King Charles required to update Crown Estate with new rules

King Charles' Crown Estate will need to modernize following new legislation announced during the King's Speech today. 

Starmer presented Charles, 75, with over 35 bills to read in the Houses of Parliament during the speech. The State Opening of Parliament took place in the House of Lords, marking the official start of the new parliamentary session.

Under the Crown Estate Bill, the new legislation states: "This Bill will modernise The Crown Estate by removing outdated restrictions on its activities, widening its investment powers and giving it the powers to borrow in order to invest at a faster pace.

"These measures - which conform to our fiscal rules - will unlock significant investment in public infrastructure for the benefit of the nation.

"That includes vital marine investment needed to accelerate and quadruple offshore wind capacity by 2030 as part of the Government’s clean power mission.

"Together these reforms will ensure the successful future of The Crown Estate business, help meet our Clean Energy Superpower mission and deliver long-term financial returns to the UK taxpayer."

The Crown Estate is a multi-billion-pound business which returns its profits to the Government to help fund public services.

It is an independent business, tasked with managing a portfolio of land and property owned by King Charles.

The Crown Estate helps maintain and improve the public infrastructure of England, Wales and Northern Ireland.

It generated a financial return for the Government worth over £3billion in the last decade.

One of the Crown Estate’s most important roles is being the owner and steward of the seabed of England and Wales.

The Crown Estate Bill, which was announced at the State Opening of Parliament, is intended to modernise the CrownEstate so it can manage UK public assets more effectively.