Tonia Antoniazzi
Main Page: Tonia Antoniazzi (Labour - Gower)Department Debates - View all Tonia Antoniazzi's debates with the Wales Office
(3 days, 14 hours ago)
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Jo Stevens
I am afraid that I will not take any lectures on the Crown Estate from the SNP, whose mismanagement of the Scottish seabed has seen Scottish assets sold off on the cheap. We are focused on doing whatever it takes to secure the more than 5,000 jobs, and billions of pounds of investment, that the Crown Estate can help to unlock for Wales.
Tonia Antoniazzi (Gower) (Lab)
Devolving the Crown Estate sounds like such a wonderful idea, but the truth is that it really is not, and the continued lobbying and loud chat about devolving the Crown Estate is jeopardising future investment in Wales, and jobs. Does the Secretary of State agree?
Jo Stevens
My hon. Friend is absolutely right. If we were to devolve the Crown Estate and introduce a new entity, that would risk market fragmentation, complicate existing processes, and delay further development offshore, jeopardising those jobs and that investment. Even if it could be done without risking the revenues, that would not automatically lead to more money for the Welsh Government, because any revenues they retained would likely be offset through reductions to the block grant, as is the case in Scotland. Meanwhile, Wales would no longer benefit from Crown Estate assets and profits in England.