There is, however, one peculiarity that needs to be considered: owner-occupied properties are also investments, similarly to bonds, shares or gold. As central banks across the world generally base their monetary policy on consumer prices, investments in assets are not taken into account in inflation measurement. In practice, however, the investment and consumer components of residential properties can hardly be distinguished.
A lot of the communications that we’ve been talking about over the last few days, since the package was announced, have been negative communications from members of the Council who have made very clear their opposition to at least one part.