The current crisis, which has impacted seriously on all aspects of the economy and society, stems ultimately from the Thatcher/Blair/Brown brand of neoliberalism that promoted the dominance of market forces, inadequately regulated, in the highly sensitive areas of housing and mortgage lending while placing obsessive emphasis on owner-occupancy and ‘the housing ladder’.

The pressures placed on taxation and spending patterns that are necessary to restore financial balance will, unless firm steps are taken, impact most heavily on those poorer and more vulnerable members of society that are the focus of Z2K’s activities.

The economy will in time recover. But Z2K feel it is imperative that lessons are learned from the present disaster and that the arguments laid out in the 2005 Memorandum, the online film ‘No Place Like Home’ and the Z2K Housing Review must be seriously considered by government.

The 2009 Budget Statement gives little confidence that this will be the case.

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