It's a hot day, and I have a lot to do, with the expectation that hay fever will be bad being quite high. So I am afraid that I am getting on with the day job right now. Instead, I offer these thoughts from my Twitter account posted over the last few hours:
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Since 2010 there have been over 10 million houses purchased in the UK. Many, possibly most, only affordable because of the ultra low interest rates of the post financial crash era.
In the last twelve years the Tory government has sought to inflate house prices by every means possible, from restricting supply by making it impossible to build public housing, to conspiring with house builders to artificially pump-up prices with devices such as help-to-buy.
From a Tory point of view this is a highly successful policy financially rewarding themselves, their wealthy supporters and their voters, while keeping those inclined to vote against them stressed out trying to find somewhere to live and/or mired in debt, either way too tired or too disheartened to have enough energy left to organise against them
However there was always going to come a moment when the bubble burst and if they made the wrong decisions, which it looks odds on that they will, then the likely result is a systematic debt default problem that will make the sub-prime problem look like a minor blip.
When Gordon Brown faced his moment of truth he chickened out and saved the wretched bunch of psychopaths that now rule us. This time we have to find a way to get it right.
Agreed
Absolutely correct Paul. And I say this as someone who’s benefited from the crazy price (about 33 times more than they bought it for) I got from selling my late parent’s house.
Not that it makes me any less disgusted and depressed by the state we’re in. God knows my partner and myself will need the cushion of that money in the rotten future that faces the UK.