Member

As I committed to at Second Reading and on the first day of Committee last week, we will publish a draft memorandum of understanding and a draft updated framework document between the Crown Estate and the Treasury before Report in this House. This was not the position I inherited from the previous Government. As I noted, the memorandum will outline the parameters and controls that will be in place to ensure that borrowing is controlled responsibly. Of course, the Crown Estate will be able to borrow only from the Treasury or otherwise with Treasury consent. I will write to the noble Baroness, Lady Smith, with the comparison that she asked for.