The Economist – Tories produce daftest economic policy of the decade

Britain's leading weekly magazine, widely read around the globe, The Economist, has some pithy words to say about George Osborne's budget:

"In perhaps the daftest economic policy of the decade, inheritance tax was cut - but only on houses. A new allowance for homes means that estates worth up to £1M will escape taxation. Even if dead millionaires were good candidates for tax breaks - doubtful, especially given financial pressures - there is no good economic reason to privilege houses over other assets. Indeed, the policy will encourage the well-off to buy bigger homes. In a country facing a severe housing shortage, that is irresponsible."

The Economist July 11^th-17^th 2015, page 13