Sunday, June 5, 2011
Why we should build more
"There is one simple reason why so many people can no longer afford to buy. Property is incredibly expensive. A bolder policy solution would be to use the tax system to force down prices. The Treasury forgoes billions in revenues because people don't pay capital gains tax when they sell their main residence. Are you up for abolishing that exemption, Mr Cameron? Nope, thought not. You'd be lynched by your party. What about you, Mr Miliband? Your beloved "next generation", the younger ranks of your "squeezed middle", would be the net beneficiaries of a fall in house prices â€“ so how about it? The Labour leader shakes his head for, like his rivals, he doesn't think that a declaration of war on the propertied middle classes would enhance his chances of winning an election."