Monday, Nov 26, 2012
Property flipping master
The Chancellor, George Osborne, has demonstrated how to play the parlimentary expenses system by turning a £400K profit on his second home: "The farmhouse featured in The Daily Telegraph’s expose of MPs’ expenses in 2009 when it emerged that Mr Osborne had “flipped” his second home allowance onto the property and increased the mortgage. He took out a separate £450,000 mortgage on the Cheshire farmhouse in 2003 – reportedly guaranteed by his father Sir Peter Osborne, founder of the Osborne & Little wallpaper chain – and claimed £100,000 on the property between 2003 and 2009 on his MPs’ expensees." And the odds that this super flipper will fix our nation's finances are ... ?
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