Merryn Somerset-Webb

George Osborne’s property bubble will lead to disaster

The Chancellor is pouring billions into sub-prime debt. What could possibly go wrong?

Imagine, if you can bear it, that you are a first-time buyer in the UK. You go to look at a 500-square-foot box masquerading as a two-bedroom flat in an average sort of area masquerading as an up-and-coming part of London. It’s a new build — one you can just about imagine downgrading your lifestyle expectations enough to live in.

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