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60% of Public Back BoE Remit to Rein in House Prices

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Public 'ready for change' as UK economy is 'unfair' and 'not working', poll reveals

https://news.sky.com/story/sky-data-poll-public-ready-for-change-as-uk-economy-is-unfair-and-not-working-11490328

 

The public does not think the UK economy is working for young people, or those living outside the south of England, a study by think tank IPPR has revealed.

Two in three (67%) think the economy works badly for young people, while 53% believe it works badly for people outside the south, a Sky Data poll commissioned by IPPR has found.

Seven in ten (70%) say the economy does not work for people who do not own a home - and 74% say the same for people born into poor families.

Just 22% of people think the way the economy works is fair, with 48% saying it is unfair - rising to 63% among those aged under the age of 35.

And 53% think the way the economy works has become less fair over the last decade, with Conservative voters more likely to say the economy has become less fair (38%) than more fair (15%).

The findings come as IPPR's Commission on Economic Justice - backed by leading figures including the Archbishop of Canterbury Justin Welby - called for "fundamental reform" of an economy that is "not working".

Among the reforms supported by the majority of the British public are:

  • Regulating companies like Google and Facebook in a similar way to broadcasters (84%)
  • A new corporation tax for companies who misleadingly report zero profits in the UK (83%)
  • An increase in the minimum wage to £8.75 per hour (80% support)
  • Making it compulsory to have workers on company boards (63%)
  • Asking the Bank of England to adopt policies to keep house prices from rising (60%)
  • A higher minimum wage for zero hours contracts at 20% above the standard minimum wage (56%)
  • Establishing a publicly owned investment bank (55%)
  • Greater government borrowing and investment (52%)
  • Raising capital gains tax to the same rate as income tax (50%)

Catherine Colebrook, chief economist to the Commission on Economic Justice at IPPR, said: "This new polling data shows the disillusionment people feel with the economy as it works now.

"Old and young, Conservative and Labour, Leave and Remain - among all groups, the prevailing sense is that the economy does not work in a fair way and that it is becoming increasingly unfair over time.

"There is remarkable support for fundamental reform, suggesting the British people are ready for a new kind of economy and a new kind of economic policy."

Labour's shadow chancellor John McDonnell said the findings were "today's equivalent" of the Beveridge report, a seminal document which played a part in the founding of the welfare state.

"The IPPR have provided a clear analysis of the underlying long-term weaknesses of our economy, setting out a series of creative policy initiatives.

"Just as Beveridge did for welfare, this report could transform our approach to economic policy making."

Edited by rantnrave

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Thanks for posting rantnrave. I'm pretty sure those percentages would have been a lot lower in years gone by, especially the wanting to adopt policies to stop house prices rising.

Still too many pro HPI VI's around but they are rapidly being supplanted by the masses with no skin in the 'game'

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What makes the strong strong?...could it be it went wrong by becoming wealthy owning assets using cheap debt leveraging and renting to others that are locked out of the party? ... Why should it be that the economy does not work for those who don't own a home? 😉

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7 minutes ago, rantnrave said:

All mention of house prices airbrushed out of the Guardian's write-up: https://www.theguardian.com/uk-news/2018/sep/05/thinktank-calls-for-major-overhaul-of-britains-economy

It is quite an impressive omission.

The journalist is Philip Inman. He was born in about 1965 and grew up in London according to the education dates on his LinkedIn. Odds are he's sitting on a lot of equity thanks to London house price inflation but given his age he may have a big mortgage too - he's not old enough to be part of the "I bought this house for £400 and a packet of Woodbines" generation.

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47 minutes ago, Dorkins said:

It is quite an impressive omission.

The journalist is Philip Inman. He was born in about 1965 and grew up in London according to the education dates on his LinkedIn. Odds are he's sitting on a lot of equity thanks to London house price inflation but given his age he may have a big mortgage too - he's not old enough to be part of the "I bought this house for £400 and a packet of Woodbines" generation.

Here's another of his pieces from last year - defending tax breaks, including those for landlords:

https://www.theguardian.com/business/2017/aug/20/tax-relief-more-than-1000-schemes-give-us-a-break

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2 hours ago, hurlerontheditch said:

evolution does not take fair into account though.. the strongest survive:ph34r:

How do you explain our wildly over generous welfare state then, excluding pensions.

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7 minutes ago, Freezer? Best place for it said:

60% of the public couldn’t spell BoE.

Edited 3 minutes ago by Freezer? Best place for it
Spelling

Well played!

I think "Asking the Bank of England to adopt policies to keep house prices from rising" isn't quite right. Ideally prices should fall to a sensible level as quickly as possible and subsequently they should move fairly closely with wages.

Even though the Bank of England could help, I don't think they need to act. The government could basically force prices down to any level they want by imposing the right taxes and regulations.

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4 hours ago, Unmoderated said:

Actually it is those most adaptable to change that survive ;) 

Survival of the those who have the best handle on political power - in terms of acting with political power an din terms of being able to act ahead of/before changes in the political landscape.

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5 minutes ago, Aidan Ap Word said:

Survival of the those who have the best handle on political power - in terms of acting with political power an din terms of being able to act ahead of/before changes in the political landscape.

I'm not sure Darwin was that much of a cynic?

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3 minutes ago, Slimline said:

Wait till they implement MIRAS, then it'll be interesting to see how long the governor survives.

My hunch also. 

Taketh from thy BTL spiv and giveth to thy noble hardworking homeowner.

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1 hour ago, Unmoderated said:

I'm not sure Darwin was that much of a cynic?

Herbert Spencer is the more relevant character, as he was interested in applying evolutionary thinking beyond biology. He coined the phrase "survival of the fittest." People don't realise it refers to more than one level of selection. Fit societies as well as fit individuals survive.

In the example below, individuals with political power will survive and prosper, but the society will not.

 

1 hour ago, Aidan Ap Word said:

Survival of the those who have the best handle on political power - in terms of acting with political power an din terms of being able to act ahead of/before changes in the political landscape.

 

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It actually might be a good idea for the BOE to publicly announce they are going to "reign in on house prices" seeing as though it is on the eve of happening whether they like it or not, it will give the illusion of them in control

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4 minutes ago, inbruges said:

It actually might be a good idea for the BOE to publicly announce they are going to "reign in on house prices" seeing as though it is on the eve of happening whether they like it or not, it will give the illusion of them in control

control is an illusion and subjective in its nature, one mans out of control could be another mans well controlled plan.

 

 

 

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9 hours ago, rantnrave said:

All mention of house prices airbrushed out of the Guardian's write-up: https://www.theguardian.com/uk-news/2018/sep/05/thinktank-calls-for-major-overhaul-of-britains-economy

Despicable. It's demonstrably obvious from those charts that property weath not income is the great unequalizer. Between distant regions of the UK and London; between the individual deciles of household wealth; between one generation of Britons and the next.

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21 minutes ago, zugzwang said:

Despicable. It's demonstrably obvious from those charts that property weath not income is the great unequalizer. Between distant regions of the UK and London; between the individual deciles of household wealth; between one generation of Britons and the next. 

and still "for sale" as they will be for a very long time. I suspect care home fees are linked to house prices. It's all one fat waste of time that only really benefits a small minority who move money around and devalue it without producing any wealth.

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7 hours ago, Kosmin said:

Well played!

I think "Asking the Bank of England to adopt policies to keep house prices from rising" isn't quite right. Ideally prices should fall to a sensible level as quickly as possible and subsequently they should move fairly closely with wages.

 

Agreed about what they are "asking". I'm sure that is massive spin on what people are "asking" for - and that request will be accidentally-on-purpose interpreted as "implement policies to keep house prices at their current level just as much as prevent them from rising"

What is needed, as you say, is for house prices to come BACK DOWN TO NORMAL levels. No-one is saying that any more.

I don't agree that they should move closely with wages though - I think they should just get continually cheaper, and cheaper and better and better over time - like electronics.

 

 

 

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6 hours ago, Aidan Ap Word said:

Survival of the those who have the best handle on political power - in terms of acting with political power an din terms of being able to act ahead of/before changes in the political landscape.

 

6 hours ago, Unmoderated said:

I'm not sure Darwin was that much of a cynic?

 

5 hours ago, Kosmin said:

Herbert Spencer is the more relevant character, as he was interested in applying evolutionary thinking beyond biology. He coined the phrase "survival of the fittest." People don't realise it refers to more than one level of selection. Fit societies as well as fit individuals survive.

In the example below, individuals with political power will survive and prosper, but the society will not.

 

 

Formed from seeing the political landscape changing in several nations in southern africa. Each in subtly different ways but always the survival (prospering) of the politically empowered and - occasionally the politically astute - all the while those who lost the birth-place or genetic lottery taking the strain of keeping the minority in the comfort to which they so quickly become accustomed.

And, yes, Darwin perhaps wasn't that much of a cynic ... but I fear that I am.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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