King Charles’ eye-watering payday revealed
Surging offshore wind farm profits are set to give King Charles an $152 million boost from the taxpayer.
The monarch will rake in the cash despite his Sovereign Grant rate being slashed in half, reports The Sun.
Funding of the monarchy is to be cut from 25 per cent to 12 per cent of the Crown Estate’s net profits, the Treasury announced.
But the change to the way the taxpayer-funded grant is calculated comes as new offshore wind deals are set to push profits above $1.9 billion. His payment for the next year and 2024-5 is fixed at $165 million.
But even under the new 12 per cent formula it will climb by about $77 million in each of the following two years as surging income from wind farms push profits from the Crown Estate through the $1.9 billion barrier.
The Sovereign Grant is used to pay for official royal duties.
Part of it, however, has been earmarked to pay for a $705 million, ten-year refurb of Buckingham Palace.
In January, Charles said he wanted wind farm profits to be used for “public good”.
Former Privy Council MP Norman Baker said: “We still have a right royal rip-off.”
This article originally appeared in The Sun and was reproduced with permission.