Adam Posen of the Bank of England's MPC has suggested an extra tax - a bubble tax - aimed at reigning in a future runaway property price index. A little bit here added to Stamp Duty, perhaps a little Capital Gains Tax added to first homes there (even - wait for this - retrospectively to existing homes, so as to avoid weighting the market against new purchasers)... were the thrust of his conference speech yesterday. It certainly makes a change from the collective lie that the MPC either can or (technically) should control house prices with interest rates... but screwing with millions of homeowners' downsizing/retirement plans because some suits do/don't/do/don't believe in a free market? Come on... More here.

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