‘Crown Estate campaign is about more than money’
Give Wales back control, argues YesCymru director Elfed Williams
CONTROL of the Crown Estate represents a potential economic bonanza for Wales. This enormous corporation, which is responsible for managing the monarchy’s vast property interests, helps bankroll the UK Government, as well as the Royal Family, which takes a large slice through the sovereign grant.
Its portfolio in Wales is worth £853m, and this has increased from £96m just as far back as 2020.
Needless to say, the profits from these substantial assets should not flow directly into the coffers of the UK Treasury and should go to the Senedd instead so they can be channelled into our public services and invested in our communities.
This is hugely important, but taking those assets out of the hands of the Westminster establishment and putting them into those of the people of Wales is about more than the money.
Much of the recent growth from this extensive portfolio has come from marine licences for offshore wind farms. The Crown Estate owns a staggering 65% of the Welsh foreshore and riverbeds.
Wales has the potential to become a world leader in renewable energy, but without full control over how the industry is regulated and licensed, there is an enormous risk of this very great potential being squandered.
Much of the potential that exists lies in the opportunity to develop expertise in one of the key industries. Doing this would enable us to export that expertise to other nations. There is a window of opportunity right in front of us to become an international powerhouse in this rapidly expanding sector.
Our small and nimble nation can become a major player.
But for that window of opportunity to be seized, it is necessary for the renewable energy companies that invest in Wales to do their bit to make it happen.
A duty to recruit locally and invest in the training and development of that local workforce could be placed on them as part of the conditions for being granted their marine licences.
This would not only result in local jobs for local people but would also lead to the creation of a valuable skills base that could be harnessed to attract future investment. In the future, it could also be exported.
On top of that, conditions could be placed to encourage research and development to take place on Welsh soil and in Welsh seas.
What we could do as a nation is ensure that we get a fair deal. In return for being able to do business on our shores, companies would be required to invest in our communities.
The extractive economic model that we have seen in Wales for centuries would be replaced with a model that is fit for the future.
It is an opportunity to create an economy that is firmly rooted in our values and in ensuring fairness for our people.
The powers that be in Westminster have never done that for Wales and it’s highly unlikely that they’re going to start now.
The Crown Estate was devolved to Scotland way back in 2016, and there is absolutely no credible reason why the same should not happen in Wales.
The Scots have already begun to harness the opportunities that this has presented, but Wales is being left behind. For example, the Scottish Government has ensured that partnerships have been put in place with local authorities across the country, including Orkney, North Ayrshire, Angus and Highland.
These partnerships are supporting economic regeneration, providing new jobs and empowering local communities to have more of a say in deciding their own future.
The people of Scotland know from bitter experience what it is like to have their futures decided by the Westminster establishment.
The UK Government has squandered the opportunities presented by energy resources before.
In the 1980s, the profits from Scotland’s North Sea oil were used to bankroll Margaret Thatcher’s government. This money could have been prudently invested to create a sovereign wealth fund for the people of Scotland in a similar way to Norway.
By taking control of this nascent industry, we can lay the foundation for independence, secure a prosperous future and supercharge the nation.
We can do this in a way that is consistent with our commitment to reach net zero in Wales by 2035. Given that offshore wind has a pivotal role in helping us get there, it’s vital that the Senedd has control of these assets.
The Crown Estate is an antiquated hangover from feudal times. We should not allow a great injustice that is rooted in our past to steal our future.
This is why YesCymru is energetically campaigning for the Crown Estate to be put in the hands of the Welsh people.
We have seen a fantastic example of that recently with the weekend of action that took place across the nation.
It is an enduring scandal that Wales isn’t in control of its own natural resources.
This needs to change soon or the opportunity to make the most of them will disappear.
Our small and nimble nation can become a major player ELFED WILLIAMS