The UK housing bubble: opportunity or crisis?
Background:With house prices back on the rise, especially in London, there are general views of a housing bubble rising in the UK again. This view was underscored by Mark Carney, Governor of the Bank of England, when he appeared on Andrew Marr’s show in February and said that cash-rich foreign buyers have driven London house prices beyond the Bank of England’s control. His comments reignited the argument over whether there should be a mansion tax on millionaires’ homes, proposed by the Liberal Democrats and backed by Labour, but opposed by the Conservatives. What is the reality and is there just cause for taxing the rich fuelling the house price boom? Paul Smee, Director General of the Council of Mortgage Lenders, will provide us with the insights and the truth.
Paul Smee, Director General of the Council of Mortgage Lenders (CML)
Paul joined the Council of Mortgage Lenders as Director General in August 2011. He was previously Chief Executive of UK Payments, a post which he held for six years. He set up, and was the first Chief Executive of the UK Payments Council, which sets strategy for collaborative payments in the UK. He was very involved with the introduction of the Faster Payments Service in 2008, the first new payment system in the UK for 25 years; and in the production of the UK?s National Payments Plan.
Before payments, Paul was the first Director General of the Association of IFAs, the representative body for the community of independent advisors which was formed in 1999. He also was instrumental in the formation of the Association of Mortgage Intermediaries.
During his earlier career, Paul has worked for the London Stock Exchange, the Association of British Insurers and the Independent Television Commission. He started his working life at the Department of Trade and Industry.