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A Nation of Estate Agents?
Last week Vince Cable warned of serious housing inflationary pressures as press reports referred to a surge in the number of jobs created by the Property Sector. In a nod to Napoleon Bonaparte one expert was quoted as saying “We’re no longer a nation of shopkeepers – we’re becoming a nation of estate agents”. Napoleon was referring to the fact that Britain’s increasing influence in the world was based upon an economy driven by commerce. That rather chimes with Cable’s vision of an economy rebalanced away from domestic debt fuelled consumption and towards export led growth but is difficult to reconcile with the Chancellors apparent determination to boost house prices through the next stage of the FLS. It seems the FLS is becoming a bone of contention within the coalition. Will it turn out to be someone’s Waterloo?