Ex-FM calls for Crown Estate profit wealth fund

WALES’ Finance Secretary has called for the creation of a sovereign wealth fund out of profits from the Crown Estate as pressure grows for the collection of assets to be devolved.

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Mark Drakeford said the fund would ensure Welsh people profit from offshore wind projects in the Celtic Sea.

‘The Crown Estate is a collection of marine and land assets and holdings that belong to the monarch.

It includes the seabed out to 12 nautical miles, which is around 65% of the Welsh foreshore and riverbed, and a number of ports and marinas. Ashore, the Crown Estate owns 50,000 acres of common land in Wales valued at more than £603m.

The Welsh Government and all 22 councils want the Crown Estate to be devolved to Wales, but the UK Government has refused on numerous occasions.