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The Sovereign Grant has been modified after the Crown Property noticed a surge in earnings attributable to offshore wind.
The fund, used to finance the monarchy’s official duties, might be 12% of the Crown Property’s web earnings subsequent yr, down from 25%, the Treasury has mentioned.
Chopping the speed to 12% is anticipated to scale back the Sovereign Grant by £24m in 2024 to 2025, in contrast with the speed staying at 25%.
This implies the overall Sovereign Grant will stay flat at £86.3m.
That is anticipated to go in the direction of the reservicing of Buckingham Palace, works aimed toward stopping a severe danger of fireside, floods, and injury to the constructing.
Chancellor of the Exchequer Jeremy Hunt mentioned: “The brand new Sovereign Grant price displays the sudden important enhance in The Crown Property’s web earnings from offshore wind developments, whereas offering sufficient funding for official enterprise in addition to important property upkeep, together with finishing the ten yr reservicing of Buckingham Palace.”
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