To be precise, landlords have not really been asked to make any sacrifices to date: their interests and income streams appear to have survived almost unscathed to date.
Those of us who actually read the newspapers seem to recall that the property companies are collecting what is it, 50% of the rent roll due?
And thereafter rents should be reduced, drastically, and by law, and right across the board. Eighty per cent cuts may be appropriate. It may be more.
Because price fixing always works so well, doesn’t it?
as I think appropriate, there should be long-term statutorily enforced rent holidays and then mandatory rent reductions I would match that with a right to bank loan holidays, and a right to a statutory reduction in loan liabilities so that the sum secured on a property cannot exceed its market value, whatever that might be in the future.
Oh, right. Well, that’s OK then, isn’t it? Do we think he’s got stock in Intu, the obvious people who will benefit from this?
matched by a similar scheme for owner-occupiers, who I predict will see the value of their houses crash in the near future as it becomes apparent that there is no market for them at anything like recent prices, then they too must have a statutory right to owe no more on a mortgage than can reasonably exceed the market worth of their property.
There he goes, socialising losses again.
Every single bank in this country, and across the world in all likelihood, will be insolvent. No bank will survive without nationalisation.
Gosh! How exciting! Is everyone taking notes here?
Ohm and, of course, all pensions have gone bust., Which is why everyone should have invested the Ritchie way, in real assets.
Except, of course, he’s just said that all real asset values have just collapsed.