Now, all we say is this: "In future you must pay one halfpenny in the pound on the real value of your land. In addition to that, if the value goes up, not owing to your efforts-if you spend money on improving it we will give you credit for it-but if it goes up owing to the industry and the energy of the people living in that locality, one-fifth of that increment shall in future be taken as a toll by the State." (David Lloyd George)

Now, all we say is this: "In future you must pay one halfpenny in the pound on the real value of your land. In addition to that, if the value goes up, not owing to your efforts-if you spend money on improving it we will give you credit for it-but if it goes up owing to the industry and the energy of the people living in that locality, one-fifth of that increment shall in future be taken as a toll by the State."

David Lloyd George

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credit future increment industry land living locality money now pay people pound real say spend state take value one-fifth

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