King Charles III has asked that annual profits from a $1.2 billion US windfarm deal be used for the public good rather than the royal family
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The Crown Estate confirmed Thursday that it had signed lease agreements for six offshore wind projects. Such a windfall would normally lead to a jump in funding for the royals under complex arrangements that support the activities of the monarchy in the U.K.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The new king highlighted the cost-of-living crisis in his first Christmas message and paid tribute to people who “support those around them in greatest need, together with the many charitable organizations which do such extraordinary work in the most difficult circumstances.”Article contentThe Crown Estate is an independently-run, commercial business, but its profits are used as a benchmark for the funding of the Sovereign Grant — the public money that funds the royal family’s official work.
The grant equals 15% of the estate’s profit. An additional 10% was agreed on for a period of 10 years starting in 2017-2018 for the Buckingham Palace restoration project.
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