Daily Archives: November 1, 2007
The BBC news just told us the latest amount of taxpayers money that’s gone to prop up Northern Rock, and calculated it as £730 per taxpayer in the UK. That’s to date: it’s increasing without limit!
The effect of Northern Rock’s over-generous lending that got it into trouble was to inflate property prices artificially. Other financial institutions are doing it (albeit to a lesser extent), and the long-suffering taxpayer pushes up prices directly too, by putting money into social housing. All that money in the system inflates both prices and rents.
Non-property-owners are paying for this twice over: once through our rents, and again through our taxes. And of course a third time if we ever get rich enough to buy.
I want my money back!