Guy Stephens: How demographic evolution shapes policies and investment trends

Mortgage Interest Relief at Source or ‘Miras, which was introduced by Geoffrey Howe, the Chancellor of the Exchequer under Margaret Thatcher, was part of a government initiative at the time to encourage home ownership. It was accompanied by Thatcher's policy of allowing council house tenants to buy their home. MIRAS provided tax relief on interest on the first £30,000 of a mortgage for an individual or for unmarried couples, allowed pooling up to £60,000. These policy initiatives led to an explosion in home ownership in the UK and also a cultural change where unmarried couples were mo...