Wales should set up wealth fund with offshore wind farm profits – Plaid Cymru

Wales should set up its own national wealth fund bankrolled by taking over the profits of offshore wind farms owned by the King, Plaid Cymru has said.

Ahead of the party’s General Election campaign launch it has called for the creation of a “Welsh Sovereign Wealth Fund” which would use the takings of the Crown Estate’s portfolio in the nation to invest in communities across Wales.

Plaid’s Westminster leader Liz Saville Roberts said her party’s first policy announcement of the campaign was “new territory” not explored by any other political party, and would help give the Welsh Government the tools to end a “legacy of poverty”.

The party pointed to estimates which suggest several new offshore wind farms planned in Welsh waters could generate £43 billion in rents as the basis for the fund.

wales should set up wealth fund with offshore wind farm profits – plaid cymru

Plaid Cymru Westminster leader Liz Saville Roberts (Yui Mok/PA)

It likened the proposal to Norway’s sovereign wealth fund, set up on the back of North Sea oil profits, which is worth approximately 250,000 US dollars per Norwegian citizen.

Plaid Cymru has previously called for the Welsh Government to be given devolved control over the Crown Estate in Wales, in a similar arrangement to that offered to Scotland since 2017.

Ms Saville Roberts, the MP for Dwyfor Meirionnydd, said its latest announcement was a “hardening” of Plaid’s previous ambitions.

“We are looking at hardening our line on the Crown Estate. We are taking it into new territory where nobody else has been to previously,” she told the PA news agency.

“We are actually talking about going beyond the fact that we know the Crown Estate in Wales, the figure everyone bandies around is £853 million as things stand, but actually taking that and starting to create a plan for that to be beneficial for Wales.”

The Crown Estate is an independent company which belongs to the monarch for the duration of their reign, and the value of its land and assets in Wales are worth £853 million.

The revenue from its £16 billion property portfolio flows directly to the Treasury, but 25% of the annual profits go to pay for the Monarch’s official duties.

The estate owns the UK seabed out to 12 nautical miles and has jurisdiction over new offshore wind farms.

On the wealth fund’s benefits, Ms Saville Roberts added: “There is a legacy of poverty that we have had from the other extractive industries.

“If you look at coal, if you look at – as I have got – the slate quarries, we have got granite quarries. We have poor housing, built cheaply, in which people still have to live, and yet we are paying in North Wales some of the highest standing charges for electricity.

“As things are, we are being kept in poverty and denied the means of improving our own lot. From our policy point of view, this is just one serious way of saying ‘OK, give us the tools and we will build a better future for ourselves’.”

Plaid Cymru is expected to launch its General Election campaign with an event in North Wales on Thursday.

OTHER NEWS

16 minutes ago

Sheep run for the hills away from Rishi Sunak trying to feed them in Devon

16 minutes ago

QLD opposition leader rules out repeal of state nuclear ban

16 minutes ago

How to take part in the Zimbabwe e-passport trial run in SA

16 minutes ago

‘Rape room’ Cola billionaire Alkiviades David to pay record $900m to sex attack victim

19 minutes ago

Memphis Grizzlies superstar Ja Morant’s new sneakers set to release soon

19 minutes ago

Apple Intelligence seems to have a ChatGPT-shaped problem in China

24 minutes ago

What your heart rate says about your fitness level

24 minutes ago

Canada prepares potential tariffs on Chinese EVs after US and EU moves

24 minutes ago

Navigating the cloud risks in the growing AI threat landscape

24 minutes ago

El Niño is over—but La Niña may arrive during peak hurricane season

24 minutes ago

This plant is being called 'intelligent' after researchers find strange behaviours

24 minutes ago

Ohio State Could Try Out Five-Star Transfer At New Position

24 minutes ago

Chatelaine's challenge to block 190ft pylons hit by legal setback

24 minutes ago

Power bills could rise by $1,000 a year under Coalition plan to boost gas until nuclear is ready, analysts say

26 minutes ago

Gateway Church elder says accepting resignation of pastor in sex abuse scandal was ‘difficult’ decision

27 minutes ago

Person of interest in custody in connection to Near West Side killing of 7-year-old

28 minutes ago

Proposed hygiene centre sparks concern in West Kelowna

29 minutes ago

With Messi-style dribbling and skills, Lamine Yamal thrills in latest Spain win at Euro 2024

29 minutes ago

DIRECTV STREAM vs. Hulu + Live TV: Which is Best for You?

29 minutes ago

I'm a running world champion but I'm not getting excited about the Olympics yet

29 minutes ago

Why Fife is Britain’s unlikely answer to the Italian Riviera

29 minutes ago

MultiChoice mourns the death of Nkateko Mabaso

29 minutes ago

Everything coming to Netflix in July 2024

29 minutes ago

Onezwa Mbola opens up about a ‘very popular content creator who’s stealing her content’

36 minutes ago

Video: Ed Davey admits he is 'not proud' of Lib Dems' broken promise on tuition fees as he is roasted for Post Office scandal blunders and bizarre campaign antics on BBC Question Time election special

36 minutes ago

Video: Rishi Sunak insists he will 'boot out' any Tories who betted on election as he is grilled on crucial Question Time election special - after Keir Starmer sensationally claims Jeremy Corbyn would have made a better PM than Boris Johnson

36 minutes ago

Video: Ed Davey admits he is 'not proud' of Lib Dems' broken promise on tuition fees as he is roasted for Post Office scandal blunders and bizarre campaign antics on BBC Question Time election special

37 minutes ago

California workplace safety board approves heat protections for indoor workers, excluding prisons

37 minutes ago

After starting poorly in her last 2 events, Nelly Korda jumps out quickly in search of second major this year

37 minutes ago

'Emotional control' driving sunny Tsunoda to blossom in F1

37 minutes ago

Kate Martin, A'ja Wilson Pregame Exchange Is Turning Heads

37 minutes ago

Austin Butler Says He Loves Being the 'Fun Uncle' to Ashley Tisdale's Kids: 'I Feel So Honored'

37 minutes ago

Afton and Gillian McKeith arrive at the ASA Foundation Glitzy Gala at the Mayfair Hotel

37 minutes ago

Donald Sutherland married three times, but his 50-year marriage to Francine Racette is a true love story.

37 minutes ago

New study finds way to spot AI hallucinations

37 minutes ago

Olympics-Russian cyclist Vlasov declines to compete in Paris despite IOC approval

37 minutes ago

Donald Sutherland was that rare star who never outshined the role

41 minutes ago

Early morning house fire in Abbotsford, B.C. deemed fatal

41 minutes ago

‘Freaking out’: Manitoba woman’s dog attacked by rabid skunk, sparking concern

41 minutes ago

Summerland winery produces ‘wine of the year’