Labour Manifesto – Attack on the PRS

Labour Manifesto – Attack on the PRS

13:50 PM, 21st November 2019, About 2 years ago 96

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The Labour Party have released their 2019 general election manifesto. This has been very briefly summarised with the key points of interest for Landlords and the PRS industry. Download the full manifesto here

Pretty much all previous threats to the PRS have been included along with additional regulation and taxation policies.

Private Rental Sector

Labour will take the following action to ‘protect’ private renters through:

  • Rent controls
  • Open-ended tenancies
  • Binding minimum standards
  • Capping rents with inflation
  • Give cities powers to cap rents further
  • Ban discrimination against benefits tenants
  • Scrap Right to Rent checks
  • Regulate Airbnb and short lets
  • National levy on second homes used as holiday homes

“We will give renters the security they need to make their rented housing a home, with new open-ended tenancies to stop unfair, ‘no fault’ evictions. We will make sure every property is up to scratch with new minimum standards, enforced through nationwide licensing and tougher sanctions for landlords who flout the rules. We will fund new renters’ unions in every part of the country – to allow renters to organise and defend their rights.”

“We will get rid of the discriminatory rules that require landlords to check people’s immigration status or that allow them to exclude people on housing benefit. We will give councils new powers to regulate short-term lets through companies such as Airbnb.”

“We will bring in a new national levy on second homes used as holiday homes to help deal with the homelessness crisis, so that those who have done well from the housing market pay a bit more to help those with no home.”

Taxation:

Income Tax: Additional Rate payable from £80,000 and new Super-rich Rate payable from £125,000

Corporate taxation: Gradually reverse cuts to corporation tax to reach 21% (Small Profits Rate) and 26% (main rate)

Introduce a second homes tax: This is an annual levy on second homes that are used as holiday homes equivalent to 200% of the current council tax bill for the property

Taxing income from wealth equitably and efficiently

  • Tax capital gains at income tax rates
  • Tax dividends at income tax rates

Financial Transactions Tax: Extend stamp duty reserve duty

Reverse cuts to inheritance tax and Bank Levy

Impose VAT on private school fees

Scrap Married Persons Allowance



Comments

by KD South East

8:53 AM, 23rd November 2019, About 2 years ago

Did you actually read the manifesto? This is a very biased article and you’ve missed out some important points.

Most notable a Department for Housing, a levy on overseas companies buying homes, keeping the Land Registry in public hands, and a major focus on building homes and making social housing fairer and fit for purpose.

The levy on second homes (double council tax) is already available to councils to use. This will be used to end street homelessness within 5 years. For anyone who lives in a city, or in areas like Cornwall which are becoming ghost towns because no one lives there, this is desirable.

Here’s the relevant section on Housing in the Manifesto.
https://labour.org.uk/manifesto/tackle-poverty-and-inequality/

Please, some less biased writing would be appreciated.

The Conservatives want to abolish section 21, have attacked the PRS mercilessly without warning or without anything being in their manifesto. They will sell of the Land Registry, They Introduced immigration checks by landlords (Right to Rent) and really have no plans for anything. They promised right to buy for HA tenants 9 years ago and that still hasn’t happened along with many other promises. Adult social care anyone.
If you want another wasted decade for this country vote for the Conservatives, if you want something better, vote for anyone else!

by Dennis Leverett

9:28 AM, 23rd November 2019, About 2 years ago

Reply to the comment left by KD South East at 23/11/2019 - 08:53You have your opinion just like anyone else and that's what forums are about but do you really believe that Corbyns promises will happen before the country is bust again. Lets just take housing, who is going to build these 1000's of houses every year. We have serious skills shortages, the Polish are going home, there is a shortage of land, bricks, tiles etc. and has been for some time. It's all very well calling these houses assets but social housing is not a financial asset in real terms as in theory it will never be sold and social rents do not cover costs in basic terms. Most people are now voting for the least worse candidate which includes me. If Farage had a chance I would vote for him, not because of Brexit, well partly, but because his "contract" is much more feasible in real terms. We need business men to run this country not geography graduates that have no real skills or life experience. Marxism has never worked and never will and certainly not suitable for Great Britain.

by NewYorkie

9:45 AM, 23rd November 2019, About 2 years ago

Reply to the comment left by Dennis Leverett at 23/11/2019 - 09:28
I agree with everything you've just said. My very real concern is the pain the Nation will have to go through, and the damage a Corbyn government will have done by the time he can be kicked out. The final words of the last Labour government are still ringing in my ears... "there's no money left"!

Money aside, we are already seeing the unions flexing their muscles, with a whole month of strikes by the RMT on a single line over Christmas, and Labour supports them! Worse... McDonnell said he would bring back secondary picketing. Do you remember flying pickets? This time, the Police would be under Labour control and unable to prevent the ensuing chaos and violence... and I do foresee civil unrest.

And the last Labour government was a pussycat compared to the ideological extremism of Corbyn's (Momentum's) Labour.

by Dennis Leverett

10:02 AM, 23rd November 2019, About 2 years ago

Reply to the comment left by LVW4 at 23/11/2019 - 09:45
Absolutely.

by Tim C

10:49 AM, 23rd November 2019, About 2 years ago

Reply to the comment left by Dennis Leverett at 23/11/2019 - 10:02
The manifesto makes for absolutely terrifying reading for anyone with even a basic understanding of capitalism and the individual's right to better themself.
Even Marx accepted his ideas were a beautiful theory but could not work in the real world. You can only nationalise industries once build by capitalism!
In one way I am not terribly concerned about my business in the PRS if these nutters get in as the wider economy will implode so at least we will all be in this together.
I would be interested if anyone is developing a contigency plan if Corbyn & co get in. How do you get your money out of property and how easy is it to re loacte on a British passport?

by Martin

11:44 AM, 23rd November 2019, About 2 years ago

I think we are heading for a Lab Lib alliance, The Liberal Democrats have been very clever in their presentation. The Headline revoke article 50 policy will attract all of the die hard remainers, however dig a little deeper and they say if they are in an alliance they will whole heartedly support a second referendum. The likelihood of a Lib Dem majority is slight ( 200 to 1 - so yes i did put a tenner on it), but i believe they will be the kingmakers again. If that happens Labour will be diluted and whilst I can see Corbyn being PM for a while I can't see him fighting another election after this one. Then hopefully we will get someone more middle of the road in their politics.
Sadly this election has become all about Brexit and that's how the majority of people will decide which way to vote. I would like to believe that after over 3 years of this people are much better informed as to what both leave and remain actually mean.
I personally want a second referendum for exactly that reason and regardless of the result on a second referendum i would absolutely accept it because i believe a second referendum would actually reflect the will of the people.

by Gromit

11:59 AM, 23rd November 2019, About 2 years ago

Reply to the comment left by Martin at 23/11/2019 - 11:44
I'd say the SNP are more likely to be kingmakers than the LibDems.

by Dennis Leverett

12:09 PM, 23rd November 2019, About 2 years ago

Reply to the comment left by Martin at 23/11/2019 - 11:44
It annoys me that people want to overturn a Democratic vote because they didn't like the result. I wanted a clean break and then negotiate deals I don't know any Brexit voters that want a second referendum. We had the vote so please respect it, although you will get your referendum with this election but sadly it will be based on Brexit scaremongering by influential remainers who should be ashamed of themselves. We would have got much better trade deals with a clean break as the EU needs us more than we need them. We can go elsewhere they can't. How on earth can anyone take the Lib Dems seriously with all their contradictions.

by Martin

12:49 PM, 23rd November 2019, About 2 years ago

Reply to the comment left by Dennis Leverett at 23/11/2019 - 12:09Hi Dennis
You're right with the Democratic vote, and if we had left when we were supposed to I would agree totally, but time has passed and more information has come to light so in my opinion (and it is only my opinion) we should have to opportunity to decide based on the new facts. A friend of mine says it's like going for a parachute jump all pysched up and raring to go. Then just before you go someone points out you're wearing your rucksack not a parachute. New information and foolish not to consider it.
However I think you are wrong saying the EU needs us more than we need them.
Not only are we turning our back on the largest economic block in the world we are sticking two fingers up at them at the same time.
The clean break you mention would involve trading initially under world trade rules.
There is only one country that I can find that traded solely under world trade rules and that is Mauritania. That was in 2017. Since then they have since joined the Economic Community of West African States and now has preferential trade agreements with a whole 20 WTO countries.
For those of you not familiar with Mauritania, it’s GDP is $4,714million (0.2% of the UK’s), 50% of its exports consist of Iron Ore.
Make no mistake that whilst ultimately Brexit may or may not be a good thing we have voted for 5 to 10 years of recession while the mechanics of trading are sorted out. There are over 700 trade agreements we are part of as part of the EU all of which will need to be renegotiated as an individual country. In addition we will have to negotiate with the EU as a whole. In that negotiation any one of the member states can veto it and we would have to start again.
We are currently the fifth largest economy in the world, but very close in size to both France and India, both of whom have larger percentage growth rate in GDP than us. At this rate by mid 2020 we will be the seventh largest economy in the world. Make no mistake that whilst we are economically important we are not the world leaders we once were.

by NewYorkie

13:35 PM, 23rd November 2019, About 2 years ago

Reply to the comment left by Martin at 23/11/2019 - 12:49As far as I can see, new 'facts' have not come to light, although I accept there are countless warnings about what 'may' happen; Project Fear is just about alive but wearing very thin because the warnings have not only never happened, but quite the opposite, and even those are being diluted by the BoE et al, with growth predicted for the UK outside the EU. But no-one really knows until we leave. So, of course, remainers are frightened of the unknown (they are 'frit' as Boris said to Corbyn!) and want to do the safe thing; do nothing. However, it is a fact that the EU is a shrinking market, the number of new EU applicants who will be large net 'takers' for many, many years will require a lot more money, youth unemployment across much of the EU is rampant, the Lisbon Treaty places almost limitless power in the hands of those at the top of the EU (nobody from the UK!), the EU is ignoring its obligations to NATO and setting up its own army [of tin soldiers!], the EU places impossible restrictions on how the UK can support its own businesses, the trade deal with Japan has killed the UK's Japanese car industry because Japan can now export direct to the EU without tariffs, the EU continues to offer UK industry financial inducements to relocate, the UK is Europe's financial power house and will remain so, the UK leads Europe in technology inward investment and medical research, we are probably Europe's biggest spender on tourism, we buy more cars than anyone except Germany, we drink more wine from the EU, we eat tons of their cheese... but the EU doesn't really need us!
Many already knew this stuff before the referendum, and hence I for one don't need another referendum. All in all, I believe it is a powerful endorsement of the reasons the UK must leave.
When Corbyn says he will do a deal with the EU in 3 months, it means he has already got one, and it's everything the EU wants, and probably more! He can't even negotiate inside his own party, let alone the EU.
My concern is if Corbyn does enter No10, any 'deal' he 'negotiates' will be highly influenced by Sturgeon, and will be nothing more than Remain but called Brexit; customs union, free movement, still paying £billions, no change to fisheries and agriculture, no free trade agreement, blah, blah... and the UK people will be given a 2nd referendum on choosing Remain or Remain 2. Does Labour really believe the UK is so thick as to not see what they are doing?
We will then see the UK broken up by Sturgeon, with Corbyn's blessing, and then we really will see all the warnings of Project Fear come to fruition.
But look on the bright side. As a failed nation, we will no longer be paying so much to the EU, and no-one from the EU will want to come and work here because we won't have any spare cash to pay them, and therefore Labour won't need to build as many new homes. Indeed, we may well become a net receiver of EU cash!


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