Member

The review of land value capture proposed by Amendment 218 would investigate various methods of capturing an increase in land value. Various parts of the world use this mechanism and different ways of assessing what proportion of the money should be captured for public benefit. The problem, as the noble Lord, Lord Gascoigne, said, is that people experiencing the concept of growth in a community too often find that there is nothing in it for them. The introduction of land value capture enables a community that is hosting public infrastructure for the benefit of the national economy to have local compensation in the form of local benefits.