Chaotic cycles of boom and bust in the housing market have been normalised. Perhaps now is the time to question who that really works for 🖊️ Victoria_Spratt
When politicians and economists talk about the state of Britain’s economy, they often speak in medical metaphors. Our economy is very “sick” and rising interest rates are the “medicine”. The treatment might be “painful” but, as John Major once said, “if it’s not hurting, it’s not working.”
The problem is that in allowing that to happen and, even encouraging it, the Government and the Bank of England have backed themselves into a corner.Roger Bootle and Josh Ryan-Collins repeatedly told me Bootle, chairman of Capital Economics and a self-described “long-term critic” of Britain’s housing market, was a leading voice in warning that there could be a house price crash in 2008. HeNow, without them, it’s clear that things are not fine at all.
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