Stamp Duty shortfall
One point that I think needs to be made regarding the current financial situation, is that Chancellor Alistair Darling based his budget 2008 figures on certain revenue from Stamp Duty which will now be down by 15% at least. This means he will have to fund this shortfall from somewhere else. The Northern Rock debacle has caused a chain of events which has resulted in the taxpayer bailing out a major lender and now will have to find billions of pounds from somewhere else to compensate for the lack of consumer confidence in the property market.
The total loss to the UK public will be of the order of £5BN!!!!
This drop in prices will last for around 4 years and take up to 20% in total off the average property price. Gordon Brown has a lot of thinking to do if he wants to win the next election, Tony Blair won voters confidence in the economy anf brown will be judged on ho he deals with a mess he helped create!!!
A huge hike in tax on petrol, ciggies and alcohol should cover it! While we are at it why not start charging for using the NHS? Something so bad for your health (think superbugs) that costs the tax payer so much should be discouraged.
Comment by Johnny Stevens — 4 July 2008 @ 11:52 am
I bet Gordon Brown is not very glad they won the Olympics now! The money the Chises have spent in vast, we cant match that. A recession almost upon us and we will have to find billions for a sporting event that we never win anyway!
Comment by Calvin Hobbes — 11 August 2008 @ 1:39 pm