The Lawson Boom
Apr. 3rd, 2023 11:13 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
ceemageNigel Lawson’s biggest impact on the British economy, as the longest-serving Chancellor between David Lloyd George and Gordon Brown, was probably the abolition of double Mortgage Interest Relief At Source (MIRAS) for unmarried couples in 1988. This abolition wasn’t wrong in principle – indeed the complete abolition of MIRAS some years later wasn’t wrong in principle. But it stoked a house price boom which has, on and off, lasted ever since. And led to house prices being silly enough in the 21st century to seriously dent the core principal of a property-owning democracy.
MIRAS was also, of course, the inspiration for one of the few funny tax accountant jokes:
Q) What’s the difference between Midas and MIRAS?
A) One was a legendary king who discovered that everything he touched turned to gold. The other was a slightly less legendary king who discovered that everything he touched turned tax-deductible.
When I say “funny tax accountant jokes,” you do all realise that I’m talking a particularly low bar here, right?
MIRAS was also, of course, the inspiration for one of the few funny tax accountant jokes:
Q) What’s the difference between Midas and MIRAS?
A) One was a legendary king who discovered that everything he touched turned to gold. The other was a slightly less legendary king who discovered that everything he touched turned tax-deductible.
When I say “funny tax accountant jokes,” you do all realise that I’m talking a particularly low bar here, right?
