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Sam Bennett

Sam Bennett

21 Jul 2023

2 DK READ

25 Read.

Recalculation of Public Funding for King Charles III: A Windfall Change

The UK Treasury has announced a significant change in the public funding for King Charles III and the royal family. This change, known as the Recalculation of Public Funding for King Charles III, is due to an unexpected increase in profits from offshore wind farms on the Crown Estate.

The Crown Estate is a collection of land and property across the UK. Including some of London’s most expensive properties, and is worth around 16 billion pounds (nearly $20 billion).

Recalculation of Public Funding for King Charles III on the Royal Budget Impact

The Treasury officials have decided to reduce the proportion of the Crown Estate’s profits given to the royals from 25% to 12% next year.

This decision comes after the Crown Estate secured six new offshore windfarm lease deals earlier this year. Leading to a windfall estimated to be worth 1 billion pounds ($1.3 billion) a year. This windfall has led to the Recalculation of Public Funding for King Charles III.

King Charles III has requested that the profits from the windfarm deals be used for the “wider public good” . Instead of funding his official duties.

Recalculation of Public Funding for King Charles III

This move is an attempt to avoid criticism. That the royals are out of touch with wider British society. Especially during the ongoing cost-of-living crisis. The Recalculation of Public Funding for King Charles III aligns with his request.

The reduction in the proportion of profits to be given to the monarchy means that the monarchy’s budget next year will remain the same. Without the extra 24 million pounds ($30 million) it would have received if the rate had stayed at 25%.

After that, the royal household’s budget will be 130 million pounds ($167 million) lower in both 2025 and 2026 than if the rate had remained unchanged. The Recalculation of Public Funding for King Charles has significant implications for the royal budget.

Recalculation of Public Funding for King Charles III: A Windfall Change