Friday, May 16, 2008
Suggestion to dump inflation target is what would really hurt the poor
MoneyWeek: Forget scrapping the 10p tax band: here’s how Gordon could really hurt the poor
"If you really want to rob the poor, Mr Brown, forget about scrapping 10p tax bands. Dump your inflation target, and watch as the pensioners, the low paid, and those who saved their money in the mistaken belief they were being responsible citizens, slide into penury as their fixed incomes utterly fail to keep up with living costs.
But then, all those buy-to-let investors will vote for you, so who knows – it might be worth it."
Posted by damien @ 12:40 PM (278 views) Add Comment
2 Comments
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1. dohousescrashinthewoods said...
I have only heard one reporter on the BBC (Radio 4) mention the amount the same people will lose to inflation - and I seem to remember it was even higher than the 10p hit.
2. growler said...
I am sure the BofE know well why these people are basically spouting the "reflate" ideas so am not particularly worried about the drivel from E&Y's Dr (Frank) Spencer - some mothers do have 'em after all.
What I simply don't understand from Mr Alternative Reality is why on earth have a policy to increase home ownership for FTBs right now - when the market is just starting to fall. In the interests of all FTBs and everyone else wanting to buy is to let the market fall to the bottom and help people buy then. Why get people into houses now so they can watch the value of their "investment into the future" deflate to probably 40% of its value??? I think the truth is that he's had so many calls that so many banks are teetering on the brink that he is desparate to avoid going down as the chancellor and PM of the UKs biggest housing crash. Incapability Brown most like.