Property prices represent the real cost-of-living crisis

I sometimes feel my entire life in advertising has been wasted, and not for the reason you may assume. No, my problem is that I am increasingly becoming a bit of a Georgist. It makes no sense to me that we are taxing people more for working than for living off rent or unearned capital gains. But, additionally, I increasingly wonder what the point is of making goods cheaper and better for consumers if any savings are mopped up by rises in property prices.

It’s rather like that half-joking observation that any economic gains in India will simply be spent on ever more expensive weddings. In Britain it’s worse. At least in India the guests get to enjoy a wedding. In Britain, expenditure on property is entirely rivalrous – a negative-sum game.

Over the 34 years of my working life, I have seen human ingenuity, technology and globalisation combine to develop products and services which offer much greater value for money.