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Although I have referred to land value taxation quite frequently over recent months, I have to return to the subject as it is receiving a large amount of attention at present.
A recent IPPR report concerning the UK states that British wealth is concentrated not in property but in the land underneath. It goes on to state that conventional wisdom suggests that the UK has a problem with house prices – which have increased nearly tenfold since 1979 – twice the rate of consumer prices. But land now represents over half of the UK’s total net worth.