I want my £730 back!

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!

Posted on November 1, 2007, in economics, housing, rants, uk. Bookmark the permalink. 3 Comments.

  1. Good luck – we’re going through the same thing here in the states. The mortgage lenders gambled, and we’re stuck bailing them out. There’s a reason why banks are conservative… let’s leave the risk to wall street, shall we?

  1. Pingback: Throwing good money after bad « niq’s soapbox

  2. Pingback: Now everybank’s a Northern Rock! « niq’s soapbox

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