Right to buy is back, sigh…

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Theresa May today underlined why so few of us will be voting for one of the main parties on May 17th. She played the usual game of not answering any question put to her, avoiding any semblance of honesty and straight speaking that we, the people, so desire. The same criticism applies to Millibean and Clegg too, so I am not being partisan!

The original Right to Buy policy, brought in by that dreadful 1980s Thatcher government, is to be renewed by a Tory government. If, that is, enough voters are persuaded to give them the 326 seats required for an overall majority. It was hailed as enabling council house tenants to buy their homes at way under market price. Many were then immediately sold on and profits realised on the backs of public funded but Tory policy.

I Want to buy one please
I Want to buy one of those please – its my RIGHT!

The Right to buy policy was morally wrong and flawed in the 1980s, and it still is.

Here’s why:-

  • There is no such thing as a right to buy a house, or anything else for that matter. You can either afford to buy something or not!
  • The policy message iteself is based on the manipulation of simple greed. Rights are earned and cannot be given by some political party!
  • The Right to buy policy fueled house price inflation like nowhere else on this planet.
  • It created the fake debt led economic boom that savers and the poor started paying for in 2008. Our grand children will still be paying for it in 2060!

Council housing was brought in by an enlightened Labour government under Clement Atlee, just after the end of World War II. It was to be ‘a privilege’ for those who moved to the new, small and human sized, estates and was designed for “hard working families”. Most of those new Council estates had schools and appropriate infrastructure planned in, so all was good. I know, I was raised in one, a good one, in Letchworth garden city.

The idea, then, was that you had to meet certain criteria to live in a new council house. Only ‘hard working families’ with one or two working members could apply.

Back in the 1950s, there was little private debt to accompany the massive public debt. Credit cards and hire purchase agreements were yet to be invented by the Tories and the banksters. People saved for what they wanted to buy, but Oh no, that is not the Tory bankster way!

So what did this policy achieved for Britain?

  • a distastrous shortage of affordable, decent housing and no political will to replace that which was sold off cheap for party political ends.
  • the huge loss of Council housing, paid for out of public funds, was financed by the invention of mortgage debt.
  • a new private debt mountain to rival the size of the public debt mountain, both standing at about £1.6 trillion currently.
  • artificially low interest rates, for years to come, designed to stop the banking sector from collapsing and actually paying for the disaster they caused.
  • a private housing rental sector where rents are artificially too high because of the lack of Council housing caused by the Right to buy policy.

Our debt fueled banking crisis, caused mainly by mortgage debt was created by unregulated, greedy bankers here and in the USA. Bankers lent non-existent cash to people who could not really afford to borrow. A banker led credit boom that fueled the fake economic growth so loved by Thatcher, Blair and Brown.

History is to be repeated.

When will Conservative politicians stop presenting debt fueled consumerism as OK?

Where is a Labour party we can trust?

Where is a Liberal democrat leader who has any credibility?

Where are the lessons to be learned from history?

Nowhere – that’s where. Bah, POO and piffle!

PS:  Government debt was £780 billion in 2010 (it doubled under New Labour – well done smarmy Tony, Ballsache Ed and Gordon Broon and Ed Millbean)

PPS: Government debt is £1,600 billion in 2015 (it doubled under the coalition – well done Georgey Boy, Call me Dave & Cleggipoos!)