Royal finances revealed as King Charles makes huge profits as taxpayer pays less
King Charles made a huge profit last year - meaning Brits will now pay less towards the royal budget.
It comes as a report from the Treasury revealed that the Royal Family has been making a lucrative green income from the Crown Estate's offshore wind farms.
The Sovereign Grant - used to fund the monarchy's official duties - will be 12% of the estate's net profits next year, down from 25%.
The report also shared that the Royal Household's budget will be £24 million lower next year, and £130 million lower in both 2025 and 2026 than if it had remained at the previous rate.
The total Sovereign Grant for 2024/25 will remain flat at £86.3 million.
The Sovereign Grant, public money used to fund the monarchy's official duties, will go down to 12% of the estate's net profits next year (GOV.UK)In January, the King asked for wind farm profits to be used for the wider public good instead.
The reduction followed a review by Royal Trustees, which was published on Thursday.
Kate Middleton swears by £19.99 rosehip oil that helps 'reduce wrinkles & scars'
It sets out the new proportion of the Crown Estate's net profits, and is used to calculate the amount of Government funding to support the King.
Prime Minister Rishi Sunak, Chancellor Jeremy Hunt and Keeper of the Privy Purse Sir Michael Stevens are the royal trustees.
The Treasury said: "Cutting the rate to 12% is expected to reduce the Sovereign Grant by £24 million in 2024/25, compared with the rate staying at 25%, and over £130 million lower in each of 2025 and 2026.
"This money will instead be used to fund vital public services, for the benefit of the nation."
The level of the grant will also be "reset" once reservicing works at Buckingham Palace are completed, the Treasury said.
But an anti-monarchy group have said that today's announcement is "misleading", as the grant will remain the same at the same level for the next year.
Republic CEO Graham Smith said: "The claim that the Sovereign Grant will be £24m lower is grossly misleading. The grant will remain the same while royal spending will go up as it does most years."
"The government and palace are misleading the public. The sovereign grant will not be cut by a single penny, but will remain at £86.3m. That’s because of the ‘golden ratchet’ clause that doesn’t allow the grant to fall below the previous year."
"The true cost of the monarchy is over £345m a year. The grant is a dishonest and nonsensical way to fund a public institution. It must be scrapped and the royal budget slashed."
As manager of the seabed around England, Wales and Northern Ireland, the Crown Estate identifies and leases suitable offshore sites for private development.
Earlier this year, the estate announced it had signed six new Agreements for Lease for offshore wind projects, which could begin to generate green electricity by the end of the decade.
Buckingham Palace has been approached for comment.
Kate rules out receiving romantic gift from Prince William on Valentine's Day
Read more similar news:
Comments:
comments powered by Disqus
