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Report (3rd Day)

Part of Infrastructure Bill [HL] – in the House of Lords at 8:15 pm on 10th November 2014.

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Photo of Baroness Verma Baroness Verma The Parliamentary Under-Secretary of State for Energy and Climate Change 8:15 pm, 10th November 2014

I of course undertake to write to the noble Baroness and place a copy in the Library.

Amendment 116 agreed.

Clause 38: Consequential provision

Amendment 117

Moved by Baroness Verma

117: Clause 38, page 41, line 36, leave out from “under” to end of line 40 and insert “this Part (other than section 29).”

Amendment 117 agreed.

Amendment 118

Moved by Lord Hodgson of Astley Abbotts

118: After Clause 38, 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.”