Call for sovereign wealth fund for Crown Estate cash

WALES' finance secretary Mark Drakeford 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.

- ELLIE GOSLEY

Mr Drakeford said the creation of 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.

On land the Crown Estates owns 50,000 acres of common land in Wales. The value of the estate in Wales is more than £603m of land.

The Welsh Government and all 22 councils want the Crown Estate to be devolved to Wales but the UK Government has said no on numerous occasions.

The former First Minister Mr Drakeford admitted the creation of a sovereign wealth fund was not official Labour policy and called for the UK Government to "come to the table", according to BBC Wales.