Rachel Reeves' latest blunder is set to leave millions of pensioners poorer and angrier, as she crashes the housing market with her tax raids. The Chancellor's actions have trashed the London property market, and the rest of the country will soon follow. While many haven't noticed yet, the housing market has already crashed, with prices plunging and this is just the beginning. The myth that property is a guaranteed winner has been shattered, and the value of homes is being steadily eroded. This is a huge blow for pensioner homeowners and a nightmare for retirees hoping to release equity from their homes. The slow-motion meltdown also affects younger buyers who got on the property ladder in the past five years, facing negative equity. The construction industry is already suffering, with firms collapsing, and the irony is that wages have been devoured by inflation, making it impossible for people to afford to buy. The only hope for Reeves is a string of interest rate cuts from the Bank of England, but if not, her reputation and the single biggest store of personal wealth for Britons will be destroyed, and Labour will never be forgiven.
