Member

Before I end, I want to clarify the difference between the two documents raised by the noble Baroness, Lady Kramer, at the end of the previous group of amendments. The framework document governs the relationship between the Crown Estate and the Treasury. It is a very high-level public document which will be updated to mention the new borrowing powers and, as a public document, that will be published. The memorandum of understanding is a new document that will deal exclusively with specific controls on borrowing and will sit under the framework agreement. This is the document that will be of use to noble Lords in considering controls on borrowing and is the document I committed to publishing ahead of Report. I may have used the two terms interchangeably at Second Reading and confused the two documents earlier in Committee, which I realise was unhelpful to noble Lords. I hope this clarifies the difference between the two documents.