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U.K. Sets Up Scottish Coastal Fund for Crown Estate Revenues, Herald Says

The U.K. is setting up a fund to help Scottish coastal communities using marine revenues from the Crown Estate, the Herald newspaper said, citing Treasury Chief Secretary Danny Alexander.

The money will be administered by the Big Lottery Fund, rather than the Scottish government, the Glasgow-based newspaper said. The Scottish National Party government is campaigning for all the Crown Estate revenues in Scotland to be controlled by the Scottish administration. The Crown Estate administers the monarchy’s assets.

Charities and community organizations will benefit from the new fund that will receive 50 percent of the Crown Estate’s marine revenues in Scotland, the Herald said. That is currently 4 million pounds a year and is set to rise to 40 million pounds a year by 2021.

To contact the editor responsible for this story: Peter Woodifield at pwoodifield@bloomberg.net

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