Local communities will be given control of up to Â£1 billion in tax revenues from fracking and homeowners affected by new developments could be paid cash directly, the government announced yesterday. A new shale wealth fund, paid for by tax receipts from fracking companies, will see communities affected by fracking given up to £10 million each to spend locally. The fund will amount to £1 billion over 25 years and will receive up to 10 per cent of tax revenues from shale exploration. The Treasury has suggested that each community’s £10 million windfall could be invested in new transport infrastructure, libraries and sports facilities. The ultimate decision, however, will be left with local communities, which the government has conceded raises the prospect that homeowners affected by new fracking sites could receive lump sum payments.
Times 11th Nov 2017 read more »