Overview

This bill amends the Crown Estate Act 1961, primarily focusing on restricting the Crown Estate's ability to permanently dispose of interests in the UK's territorial seabed without Treasury consent. It also removes clauses 5 and 7(4) from the original bill, the precise effects of which are not fully explained in the provided text.

Description

The core change introduced by this bill is the addition of a new clause (3AA) to the Crown Estate Act 1961. This clause prevents the Crown Estate Commissioners from permanently selling or otherwise disposing of any part of the UK's territorial seabed, or any rights related to it, without explicit approval from the Treasury. Any attempt to do so without this consent would be legally void. "Territorial seabed" is defined as the seabed and subsoil within the UK's territorial waters. Additionally, the bill removes Clause 5 and subsection (4) of Clause 7, the content and implications of which are not detailed in the provided text.

Government Spending

The bill's impact on government spending is not directly specified. However, by requiring Treasury consent for disposals of territorial seabed interests, it implies increased government oversight and potential influence on the financial dealings of the Crown Estate. The lack of details on clauses 5 and 7 prevents a complete assessment of the overall financial implications.

Groups Affected

The main groups affected are:

• The Crown Estate: Their ability to manage and dispose of assets relating to the territorial seabed is significantly restricted.
• The Treasury: They gain greater control over decisions regarding the disposal of Crown Estate assets related to the territorial seabed.
• Potential buyers/lessees of seabed interests: Their ability to acquire such interests will depend on Treasury approval.
• Businesses operating in UK territorial waters: The long-term implications of the changes to seabed rights might affect their operations, depending on the specifics of licenses and concessions.

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