Crown Estate

22 Jul 2011 10:37 AM

Responding to the UK Government's announcement of a 'Coastal Communities Fund' based on revenues from the Crown Estate's marine activities, Finance Secretary John Swinney said:

"We welcome the fact that Scotland's coastal communities will now benefit from their own resources, but it is only because of pressure from the Scottish Government that Westminster is taking any action on this issue, and this paltry announcement does not go nearly far enough.

"The Treasury has hit Scotland's offshore oil and gas industry with a 2 billion pounds tax grab and is also withholding around £200 million of Scotland's money in the form of the Fossil Fuel Levy - now they appear to be trying to buy off Scotland's coastal communities by offering them only 50 per cent of their own resources. Those communities need to benefit from all of the money raised from Crown Estate revenues in Scottish waters - not just the half the UK Government is offering.

"This is Scotland's money, and devolving full responsibility for the Crown Estate and its revenues to the Scottish Parliament is vital if Scotland is to make the most of our vast offshore renewable energy potential. The UK Government must also release the £200 million held in the Fossil Fuel Levy to allow much-needed investment in marine renewables."

Related Information