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'Crown Estate profits generated from our land and seabed should benefit Wales directly'

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Plaid leader Rhun ap Iorwerth writes for WalesOnline about the failure of the UK government to devolve responsibility for the Crown Estate
The article discusses the contention over the profits generated by the Crown Estate in Wales, particularly from its land and seabed assets. It highlights that while the Crown Estate, which manages the monarchy's property portfolio, generates significant revenue, the benefits to Wales are not direct. Instead, these profits go to the UK Treasury, with a portion then allocated back to Wales through the Barnett Formula. Welsh politicians and stakeholders argue that these profits, especially from offshore wind farms and other seabed developments, should directly benefit Wales. They propose that the management of these assets should be devolved to Wales, allowing the Welsh Government to directly control and reinvest these funds into local communities and infrastructure. This debate has intensified with the increasing value of seabed rights due to renewable energy projects, prompting calls for a fairer distribution of wealth derived from Welsh natural resources.

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[ https://www.msn.com/en-gb/politics/government/crown-estate-profits-generated-from-our-land-and-seabed-should-benefit-wales-directly/ar-AA1z9wzr ]