The Queen, along with Prince Charles, could make more than £100million a year from the huge expansion of offshore windfarms The Queen and Prince Charles could make more than £100million a year from the huge expansion of offshore windfarms – thanks to a change in the way that the monarchy is funded. The green energy earnings of the Royal Family are being significantly boosted by an auction, which formally began last week, for the biggest offshore windpower development in the world. If they were still being paid by the long-established Civil List, the Royals would not have benefited. However, the then Chancellor George Osborne replaced it in 2012 with the Sovereign Grant. Crucially, the deal gives the Queen 25 per cent of the profits from the Crown Estate, which owns the seabed within Britain’s territorial waters that extend almost 14 miles from the coast. The Crown Estate charges rent equal to two per cent of revenues for use of its seabeds for windfarms and collected £41million last year. It will also collect ‘option fees’ each year from successful bidders for the five new highly lucrative concessions. In a comprehensive examination of Royal finances, former Liberal Democrat Minister and Privy Counsellor… Read full this story
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Queen's £100m a year windfall: Green energy earnings of the Royal Family are set to be boosted by an auction for the biggest offshore windpower development in the world have 324 words, post on www.dailymail.co.uk at October 12, 2019. This is cached page on Europe Breaking News. If you want remove this page, please contact us.