Guido recalls when Labour dangled the prospect of “the dream of owning their own home” to capture the hearts and votes of young people. Yet, like most of their pledges, that promise has swiftly been dashed. After Reeves’ high tax-and-spend budget, house prices are set to soar nearly twice as fast as inflation over the next five years, leaving wages in the dust. JLL‘s latest forecast predicts a staggering 20% jump in house prices by 2029. The lofty days when Labour claimed they’d deliver the “biggest boost to affordable housing in a generation” are already over…
Meanwhile, homebuyers are bracing for a staggering 148% hike in their stamp duty bills, courtesy of Reeves’ stealthy property tax grab. The average stamp duty bill in England is projected to rocket from £2,979 this year to £7,391 by the end of this parliament. Labour pulling up the housing ladder behind them…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”