Pressure mounts for Wales to gain control of Crown Estate assets
There is mounting pressure for the Welsh government to take control of the Crown Estate assets in Wales, diverting the profits generated to benefit Wales rather than the UK Treasury. Recent motions from Rhondda Cynon Taf and Merthyr Tydfil councils have supported the devolution of the Crown Estate to Wales.
The calls for this devolution stem from the belief that profits generated by the Crown Estate on Welsh lands and waters should be retained in Wales for the benefit of its residents and communities. The councils argue that managing the Crown Estate assets and revenue in Wales should be under the Welsh Government’s jurisdiction to ensure that Wales directly benefits from renewable energy profits, addressing poverty and inequality in local communities.
The campaign for devolution also highlights the economic inequality in Wales, especially considering the Crown Estate’s record net profits of £1.1 billion in the 2023/24 financial year. By devolving the Crown Estate to Wales, local authorities could receive much-needed investment, alleviating financial pressures and historical lack of funding in Welsh communities.
In Merthyr Tydfil, the council’s notice of motion aligns with the campaign, advocating for the transfer of the Crown Estate management and assets to the Welsh people. They propose establishing a Welsh sovereign wealth fund with Crown Estate profits to support the needs of Welsh communities and address poverty. Joining other Welsh councils in supporting this campaign, Merthyr Tydfil aims to persuade both the Welsh and UK governments to urgently devolve the Crown Estate to Wales.
The Crown Estate currently owns a significant portion of Wales’ foreshore, riverbeds, and land, valued at over £853 million in 2023. With 65% of Wales’ foreshore and riverbeds under its ownership, the Crown Estate’s assets could have a significant impact on Welsh communities if managed locally.
A poll conducted in spring 2023 revealed that 75% of Welsh voters favour Wales taking control of the Welsh Crown Estate’s management and assets, demonstrating public support for the devolution campaign. By following Scotland’s example in 2017, where the Crown Estate was devolved, Wales could gain greater control over its assets for the benefit of its people.
The strong push for devolution comes at a crucial time when Wales faces economic challenges and disparities. By empowering the Welsh Government to manage the Crown Estate assets and revenue, Wales could harness its natural resources to drive local development, address financial strains, and build resilience in Welsh communities.
In conclusion, the movement to devolve the Crown Estate assets to Wales reflects a growing desire for self-determination and economic empowerment within the country. The potential benefits of such devolution could be substantial, providing Wales with more control over its resources and finances, ultimately improving the well-being of its citizens and communities.