The Government have no plans to introduce a land value tax at this time. In our view, the complexity and cost of administering such a tax, and, more importantly, the likelihood of a significant increase in tax bills for many council tax payers, particularly those such as pensioners with liquid assets, means that such a proposal is not tenable.
I thank the Minister for his response, but given that we have massive increases in house prices, massive increases in the value of farmland and builders and supermarkets land-banking and pushing up the price of land, and given that 1% of the population own 69% of our total land mass, is it not time for action? Do we not need a land tax?
The hon. Gentleman will be aware that some of the construction numbers of late are much more encouraging, and the Government are taking action to improve house building, including our Help to Buy proposal. Believe it or not, not every problem this country faces can be solved by another tax.