Update - 28 July
I have been contacted by a number of constituents in relation to Land Registry and the backbench debate that took place in the House of Commons on 30th June. I was not able to attend the debate as I am a member of the Finance Bill Committtee that met at the same time. My view are set out below and those of the Government are set out below. I will ensure that as soon as more updates become available from Government I will update this page.
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I have been contacted by constituents following the announcement by the government that it is consider selling the Land Registry. The government was elected in 2015 on a mandate to reduce the national debt and provide a strong economy by cutting unnecessary spending. When the Government can help achieve these goals through selling public sector assets, without detriment to delivering public services, it makes sense to do so. By raising additional finance in this way, it provides more resources for other essential services, such as the NHS and Schools, where I have argued for more investment.
The Land Registry continues to be an essential part of land and property ownership in England and Wales. It undertakes a range of functions and responsibilities, which support an effective and functioning property market by providing assurance to those who have an interest in land and property and a state-backed guarantee to title. In this way, a well-functioning Land Registry underpins housing supply, home ownership and economic growth. Those functions remain crucial, but as long as the right protections are put in place, including keeping the statutory register under government ownership, there is no reason for all of the functions which the Land Registry carries out to be undertaken within the public sector. Indeed, Land Registry could have more freedom in the private sector to continue to evolve into a high performing, innovative business, delivering for customers and the wider market in a 21st century, digital economy.
Former Business Secretary Sajid Javid stated the following about the Land Registry:
"By proposing a model where government retains critical functions, including ownership of the Register itself, we are delivering on our promise to ensure the sale of public assets benefits the wider economy and all working people in the longer-term.
I believe it therefore makes sense to pursue a move of Land Registry into the private sector that could maximise a sizeable return to Government to reduce debt, and provide a more suitable environment for the future of the organisation. Rest assured, however, high quality Land Registry services and confidence in the property market will remain a priority for Government throughout this process."
A decision is still to be made on the future model of the Land Registry. The consultation exercise has now closed and the government is assessing the responses.
