Yesterday, IFS director Paul Johnson was one of a minority of wonks to praise Boris’s new social care policy, saying the “world is a better place after today”, describing it as a “progressive and broad based increase”. The PM was so happy with this review he quoted the IFS at PMQs:

“Actually, the Institute for Fiscal Studies has confirmed that this is a broad-based and progressive measure.”

The IFS’ wider response to the policy noted, “those who have more of their wealth in financial assets will continue to be penalised relative to those whose wealth is in the form of their main home – even if the latter’s wealth is much more in total.”

Among other reasons why might Mr Johnson back such a policy? A 2014 Times interview saw the IFS boss actively boasting about his impressive property portfolio:

Six-beds in Muswell Hill now sell for £2,650,000, according to OnTheMarket. Why might Mr Johnson be so supportive of a high-tax system that favours property owners?