Unlikely land taxers: Bank for International Settlements

Via Carol W via rwer, from the Bank for International Settlements:

Can non-interest rate policies stabilise housing markets? Evidence from a panel of 57 economies

by Kenneth N Kuttner and Ilhyock Shim
Working Papers No 433
November 2013

Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilising house prices and housing credit.

In conventional panel regressions, housing credit growth is significantly affected by changes in the maximum debt-service-to-income (DSTI) ratio, the maximum loan-to-value ratio, limits on exposure to the housing sector and housing-related taxes. But only the DSTI ratio limit has a significant effect on housing credit growth when we use mean group and panel event study methods.

Among the policies considered, a change in housing-related taxes is the only policy tool with a discernible impact on house price appreciation.

Please get all your ahem "interns" via approved methods like the Work Programme ...

as it has special rules to protect employers from visits by HMRC heavies acting on our instructions ...
  
Employment Minister Jo Swinson acts over 100 firms 'using unpaid interns' the Indie informs us, because Jo seeks to crack down on employers who are breaking the law by filling full-time positions, that would be subject to national minimum wage rules, with unpaid interns and the article ends with an especially wonderful quote from a BIS Departmental spokesperson ....

A spokesman for the Department of Business said: "The law on the National Minimum Wage is clear. If somebody on a work experience placement or internship is a worker under NMW legislation, then they are entitled to the minimum wage.     Internships can be a valuable way of helping young people get into work and realise their ambitions. Anyone who feels they are being exploited should contact the Pay and Work Rights Helpline. Their call will be fast-tracked to HMRC who actively investigate any claims of NMW abuse."

No doubt those manning the Pay and Work Rights Helpline have been given a handy crib sheet so they can weed out and send packing with a firm but friendly 

"it doesn't apply to you, **the organisation which is public spiritedly taking part in the Work Programme and giving you vital work experience at huge cost to themselves doesn't do that sort of thing, unless you are undertaking work experience with Homebase of course, seeing as they were stupid enough to let documents that admit that they do see work programme placements as a handy alternative to actually employing people and have reduced the number of full and part time staff working in some stores and substituted WP provided staff for them get into the public domain" 

to any misguided Work Programme participant, in particular those undertaking Mandatory Work Activity, who seeing the Indie article takes the BIS spokesperson's comment at face value before consulting the handy government web advice on the national-minimum-wage  where they will find workers on a government employment programme, eg the Work Programme aren't entitled to the national minimum wage.

** obviously everything after it doesn't apply to you wouldn't appear on the crib sheet, I was just idly referencing something that made its way into certain media outlets recently ....