Monday, 21 November 2011

Desperate times
... means that wacky ideas start to be seen as acceptable, no matter the cost or their environmental impact. Thus, Boris's idea of a floating airport in the Thames has become a fully fledged architect's drawing thanks to Sir Norman Foster. Chancellor George Osborne is also now said to be supportive and Sir James Dyson says it is a good idea too.

Today the Government announced it is going to provide money (lots of it) to help first time buyers borrow unsustainable amounts of money, and to lend to developers and local planning authorities so lots more houses get built. Meanwhile there are millions of unoccupied houses rotting with disuse. The rest are too expensive to rent or buy for many because the property bubble created by lending too much money in the first place has still not burst (although is falling). If the property market continues to fall those poor buyers will be in negative equity and neither the banks or taxpayer will get their money back once interest rates go up and today's cheap mortgages become totally unaffordable. So much for developing a green and resilient society. The Daily Mash's take on this new support for housebuilding is jolly entertaining and spot on.

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