Mr Luke Charters

I am pleased to speak in today’s debate, because although the Bill is short, it is an incredibly important piece of legislation, not least because it ties together two things that we on the Government Benches care about: unlocking growth and driving clean energy. Perhaps Conservative Members do not care about those things, judging by the Conservative Benches today. The Bill gives us the chance to start delivering the growth that this country desperately needs, without requiring a new fiscal statement or drastic economic reforms. Most importantly, the Bill will benefit my constituents in York Outer and the country as a whole. For too long, the Crown Estate’s ability to act as an engine for growth has been held back by outdated rules. Imagine a business sitting on vast potential—real estate, seabed rights and assets worth billions—but unable to reinvest or leverage those resources to their full extent: the Bill changes that. By freeing up the Crown Estate’s balance sheet and allowing it to operate more like a modern, agile business, it creates the conditions for growth, without requiring sweeping fiscal reforms or additional taxpayer contributions. However, the Bill is not just about numbers on a balance sheet; it is also about impact. Through the Crown Estate’s role in renewable energy, the legislation will support the creation of new projects, secure our domestic energy production and unlock up to £60 billion in private sector investment. That is the kind of forward-thinking approach we need to create a secure and prosperous future.