John Stepek

Because obviously one reason that they don't cut IHT, apart from they need the money, but obviously it's very easy to paint that as a tax cut for the ultra-wealthy, et cetera, et cetera.

But if you say, well, this demonstrates patriotism, and therefore you should be rewarded for it, then I think it's actually an easy political sell, particularly because if you actually got two trillions worth of cash going into the gilt market...

then, you know, you could probably turn around and say, well, the amount of money that's going to knock off the interest rate that we pay is going to save us more than we currently make from IHT.

So, I mean, maybe, you know, I think if you just dangle the right carrot in front of people.

You know, it has, you know, at quite a reasonable pace.

And to be fair, it's not as much that we stand out as being ultra-risk averse.

It's more the US stands out as having a very educated and highly involved population.

Yeah, that's right.

Partly because they have to do their own

fucking tax returns every year, I think.

I think that's a really good point, actually, because something I wrote a piece recently based on some research from Schroders, Duncan Lamont over there, just kind of like pulled together the numbers that showed that, by and large, investing in the stock market would be investing in property in the UK.

Yeah.

And what I was, I guess, surprised about was there just wasn't that much pushback.

And that's not something, like, I mean, if you'd written that even 10 years ago, let alone 20 years ago.

In fact, I remember writing something like that about 20 years ago.

And the amount of, you know, venom and like, how could you possibly say this?

Yeah.

So, yeah.

So, I mean, that is, you're right.

I think that's, if people start to realise that, well, you know, your house is not going to be your pension and it hasn't been for a long time.