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Growth-generating projects, including in clean energy, infrastructure and digital technologies, to benefit from major new investment following Royal Assent of the Crown Estate Act.
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Financial Secretary to the Treasury says powers will ensure an even greater return for the British economy.
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Comes alongside other government measures to boost skills, build more and invest in industries of the future to help kickstart economic growth as part of the Plan for Change.
The Crown Estate Act will help to drive economic growth further and faster, deliver a greater financial return for the taxpayer and unlock vital funding for public services.
New flexibilities, including the ability to borrow, will also ensure that the Crown Estate will no longer need to rely on selling off national assets in order to raise money to invest.
Under the Act, the Crown Estate will benefit from greater flexibility over how and where it invests, freeing up more opportunities for investment in areas of national importance like offshore energy development and associated supply chain infrastructure, and digital technologies to support nature recovery.
Financial Secretary to the Treasury, Lord Livermore, said
This government is going further and faster to drive economic growth, our number one mission.
That includes boosting investment, which is the lifeblood of a growing economy and a key part of our growth strategy.
These new powers will empower the Crown Estate to invest in new growth-generating projects and deliver a greater return for the public purse, benefiting public services right across the UK.
Importantly, this change will also preserve and protect the precious national assets run by the Crown Estate, creating a lasting prosperity for future generations.
The Crown Estate Act has also increased the maximum number of commissioners on The Crown Estate Board from eight to twelve and requires them to keep under review the impact of their activities on the delivery of sustainable development across the UK.
The package of measures will unlock significant investment in public infrastructure and new technologies that can help scan and map the seabed, accelerate marine investments that will bring to market more offshore wind leasing by 2030. It will also leverage its land and property assets for urban regeneration, including the UK’s vital science and innovation sector.
It follows a major partnership between The Crown Estate and Great British Energy announced last year which could leverage up to £60 billion of private investment into the UK’s drive for energy independence and lower bills.
The government is continuing to progress a range of other measures to kickstart economic growth, including cutting red tape so key industries like construction can hire more apprentices, removing unnecessary hurdles in the planning system so more homes can be built, and financing the National Wealth Fund which fuelled 8,600 jobs in the second half of last year and unlocked almost £1.6 billion of private investment.
