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Wednesday, 8 July 2015

A grubby but not illegal excursion into property development.


George Osborne's family 'struck a £6m property deal' with firm based in tax haven 




Chancellor George Osborne



Today, (Wednesday 8th July), George Gideon Oliver Osborne, will delivery the first fully Conservative budget in almost 20 years. The already leaked details of the budget, (which until recently were the best kept secrets in the country)have already indicated cuts to child tax credits, housing benefits and tax credits on low incomes, together with £13billion cuts to welfare spending.These cuts, forming part of the governments drive for even more austerity in the United Kingdom, will effect the majority of people in the country reducing living standards even further and, it has been suggested increase child poverty, (even using the new government fiddled definition the problem). Of course there will be "incentives" and "concessions" for a few select people and organisations who already enjoy a position in the economy which is insulated from the reality of austerity endured by others. Even with the cliched phrase of "cutting tax evasion" history tells us that far from raising the additional revenue promised by such measures, the reality only produces more "loopholes" for the very clever accountant to exploit.
It is then ironic, that this story should reveal how the man holding the economy in his hands, the man who's actions (or inaction's)effect the lives of the vast majority of the 64 million people in the United Kingdom, is able to gain some benefit, if only indirectly, from a grubby but not illegal, property development deal with a company based in an offshore tax haven.
On conversion, the former headquarters of the upmarket wallpaper firm Osborne & Little, (in an expensive south London district) will become flats and mews houses. No doubt, this development will go some way to meeting the housing shortage. Alternatively, they may be sold to very rich foreign buyers who seem to be snapping up much of the available property in London.