Latest / The Curve / RTC41: A 101 on interest rates and how they effect the economy

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RTC41: A 101 on interest rates and how they effect the economy · The Curve

• 0:00
  Welcome to the Curve Podcast, a conversation for women who want to learn more about money,
• 0:06
  their money for the future they want to have.
• 0:09
  We're all busy and the pursuit for financial confidence and increasing your wealth should be a simple one.
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• 0:27
  So thank you for being here and for listening, because together we really can raise the curve.
• 0:34
  How are you feeling?
• 0:36
  I'm feeling... I was going to say, can you tell that I'm... can you tell that my voice is a bit manly?
• 0:41
  Yeah, it sounds like Mr. Horat or something, but that's alright.
• 0:44
  Well, I'm so sorry. I'm better. You know when you're at the tail end of your sickness, you sound so much worse than when you are actually feeling horrible.
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  And you're like, I'm fine, I'm fine, he runs like...
• 0:55
  Well, it sounds like you're coughing up a lot of scary shit.
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  And I'm like, no, no, seriously, like I hurt more when my cough sounded pathetic.
• 1:02
  You know that kind of throaty cough? Oh God.
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  Yeah.
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  Anyway, apologies for the sound of my voice.
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  Hopefully it's not too uncomfortable to listen to.
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  It is at the best of times, so don't worry.
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  Oh my God.
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  That was a real low blow.
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  And I'm feeling sensitive at the moment, so if you're just maybe not, I would appreciate it.
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  I love you.
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  You're great.
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  I love you too.
• 1:29
  So the episode, we're going to be talking about that economic crisis, et cetera.
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  That's okay, so this is going to sound so ignorant, but my flatmates have been talking about it a bit,
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  and I'm like, I need to wait for the sexy explanation.
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  Have you seen a lot of it, like in the newspapers and people talking about it and stuff?
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  So people panicking or not?
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  Yeah, definitely.
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  So my flatmates bought this house that we're in, maybe about a year ago, never renovated, super cute.
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  But they're panicking because they already had to re-morgge their house.
• 2:02
  I don't really understand what that means, but now that prices have gone up, I don't really totally understand,
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  but essentially they're freaking out about their mortgage repayments and fair enough because it's like,
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  yeah, it's going to, I think my flatmates said it's going up by a thousand pounds for them a month,
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  which is $2,000 New Zealand dollars just for their mortgage repayments.
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  And in terms of like electricity and the cost of that, it's gone up 80%.
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  So all of us have like, our heaters turned off, we're like, we're not cold, but we're like, it's freezing.
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  I'm just wearing teen jerseys, but I'm not cold.
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  Yeah, like legitimately, like that's kind of one of the reasons I think I got sick was because I was just being like a real stubborn bitch and didn't want to put the heaters on.
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  I think everyone's feeling quite worried.
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  Yes, yeah.
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  And it's crazy because it's all over the news here, but it's also quite removed.
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  So it's kind of like, oh, will it happen to us or will it not?
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  Whereas I guess you're living and breathing it.
• 3:01
  So it's so good to get kind of an on the ground correspondent.
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  You're a British correspondent coming to you live.
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  Kind of saying there's like a squirrel crawling down a fence.
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  Like they doesn't get more British than that does that.
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  Like a tiny cute little squirrel.
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  God, I love England.
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  Yes.
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  So no, I definitely think people are like feeling quite concerned.
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  And actually one of the things that my flatmates said, which I hadn't even thought about, you know,
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  people who have, you know, sick love, sick loved ones at home, like on,
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  essentially, a some kind of medical machine or device, and they can no longer afford to have them at home,
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  just because purely because they're cost of electricity is just too high.
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  And it's just, yeah, I mean, I, that's obviously one problem, but there's just.
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  It's sad.
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  Oh, totally.
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  A world works great when inflation's like two to three percent.
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  That's the kind of target.
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  So we're kind of in a world where inflation is at 10% in the UK.
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  It's 6% in Australia.
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  It's like 7% in New Zealand.
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  It's just crazy, crazy, high or in a lot of countries.
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  And it's all due to COVID.
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  It's creates headaches because it's like, okay, well, we need to stop this inflation.
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  The only way we can stop this inflation is to raise interest rates, which hurts people who have mortgages,
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  but it's done to slow down spending.
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  So people don't spend as much so that their foreign inflation doesn't rise.
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  So there's honestly, I say all these levers that different parts of the country or the government,
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  the reserve bank need to pull in order to reduce this inflation.
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  And I guess what's happened in the UK is that the government there has decided to do something that the world kind of freaked out about.
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  Earlier in September, they government the new government there.
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  What's her name again?
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  Liz Truss.
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  I actually had a little motorbike tour of London the other day and I zoomed past her.
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  Oh wow.
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  It was so weird.
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  I know.
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  It was the most amazing giant castle.
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  Anyway, it was quite funny because I was with this British guy that I met through the co-working space that I met.
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  And he was giving me a bit of a tour and a rundown on what was going on.
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  And I was like, and the sound you pray minister and I was like, oh, I feel so uncultured.
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  Like the fact that I kind of didn't really know that is so good.
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  Yeah.
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  Anyway, I've seen her house.
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  Awesome.
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  Lizzy.
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  Yeah, Lizzy.
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  She's probably not busy at the moment, but she's got a lot of no place.
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  Yes.
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  She didn't have time to pop out though.
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  So she announced, well, her team announced some pretty aggressive tax cuts.
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  These are tax cuts to, like you say, help because there's been such high energy prices in London.
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  There's such high inflation.
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  So she said, hey, let's do some tax cuts so that people have more money to spend to pay for these extra costs, there's increasing costs.
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  And mainly to deal with the high energy prices really was kind of an insult.
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  So that people avoid a recession because if you can't pay for stuff, then you can lead to a recession because people get quite hampered.
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  So can you explain the energy for a way?
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  So basically, she says she's gone, okay, hey, look, everything's more expensive.
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  We'll put out a tax cut so that everyone has a bit more money.
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  So then they can, it's not as painful when you're spending those higher prices.
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  And it was probably to win some votes and stuff.
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  You know, like she's just got into into the prime minister's seat, which is like, hey, I'm going to do something that's kind of really good for the people.
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  And yes, on one hand, people will be like, yay, oh my gosh, sweet.
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  I've got some tax cuts.
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  There was like some insurance reduction.
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  There was like a whole lot of initiatives that were intended to help the people of Britain pay for these high everything that's happening right now.
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  But the issue is that I guess just like a company has revenue, expenses, and that equals profit, revenue minus expenses equals profit for a company.
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  You've got the same for a government or for a country.
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  You've got revenue, which comes in taxes, you've got expenses, which is, you know, everything that the government pays for.
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  And that leaves a leftover balance.
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  And so when you're cutting your revenue and the government has paid out so much and expenses over the last couple of years, you know, they've paid out, you know, what we call stimulus checks, which is kind of like one off payments to help people during COVID, people that have been unemployed, all of that kind of stuff.
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  So their expenses line is huge. They've just cut their revenue line.
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  So that's what the world was freaking out about.
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  And that's what lead to, you know, such a kind of shock reaction to the currency, shock reaction and kind of global markets around the world was that holy shit.
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  How is the government going to pay for these tax cuts?
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  You know, they're already up to the eyeballs and debt.
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  And now they've got it.
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  Now they've got less money coming in the door.
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  And so the world kind of panicked and thought, oh my god, the UK is going to go into a serious, serious trouble get into the get into serious trouble or get into a serious recession.
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  And so that's why the currency fell off because people just like a share price with a company, people were nervous and going, oh god, I don't want to own, I don't want to own the UK.
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  I don't want to own the pound.
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  So they were selling countries were selling businesses were selling people were selling and getting the money out of the UK because they think it's going to be a disaster.
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  It's kind of in the in the simplest terms.
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  It's really like I used to struggle kind of with currencies and everything and the best way to think about it is like a like a company and the share price of a country is like its currency.
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  And so we knew everything's going really well and people are investing in that country and they're buying goods from that country.
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  Their currency is going to be worth more and so the value of the currency goes up and you know it's all kind of happy days.
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  But on the flip side which is what we're seeing in the UK at the moment is people are freaking out and taking the money out of the UK.
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  I don't understand though why like you know the whole point of what she did was to make things better for people like for example you know lower taxes.
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  So then why would my flatmates who are worried about the increase in their mortgage, how is that affecting that?
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  Yeah so do you know what I mean like when you think that it makes their mortgage cheaper.
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  Yeah so the if that was the whole thing is there is so an economy group that there's kind of two types of policy that this is kind of economics 101.
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  This is kind of going back to my my uni days.
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  So there's two types of policies that can help stimulate or hinder economic growth.
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  So and bear with me.
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  I'm like I must say I'm finding this whole episode quite difficult.
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  So there is what we call monetary policy which is when and this is what we've seen a lot of central banks so they're the big
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  bank that tells all the other banks what to do effectively.
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  They set interest rates to either speed up or cool down the economy.
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  So they'll lower interest rates, help fuels the economy, people are spending, they're not saving, they're like whoo or they slow down the economy by increasing interest rates.
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  So that is one way because it means people can then no longer buy stuff because interest rates are too high or they can't get loans or they can't go and buy a house or get you know get it whatever because
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  interest is too high for people to want to spend and therefore they pull back.
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  Yeah and it's encouraging saving because interest rates are high it's like okay I'll keep my money in the bank I won't spend it.
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  So it's kind of encouraging saving when you increase interest rates and it encourages spending when you decrease interest rates is kind of it.
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  It's called a hate that we're all such like we just do exactly what they like we're being puppeteered.
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  But they have like a massive job of controlling you know economic growth and like I'm just like gosh I think goodness I don't have don't have the job.
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  There's just so much cycle behind it that and you pull one lever I just had no idea you pull one lever and it it kind of you pull it too hard and it goes off the off the charts and does something else and there's
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  a flow on effect and then you're like oh shit and you can't you're honestly I'm just like well hats off to you.
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  Yeah economists but anyway so there is monetary policy which is the movement up and down of interest rates and that's done by the
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  Central Banks so the Reserve Bank of New Zealand the Reserve Bank of Australia the Federal Reserve Bank and the Bank of England are all the
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  Central Banks that control interest rates and their main aim is to keep inflation at around 2% to 3% that's pretty much their sole goal.
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  Well they're doing a job aren't they and so that's why they're playing catch up like a lot of a lot of central banks are like shit and
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  they control we've got a hurry hurry hurry we've got to increase interest rates and but if you increase them too fast then that can have so many other
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  impacts on the property prices because people can no longer afford mortgages and it can just lead to so it can just lead to so many other
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  issues so you got to do it really really carefully but the other two understand to all these flow on things like if we
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  use talk about that when you're like oh if they do this then the housing price will go up if they do this then this will happen like
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  do you fully follow that yes yeah well I studied economics so it's yeah and you kind of I guess when you start seeing it happen in
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  real life it's easier to understand so when you hear people like your flatmates being like oh my gosh I'm paying more
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  gauge because you know interest rates are going up and you know inflation is high and then you'll start seeing
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  yeah you're starting because interest rates are going up because they want people to say yeah or not spend as
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  much yeah and therefore yeah and therefore because interest rates are high that's why their mortgage is more expensive because
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  and so now your flatmates and a whole ton of other people have a thousand pounds a month less to spend so that's
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  going to bring down inflation because there's a whole lot of people that can't spend anymore so inflation
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  is just you know too much demand not enough supply like with any any price of anything like if everyone can
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  spend heaps and heaps hardly then it means that yeah it's like worth less and therefore the inflation continues to rise
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  but because they're rising interest rates and they're allowing people to or they're basically not forcing
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  but kind of people to have to spend less because they're spending more on things like mortgage and essentials
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  and power etc inflation hopefully will curb is that the whole point yeah so increase interest rates produces inflation
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  is kind of it sounds simple and so what's no no no it does happen it makes more sense now that we've kind of like gone through it
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  but so Lizzy the UK Prime Minister she has what she done so there's so there's monetary policy which is run by the
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  central banks and then there's fiscal yes and that's what we just and that's the movement of interest rates
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  to control economic growth and then there is fiscal policy which is what the government does
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  and they can also control economic growth through this but it's a different way and it's by either
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  cutting taxes or and or introducing or increasing taxes so and then if you think about that
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  it kind of works in the same way if you increase taxes you've got less money to spend
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  so it's going to cool down the economy if you've got if you reduce taxes you've got more money in your pocket
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  so you're going to spend so there's two ways to kind of manipulate I guess economic growth
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  and it's through monetary policy so I think money interest rates fiscal policy
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  think fiscal
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  so taxes and interest are the two sets yes yes and taxes is fiscal interest rates is monetary good God
• 15:25
  okay so let's try think of an easy way to think about this so so I think fiscal Lizzy
• 15:32
  Lizzy fiscal I don't know where to think of a better word because fiscal is so scary
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  what does that even mean?
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  taxes Lizzy okay I can't think of a way to explain your comeback
• 15:43
  I feel like you'll come back and you'll you'll will be you know another 20 minutes and then you'll be like
• 15:47
  ah yeah yeah yeah I'll have like some kind of like cross-tick power more something
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  yeah like do those two work together like do fiscal and monetary
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  economists work together should be like hey let's do this and this all happens
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  so usually in a normal situation yes and in New Zealand and Australia and the US they all have
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  and so that's also the biggest concern with the UK is that the government came out with all these
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  ah tax cuts which they thought they were doing the right thing but the flip side is that everyone's going to have more money
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  so they're just going to go out and spend more which is going to leave
• 16:19
  to inflation getting out of control so it's yeah so they kind of so they try
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  they had the best of intentions to try and make it so that people could afford to live because they're so worried about
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  and honestly like that's what my flatmates have been saying is so many people aren't going to be able to
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  afford things like that like so many people are going to be homeless without being able to you know pay
• 16:45
  for the essentials more than ever before so obviously what they're trying to do is
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  um allow people who are on that maybe they have four kids and they can just barely afford
• 16:57
  bills as is and now that everything's even more expensive literally might be living on
• 17:03
  breaded baked beans or not even that and the whole point the government has done the whole
• 17:09
  tax decrease is that's right tax decrease is so that they can then afford more
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  but it's going to be counterintuitive because it's going to make inflation go up okay
• 17:21
  starting to make sense yeah so so they kind of had the best intentions so the government came out and
• 17:27
  said that and then the Bank of England was like what the fuck what have you just done really yeah so they were like
• 17:35
  oh my god they were like um excuse me you need to talk to us you didn't consult us yeah they're like
• 17:41
  we're we're trying to do our own job over here and you've just gone and done your
• 17:45
  the opposite over here oh Lizzie so she just pulled the trigger really yeah so um they were kind of
• 17:51
  like uh shit and so they came out and said that they were going to do what we call that the buy a
• 17:58
  whole lot of bonds and the I won't get into like the deep mechanics of that because that's
• 18:05
  probably a podcast for another day but essentially if you're buying bonds you're increasing the price
• 18:11
  of bonds which decreases interest rates so they're trying to why they just have an inverse
• 18:19
  they just have an inverse relationship they just have an inverse relationship but essentially what
• 18:23
  they did is they came out and said look we we need to help keep inflation at reasonable levels so
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  we're going to do whatever we can whatever in our power possible this is the Bank of England
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  to ensure that inflation doesn't get out of control from these tax cuts and then what we've
• 18:39
  seen in the last couple of days is the UK government go oh sorry okay we're going to wind back some
• 18:45
  of those tax cuts so it's just created really like a whole lot of drama yeah shit and the currencies
• 18:52
  the biggest thing though because uh like I said just like with a cup as a company you know a currency
• 18:59
  is a reflection of an economy and an economy's strength and so when you've got a currency falling
• 19:07
  it's a really really bad indication of you know how how an economy or a country is performing
• 19:12
  so it's the overall health of an economy is reflected in the dollar
• 19:18
  the industry for the euro or the government's strength so and is that why because the the dollar in
• 19:24
  America right now is amazing right like a lot of people here are saying oh if you're an
• 19:29
  American right now it's the best time to be traveling Europe because your dollar to euro is just
• 19:34
  like terrible time for Brits to go overseas to buy anything overseas really because you like a year
• 19:40
  ago you one pound would buy a dollar 40 of US dollars now it's pretty much buying a dollar like that's
• 19:49
  how much it's got so it's nearly a parity which is when they're the same value which has I think never
• 19:56
  happened or hasn't happened for like decades so everyone's like wow like Britain used to be like
• 20:03
  you know like the country like really stable you know and ever since Brexit it's kind of gone like
• 20:08
  this and then we've just had a big jump down in terms of against the US dollar US dollars also
• 20:14
  been increasing like you said so there's kind of you've got both been if both kind of moves going
• 20:19
  on I was just going to say the New Zealand dollar used to be if you would if you would you know be
• 20:25
  moving over to London like every man is dog from New Zealand does and an absolute stereotype
• 20:32
  but if if you would have compared like I think it used to be like two and a half to one or whatever
• 20:38
  you know so like if you had a New Zealand dollar you would get yeah yeah what is it one and a half
• 20:45
  everyone used to go over to the UK to earn heaps of money and you transfer it back to New Zealand
• 20:49
  and it would be like you're getting paid because it would be like yeah yeah two salaries so whereas
• 20:54
  now it's like uh it's not as good but hey I'll still go because I want the experience you know
• 20:59
  whereas over there it was really like I'm going to I guess further myself financially and with
• 21:05
  my career and all that whereas now it's less the financial element just because probably the case
• 21:12
  of New Zealand's got better as well as the UK's got worse but the thing with the currency falling
• 21:20
  when it means that import importing goods is a lot more expensive because like I said you used to be
• 21:24
  able to buy a dollar 40 of US dollar goods for example and now you can only buy a dollar
• 21:31
  and so this creates huge headaches for importing importing companies so companies that import
• 21:38
  anything from overseas and when there's a big move it really screws up like because they've locked
• 21:44
  in these prices and then now they've got to adjust them and like their profit margins would be getting
• 21:49
  so much less. Totally yeah and the biggest thing is and it comes back to you know the intentions
• 21:55
  of the UK government were to do to introduce these tax cuts you get more money but because the
• 22:00
  currency is falling and the UK imports 50% of its food so if you think. But you know what's so
• 22:09
  weird that you say that is that I keep saying like zespreq votes or you know things that are
• 22:15
  blatantly imported right just had no appreciation for them before and now I'm like this tiny little
• 22:21
  kiwi fruit has traveled the high seas to get to her and gay London. I used to think when I was there
• 22:28
  I was like oh my gosh raspberries and strawberries are so cheap they're like they were like one pound
• 22:33
  like it was ridiculous and I was like oh and you love and we only get them at Christmas because
• 22:38
  otherwise they're about $15 New Zealand and so I was like it's like Christmas every day I was like
• 22:43
  this is great it's like the small ones. Fixed like snack of choice would be a punnit of raspberries
• 22:50
  yes a pretty expensive snack now unless it's summer. Well it's all brand for you really isn't that
• 22:58
  so I turned up with like a bag of chips and fix like his seven punnits of raspberries. Can I have
• 23:04
  can I have a blueberry I would be like absolutely not no that's worth the dollar
• 23:07
  no but so this is why the falling pound is going to have a huge impact because the UK imports 50%
• 23:17
  of its food so those that 50% now is going to be so much more expensive not only because of inflation
• 23:23
  but also because of the currency so if you like food prices are going to go bananas no they're
• 23:30
  already so it's kind of like it's just a clusterfuck really of decision making from everyone
• 23:38
  yeah it's so it's going to be a real headache and it's going to be interesting to see
• 23:43
  a how they counteract it and what measures they can do to correct this but also kind of what the
• 23:50
  fall and impacts going to be and that's why the world was freaking out because you've got to be so
• 23:56
  careful when you're trying to correct inflation with interest rates that you don't go and do
• 24:03
  something drastic interest rates as a reminder is the monetary one not the fiscal it's like the
• 24:13
  banks of London whatever yeah and and probably a good way to think about it is like and I was trying
• 24:18
  to think of a good analogy and this might be terrible but it's to think of like a house and you've
• 24:24
  got two rooms and one is economic growth and one is inflation and the thing is that they have
• 24:32
  the same like thermostat so you can't change one without changing the other you've got to change
• 24:37
  them so it's kind of like you've got to be super careful with this one to not throw this one
• 24:42
  honestly as we like yeah it's like because if you so what you don't you can't have one too high
• 24:48
  otherwise the other one's going to be freezer yeah and if you and if you turn up it just rates
• 24:51
  super high you're going to have economic growth come down super quickly so you're kind of
• 24:56
  slowly got to make one hotter and one colder and and like God it must be an absolute
• 25:03
  chit-cho the other thing is that surprisingly the UK stock market hasn't actually reacted as badly as
• 25:10
  you would have thought like you were thought all this going on the stock market hates uncertainty
• 25:15
  like surely the stock market is absolutely capitulating and I'm sorry what word did you just say
• 25:23
  I know it's just like oh my god I haven't used that word yeah capitulate that means
• 25:29
  it's a great word it is it's a great word yeah I need to use it more often like when you
• 25:35
  really have your sounds so stupid like so stupid here I am using like like an arm and
• 25:40
  stupid adjectives and you use capitulate really not helping I failed I failed high school English so yeah
• 25:51
  true yeah that's surprising I know when I use words like capitulate but it just means like when the
• 25:57
  when shit's hitting the fan it's probably too much to have used capitulate no no no no I appreciate
• 26:03
  you improving my financial knowledge and my vocabulary thank you yes yes god here I am
• 26:09
  head of finance head of English so yes so you would have thought that the stock market would be
• 26:17
  capitulating but it has I mean it's fallen a little bit but it's not like as disastrous as you
• 26:24
  were it's weeks and that's because the main index there which is called the footsie 100 the footsie
• 26:33
  like when you play footsies or somewhere you know it's really it's called the footsie yeah just think
• 26:38
  of the UK stock market when you're next playing footsies how is it oh far out that just feels so
• 26:45
  unrealistic what how's that spell if oh oh tsi oh it's literally footsie oh I'm joking it's
• 26:55
  so big that was a load sorry sorry I couldn't help myself know it's if tsi footsie okay yeah we're
• 27:05
  just called footsie 100 so it's a top 100 companies but the reason that hasn't done as poorly as
• 27:10
  people would have thought is because 70% so 7 zero of the footsie 100 companies get their earnings
• 27:20
  from overseas so this is the opposite of when you're buying something if you've got money overseas
• 27:27
  that you're earning from the US from anywhere outside the UK and you're bringing that back to
• 27:35
  back in two pounds so you're converting that from US dollars to pounds then you're going to have
• 27:41
  more money now so that's why the stock market has actually held up quite well is because
• 27:48
  you know all those stocks are actually having a really good time and export stocks as well so
• 27:54
  companies now that buy goods from the UK or companies or UK companies that export their goods overseas
• 28:02
  they can buy a lot more so yeah there's kind of pluses and minuses I don't totally follow that
• 28:08
  so the reason that the footsie is not doing badly is because so much of its business is with overseas
• 28:15
  currency is that where you be yeah yeah so there's a lot of the makeup of the footsie is of companies
• 28:21
  that generate a lot of their revenue and earnings from offshore so therefore now when you're translating
• 28:28
  that back into pounds you're getting more than you were saved you know even even last month
• 28:36
  yeah so it's kind of providing like a tailwind is what like I know what we say well that's a good
• 28:41
  yeah yeah so but then it creates a whole idea for other people so it's kind of like with anything
• 28:47
  with economics you can't do one thing without something else happening and so how are we going
• 28:53
  to be affected by that whether it be New Zealand or me over in England what are some of like the
• 28:58
  top effects that this is going to have on every day people yeah I guess like other countries are
• 29:04
  freaking out because they're like oh gosh it's just going to happen in New Zealand and I even had
• 29:09
  my my mum call me and my dad and my dad's from the UK and he's like Vic what the hell's going on
• 29:15
  and their first question was like it's just going to happen here in New Zealand and I was like look I
• 29:19
  can't I can't tell you yes or no but I think from I guess what we've learnt from the UK is like
• 29:28
  you've got to be super careful with any kind of adjustments that you're doing to combat and
• 29:33
  we've also learnt you're in a crazy crazy world at the moment and anything can happen even
• 29:38
  in some governments that you think are the kind of the most stable or most rational there's always
• 29:47
  something that comes out of their field and you know if we're investing it's like that's why we
• 29:52
  always say diversifies because gosh you never know what's going to wake up what you're going to wake
• 29:55
  up in here tomorrow in the news or what's you know how you're investing going to be impacted but I
• 30:00
  think we're in a really good position here in New Zealand that our central bank so our reserve
• 30:05
  bank of New Zealand and the government are effectively talking you know they're in a good relationship
• 30:14
  yeah they're trying to achieve the same outcome yeah they're trying to achieve the same outcome
• 30:19
  we've also been really aggressive with our interest rate rises which is which sucks for the likes of
• 30:28
  me we have a mortgage but it's really good from an inflation point of view because we're being
• 30:36
  really aggressive and we're like look we need to get ahead of this inflation yeah and so short
• 30:43
  term hang long term gang and maybe we you know that this could develop further like I think a lot
• 30:49
  of countries are watching what's happening in the UK at the moment as kind of like you know how
• 30:53
  it's going to unfold and what the kind of long term impacts going to be so there's going to be a lot
• 30:58
  more announcements and stuff so maybe we do like a part two or like hey just keeping you updated
• 31:03
  what's going on in the UK start that yeah yeah I also would just like to take a moment to say I
• 31:09
  didn't realize this is completely unrelated to the economy I didn't realize that if you like
• 31:14
  like subscribe or comment like leave a review wherever you're listening to this podcast it helps us
• 31:20
  climb up the charts increase more people finding raising the curve and blah blah blah so if you do
• 31:27
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• 31:31
  the aggressively send them a finance podcast if you like like it or or subscribe or you left a comment
• 31:39
  firstly we would love to hear and see your feedback and secondly it would really help us to you know
• 31:45
  climb that uh listen ship letter so uh if you feel that I'm gonna I'm gonna go do that I didn't
• 31:52
  realize you can't write your own podcast that's not cool I could say school creating alias accounts
• 32:00
  like leave us reviews it's like at school and used to like uh vote for things and it'd be like who
• 32:06
  did you vote for and I wouldn't tell anyone and secretly vote for myself oh my god that's hilarious
• 32:11
  but I just love that you rated yourself personally you know you know someone has to you know great
• 32:15
  confidence yeah okay I need to go blow my nose I'm really sorry about the nasal sort of throat
• 32:21
  situation hopefully next week I won't sound like this um I thank you for bearing with me and thank
• 32:26
  you so much for the overview that that was like incredibly helpful no worries and hey if you see
• 32:32
  Lizzie around oh yeah I know what you did you idiot what a stupid thing to do thank you so much
• 32:44
  for joining us but today's episode of raising the curve please subscribe and leave a review on
• 32:49
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• 32:53
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• 32:58
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