Nesta report proposes to substitute the current property taxes

A new report has found that the UK economy faces a perplexing situation as growth indicators improve, yet public finances remain concerning. The Nesta report, "Economic growth and productivity: the ideas", proposes various strategies, including a land value tax and regional devolution, to stimulate growth. The report's nine concepts are well-founded. The most audacious suggestion, but not novel, is to substitute the current property taxes, such as stamp duty and council tax, with a land value tax. As the name implies, the value of the land would determine this, and Charles Goodhart, a seasoned economist, recently suggested it. Other suggestions include addressing the housing problem by switching to a zone-led planning system that streamlines regulations for developers and boosting the economies of various regions of England by providing regional and local governments with a path to devolution and independent budgetary powers.

The Sunday Times (08/09/2024)