A Broken Welfare State: Jasmine Birtles on Benefits & Tax | Peter McCormack Show

Jasmine Birtles is a financial expert, author, and founder of Money Magpie. In this episode of The Peter McCormack Show, she explains why Britain’s economy is teetering on the edge—from a broken tax system and bloated welfare state to personal finance illiteracy and out-of-control government spending.

We cover the exodus of wealth creators, the reality of Universal Credit traps, how schools fail to teach money skills, and why Jasmine believes a major crash might be the only path to reform. We also dive into Bitcoin, gold, and the cultural stigma around financial success in the UK.

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00:00:00 - Introduction
00:02:00 - The Benefits System Is Broken
00:05:00 - Taxpayers Punished
00:06:52 - Entrepreneurs are Giving Up
00:09:28 - Lawlessness Without Consequences
00:10:31 - Immigration
00:11:39 - One in Five Cars on Benefits Scheme
00:14:23 - Britain’s Coming Financial Crash
00:18:55 - Council Tax Up, Services Down
00:21:26 - Are Benefits a Poverty Trap?
00:23:01 - Demonising Wealth
00:26:49 - Net Zero Is Economic Suicide
00:28:37 - Financial Literacy
00:31:02 - Bitcoin and Gold
00:44:51 - Credit Cards: Sharp Knives
00:50:00 - Financial Education
00:53:34 - Pensions or Bitcoin?
01:00:00 - Lockdown’s Hidden Damage
01:06:38 - Debt-to-GDP Crisis Is Coming
01:10:46 - The Sacred NHS Budget
01:16:19 - Gen Z and Financial Optimism
01:16:47 - Closing Thoughts

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