The British monarchy is changing the rules of the game before our eyes, turning from a conservative institution into a progressive investment fund, writes xrust. Prince William of Wales made a radical decision to put up for auction about 20% of the famous royal estate — the Duchy of Cornwall . Behind the massive sell-off, which will stretch over the next ten years, lies a tough economic calculation, an ambitious social plan and an attempt to salvage the crown's reputation after a series of high-profile financial scandals.
Why does the prince need a cache?
According to the Duchy's chief executive Will Bax, the total amount of planned investment will exceed 500 million pounds sterling (more than 670 million dollars) . The heir to the throne decided that his foundation “should not exist simply for the sake of owning land.” Instead, assets will be reallocated to the real sector and five key regions, including Cornwall and South London.
The money will go to specific “male” projects that you can touch with your hands:
- Construction of affordable housing: the plan includes the creation of up to 12 thousand new homes by 2040 to combat the housing crisis.
- Green energy: Around £161 million will be spent on infrastructure and renewables, including mass installation of solar panels in the south west England.
- Jobs: development of commercial spaces in the province to support local businesses.
Charity or forced PR?
In the “I’m a guy” section, we are used to looking at things soberly. Behind the beautiful veneer of eco-activism lies the severe need to respond quickly to criticism. In recent years, the Windsors have faced intense pressure from the British media and taxpayers. A high-profile Sunday Times investigation has revealed that the royal estates made millions of pounds by renting buildings to government agencies including schools, the army and even the NHS.
Add to this the recent corruption scandal surrounding Prince Andrew, which has completely undermined confidence in the financial transparency of the palace. The British began to reasonably ask: why are monarchs getting richer amid the general economic crisis in the country? Getting rid of illiquid or toxic real estate and transferring capital to socially significant projects is competent anti-crisis management. William is simply dumping ballast.
Despite the sale of a fifth of the fund, the prince will not be left without a livelihood. In the last financial year alone, the Duchy of Cornwall brought him a net profit of 22.9 million pounds . By law, William does not have the right to spend the body of his capital on personal needs, but no one will forbid him to wisely redistribute assets for the sake of the future of his family and country.
Based on materials from:
https://energynews.oedigital.com/
https://pagesix.com/
Xrust Business like a king: why Prince William is selling off the legendary Cornwall estate for half a billion pounds
