King pledges a windfarms windfall for the taxpayer after Crown Estate signs ... trends now
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The Crown Estate has signed a deal worth up to £10billion giving energy companies the right to build offshore windfarms – but the King claims he does not want to profit.
He said he wants the windfall from the bumper lease agreements for six new windfarms to 'be directed for wider public good'.
Under current arrangements known as the Sovereign Grant, the King is entitled to receive 25 per cent of all profits from the Crown Estate. The rest is kept by the Treasury.
Last year the Sovereign Grant was £86.3million, based on the Crown Estate's £345million profits notched up in 2019/20.
The Crown Estate has signed a deal worth up to £10billion giving energy companies the right to build offshore windfarms – but the King claims he does not want to profit
He said he wants the windfall from the bumper lease agreements for six new windfarms to 'be directed for wider public good' (stock image)
The six offshore wind leases are expected to add £1billion to the Crown Estate's annual revenues from 2024 for at least three years up to a maximum of ten years.
For the year to the end of March 2022, the
