The Crown Estate is a huge collection of assets owned by the British monarchy.
A new Bill will allow the Crown Estate to invest more in green energy and help the UK achieve net zero, a Treasury minister has told Parliament.
This borrowing will be at commercial rates, meaning the interest it will pay outweighs the Government’s cost of borrowing, with the aim of it being a net benefit to public finances. He added that the new borrowing powers “act to accelerate and de-risk the sustainable delivery of offshore wind and other technologies, such as carbon capture, wave, tidal and hydrogen”.
“Existing limitations on the Crown Estate’s powers have meant it has had to generate capital for its investment by selling its assets. That is neither desirable, nor sustainable. There was cross-party support for the Bill across the House, although one Tory peer voiced concern that it “risks politicising the Crown”.
The Bill’s second reading debate comes after it was announced in July that the Crown Estate would partner with the new Great British Energy to support “the accelerated delivery of clean energy infrastructure”.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Plan for new housing estate in Worsley with new 'family' homesA developer is hoping to build on land off Leigh Road.
Read more »
Work progressing on new A442 roundabout for housing estate on former creamery siteTelford & Wrekin Council say work is 'progressing well' on the construction of a new roundabout near Telford.
Read more »
Life on new Merseyside estate captured in photos unseen for yearsMany will remember the area as seen here
Read more »
New project to empower residents and bring community together in NI estateThe Empower Project is working within the area to tackle issues that matter to the local community
Read more »
Aylesbury Estate: New youth club 'gives back to next generation'A south London charity is opening its first youth club, on the estate where its founder grew up.
Read more »
I'm a first time buyer - here are two things you should do right nowThe estate agent said there are two Liverpool postcodes new buyers are gravitating towards
Read more »