British royal family news divulges that mere months into his reign King Charles is putting his money where his mouth is by vowing to give away a billion dollars for the public “good.”
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The Crown Estate offshore wind farm has seen an uptick in profits to the tune of £1bn per year and Charles has made known his intention that the money be used for the “wider public good” versus going to the Royal Family.
Right now the Sovereign Grant is used to pay the cost of operating the Royal Household, with 25% of the money coming from Crown Estate profits. According to the BBC, the profits are set to increase due to payments from six new wind farms.
Royal Family News – Charles In Charge
Subsequently, King Charles wants to decrease the amount of overall profits given to the monarchy which would translate to a higher percentage being kept by the Treasury for public spending. King Charles has previously referred to the cost-of-living crisis underway in the UK and some royal experts think he does not want the awkwardness that would come from the monarchy taking an obscene amount of cash for the Sovereign Grant.
The Sovereign Grant, last year worth £86.3m, is expected to surge due to deals for six offshore wind farms, with an estimated £1bn per year for at least three years that will be raked in from firms wanting to do business. Buckingham Palace stated that the King wants to reduce the monarchy’s profits from the “offshore energy windfall.”
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Three wind farm locations are located off the North Wales, Cumbria and Lancashire coast, and three are in the North Sea off the Yorkshire and Lincolnshire coast. It is hoped that the six farms will generate enough electricity for seven million households.
Royal Family News – Charles Seeks To Decrease Royal Budget
The Sovereign Grant is used to pay the costs of working royals, including travel and upkeep of royal palaces. At this time a percentage of Crown Estate profits going to the Sovereign Grant is under review by the Treasury, with Sir Michael Stevens, the Keeper of the Privy Purse, asking the prime minister and chancellor for an “appropriate reduction.”
Royal Family News – The Public Windfall
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Dan Labbad is the chief executive of the Crown Estate and he stated that the wind farms: “demonstrate the far-reaching value that our world-class offshore wind sector can deliver for the nation – homegrown energy for all, jobs and investment for communities, revenue for the taxpayer, clean energy for the benefit of the environment, and a considerate, sustainable approach which respects our rich biodiversity.”
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