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… - David Lloyd George

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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".