EU referendum, brexit and the aftermath

Yes I think so - how do you save for a deposit on a modest salary in London - its near impossible. However in reference to others posting, to suggest someone earning 80k is in the same boat is laughable.

This is a disingenuous argument, if you maintain the same lifestyle that you had earning 50k at 100k you will be able to save far more cash.

Assuming nothing else changes. I'm in my 40s, I'm lucky enough - in a financial sense - not to have children. But the older we get, the more responsibilities we accumulate.

I'm only talking here about people who need to save up their own deposit from their own wages, which I'll admit is a specific demographic (i.e. it's me). But I'm not being disingenuous. I'm just reporting.

Well, also most (?) people would take out a mortgage between two earners, so we're assuming £80k as the household income. I'm sure someone's already said this, but I skipped a bit.

£40k/y is still at the 80th percentile, so it's still very unrepresentative.

(Those aren't London specific figures though.)

I agree - it should be possible, although you may question whether it is worthwhile putting in the work required to earn 80k just to own a moderate house/flat in London (i.e. probably not big).

Plus all these sums work now while interest rates are low. Whether the bank will think you meet affordability tests to lend money to you is a different question - as they are required to check that you can meet certain stress tests (including could you afford it if interest rates went up)

In Berlin you often don't need to buy a house, tenancy is guaranteed.

Perhaps part of the problem is that we feel we need to get a house due to shitty rent protection / we need the capital for ourselves later in life when we get old as the pension is so low / for our kids/other dependents?

I think that more tenant protections (if they can be done well) would help in 2 ways - make buying less of an essential, and trim the profit from private renting so property prices don't rocket

Stop talking about me

Buying houses is fucked generally though. Two people of equal skill and income, can both hypothetically afford monthly mortgage payments. IME its inheritance which pays a deposit, which means 1 rents, and the other owns a house.

You can also move in with ya mam, if you're lucky enough to have that option and a cool mum, it's the only way I could afford to buy a place, and a boiler service and broken fridge in the last month has nearly seen us all out. Good thing I got hit by a car earlier in the year but I wish the money would come through soon to pay off keeping the house warm and food cold.

As for the "no one can buy a house anywhere" comment I was obviously being a bit facetious but mainly meaning to point out it's not just a London problem, most other stuff seems to have been covered since I checked last.

Isn't increasing income tax on those earning over 80k a bit bloody silly? It just won't solve any of the problems we have.

It would be far better to properly tax things like capital gains and inheritance. Both of which I have benefitted from hugely. For disclosure.

Or a general wealth tax.

Neither of these things would get anywhere near winning a general election. Which is the actual problem. Turkeys and Christmas.

As usual, Thatcher is to blame:-

https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom#Income_tax_2

"
The Government of Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s.[18] In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30%.[19] The basic rate was also cut for three successive budgets – to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988.[20] The top rate of income tax was cut to 40% in the 1988 budget. The investment income surcharge was abolished in 1985.
"

I wonder what helped grow the disparity between the wealthiest and the rest.

My FiL remembers the time when he was paying 98% on some of his earnings.

Or capital gains tax on the sale of your primary residence 😁

Do all of them.

https://en.m.wikipedia.org/wiki/Rob_Barber

This is £80k question time moron, I think we missed all the fun editing of his wiki page.

I don't think Swinsonmania is going to be a feature of this election now.

Shame, because it really rolls off the tongue.

The woman who just called her out as consistently voting against progressive policies hit the nail on the head.

Pretty sure I read that swinsonmania is present on 1 in 4 egg shells and can make you very sick indeed.

Isn't increasing income tax on those earning over 80k a bit bloody silly? It just won't solve any of the problems we have.

I think the idea is it might pay for some solutions.

Wages on the whole have more to do with supply and demand than ability and intelligence.

And nepotism and privilege.

Yes I get that but how will it be funded, will those at the top just take less or will it be paid for by those at the bottom through wage suppression etc...?