The title 'Lord of Wales' is going under the hammer on Thursday at the latest auction held by Newport firm Paul Fosh Auctions.

Although it is just the title which is being auctioned, Business Argus has been asking local business people what they would do if they held the title and hypothetically had the power to do what they wanted in Wales.

Ed Gooderham, Green & Co, Cwmbran

I think I would reduce VAT back down to 15 per cent. This would affect everyone - retail businesses and shoppers alike - by reducing the cost of all consumer goods, and who doesn't want cheaper goods? Of course, hypothetically, if I were Lord of Wales with unlimited powers, I could put VAT to zero per cent! Everything would be significantly cheaper for consumers, but it would also, unfortunately, be economically unviable!

Guy Jones, NatWest's director of commercial banking for Cardiff and East Wales

The question as I see it is 'What is our Vision for Wales? For me this is about recognising our past, embracing our present and setting our future.

We have a tremendous history and culture which has actually developed considerably over the last 25 years. The future needs to continue this journey where we embrace our vibrant culture and use this to increase our visibility across the globe. My 'magic wand' would be directed toward:

• Making Welsh business known throughout the world for quality and innovation.

• Building on the work that has already started in making Wales a recognised technology centre of expertise and embedding world class tech education in all our schools.

• Making Wales the number one destination for international tourists, thanks to our beaches, mountains, castles and golf.

• A definitive infrastructure transport plan - not only the M4 but a South Wales Metro too.

• Ensuring there is employment for everyone who wants a job.

• Leading the world in green technology and in particular tidal power.

• Inclusion, diversity and eliminating homelessness across our country.

Ross Porter, Clearsky Recruitment, Blackwood

If I was Lord of Wales and had unlimited powers then I’d make numerous changes - here are just a few.

I would ensure that all pensioners with a low income benefitted from government funded gas and electricity as I really don’t think it is fair that many of our older members of society have to worry about such bills or struggle to keep warm in winter.

I would introduce National Service for all youngsters who had not entered into further education or regular employment within 6 months of leaving school as I think this would instil valuable self-discipline which would help them in later years.

I would involve those people on unemployment benefits more with their local community by introducing a work scheme whereby they would have to carry out duties (eg graffiti removal, litter picking) in and around their communities in order to receive their benefits. I believe this would give many people sound experience of work as part of a team and it would help develop more of a community spirit which can only be a good thing.

I would raise the threshold for inheritance taxation and reduce the overall percentage as I think it is unfair that the government take such a high level of taxation from the estates of the deceased. Lots of people work really hard throughout their lives in order to own their own homes and perhaps even pay off their mortgages, therefore, I think the current taxation rules are not justified. Also, in my opinion, elderly homeowners should not have their assets taken in order to pay for their care if they move into state nursing homes.