How to Write About Tax Havens and the Super-Rich: An Interview with Nicholas Shaxson

Is there an argument among British politicians that all this buying by rich people is actually a good thing? Like it shows that Britain is stable, it’s competitive, people want to invest?

Many politicians love that argument. They wield this silly word “competitive” without pondering what it actually means. It has nothing to do with genuine competition between firms in a market. A lot of it’s about “competition” to attract dirty money, no questions asked. The Conservative Party wants to win the next election. Nothing will harm their chances more than a housing price collapse, so they’re desperate to keep the party going. The opposition parties don’t criticize it; they’ll be accused of talking down Britain’s prospects.