Cutting stamp duty and interest rates saved financial system from hardship but widened property wealth gap
A buoyant private sector housing market is one of the key building blocks of economic activity. That’s the view inside the Treasury and nothing in the last 50 years – not the widening wealth gap, nor the risks that come with increasing dependency on an unstable asset market – has happened to shake that view.
After every recession, even when a property crash has been the cause, officials in No 11 dip into their toolkit of recovery measures and opt for a tried and trusted method to get the economy back on its feet.
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