From the FT:
Sir, David W Green (Letters, December 1) is right to point out that some money goes the way of spenders from savers through the low bank interest rates that so disadvantage savers.
But most of the low-rate bank lending goes on property, often producing bubbles, which Martin Wolf would cover by imposing a from hereon land value tax acting in a Pigouvian manner to disincentivise further over-investment in the inelastic supply of land.
DBC Reed, Northampton
Debate Magazine
