Britain’s housing crisis won’t be fixed without a new tax landscape
Source: The Guardian ·
We need policies that stop treating property as a store of wealth and that allow people to move home cheaplyJohn Healey’s critics on the right and left accused him of dodging the big questions in his first budget. The chancellor failed to announce reforms that might tackle some of Britain’s chronic problems, they say.Healey’s scatter-gun budget, as the Resolution Foundation called it, was more…
From the source
John Healey’s critics on the right and left accused him of dodging the big questions in his first budget. The chancellor failed to announce reforms that might tackle some of Britain’s chronic problems, they say. Healey’s scatter-gun budget, as the Resolution Foundation called it, was more about politics than economics, and unapologetically so. Housing was one area of policy that took up a considerable chunk of his speech. And yet the measures amounted to very little, if a test of his policy changes was to ask how different will the UK be at the next election. Or, as that date is only two and a half years away, 10 years from now. Housing is more than a single element of a complex economy. It is both its driving force and a disease eating its way through the body, from the inside out. More than 80% of global investment is in property and the vast majority of that is in residential. Countries that once had a more communitarian approach, such as France and Germany, with a highly…
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