Royal earnings exposed as King 'makes millions' from contracts with cash-strapped NHS, military and state schools
2 November 2024, 19:45 | Updated: 2 November 2024, 22:19
King Charles and Prince William have "earned millions" from contracts with cash-strapped public services and charities - including the NHS and military, a damming investigation has found.
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The claims suggest the royal family has broken government rules by renting out properties with poor energy efficiency ratings, as well as earning seven-figure sums through controversial, multi-year deals with public services.
The previously unreported figures have been unearthed as part of a five-month joint investigation between The Times and Channel 4's Dispatches, which is set to air on Saturday.
The findings reveal the Duchies of Lancaster and Cornwall - private portfolios of land and property across England and Wales controlled by the King and Prince William respectively - have generated almost £50 million in the last year.
The investigation reported that last year the Duchy of Lancaster agreed a deal to store a new fleet of electric ambulances, owned by Guy's and St Thomas' NHS Trust in London, in one of the estate's warehouses at a cost of £11.4 million over 15 years.
Read more: King Charles 'finally cuts Prince Andrew off' as he 'axes Duke's annual £1m allowance'
It also said the Duchy of Cornwall had charged the navy more than £1 million since 2004 to build and use jetties and moor warships on the Cornish coastline.
The duchies themselves are not directly funded by the taxpayer.
However, the investigation found that leases and contracts in the King and Prince William’s own names - thought to be worth millions - are currently in place with the army, navy, NHS, prison service, as well as state schools.
The Dispatches programme entitled 'secret millions' examines the cost to the nation of the Duchy of Cornwall and the Duchy of Lancaster.
Both duchies royal institutions made up of land and dwellings that date back to medieval times.
The Duchy of Lancaster, controlled by the King, states that it "is completely self-financing and does not rely on any taxpayers' money".
Meanwhile the Duchy of Cornwall, overseen by Prince William, claims "it is not a public body, nor is it funded by the taxpayer".
Full details of the estates held by the royals have long been considered a closely guarded secret, with even parliament denied access to the list of land held by the royal family in the past.
Now, the new details suggest that business deals with the NHS, schools and military have all helped fund the royals over the past year - and beyond.
It comes despite Buckingham Palace continuing to insist the royal estates are sustainable, despite the figures.
The new figures revealed the duchy will also earn around £600,000 over the lifetime of six different leases agreed with local state schools, the investigation found.
The Duchy of Lancaster, held in trust for the Sovereign, include key urban developments, historic buildings, high-quality farm land and areas of great natural beauty, dating back to the 14th century.
The Duchy of Cornwall is a similar portfolio, valued at more than £1 billion.
Both provide an income for the royals - the latter for the heir to the throne.
Both estates are exempt from paying Corporation Tax or Capital Gains Tax.
The King and Prince William also receive private incomes from the profit generated by their duchies.
It comes amid growing tensions between King Charles and his brother, with reports surfacing that Prince Andrew has now been financially cut off.
Marking a new low in the brothers’ ever-faltering relationship, the King made the decisive move to cut the disgraced duke off, Royal author Robert Hardman has said.
King Charles has reportedly instructed the Keeper of the Privy Purse, the official in control of royal finances, to end his brother’s annual allowance, believed to be worth around £1 million.
Andrew will also lose his multi-million-pound private security deal, Hardman claims.
