Summary
- King Charles wants profits from offshore wind farms to go towards public good.
- The Crown Estate has agreements for six new offshore wind projects.
- The windfall will be shared through a reduction in the funding of the Sovereign Grant, which covers royal expenses.
King Charles, the current King of England, has expressed his desire for the profits from the Crown Estate's offshore wind farm deals to be directed towards the "wider public good" rather than being used to fund the royal family. This comes after the Crown Estate recently announced agreements to lease sites for six new offshore wind projects, which are projected to generate enough green energy to power over seven million homes by 2030.
A spokesperson for Buckingham Palace confirmed that King Charles' treasurer, known as the Keeper of the Privy Purse, had written to the Prime Minister and finance minister, outlining the king's wish for the windfall from these deals to be directed towards the public good rather than being included in the Sovereign Grant.
The Sovereign Grant is an agreement between the government and the royal family, which covers the running costs of the royal households and travel expenses. It is based on 15% of the surplus revenue from the Crown Estate, which is a property portfolio belonging to the monarchy. This portfolio includes virtually all of the seabed around the United Kingdom, as well as some of the most expensive land in London and city shopping centres.
The spokesperson also mentioned that the windfall would be shared through "an appropriate reduction" in the proportion of the Crown Estate surplus that is allocated to the Sovereign Grant. This move is significant as the value of the property portfolio is expected to rise as offshore wind becomes a key factor in Britain's renewable energy production.
It is worth noting that King Charles referenced the cost of living crisis facing many in Britain when he made his first Christmas address to the nation after becoming king in September following the death of his mother Queen Elizabeth. With millions of people struggling with their finances as the cost of energy, food and mortgages rise, and workers across a vast range of sectors going on strike, this move could be seen as a way to avoid negative headlines showing that the royal family's income had risen during an economic downturn.