•   
  •   

US News Prince Harry's Shift Puts Spotlight on Royal Finances

11:14  14 january  2020
11:14  14 january  2020 Source:   msn.com

Harry and Meghan reveal new media policy after 'stepping back'

  Harry and Meghan reveal new media policy after 'stepping back' The Duke and Duchess of Sussex have announced changes to their media relations policy following their decision to "step back" as senior royals. Your browser does not support this video require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_e8fc8dc7-ceed-4232-bda7-6c4817ecde2b").

LONDON— Prince Harry and Meghan Markle’ s surprise decision to quit front-line royal duties has resurfaced an awkward question that Queen Elizabeth has spent years working to smooth over: How is Britain’ s extended royal clan financed ? At a summit at the monarch’ s Sandringham Estate on

Prince Harry ’ s Shift Puts Spotlight on Royal Finances . Who’ s Afraid of the Tennessee Titans?

Prince Harry's Shift Puts Spotlight on Royal Finances © Daniel Leal-Olivas/AFP/Getty Images Prince Harry's Shift Puts Spotlight on Royal Finances

LONDON—Prince Harry and Meghan Markle’s surprise decision to quit front-line royal duties has resurfaced an awkward question that Queen Elizabeth has spent years working to smooth over: How is Britain’s extended royal clan financed?

At a summit at the monarch’s Sandringham Estate on Monday, the 93-year-old queen presided over a meeting to determine how the Duke and Duchess of Sussex can both leave the monarchy while retaining a royal status of sorts after their decision plunged the House of Windsor into confusion.

Harry and Meghan Won’t Play the Game

  Harry and Meghan Won’t Play the Game Their decision to “step back” from the Royal Family is an indictment of the British press.The unofficial motto of the Queen Mother was simple: “Never complain, never explain.” It was an attitude influenced by her aristocratic upbringing—in which a “stiff upper lip” was highly prized—and the sense that the Royal Family must retain its mystery to survive.

Prince Harry ’ s Shift Puts Spotlight on Royal Finances (W. S .J.) N.J. Could Be First State to Approve Law Inspired by Toys ‘R’ Us (Bloomberg). Feds want Chris Collins to get nearly five years for insider trading (NYP).

MEGHAN MARKLE and Prince Harry celebrated sixth-month anniversary of their son Archie Harrison Mountbatten-Windsor' s birth on November 6. But how is the marriage between the Duke and Duchess of Sussex proving to a problem for the royal finances ?

The queen said in a statement following the gathering that she was “supportive” of the couple and gave her blessing for them to step back from royal duties to divide their time between the U.K. and Canada. But she added a transition period was needed. “These are complex matters for my family to resolve,” the statement added.

____________________________________________________

More on this story:

Meghan 'barred' from calling in on Royal summit (Daily Mail)

Why the last line of the Queen's statement says it all (Sky News)

Trudeau to discuss Royals' security bill (Evening Standard)

__________________________________________________

The couple say they want to become financially independent. But given the web of tax, security implications, royal protocol and the political sensitivity of royal finances, it is unclear whether that is possible. Minor members of the royal family have struggled in the past to monetize their links to the monarchy without getting embroiled in scandal or cheapening the royal brand.

It's ambitious to think there's already a plan for Harry and Meghan's exit

  It's ambitious to think there's already a plan for Harry and Meghan's exit Just 24 hours after Prince Harry and Meghan dropped their bombshell statement, the Queen was adamant that workable plans would be drawn up within days and not weeks. And on Saturday that was again made very clear - Her Majesty wants this all sorted out "at pace", summoning her family to see her in Sandringham to sort it out.It has been an unbelievable week for the House of Windsor, so the idea we're already potentially looking at well-thought-out solutions to how the Duke and Duchess of Sussex can step back as senior royals seems ambitious to say the least.

Meghan Markle and Prince Harry ’ s candid and emotional revelations about the pressures of life in the royal spotlight are being felt by Prince William. William is reportedly “worried” about his brother Harry and sister-in-law Meghan after they opened up about ongoing tabloid rumors and the onslaught of

Prince Harry and Meghan, Duchess of Sussex have given the Royal Family a lot to discuss, as they publicly announced they would Why could Princess Eugenie take over Prince Harry ' s duties? With three senior royals now stepping away from the spotlight - Prince Personal Finance . The Crusader.

Related: How the Royal Family makes and spends its money (Photos)

Are the royals flush?: From recent royal weddings to their travel to the 3,000 official engagements they make each year, the British royals aren't cheap to keep. In fact, the royal family cost the British public 90 cents (69p) per person in 2017/18, according to a Buckingham Palace spokesperson, but how do they get their money and what do they spend it on?

Over the last three decades, the queen has undertaken a balancing act to ensure the monarchy both maintains pomp while avoiding alienating taxpayers who help bankroll the franchise.

She has trimmed excess expense and excess royals, including her younger sons Prince Andrew and Prince Edward, who since the early 1990s haven’t received annual taxpayer grants. They remain, however, still largely under the royal wing and receive funding from the Queen’s private income.

A timeline of Harry and Meghan's romance (Photos)

The Duke and Duchess of Sussex say they want to break that mold. On their website they speak of their desire for a “new working model.” They have already applied to trademark “Sussex Royal,” covering a host of items including socks and greeting cards.

However, on their website they state that they expect to keep state-funded security and continue to live in a cottage owned by the Queen and refurbished at a £2.4 million ($3.1 million) cost to taxpayers. They also want to split time between Canada and the U.K., raising logistical questions including whether Prince Harry would have to pay income tax on his earnings.

It isn’t easy outside the royal fold. The Queen’s youngest son, Prince Edward, ran a television production company which has since closed. Prince Edward continues to take part in royal engagements and receives funds from his mother.

Prince Andrew was re-styled as the U.K.’s special envoy for trade but that ended after he struck up a friendship with convicted sex offender Jeffrey Epstein. Last year, he announced he would no longer carry out his trade duties.

Related: Royals around the world who have day jobs (Lovemoney)

Meghan Markle, Prince Harry standing in front of a building: Prince Harry and Meghan Markle's announcement that they are stepping down from their roles as 'senior' royals to pursue financial independence has come as a shock. But it's not unheard of for royals to work in the real world. In fact, for royals who aren't part of the senior team, it’s not all public appearance, state visits and glitz and glamor. From airline pilots to bankers, click or scroll through as we look at members of royal households who have day jobs.

Prince Harry and Ms. Markle benefit from having more star power than the other royals. One reason palace officials were so upset by the announcement is that the couple were seen as an asset the family could have used. “They are both very talented,” said one former aide. “This is a real shame.”

Britain’s royals are rich, but not extremely so, said David McClure, an author who has written about royal finances. “They are millionaires, not billionaires,” he says. How rich the family exactly is remains subject to conjecture. Their private investments are largely shielded from public view.

Much of the British monarchy’s wealth is concentrated in the hands of the Queen and Prince Charles, much of whose diverse land holdings are held in trust and help bankroll an extended royal family.

  Prince Harry's Shift Puts Spotlight on Royal Finances © Getty

Prince Harry, for instance, is largely funded by his father Prince Charles through the Duchy of Cornwall, the estate of the first in line to the throne. He also inherited money from his mother, the late Princess Diana, and the Queen’s mother.

In 1760, the British monarchy handed over revenue from large tracts of land to Parliament in return for an income from government. Today, that taxpayer payment, known as the sovereign grant, covers the cost of royal duties and maintains several palaces, including Buckingham Palace.

Last year, it amounted £82.2 million. This is fixed as a proportion of the profits made by these lands, which was initially set at 15% but has been temporarily increased to 25% since 2017 to help renovate Buckingham Palace.

Gallery: Royals who gave up their titles (Lovemoney)

Wallis Simpson, Edward VIII of the United Kingdom are posing for a picture: Following Prince Harry and Meghan Markle's shock announcement that they are stepping back as 'senior' royals this January, there has been growing speculation as to whether they will go as far as giving up their titles altogether. But it's nothing new: by choice, law or the result of scandal, a surprising number of kings, queens, princes and princesses have forgone their privileges and given up their titles, including Harry's great grandfather, the former King Edward VIII (pictured). Click or scroll through as we look at some notable cases, and what happened next. 

The Queen supplements this with two other sources of income: her personal wealth, which is not publicly disclosed, and the Duchy of Lancaster, founded in the 13th century, which comprises £548.6 million of net assets, held in trust mostly in real estate.

Payment to the monarch from the Duchy of Lancaster increased from £13.3 million in 2009 to £20.7 million in 2019. That gives the Queen more financial freedom to support her wider family without recourse to taxpayer money, said Mr. McClure.

Prince Charles meanwhile lives mainly off the Duchy of Cornwall. The Duchy, which dates back to the 14th Century, paid out £21.6 million to him last year on £923.8 million of net assets.

The Duchy, which pays no corporation tax, has seen its revenue trend up over recent years. The Duchy of Cornwall funds both Prince William and Prince Harry. Who together received around £5 million last year from their father.

In the 1990s, the House of Windsor went through a rough patch. Prince Charles and Prince Andrew both were divorced. The royal family also botched a response to Princess Diana’s death in a car crash.

That fueled growing media hostility to the taxpayer money handed to the monarchy. Buckingham Palace has since worked hard to push the issue of the royal’s finances onto the back burner.

The family dispensed with the royal yacht. The Queen and Prince Charles volunteered to pay income tax. Expenditures at Buckingham Palace was cut.

Gallery: Stars React to Prince Harry and Duchess Meghan’s Decision to ‘Step Back’ (US Weekly)

Jameela Jamil, Prince Harry, Meghan Markle, Andy Cohen posing for a photo: Sharing their two cents. Celebrities including Andy Cohen, Ava DuVernay and Mindy Kaling have responded to the news regarding Prince Harry and Duchess Meghan’s decision to “step back” from their senior roles in the British royal family. In a statement posted to Instagram, the couple revealed that they reached this conclusion on Wednesday, January 8, after “many months of reflection and internal discussions.” Harry, 35, and Meghan, 38, said they will “continue to collaborate Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties” during this “transition” period. “We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen,” the statement read. “It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment. We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages.” The duo, who wed in May 2018, stated that this change will allow them to “raise our son [Archie] with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity.”  		 		In the wake of Harry and Meghan’s statement, Buckingham Palace issued a response to the pair’s announcement.  The palace, which is headed by Queen Elizabeth II, said that “discussions with The Duke and Duchess of Sussex are at an early stage.” It also regarded the transition and relocation as “complicated issues that will take time to work through.” Harry and Meghan have been slowly separating themselves from the royal family beginning with their six-week hiatus from royal duties in November 2019. They were absent from this year’s annual Thanksgiving and Christmas holiday traditions, choosing to spend that time separately with their 8-month-old son, Archie, and the Suits alum’s mother, Doria Ragland. Meghan’s father, Thomas Markle, spoke exclusively to Us Weekly about his daughter and son-in-law’s choice. “I’ll just simply say I’m disappointed,” the 74-year-old said on Wednesday. In stepping back from their senior positions, Harry and Meghan will employ new protocols this year. “In 2020 Harry and Meghan will be changing how they work with the media, to ensure diverse and open access to their work,” Omid Scobie, royal editor for Harper’s Bazaar, tweeted on Wednesday. Among those changes include, engaging “with grassroots media organisations” and to “no longer participate in the Royal Rota system.” Scroll down below to see how the stars are reacting to Harry and Meghan’s next phase!

The number of royal patronages and affiliations with charities meanwhile has swelled during the queen’s 67-year reign. “It gets them out among the people,” said Frank Prochashka, a historian and monarchy expert at Oxford University. “They know that is what is going to keep them going.”

Royal advisers pushed a new generation of royals to the fore to give the monarchy a more modern feel. Prince Harry and Ms. Markle’s wedding in 2018 marked a high-water mark for a rebrand of the House of Windsor, marrying tradition with a U.S.-born television star.

Last year, royal advisers were already looking at ways to carve out a new role for Prince Harry and Ms. Markle, according to one person close to the family. However, the couple wanted to accelerate the de-merger from the family, the person says, amid growing media scrutiny of their private lives.

Write to Max Colchester at max.colchester@wsj.com

'I was better looking than Harry when I was younger' says Thomas Markle - as he tells how he knew Meghan 'was going to be special' from birth .
'I was better looking than Harry when I was younger' says Thomas Markle - as he tells how he knew Meghan 'was going to be special' from birthThe Duchess of Sussex's estranged father has joked he was 'better looking' than Prince Harry when he was younger and that he knew Meghan was 'going to be special' from birth.

—   Share news in the SOC. Networks

Topical videos:

usr: 2
This is interesting!