Amid a deepening cost-of-living crisis in Britain, King Charles III said the surge in profits from wind farm deals should be spent on the public. Critics claim he’s trying to generate good publicity ahead of a government review of royal household finances.
that the leasing arrangements will generate 1 billion pounds per year for at least three years.
Britain is a world leader in offshore wind energy. But to understand how that can impact the king, it’s necessary to dive into the complicated world of royal finances. The royals receive a taxpayer-funded “Sovereign Grant,” a sum that’s used to cover the operating costs of the royal household, paying for things such as staff salaries, garden parties, property maintenance and travel.That figure isn’t plucked from the air.
Still, if the value of the Crown Estate’s portfolio rises as offshore wind becomes a bigger part of Britain’s energy sector, then the value of the Sovereign Grant fund would increase as well.Graham Smith, the head of the anti-republican group Republic, said that the moves by the palace are “disingenuous spin, it’s not their money, they aren’t gifting anything, but they are trying to preempt a government reduction in the percentage by saying it was a ‘request by the king.
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