The government faces a dilemma: it is under heavy pressure to row back on austerity without losing its hard earned reputation for fiscal responsibility.
Fortunately Dr. Madsen Pirie, President of the Adam Smith Institute, has come up with an idea that manages to bypass the objections that are seen of the classic ways of funding deficit spending: raising taxes, printing money, borrowing and the political problem of cutting tax to pursue growth.
A fifth way is to raise money from selling things.
‘This time it would mainly be land that was sold, partly land already owned by government, but overwhelmingly land acquired for the purpose.
‘Local authorities should be empowered to buy land in their areas, land without planning permission for development. They should be authorised to grant it planning permission, and sell it on for development.’