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June 17, 2024
PI Global Investments

Fatcat’s claim it’s ‘not that difficult’ to get on property ladder is an insult to a generation

The chairman of NatWest says it is not “that difficult” to get on the property ladder in the UK. Try telling that to the many would-be home owners who are having to pay exorbitant rents or are stuck living with their parents when they want a place of their own.

Howard Davies says “you have to save and that is the way it always used to be” – but young people today have to find more money for a deposit than their parents ever did. They also have to contend with ever-increasing demands on their earnings.

Interest rates are at their highest in decades, wages are lower than they were when the Tories came to power and the cost-of-living crisis means saving is really difficult. Of course, fatcats like Davies don’t need to worry about any of these demands.

Labour MP Ian Murray is right when he says it is probably the hardest time in decades for young people to buy their first home. The reality for millions up and down the country is that it is a real struggle to get their foot on the housing ladder.

The last thing they need to hear is a rich banker telling them: “I don’t think it is that difficult at the moment.” Young people have had to deal with nearly 14 years of economic mismanagement by the Tories.

Their chances of having a better future have been diminished. Davies’ comments are not only out of touch – they are an insult to a whole generation who deserve much better.

Mum knows best

The bravery of Tracy Bulpitt should be applauded. Despite every parent’s worst nightmare of losing a child, she is speaking out to prevent others dying from asthma.

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