Moneywise Doctor Chancellor's Autumn statement

Life. So, welcome back to the Money Wise podcast. And today on the Money Wise Doctor podcast, we've got Andy. Andy is a special guest. He's from the Wealthy Post. The Wealthy Post is a fantastic personal finance blog and I usually say if I wasn't writing the Money Wise Doctor and I needed to point someone to the blog post to read, I'll send to the worldly post. In fact, I still recommend it as an excellent source for practical personal finance advice. But today we're not going to be talking too much about Namdi's plenty portfolios and the shot for Namdi because he's a man of many, many skills. Today we are going to be delving into the words of a different man, and that's Chancellor Jeremy Hunt, who has today published the much awaited, much anticipated Autumn statement. So Andy and I are going to be dicing into that statement and, and to work out what it actually means for your wallet, how it impacts you personally. We're not talking about how it impacts the budget of the whole country or the macroeconomies, we're talking about how it impacts you personally. So you're welcome to the Money Wise Doctor podcast, Andy.

Thank you, Andy. It's nice to be here finally. It's been a long time.

It's been a long time.

Yeah.

Fantastic. Right, so. So what's your general. And I know you probably looked into this and you know your newsletters come out on Thursday, so I guess you'll be all over this by now. What's your general impression? Did you think it decided, was it a disappointment this meet what you felt it was going to do? What was the general impression of the Autumn Statement?

Well, I think personally I had very little expectations. But what I heard from the, from the Chancellor today, all I could hear while he was, because I was at work during that. But I still find time to listen to it. Right. Because of the kind of work that I do my nine to five, I had the opportunity to be able to take time off and watch the whole thing. All I could hear was pray for politics. I could, I just saw a man that was saying things to win over votes. Right. And we'll dive into the details. But that was my initial impression. And when I dug deep, looked into some of his statements and read some parts of the document that have been published on the Gov UK site, I realized that, yeah, I wasn't too far off. But that's not to say that the statement was a total disaster. There are still some good aspects of it, but overall you could just see the hand of politics playing all through. Yeah. What are they?

Right.

They are politicians. So.

All right. I mean, at the end of the day, they are politicians when you think about it. And the election is around the corner, people are shop debates. Well, want to hope that they are taking the economy serious enough and they're not playing politics with the economy of the country. But I get, I get where you're coming from. Right, okay. So should we jump into the main highlights? I think one of the main things that. Sorry. One of the main things that caught my attention was the tax adjustments for business growth. So I did, I did publish about this on the blog on moneywildoctor.com now the Chancellor announced permanent allowances for businesses to deduct spending on tech, machinery and other equipment on. From taxable profits. Yeah. What did you think of that?

I think it's a good initiative. I know it's kind of, it's different from what the rest of the world, what they are trying to do with regards to businesses. Right. So a lot of businesses are trying to give in, give money.

Right.

They are trying to more of like subsidize. But I see the, the you can. This is one of the good initiatives that I, I would say that the government implemented their taking the other approach where businesses, instead of spreading your deductible expense, the deductibles over a couple of years, you can take up all the expenses up front and that will drive investments into businesses. So businesses would be happy to invest a lot of money. Hopefully the source of that investment into the business is also from the uk which just multiplies the economy. Exactly. The economy. Just like a boost to the economy. So that's a good one for the, for the UK economy.

Yeah. Right. So that's not just a political point.

Exactly.

Is in that genuinely stimulating the economy. Because when we talk about this business, we are talking about small businesses, we're talking about little business. I can see they focused it on tech, machinery and other equipment. So actually that, I mean they can keep more of their money back as long as they're investing it on developing their businesses.

Exactly.

Yeah. I think that could, that could stimulate the economy. But it's usually a bit of a, it's not a medium long term stuff. It's not like giving people cash to say it out and help out or any of that jazz this time around. Looking at how you can actually sustainably improve and boost the economy rather than just giving everyone a little money to go out and increase inflation out there.

Exactly. And yeah, that was Why? I said the. I think even the us they are doing the approach of giving money. Right. And a lot of other economies are doing that to boost the economy. That is like common economics. Like, just like Covid, the economy is in dire state of, in a dire state and you just pump money into the economy. But like the uk, we've seen the effects of that spending during COVID and I think they are just trying to take a different approach. Instead of the government giving that money, you, the business, find that money or look for investments from abroad, bring it into your company and spend it and then we will make it easier for you to claim this money in a way that you want to, you want to claim initially. So, yeah, you would just encourage businesses to look for investments. Yeah.

That is fantastic. I mean, thinking of the. What happened during COVID and all that time, I mean, the economy was flatlining. So if I have to go back to my, my, going back to my background as a doctor, we think about flatlining. That's when the heart is no longer ecg. You're married to a doctor. So I, I'm sure they doctor by association. And so what the government was doing was cpr. They were trying to, you know, res the economy, sustain the economy somehow. That was the whole scramble of putting money, giving bounce back loans and all that. So I think this is a very good one. It's a plus from the Chancellor because anything that can encourage small businesses, small and medium businesses to sort of like improve what they can do, that's a big massive plus. Right, okay. Are there any other, I mean, looking through the points, are there any other ones that stand out for you? Any specific ones in terms of the points?

Well, for me, I think the ones I delved deep into was the personal finance. That's our space. Right. So I made a note of this business, what he said with regards to businesses, but I didn't really focus on the businesses. It's something that I need to look about. I think the biggest one, which I know we will definitely talk about is regards to the tax and I. There is a lot. And also with the isa. So there's, there was in, in his statement, he didn't mention, he didn't talk so much about isa, but I found out a lot more when I looked at the, the, the document because before to today there have been rumors about what would happen with the ISA and, and all of that. So when he didn't mention a lot of that, I had to search out ISA in that document just to be.

Sure that practical did you think that was practical? I said how come none of it was mentioned but everybody was anticipating isa changes but somehow he didn't mention is buried in the document for those who actually go to read it.

Yeah, yeah, I, I think it might, it might be tactical. It might be. I don't know if it's a time factor, but I'm sure these guys have done the pros and cons, right. They don't want something that the opposition would be able to pick holes in. So they are going to present their best, they're going to bring their best forward. Yeah, it might be that, it might be something else. But I just, it's, I didn't, I didn't, I didn't hear that. And I think for me those are the two big ones that would, yeah, other ones and everything, to be honest, but those two really stood out to me.

Right, so what we do, we go through the points one by one. We've done the business part, which is the part that obviously jumped out at me because of what I do. And then you're doing the personal finance. So we'll go through of them one through every one of them. So the national insurance courts a notable reduction in national insurance from 12% to 10%. That's, that's 200 basis points. That's 2% reduction. That is big when you compound it. I mean, we can go into compounding later, but when you look at it, it says it's along with the abolition of the Class 2 National Insurance for lower earners. I think it spells good news for many. What do you think about that?

It's, it's a very good, it's good. And initially when I heard about it, I was, oh, okay, this is very impressive. Right. Because the way I don't, I don't know if you listen to that statement, but the way Jeremy Hunt said it was, oh, we are going to be cutting taxes not by 1%, but we are going to take it a step further and cut taxes by 2%. And know the way he presented it, oh, this is very impressive. But I also remember that in, I, I think in the budget earlier this year, or is it last year? I think it was in the budget this year they froze income tax till 2028. And yes, this now made me realize, okay, you froze income tax, which would, is more of like what we called stealth tax then, where people would gradually creep into that new tax bracket without even having a, a proper period. Just the fact that your pay is going to increase with, in line with inflation, many People would go into that tax. Right. And now you are cutting national insurance. That was what made. Those were one of the points that made me think that is this political in nature? Because the. If you really want to help me as a payee, as an employee, the best thing you can do is to scrap that freeze that you did earlier in the year and say, oh, okay, we made a mistake, scrap that and it will be fine. But instead you've left that. So you are taking a thousand pounds from me and you are giving me £100 for me to be happy in the short term, but in the long term till 2028, I'm going to be paying a lot more. So for me I think that was very disconnected, but it still is. Is that that burden? And people would need to ask themselves and if you look at even day timing, usually things like this, they would implement it in April, but, but for this one, they said they're going to implement it in January. So people need to start asking themselves that extra 400 pounds in a year. Maybe, maybe that would equate to 30 pounds every month, depending on what your income is. What are you going to do with it? Right. And that could even be a bigger discussion as regards to, we know when we say lifestyle creep and things that people need to actively plan for these things because in the next two years, if the policies remain the same and you don't increase, you don't change jobs or your in your income does not increase drastically, you're actually going to be earning less because definitely you will be paying more tax. And, and so yeah, those are the things that just that, that jumped out to me with that statement.

But yeah, so what stands out from what you're saying is people need to think about the extra savings they're going to make the extra saving to make from that less national insurance, rather than think, oh I'm just going to go out and spend it on something. They're saying people need to think about how to spend that if possible, if you can possibly start contributing that increase that extra money to your savings or investment or. Because you are right without it already, so.

Exactly.

Exactly. If, if you, if you've managed without it. So it's avoiding that sort of like temptation and lifestyle creep. I'm sure we can go down to the numbers of what taxes are going to be in the future. It all depends. There's an election at some point and who knows, who knows what government is going to come in place, what policies they might put in place.

Yeah, yeah. And, and that's the. That's the reality of things. Right. Because these policies, there's no guarantee that will remain the same even even with the current government if they end up still continue being in power they could turn their hands back and decide to change one or two things. So yeah, somebody told me that there is one constant in the UK and that's the government ever changing. Ever changing policy. So whatever you get at the moment, just try and enjoy it tomorrow.

Yeah. This has. I mean from my point having not been. Not being born in the uk moving to UK as an immigrant, I think that's about. That's the same with you. One thing I learned about policies that if there's an opportunity, there's a new window. If it's the advantage you want to maximize, make advantage, take advantage of it. Because the policies can change quite quickly. Whether it's an immigration health surcharge or exactly the opportunity for a scholarship or wanting or the other interest rates when we're like trying to buy a house or mortgage or buy to let don't assume that things are going to remain the same. Only just about a couple of years ago we are looking at interest rate at 0.1% and now we're looking at 5% as a good deal.

Yeah.

Right, right, right. Let's look at the other one. I think this is well in your wheelhouse as well state pension increase. I know neither myself, your or yourself is anywhere near state pension. Probably double our age before we get there. Maybe.

Yeah.

A bit less.

Okay. Yeah. Double.

Yeah. Hopefully. Hopefully the. The age for state pension is not increased now but pension increase pensioners will see an 8.5% rise in state pensions from April in line with the triple lock promise. Just for people who are not. Who don't know what age are you eligible to assess state pension. And then you can touch a little bit on this one. Yeah.

In order not to the pension age I think is 67 or 65 going to 67 if I'm not mistaken. Right. This is a very. This is dicey and I really on the surface. So you would look at this and you would say that this is good. And the truth is it is because these guys there are a lot of people that depend solely on the state pension to survive.

Yeah.

For whatever reason that's their only source of income. And you can just imagine someone that depends on the state pension to. To survive inflation has. The way inflation has gone up and so I think, I think this is a welcome one and it's good that the government is looking at Them not to forget that these guys got an increase either at the beginning of the year or last year. I can't remember the exact time now, but they got an increase some time ago. And the triple lock to explain what that triple lock means is there are three criteria where the government would have to constantly look at and whichever one is the highest the government has agreed or they've put their self under an obligation to increase the state pension on that highest amount. And the three criteria is 2.5% I think is wage increase and also inflation. So there was an increase earlier in the year based on inflation, I think around 10 or something like that. And now there is Another one of 8.5 based on the national wage increase. So it's good for the pensioners. But there is a bigger problem to that which I would want us to touch on later. But I think overall for a pensioner that depends solely on the state pension, this is a welcome, a welcome news. At least they would have something breather. Yes.

Yeah. I mean basically with, with the cost of living crisis. Exactly. Which is the ever present silent tax. A lot of people who are especially pensioners who depend solely on it. It's quite tough to be honest. So I mean my clinical work, I come across people who generally they've worked hard all their lives and they're expecting that this is their golden years. And yeah, they're struggling. Well that's, that's a good one. I, I think I agree with that. I look at the next point. Housing and planning boost. I say a lot of my real estate friends, they seem very happy with this one and they are going crazy about it. I wasn't in a big rush to celebrate or to drum roll out the drums yet. I thought well, let's see how this rolls out. They've mentioned here plans to speed up business planning applications to build more homes and increase local housing allowances. I think last just a day ago I was speaking with Dr. Mayo. So Dr. Mayo is a builder, he's a medical doctor, he's a gp but he's diversified into building homes. He's in multiple projects. So I think part of the issue that people do come across with real estate is permissions, planning permissions. I can't say I'm an expert in understanding planning permissions but it seems like the government understands basically that look, there are not enough houses and this is why people are struggling. This is why rents are going up. And at the same time with the current financing situation, with the taxes on buy to let a lot of landlords selling. So what I think this one is aimed at is trying to speed up, you know, the amount of housing available, investment in housing and encourage people to also invest in that sector. What do you think?

Yeah, I think it's a good one. Like you, I'm not really an expert in housing, but I think it's a good one. But with, we put, with policies like this, the, the devil is in the details. Right. And implementation is where we would see either this policy come together or fall apart. The government can come out and say they want to speed up and they want to do one or two things to speed up that bottleneck. But there needs to be. I need, I know they need to put other things in place in order to make that reality. And that's where we'll just have to watch and see this one. It's not something that.

Yeah, we have to watch and see. We have to watch and see really to see the outcome. Yeah, I agree. And now there are a few other things. Economic forecast. While the Office of Budget Responsibility raised the growth outlooks for the year, so they're being quite optimistic. Forecast for 2024 and 2025 have been downgraded, including a cautious economic path ahead. So that doesn't, that doesn't sound the same as being optimistic, does it?

And the Chancellor was all jolly comparing us with other economies and saying we are growing faster than all the rest. But the details of the OBR report shows a different picture entirely. And you see that's where that's, that's one of the things I was saying with politics. Some things were said. He felt like the guy was maybe giving a white lie or something, not, not presenting the full picture and looking cool on, on tv. But yeah, it's, it's one of the, it's one things to, to be honest, I think personally I've lost hope in forecast both the one that the OBR gives whoever it is because so far none of those forecasts have been accurate.

Yeah. Why do we bother? Yeah, why do human beings even bother with forecast? I mean it makes you sound intelligent, it gives you hope. But forecast keeps showing to be wrong again and again. And one of our favorite authors, obviously I know you also read Nasim Talib Black Swan and Fooled by Randomness. I think his whole point is rather than try to predict the future, prepare for any eventualities.

Prepare exactly.

Not knowing what the future will be bring. That's being robust.

Yeah.

Rather than being fragile. So I agree with you. Maybe wouldn't put too much faith in forecast.

Trust me. If, if there is anything, just if this, if, if, if whatever they've said in the forecast, just make it a little bit worse or a lot more worse and expect that as the reality because they would have never seen a situation where they would give a, you know, in, in project management, right. We, we tell people, we say that you under promise and over deliver.

Over deliver.

Yeah but with politicians it's the opposite. Over promise and under deliver time and time again. And that's the same with forecast. They will tell you it's all going to be this but just expect something a little bit less.

So, so you're saying even when the forecast has all this wonderful ground and look so technical and looks that's, that's.

Somebody'S job, the person has to justify the paycheck, right?

No, I think what we tend to advise, especially on moneywise doctor.com and I'm sure you probably take the same approach on the worldly post is from you can't forget about macroeconomics. Plan for yourself. Make basic plan plans like have your emergency fund, make sure you're investing. Have a plan for investing consistently in a simple passive way. Except you are exactly, really, really quite good at, you know, picking stocks. And a lot of people think they are good, but they're not good. If you check their 20 years track record, they're not doing very well. Some of them may have been lucky once or twice. But basically no matter what the forecast is, practice healthy personal finance, practice personal finance hygiene, have your emergency fund, have your life insurance. If you are talking about saving, have a good saving habit. Save automatically and make sure you're investing consistently. The rest will take care of itself no matter what the economy. Economic forecasts are a lot of times might make things a bit hard. Might mean that you might, your portfolio might go up and down. But trying to make bets based on forecast we have, we've all seen time and time again historically and even in recent culture. I'm sorry, recent, recent events, how that can be quite misleading a lot of times. Yeah, I'll have to agree with you on that.

Yeah. And, and also just to add to, to, to what you've said, right. For example, you look at the inflation egos. I sent out a newsletter some weeks back and I was telling the people in my community that the government is celebrating all the newspapers, everyone is congratulating each other that we've halved inflation. Inflation is now 4 points, whatever percent. But a lot of people did not do the extra work to look at the details of these inflation figures. So you have the headline figures and then you now have one makes up that headline figure. And it's very clear. Why did inflation drop so sharply from one month to the next? Is because of energy. Energy, the falling energy price. Just that alone. But every other thing is going up. Food is still going up.

Yes.

Housing, the cost of owning a home is still going up. People are not seeing all of this, but all everybody is saying energy came down and that brought the like the average. Average down. And there is this useful tool that I found out recently. I think it's called Sky's inflation Calculator or something where you can put your everyday things you use every day into that calculator as much as you can find and see what your personal rate of inflation is. I did that with spaghetti, spaghetti Bolognese. That, the spaghetti that I love so much. What is the rate of inflation for spaghetti? For me it was around 22%. And I'm like, Yes, to prepare it.

Something different. Maybe.

When you start putting on. And it's the same way a lot of people, I think food is, is the, is the, is the most. Is the one that is so high. I think food even went up from the recent one. And if you look at that just this year, food has been going up in double digits I think since last year, since COVID which of course is not the government's fault. Technically. There are other factors that came into play to make that what it is. But people need to stop looking at this. The headline figures. Headline figures that the government to put. And that applies also to, to, to, to, to the things that government would. Would predict that would happen in the future. You need to look at your own personal finance. And that's why they say personal finance is very personal.

I mean it's not worth. Yeah. If you, if you jump into that inflation, I'll say going from. In terms of. For many years having been in the stock market, a lot of times you have to check whether you're actually really making alpha. That means are you beating the market indexes or is it just inflation that has actually just pushed your portfolio up? So you find out a lot of times many governments actually don't use the inflation figures that they put out for their own planning. They use cpi, which is similar to what you did consumer pricing decks. Sort of brings a basket. It sort of is almost like bringing a basket of your daily goods. A bar of soap, a bottle of milk, your spaghetti. And then check what did this cost me in December of November now November of 2022. And what would it cost me? The same. And it's not the same as you found out, that some people actually reduce the size. We hear about some of the, you know, manufacturers reducing the quantity and that's a certain. Funny, funny. Is that a sort of inflation? Now.

You can term that as also inflation, to be honest, because you increase the price.

Increase the price but reduce the quantities. Like a double combo.

Yeah.

Wow. But 22% is a massive, massive, massive rise.

I would, I would, I would advise everyone to go and look for other. Just Google sky inflation calculator. It doesn't have everything I have to give it but with the little things. And you could use your food, anything you want to buy, like just use things that you spend on every day because that's where it really matters. This CPI calculation factors in things like electric bike or. Yes, you don't buy electric bikes every day. No, you buy it maybe once in 10 years, if you even buy it at all. Like I don't have an electric bike. I don't think I'm planning to buy one anytime soon. But all of these things make up that, that, that figure. But what I use every day, right, I eat rice or pasta or chicken every week. I go to buy these things in the store. What are the inflation figures? I fuel my car every month or wherever. What is the effect of that on your post? That's what really matters. You are paying your energy bill, your water bill and sewage. What is the rate of increase next year? April, a lot of people, their council tax will go, go up at what percentage is that? That is what really matters to a lot of people and not what you see in the headline. Especially if that headline is not the true reflection of what people are going through.

Right, Right. I think that's quite a huge point. I mean basically it's looking at inflation figures that matter to you personally, matter to your family, not just some sort of government headline inflation. But again, another point to look at is knowing what the inflation figures are. It's important. But some people ask, well, if they have to check inflation on food, it's not like it's going to change anything. They are still going to want to eat the same food. But I think it might inform or it might affect the way people accept figures. They might take it with a pinch of salt and who knows how it here, how it informs political, political choices and how people decide to vote. We're talking about the financial beef.

And this is not a, this is not saying that if he informs your choice to pick another government that they will do a lot better. Right.

You think they're all the same, don't you?

All the same. They're all caught from the same clothes.

I mean, there might be some little, little differences in the type of noises they make, but you have to take. You have to take your own. You have to take responsibility for your own finances. The government is there to provide policy guidance, regulation. They might provide the framework, they might even provide some time since infrastructure provide security. But they're not going to sort out your personal finances. We know that for sure. You still have to take charge of your personal finances. That's brilliant. Fantastic. Now there's. What is one. I think the personal tax impact of this. I think the main national insurance rate cuts and alcohol duty freeze are among the changes that could directly impact personal finances. Now a lot of my readers are moneywise, doctor.com are doctors. I don't know how much alcohol they drink. Do you have a lot of boozers on your. On your letter?

I wish I. I know the answer to that question. Right. That's.

Maybe you should take a poll. If you find out that a lot of people are angry because of the taxes being raised on alcohol, you might find out what's going on.

Yeah. Yeah. Well, right. We. We. What I've heard. I'm not sure I've heard anyone complain with. About how expensive alcohol is.

Yeah. Rich cult and alcohol duty freeze. Sorry. It's actually a freeze among the changes. All right. So pensions and benefit updates. I think there was a change with universal credit and other benefits. I think this is really quite important, especially with people who are in a low income or people who are down on their luck at the moment and they don't seem to. I mean people relying on benefits at the moment, especially with the whole rising cost of living. I think this one sounds like a bit of good news. It says the universal credit and other benefits will rise by 6.7%. The state pension will increase, potentially add up to 900 pounds. Up to 900 pounds more a year for pensioners. We've talked about state pension. So for universal credit as well, there's going to be that rise.

Yes.

Hopefully we'll put more money in the pocket of those who actually need it most. Right. Living wage increase.

And also just to add to benefit, there's also a part of benefit I found very interesting and that's housing benefits. So housing benefit. The. The allowance. There's housing allowance rate. It was frozen for some time and that was one of the things that Jeremy Hunt said they unfroze that housing allowance to be able to match up to the bottom 30% rate of rent in your local area. So basically my understanding of that is people that would qualify for housing benefit the government would only give you up until up until will give you benefits up to 30% of what the lowest 30 30% housing benefit the the allowance there's housing allowance accurate for the rent in your area. So if you want to look for a house or it was frozen for some time and that was one of the things that Jeremy Hunt said it was they unfroze that housing allowance to be able to match up to the bottom 30% just to be within that rate for you to be able to get that money anything outside that you might need to pay out of pocket or at least that was my understanding I haven't looked into it but that's good because a lot of there have been a lot of talk as regards to homelessness we know rent is increasing landlords have to also pay mortgages and they have to feed their family. So everyone is increasing rent and this is a good one so that people that need this benefit they are also able to pay but the only part that wasn't that high rate of rent in your local area. So basically my understanding wasn't so clear is is this have this rate been set again as a new new new level or would it keep increasing as housing and rending of that is people that would qualify for housing keep going up in future Right So that's that part isn't I wasn't so clear on that but I think it's a good one how this housing benefit changes that's causing benefit the government would only give you up until up will give you benefit up to 30% of what the lowest 30 30% I mean the days.

Ahead will answer a few more questions basically for some of us who are them who landlord a bit you find yourself maybe going to renew your mortgage and finally you have to pay the.

Tenant accurate for the rent in your area. So if you want to look for a house or to live in your.

House now because exactly yeah the tenants.

Rent is less just to be within that for you to be able to get that money Anything else is less.

Than the mortgage when you pay when you look at the mortgage interest inside.

That you might need to pay out of pocket or at least that was.

My understanding Taxes and insurance when you.

Look at the and manufacturing how much you're supposed to keep aside looked into a band that's good because a lot of there have been A lot of talk for maintenance. Right. Which is. Yes also important. Yeah, very true.

Exactly right. That's. That's. That's a big one. I think it's a very big one. But one one which I think is.

Even much bigger is living with as regards to homelessness. We know rent yeah. Is increasing. Landlords have age increase.

This is where in your wheelhouse I said an increase in the living wage from a living way to 11.11 to.

Also pay mortgages and they have to feed their families. So everyone is increasing rent and this is a good one so that people that need this benefit they are all.

Pounds 44p from April 2024 so able to pay.

But the only part that wasn't that.

I first of all what was the current living way just for. For those of us who are not because it keeps from when I first started working and now there's been a big big change from what the living wage was.

Yeah, I think I'll need to google that. I think wasn't so clear is. Is this. Have this rate been set again? I am as a new new new level. I think it was 10 point something.

Okay.

I think it was 10.

Living wage UK. So current living wage UK says over.

460,000 or would it keep increasing as housing and rent people working for 14,000.

Real living wage wage raise. Right.

£12 an hour and keep going up in future. Right. So that's. That part isn't.

I wasn't across the UK I don't think this is the current one. If it's rising to so according which is 1140.

11 point. Yeah, 11.44.

Yeah. Yeah but the mention here that is.

Actually rising so it's risen from 9.8% so it's not so clear on that but I think it's a good one how this housing benefits it changes.

That's great. I mean the days ahead will answer a few more questions.

Yeah, definitely. That is 10 point something. It's not up to 10 basically for.

Some of us who rather them who landlord a bit you find yourself maybe going to renew your mortgage and finally you have to pay the tenant to live in your house now because.

Exactly. Yeah.

The tenants rent is less So I mean 9.8 pounds you mean?

No, the increase is by 9.8% to 11.44%. Yeah, right.

I know, I know as at the time I was a master student this was maybe eight years ago the living sort of the minimum wage and this is less than the mortgage when you pay. When you look at the mortgage Interest, taxes and insurance. When you look at the.

And when you factor in how much you're supposed to keep aside for maintenance. Right. Which is. Yes, also important. Yeah.

It's called living wage. Now the minimum wage was £7 20. And then. Yeah, if you manage to get a job that was paying £7 50, just 30p above. You felt I'm doing all right.

Yeah, yeah, exactly.

Yeah.

I remember my first job in the UK too.

It was exactly right. That's, that's, that's a big one. I think it's a very big one. But one, one which I think is even much bigger is living with slightly.

Above minimum wage and. Yeah, after a few months. Exactly, yeah. And, and that was like one of the adverts or whatever. When you get this amount and when we're working after like a few, few, I think about a month or so, it was incredible increase.

This is. Well in your wheelhouse. I said an increase in the living wage from a living way to 11.11 pounds 44p from April 2024 is the gain.

And everyone was happy. And I'm like, okay, that is life.

That is life. I mean, yeah, now you probably are maybe several, you know, several tens or hundreds above that in terms of where you get power. But if you look back at that point, any 20p increase that made you so happy. First of all, what was the current living way just for. For those of us who are not. Because it keeps from when I first started working and now there's been a big, big change from what the living wage was.

Yeah, I think I'll need to Google that.

I think a lot of times people are thinking, well when I have a hundred million pounds, I'm going to be happy. But that's not real really what makes people happy, is it? What makes people happy a lot of time is that progress, the feeling of moving from one level to another. Whether it's moving from, you know, 10 pounds to 11 pounds 44.

I think it was 10 point something.

Okay.

I think it was.

Living wage UK so.

Exactly.

Moving from 10 million to 12 million. Just that sense of I'm moving forward. Living with UK says over 460,000 and for some other people is losing weight for some other people is gaining muscle for some other people. Progress. Yeah. People working for 14, 000 reliving wage, wage raised. Right. £12 an hour. We say kudos to the government.

It's a good one. And you know, in addition to this minimum wage is the fact that the age was also reduced. That was something that I think it was reduced from 23 to 21 years, which is good. I, I across the UK.

I don't think this is the current one. If it's rising to. So the current living wage is 1140.

Yeah, 11. I really don't know what the financial work.

Yeah. But the mention here that is actually rising.

The financial situation was like before this change for people that it's risen from 9.8% so below 23 what they were entitled to because. Yes, yeah. So I think, I think it's also a good one because there's a lot of people 19 doing this minimum wage jobs and yeah, for at least 21 years. That definitely. That is 10 point something. It's not up to 10% at.

That's good, that's great, that's great. That's good one. So I mean 9.8 pounds you mean? No, the increase is by now pension reforms on the horizon. So the Chancellor is considering reforms to allow for a single pension pot for life, potentially boosting retirement incomes. I love this one actually.

This is very good to be honest. Yeah.

I think it's really, really quite good that who knows how many pensions people have in different ports that they don't even know. They might. It's actually a job for people to say we'll help you get all your pension into one port.

9.8% to 11.4%.

Yeah, right, I know, I know. As at the time I was a master student. This was maybe eight years ago. The living sort of the minimum wage.

There's an app. Yeah, there's. There's a popular app that, that does that. That's.

It's called living wage. Now the minimum wage was £7 20. And then.

Yeah.

If you manage to get a job that was paying seven pounds fifty like.

They are selling, they are selling points. Right, yeah. That you would. All you need to do is to register with us and we'll take over. We'll help you with the back end and aggregate all your past pensions. Both the ones you know and all of that.

And, and for a fee.

For a fee, exactly.

It's not just 30p above itself. I'm doing all right.

Yeah, yeah, exactly.

Yeah.

I remember my first job in the UK too. It was Nothing is free. But this is good because in recent slightly above minimum wage and yeah, after a few times people have been sensitized when it comes to pension. But even how many years have I been in the uk, I have three pension pots in, in, in, in, in, in just my few years and if you look at the facts that humans. Exactly. Yeah. And. And that was like one of the. The recent 20 something, 30 something year old will probably change advert or whatever when they were that you get this amount and we're on jobs every two to three years.

Yes, yes.

You now factor that into. Yeah, you now factor that in to when the person turns 65 and we're working after like a few, I think about a month or so it was increasing. You can now imagine how many pension ports the person is. They gain and everyone was happy and I'm like okay, I would have all over the place. So I think this is a very.

Good one if that is life.

Yeah.

Now you probably are maybe several excellent. I mean in the past people could actually go to school, finish work for one company, IBM or whatever company.

Yeah.

Or for those in the nhs. Maybe some people start their career in the nhs. But you can think of someone like me probably, you know, several tens or hundreds above that in terms of where you get power. But if you look back at that point, any 20p increase that made you so happy walked outside. So my first ever role was outside the nhs. So a lot of times people are thinking that well when I have £100 million I'm going to was doing my Masters, I did some rules and then my first rule as a clinician, as a doctor was outside the nhs, then worked in the nhs, then worked in a different setting, you know and then in the NHS pension. Now outside the NHS pension basically running money wise and all that. So there are different pension products that you might not even think about. But you know, Tesco says every little helps. So if you can find a happy. But that's not real really what makes people happy, is it? What makes people happy a lot of time is that progress, the feeling of moving from one level to another. Whether it's moving from you know, £10 to £11 44. Every little little pot of gold here and there.

Yeah.

Put them together. Who knows exactly moving from 10 million to 12 million. Just ask sense of moving forward in terms of compounding. So I think it is a really, really quite a good one. It's a really, really good one. And kudos. Kudos.

And you know, just like the housing, the policies that was mentioned with the housing, this is also one of those ones where the devil is in the details because it's not good.

And for some other people it's losing weight for some other people is gaining muscle for some other people progress. Yeah. We'll say kudos to the government.

It's A good one. And you know in addition to this minimum wage is the fact that they're going to be an easy job to implement. The admin of doing this currently and in the future is going to be something that the government has to get it right and they of course they have the. The money to do it. Is the government right they can sanction any age was also reduced. That was something that I think it.

Was reduced from the race taxes but. But one thing to think about is in the UK it might be a bit easier to implement. I'm not saying it's going to be easy but there's a way everybody has.

Got from 23 to 21 years which is good. I really don't know what the financial. What the financial situation was like before this change for people.

That's an ni, isn't it? So using that NI to sort of track where your pension ports are. I don't know if it should be a government thing because government is terrible at executing things like this properly. It could be something that every employer or if you are self employed then.

You have to take below 23 what they were entitled to because yes care.

Of your own business. But if, if you say every employer should update the pensions of the employee or the pension. The pension.

Yeah. So I think, I think it's also a good one because there's a lot of people 19 doing these minimum wage jobs and yeah for at least 21.

Years that planning branch of every major employer and even small employers you can say you now have a responsibility the same way government. The government has made it. That's good, that's great, that's great, that's good. One responsibility. I think Abraham Lincoln introduced this several hundreds of years ago in the US income tax that should be deducted as source so withholding tax rather before people went and paid their taxes but now Abraham Lincoln doing his time now pension reforms on the horizon. So the Chancellor is considering reforms as President. This was introduced so the same way government has somehow made it normal for us to allow for a single pension pot for life potentially boosting retirement incomes. I love this one actually this is very good employers to deduct your money as tax before you see it. Maybe they might also be able to mandate if there's the appetite and willingness for it they might be able to mandate employers to be able to get your pension port sorted that is in one single place and that way you can even if you decide to take it. For those who eventually switch to sipp you can actually know what you have Know what you can deploy, know what you can allocate in terms of capital. Right, good. So now this is an interesting one. I know you might say it's not a. Sorry, it's not personal finance, but it's very interesting. We've both been following open AI and everything happening. So our next point is business and AI investment. So if £4.5 billion investment in manufacturing and £500 million for artificial intelligence.

Yeah.

I think it's really, really quite good that who knows how many pensions people have in different ports that they don't even know. They might. It's actually a job initiatives. We are also part of the statement. I know in the last less than one week we've seen one of the most one of people to say we'll help you get all your pension into one port.

Yeah. There's an app. Yeah. There's. There's a popular app that. That does that. That's.

The leading AI companies in the world has been in total upheaval. Fired their CEO. They got. He got hired to become CEO of another branch of Microsoft. That's some old man. And then now I think today is coming back and the board is being fired. So AI is a very, very important one. We cannot neglect AI. In fact, any serious economy that wants to be able to keep up has to be making massive investments in AI or at least encouraging people to like they are selling.

They are selling points. Right, yeah. That you would.

Or you invest in AI. What. What's your take on that One I think.

I think need to do is to register with us and we'll take over. We'll help you with the backend and aggregate all your past pensions, both the ones you know. That's a good one and it's one for the future because like you rightly said, AI is here to stay no matter what the noodles and all of that. And.

And for a fee.

For a fee, exactly. It's not. Naysayers would say. And yes, no one is denying the fact that it can be very dangerous. There are negative implications. But just like the Internet, if some few years back AI is something that powerful that is not going to go away anytime soon. It's going to change.

Are you saying. Are you saying that even if you.

Decide to bury nothing is free. But this is good because in recent times people have been sensitized when it comes to pension. But even how many years have I been in the uk, I have three pension pots in.

Yeah. I mean say, oh yeah, I don't want to do until. Yeah.

Because We've seen in, in, in, in, in just my few years and if you look at the fact that companies.

Or organizations who block, you know, chat GPT said no, no, no, we don't do any AI. In fact there's a word called Luddite, I don't know if you've come across that one. I came across it maybe like 10, 15 years ago. A Luddite is somebody who is opposed to new technology or ways of working. And you know, I love history, I don't want to go into the history of it, but it's far back to when the looms, you know the looms for spinning clothes were invented in the UK and those who were sort of like doing it manually said no, no, no, we don't want that. I think they started smashing it started smashing machines.

And going on the recent 20 something, 30 something year old will probably change jobs every two to three years.

Yes, yes.

Yeah. You know, factor that in to when the person turns 65 and strikes her.

That was where that thing came. So are you saying that there is no point?

You can now imagine how many pension.

Pots, the person being a Luddite, hiding your head in the sun like an ostrich. The AI is here to stay and it's going to transform everything.

I, I, I honestly believe that 100%. And what a lot of people don't realize and just like you, you rightly said. Right. And it's not just with that, that's showing you the history side of things. But with every new technology there has always been people that would say I, this thing shouldn't progress. I don't see how this would be able to affect me. This is for some other people. It doesn't concern me. This is the, this is the devil coming back to life and we need to desist and run away from it would have all over the place. So I think this is a very good one. There would always be that kind. But with every new technology. Exactly. With every new technology it's either you learn to embrace it and move with that current and who knows, be one of the people that would be able to say some years down the line that if not for this new technology, excellent.

I mean in the past people could actually go to school, finish work for one company, IBM or whatever company.

Yeah.

Or for those in the nhs. Maybe some people start their career in the nhs, but you can think of someone like me.

I won't be a part of the millennia or the billionaire gang, the first movers. Right. Or you bury your head in the sand and this technology catches up on you and you don't have a choice but, but, but, but, but, but doing it anyways.

Yeah, probably walked outside. So my first ever role was outside the nhs. This was doing my masters. I did some rules and then my first role as a clinician I a doctor was outside the nhs then worked in the NHS then worked in a different setting, you know and then in the NHS pension Now outside the NHS.

Pension but I think it's, it's that way. But the challenge is which technology would be the one that would change human nature and culture. That's what many people don't know because if we can predict that a lot of us will know where to invest our money, the stocks to invest.

Yeah basically running money wise and all that. So there are different pension products that you might not even think about but you know Tesco says every little helps.

So if you can find and we know that this is going to be a winner. So there have been a lot of technology. No one knows the one that would be change history and our culture and human life the way we see drastically or the one that would be a failure, a disaster waiting to happen. But I think AI is, is in the group where there is going to change human our life the way we see it and it's going to do it. I think it's going to do a lot quicker.

Every little, little pot of good here and there. Yeah put them together. Who knows in terms of compounding. So I think it is a really, really quite a good one. Is a really really good one and, and kudos. Kudos.

And you know just like the housing, the policies that was mentioned with the housing this is also one of those ones where the devil is in the details because it's not going to be an easy job to implement. The admin of doing this currently and in the future is going to be something that the government has to get it right and they of course they have than all other technologies and we've already seen the effects the way people have taken up with Chat GPT and Chat ggpt. What a lot of people don't even know is chatgpt is like the poster boy of AI right they are just the beginning on no, I'm not even saying the beginning is the poster boy is what a lot of people are hearing about is what a lot of people know. There are a lot of AI technologies that are operating operating underneath a lot of these things. Companies that we know have already incorporated AI even before Church GPT became a Thing like yeah, if you look at for example Amazon. Amazon. I've been using AI before ChatGPT. Why would me. Why would I go to Amazon search for a bag or why would I do. And before you know, all my search is, is pointing in one direction. I do a search on. On. On Ms. This Benz on Google Search. And before I know exactly, I'm seeing an advert of Mrs. Benz. That's AI on Facebook. Thank you. You see, it's popping up everywhere. That's AI actually. But have the. The money to do it. Is the government right? They can sanction any the. The. I think the, the difference. And going back to Sam Ozman and what a lot of people are saying, like one of the things that I read on Twitter was the latest development which are GPT.

But one thing to think about is in the UK it might be a bit easier to implement. I'm not saying it's going to be easy, but there's a way everybody has got an ni, isn't it? So using that NI to sort of track where your pension ports are. I don't know if she. If it should be a government.

Some Oatsman gave more of like the. The keys to developers to build your own GPTs. And all of that was what triggered the whole issues. Yeah, exactly. But that's. So some people would argue with how fast you're moving, how slow. But it's a given.

It's a given that actually if you think about it, them opening it up so that developers can build on that platform. That same thing. Apple did something similar. Facebook did something similar. Facebook went from just a social media to a platform where people could actually develop their own apps and deploy. And you see people coming to Facebook to play games and, and that. That way the developer can actually be part of the. The creation and maybe even make a bit of money. I've tested some of the apps being deployed and before I would have to write my own prompts, you know, at the beginning of this year we delved quite deep into prompt engineering. So I have to do role prompting, create my own specific rules for different things. My assistant. But now they are now like apps being deployed for specific rules. Yeah. But now talking about AI, I think 4-25-2023. So this year on moneywise, doctor.com we published an article that really, really went. Went quite wild titled Is Dr. Gupta AI? So Dr. Gupta is GPT. Gupta GPT is Dr. Gupta AI the feature of health care or a threat to doctors financial well being. So this was an AI that was built on ChatGPT, developed by Martin Shirley, who was, you know, quite. I think he went to jail, but before he went to jail, he was a very young. Yeah, yeah, before he went to jail he was a very young mentor. Because government is terrible at executing things like this properly. It could be something that every employer or if you are self employed, then you have to take care of your own business. But if you, if you say every employer should update the pensions of the employee or the pension, the pension planning branch of every major employer and even small employers, you can say you now have a responsibility the same way government. The government has made it a responsibility. I think Abraham Lincoln introduced this several hundred of years ago in the US Income tax that should be deducted as source. So withholding tax rather before people went and paid their taxes. But now Abraham Lincoln doing his pharmaceutical executive hedge fund and all that. Yeah, people say a bit controversial, but nobody can deny that he was quite a bright chap. So he developed Dr. Gupta. I don't know how well Dr. Gupta has done. And a lot of discussion came out. A lot of people discussed, no, no, no, AI can't, cannot replace doctors. I've been in, I got into med school like almost 20 years ago now. So finished medicine been in that field either in different capacities. So doctors are, the identity is tied to what they do. And people argued, oh, AI can replace doctors. The other people are saying, AI cannot replace doctors. But my point of view is that no, no, no, no, we are missing the point. The past president, this was introduced so the same way government has somehow made it normal. For point is not can AI replace doctors or not? The point is this. In the future, employers to deduct your money as tax before you see it. Maybe they might also be able to mandate, if there's the appetite and willingness for it, they might be able to mandate employers to be able to get your pension pot sorted. That is in one single place. And that way you can even doctors who use AI replace doctors who don't use AI. It's not like AI has to replace every, anyone and everyone. But in the future, the same lawyers who use AI will replace lawyers who don't use AI. Project managers like you who use AI will replace project managers who don't use AI. I think it's that soon, if you decide to take it. For those who eventually switch to sipp, you can actually know what you have, know what you can deploy, know what you can allocate in terms of capital. All right, good. So now this is simple basically because a lot of time. People forget when computers came out. People think it's going to replace people take jobs. But new jobs were created. Some people lost their jobs, some people got new jobs. It's just having that and.

And also your current job will change drastically. Companies would adapt. So if, for example.

An interesting one. I know you might say it's not AI. Sorry, it's not personal finance. But it's very interesting. We've both been following open AI and everything happening.

Your job had nothing to do with AI. Companies as usual, would retrain you. So the AI if. If it's. If the. If the trend looks like it's going in that direction and we can't run away from it, which I think it is. But the exact details of what all that is is what.

So our next point is business and AI investment. So if £4.5 billion investment in Mana.

We don't know. But companies. People would need to be retrained.

Yeah.

And people would. People's job roles would change it. Things would. Things would not be business as usual. That's I'm very certain. Yeah.

Yeah. Factoring and £500 million for artificial intelligence. I agree. It's not going to be business as usual and you don't have to wait for that time. You can actually start initiatives. We also part of the statement a bit here and there. Yeah. So we've got one more point. We're now at the last point property sector moves. I think we hinted at this already. There are changes in property development rules and increased housing allowances aimed to support the property second households. I think one. One in the last less than one week we've seen one of the most. One of the leading AI companies in the world has been in total upheaval. Fired their CEO. He got hired to become CEO of another branch of. One of my contacts using property had mentioned that you could now take a house and change it into two flats. That is not my expertise. I was like, well, I don't really want to do that. I don't want to take a house and divide it into two flat. But for those in property, that means models more income. Microsoft. That's some old man. And then now I think today is coming. That also means that, well, if you get a big house that you can't really rent out, you can actually re. You know, remodel. It's not remodeling what they call it. You can actually sort of build it out in a way that it can become a house of multiple occupation.

Yeah.

Occupants and that we can be able to provide more housing to more people, more families and maybe my being back and the board is being fired. So AI is a very, very important one. We cannot neglect AI. In fact, any serious economy that wants to be able to keep up has to be making massive investments in AI or at least encouraging people to a viable way to go. Right?

Yeah, I think that's a good initiative. And this is me talking based on the fact that the people that are going to be implementing these are going to be business owners. And one thing I've invest in AI.

What's your take on that one?

I think that's a good one and it's one for the future because like you rightly said, length from business owners are they look for opportunity and this would just be where if a bot, if there is a bot or two neck before they would they know that they have that this, this, this hindrance has been taken away. And I'm going to give a classic example. AI is here to stay no matter what the naysayers would say. And yes, no one is denying the fact that it can be very dangerous. There you are living in a community where there is a lot of old Victorian beautiful houses, four bedroom, five bedroom, very massive. The original owner maybe died. Negative implications. But just like the Internet three years ago, the three children, they don't need the house like that. That house is a house that is ripe for a property developer to buy. Yes, they won't change the external view of the house but in interior would be divided into flats and that would help a lot more people. So that's the opportunity I'm seeing. But I know that for every opportunity like this there will also be the negative side which I'm currently not seeing to be honest. But I can only see the upside now because this will give a lot more worksmen, you know, handy guys, these guys a lot more jobs in construction guys, they are a lot more engaged. Parts are being bought and people have homes ultimately. And lastly you don't have to get planning permission, development to start building a brand new, a new build. You could work with what you already have if some few years back AI is something that powerful that is not going to go away any anytime soon. It's going to change.

Are you saying, are you saying that even if we decide to bury our head, I mean say oh yeah, I don't want to do anything here because we've seen companies or organizations who block, you know, chat, GPT said no, no, we don't do any AI. In fact there's a word called Luddite. I don't know if you've come across.

And provide more house to families.

Fantastic. I think we've just got a minute. We've just got a minute to round up. If you've got any final words, tell us where we can find you. If people want to, you know, look at your blog where they can find you. I know you've got a wealthy post blog across our world. I came across it maybe like 10, 15 years ago. It looked like somebody who is open for it.

Yeah. Just like you said, you can find us by searching theworldypost.com you'll find our blog.

We are also new technology or ways of working and you know I love history. I don't want to go into the.

Active on social media, Twitter, Instagram. We are coming very soon to YouTube and, and podcast and all of that. Yes. And we are coming live to those platforms before the end of the year. But yes, you can find us. Just do a Google search the worldly post and you find if you want history of feedback.

It's far back to when the looms, you know the looms for spinning clothes were invented in the UK and those who were sort of like doing it.

Manually to subscribe to our newsletter, we send out newsletters, we said no, no.

No, no, we don't want that. I think they started smashing. It started smashing missions and going on strike. So that was where that thing came. So are you saying that there is.

No point because on a weekly basis, right, every Thursday tomorrow we are going to send out and down actionable tips and that's what we are focused on. And I think the final word in line with that, that I want to just tell all your audiences the awesome statement if you watched it is good. But don't get carried away with the.

Being a Luddite hiding your head in the sun like an ostrich. That AI is here to stay and it's going to transform everything.

I, I honestly believe that 100%. And what a lot of people don't realize and just like numbers, you need to drill down to what it means to you personally. And if you didn't watch it, you are very lucky also because you have people like ND and myself that's going to break down things and tell you what the action points and and how it really applies to you. The bottom line is you need to like you. You rightly said. Right. And it's not just with that, that's showing you the history side of things. But with every new technology they take action just Like ND said earlier you need to take action that would move your personal finance for forward and there has always been people that would say I distinguish whatever the Chancellor and what the economy is saying would affect in in a very big way. But the biggest fact shouldn't progress I don't see how this would so in your personal finances you and the actions you take so be able to affect me this is for some other people it doesn't fantastic.

The biggest factor in your personal finance is you and the actions you take. Well thank you for watching and thank you for sticking around with us as we try to break down and delve into the details of the concern me this is the.

This is the devil coming back to life and we need to desist and run away from it.

Autumn statement by the Chancellor yeah so obviously for more content we're going to bringing out more powerful content helpful There.

Would always be that kind of with every new thing technology. Exactly.

With every new useful actionable tip that you can use to massively improve your personal finance. If you want to make sure that you're not missing out go and subscribe.

Technology it's either you learn to embrace.

It and move and hit the bell button so that you can get an alert whenever I release new videos with.

That current and who knows be one.

Of the people that and until we speak again I'll say remain money wise.

Bye bye bye would be able to say some years down the line that if not for this new technology I won't be a part of the millennia or the billionaire gang the first movers. Right. Or you bury your head in the sand and this technology catches up on you and you don't have a choice. Doing it anyways. Yeah but I think it's that way. But the challenge is which technology would be the one that would change human nature and culture. That's what many people don't know because if we can predict that a lot of us will know where to invest our money the stocks to invest in and we know that this is going to be a winner. So there have been a lot of technology. No one knows the one that would be change history and our culture and human life the way we see drastically or the one that would be a failure a disaster waiting to happen. But I think AI is is in the group where there is going to change human our life the way we see it and it's going to do it. I think it's going to do a lot quicker than all other technologies and we've already seen the effects the Way people have taken up with ChatGPT and Chat GCPT. What a lot of people don't even know is ChatGPT is like the poster boy of AI. Right? They are just the beginning on. No, I'm not even saying the beginning is the poster boy is what a lot of people are hearing about is what a lot of people know. There are a lot of AI technologies that are operating underneath a lot of these things. Companies that we know have already incorporated AI, even before church GPT became a thing. Like, yeah, if you look at, for example, Amazon, Amazon, I've been using AI before ChatGPT. Why would me, why would I go to Amazon search for a bag or why would I do. And before you know, all my search is, is pointing in one direction. I do a search on, on, on miss this Benz on Google search. And before you know exactly, I'm seeing an advert of Mrs. Benz. That's AI on Facebook. Thank you. You see, it's popping up everywhere. That's AI actually. But the, the. I think the, the, the difference. And going back to Sam Altman and what a lot of people are saying, like one of the things that I read on Twitter was the latest development, which are GPT where Sam Osman gave more of like the, the keys to developers to build your own GPTs. And all of that was what triggered the whole issues. Yeah, exactly. But that's. So some people would argue with how fast you're moving, how slow. But it's a given.

It's a given that if you think about it, them opening it up so that developers can build on that platform. And that's the same thing. Apple did something similar, Facebook did something similar. Facebook went from just a social media to a platform where people could actually develop their own apps and deploy it. And you see people coming to Facebook to play games and the developer can actually be part of the creation and maybe even make a bit of money. I've tested some of the apps being deployed and before I would have to write my own prompts. At the beginning of this year, we delved quite deep into prompt engineering. So I have to do role prompting, create my own specific roles for different things. My assistant and. But now they are now like apps being deployed for specific rules.

Yeah.

But now talking about AI, I think April 25, 2023. So this year on moneywise, doctor.com we published an article that really, really went. Went quite wild titled Is Dr. Gupta AI? So Dr. Gupta is GPT. Gupta GPT is Dr. Gupta AI the feature of health care or a Threat to doctors financial well being. So this was an AI that was built on chat GPT developed by Martin Shirley, who was, you know, quite. I think he went to jail, but before he went to jail, he was a very young. Yeah, yeah, before he went to jail, he was a very young pharmaceutical executive, hedge fund and all that. Yeah. People say a bit controversial, but nobody can deny that he was quite a bright chap. So he developed Dr. Gupta. I don't know how well Dr. Gupta has done. And a lot of discussion came out. A lot of people discuss, no, no, no, AI cannot replace doctors. I've been in. I got into med school like almost 20 years ago now. So finished medicine been in that field either in different capacities. So doctors are the identity tied to what they do. And people argued, oh, AI can replace doctors. The other people are saying, AI cannot replace doctors. But my point of view is that, no, no, no, no, we are missing the point. The point is not can AI replace doctors or not. The point is this. In the future, doctors who use AI replace doctors who don't use AI. It's not like AI has to replace anyone and everyone. But in the future, the same lawyers who use AI will replace lawyers who don't use AI. Project managers like you who use AI will replace project managers who don't use AI. I think it's that simple. Basically because a lot of time people forget when computers came out, people think he's going to replace people, take jobs. But new jobs were created. Some people lost their jobs, some people got new jobs. It's just having that.

And, and also your current job will change drastically. Companies would adapt. So if, for example, your job had nothing to do with AI, companies as usual, would retrain you. So the AI, if, if it's, if the, if the trend looks like it's going in that direction and we can't run away from it, which I think it is. But the exact details of what all that is is what we don't know. But companies, people would need to be retrained.

Yeah.

And people would. People's job roles would change it. Things would, Things would not be business as usual. That's I'm very certain.

Yeah, yeah, I agree. It's not going to be business as usual and you don't have to wait for that time. You can actually start learning a bit. Yeah. And there. Yeah. So we've got one more point. We're now at the last point, property sector moves. I think we hinted at this already. There are changes in property development rules and increased housing allowances. Aim to support the property second households. I think one, one, one of my contacts using property had mentioned that you could now take a house and change it into two flats. That is not my expertise. Like. Well, I don't really want to do that. I don't want to take a house and divide it into two flat. But for those in property that means models more income. That also means that well if you get a big house that you can't really rent out, you can actually re, you know, remodel the. It's not remodeling what they call it. You can actually sort of build it out in a way that it can become a house of multiple occupation. Yeah occupants and that we can be able to provide more housing to more people, more families and maybe it might be a viable way to go. Right.

Yeah, I, I think that's a good initiative. And this is me, this is me talking based on the fact that the people that are going to be implementing these are going to be business owners. And one thing I've learned from business owners are they look for opportunity. And this would just be where if a boat, if there is a neck before they would. They know that they have that this, this, this hindrance has been taken away. And I'm going to give a classic example. You are living in a community where there is a lot of old Victorian beautiful houses, four bedroom, five bedroom, very massive. The original owner maybe died three years ago. The three children, they don't need the house like that. That house is a house that is ripe for a property developer to buy. Yes, they won't change the external view of the house but in interior would be divided into flats and that would help a lot more people. So that's the opportunity I'm seeing. But I know that for every opportunity like this there will also be the negative side which I'm currently not seeing to be honest. But I can only see the upside now because this will give a lot more worksmen, you know, handy guys. These guys a lot more jobs in construction guys. They are a lot more engaged parts are being bought and people have homes ultimately. And lastly you don't have to get planning permission development to start building a brand new, a new build. You could work with what you already have.