Our government has turned into a massive estate agent

Known for bending the truth? Check. Slick, but not very sincere? Check. Everyone hates them? Check. The list of similarities between estate agents and politicians is already surprisingly long. But now there is another.

They are both a largely parasitic class living off a percentage of property sales and with a big stake in keeping the market artificially frothy.

Government finances are becoming increasingly dependent on stamp duty. What used to be a relatively insignificant tax has become a major revenue source for the state, with higher rates and more and more transactions being pushed into the top brackets. That [...]

MoneyWeek magazine

Latest issue:

Magazine cover
Walking out on the banks

The UK's best-selling financial magazine. Take a FREE trial today.
Claim 3 FREE Issues
Shale gas 'fracking' promises to transform Britain's energy market. Find out what it is, what it means, and how to invest.

More from MoneyWeek

The problem with the Bank of England

Fracking: Nine reasons not to get carried away

Five small-cap stocks worth a flutter

This Dutch company could help us tame floods

ScreenHunter_01 Mar. 25 09.51

Get the latest tips and investment opportunities from MoneyWeek magazine: Claim 3 FREE Issues HERE