Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://secure.socialistparty.org.uk/issue/973/26533

From The Socialist newspaper, 29 November 2017

Tory housing policy: build zilch, hike prices

Housing demo, London, 13.3.16, photo James Ivens

Housing demo, London, 13.3.16, photo James Ivens   (Click to enlarge)

We say: cap private rents and build council homes now

Dave Carr, East London Socialist Party

In his recent Budget speech, Chancellor Philip Hammond - to the delight of bleating Tory MPs - announced a cut in stamp duty on house sales, and measures to build 300,000 new homes a year.

As is always the case with Tory headline claims, the devil is in the detail. Closer inspection shows Hammond's housing initiatives don't amount to a hill of beans.

They plan to abolish stamp duty for first-time buyers on properties costing up to 300,000. And there will be 0% tax on the first 300,000 on properties costing up to 500,000.

But this will not reverse the trend in rising housing costs and declining home ownership.

Firstly, it will have little impact on property hotspots like London and the South East. And by the way, only the very affluent could afford the deposit and mortgage required on a 500,000 house - the average price in London.

Secondly, according to the Office for Budget Responsibility, "the main gainers from the policy are people who already own property, not the first-time buyers themselves." The cut in duty goes straight on the house price. This is based on evidence from a similar scheme New Labour's Gordon Brown introduced after the 2008 financial crisis.

But what about Hammond's other master stroke - building 300,000 new homes a year by pumping in 44 billion of investment?

The headline 44 billion investment is mostly in the form of loans and guarantees. According to the Institute for Fiscal Studies, the actual amount of new money is only 1.5 billion.

Compare that to the 20 billion the Tories have ripped out from UK housing projects - the equivalent of 280,000 homes, according to a Labour estimate.

Moreover, the latest house building announcement doesn't promise much more than the existing 'Starter Homes Initiative' introduced by the Tories in 2014.

Scandalously, it was revealed two days before the Budget that under this scheme not a single house has been built! The only beneficiaries appear to be the big builders.

The simple truth is that the last time any government built 300,000 homes was when it did it itself. Councils could start right now by building council homes. Jeremy Corbyn should tell them to do so, and pledge to reimburse them when in power.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 29 November 2017:


What we think

After the budget - unions must launch pay fight


Socialist Party news and analysis

Make the Tories history

Tory housing policy: build zilch, hike prices

Them & us


Socialist Students

Socialist Students day of action demands free education


Refugees

We're fighting for the right to live and work in Britain


Workplace news and analysis

Birmingham bin workers win!

North West: drivers and housing workers escalate strike wave

Kirklees bin workers ballot for strike over schedule and bullying

Brighton Uni lecturers strike against job cuts

DWP to outsource more work to Capita

PCS union says no to pay misery


NHS

Save Glenfield Children's Heart Centre! Save our NHS!

'Hands around HRI' to save Huddersfield A&E

Tyneside to protest against A&E and walk-in cuts


Socialist Party reports and campaigns

Bristol libraries safe - for now - as council caves to pressure

Osborne evades Carlisle socialists

New ebook: Liverpool A City That Dared To Fight


Economy

Amber warning lights flash on British economy


 

Home   |   The Socialist 29 November 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Homes:

triangleNo to the Woolwich monster block

triangleDebate: should tower blocks form part of socialist housing policy?

triangleThousands live in tents and sheds - seize empty homes

triangleStop the rotten redevelopment plan, demand residents

triangleSix months on - still no justice for Grenfell

Housing:

triangleHeating scandal on east London estate

triangleSalford Socialist Party: Housing crisis - the socialist solution

triangleHackney Socialist Party: Slum housing in the past; and the crisis today

triangleThe Socialist inbox

Rents:

triangleTwo in five 'right to buy' homes now for let

trianglePosh estate agent's housing crisis solution: make your own sandwiches

triangleUS: Minneapolis Socialist chimes with voters

Council:

triangleCarlisle debate: The way forward - Socialism or Social Democracy?

triangleCorbyn's Labour needs 100% anti-cuts strategy and fight for democracy

Tories:

triangleCabinet chaos as shambolic reshuffle underlines Theresa May's impotence

London:

triangleSudan: Free Mohamed Satti

Budget:

triangleLobby pushes Liverpool council to oppose privatisation

News and socialist analysis

News and socialist analysis

17/1/18

Labour

Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

17/1/18

Trump

Victory! Trump's UK visit cancelled by fear of protests

17/1/18

NHS

NHS crisis: under pressure from all angles - end cuts and sell-offs!

15/1/18

Carillion

Carillion crisis: demand action to save jobs and services

10/1/18

Tories

Cabinet chaos as shambolic reshuffle underlines Theresa May's impotence

10/1/18

NHS

Sustained mass movement needed to stop Tories wrecking our NHS

10/1/18

Education

Bigot Toby Young quits - now scrap the new uni regulator driving privatisation

10/1/18

Them & Us

Them & Us

10/1/18

Teachers

Teacher recruitment falls by a third - cut workload, not funding

3/1/18

Fire service

Fire service victory

3/1/18

Fares

Rail: fares up, bosses' pay up - delays and cancellations up

3/1/18

Higher Education

Mobilise against rip-off executive pay

3/1/18

Virgin

NHS in winter crisis as Branson creams off 1bn

3/1/18

Homes

Thousands live in tents and sheds - seize empty homes

3/1/18

Fat cats

Widening wealth gap, increase in poverty...make the fat cats pay

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle22 Jan Women rally defiantly

triangle22 Jan Red Mary - a Force of Nature

triangle17 Jan Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

triangle17 Jan NHS crisis: under pressure from all angles - end cuts and sell-offs!

triangle17 Jan We must fight all council cuts!

triangle16 Jan Home care workers to strike

triangle15 Jan Carillion crisis: Demand action to save jobs and services

More ...

triangle23 Jan Bristol North Socialist Party: 'You can't have capitalism without racism' - was Malcolm X correct?

triangle23 Jan Cardiff West Socialist Party: How the Poll Tax was beaten

triangle24 Jan Caerphilly Socialist Party: The Carillion scandal

triangle24 Jan Cardiff Central Socialist Party: Carillion collapse - Watershed moment for public services

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2