Mortgage News
Property tax “could help revive economy”
The government should introduce a property tax to boost the country’s economic prospects and prevent house price swings, according to a leading economist.
Pier Carlo Padoan, chief economist of the Organisation for Economic Co-operation and Development (OECD), said Britain’s economic growth is at a halt.
He told the Daily Mail: “Economic recoveries tend to be feeble after financial crises.
“This is certainly the case in Britain, where the economy has come to a near standstill, unemployment remains high and inflation is running at more than twice the Bank of England’s target.”
Padoan said that, while “ambitious cuts” such as the £81bn reduction in public spending were “appropriate”, more could be done to boost prospects.
He suggested that Council tax and Stamp Duty should be replaced with a property tax based on market values.
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“This would dampen fluctuations in house prices,” added Padoan.