The Queen's £8 billion ($13 billion) property portfolio should be turned into a sovereign wealth fund, be able to invest abroad and generate more money for the UK economy, according to a group of British politicians who are pushing for a change in the law.
The Crown Estate owns large parts of London's west end and prime retail locations across Britain, along with thousands of acres of forest, much of the U.K.'s seabed and the Windsor Estate and Castle.
Current legislation means the group can only invest in U.K. property and land, but a group of politicians have called for a change to the law which would broaden its investment scope by making it a state-owned sovereign wealth fund.
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Although the Crown Estate belongs to the Queen, by virtue of her accession to the throne, she does not receive the portfolio's revenues. In 1760, King George III surrendered the estate's revenues to the government – which would instead pay the monarch a fixed annual payment –and in return, his personal debts were forgiven.
The Co-operative Party members of British Parliament – who are also members of the country's main opposition party Labour - want the Crown Estate to be able to explore ventures into overseas property markets.
"A British Sovereign Wealth Fund could promote co-operation with fast growing overseas businesses, earning the U.K. vital income over the long term," Gareth Thomas, chair of the Co-op Party, said in a statement.