More or Less How do you count millionaires?
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Sep 18, 2024 The discussion kicks off by questioning the departure of millionaires from the UK due to new tax policies. The accuracy of these claims and the potential impact on wealth distribution takes center stage. Insights into the economic contributions of migrants reveal surprising similarities to native citizens' earnings. The podcast also dives into the Baumol effect, exploring its influence on public services like healthcare and education. Finally, the vital role of data in life-and-death situations underscores the power of statistics in shaping real-world outcomes.
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Millionaire Migration Methodology
- Headlines claimed 9,500 millionaires would leave the UK due to Labour's tax policies.
- New World Wealth's methodology for this figure relies on extrapolating from a potentially unrepresentative sample.
Asylum System Costs
- The cost of the UK asylum system was estimated at just under £4 billion for 2022-2023.
- Increased housing costs, specifically hotel use, drive this cost, not increased services.
The Baumol Effect and String Quartets
- The Baumol effect uses the example of a string quartet to illustrate unchanging productivity in some sectors.
- This is compared to rising productivity and wages in other sectors, leading to increased costs in less productive areas.