Chancellor George Osborne has revived plans to privatise Land Registry, according to reports.
Investment bank Rothschild is understood to have been asked to examine options for a £1bn-plus sale of the organisation, which records all property transactions in England and Wales. Sky News reported that he may make an announcement in next Wednesday’s autumn statement.
In July last year coalition ministers shelved plans to turn the bulk of Land Registry into a stand-alone company as a precursor to privatisation.
Proposals to create a ‘service delivery company’ published by the Department for Business, Innovation and Skills met with an overwhelmingly critical response.
In May 3,000 members of the trade union PCS went on strike in protest at the plans, which the Law Society warned could ‘undermine the register’s integrity and introduce conflicts of interest with potentially adverse economic results’.