Member

Before I conclude on this amendment, I add that we already know, in broad terms, what we expect the impact of the changes in this Bill to be. They are set out in the original business case prepared by the Crown Estate last year, a version of which I have committed to publish before Report. In this, the Crown Estate assessed that, even without additional revenues from offshore wind acceleration, its underlying net revenue profit could be up to 30% higher by 2029-30—equivalent to up to £100 million a year—as a result of the changes being made through the Bill. This means that, in future, the reference percentage used in the calculation of the sovereign grant can be lower than would otherwise have been possible, leaving a greater proportion of Crown Estate profits to be directed towards wider public services, in line with the priorities of the Government of the day.