Chancellor’s help-to-buy Isa might cheer first-time buyers but does not address root causes of housing crisis. Instead, over-65s are biggest victors by far
First-time buyers will be handed up to £6,000 in free money. Taxes on savings will be all but axed. Pensioners trapped in hated annuities will be freed. Taxpayers will be released from filing onerous returns. Low-income workers will be lifted away from income tax. Fewer people will be dragged into the higher rate tax band. The Conservative political narrative is clear: George Osborne is the chancellor who gives you freedom, while the two Eds will raid your pensions, savings and inheritance.
But irrespective of the looming election, the first question asked when the chancellor sits down is: “Am I a winner or a loser?”
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