Osborne wants the tax payer to help his kids buy a house, but there is much more to it than even that.
At first glance George Osborne’s Lifetime ISAs look like just another give away to the better off. At the lower end of the scale they represent a generous subsidy for those who can afford to put money aside to buy a home – savings of up to £4000 a year will be topped up by a 25% hand out from the state. For rich kids it’s a bit of free money, a tax payer funded discount for their first luxury apartment. Osborne can afford this generosity for his own class after all. Subsidies for the poorest tenants, forced to pay eye-watering rents that can only be met by housing benefits, have been slashed and slashed again over the last five years.
But there are real warning signs that…
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