Budget 2017: “Good Work To Halt Second Property Crash Undone In A Day”
David McWilliams has pointed out in two of his most recent articles how Budget 2017 and the latest mortgage tax grant risk creating a “second property crash”:
“We are faced with similar concerns on the horizon now. Unlike 2008, when this country went bust, or in 2012, when the euro as a currency was in real danger of falling apart, there is no serious internal threat. In 2012, the world’s central bankers cutting interest rates to zero prevented the disintegration of the euro. This may have saved the currency then, but it means that today central bankers have no ammunition left if there is another downturn. Interest rates are as low as they can go.
Unfortunately, the trading economies that Ireland depends on have not responded to zero interest rates with any real gusto. They are sluggish at best. This sluggishness means that the average guy feels left behind and sees real gains going to the very rich. As a result, the mainstream political players are now being rejected in favour of populists. This is happening everywhere, particularly in the UK, the US and France.”
The stupidity of this latest populist government gimmick and tampering in the property market was further underlined in an article published today. Read full story…