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George Osbourne Wants Help To Buy To Become Permanent

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Apologies if there's already a thread on this, please merge if so. But I fear it was slipped in so craftily it was missed.

It has more terrible long-term consequences than freezing some benefits for 2 years.

Towards the end of his speech, sneaked into a list of "good things", he said something like "....and a permanent Help-To-Buy" which got rapturous applause.

Surely I wasn't the only person who heard it! Please?

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I've been thinking,..................... oh dear.

Is help to buy really a cover up for what is really meant to be social housing, without the stigma of being a renter.

Edited by otters

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To be fair this scum have been able to get Greater London house prices up by 60% in five years during a recession but the other scum managed to increase prices nationally by 300% over ten years without a recession. The choice is between scum and scum!

He backed all the Labour governments spending, and he has actually created govt policy to get this latest rise thats more then Labour done.

Besides Labour dont claim to be for free markets this piece of vile scum does, i have pure hatred for this excuse of a man.

I am hoping for a Labour win on the basis the markets will go against them, leading to borrowing costs shooting up.

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A new and exciting socialist measure from the Tories- permanent taxpayer support for the aspirant middle class and-more importantly- their bankers. :D

There really is no principle these people would not rape if it would gain them just a few more votes. Free market my a*rse.

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Back in 2013.....

The outgoing governor of the Bank of England Sir Mervyn King has warned that a government scheme to help the housing market should not become permanent.

Under the plan, due to run until 2017, the state will guarantee up to 15% of a mortgage on homes worth up to £600,000.

Sir Mervyn said the UK must avoid emulating the US, where state-backed mortgage schemes had to be bailed.

But Treasury Minister Danny Alexander told the BBC that the scheme was never intended to be permanent.

"We've been very explicit that this scheme is limited to three years," he said. But if it was extended, "we want the Bank of England's new financial policy committee to take a view on this scheme before it's extended."

BBC business correspondent Joe Lynam said Sir Mervyn was concerned that, should Chancellor George Osborne's Help to Buy scheme become permanent, it could leave taxpayers exposed to billions of pounds in private mortgage debt for years to come.

The governor, who has just over a month of his decade-long tenure remaining, told Sky News' Murnaghan programme the eurozone remained the "single biggest risk" to the UK's economic recovery.

"It's very difficult to see that growing quickly for a long while, and that downward drag on exports from the UK to Europe... and the fact that our banks still have some exposure to the euro area, is undoubtedly the biggest factor dragging down on our economy."

http://www.bbc.co.uk/news/business-22581191

Edited by Maynardgravy

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Banks were too big to fail, so we bailed them out, and we're now so used to emmergency low interest rates that nobody even wants to entertain the notion of them going back up to half what they used to be...

Houseprices are now too big to fail, so we have HTB1,HTB2 and now, if you're under 40 (and so have some harvestable organs as collateral) HTB3...

My guess, benefits for pensioners are now too big to fail, especially if we stop importing young workers from abroad and we accelerate our desperate attempt to become the new Japan.

Edited by RentaBear

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People who already own top-end houses 'worth' fortunes, in everything ok with house prices shocker. Prices are set at the margins, and a HTB powered purchase, those jumping the queue to buy over savers waiting for better value, can determine wider values for all surrounding houses in some areas.

(Reuters) - The Bank of England said on Tuesday it would publish its verdict on the government's Help to Buy mortgage guarantee scheme on Oct. 2 and say whether it needs new powers to control the housing market.

Although British house prices have risen sharply since the scheme's launch, it only accounts for a small fraction of mortgages issued. BoE policymakers have said previously that the scheme did not appear to be driving a house price bubble.

The Bank of England also said it would respond on Thursday to a request from Chancellor George Osborne to say whether it needed new powers to regulate Britain's housing market.

http://uk.reuters.com/article/2014/09/29/uk-britain-boe-helptobuy-idUKKCN0HO1OP20140929

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He backed all the Labour governments spending, and he has actually created govt policy to get this latest rise thats more then Labour done.

Besides Labour dont claim to be for free markets this piece of vile scum does, i have pure hatred for this excuse of a man.

I am hoping for a Labour win on the basis the markets will go against them, leading to borrowing costs shooting up.

I bet I hate him more than you!

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HTB turning into income tax?

Not surprising the only way they can prop up the housing market is to extend this indefinitely. The UK govt becoming too big to fail.

Utterly nuts that the taxpayer is now going to prop up the housing market to prevent 20% or 30%+ falls which would ensure this prop wasn't needed.

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HTB will eventually become a larger % of the purchase price and like PPI will become an unofficial method of getting money moving around the economy with the added bonus that it enslaves those who buy into it for life.

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Unless wages increase over 5 years, when the first batch of HTB morons want to trade up for a larger family home for the families they will be raising, that 20% loan is going to be added on top of the asking price for the next batch, looks like HTB is going to be huge and permanent.

Osbornes done it, permanently rising house prices!

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Including HTB2?

or just HTB1?

I expect it will include HTB3, HTB4 and HTB5 & 6 if this idiot is given another 5 years. Osbourne doesn't want permanent HTB. Osbourne needs permanent HTB.

That said, it's all election promises, so I'll worry when I actually see it happening.

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