Sunday, August 12, 2012

Why would that be good for UK people?

Foreigners set to dominate UK property

This puts me in mind of how actually beneficial for France kicking out the rich with the 75% tax rate (I will put in the comments)

Posted by stillthinking @ 04:42 AM (2595 views)
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9 thoughts on “Why would that be good for UK people?

  • stillthinking says:

    OK so Hollande has effectively kicked out the top earners with 75% tax, and probably their first port of call will be London property. So what are the consequences….a quick summary is that I don’t see that I get any benefit from encouraging the global rich to come to the UK. I see that I lose out, possibly the government increases revenue but I don’t see how this works out for me personally.

    For France

    The best top 30 000 properties are emptied, all other home occupiers gradually shuffle *upwards* on the housing property quality ladder to occupy. They remove the top payers and increase supply. Not so bad.

    Workers. In a globally connected world a high earner in your domestic currency is equivalent to the Dutch disease, everybody is so desperate for -your- shared currency to buy their goods and services you with your average skills face a continuous struggle to maintain competiveness. The French just offloaded their high earners, less demand for their currency, everybody else just became more competitive.

    The rich French won’t spend their money in France anymore. This is rubbish, their wealth is in Euros, those Euros have to be spent in the Euro area. This is the same as saying when we buy something from abroad that is a lost sale, nope because we always pay with UK GBP which have to be spent here to fill the transaction.

    For the UK

    Everything is the reverse.

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  • stillthinking – This article is about commercial property investment, not residential.

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  • Allowing non-domestic purchases of property should never be allowed, in any country, anywhere in the world.

    That is a bold statement from someone who is all for free markets – but I am a free-marketeer only if there’s a level playing-field, and pitting tax-paying shop-keepers versus tax-evading oligarchs, despots and plutocrats is the very opposite.

    As it stands, Brits of all colours are unable to buy property in their own nation and I have no hesitation in saying this is very wrong and, worse, is an extremely dangerous path. Extremely!

    When the government thinks its OK for Jamaican bus drivers, Indian shop-keepers, Chinese restaurant owners and yes even white people are made to comete with the Gadaffis, there is something fundamentally wrong.

    Just look at how India protects the poor by refusing to allow foreigners to buy property there. They realise that anything else would ignite a tinder-box of rebellion.

    “Ah yes, never mind if the poor are homeless – we have a free market!” is a losing argument. It is not a free market. It is everything but.

    Floating exchange rates, differing tax regimes, open-arms to tax fugitives, tax haven rules, empty properties in elite addresses and the divergent economic paths of different countries and economic blocs are the root issues that cause the problem we see here in the UK.

    It will end in tears, I am absolutely sure of it and it worries me to my core.

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  • I know but I couldn’t find anything more relevant for rant enabling.

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  • stillthinking – Understood.

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  • mark wadsworth says:

    Sneaker, good rant.

    Of course, with LVT none of this would be an issue. If some oligarch is happy to buy a really expensive house, pay the tax and leave it standing empty, that’s all the more for the rest of us 🙂

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  • happy mondays says:

    @ sneaker – I’m all for a free economy & work hard you get rewarded, however we live in a Pluto democracy economy.. Where the wealthy can play monopoly with themselves as no other fooker can afford to play ! If this is not addressed i can see the riots of last year being kindergarten protest & not just our youth being involved ! I have said this before & will say it again “We do not live in a democracy” We are being fleeced left right & center.. Panem et circenses

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  • @HM “Panem et circenses”

    Shouldn’t that be Big Macs and celebs?

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  • happy mondays says:

    mr g – Very Correct ! Bradley Wiggins makes a good point

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