Member

The noble Lord, Lord Lansley, raised Section 3(1) of the 1961 Act. As I understand it, it requires the Crown Estate to have regard to all the circumstances of a case when evaluating best consideration. The Crown Estate includes social and environmental benefits alongside financial value and considers portfolio applications for both the short and the longer term, as well as the specific proposal, aligning with its broader purpose to create lasting and shared prosperity for the nation as it maintains and enhances the estate. For emerging sectors and nature recovery, applying best consideration in this way, by adopting a portfolio approach which balances financial drivers with broader value creation in different situations, has enabled the Crown Estate to support sector development and scaling to create long-term value.