If it comes to pass then the Chancellor’s “Help to Buy” scheme will provide prevaricating “second steppers” with the type of financial carrot they will find hard to resist. Planned for early next year it will see the government guarantee up to 15 per cent of high loan to value mortgages. Not all are impressed by the idea:-
“A moronic policy that stands head and shoulders above most of the stupid economic policies I have seen in the past 30 years” according to Albert Edwards at French bank Societe Generale.
Moron being Welsh for carrot one wonders if the scheme will take root. The last Chancellor to meddle with the housing market this way was Gordon. “Gordon is a moron” was a popular refrain in the late 70s. Plus ca change.