Member Article

PM alters shale gas plans to give greater proceeds to local residents

New Prime Minister Theresa May has altered British shale gas plans to allow more of the proceeds to go to local residents than previously planned.

Formally consulted upon this week, The Shale Wealth Fund was previously expected to divide proceeds from shale revenues only with community trusts and local authorities.

However May has changed plans to include the option of money being paid directly to local residents in host areas.

Proposals for the fund were first announced at last year’s autumn statement, but the new government has changed the consultation to ensure a greater focus on control for local communities – including insisting on proposals to transfer funds directly to households rather than local authorities.

Communities could receive up to 10% of tax revenues derived from shale exploration in their area to spend on priorities such as local infrastructure and skills training. The new fund could deliver up to £10 million per eligible community.

The Prime Minister said: “The government I lead will be always be driven by the interests of the many – ordinary families for whom life is harder than many people in politics realise.

“As I said on my first night as Prime Minister: when we take the big calls, we’ll think not of the powerful but of you.

“This announcement is an example of putting those principles into action. It’s about making sure people personally benefit from economic decisions that are taken – not just councils – and putting them back in control over their lives.

“We’ll be looking at applying this approach to other government programmes in the future too, as we press on with the work of building a country that works for everyone.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →