Now that their homes have just about recovered to the price they paid for them, they are being hit by the sharpest interest rate rise in recent history
And now the Government faces a wider political problem. Pressure is growing to “do something”. And this is important, politically, too. The Government, and particularly Fine Gael, see the aspirant middle-class as “their people”. With younger voters – who are unable to buy houses and hammered by high rents – drifting to Sinn Féin, the Government needs to hang on to Generation X, already housed and employed. Now they, too, are facing a financial squeeze.
This one is tricky for Minister for Finance Michael McGrath, who was critical of the burden being put on households when the relief was phased out in 2015. Now, as Paschal Donohoe’s partner in prudence, he may take a different view.
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