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.”