Wait until we get the next government, because they will have to really start increasing taxes and cutting service. Labour have passed the problem on to the future – and lied about the true extent of debt we are facing – in the feeble hope of getting re-elected.
We are going to need things like an increase in stamp duty, VAT and possibly the basic rate to pay for all this. Even the best estimates say we are need to borrow more that the Napoleonic, First and Second World Wars combined at today’s prices.
We are in for a very depressing and downtrodden decade. People with second homes are going to get the least sympathy.