Welfare tenants stay put in the same house for a very long time. Over twenty years, they will enjoy the benefit of subsidised rent worth £65,000 at Net Present Value.
It simply isn\’t true that the poor have no assets.
The average inhabitant of a council house has an asset worth £65,000….the council tenancy itself.
We were told by the Hills Report that the 90th percentile had £850,000 in assets and the 10th percentile £8,000.
Outrageously untrue, a simple bare faced lie.
For we\’ve all got a very valuable financial asset: the welfare state.