Housing sees the British at their most innumerate and irrational

Posted on

Simon Jenkins wrote this in the Guardian today. His logic is sound. I've added paragraph breaks:

For half a century home ownership in Britain - termed a "right" by Brown - has been indulged beyond economic reason.

It has sucked savings out of the productive sector.

It has tied up pension money that should be helping the economy in the stock market.

Its tax reliefs have immobilised young people who, in most countries, remain in the more fluid rented sector until later in life.

It has led to mass hysteria with every price rise or fall.

Housing sees the British, their rulers and their newspapers, at their most innumerate and irrational.

This is why, for example, the argument that Inheritance Tax thresholds should increase because the owner of a 'normal house' might pay that tax is irrational. But politicians simply bow to the pressure.

And the young people in our country pay the price.