THE BUDGET: Will it Help You Get a House? ...Yes... (if you're rich)
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Gary Stevenson gives his reaction on what Rishi Sunaks 3rd March 2021 budget will mean for the housing market Broadcast on 03/03/2021 @ 19:30 Uploaded with permission from LBC NEWS lbc.co.uk SOCIAL MEDIA: WEBSITE - wealtheconomics.org TWITTER - @garyseconomics FACEBOOK - garyseconomics INSTAGRAM - garyseconomics GARY'S ARTICLES: www-express-co-uk.cdn.ampproject.org theguardian.com cityam.com opendemocracy.net opendemocracy.net nationalobserver.com MORE VIDEOS: COVID-19 MONEYFLOW THEORY - youtu.be COVID-19 RICH GETTING RICHER - youtu.be Stock by: JPlenio - Pexels Satendra Mhatre - FreeImages Spoken by Anthony Baxter LBC NEWS Spoken by Gary Stevenson GARY'S ECONOMICS Edited by Simran Mohan MOHAN MEDIA 2020
The video features Gary Stevenson, a former city trader turned inequality campaigner, reacting to Rishi Sunak's budget presented on March 3, 2021 and its implications for the housing market. The discussion centers on the stamp duty holiday extension and the government’s plan to back 95% loan-to-value mortgages, with Stevenson warning that such moves risk fueling a further surge in house prices. He stresses that rising prices will likely outpace wage growth for ordinary workers, potentially widening inequality and benefiting the wealthiest who already own property. The conversation shifts to broader social measures, noting that the £20 weekly uplift to universal credit is a partial relief but not a permanent fix for those who fell through gaps in support during the crisis. Stevenson questions whether private renters will see meaningful relief, arguing that government policies so far have done only what was necessary rather than addressing structural issues, and that policy makers may revert to supporting the wealthy once the crisis subsides. He calls for attention to wages and inequality, suggesting that improving earnings should be the focus rather than pushing prices higher, and he warns that the policy mix risks creating a two-tier housing market. The overall takeaway is a critique of budget choices that favor asset owners and a call for more equitable economic policies that lift working families rather than inflating asset prices.
Topics · economy · housing · public_policy · inequality
Questions answered
- What budget measures were highlighted as potentially affecting the housing market?
- The budget extended the stamp duty holiday and included government backing of 95% mortgages, which could increase house buying by reducing upfront costs and encouraging lenders to offer high loan-to-value products.
- What is the main concern raised about inequality and wages in relation to the housing market?
- The concern is that wage growth has lagged behind rising house prices, and that policies which push prices up will benefit the wealthier and owners of property, exacerbating inequality; the focus should be on improving wages for working families.