Dear Prime Minister Starmer,

I hope this letter finds you well. I am writing to express my concerns regarding the recent changes to compulsory purchase orders (CPOs) and the concept of “hope value” in land valuation.

While I understand the government’s intention to manage public project costs effectively, I believe that excluding hope value from CPO compensation creates inconsistencies in land valuation practices. If hope value is excluded for CPOs, it should also be excluded from the valuation of land for business rates and council taxes. This would ensure a fair and transparent system, where landowners are not disadvantaged by contradictory valuation methods. If a business’s rateable value of land is low, then owners cannot complain if that becomes the basis for compensation on a CPO, and by the same token, the state should not be giving back a lower value than the one they themselves set for the purposes of council taxes. Government should be consistent, and I am not sure that provision for this has been included in the legislation.

Furthermore, I propose that a moral payment be considered to cover the costs of rearranging investments around the affected property. This would acknowledge the broader impact on landowners beyond the immediate land value.

The term “hope value” is a neologism and not one found in any accounting standards, national or international. Moreover, it seems designed to be used exclusively by the government in their own favor against private investors. If private investors were to insist that the aspirational aspect of value be removed from market values, no deal would ever be made. As such, this is a fresh case of state exceptionalism in an area where state exceptionalism is not warranted.

Consistency in valuation practices across different governmental processes is crucial to ensure fairness and maintain public trust. I urge you to consider these points and advocate for a more balanced approach to land valuation and compensation.

Thank you for your attention to this matter.

Sincerely,

David of Quoracy