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We have recently been told that Winston Churchill will be the face of the new fiver. The Bank of England's Sir Mervyn King who made the decision says the new note may even come to be known as a Winston.
Winston was a staunch supported of Land Value Tax.
Winston Churchill’s speech*:
Land Monopoly is not the only monopoly, but it is by far the greatest of all monopolies – it is a perpetual monopoly, and it is the mother of all other forms of monopoly. Unearned increments in land are not the only form of unearned or undeserved profit, but they are the principle form of unearned increment, and they are derived from processes which are not merely not beneficial, but positively detrimental to the general public.
Land, which is a necessity of human existence, which is the original source of all wealth, which is strictly limited in extent, which is fixed in geographical position – land, I say, differs from all other forms of property, and the immemorial customs of nearly every modern state have placed the tenure, transfer and obligations of land in a wholly different category from other classes of property.
Nothing is more amusing that to watch the efforts of land monopolists to claim that other forms of property and increment are similar in all respects to land and the unearned increment on land.
They talk of the increased profits of a doctor or lawyer from the growth of population in the town which they live. They talk of the profits of a railway, from the growing wealth and activity in the districts through which it runs. They talk of the profits from a rise in stocks and even the profits derived from the sale of works of art.
But see how misleading and false all those analogies are. The windfalls from the sale of a picture – a Van Dyke or a Holbien – may be very considerable. But pictures do not get in anybody’s way. They do not lay toll on anybody’s labour; they do not touch enterprise and production; they do not affect the creative processes on which the material well-being of millions depends.
If a rise in stocks confers profits on the fortunate holders far beyond what they expected or indeed deserved, nevertheless that profit was not reaped from withholding from the community the land which it needs; on the contrary, it was reaped by supplying industry with the capital without which it could not be carried on.
If a railway makes greater profits it is usually because it carries more goods and more passengers.