James Wild

I thank hon. Members from across the House, and my noble Friends, who have worked hard to scrutinise this important legislation. I also thank the Exchequer Secretary for the constructive approach he has taken throughout these proceedings, as did the Financial Secretary, particularly on seabed protections, as well as the Public Bill Office, and everyone who has helped to scrutinise the Bill. There is support across the House for the aims of the Bill, which will deliver the modernisation that the Crown Estate needs, and should generate greater returns for the Exchequer. We are disappointed, however, that the Government have resisted our proposals for greater transparency and appropriate parliamentary oversight, including on borrowing. Similarly, the Crown Estate is about to embark on a novel partnership with GB Energy, and the lack of clarity around that partnership—notwithstanding the limited transparency through the annual report—is a concern. It raises concerns about the political pressure that may be brought to bear on the partnership to persuade it to fund the Energy Secretary’s costly plans. Notwithstanding those concerns, we support the legislation. However, we will be watching carefully to ensure that the primary purpose of the Crown Estate—to maintain and enhance its assets for the benefit of the nation, as well as the income derived from it—is protected. Question put and agreed to. Bill accordingly read the Third time and passed.