What image will social historians use to capture our times? Last week, after frenzied bidding, a drab garage next to a Camberwell industrial estate in what was once a cheap part of south London, sold for £550,000. That might do. No one who sniffs the air can fail to notice that London in the Osborne bubble has a whiff of Weimar Germany – but without the art or indeed the sex.
Yet alongside oligarchs buying the capital’s streets, and the Bank of England and Treasury pumping asset prices, we also have poverty that those of us who remember the recessions of the 1970s and 80s have not seen before.