Housing is outside the scope. I know that the effect on the housing market will be an interesting point of research, but we are focusing on the visa that is primarily targeted into government gilts, or loan stock or equity in UK-registered corporations. Those are the bounds of it. I mentioned that we have taken action before. This will probably excite even more attention, but due to EU law on free movement of capital, the Government believe that there would be legal difficulties in treating residents and non-residents differently by, for example, restricting purchases or charging a higher rate of tax.
I have said what I have said. I am quite genuine. A point has been made. I should just temper the Committee’s expectations because I spent the first two pages of my speech defending the scheme, saying that it was important to send out the message and that these investors were coming. I do not accept the generic term of “dodgy” with “investor”. A lot of investment into this country has been of immense value in providing jobs and wealth to the people who are here. However, I will go away and reflect on the points that have been raised about the specific working of the scheme and come back on Report where those arguments can be tested.
7.30 pm