UK Politics
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The biggest extraction of wealth from public to private hands wasn't privatisation of any utility or pumping money into "too big to fail banks" it was right to buy. And it was all fueled by Thatcher's belief that council tenants vote Labour so we should get them to buy their houses.
And then stop the local councils from building more by kneecapping their authority and reducing their funding.
This is it right here. If the provision were made that councils could take the money from the sales and build more up to date housing for each generation then right to buy would have been an accidentally utopian policy that bank rolled housing safety for everyone forever - fuelling more Tory votes. Instead we got 13 years of Blair. Cheers Maggie!
Absolutely! It would have been a virtuous cycle:
Council builds house -> worker moves into house -> with house has enough stability to get a job -> works job, gets a few promotions, finds partner to settle down with -> couple work hard to save up to buy the house -> buy house from council -> couple settle into new house with kids they can pass the property onto -> council has enough money from that sale to build another house -> couple's kids grow up complete their education and need employment -> the grown kids move into a council house and start looking for jobs.