King Charles to give up millions in wind farm profits for 'wider public good'

The King has asked for profits from a £1 billion-a-year Crown Estate wind farm deal to be used for the ‘wider public good’ rather than boosting the royal coffers.

Six new offshore wind energy lease agreements, announced by the Crown Estate, have generated a major windfall for the Estate, and would usually lead to a jump in the monarchy’s

official funding. But Charles, who highlighted the cost-of-living crisis in his Christmas message, has requested that the extra funds ‘be directed for wider public

good’, instead of to the Sovereign Grant, at a time when many are facing financial hardship. Under the taxpayer-funded Sovereign Grant, which is currently £86.3 million

a year, the King receives 25% of the Crown Estate’s annual surplus, which includes an extra 10% for the refurbishment of Buckingham Palace. It is not clear as to the

exact amount of taxpayer funding the King has passed up and asked to be used for public good, but it is likely to be many millions. The Crown Estate – an ancient

portfolio of land and property – belongs to the reigning monarch ‘in right of The Crown’ but it is not their private property. The monarch surrenders the revenue from

the Estate – more than £312 million a year – to the Treasury each year for the benefit of the nation’s finances, in exchange for the Sovereign Grant. The King’s Keeper

of the Privy Purse, Sir Michael Stevens, who manages the royal household’s finances, has contacted Prime Minister Rishi Sunak and Chancellor Jeremy Hunt – his fellow Royal

Trustees – to ask for ‘an appropriate reduction’ in the percentage of Crown Estate profits used for the Sovereign Grant.