If George Osborne doesn't kill buy-to-let, Jeremy Corbyn will
I didn’t think there was a politician out there stupid enough to take right-to-buy to its ridiculous logical extreme, says Merryn Somerset Webb. But there is: Jeremy Corbyn.
A couple of months ago I wrote here that the Tories' exceptionally stupid right-to-buy policy was taking us in a really frightening direction. If the government can force private institutions such as housing associations to sell their properties at a discount to anyone who happens to be lucky enough to be living in them, I said, what's stopping it demanding that all private landlords do the same.
To be honest, I didn't really, really think there was a politician out there stupid enough to actually suggest this kind of wealth confiscation as a real policy. Well, it turns out there is. It is Jeremy Corbyn.
If he were ever to be given any actual power he would, he says, extend the right to buy to all tenants renting from large-scale landlords. We obviously can't be sure what large-scale means at this point, and I am all but certain that no sentient electorate would take on Corbyn as leader.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
But nonetheless, the fact that there is a politician who is being taken seriously in the UK and who appears to genuinely believe that occupation of an asset gives ownership rights over an asset is genuinely worrying. It is also yet another reason to think very carefully before getting into the buy-to-let market.
-
MoneyWeek news quiz: How many bank branches have closed in past decade?The price of gold and silver made headlines this week, as did the Lifetime ISA and more bank branch closures. How closely have you been following the news?
-
Review: Constance Moofushi and Halaveli – respite in the MaldivesTravel The Constance resorts of Moofushi and Halaveli on two idyllic islands in the Maldives offer two wonderful ways to unwind
-
House prices to crash? Your house may still be making you money, but not for much longerOpinion If you’re relying on your property to fund your pension, you may have to think again. But, says Merryn Somerset Webb, if house prices start to fall there may be a silver lining.
-
Prepare your portfolio for recessionOpinion A recession is looking increasingly likely. Add in a bear market and soaring inflation, and things are going to get very complicated for investors, says Merryn Somerset Webb.
-
Investing for income? Here are six investment trusts to buy nowOpinion For many savers and investors, income is getting hard to find. But it's not impossible to find, says Merryn Somerset Webb. Here, she picks six investment trusts that are currently yielding more than 4%.
-
Stories are great – but investors should stick to realityOpinion Everybody loves a story – and investors are no exception. But it’s easy to get carried away, says Merryn Somerset Webb, and forget the underlying truth of the market.
-
Everything is collapsing at once – here’s what to do about itOpinion Equity and bond markets are crashing, while inflation destroys the value of cash. Merryn Somerset Webb looks at where investors can turn to protect their wealth.
-
ESG investing could end up being a classic mistakeOpinion ESG investing has been embraced with enormous speed and zeal. But think long and hard before buying in, says Merryn Somerset Webb.
-
UK house prices will fall – but not for a few yearsOpinion UK house prices look out of reach for many. But the truth is that British property is surprisingly affordable, says Merryn Somerset Webb. Prices will fall at some point – but not yet.
-
This isn’t the stagflationary 1970s – but neither is it the low-rate world of the 2010sOpinion With soaring energy prices and high inflation, it might seem like we’re on a fast track back to the 1970s. We’re not, says Merryn Somerset Webb. But we’re not going back to the 2010s either.
