Written question WQ100056
- Asked by
- Cai Parry-JonesReform
- To be answered by
- Cabinet Minister for Finance
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
What assessment has the Cabinet Minister made of the potential impact on Welsh Government funding of devolving the Crown Estate to Wales, including any consequential adjustment to the Welsh block grant?
Answer
Answered by Cabinet Minister for Finance (Elin Jones)
Wales is estimated to have lost out on around £700 million in recent rounds of offshore wind leasing because revenues generated from Welsh assets have not been retained in Wales.
The precise fiscal implications of devolving the Crown Estate, including any consequential adjustment to the Welsh block grant, would be subject to negotiation with HM Treasury as part of any transfer. Devolution will allow the Welsh Government’s budget to benefit from future growth in Crown Estate assets and income streams in Wales, as is already the case for the Scottish Government.