Morning Call: pick of the papers

The ten must-read pieces from this morning's papers

1. Britain has socialism in its psyche, too (Guardian)

David Cameron's popular capitalism speech is a political move. History tells us another story, writes Tristram Hunt ,

2. Charity needs capitalism to solve the world's problems (The Financial Times £)

The problems we face are solvable, but we need innovation, says Bill Clinton

3. Islanders must be masters of their own fate (The Times £)

The future of the territory can only be decided by its people themselves, says William Hague

4. The game is up for schools that put league tables before real learning (The Daily Telegraph)

It is vital that all schools give every pupil the best chance to maximise their potential, says Nick Gibb

5. Can't Jews be allowed to remember their past? (The Independent)

In Lithuania - where once even the Nazis had to avert their gaze - swastikas now have legal blessing, writes Howard Jacobson

6. Vaulting Victorian ambition conquers common sense The Financial Times (£)

The PM is casting opponents of new transport projects as cowards, writes Andrew Gimson

7. Monarchists are from Mars, republicans are from Venus (The Independent)

Whenever the monarchy becomes the subject of debate, we get this sense of a polarised nation, writes Julian Baggini

8. This could be the luckiest week in Ed's life (The Times £)

The unions have started a fight. If Mr Miliband can finish it, his leadership will be saved from oblivion, says Matthew Parris

9. A Labour U-turn on the economy? Hardly. But nobody is listening (Guardian)

Ed Miliband and Ed Balls's apparent shift over cuts is not a contradiction at all. But in opposition, the argument's hard to win, says Jonathan Freedland

10. The rise of the overclass (Telegraph)
A super-rich elite cut off from the rest of us is defining the political debate, says Peter Oborne

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The Land Registry sale puts a quick buck before common sense

Without a publicly-owned Land Registry, property scandals would be much harder to uncover.

Britain’s family silver is all but gone. Sale after sale since the 1970s has stripped the cupboards bare: our only assets remaining are those either deemed to be worth next to nothing, or significantly contribute to the Treasury’s coffers.

A perfect example of the latter is the Land Registry, which ensures we’re able to seamlessly buy and sell property.

This week we learned that London’s St Georges Wharf tower is both underoccupied and largely owned offshore  - an embodiment of the UK’s current housing crisis. Without a publicly-owned Land Registry, this sort of scandal would be much harder to uncover.

On top of its vital public function, it makes the Treasury money: a not-insignificant £36.7m profit in 2014/15.

And yet the government is trying to push through the sale of this valuable asset, closing a consultation on its proposal this week.

As recently as 2014 its sale was blocked by then business secretary Vince Cable. But this time Sajid Javid’s support for private markets means any opposition must come from elsewhere.

And luckily it has: a petition has gathered over 300,000 signatures online and a number of organisations have come out publically against the sale. Voices from the Competition and Markets Authority to the Law Society, as well as unions, We Own It, and my organisation the New Economics Foundation are all united.

What’s united us? A strong and clear case that the sale of the Land Registry makes no sense.

It makes a steady profit and has large cash reserves. It has a dedicated workforce that are modernising the organisation and becoming more efficient, cutting fees by 50 per cent while still delivering a healthy profit. It’s already made efforts to make more data publically available and digitize the physical titles.

Selling it would make a quick buck. But our latest report for We Own It showed that the government would be losing money in just 25 years, based on professional valuations and analysis of past profitability.

And this privatisation is different to past ones, such as British Airways or Telecoms giants BT and Cable and Wireless. Using the Land Registry is not like using a normal service: you can’t choose which Land Registry to use, you use the one and only and pay the list price every time that any title to a property is transacted.

So the Land Registry is a natural monopoly and, as goes the Competition and Market Authority’s main argument, these kinds of services should be publically owned. Handing a monopoly over to a private company in search of profit risks harming consumers – the new owners may simply charge a higher price for the service, or in this case put the data, the Land Registry’s most valuable asset, behind a paywall.

The Law Society says that the Land Registry plays a central role in ensuring property rights in England and Wales, and so we need to ensure that it maintains its integrity and is free from any conflict of interest.

Recent surveys have shown that levels of satisfaction with the service are extremely high. But many of the professional bodies representing those who rely on it, such as the Law Society and estate agents, are extremely sceptical as to whether this trust could be maintained if the institution is sold off.

A sale would be symbolic of the ideological nature of the proposal. Looked at from every angle the sale makes no sense – unless you believe that the state shouldn’t own anything. Seen through this prism and the eyes of those in the Treasury, all the Land Registry amounts to is £1bn that could be used to help close the £72bn deficit before the next election.

In reality it’s worth so much more. It should stay free, open and publically owned.

Duncan McCann is a researcher at the New Economics Foundation