Land Registry

Lord Rooker Excerpts

Tuesday 2nd February 2016 Lords Chamber

[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.

[Lord Rooker (Lab)]

My Lords, why cannot the Land Registry do more to stop London becoming the money-laundering capital of Europe by at least ensuring that all property transactions—all of them, but particularly from abroad—have the beneficial owner listed rather than just corporate ownership, as is the case with properties purchased by companies inside the UK, so that it is fair for all? Lastly, why can it not publish all the purchase prices of properties where they are purchased from abroad? It publishes only 70% of the purchase prices of properties purchased from abroad and that leaves us, as a country, wide open to massive money-laundering.

[The Earl of Courtown]

The noble Lord makes some very interesting points. He must also be aware that we are going to have this open and public consultation in which he will have the opportunity to make those points.