:29:57.600 has been

00:29:58.720 masking this

00:29:59.680 fiscal reality

00:30:00.460 for years

00:30:01.340 expose it

00:30:04.360 and reveal

00:30:06.460 the bill

00:30:06.940 third

00:30:08.240 the population

00:30:09.520 is going

00:30:09.820 to age

00:30:10.240 without

00:30:11.780 inflows

00:30:12.500 of

00:30:12.780 lots of

00:30:14.080 young men

00:30:14.460 from north

00:30:14.880 africa

00:30:15.260 the median

00:30:17.480 age is going

00:30:18.080 to rise

00:30:18.520 and dependency

00:30:20.380 ratios that the

00:30:21.480 OBR rely on

00:30:22.320 will get worse

00:30:23.460 and any

00:30:26.220 increase in

00:30:26.880 native birth

00:30:27.520 rate will

00:30:27.860 take 20

00:30:28.500 years to

00:30:29.140 show up

00:30:29.620 say it

00:30:31.120 explicitly

00:30:31.700 demographic

00:30:33.560 repair will

00:30:34.640 not mature

00:30:35.480 while I am

00:30:36.480 prime minister

00:30:37.040 make it clear

00:30:39.220 you're playing

00:30:39.840 the long

00:30:40.300 game

00:30:40.540 and when I

00:30:41.820 put it like

00:30:42.120 that it's

00:30:42.460 obvious why

00:30:43.040 previous

00:30:43.440 governments

00:30:43.740 never did

00:30:44.140 this

00:30:44.440 every previous

00:30:47.220 government

00:30:47.580 tried to

00:30:47.980 reduce

00:30:48.420 immigration

00:30:49.000 without

00:30:49.760 affecting

00:30:50.260 wages

00:30:50.760 control

00:30:52.040 borders

00:30:52.520 without

00:30:53.240 touching

00:30:53.700 debt

00:30:53.940 assumptions

00:30:54.440 signalling

00:30:55.900 toughness

00:30:56.580 without

00:30:57.260 accepting

00:30:57.900 economic

00:30:58.500 slowdown

00:30:59.040 and they

00:30:59.560 all

00:30:59.760 failed

00:31:00.140 they

00:31:01.740 treated

00:31:02.160 immigration

00:31:02.620 as a

00:31:03.080 moral

00:31:03.400 problem

00:31:03.880 or an

00:31:04.400 enforcement

00:31:04.880 problem

00:31:05.340 when actually

00:31:06.960 it was

00:31:07.520 functioning as

00:31:08.500 a prosthetic

00:31:09.980 arm on the

00:31:10.600 economy

00:31:10.980 and you

00:31:12.160 can't

00:31:12.660 remove this

00:31:14.620 prosthetic

00:31:15.240 without having

00:31:16.160 to learn

00:31:16.800 your skills

00:31:17.980 over again

00:31:18.860 and readjusting

00:31:19.880 to it

00:31:20.320 so you're

00:31:23.520 not necessarily

00:31:24.600 even arguing

00:31:25.480 you can do

00:31:26.300 if you want

00:31:26.740 but you don't

00:31:27.100 even need to

00:31:27.900 argue

00:31:28.320 that population

00:31:29.320 inflows are

00:31:29.960 always wrong

00:31:30.500 you're arguing

00:31:32.740 that they've been

00:31:33.600 overused

00:31:34.580 to avoid

00:31:35.620 necessary

00:31:36.400 adjustments

00:31:37.060 framing

00:31:39.480 matters

00:31:40.080 the calibration

00:31:41.740 position is

00:31:42.740 immigration

00:31:44.240 is a tool

00:31:45.240 not a growth

00:31:47.100 model

00:31:47.360 it's not

00:31:48.860 a waste

00:31:49.420 a wage

00:31:50.400 suppression

00:31:51.000 device

00:31:51.860 it's not

00:31:53.280 a debt

00:31:53.820 management

00:31:54.240 strategy

00:31:54.760 and as soon

00:31:56.820 as you say

00:31:57.240 it out loud

00:31:57.740 the reduction

00:31:58.940 becomes rational

00:31:59.880 rather than

00:32:00.460 punitive

00:32:00.920 and the order

00:32:02.140 matters

00:32:02.620 name the

00:32:03.880 axiom

00:32:04.380 publicly

00:32:05.580 explain what

00:32:07.640 immigration has

00:32:08.400 been compensating

00:32:09.440 for

00:32:09.840 state clearly

00:32:11.880 that the balance

00:32:12.680 has gone too

00:32:13.340 far

00:32:13.620 get people

00:32:14.280 debating it

00:32:15.040 and pre-commit

00:32:17.180 to the costs

00:32:17.920 that you're

00:32:18.280 going to face

00:32:18.680 yes there will

00:32:19.800 be wage

00:32:20.200 pressure

00:32:20.540 yes there will

00:32:21.820 be fiscal

00:32:22.280 tightening

00:32:22.700 yes there will

00:32:23.680 be slower

00:32:24.140 growth

00:32:24.480 yes the

00:32:24.980 population

00:32:25.440 will age

00:32:25.960 the short

00:32:27.420 term pain

00:32:28.560 to long

00:32:29.840 term sovereignty

00:32:30.760 that's what

00:32:32.840 you've got to

00:32:33.200 sell

00:32:33.420 higher wages

00:32:35.420 fewer people

00:32:37.120 competing for

00:32:37.740 households

00:32:38.240 the institutions

00:32:40.800 need to be

00:32:41.320 forced to

00:32:41.780 adapt

00:32:42.100 and it's

00:32:43.880 a demographic

00:32:44.580 strategy which

00:32:45.400 is rooted in

00:32:46.080 citizens

00:32:46.720 not migrants

00:32:48.540 and then

00:32:51.480 tighten

00:32:51.740 immigration

00:32:52.200 people will

00:32:53.640 support you

00:32:54.180 if they

00:32:55.060 understand why

00:32:55.600 you're doing

00:32:55.920 it and they

00:32:56.900 understand there

00:32:57.440 will be costs

00:32:57.980 you disarm

00:32:58.600 your opponents

00:32:59.240 now when you

00:33:00.600 do this

00:33:01.200 expect treasury

00:33:02.920 warnings about

00:33:03.540 growth and

00:33:04.120 business backlash

00:33:05.400 over margins

00:33:06.180 and media

00:33:07.320 focusing on

00:33:08.320 closures and

00:33:09.260 price rises

00:33:10.020 and oh this

00:33:11.240 80 year old

00:33:12.800 firm has just

00:33:13.360 gone out of

00:33:13.780 business because

00:33:14.340 they can't hire

00:33:15.080 people or

00:33:15.860 meaning that

00:33:17.180 they're not

00:33:17.420 prepared to pay

00:33:17.900 the wages or

00:33:18.580 the business

00:33:19.060 was insufficiently

00:33:20.320 productive in

00:33:21.100 order to pay

00:33:21.600 the correct

00:33:22.560 level of wages

00:33:23.260 it's a moral

00:33:26.660 reframing of

00:33:27.800 economic adjustment

00:33:29.120 as cruelty

00:33:29.720 that is what

00:33:30.240 they will go

00:33:30.660 with

00:33:30.940 right and

00:33:33.120 this is not

00:33:34.260 opposition to

00:33:35.220 immigration

00:33:35.640 control

00:33:36.240 it's resistance

00:33:37.600 to losing the

00:33:38.780 adjustment buffer

00:33:39.860 that immigration

00:33:41.200 provided the

00:33:42.220 prosthetic that

00:33:42.980 it was providing

00:33:43.580 the economy

00:33:44.220 if you have

00:33:45.200 already named

00:33:45.880 the trade-offs

00:33:46.540 all of this

00:33:47.720 resistance is

00:33:48.400 going to lose

00:33:48.900 its force

00:33:49.440 you shouldn't

00:33:51.400 be afraid to

00:33:52.020 say yes

00:33:52.920 prices will rise

00:33:53.780 some firms

00:33:55.140 will fail

00:33:55.600 debt assumptions

00:33:57.120 will have to

00:33:57.640 adjust and the

00:33:58.980 demographic payoff

00:34:00.180 will come after

00:34:01.580 this parliament

00:34:02.200 once I'm out of

00:34:03.560 losses and the

00:34:04.860 cost of building

00:34:05.660 an economy that

00:34:06.440 works without

00:34:07.140 importing people

00:34:08.340 if you can do

00:34:09.280 that you'll get

00:34:10.880 the backing

00:34:11.380 make it clear

00:34:12.800 people will

00:34:14.200 understand and

00:34:15.600 accept

00:34:15.920 so the key

00:34:17.340 takeaway is that

00:34:18.040 immigration policy

00:34:19.300 cannot succeed

00:34:20.340 unless it's

00:34:21.000 subordinated to

00:34:22.040 labour repricing

00:34:23.000 to fiscal realism

00:34:25.200 and demographic

00:34:26.040 honesty

00:34:26.500 once you expose

00:34:28.900 the axiom

00:34:29.540 recalibrate it

00:34:30.740 openly

00:34:31.220 the debate shifts

00:34:32.060 from are you

00:34:33.600 anti-immigrant

00:34:34.360 to what kind of

00:34:36.380 economy do we

00:34:37.020 want to run

00:34:37.520 that is a

00:34:39.260 fight that you

00:34:39.680 can win if

00:34:40.940 you are willing

00:34:41.540 to own the

00:34:42.040 costs

00:34:42.420 also future

00:34:44.720 prime minister

00:34:45.240 Nigel Farage

00:34:46.060 the British

00:34:48.780 constitution you've

00:34:49.620 got to understand

00:34:50.060 at this point

00:34:50.500 it's statistical

00:34:51.380 metrics are the

00:34:54.560 law at this

00:34:55.380 point the

00:34:56.200 core reality

00:34:56.780 that you've

00:34:57.200 got to

00:34:57.440 internalize

00:34:58.100 is that

00:34:59.440 Britain is

00:34:59.920 not ultimately

00:35:00.520 governed by

00:35:01.120 statute or

00:35:02.600 votes

00:35:02.980 it's governed

00:35:03.900 by a series

00:35:04.520 of metrics

00:35:05.100 what

00:35:07.260 constrains

00:35:07.860 action in

00:35:08.380 practice is

00:35:09.140 not parliamentary

00:35:10.120 arithmetic or

00:35:11.100 manifesto

00:35:12.000 commitments or

00:35:12.760 or even legal

00:35:13.960 formalities

00:35:14.640 but bond

00:35:15.840 yields

00:35:16.260 GDP

00:35:18.020 trajectories

00:35:18.760 credit

00:35:19.180 ratings

00:35:19.760 regulatory

00:35:21.140 benchmarks

00:35:21.940 international

00:35:23.540 legal

00:35:24.700 NGOs

00:35:25.800 indices

00:35:27.440 all of these

00:35:28.580 are operating

00:35:29.120 as a shadow

00:35:29.920 constitution

00:35:30.540 and they're

00:35:31.860 powerful

00:35:32.420 precisely because

00:35:33.840 they're presented

00:35:34.540 as technical

00:35:35.560 and apolitical

00:35:37.460 and inevitable

00:35:38.180 they're none of

00:35:39.180 those things

00:35:39.640 so the axiom

00:35:41.400 you must name

00:35:41.940 here

00:35:42.380 markets

00:35:43.700 and institutional

00:35:45.400 legibility

00:35:46.300 outranks

00:35:47.800 demographic choice

00:35:49.340 and this is

00:35:52.160 something that has

00:35:52.620 emerged gradually

00:35:53.380 to stabilize

00:35:55.240 borrowing costs

00:35:56.180 and reassure

00:35:56.960 investors and to

00:35:57.960 embed Britain

00:35:58.800 into an

00:35:59.560 international

00:36:00.020 system

00:36:00.560 but it is

00:36:02.460 hardened into

00:36:03.220 a rule

00:36:03.720 and if

00:36:05.520 policy disturbs

00:36:07.020 these metrics

00:36:07.860 it is considered

00:36:09.040 irresponsible

00:36:09.980 regardless of

00:36:11.040 how much of a

00:36:11.580 mandate you have

00:36:12.360 regardless of

00:36:13.880 how many votes

00:36:14.460 you win in

00:36:14.880 parliament

00:36:15.180 so naming

00:36:16.100 these axioms

00:36:17.120 matter

00:36:17.760 because you

00:36:18.980 have to

00:36:19.440 reverse the

00:36:20.160 hierarchy

00:36:20.720 numbers now

00:36:22.240 discipline

00:36:22.700 politics

00:36:23.500 politics no

00:36:24.960 longer disciplines

00:36:25.760 numbers

00:36:26.340 the left

00:36:27.980 has tried

00:36:29.300 to grapple

00:36:29.980 with this

00:36:30.320 idea

00:36:30.660 but they

00:36:31.020 can never

00:36:31.540 they often

00:36:32.860 say things

00:36:33.400 like why

00:36:33.860 are we

00:36:34.060 dominated

00:36:34.540 by the

00:36:34.940 bond

00:36:35.140 markets

00:36:35.620 they're

00:36:36.700 trying to

00:36:37.160 grapple

00:36:37.460 with this

00:36:37.740 without

00:36:37.960 understanding

00:36:38.640 really the

00:36:39.180 mechanism

00:36:39.580 of what's

00:36:39.980 going on

00:36:40.500 they don't

00:36:42.200 they haven't

00:36:42.900 seen how

00:36:43.460 we've been

00:36:43.820 lulled into

00:36:44.420 this

00:36:44.720 and actually

00:36:45.620 they're addressing

00:36:46.140 the right

00:36:47.560 question

00:36:47.920 because none

00:36:48.500 of the

00:36:48.700 trade-offs

00:36:49.100 have ever

00:36:49.360 been faced

00:36:49.880 so you're

00:36:50.600 going to

00:36:50.780 recognise

00:36:51.240 these

00:36:51.480 constraints

00:36:51.900 when you

00:36:52.200 come up

00:36:52.480 against them

00:36:52.900 because the

00:36:53.300 treasury

00:36:53.600 will come to

00:36:54.380 you and

00:36:54.580 they say

00:36:55.040 sorry but

00:36:55.640 this is

00:36:55.900 unaffordable

00:36:56.360 or the

00:36:58.000 markets will

00:36:58.780 react before

00:36:59.480 the legislation

00:37:00.140 is even

00:37:00.540 passed

00:37:00.960 and credit

00:37:01.520 agencies

00:37:02.540 they're going

00:37:02.960 to issue

00:37:03.920 warnings based

00:37:04.960 on expectations

00:37:05.980 not outcomes

00:37:07.600 they just go

00:37:08.580 straight out there

00:37:09.260 what they

00:37:09.600 expect the

00:37:10.320 policy to

00:37:10.800 do

00:37:11.020 and legal

00:37:13.120 and NGO

00:37:13.560 frameworks

00:37:14.300 will be

00:37:15.040 cited as

00:37:15.800 immovable

00:37:16.620 facts

00:37:17.140 none of

00:37:18.800 this is going

00:37:19.160 to get

00:37:19.320 framed as

00:37:19.760 opposition to

00:37:20.340 you from

00:37:20.680 within the

00:37:21.060 system

00:37:21.360 it will be

00:37:23.040 framed as

00:37:23.600 reality

00:37:24.020 asserting

00:37:24.460 itself

00:37:24.880 and this

00:37:26.440 is the

00:37:26.720 moment

00:37:26.980 that most

00:37:27.560 leaders

00:37:28.060 retreat

00:37:29.280 every Labour

00:37:30.640 and Tory

00:37:31.440 Prime Minister

00:37:32.020 have always

00:37:32.800 retreated

00:37:33.440 when they

00:37:33.700 got to

00:37:34.040 this point

00:37:34.500 and you

00:37:35.920 need to

00:37:36.240 understand

00:37:36.580 what is

00:37:36.900 actually

00:37:37.360 happening

00:37:37.640 these metrics

00:37:39.600 have power

00:37:40.060 because they

00:37:40.500 concentrate

00:37:41.100 risk

00:37:41.660 you know

00:37:42.460 a small

00:37:43.060 movement

00:37:43.380 in yields

00:37:44.020 can cause

00:37:44.560 a cascade

00:37:45.000 through the

00:37:45.880 entire

00:37:46.180 system

00:37:46.580 they shift

00:37:48.400 blame

00:37:48.800 decisions

00:37:49.600 are framed

00:37:50.260 as what

00:37:50.620 the market

00:37:51.100 requires

00:37:51.720 not political

00:37:52.280 choice

00:37:52.720 and they

00:37:53.620 preempt

00:37:54.140 debate

00:37:54.580 because by

00:37:55.100 the time

00:37:56.320 parliament

00:37:56.780 speaks

00:37:57.460 it's already

00:37:59.020 been priced

00:37:59.620 in

00:37:59.860 and this

00:38:01.640 allows

00:38:01.900 institutions

00:38:02.520 to veto

00:38:03.060 policy

00:38:03.600 without

00:38:04.120 appearing

00:38:04.480 to choose

00:38:04.980 it

00:38:05.220 so don't

00:38:07.160 deny the

00:38:07.600 power of

00:38:08.020 markets

00:38:08.400 don't pretend

00:38:09.240 these metrics

00:38:09.860 don't matter

00:38:10.440 or posture

00:38:12.200 against global

00:38:12.960 finance

00:38:13.480 you know

00:38:13.920 the typical

00:38:14.780 silly left

00:38:15.360 wing idea

00:38:15.860 of how to

00:38:16.220 handle this

00:38:16.760 because that

00:38:18.180 path leads

00:38:19.340 immediately

00:38:20.060 into a loss

00:38:20.980 of credibility

00:38:21.600 and control

00:38:22.240 equally don't

00:38:24.840 surrender policy

00:38:25.700 to metrics

00:38:26.400 as if they

00:38:26.980 were laws

00:38:27.440 of nature

00:38:28.060 your task

00:38:29.640 is re-ranking

00:38:30.740 not denial

00:38:31.920 so the correct

00:38:33.460 framing is

00:38:34.020 metrics are

00:38:35.440 tools not

00:38:35.960 masters

00:38:36.360 and they

00:38:37.780 inform those

00:38:38.900 trade-offs

00:38:39.620 that you've

00:38:40.000 always got to

00:38:40.480 be thinking

00:38:40.860 about and

00:38:41.260 articulating

00:38:42.060 they don't

00:38:43.280 dictate values

00:38:44.160 and this

00:38:45.140 reframes the

00:38:46.240 issue from

00:38:46.760 reckless

00:38:47.620 politics to

00:38:48.460 responsible

00:38:49.160 economics

00:38:49.780 talk about

00:38:51.220 which cost

00:38:52.100 do we

00:38:52.400 accept

00:38:52.900 and which

00:38:54.440 do we

00:38:54.780 reject

00:38:55.220 and as

00:38:56.500 soon as

00:38:56.760 you frame

00:38:57.660 it like

00:38:57.960 that

00:38:58.260 democratic

00:38:58.820 choice is

00:38:59.380 going to

00:38:59.580 re-enter

00:38:59.900 the system

00:39:00.440 and again

00:39:01.180 be explicit

00:39:01.800 about the

00:39:02.140 trade-offs

00:39:02.600 bond yields

00:39:03.740 may rise

00:39:04.460 temporarily

00:39:04.940 growth may

00:39:05.940 slow

00:39:06.300 fiscal

00:39:07.460 headroom

00:39:07.880 may

00:39:08.280 tighten

00:39:08.620 spending

00:39:11.040 plans built

00:39:11.920 on these

00:39:12.700 optimistic

00:39:13.300 assumptions

00:39:13.900 are going

00:39:14.580 to need

00:39:14.880 revision

00:39:15.240 and you

00:39:16.980 must also

00:39:17.420 state why

00:39:18.440 you are

00:39:18.800 bearing the

00:39:19.260 cost because

00:39:19.740 it restores

00:39:20.540 policy

00:39:22.180 sovereignty

00:39:22.700 it forces

00:39:24.480 honest budgeting

00:39:25.740 it ends

00:39:27.900 the illusion

00:39:28.400 of cost-free

00:39:28.980 governance

00:39:29.540 short-term

00:39:31.620 pain is the

00:39:33.380 price for

00:39:33.760 long-term

00:39:34.080 control

00:39:34.580 and again

00:39:35.260 I believe

00:39:35.720 the British

00:39:36.060 public would

00:39:36.480 be willing

00:39:36.880 to accept

00:39:37.560 it if you

00:39:38.160 make it

00:39:38.460 explicit

00:39:39.000 and clear

00:39:39.680 so you've

00:39:41.340 got to

00:39:41.480 require the

00:39:42.060 treasury and

00:39:43.100 regulators to

00:39:43.780 show which

00:39:44.760 assumptions

00:39:45.400 drive their

00:39:46.600 projections

00:39:47.040 and which

00:39:48.360 outcomes are

00:39:48.940 prioritized

00:39:49.620 and what

00:39:50.760 alternatives

00:39:51.740 were rejected

00:39:52.460 and you've

00:39:53.720 got to

00:39:53.960 time-bind

00:39:54.800 market

00:39:55.840 discipline

00:39:56.300 make clear

00:39:57.580 which risks

00:39:58.460 you accept

00:39:58.920 now to

00:39:59.380 reduce

00:39:59.880 larger future

00:40:01.300 risks

00:40:01.800 but the

00:40:03.200 markets will

00:40:03.840 respond to

00:40:04.380 credible

00:40:04.720 narratives

00:40:05.200 not just

00:40:05.980 austerity

00:40:06.900 and you've

00:40:08.220 got to

00:40:08.360 create

00:40:08.560 political

00:40:08.960 ownership

00:40:09.480 again

00:40:10.200 keep going

00:40:11.000 back to

00:40:11.340 that

00:40:11.460 political

00:40:12.000 ownership

00:40:12.460 stop

00:40:13.460 pretending

00:40:13.860 that these

00:40:14.180 forecasts are

00:40:14.820 neutral

00:40:15.160 named

00:40:17.000 ministers

00:40:17.740 get

00:40:19.220 attached to

00:40:19.840 them

00:40:20.080 assumptions

00:40:20.900 and revisions

00:40:21.640 and sequence

00:40:23.480 the reforms

00:40:24.160 do not go

00:40:25.380 after every

00:40:25.820 metric at once

00:40:26.520 pick battles

00:40:27.960 where you can

00:40:28.840 where it's

00:40:29.400 visible

00:40:29.840 you've exposed

00:40:31.060 it and

00:40:31.740 you've won

00:40:32.780 the debate

00:40:33.260 which you

00:40:33.880 will if you

00:40:34.520 frame the

00:40:35.240 axiom

00:40:35.660 correctly

00:40:36.220 and again

00:40:37.760 here the

00:40:38.340 resistance is

00:40:39.240 going to look

00:40:39.580 about warnings

00:40:41.620 about confidence

00:40:42.300 or accusations

00:40:43.560 of responsibility

00:40:44.420 you'll get

00:40:46.400 anonymous briefings

00:40:47.500 to the press

00:40:48.080 sudden

00:40:49.580 reference for

00:40:50.400 the norms

00:40:51.640 and that's not

00:40:53.340 economic speaking

00:40:54.180 that's authority

00:40:55.120 defending itself

00:40:56.140 through a series

00:40:56.780 of abstractions

00:40:57.680 if you have

00:40:59.400 already named

00:41:00.360 the axiom

00:41:01.000 and the

00:41:02.480 trade-offs

00:41:03.040 this resistance

00:41:05.120 is going to

00:41:05.680 lose all

00:41:06.260 of its

00:41:06.500 power

00:41:06.840 metrics

00:41:08.160 became

00:41:08.620 dominant

00:41:09.140 because they

00:41:09.860 were the

00:41:10.100 only thing

00:41:10.600 left

00:41:11.140 that could

00:41:12.300 discipline

00:41:12.940 a state

00:41:13.900 as complicated

00:41:14.880 as the

00:41:16.820 British state

00:41:17.280 is today

00:41:17.740 and your

00:41:19.060 goal is not

00:41:19.560 to abolish

00:41:20.180 them

00:41:20.420 you've got to

00:41:21.120 re-embed them

00:41:22.160 within political

00:41:23.440 judgment

00:41:23.840 because a system

00:41:25.160 that is governed

00:41:26.800 only by numbers

00:41:27.800 loses legitimacy

00:41:29.500 that is exactly

00:41:30.400 what we see

00:41:30.960 now

00:41:31.280 a system

00:41:32.820 that ignores

00:41:33.600 numbers

00:41:34.040 loses

00:41:34.800 sovereignty

00:41:35.740 that's where

00:41:36.660 we are now

00:41:37.260 you've got to

00:41:38.840 explicitly choose

00:41:40.360 the balance

00:41:40.920 not just inherit

00:41:42.020 whatever you get

00:41:42.920 your line should be

00:41:45.120 something like

00:41:45.620 we will be judged

00:41:47.800 not just on what

00:41:49.020 the numbers say

00:41:49.680 this quarter

00:41:50.260 but on whether

00:41:51.020 those numbers

00:41:51.660 reflect a country

00:41:52.600 that still governs

00:41:53.640 itself

00:41:54.040 and that's telling

00:41:55.500 markets that you're

00:41:56.260 serious

00:41:56.740 not naive about

00:41:57.800 the decisions

00:41:58.520 that you're making

00:41:59.200 and again

00:42:00.660 name the assumptions

00:42:02.500 name the trade-offs

00:42:04.200 pick

00:42:05.700 and explain

00:42:07.340 that you're doing

00:42:07.840 it for the long-term

00:42:08.700 health

00:42:09.040 once you start

00:42:10.820 recalibrating

00:42:11.560 immigration and

00:42:12.340 wages and fiscal

00:42:13.200 assumptions

00:42:13.680 the statistical

00:42:15.800 constitution will

00:42:16.900 become your main

00:42:17.640 battlefield

00:42:18.120 if you pretend

00:42:20.320 it isn't there

00:42:20.820 it's going to

00:42:21.180 stop you

00:42:21.680 and if you submit

00:42:23.280 to it entirely

00:42:24.020 it's going to

00:42:24.620 hollow out your

00:42:25.180 mandate

00:42:25.620 name it

00:42:26.860 contextualize it

00:42:27.880 and own the

00:42:28.600 trade-offs

00:42:29.160 then you can

00:42:30.500 move

00:42:30.820 this is where

00:42:32.660 most reformed

00:42:33.440 projects die

00:42:34.100 and it's also

00:42:35.940 where the first

00:42:36.700 real shift in

00:42:37.780 incentives can occur

00:42:38.940 so let's consider

00:42:41.140 what your failure

00:42:43.200 mode looks like

00:42:44.000 coming into

00:42:44.720 coming into

00:42:45.680 Downing Street

00:42:46.300 the core danger

00:42:48.880 the greatest risk

00:42:49.800 that you face

00:42:50.240 is not overreach

00:42:51.220 it's absorption

00:42:52.380 into this system

00:42:54.380 that I'm describing

00:42:55.160 the British

00:42:57.120 system is

00:42:57.600 extremely good

00:42:58.700 at taking

00:42:59.220 leaders like

00:42:59.860 you

00:43:00.100 elected for

00:43:01.040 change

00:43:01.500 with a mandate

00:43:03.740 and converting

00:43:05.100 them into

00:43:05.480 caretakers

00:43:06.240 of inherited

00:43:07.080 constraints

00:43:07.780 while ensuring

00:43:09.900 that you own

00:43:11.020 the disappointment

00:43:11.720 of your

00:43:12.500 supporters

00:43:13.040 for not

00:43:13.960 delivering

00:43:14.360 and this

00:43:16.580 happens

00:43:16.920 it happens

00:43:17.400 all the time

00:43:18.120 it's happened

00:43:18.420 my entire life

00:43:19.280 it happens

00:43:20.100 quietly

00:43:20.840 and procedurally

00:43:22.000 and it does

00:43:23.600 it more to

00:43:24.160 the point

00:43:24.440 with your

00:43:24.880 apparent

00:43:25.500 consent

00:43:26.240 the first

00:43:27.460 invisible wall

00:43:28.160 will be

00:43:28.420 something like

00:43:28.840 this is not

00:43:30.140 how things

00:43:30.520 are done

00:43:30.780 Prime Minister

00:43:31.320 early in your

00:43:33.740 term

00:43:34.040 your civil

00:43:34.980 servants

00:43:35.440 are going to

00:43:36.180 be saying

00:43:36.600 that your

00:43:36.860 proposed

00:43:37.220 actions

00:43:37.680 are

00:43:38.140 you know

00:43:39.540 they might

00:43:41.680 be popular

00:43:42.260 and they might

00:43:43.600 be electorally

00:43:44.600 mandated

00:43:45.040 and they might

00:43:45.560 be superficially

00:43:46.660 straightforward

00:43:47.200 so they won't

00:43:49.640 be rejected

00:43:50.100 outright

00:43:50.520 instead you'll

00:43:51.260 hear this

00:43:51.820 raises

00:43:52.200 concerns

00:43:52.740 we need

00:43:54.560 to be

00:43:54.800 careful

00:43:55.160 there are

00:43:56.980 legal and

00:43:57.800 reputational

00:43:58.540 risks

00:43:58.940 Prime Minister

00:43:59.500 and you're

00:44:01.420 going to be

00:44:01.640 offered slightly

00:44:02.380 modified versions

00:44:03.400 of your

00:44:03.740 proposals

00:44:04.240 that protect

00:44:07.240 these existing

00:44:08.160 assumptions

00:44:08.620 and they

00:44:10.100 defer the

00:44:10.760 real costs

00:44:11.400 and that they

00:44:13.460 leave vetoed

00:44:14.400 power we've

00:44:15.100 talked about

00:44:15.640 untouched

00:44:16.780 and if you

00:44:19.140 accept these

00:44:19.980 reasonable

00:44:20.780 compromises

00:44:21.540 promises you

00:44:22.380 have already

00:44:23.340 lost you

00:44:24.220 are being

00:44:24.640 absorbed into

00:44:25.320 the system

00:44:25.820 and understand

00:44:28.180 look you are

00:44:28.740 going to be

00:44:29.060 praised when

00:44:30.740 you respect

00:44:32.060 independent

00:44:32.680 institutions and

00:44:33.860 soften rhetoric

00:44:34.680 and you defer

00:44:35.540 to their

00:44:35.940 process and

00:44:37.680 you accept

00:44:38.340 treasury

00:44:39.120 constraints

00:44:40.140 when you

00:44:41.800 avoid the

00:44:42.560 rocking the

00:44:43.000 boat

00:44:43.240 right and

00:44:44.800 this praise

00:44:45.640 when you get

00:44:46.340 it from

00:44:46.920 within the

00:44:47.320 system that's

00:44:48.600 a warning

00:44:49.000 signal it

00:44:50.540 means that

00:44:51.200 you are

00:44:51.540 governing in

00:44:52.020 a way that

00:44:52.520 the system

00:44:53.200 considers safe

00:44:54.340 and what

00:44:55.040 safe means

00:44:55.820 here is no

00:44:56.960 reallocation of

00:44:57.760 risk no

00:44:59.000 exposure of the

00:44:59.780 axioms no

00:45:01.060 forced trade-offs

00:45:01.940 and you're going

00:45:02.900 to be called

00:45:03.380 grown-up and

00:45:05.500 you will also be

00:45:06.680 neutralized in that

00:45:07.980 same process

00:45:08.700 capture by

00:45:10.800 advisors not

00:45:12.760 enemies is

00:45:13.300 something you need

00:45:13.700 to be aware of

00:45:14.400 you're not

00:45:15.780 going to end up

00:45:16.200 getting captured

00:45:16.660 by ideological

00:45:17.260 opponents you

00:45:19.660 will be captured

00:45:20.620 by competent

00:45:22.180 well-meaning

00:45:23.480 insiders and

00:45:26.000 they will appear

00:45:27.460 to share your

00:45:28.180 goals and they

00:45:29.480 just warn you

00:45:30.060 about feasibility

00:45:30.840 and suggest

00:45:32.240 sequencing later

00:45:33.260 to help you

00:45:34.920 avoid early

00:45:35.640 failure but

00:45:36.900 everything is

00:45:38.220 they're probably

00:45:38.660 sincere they

00:45:40.360 are also the

00:45:41.160 system's immune

00:45:41.880 response and

00:45:43.460 each concession is

00:45:44.480 going to feel

00:45:44.840 small but the

00:45:45.820 cumulative effect

00:45:46.720 is going to be

00:45:47.440 total you'll have

00:45:49.540 the illusion of

00:45:50.100 progress you'll be

00:45:52.180 at a point if you

00:45:52.820 go down this path

00:45:53.620 to legislation

00:45:55.580 passed and

00:45:56.380 speeches made

00:45:57.280 and task force

00:45:58.100 launched and

00:45:59.020 enforcement

00:46:00.000 announced and

00:46:01.680 the public will

00:46:02.260 see motion

00:46:02.940 the outcomes

00:46:05.220 will not change

00:46:06.280 and why because

00:46:08.440 immigration numbers

00:46:09.500 will remain

00:46:09.860 structurally high

00:46:10.660 wages will remain

00:46:12.180 suppressed housing

00:46:13.380 remains scarce

00:46:15.040 debt assumptions

00:46:16.520 remain untouched

00:46:17.760 you will discover

00:46:18.940 that activity is

00:46:20.880 not leverage

00:46:22.240 the system in this

00:46:23.960 case still has the

00:46:24.800 leverage and then

00:46:26.920 the blame will be

00:46:27.440 transferred to you

00:46:28.140 once it has become

00:46:28.900 clear that the

00:46:29.540 outcomes have not

00:46:30.340 shifted the system

00:46:31.900 executes its final

00:46:33.140 move which it

00:46:33.860 always does

00:46:34.660 failures are

00:46:35.960 personalized

00:46:36.500 constraints are

00:46:38.320 forgotten

00:46:38.660 your mandate is

00:46:40.760 reinterpreted as

00:46:41.620 incompetence

00:46:42.280 this has happened

00:46:43.420 to again all of

00:46:46.540 the politicians in

00:46:47.280 my lifetime

00:46:47.860 increasingly more

00:46:49.120 so with the last

00:46:50.600 three or four and

00:46:53.240 then they start

00:46:53.740 saying things like

00:46:54.300 he promised too

00:46:54.880 much and he

00:46:55.940 didn't understand

00:46:56.500 complexity and

00:46:57.420 populism doesn't

00:46:58.560 work the

00:47:00.280 institutions that

00:47:01.080 block you will

00:47:02.240 present themselves as

00:47:03.300 stabilizers who

00:47:04.320 prevented much

00:47:05.860 worse damage and

00:47:07.780 it's the oldest move

00:47:08.460 in the book and

00:47:10.420 then you're going to

00:47:10.880 end up hated like

00:47:11.780 everybody else like

00:47:12.800 Keir Starmer is

00:47:13.780 right now and from

00:47:15.580 the public's

00:47:16.160 perspective nothing

00:47:17.060 will have improved

00:47:17.840 and the costs

00:47:19.040 continue rising and

00:47:20.580 trust erodes further

00:47:21.660 and from the

00:47:22.940 system's perspective

00:47:23.920 continuity has been

00:47:25.560 preserved risk

00:47:27.020 remains externalized

00:47:28.980 the blame has been

00:47:30.640 successfully

00:47:31.380 reassigned to you

00:47:33.480 and you will become

00:47:35.880 completely indistinguishable

00:47:37.900 from any late stage

00:47:39.440 conservative government

00:47:40.440 or technocratic

00:47:41.640 labor administration

00:47:42.860 different language

00:47:44.340 same outcomes

00:47:45.300 that is how

00:47:46.880 mandate decay

00:47:48.480 happens again

00:47:49.740 and again

00:47:50.360 and in the end of

00:47:52.680 the term the failure

00:47:53.420 will look like

00:47:54.020 you're accused of

00:47:55.400 betraying your

00:47:56.380 supporters

00:47:56.800 and dismissed as

00:47:58.620 reckless by your

00:47:59.440 opponents

00:47:59.900 but you will be

00:48:01.920 quietly respected

00:48:03.280 by the institutions

00:48:04.340 for not breaking

00:48:05.200 anything

00:48:05.560 and nothing

00:48:07.120 fundamental will

00:48:07.920 have changed

00:48:08.380 and this is not

00:48:10.300 an accident

00:48:10.800 this is the

00:48:12.480 default outcome

00:48:13.720 for leaders

00:48:14.440 who make the

00:48:15.340 mistake of

00:48:15.880 operating skill

00:48:17.240 for structural

00:48:18.800 leverage

00:48:19.340 and the key

00:48:22.100 mistake that

00:48:22.680 produces all of

00:48:23.400 this is confusing

00:48:24.380 governing well

00:48:25.720 inside the system

00:48:26.700 with governing

00:48:27.820 at all

00:48:28.720 the system

00:48:30.780 rewards leaders

00:48:31.880 who manage

00:48:32.580 expectations downwards

00:48:33.840 and absorb

00:48:35.360 blame upwards

00:48:36.140 and leave incentives

00:48:38.600 untouched

00:48:39.400 those leaders

00:48:41.140 are praised

00:48:41.940 as mature

00:48:42.480 and they are

00:48:44.040 also replaced

00:48:45.020 and forgotten

00:48:46.680 so the warnings

00:48:49.120 you should take

00:48:49.660 seriously

00:48:50.240 is if six months

00:48:52.140 into office

00:48:52.800 the treasury

00:48:53.920 is comfortable

00:48:54.520 regulators are calm

00:48:57.000 markets are

00:48:58.220 reassured

00:48:58.740 the press

00:48:59.840 is bored

00:49:00.280 but the outcomes

00:49:02.800 are unchanged

00:49:03.780 that doesn't mean

00:49:05.100 that you're winning

00:49:05.560 time

00:49:06.000 that means that

00:49:06.760 you are being

00:49:07.360 processed into the

00:49:08.300 system

00:49:08.620 failure does not

00:49:11.960 look like chaos

00:49:12.760 it looks like

00:49:14.460 smooth continuity

00:49:16.180 new party branding

00:49:18.040 the danger is not

00:49:19.960 that the system

00:49:20.540 fights you

00:49:21.340 the danger is that

00:49:22.700 it will accept you

00:49:23.680 on its own terms

00:49:24.960 and that's how

00:49:26.060 every recent

00:49:27.140 government has

00:49:27.660 lost its mandate

00:49:28.400 without even

00:49:29.080 realising that

00:49:30.200 it happened

00:49:30.700 and then you see

00:49:31.980 like we have

00:49:32.780 the last three or

00:49:33.440 four prime ministers

00:49:34.320 with a silly look

00:49:35.940 on their face

00:49:36.520 wondering what

00:49:37.380 happened

00:49:37.840 it's because they

00:49:39.540 got absorbed

00:49:40.060 into the system

00:49:40.860 that I'm trying

00:49:41.360 to describe to you

00:49:42.240 so let's turn it

00:49:44.760 around now

00:49:45.200 and look at

00:49:45.860 what would your

00:49:47.580 success actually

00:49:48.620 look like

00:49:49.200 well first

00:49:50.620 and this is

00:49:51.460 completely non

00:49:52.100 renegotiable

00:49:52.820 you redefine success

00:49:54.440 if you define

00:49:56.780 success as

00:49:57.800 immediate delivery

00:49:58.720 or rapid

00:49:59.680 material improvement

00:50:00.620 or visible

00:50:01.780 transformation in

00:50:02.660 one term

00:50:03.200 you will fail

00:50:04.440 even if you do

00:50:05.480 everything else

00:50:05.920 perfectly

00:50:06.340 the success

00:50:08.880 condition of these

00:50:09.820 constraints is

00:50:10.440 different

00:50:10.940 success means

00:50:12.480 shifting incentives

00:50:13.900 and timelines

00:50:15.340 and expectations

00:50:17.280 so that improvement

00:50:18.720 becomes structurally

00:50:20.560 likely

00:50:21.340 even if it's not

00:50:22.540 yet visible

00:50:23.040 but you are

00:50:25.100 not here

00:50:25.800 to finish

00:50:26.880 the repair

00:50:27.400 you are here

00:50:28.980 to make sure

00:50:29.580 that repair

00:50:30.120 is unavoidable

00:50:31.180 the core move

00:50:33.320 change the time

00:50:35.280 horizon of politics

00:50:36.500 Britain has been

00:50:38.100 governed for too

00:50:38.820 long

00:50:38.980 most western nations

00:50:39.860 are on artificially

00:50:41.440 short time

00:50:42.440 horizons

00:50:43.040 immediate reassurance

00:50:46.460 cost defer

00:50:47.260 permanent drift

00:50:48.100 success requires

00:50:50.620 you to stretch

00:50:51.500 the public

00:50:52.080 time horizon

00:50:52.860 not pretend

00:50:53.860 those costs

00:50:54.420 don't exist

00:50:55.020 and it's not

00:50:56.080 pessimism

00:50:56.640 it's the

00:50:57.360 restoration of

00:50:58.140 credibility

00:50:58.620 the public

00:50:59.980 doesn't need

00:51:00.700 perfection

00:51:01.660 they need to

00:51:03.300 believe that

00:51:04.180 tomorrow can be

00:51:05.180 better than

00:51:05.740 today

00:51:06.240 because somebody

00:51:07.280 is finally

00:51:07.960 telling the truth

00:51:09.080 about the

00:51:09.800 trade-offs

00:51:10.360 so what

00:51:12.400 success

00:51:13.220 actually looks

00:51:14.180 like

00:51:14.480 is by the

00:51:15.560 end of one

00:51:16.000 parliamentary

00:51:16.700 term

00:51:17.120 success is

00:51:17.660 going to

00:51:17.860 look like

00:51:18.320 constraints

00:51:19.380 are visible

00:51:20.340 and they're

00:51:22.700 contested

00:51:23.220 but not

00:51:23.620 hidden

00:51:23.880 and that

00:51:25.380 treasury

00:51:25.780 assumptions

00:51:26.340 are debated

00:51:26.980 openly

00:51:27.420 and trade-offs

00:51:28.720 are named

00:51:29.540 in public

00:51:30.080 documents

00:51:30.700 and that

00:51:32.020 unavoidable

00:51:32.780 decisions

00:51:33.240 are shown

00:51:33.880 to actually

00:51:34.660 be choices

00:51:35.700 and even

00:51:37.980 if outcomes

00:51:38.560 lag

00:51:38.900 the opacity

00:51:40.240 has ended

00:51:40.840 that alone

00:51:42.660 is going to

00:51:43.460 restore agency

00:51:44.340 that will put

00:51:45.240 Britain back

00:51:45.840 on the path

00:51:46.400 to being

00:51:46.820 restored

00:51:47.300 and the

00:51:48.340 downside risk

00:51:48.940 they need

00:51:49.300 to visibly

00:51:49.900 move upwards

00:51:50.820 ministers

00:51:51.980 need to be

00:51:52.540 clearly

00:51:52.980 accountable

00:51:53.500 for outcomes

00:51:54.260 delay

00:51:55.780 and non-decisions

00:51:56.980 need to carry

00:51:58.080 reputational

00:51:58.920 costs

00:51:59.460 and officials

00:52:01.760 act faster

00:52:02.860 because the

00:52:03.700 cover

00:52:04.120 that minister

00:52:05.320 is providing

00:52:05.980 is explicit

00:52:07.000 and sits

00:52:09.080 with them

00:52:09.480 and the state

00:52:10.900 begins to move

00:52:11.520 again

00:52:11.800 not smoothly

00:52:12.740 but it does

00:52:13.540 move decisively

00:52:15.160 you'll see

00:52:16.680 immigration falling

00:52:17.780 because an

00:52:18.780 adjustment is

00:52:19.700 happening

00:52:20.040 wage pressures

00:52:22.740 are rising

00:52:23.500 in tight

00:52:25.060 labour sectors

00:52:25.800 some low

00:52:28.000 productivity firms

00:52:28.980 are going to

00:52:29.700 fail

00:52:29.960 housing pressure

00:52:32.020 begins to

00:52:32.540 ease at the

00:52:32.940 margin

00:52:33.240 and population

00:52:35.320 growth slows

00:52:36.160 but it's

00:52:36.700 understood why

00:52:37.400 because it's

00:52:38.600 not being

00:52:38.900 propped up

00:52:39.260 by immigration

00:52:39.800 and what the

00:52:41.780 public will

00:52:42.240 see is

00:52:42.820 coherence

00:52:43.740 not cruelty

00:52:44.420 and yes

00:52:46.280 growth will be

00:52:46.860 slower

00:52:47.120 be honest

00:52:47.600 about it

00:52:48.140 headline

00:52:48.840 growth may

00:52:49.520 well soften

00:52:50.040 productivity

00:52:52.480 focus will

00:52:54.220 replace

00:52:54.760 population

00:52:55.620 fuelled

00:52:56.000 expansion

00:52:56.500 and the

00:52:58.720 fiscal

00:52:59.580 language

00:53:00.180 it will

00:53:00.560 shift

00:53:00.960 from

00:53:01.260 fantasy

00:53:02.280 to

00:53:02.540 prioritisation

00:53:03.580 and the

00:53:04.660 markets may

00:53:05.120 grumble

00:53:05.440 but they

00:53:06.400 will adapt

00:53:06.880 and quite

00:53:07.240 fast actually

00:53:07.940 to credibility

00:53:08.980 faster than

00:53:09.800 denial

00:53:10.220 they are very

00:53:11.460 long on

00:53:11.920 denial

00:53:13.500 if the bond

00:53:14.940 markets want to

00:53:15.580 invest in

00:53:16.280 denial

00:53:16.760 debt

00:53:17.700 they've got a

00:53:18.720 lot of

00:53:18.980 options

00:53:19.380 give them

00:53:20.640 credibility

00:53:21.140 and I think

00:53:21.880 you will be

00:53:22.280 pleasantly surprised

00:53:23.140 and the system

00:53:24.540 will resist you

00:53:25.280 if you're

00:53:26.160 succeeding

00:53:26.560 but if you

00:53:28.380 followed my

00:53:28.800 advice it will

00:53:29.480 fail to

00:53:30.120 neutralise you

00:53:30.940 and that's a

00:53:32.140 really important

00:53:32.780 success signal

00:53:33.540 legal challenges

00:53:37.120 will increase

00:53:37.820 and media

00:53:39.560 hostility from

00:53:40.400 the establishment

00:53:40.920 press will

00:53:41.900 intensify

00:53:42.740 and the

00:53:44.560 institutional

00:53:45.440 discomfort will

00:53:46.120 be obvious

00:53:46.600 yet

00:53:48.020 key reforms

00:53:50.280 will survive

00:53:50.900 your precedence

00:53:52.340 will be set

00:53:53.120 vetoes will

00:53:54.400 no longer

00:53:54.860 feel absolute

00:53:55.480 and this

00:53:58.080 resistance

00:53:58.640 without reversal

00:53:59.480 is progress

00:54:00.920 and the

00:54:02.460 public will

00:54:03.040 start to

00:54:03.400 recalibrate

00:54:04.020 their expectations

00:54:04.980 perhaps the

00:54:06.460 most important

00:54:06.940 outcome will

00:54:07.340 be fewer

00:54:08.960 promises but

00:54:09.880 more honesty

00:54:10.860 and less

00:54:12.240 theatre

00:54:12.700 more seriousness

00:54:14.100 people will

00:54:15.640 begin to

00:54:16.520 believe that

00:54:17.340 the state is

00:54:18.080 acting for

00:54:18.820 them

00:54:19.120 telling them

00:54:20.460 the truth

00:54:20.920 making choices

00:54:22.580 rather than

00:54:23.100 hiding behind

00:54:23.860 process

00:54:24.400 and that

00:54:26.520 belief is

00:54:27.280 the seed of

00:54:27.900 long-term

00:54:28.280 legitimacy

00:54:28.860 what success

00:54:31.300 does not

00:54:31.960 look like

00:54:32.620 and must not

00:54:34.340 be promised

00:54:34.880 be explicit

00:54:36.320 about what

00:54:36.840 will not

00:54:37.380 happen quickly

00:54:38.120 birth rates

00:54:39.360 will not show

00:54:40.020 up this

00:54:40.280 parliament

00:54:40.620 demographic

00:54:41.740 repair is

00:54:42.820 generational

00:54:43.740 debt reduction

00:54:45.100 is slow

00:54:45.600 institutional

00:54:47.120 culture and

00:54:49.220 change will

00:54:50.340 lag the

00:54:51.340 incentives

00:54:51.860 so say it

00:54:53.660 clearly

00:54:54.000 paradoxically

00:54:56.780 fewer promises

00:54:59.020 the more the

00:55:00.480 trust will

00:55:00.940 raise

00:55:01.220 and the

00:55:03.400 emotional

00:55:03.740 component of

00:55:04.400 this

00:55:04.600 people will

00:55:06.240 accept

00:55:06.640 sacrifice

00:55:07.200 if they

00:55:08.460 believe

00:55:08.900 three things

00:55:10.240 one the

00:55:12.020 pain is

00:55:12.400 real

00:55:12.640 don't deny

00:55:14.460 it or

00:55:14.680 sugar coat

00:55:15.140 it

00:55:15.400 pain is

00:55:17.020 shared

00:55:17.520 and the

00:55:18.900 elites are

00:55:19.580 not exempt

00:55:20.540 and the

00:55:22.260 pain has

00:55:22.700 direction

00:55:23.300 it leads

00:55:24.680 somewhere

00:55:25.160 your task

00:55:26.960 isn't so much

00:55:27.560 in this respect

00:55:28.080 economic

00:55:28.700 it's

00:55:29.420 psychological

00:55:30.160 hope does

00:55:32.300 not come

00:55:32.940 from comfort

00:55:33.620 it comes

00:55:34.560 from meaning

00:55:35.300 and trajectory

00:55:36.540 the line

00:55:38.980 that defines

00:55:39.540 success is

00:55:40.360 by the end

00:55:41.260 of the term

00:55:41.780 if the average

00:55:42.640 voter can say

00:55:43.580 sure things

00:55:45.060 are hard

00:55:45.540 but for the

00:55:46.060 first time

00:55:46.480 in decades

00:55:46.960 it feels

00:55:47.460 like the

00:55:48.040 country is

00:55:48.420 being run

00:55:49.000 for our

00:55:50.280 future

00:55:50.660 not just

00:55:52.220 managing to

00:55:53.300 get through

00:55:53.620 to the next

00:55:54.100 day

00:55:54.420 if that is

00:55:56.040 the common

00:55:56.400 sentiment

00:55:56.760 you have

00:55:57.100 succeeded

00:55:57.540 now it

00:55:59.340 doesn't

00:56:00.440 necessarily

00:56:01.160 mandate

00:56:02.080 or guarantee

00:56:03.220 electoral

00:56:03.700 success

00:56:04.200 but you

00:56:06.480 will have

00:56:06.780 put Britain

00:56:07.320 back on

00:56:08.140 civilizational

00:56:09.040 success

00:56:09.480 if you do

00:56:09.840 this

00:56:10.100 the deeper

00:56:10.980 truth is

00:56:11.380 that systems

00:56:12.100 like Britain's

00:56:13.040 do not

00:56:14.320 collapse

00:56:14.840 because leaders

00:56:16.040 take risks

00:56:16.760 they collapse

00:56:18.620 because leaders

00:56:19.560 refuse to

00:56:20.840 if you tell

00:56:23.060 the truth

00:56:23.480 about trade-offs

00:56:24.240 and reassign

00:56:26.620 risk honestly

00:56:27.300 and accept

00:56:29.180 slower

00:56:29.960 improvement

00:56:30.720 in exchange

00:56:31.720 for a real

00:56:32.540 direction

00:56:33.100 you will

00:56:34.540 not be

00:56:34.940 loved by

00:56:35.240 the

00:56:35.400 institutions

00:56:35.920 you may

00:56:37.280 not even

00:56:37.620 be

00:56:37.800 universally

00:56:38.280 popular

00:56:38.760 but you

00:56:39.980 will have

00:56:40.260 done the

00:56:40.760 rarest

00:56:41.280 thing

00:56:41.620 in British

00:56:42.600 politics

00:56:43.180 you'll have

00:56:44.780 given the

00:56:45.220 public

00:56:46.340 a credible

00:56:47.280 reason to

00:56:48.560 believe that

00:56:49.200 tomorrow can

00:56:49.920 be better

00:56:50.360 than today

00:56:50.960 and that

00:56:52.720 is what

00:56:53.060 success looks

00:56:53.720 like under

00:56:54.140 this constraint

00:56:54.860 Nigel I

00:56:56.280 have tried

00:56:56.720 to give

00:56:57.040 you the

00:56:57.360 most sincere

00:56:58.200 and helpful

00:56:58.860 advice I

00:56:59.620 possibly can

00:57:00.580 I don't

00:57:01.940 know if

00:57:02.180 you're going

00:57:02.360 to see

00:57:02.660 this

00:57:03.000 I put

00:57:03.880 a lot

00:57:04.140 of

00:57:04.260 thought

00:57:04.480 into

00:57:04.700 this

00:57:05.040 pretty

00:57:06.760 sure

00:57:07.180 this

00:57:07.800 is

00:57:07.940 exactly

00:57:08.820 right

00:57:09.760 please

00:57:11.200 hear

00:57:11.420 it

00:57:11.640 I

00:57:14.120 there

00:57:14.640 eyes

00:57:17.440 because

00:57:18.200 we

00:57:18.500 are

00:57:20.320 here

00:57:20.860 and

00:57:22.180 hi

00:57:23.080 you

The Podcast of the Lotus Eaters - February 24, 2026

FREEMIUM： Brokenomics ｜ Advice to Nigel Farage

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