Land Registry

Lord Lea of Crondall Excerpts

Tuesday 2nd February 2016 Lords Chamber

Asked by

[Lord Lea of Crondall]

To ask Her Majesty’s Government whether they have any plans to privatise the Land Registry.

[The Earl of Courtown (Con)]

My Lords, in the Autumn Statement last year, my right honourable friend the Chancellor announced the Government’s intent to consult on options to move operations from the Land Registry into the private sector from 2017. The Government are currently looking at the best options to achieve their objectives. No final decisions will be made on the future of the operating model of the Land Registry until a public consultation has been completed.

[Lord Lea of Crondall (Lab)]

My Lords, Ministers have referred to the rationale for this decision in terms of asking the public and ourselves what overriding reason there is for the Land Registry to stay in the public sector, which is an ideological position. Two questions arise from that. First, I return the compliment and ask: on what grounds is the noble Earl parting company with William the Conqueror who, in 1086, ordained the compilation of the Domesday Book of all land holdings, successfully completing this as a state function? Indeed, it is a natural monopoly like tax collection, and as such is identified in all economics textbooks as the classic exception to the normal case for competitive and profit-maximising private enterprise. Secondly, there was nothing on this in the Government’s manifesto and according to a recent poll it is opposed by 95% of the British people, so how come the Government announced their intention—as the Minister said—to sell it for a sum of £1 billion, according to the FT, with only the flimsiest lip service paid to protecting the integrity of the register?

[The Earl of Courtown]

My Lords, I am not sure I have any relationship with William the Conqueror. Seriously, the noble Lord asked a number of questions but in essence asked why we are doing this. As he is aware, the Government continually review all their assets to ensure that public services operate efficiently and effectively for the taxpayer. A sale of part or all of the Land Registry operations is expected to deliver a capital receipt for the Government. That can be invested elsewhere for the benefit of the taxpayer. Where there is no strong policy reason for continued public ownership of an asset, it is right that the Government look at the merits of sale.