#074 - Jasmine Birtles - The Broken Welfare State
Mr Obnoxious
Peter McCormack
4.8 • 2.7K Ratings
🗓️ 15 May 2025
⏱️ 78 minutes
🧾️ Download transcript
Summary
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.
Transcript
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| 0:00.0 | In this country, you know, there's a cultural thing about money where it's acceptable to say, |
| 0:05.0 | oh, I'm hopeless at money. It's acceptable to say I'm hopeless at numbers. |
| 0:10.0 | And that's a cultural thing. In Asia, it's quite the opposite. You know, it's very good to be good at numbers and to earn and to be on top of your money. |
| 0:18.0 | It would have been really helpful if the school had taught me, certainly if my parents had taught me, not just how to not get into debt, |
| 0:25.4 | but how to make money, how to earn money, how to, you know, basic investing. |
| 0:29.2 | If I'd understood that compound interest can make you serious money, |
| 0:33.5 | I would have taken a lot more notice in maths classes. I really would. |
| 0:38.9 | This episode is brought to you by our least sponsor and Massive Legends Iron, the largest |
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| 1:18.1 | which is iran.com. That is iron.com. It was a cool place to work. Anyway, welcome. Thank you. |
| 1:24.8 | Thanks for coming on. Thank you. There's a lot to talk about. |
| 1:28.8 | There really is, yes. |
| 1:33.1 | How big is a squeeze on people right now? Because you are one of those people that are providing advice and guidance and it's useful, but it's a shame they haven't to get this advice and guidance right now. |
| 1:44.2 | Yeah, it's funny because that was a question that I asked a debt advisor that I know last month. |
| 1:49.9 | So in April, when we had the April bills, I phoned up debt advisor that I know from community money advice. |
| 1:57.2 | I'm patron of community money advice, which is a free debt advice charity, you know. |
| 2:01.8 | And I said, I bet it's going to be really hard for your clients. And he said, well, yes, |
... |
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