While there is plenty of unused productive capacity today, the deficit, to many, represents a large, already mortgaged claim on future savings.

In contrast, the country is not in a mood to live with politicians who claim for moats or who make manifestly dodgy mortgage claims.

Because of this, any co-owner who acquires a mortgage claim against the property must give his co-owners a reasonable opportunity to purchase proportionate shares in that claim.

The Committee found that Wiggin's mortgage claims were the result of "an unfortunate and unintended muddle" which should have been picked up much more quickly, though no cost to the public purse resulted.

The Fees Office refused to pay a June 2006 claim for mortgage interest which covered both the Lambeth flat and Burnham's constituency home, and also a mortgage claim which included capital repayment.

A recent OECD study (2) shows that households also benefited from innovations such as the securitisation of mortgage debt - making mortgages tradeable between lenders, so that the institution which originally lent the money might sell its mortgage claim to another bank or thrift when it needed cash.