The British government said on Thursday it would cut the proportion of funds going to the royal family from the Crown Estate next year, after King Charles said he wanted bumper windfarm profits to go to the 'wider public good'.
Britain's King Charles during a tour of the market square in Selkirk, in the Scottish Borders, Scotland, Britain, as part of the first Holyrood Week since the King's coronation. Picture date: Thursday July 6, 2023. Andrew Milligan/Pool via REUTERS
Each year, the royals receive a "Sovereign Grant" to cover the costs of running their households and for official travel expenses, which is based on surplus revenue of the Crown Estate, a property portfolio belonging to the monarchy but which is independently-run with its profits going to the Treasury.
However, new deals for offshore wind farms struck in January are expected to see Crown Estate profits surge by 900 million pound a year, andOn Thursday, the Treasury said the Sovereign Grant next year would be cut to 12% of Crown Estates' profits, meaning it will remain at 86.3 million pounds but will be 24 million pounds less than if the rate had not changed.
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