Markets happy
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Well, fuck.
So the current thing where the prices remain high and the government shuffles money to the energy companies propping up their profits is unsustainable and we’ll be left to it in 6 months?
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Do properties this cheap still exist in the UK?
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- UK average house prices increased by 10.2% over the year to March 2021, up from 9.2% in February 2021; this is the highest annual growth rate the UK has seen since August 2007.
- Average house prices increased over the year in England to £275,000 (10.2%), in Wales to £185,000 (11.0%), in Scotland to £167,000 (10.6%) and in Northern Ireland to £149,000 (6.0%).
UK is very, very unevenly distributed. Disunited you might say.
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That’s Laurie Penny for ya!
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Two quick threads on the impact on energy prices:
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Too bad, contractors: UK government reverses decision to axe IR35 tax reform
The IR35 saga continues…
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It’s like they were all channelling Chris Morris, it felt like a piece from The Day Today.
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Just to be clear, the cut is to zero-rate the tax for the value up to £250k. The cut affects all properties. SDLT is a graduated tax. So if your house sold for £600k, you pay 0 tax on the first £250k and 5% on the rest.
It’s a nice way of claiming to be helping the first-time buyers while actually giving everyone with a property a tax cut and basically ensuring that everyone selling factors the SDLT cut into their asking prices thereby keeping prices higher, so not helping first time buyers at all.
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Thanks to the Growth Plan, a typical first-time buyer in London moving into a representative terraced house will save £11,250 on stamp duty & £1,050 on the household’s energy bills—and if they earn £30,000 almost an additional £400 on tax. This is around £12,700 in total.
Tweeted (and now mysteriously deleted) by the Treasury to plug the plan.
And that is true.
However, the average house price in London the Treasury based this on was £543,500, someone earning £30,000 would only be able to borrow £135,000 – so they would need a deposit of over £400,000. Kwarteng and Treasury wonks with their finger on the pulse as usual.
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I’m betting she’s gone by the end of the week with that kind of talk…
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She does look a bit tired, doesn’t she.
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55% of a few thousand Tory members just voted No in a poll about whether she was doing a good job.
Of course, she could just be the quick sacrifice seeing as hedge funds just made billions betting against the pound so she’s served her purpose and the plan worked just fine.
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She will get a job for life in the House of Lords, so it works out for her too.
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See, everybody wins!!
I say “everybody”, but…
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Everyone who matters wins, and the Tories always think that 99% of Britain doesn’t matter.
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Ah, there we go 
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No living former PM has taken that seat, we might need to admit that tradition is dead.
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