KC3 and the Winds of Change
Monday 15th May 2023
By Patrick Bullick
Share this article
We all enjoyed the long weekend in celebration of the Coronation of KC3 & QC1.
I did- because it gave me an excuse to ‘raise a glass’ before mid-day.
Royalists did - because they are Royalist.
Republicans did - because they could air their democratic views.
The BBC did - because it could be studiously ‘impartial’.
Protestors did - because they can berate the Metropolitan Police for being over-zealous.
Even the aforementioned Met enjoyed the opportunity to try out their newly granted powers to arrest anyone for anything, anytime, anywhere!
Now we have all had our fun we English can get back to our usual self-flagellation.
Talking of such things, our new King has his critics but one thing is clear - when he was Prince of Wales he managed the Duchy of Cornwall prudently and benevolently. Now that mantle passes to Prince William.
Back in 1760 King George III ‘gifted’ lands and property to the Government of the day in return for a fixed salary. These lands are now managed by the Crown Estate which gives 100% of the profit to the Treasury. At the moment 25% is given back to the Monarch by what is known as the Sovereign Grant. £86.3m in 21/22.
The sea bed surrounding the UK is owned by the Crown Estate and vast sums are raised from wind farm licences.
The Sovereign Grant funds are to ‘support the monarch’s official business, enabling The King to discharge his duties as Head of State’.
At the moment, KC3 has no direct control over the Crown Estate which is managed by a Board known as the Crown Estate Commissioners. The % given back to the Monarch by The Treasury is under review as we speak.
With the King’s benevolence and the Crown Estate Commissioners efficiency, I firmly believe they would be infinitely better administrators of the Crown Estate profits than The Treasury.
My suggestion is to continue to allocate 25% of profits for the King to discharge his duties.
Give 50% of the profits to a charitable arm of the Crown Estate to be used for good causes of the King's choosing.
Leaving only 25% of the profits with The Treasury for them to squander in the usual ways.
Only a thought!
Until next time.
PB
Sign up for market updates
Share this article
k L E D