Interesting from @Dannythefink but surprised he misses the key driver:
Housing.
It’s not surprising London young vote labour when even those on 30k are fleeced of over 50% of their pay by private landlords.
Housing wealth, not income, now drives votes.
thetimes.co.uk/article/cultur…
Housing.
It’s not surprising London young vote labour when even those on 30k are fleeced of over 50% of their pay by private landlords.
Housing wealth, not income, now drives votes.
thetimes.co.uk/article/cultur…
It’s also no surprise that modest income older traditional labour voters vote Tory when they sit on a £200 000 asset they bought for 20k.
And when they’ve seen tories sink interest rates close to zero & triple locked pensions but tripled student fees.
And when they’ve seen tories sink interest rates close to zero & triple locked pensions but tripled student fees.
3/
People really don’t get how much this has perverted society.
The UK is now approaching the point of being both “more capitalist” than much of the west but simultaneously having lowest home ownership in the west.
In other words capitalism without a majority of capitalists.
People really don’t get how much this has perverted society.
The UK is now approaching the point of being both “more capitalist” than much of the west but simultaneously having lowest home ownership in the west.
In other words capitalism without a majority of capitalists.
4/
What this means is that increasingly large numbers of people are educated & qualified but “housing precarious”.
The endgame here is non graduate older homeowners harvesting the incomes/work of younger graduates who can never aspire to their economic security.
What this means is that increasingly large numbers of people are educated & qualified but “housing precarious”.
The endgame here is non graduate older homeowners harvesting the incomes/work of younger graduates who can never aspire to their economic security.
5/
The solutions are obvious
1. Rent controls
2. House build program
3. Higher property taxes on high value homes & reduced income taxes on low/middle earners
4. Stricter monetary policy
But to do this threatens the Tories home owning demographic so the young vilified instead.
The solutions are obvious
1. Rent controls
2. House build program
3. Higher property taxes on high value homes & reduced income taxes on low/middle earners
4. Stricter monetary policy
But to do this threatens the Tories home owning demographic so the young vilified instead.
When majority of London homes are owned by a combination of
1. BTLers
2. Older Brits with £500 000+ in housing equity
3. International investors
…it’s hardly surprising the traditional Tory electoral offer of “2p off income tax rate” has lost appeal with young decent earners.
1. BTLers
2. Older Brits with £500 000+ in housing equity
3. International investors
…it’s hardly surprising the traditional Tory electoral offer of “2p off income tax rate” has lost appeal with young decent earners.
Indeed the situation is masked because there’s still a lot of older people who had really modest jobs who are homeowners due to low prices when they bought.
Once this generation dies out it’s not inconceivable that London will end up with an owner occupier rate of less than 30%.
Once this generation dies out it’s not inconceivable that London will end up with an owner occupier rate of less than 30%.
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