Dave Wetzel, president of the Labour Land Campaign, said: “This is an example of Jeremy Corbyn's Labour Party not only listening to us but also other economists across the political spectrum such as the Institute of Economic Affairs, The Adam Smith Institute and the Institute for Fiscal Studies that have all advocated Land Value Tax.
“If Land Value Tax were to replace business rates all productive businesses would benefit, land speculators keeping homes and premises empty would transfer their wealth to productive investments that create jobs and house builders would release their land banks for building new homes at reasonable prices.”
In 2011 the respected think-tank the Institute for Fiscal Studies backed scrapping business rates and replacing it with a Land Value Tax.
