Thursday, 29 October 2015

Reader's Letter Of The Day

From today's Evening Standard:

Oliver Healey writes (Letters, 27 October) that "A London income tax could be used to eliminate the in-work poverty that millions of Londoners face because of high living costs".

The dividing line is not between high and low earners. It's between those lucky enough to have bought their own home more than 10 or 15 years ago and private tenants. A long-standing owner-occupier can live quite comfortably on a modest income, but private tenants lose half their income in rent and really struggle, even on above-average salaries.

What would bridge this gap is a London-wide property value tax to be distributed to all Londoners as a universal dividend. An average household in an average value home would break even; owners of "prime London"* would finally start paying for the privilege; and renters/recent purchasers would be able to use their universal dividend to cover half their rent or mortgage, thus reducing their living costs to a tolerable level.

Mark Wadsworth, Young People's Party

* With the benefit of hindsight, I should have included "BTL landlords". Ah well.

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