The Scotland Report 2012 is now available. Entitled ‘Investing in Tomorrow, Working Hard Today’, it outlines investment programmes in key sectors of the Scottish economy such as offshore renewables and marine leisure. The publication of the Scotland Report and the UK Annual Report have been brought forward to ensure that they are available before the Scottish Parliament’s summer recess.
Of the £5.7 million total capital investment in Scotland, £2.7 million was in wave and tidal and offshore wind projects in Scottish territorial waters. This investment, in enabling actions which accelerate the development of projects, plays a critical role in building investor confidence in the sector. There was also a further £1.4 million investment in Rhu Marina, a hub for the growth of marine leisure in the west of Scotland, along with further investments in the rural portfolio.
These investments took place against a backdrop of a fall in gross surplus in Scotland from £9.9 million in 2010/11 to £9.6 million in 2011/12, largely due to money spent on storm damage repairs. Gross revenues in Scotland were £12.3 million, compared to £11.9 million the previous year, an increase of 3.4 per cent. This represents 3.9 per cent of the total gross revenues of The Crown Estate across the UK, which totalled £314.2 million.
At a UK level, the total net revenue surplus, which amounts to £240.2 million, goes to the Treasury for public benefit.
Capital receipts from Scotland were £5.9 million and included option payments from developers for offshore renewables projects. £2.15 million of this was from the sale of Old Mills Farm near Stirling, which was sold to the local council to enable the council to develop a business park.
Gareth Baird , Scottish Commissioner , said: “We continue to play an important role in helping the Scottish Government achieve its target of producing the equivalent of 100 per cent of Scotland’s electricity demand from renewables by 2020. Beyond our energy activities, we are also supporting Scottish Government objectives in areas like sustainable tourism, aquaculture, farming and rural issues, and the built environment, where our work helps to boost Scotland’s economy.”
The report outlines some of the measures that The Crown Estate is introducing to improve accountability and ensure that they are more responsive to the needs of local communities. These include the introduction of local management agreements which offer local councils, harbour bodies and community organisations the opportunity to manage areas of foreshore.
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Offshore WIND staff, June 25, 2012; Image: Siemens