Anyone who saw the movie, History of the World–Part One, will recognize the quote….I thought I would open with that bit of cinematic history but the real story is the ‘bennie’ that King Charles II has just been given (I do hope my UK friends will way in on this)
King Charles III is set to receive a 45% raise. On Thursday, the UK Treasury announced details of the monarchy’s annual budget, known as the sovereign grant, suggesting it would be slashed in the coming years to allow funds to be spent on public services, as the king himself requested, the Guardian reports. But several critics say the statement is misleading as the sovereign grant is expected to increase from its current $111 million to $160 million in 2025.
Since 2011, the sovereign grant has been determined by the profits of the crown estate—a portfolio of land holdings and other assets. The prime minister, chancellor, and the king’s treasurer get together to determine what percentage of profits should be set aside for the monarchy. Since 2017, the rate has been 25%, “resulting in a steady increase in funding for the monarchy” as profits for the estate increased, per the Guardian. But profits are expected to spike next year from about $570 million to nearly $1.3 billion due to licensing revenues from the expansion of offshore wind farms.
The Treasury said the king would be entitled to 12% of the crown state’s profits next year, meaning he would receive $31 million less in 2024 and $167 million less in 2025-2026 than if the rate remained at 25%. “This money will instead be used to fund vital public services, for the benefit of the nation,” the Treasury said, per ABC News. It’s true that the Treasury will see “a multimillion-pound boost,” per Sky News. But the sovereign grant will remain unchanged at around $111 million in 2024 before climbing to $160 million in 2025 and $162 million in 2026, per the Guardian.
Seriously?
Now why does one of the richest people in the world need a pay raise?
What exactly does he do to warrant this raise?
I thought the useless US Congress was out of touch when they want a pay raise….but this….
Please let me know what this is all about….or what you think of this situation.
I Read, I Write, You Know
“lego ergo scribo”
Monarchies have cashed over less.
But not the UK chuq
The situation of the Sovereign Grant and Crown Estate revenues is rather complex, and also confusing. On one hand, they will reduce the amount paid back to the King by the Crown Estate, while on the other hand increasing the sovereign grant by 45% to ‘compensate’. They try to sell this to the public as a big boost to the UK economy, and trot out the same old stuff about Royalty being good for tourism, etc.
As you know, I am anti-royalty, in a big way. Sadly, I am in a minority in this country of Royalty-adoring sheep.
Best wishes, Pete.
Thanx for clearing that up (LOL)….my country seems to be pretty ate up with the royal crap as well. chuq
It’s because the Sovereign Grant cannot be spent by the Treasury, but the profits from the Crown Estate wind farms can. It’s all tied up with some very old bureaucracy.
Sounds confusing to make it plausible. chuq