Rally calls for the devolution of the Crown Estate in Wales

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00:00and its asset value has been growing exponentially over the last few years. The asset value in

00:12Wales was worth £21 million in 2007 and it's worth £853 million by 2023. And the profit

00:21of the Crown Estate has tripled just between the years of 2020 and 2024 to £1.1 billion

00:30by now. And this growth is being fuelled by the use of the Crown Estate for renewable

00:36energy primarily, both on land and on sea. So an asset that has been reasonably relatively

00:44dormant in Wales is now increasing in value and is being extracted from Wales to the UK

00:51Treasury and to the Sovereign Fund. Since 2015-16 that Crown Estate in Scotland has

00:59been in the ownership of the Scottish Government and the contribution last year to the Scottish

01:06Treasury was £100 million from that ownership of the Crown Estate. So that is what's at

01:13stake at this point is the reality of once again our assets being extracted, the funding

01:22from those assets being extracted to the public purse of the UK Treasury and the Sovereign

01:27Fund rather than the public purse of Wales and its public services in need here in Wales.

01:35The fairness or justice, fair play. There is no way of claiming that at the moment with

01:42a constitutional set-up of the UK that Wales has fair play. As has already been mentioned

01:49Scotland gained powers over the Crown Estate back in 2016 and has already been making use

01:56of that additional revenue and targeting that revenue according to her priorities, Scotland's

02:02priorities, Scotland's community's priorities. We can't do that in Wales. Every single penny

02:09that is generated by the Crown Estate in Wales goes to the Treasury in London.