In short, the standard western approach, in the form of money-laundering laws, looks flawed when applied to Russia.

ECONOMIST: Money laundering in Russia

But as the House of Commons Treasury Select Committee has pointed out in an excoriating report, Mr. Osborne's policy looks flawed.

WSJ: Osborne Is Losing His Allies on All Sides

But with first-time buyers locked out in this way, the idea that business as usual in the housing market is desirable looks flawed.

ECONOMIST: Houses and prices