Economy: House Prices
Debate between Baroness Maddock and Lord Newby(9 years, 10 months ago)
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Lord Newby
My Lords, clearly London is in a special position. The population of London rose, I believe, by 108,000 in the past year and this is going to require a significantly higher level of housebuilding. The mayor has plans to build 40,000 new homes a year in London—bearing in mind that in 2009 there were 14,000 new homes built in London. With the population increasing very rapidly there is clearly going to be a long period of stress in terms of housing in London.
Baroness Maddock (LD)
My Lords, the economy of the north-east is not growing at anything like the rate that it is in London. Is there not an argument for putting some of the stamp duty, much of it generated by the 26% increase in house prices in London, towards growth and infrastructure projects in the north-east?
Lord Newby
The Government have a comprehensive infrastructure plan, which includes a number of major new initiatives in the north-east of England. As the noble Baroness will know, over the years the Treasury has been very much opposed to hypothecating particular taxes for specific purposes, largely on the basis that they may be buoyant one year but may not be in another. Leaving aside stamp duty, the key point is that we have a comprehensive infrastructure programme in the north-east, and I believe that we have one for the next decade.
Taxation: Rental Income
Debate between Baroness Maddock and Lord Newby(10 years, 5 months ago)
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Lord Newby
My Lords, I do not know whether that is the case. I think that I might take advice from the noble Lord, Lord Lawson of Blaby.
Baroness Maddock (LD)
My Lords, I agree very much with what the noble Lord, Lord Campbell-Savours, said in his opening comments. There is a lack of transparency around who owns rental properties in this country. I do not know what the Government will do about that. If we want to improve the quality and standard of our rented properties, particularly the energy efficiency, it is vital that we know who owns the properties.
Lord Newby
My Lords, as the noble Lord mentioned and the noble Baroness raised again, this is an extremely important and live issue, which I will raise again with my colleagues in the DCLG.