Richard Drax, MP for South Dorset, today opposed the Treasury’s proposed sell off of the Land Registry, which employs 200 skilled people in Weymouth, and 6,000 nationwide.
In an unusual cross part consensus, MPs were united in opposing the idea during the Commons debate, which was called by Labour MP, David Lammy.
“An Englishman’s home is his castle, “ said Drax. “The very territory that we live on is the biggest investment that any of us makes. This sell-off would undermine the absolute, fundamental basis of that security.
“The proposal and consultation fail to register the fact that the Land Registry is quasi-judicial. The integrity of the organisation’s database is paramount. Land Registry data are fully accessible to Ministers and the public, with all the checks and balances required. It is the largest database in western Europe, it underpins the housing and property market, and it is a cornerstone of our economy. A sell-off could destabilise the housing market for a short-term return—there is no point in doing that.”
Adding that, “only the Treasury thinks it is a good idea; no one has even asked for it,” Drax said, “The Land Registry is a public monopoly....why should it now become a private monopoly? That just does not make sense. Hedge funds and overseas buyers are not interested in the greater good or the stability of the country—that is the risk. They want to make a return....but this business should not be put under that sort of speculation. Selling to a foreign company might well be against the national interest.”
Drax also pointed out that the proposed sale price of £1 billion was low, considering the Land Registry returns £100m to the Treasury every year.
“I believe this idea has now been kicked into the long grass, “ says Drax. “As I said in my speech, we have far bigger fish to fry with all the wonderful opportunities that lie ahead. The Land Registry should be left in peace to continue the job it has always done so successfully.”