SocGen analyst blasts Osborne

A SENIOR strategist at Societe Generale has made a scathing attack on George Osborne over the government’s Help to Buy scheme, calling it an “unusually misguided piece of government interference in the housing market”.

The notoriously pessimistic Albert Edwards said in a note yesterday that the chancellor’s scheme, which guarantees that lenders are repaid a percentage of certain mortgages, “is a moronic policy that stands head and shoulders above most of the stupid economic policies I have seen implemented during my 30 years in this business”.

He said the scheme would encourage people to take on more debt, thus inflating house prices even further.