London Housing: the Chancellor must act now for people on low and middle incomes

Commenting on the news that the Chancellor is considering introducing capital gains tax for foreign owners of British property, Simon Hughes has said:

'It is good news if the Chancellor and the Chief Secretary are actively considering announcing steps in the Autumn Statement to deal with the explosion of foreign investment in housing in Britain, particularly in parts of London including my Southwark constituency.

Following a debate I initiated in the Commons in June, and a motion passed by the London Assembly this month, I wrote last week to ministers and to the Mayor of London setting out a range of steps which I suggested government could take.

Government should not stand by and let the London housing market be dramatically distorted by vast sums of money from foreign investors - many of whom have never even heard of the Old Kent Road, let alone walked down it.

Individual Londoners and their families can no longer afford to pay the price for the consequences in London of this wave of international investment.

The global super rich should pay at least the same tax as everyone else if they make a profit from selling property.

Liberal Democrats have been leading the debate on closing tax loopholes and creating a fairer tax system. I will do all I can to get the best possible deal for Londoners on low and middle incomes in this year's Autumn Statement and next year's budget.'