Britain\’s tax take from property is, in the round, absurdly low.
Low compared to what you fucking dingbat?
Last time I looked domestic and business rates together were £50 billion and rising. Over 10% of the total tax take.
The UK raises near 12% of total revenue from property taxation. That\’s the highest in the OECD and over twice the OECD average.
Maybe that\’s not enough, maybe the system should be different. But if you\’re to pontificate on matters economic you should at least have a rough notion of what you\’re pontificating upon.
What he, and other banks, need is the capacity to bundle up new loans into new aggregated investment vehicles that the Treasury can indemnify, and which can then be bought by investors or by the Bank of England\’s quantitative easing programme.
Not satisfied with proposing Gordon Mac three weeks before Freddie Mac and Fannie Mae when bust, now he\’s suggesting that we should have a Willy Mac for business loans.
Dear Lord, does reality never prick Woolly\’s little bubble? Haven\’t we just seen what happens when we do this? The largest bankruptcies ever?