From the Canary: Osborne just gave a gift to his friends in the City which added £135bn to the national debt

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The Canary

Osborne just gave a gift to his friends in the City which added £135bn to the national debt

Osborne just gave a gift to his friends in the City which added £135bn to the national debt

UK Chancellor George Osborne has just given a gift to his friends in the city of London which will cost the UK taxpayer an additional £135n of national debt.

Just before the 2015 General Election, the Tories came up with a throw away Right to Buy policy for housing associations, labelled “back of a fag packet” thinking by HM Treasury staff.

Osborne’s ‘solution’ to a housing crisis triggered by the lack of affordable housing, was to force housing associations, private bodies outside the public sector, to sell off social housing at a 20% discount to existing tenants.

Many commentators noted, both in the media and in submissions to the DCLG inquiry into ‘Right to Buy’ that the move threatened to add at least £60bn to the UK national debt.

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