The value of land has increased more than fivefold over that period, outstripping the increase in the worth of the properties overlying it. There are also vast tracts of land owned by the government, including areas controlled by the Forestry commission, which is thought to be the country’s biggest land manager, with about 900,000 hectares. The ONS analysis measures the total net worth of the country by estimating the market value of financial assets, such as loans, and non-financial assets, such as land and dwellings. The statisticians estimate the net worth attributable to central government stood at negative £1.2tn as a consequence of borrowing to fund the budget deficit. The stark illustration of the gains made by land owners come days after Tony Blair endorsed the idea of a new “land value tax” put forward in Labour’s last manifesto to help solve the country’s housing crisis.

Source: The Guardian December 05, 2017 14:15 UTC