Member

My understanding is that these borrowing powers are in place from the point the Bill is passed; but the plan is that the Crown Estate will first run down its cash reserves, and only after then will it be necessary for the new borrowing powers to come into effect. In any case, 2029 is a long way off, and much can change between now and then. It was on the basis of that ministerial statement that I have set the cap in my amendment at £150 million, but I am happy to look at it differently after today’s debate if your Lordships feel that this would be helpful.