Morning Call: pick of the papers

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

1. End this masochism in economic policy (Financial Times)

Prolonged stagnation and high unemployment will permanently lower the economy's potential, writes Martin Wolf. But there is an alternative.

2. The welfare reform bill will incentivise people: to turn on David Cameron (Guardian)

David Cameron's cuts have barely got going yet, writes Polly Toynbee. That's the frightening truth about austerity.

3. If Labour ditched David and Ed Miliband, it could actually win an election (Daily Telegraph)

Labour holds all the cards, but its leadership doesn't know how to play them, says Fraser Nelson.

4. Ed shouldn't get too excited about François (Times) (£)

If Hollande wins in France and Obama in the US, it doesn't follow that the Left in Britain would regain power, writes Philip Collins.

5. Red light for bonuses at Network Rail (Daily Mail)

Sir David Higgins and his Network Rail colleagues should waive their bonuses, argues a Daily Mail editorial.

6. An alarming outbreak of constitutional vandalism (Daily Telegraph)

The Conservatives should know better than to tinker with the constitution, says a Daily Telegraph editorial.

7. My solution to the Falklands problem: sell them (Independent)

I doubt we have much stomach for another war in the south Atlantic, writes Philip Hensher. And we need the money.

8. Alain de Botton's atheist temple is a nice idea, but a defunct one (Guardian)

De Botton's atheist temple call does not need to be realised - our existing places of worship can be appreciated by all, argues John Gray.

9. Israel will not pull out of the next Middle East war until Hizbollah is annihilated (Daily Telegraph)

The tension on the Lebanese border is palpable as sworn enemies flex their military muscle, writes Con Coughlin.

10. Egypt's generals will soon hear the final whistle (Independent)

If the British tend to believe in the cock-up theory of history, in the Middle East it's the opposite, says Adrian Hamilton.

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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