My Lords, with the leave of the House, I will also speak to Amendments 2, 2A and 3. It is a pleasure to present the amended Crown Estate Bill to your Lordships’ House following its passage through the other place. As noble Lords will recall, this Bill focuses on removing existing limitations that hamper the Crown Estate’s ability to compete and invest as a commercial business, ensuring it has a sustainable financial future for years to come. In doing so, the Bill supports the Crown Estate to build on its strong track record of creating long-term shared prosperity for the nation.
Two main changes were made to this Bill in the other place. The first was the addition of a clause on the territorial seabed. I am very grateful to the noble Baroness, Lady Vere, for bringing this important issue to the Government’s attention. As noble Lords may remember, this issue relates to the ability of the Crown Estate to dispose of the seabed, given that it is a unique national asset.
As I noted on Report, the law on the seabed is complex. I committed to explore the matter further and, if required, bring forward a legislative provision to restrict the Crown Estate’s ability to permanently sell the seabed. I am grateful to the noble Baroness, Lady Vere, and the noble Earl, Lord Russell, for their support for proceeding in this way.
Clause 5, as inserted in the other place, delivers on this commitment and seeks to address the legitimate concerns raised by the noble Baroness, Lady Vere. It puts special protections in place for the seabed by requiring the Crown Estate commissioners to obtain consent from the Treasury before they permanently dispose of any part of, or the Crown Estate’s interest in, or rights or privileges in relation to, the territorial seabed.
To be clear, this does not mean that the Crown Estate could never be permitted to dispose of seabed. It may be that national or local interests would be best served by such a sale—including, for example, by the sale to another part of the public sector to enable local infrastructure development—but any such sale could take place only with the agreement of Ministers, and it is right that they are the decision-makers on such sales.