UCD Urban Institute Ireland seminar entitled From Robin Hood to hood robbing
- University College Dublin
MEDIA RELEASE 31 August 2006
Leading economist calls for the reintroduction of tax on residential property in order to restore financial independence to local authorities
“The abolition of ‘rates’ on residential property in Ireland back in 1978 was a strategic error.
“A Land Value Tax is one route to bringing back a form of homeowner tax, and to restoring financial independence to local authorities. It would also provide the opportunity to reduce other, and more economically damaging, taxes. Local authorities would, under a Land Value Tax, have an incentive to expand their tax base, through easier planning permission for housing, badly needed in many parts of the country”, claims Colm McCarthy, UCD economist and associate at UCD Urban Institute Ireland.
Mr McCarthy’s comments are endorsed by Dave Wetzel, Vice-Chair, Transport for London (TfL), who will be in Dublin shortly to give the keynote address at a UCD Urban Institute Ireland seminar entitled From Robin Hood to ‘hood robbing’ – making landowners pay for the road and rail infrastructure from which they receive huge rewards.
In his keynote address, Dave Wetzel will describe how when London’s Jubilee line was completed in 1999 at a cost of stg£3.5 billion (€5.2 billion), land values within 1,000 yards of 11 new stations increased by stg£13 billion (€19.4 billion).
He will also describe a number of examples of the phenomenon labelled ‘hood robbing’. One example of ‘hood robbing’ is where TfL currently pays the Duke of Westminster stg£230,000 (€340,000) a year in ground rent for London’s Victoria coach station. This charge is in turn levied on coach tickets, thus creating a situation where the UK’s poorest travellers subsidise the UK’s third richest man to the tune of stg£230,000 (€340,000) each year.
Media release continued
The UCD Urban Institute Ireland seminar takes place at 9am on Tuesday 12 September in the Barry Theatre, UCD, Earlsfort Terrace.
The guest list for the seminar includes heads of Government departments, public and private sector policymakers, political party advisors, local authority planners, academics, politicians, business leaders, entrepreneurs, private sector developers, stockbrokers, economists, auctioneers and valuers, bankers, architects, engineers, transport companies, business organisation representatives, consumer groups, transport professionals.
The seminar panellists will include:
Professor Brendan Walsh, University College Dublin
Professor Peter Clinch, University College Dublin
John Mulcahy, Managing Director, Jones Lang LaSalle, Dublin
Brendan Keenan, Group Finance Editor, Independent Newspapers
Dr Aoife Ahern, University College Dublin.
The seminar will be chaired by Professor Frank Convery, University College Dublin.
Dave Wetzel is Vice-Chair, Transport for London; former Transport Chair, Greater London Council; former President of London University’s Transport Studies Society; former Leader of the London Borough of Hounslow (near Heathrow).
There is no charge for attendance. Places are strictly limited to 100 and will be allocated on a ‘first come’ basis. Bookings may be made by emailing kate.feely@...
For further information, contact Professor Eugene O’Brien, Director, Urban Institute Ireland on 716 2691 or on 087 230 9931
Dave Wetzel may be contacted on (0044771) 5322 926 (mobile)
or (0044207) 126 4200 (office)
020 7126 4200