Sunday, Jun 15, 2008
More Bearfood
Guardian: Homeowners need housing benefit too
"It's hard to see what the government can do to stop the UK's decline into recession, with the ensuing property slump, unemployment and repossessions."
Posted by voiceofreason @ 08:06 AM (554 views) Add Comment
3 Comments
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1. uncle chris said...
Hmmmm .... bet the government wishes it saved for a rainy day now. Seems like it got caught up in the myth of endless credit.
2. drewster said...
Even if the government brought back the pre-1995 benefits (see article) which entitle homeowners to interest payments if they lose their jobs, it won't help if the homeowners can't find a suitable job to replace the one they lost.
Case in point, a friend of mine had a well-paid job, stretched to get a 6x income mortgage, and then lost his job. He has since turned down job offers which would have been perfectly reasonable otherwise, because they didn't pay enough to cover the mortgage. He's unlikely to get such a well-paid job again, so it looks like repossession may be forthcoming.
3. mark wadsworth said...
They ought to scrap housing benefit - it's a subsidy to landlords and bids up the price which the average working person has to pay. And giving people subsidies in exchange for owning property (the same applies to agricultural subsidies) is surely complete madness.