Homeowners have been subsidised 1.4 TRILLION POUNDS by taxpayers in last 2 decades as land prices rose. It was a free windfall to homeowners who did NOTHING to earn it.
Land prices are TOTALLY determined by taxpayers spending on schools, roads, hospitals, community projects & other infrastructure. Time for bedroom tax on homeowners where vast majority of underoccupancy is.
Land price bubbles the world over but especially in the US & UK caused the global financial crisis that has cost taxpayers trillions propping up bank bad debts.
The Bank of England has printed £375bn to keep land prices inflated that has done nothing for the recovery, just propped up the developers land bank assets.
George Osborne is to throw another £130bn at land prices that will inflate bubble even more but have negligible effect on increasing housing supply.
All this money has to come from lowering wages of the low & middle paid, taxing them more with VAT and other stealth taxes, cutting really useful public services we all rely on. And cutting the social security safety net that most who use it more than pay for in their working lives. It is time to say NO to the priorities of the rich & powerful who dictate to us.