Thursday, July 25, 2024
Royal prerogative
The Guardian reports that official accounts reveal that King Charles is set for a huge £45m pay rise with an increase of more than 50% in his official annual income>
They say that profits of £1.1bn from the crown estate – a percentage of which funds the monarchy – mean the sovereign grant, which supports the official duties of the royal family, will rise from £86m in 2024-25 to £132m in 2025-26.
They add that royal accounts also show that the Prince of Wales received £23.6m income from the Duchy of Cornwall in his first full year after inheriting the land and property owning estate from his father.
As Nation Cymru outlines, the Crown Estate is a collection of land and assets owned by the Crown, but managed by an independent trust. Its profits are funnelled into the UK Treasury, and 25% of revenues into the Sovereign grant, paid for the upkeep of the royal family.
In Wales, the crown estate owns about 65% of the Welsh foreshore and riverbed, and more than 50,000 acres of land. In 2020-21, the value of the estate went from £96.8m to £603m, reflecting the value of the land for renewable development and other projects. The estimated annual revenue in 2020-2021 was £8.7m. As revealed by Cymru Republic, the value in 2023 is £853m.
Since 2016, the Crown Estate has been devolved in Scotland but here in Wales the money goes to the Treasury and onto the royal estate. That is money that could be invested in public services and which should be staying in Wales.
