Plans for a Shale Wealth Fund were announced in last year's
autumn statement with proceeds expected to be shared between
community trusts and local authorities. However, the Shale Wealth Fund Consultation launched on 8
August 2016 includes the possibility of funds being paid directly
to local residents in host areas.
It is proposed that communities could receive up to 10% of tax
revenues derived from shale exploration in their area with the new
fund potentially delivering up to £10 million per eligible
The consultation emphasises that the purpose of the Shale Wealth
Fund is to ensure that "the benefits of shale developments are
shared by communities and regions in which the resource is
developed" and "that the benefits of shale will go to local people
first, and individuals and communities who host developments will
be directly involved in the decision making about how the tax
revenues from shale are spent."
If you agree or disagree with the
concept of fracking for shale gas, then the government are
consulting on the Shale Wealth Fund until the 25th October.
Responses can be by letter, email or through the internet by survey monkey. All the links for replies can
also be found within the short consultation document.
If you are against fracking in the
UK, then you can find arguments to put in the consultation in this
Greenpeace fracking article.