Property Taxes in London

Before the Minister concludes, I would like to put on the record that I very much support the free movement of capital; it is a positive thing, broadly, for London and for the UK as a whole. That said, there has been controversy about the so-called dark lights in large bits of Kensington, Knightsbridge and Belgravia, although I think that is exaggerated to some extent. Quite a lot of the properties that are purchased are rented out to UK nationals or other London residents. A big sea change would be needed if we were somehow to discourage the free movement of capital, and although that might open up matters a bit in the London property market, it could have a very detrimental effect on much of the rest of the British economy.