How can George Osborne be so timid on the tax and spending front and so cavalier when it comes to credit? His scheme for subsidising home ownership is, in effect, HMG (and ultimately you and me) buying stakes in private homes. And these are homes being purchased by the people who, self evidently, can least afford them. Am I being daft or is this not the way the US got into their disasterous sub-prime fiasco a few years ago?
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