Infrastructure Bill [HL]

Amendment
to be moved
on report

After Clause 38

LORD HODGSON OF ASTLEY ABBOTTS

 

Insert the following new Clause—

“Revenue from shale gas: sovereign wealth fund

(1)     The Secretary of State may, by regulation, establish a sovereign wealth
fund to receive and deploy revenue from the extraction and sale of shale
gas.

(2)     The regulations shall provide—

(a)   that the fund shall receive no less than 50% of any revenue received
by the United Kingdom Government from any activity connected
with the extraction and sale of shale gas;

(b)   that the assets of the fund shall be deployed to serve long term
public objectives other than those connected with monetary and
exchange rate policy;

(c)   that the assets of the fund may be deployed in the United Kingdom
or overseas;

(d)   that no more than 4% of the assets of the fund may be paid out in
any one year; and

(e)   for the governance, independent oversight and transparent
reporting of the activities of the fund.”

Prepared 23rd October 2014