HUNDREDS of thousands of people could be sitting on a goldmine thanks to Theresa May’s ‘desire to share out profits from the shale gas revolution.’
Under the new proposal, a percentage of profits from fracking, potentially up to £10,000, would be paid directly into the bank accounts of those living in neighbourhoods where the drilling technique is approved.
Plans for a Shale Wealth Fund were first announced during last year’s Autumn Statement.
But the new Government has changed the emphasis of the scheme, with a focus on direct benefits for local communities – including proposals to transfer funds directly to households’ bank accounts rather than to local authorities.
A Government source said: “These payments will go directly into bank accounts. It is up to them what they spend it on.”
Critics will say the proposal is an attempt to buy off opposition in communities affected by fracking. But Mrs May insists the new scheme is about rebalancing the economy in favour of ordinary people.