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House Prices, Immigration, and Boom Economics

Over the past 17 years the population of the UK has grown massively as a result of immigration. Over 30% of the population growth of the European Union is due to British population growth (See Office of National Statistics Figures, Review of these figures.

The graph above shows the scale of UK immigration. ONS Data. ( Immigration into the UK accounts for 30% of all EU population growth. Immigration over 250000 a year is "mass immigration". See Predicted population of Britain.)
As you can see, Labour's first policy when they gained office was to double the migration rate.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGO5YZ02R1f2YJs1mPFzNv3-wzMn73-0VVPd00ijREbs1yL9MiIGr7TY5rratDcYeG9KqLgeu4-14gQVhyHWgM5T8jZKIiLvX1ywwsV-7woh4FF0qk2Q9qHuScn8wn1RY63Km5WRw-958/s1600/housepop.jpeg
House price index as multiple of median wage


Housing has had to be found for at least 200,000 people every year but we only built 122,000 new houses in 2013.  This has put pressure on house prices and this rise in prices has allowed individuals to borrow large sums of money in a credit boom.

See Putting life before debt
The credit boom occurs because, as house prices rise, people own an increased proportion of their houses and borrow this amount of money to spend now, the loan being backed by the property value. This extra money appears as a totally fake increase in GDP. This borrowing has actually exceeded the growth in GDP (gdp growth averaging around 2.8% p.a., personal debt growing at nearer 5%) The accountants Grant Thornton have studied this and described this leap frogging of GDP by debt:

"The date when the UK can cover its consumer debt has arrived later and later in the calendar over the past decade. In 1997 and 1998 the point where UK GDP covered UK personal debt fell on tomorrow's date 23 August, the result of individual mortgage and personal debt amounting to £503 billion compared to the GDP of £786 billion and £541 billion compared to GDP of £841 billion respectively.

In ten years, the calendar date of this day has increased by some five months. Last year, for personal debt levels in 2007, the date when UK GDP covered all personal debt fell on 5 January 2008, this year it falls on 8 January 2009."

Given that the debt is raised on property and property values are rising due to migration, what British governments are actually doing is selling the country to foreigners.

Given that the volume of debt rose to exceed our GDP and the growth in debt exceeded the growth in GDP during Labour's custodianship of the economy it is clear that there was no real economic growth in the UK, just an increase in asset values due to immigration that could be used to raise loans!

Labour did not give a damn, they were happy to stuff this country full of people if it made them look transiently good. Of course, the journalists will blame the government that tackles runaway immigration and asset price inflation, not the cynical individuals who caused the problem, journalists are too stupid or Machiavellian to explain the true position to the public. No doubt people like me will be called "racist" for exposing this scam in which the land available to your children is sold off to foreigners to create asset price inflation.

Again, as always, those who were invited here by our rogue governments cannot be blamed, they are now our countrymen and must be treated as such. It is we, the electorate, who are responsible although the ignorance and partisan nature of our journalists did not expose this scam to the electorate.

Incidentally, if you want affordable housing then immigration must be controlled: you have a democratic tool, just never vote Labour again, Labour set up the current mass migration in 1997 - just look at the migration graphs, don't vote Tory either, they failed to tackle the problem caused by Labour. 

See

The benefits of immigration to the UK economy

The London riots and the mediocracy - modern journalism at work.

Against racism

First published 2nd December 2010, updated 10/4/14

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