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22 | 04 | 10

Warning 300,000,000,000 pound elephant in the room!

Posted by: katalysis

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Imagine a room big enough to take an elephant of this size. Then imagine squeezed into it with the elephant three men called Gordon, David and Nick. They know the elephant is in the room with them it’s so big they could hardly miss it. But the elephant makes them feel uncomfortable. They turn their back on it and pretend it isn’t really there. Looking out of the window they see people passing by on their way to vote. Seeing the three men in such a squeeze people stop and offer their sympathies. It’s so difficult to get your foot on the first rung of the housing ladder these days and having to share your room with such a big elephant must be really hard! “What elephant?” the three exclaim. “If you’re worried about housing we’re the men to come to for all your problems”. “I’ll widen home-ownership” promises Gordon. David pledges to “create a property-owning democracy where everyone has the chance to own their own home”. Nick is rather more downbeat.“I’ll investigate the potential for Councils to borrow against their assets to build more housing”.

“But how can you do all this when you’re stuck in the room with the elephant ask the passers by?” “What elephant?” exclaim the three men.

From 2011 mortgage lenders have to start paying back £300 billion lent to them by the taxpayer to keep them afloat. The question is how can they do this and at the same time make mortgages more widely available. It would be nice to know the answer.
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