King Charles has asked for a surge in profits from a £1bn per year Crown Estate offshore wind farm deal to be used for the 'wider public good', rather than for the Royal Family.
The Sovereign Grant, which pays the running costs of the Royal Household, is currently based on 25% of Crown Estate profits. Those profits will see a big increase with payments from six new wind farms.
King Charles is proposing to reduce the royal slice of these higher earnings. It would mean a higher proportion of these increased profits being kept by the Treasury for public spending.
Three of the new offshore wind farm locations are off the North Wales, Cumbria and Lancashire coast, and three are in the North Sea off the Yorkshire and Lincolnshire coast. Once developed, the ambition is for them to generate enough electricity for seven million homes.
This will add to the existing 36 operational offshore wind farms on Crown Estate sites off the coasts of England, Wales and Northern Ireland.
Source: BBC
