Saturday, March 24, 2007

The Budget missed opportunity

House of Cards

Awareness is brewing... a well-written piece that hits all the right points. Sad to conclude that New Labour's biggest economic contribution has been to "rent-seeking". In 1997 Gordon Brown said, "I am determined that as a country we never return to the instability, speculation, and negative equity that characterised the housing market in the 1980s and 1990s." To address the property madness gripping the UK, Gordon Brown needed to do several things in his budget earlier this week. Restricting the money supply, forcing mortgage providers to adopt more stringent lending criteria, capital gains taxes on speculative property investments as a powerful incentive to invest in alternative forms of savings

Posted by confused76 @ 04:01 PM (521 views)
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3 thoughts on “The Budget missed opportunity

  • Very good article. But it neglects the single best opportunity that the government already has at its disposal to curb the rampant property speculation that has gripped this country – the opportunity to regulate the buy-to-let sector and ban interest-only mortgages. This could be done via the Consumer Credit Act which is already in the pipeline, due to take effect in April 2008. Merely clarifying now their willingness to regulate buy-to-letters will dampen their appetites.

    Now, that is worth putting an e-petition for!

    This topic was covered in an article posted a few days ago:

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  • Politicians of all political parties ignore the high cost of housing, increasing discrepancies between rich and poor and dodgy unsustainable economics at their peril. Look back through history and you will not have trouble finding examples of what happens when basic social provisions are abused. There is an increasingly uneasy feeling gripping the nation at the moment manifesting itself through worsening social cohesion and increasingly high crime rates. People no longer believe what the state says with it’s continuous lies, deception, dodgy figures, high taxes and spiteful budgets. At the same time Labour are inceasing their intereference in people’s lives with oppressive rules and regulations often seen as unfair and unnecessary.

    Dragging millions into massive debt in an economy which is completely unsustainable risks either the collapse of the banking system or the consignment of millions to poverty and slavery. Dark clouds are gathering on the horizon, there will be a serious, unpleasant and prolonged backlash due to these short term misguided policies. A very nasty timebomb is ticking.

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  • The government are living on borrowed time, unfortunately unlike the 1970’s when Old Labour screwed the country their younger and more cunning counterparts have used the personal borrowing of the masses to fund their personal ego trip via taxation.

    You’ve got to hand it to Neo-Labour, using free ‘n’ easy credit for the masses to prop up consumer demand, property prices, employment and hence make a goodly amount of cash for the treasure as well was a stroke of genius.

    Unfortunately the good times always come to an end especially when borrowed money is involved, when house prices stop rising the get out of jail free card will disappear. Like soviet says there will be a great social cost in both the short and long term when the day of reckoning comes. There were clues in the Budget when noises were made about keeping kids at school until they are 18 (even the thick ones) and the emphasising of the importance of the knowledge based economy. They know stormy waters are ahead and are laying the foundations to enable them to cook the books of the unemployment figures so they can invest in education to keep virtually everyone under 19 off the books at their parents expense!

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