Panorama (From Barry And District News)

Panorama

THE assessment of the economy since Gordon Brown took over as chancellor in 1997 by Stephanie Flanders on Panorama recently, was very interesting.

She didn"t say much about the plight of the young generation getting on to the housing ladder.

In 1997 when this government came into power, most young people who were working could purchase a property. Now it is impossible, as some house prices have increased by £100,000 or more over the last three years.

Since Gordon Brown has taken the tax credits of around £5 billion every year, things have gone all wrong for house purchase and pensions, as the lending companies do not have the money to invest for the benefit of their policyholders.

Because of this, thousands of letters have been sent out by lenders stating that there will be a shortfall of money at the maturity date of their policies, in some cases many thousands of pounds.

Prior to 1997 the purchase of a property through the endowment scheme had worked very well for more than 100 years.

It was a popular way to purchase a property, if the policyholder died the deeds were handed over together with the bonuses up to the date of death.

Otherwise you would have the deeds and all bonuses on maturity.

William Price Davies

Somerset Road East

Barry