§ 17. Mr. Graham Pageasked the Secretary of State for the Environment what is his estimate of the total cost of land acquisition in the first five years of the Community Land Account; and how soon he expects the fund to show a profit.
§ Mr. OakesThe memorandum to the Community Land Bill sets out fully the costs and receipts that will save about £700 million a year when the scheme is in full operation. The costs at the end of five years in individual land accounts will vary widely between areas with some in profit and some on the way there, according to the demands of their programmes to cater for local needs.
§ Mr. PageThe hon. Gentleman must be kidding himself if he thinks he will 1353 save £700 million. Bearing in mind that the Financial Memorandum gives certain figures, has he reconsidered those figures at all, such as the £400 million a year which is to be spent foolishly on this stupid enterprise?
§ Mr. OakesWe have spent many hours on this matter, Mr. Speaker, and I am sure that you do not want any further time to be spent on it. The figures are accurate, and we are not reconsidering them.