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Fear of immigration

The fear of immigration is explained by Ricardo’s Law of Rent, which nobody understands any more. Incomers create a land shortage which tends towards higher rents and drives down wages. This is not a problem if a system of land value taxation (LVT) is in place, because the rising rents become buoyant source of public revenue to pay for infrastructure and services the immigrants add to the...

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Inequality in Britain

A useful starting point from which to argue the LVT case. It would help if the term “wealth” was defined, because one of the difficulties is that land is not wealth. A land title is a claim on wealth, which might seem like a a pedantic point but it is crucial to understanding what is going on.

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The return of the cheap mortgage

New offers by HSBC and the Yorkshire and Clydesdale Bank herald the return of the “cheap” mortgage. Remember, as we said before, that a bank mortgage is a means by which the bank becomes the owner of the property for the duration of the loan, using money created at negligible cost, whilst the interest payments are, in reality rent. The song sung here by Vera Lynn sums up what is really...

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