Reply to: New Labour nationalising mortgage debt

[Cyberman]

It's only limited to 10,000 people, so the effect will be negligible on supporting prices.

The interesting thing is that it will probably stop people buying (at the low end at least) in the short-term, as they wait for the scheme to kick in.

It is only a maximum saving of 1,750 pounds and thus is 'peanuts'. I cannot see this making much difference to the market at all. If they had been a lot braver and given a complete moratorium there would have been a real uplift to the market, but of course there is a 'black hole' of their own making that New Lie cannot ignore any longer.

[bobhope]

It's only limited to 10,000 people, so the effect will be negligible on supporting prices.

The interesting thing is that it will probably stop people buying (at the low end at least) in the short-term, as they wait for the scheme to kick in.

[Cyberman]

Scots do not "get" free education and free prescriptions. The Scottish government chooses to spend some public money from the Scottish budget on those things. IOW the Scots spend their own money on that rather than on something else.

Is there a separate English budget, so that the English are choosing to spend their own money on free loans; or are they spending our money on their free loans?

Edit: actually I suspect the answer is YES, housing is devolved so the "British" housing budget is actuall the English budget, but I thought the Q worth asking, in the light of the common misconception that Scots "get" extra goodies.

Scots get an extra thousand pounds more per head than the English per annum. Let's hope they vote for independence very soon so that we can release ourselves from this unfair burden on other UK taxpayers.

[TimberWolf]

No, this is simple vote buying for Labour at our expense.

Anyone tied into this will be voting Labour to ensure their "free" loan isn't pulled by the Tories.

Plain and simple.

The number of voters that will not receive this gift [i.e. invitation to debt and possible later financial ruin] far exceeds those that will receive it, so it's not a good vote winning strategy. But since most people vote selfishly, which party does not buy votes?

[DimPrawn]

The government may be worried that the housing market (and perhaps taking the rest of the economy with it) may fall off a cliff if they don't do something panicky. Horse/gate bolted. WTF didn't they see this coming like everyone else?

No, this is simple vote buying for Labour at our expense.

Anyone tied into this will be voting Labour to ensure their "free" loan isn't pulled by the Tories.

Plain and simple.

[TimberWolf]

The government may be worried that the housing market (and perhaps taking the rest of the economy with it) may fall off a cliff if they don't do something panicky. Horse/gate bolted. WTF didn't they see this coming like everyone else?

[Bob Dalek]

Like many, I am feeling the pinch, so another splashing of MY hard-earned on anyone else, in the form of the never-ending pot (ho effing ho) that we call tax, just so that they can get on or stay on the property ladder is infuriating. Fed up, now (TM). Very fed up.

[Pondlife]

Exactly. Another gimmick. Much like a NL Tax cut, akin to the guy that is standing on your neck changing feet. A brief period of relief followed by more pain delivered with renewed vigour.

I like that analogy and will be passing it off as my own work later.

Thanks SB, keep 'em coming.

[expat]

Scots get a free education and free prescriptions no?

English get "free" negative equity instead.

Scots do not "get" free education and free prescriptions. The Scottish government chooses to spend some public money from the Scottish budget on those things. IOW the Scots spend their own money on that rather than on something else.

Is there a separate English budget, so that the English are choosing to spend their own money on free loans; or are they spending our money on their free loans?

Edit: actually I suspect the answer is YES, housing is devolved so the "British" housing budget is actuall the English budget, but I thought the Q worth asking, in the light of the common misconception that Scots "get" extra goodies.

[shaunbhoy]

It's a short term measure to try and buy Labour votes. In 5 yrs time, WGAS?

Exactly. Another gimmick. Much like a NL Tax cut, akin to the guy that is standing on your neck changing feet. A brief period of relief followed by more pain delivered with renewed vigour.

[HairyArsedBloke]

On new properties.

This is a subsidy to the building industry – is this legal under EU law?

What about the secondary housing market?

[DimPrawn]

Another woefully ill thought out policy from an increasingly desperate and useless government.

WHS++

[Ruprect]

Another woefully ill thought out policy from an increasingly desperate and useless government.

[DimPrawn]

Hmm.

Scots get a free education and free prescriptions no?

English get "free" negative equity instead.

[expat]

http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm

The government is to promise first-time buyers in England "free" loans of up to 30% of their home's value, in an effort to reinvigorate the housing market.

Hmm.