LONDON (AP) - King Charles III has called for annual profits from a wind farm associated with the Crown Estate, or crown estate, to be diverted to public good works rather than the royal family.
The Crown Estate confirmed Thursday that it had signed lease agreements for six offshore wind projects. The £1 billion ($1.2 billion) income would normally mean an increase in royal funds under the complex rules that underpin the monarchy's activities.
But Buckingham Palace said Charles asked to divert the money to help people, who are struggling to make ends meet amid the highest inflation seen since the 1980s.
In his first Christmas message, the king highlighted the cost-of-living crisis and paid tribute to the people who "support those most in need, along with the many good organizations doing extraordinary work in the most difficult circumstances."
The Crown Estate is an independently run commercial business whose profits serve as a benchmark for funding the Sovereign Grant, the public money that funds the official work of the royal family. The grant, currently £86.3 million ($106.4 million) annually, is calculated as a percentage of the profits generated by the Crown Estate, profitable real estate properties owned by the king by virtue of his role as monarch.
The subsidy is equivalent to 15% of the estate's profits. An additional 10% was agreed for a 10-year period from 2017-2018 for the restoration of Buckingham Palace.