The Prince of Wales’ annual income from the Duchy of Cornwall has risen by nearly 3 percent to £22.2 million, but is expected to fall “by a significant amount” next year due to the coronavirus pandemic, accounts show. According to the Daily Mail, Charles’ friends have warned the former Duke and Duchess of Sussex that the cash is not “inexhaustible”.
As heir to the throne, Prince Charles is entitled to the surplus generated by the Duchy’s vast portfolio of land, buildings and financial investments.
However, rather than using the revenue from the Duchy of Cornwall estate, the Prince of Wales will use his own private funds to help the Harry and Meghan Markle with their new life in North America.
Now, a source close to Prince Charles has warned this is not an “inexhaustible” sum of money.
He will seek to review the couple’s financial arrangements in a year.
Prince Charles’ annual funds are set to take a major blow as a result of the coronavirus pandemic
he Prince of Wales’ annual income from the Duchy of Cornwall has risen by nearly 3 percent to £22.2 million, but is expected to fall
The Queen is also said to be anxious the couple could use their royal credentials to line their pockets and will be watching them closely.
In 2019-20, the prince’s annual private income from the hereditary estate rose by £617,000 – 2.9 percent – from £21,627,000 in 2018-19 to £22,244,000.
Charles uses his Duchy income to pay for his official duties, his London office and charitable work.
He also funds the public duties of Duke and Duchess of Cambridge and some of William and Kate’s private costs.
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Charles’ friends have warned the former Duke and Duchess of Sussex that the cash is not ‘inexhaustible’
He will have done the same for the Duke and Duchess of Sussex from his 2019-2020 income.
Harry and Meghan quit as senior royals in March at the end of the financial year.
At the time, it was confirmed Charles would continue to make private financial contributions to the Sussexes as they began their new life in the US.
In the Duchy’s annual report published yesterday, Alastair Martin, the secretary and keeper of the records, predicted a major drop in income for Charles next year.
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The Prince of Wales will use his own private funds to help the Harry and Meghan with their new life in North America
Charles uses his Duchy income to pay for his official duties, his London office and charitable work
“The lockdown resulting from Covid-19 was only in place for one week of the financial year that this report covers,” he said.
“There is therefore very limited financial impact on these results.
“As to 2020-21, it is too early in the new financial year to be able to say with any confidence what the impact on our financial performance will be.
“But, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed.”
Charles funds the public duties of Duke and Duchess of Cambridge and some of William and Kate’s private costs
He added: “We have not availed ourselves of the various government pandemic support schemes but have continued to pay all staff.”
Republic, which campaigns for an elected head of state, called for the Government to take control of the estate and stop the prince keeping the surplus.
Graham Smith, chief executive of the pressure group, said: “There is simply no justification for this ludicrous amount of money to be thrown at Charles when public services are stretched and local communities are impacted by the coronavirus.
“It’s time the Duchy was rolled back into the Crown Estate and its income served the British people, not one prince.”
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He added: “We do not owe Charles a living. This nonsense has to stop.”
The total worth of the Duchy’s assets – amounting to more than £1 billion – has dropped by nearly £29 million. It fell from £1,099,748,000 to £1,070,809,000.
But much of the decrease is linked to valuation of the Duchy’s investment property at the end of March amid the Covid-19 outbreak.
The report said valuation experts were taking into account the uncertain property market and had cited that less certainty, and a higher degree of caution, should be attached to the valuations.