oh dear: George Osborne's buy-to-let raid risks damaging UK economy

[AtW]

Source: http://www.telegraph.co.uk/finance/property/house-prices/12154769/George-Osbornes" George Osborne’s multi-billion-pound raid on landlords risks damaging Britain’s economic recovery, according to a committee of MPs.

The Commons Treasury select committee (TSC) said the Chancellor’s measures to curb the buy-to-let housing market could cost jobs and put a brake on growth.

The cross-party committee said a new stamp duty “surcharge” on buy-to-let properties and second homes from April was likely to result in a reduction in the supply of privately rented homes and push up rents.

This could lead to fewer jobs being created as people find it harder to relocate for work, it claimed.

“Were the measures taken to curb buy-to-let to have a substantial effect, they would come at a cost to the wider economy,” the TSC said in a report. "

The TSC also said a series of tax rises in the Autumn Statement had taken the Government away from its goal of moving to a “lower tax society”.

Britain’s tax burden is forecast to rise to 34.2pc of GDP by 2017-18, from 33pc in 2014-15.

Mr Tyrie warned that Mr Osborne’s self-imposed ban on raising national insurance, income tax and VAT this parliament meant the Treasury was raising new revenues in “less transparent ways”.

“The 'tax lock’, in time, could distort the shape of the tax base,” he said.

Source: George Osborne's buy-to-let raid risks damaging UK economy - Telegraph

[AtW]

UK tax burden a fifth higher than global average

The UK's tax burden, relative to GDP, is 18pc higher than the global average, which could be hindering growth, a new report warns

Date: 6:00AM BST 20 Apr 2015

Tax revenue adds up to 32.9pc of GDP, compared to the worldwide average of 27.8pc, according to the accountancy firm UHY Hacker Young.

Countries from Central and Eastern Europe have an average tax income representing 25.9pc of GDP, while Singapore and the United Arab Emirates have relative tax revenues of 15.1pc and 2.7pc respectively.

Source: UK tax burden a fifth higher than global average - Telegraph

This would have never happened under Labour...

[DimPrawn]

UK tax burden a fifth higher than global average


This would have never happened under Labour...

Still an idiot I see.

LibLabCon are different shades of the same thing.

[Scruff]

Osbourne senior brother should think about retaining as a psychiatrist and giving his weirdo brother his job as Chancellor. Win win for all. Two Planks.

[SueEllen]

Quite right - Labour wouldn't go after landlords because it's anti-business.

The real way to get landlords is to increase house supply in the form of a mixture of houses to purchase and social housing. It would also improve the economy by giving tradesmen work plus parts of the retail sector.

I've seen it locally in a student town where the university built loads of student accommodation of a high standard. This meant landlords couldn't increase their rents and those with poor standard accommodation had empty houses.