Can Corbyn force landlords to sell their properties to tenants at a discount?
The electioneering has begun. What fun...
And as expected our politicians are already saying whatever they think will win votes. I am still trying to find out what percentage of manifesto promises actually become policies – I am pretty sure it is well under 50% and probably much lower.
As The Independent reported:
“Politicians break their manifesto pledges – all the time.
Less than six months after pledging to scrap tuition fees, the Liberal Democrats were part of a government that trebled them; the Conservatives promised not to put up VAT but soon after the 2010 election they did, along with breaking another promise not to touch child benefit; and in 2005 Labour refused to give voters a referendum on the Lisbon Treaty – two years after vowing to give the peoplea say...”
If you have read any of my articles, you will know that I am not a fan of most politicians. And I am afraid that this current crop do little to inspire – indeed, it is more a case of damage limitation.
However, Corbyn is so poisonously dangerous – his belief that government is all-knowing & that big government is best is so demonstrably wrong – that you will be unsurprised to hear that I will not be voting for him!
But what of some of his most headline grabbing promises so far?
Well one major concern for property investors is his idea of giving tenants the legal right to buy the property they are renting and buy it for less than fair market value.
“Setting out loose guidelines for a Labour policy first suggested by Jeremy Corbyn during his 2015 party leadership bid, Mr McDonnell said the price paid by tenants who wanted to buy their home would not necessarily be the market price.
“You’d want to establish what is a reasonable price, you can establish that and then that becomes theright to buy,” he told the Financial Times. “You [the government] set the criteria. I don’t think it’s complicated.”
Sounds scary. Except it is impossible to implement without bankrupting the government.
Article 1 Protocol 1 of the European Court of Human Rights states that:
1)Every natural or legal person is entitled to the peaceful enjoyment of his possessions
2)No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.
In other words, Corbyn cannot take away your property, or place restrictions on its use, or force you to sell without very good reason, In other words you need something like the construction of a major infrastructure project like HS2 where some people had to sell their properties but were compensated.
This right applies to companies as well as individuals.
In other words, if they were to enact their manifesto policy, then the government would have to compensate the owner for any discount – not to mention the fact that there would be huge legal battles to face – because this is not in the public interest.
So, as ever with headlines about Corbyn, the bark is worse than the bite. As we have seen since day one, he is very good at complaining and coming up with populist policies, but in reality he is utterly useless.
This is why his popularity ratings have plummeted despite the fact the Conservatives have been a complete shambles and have done their very best to try to make him look good. Indeed, his ineptitude has been staggering.
Here are a few reasons why Corbyn’s “avuncular persona” – widely regarded as the main reason for his success in 2016 - has been obliterated:
1) His inability/refusal to counter anti-semitism within the Labour Party
Bullying of pregnant Labour MP’s who have openly criticised him. The bullying has includedattempts to have female MP’s deselected.
2) Failure to have a clear position on Brexit – even Diane Abbott, his chief cheerleader, has publicly stated her reservations
3)Failing health – he would be oldest first-time prime minister this country has ever had.
4)He was seen to be siding with Putin on the Novichok poisoning scandal – suggesting at one stage that cuts to the foreign office were to blame
5)He has condoned various terrorist organisations
This is far from an exhaustive list; his views on how well the Venezuelan economy was being run being a case in point. And he has recently suggested that Brexit should be delayed by another 6 months so that he can negotiate a better deal!! How many people want that?
So, if at his peak popularity, he couldn’t beat Theresa May who ran one of the worst campaigns in history and who is to charisma what a black hole is to light, would it be unreasonable to suggest thathe is going to do worse now that his “avuncular persona” has evaporated?
But whatever happens, he will not be able to force people to sell their property to tenants at a discount. It makes for a scary headline, but like most manifesto policies and predictions it will soon be swept under the carpet.
Now, please excuse me. I must go out and find that £350m a week for the NHS that the Brexiteers promised and hire all the hundreds of thousands of newly unemployed people that the Remainers saidwould lose their jobs immediately after the Referendum if we voted for Brexit...
p.s. If you would like to receive my regular market updates and reports simply firstname.lastname@example.org or call 02034578855 (+442034578855 from outside the UK)