No More Sovereign Grant funds for Harry and Meghan.
Buckingham Palace has revealed that Prince Harry and Meghan (the Duke and Duchess of Sussex) will give up their Sovereign Grant money.
They currently receive about £100,000 per year to cover their Royal Duties.
As they will no longer be carrying out these official duties, Prince Harry has asked for this Sovereign Grant contribution to end, with his ending of their Royal duties.
This has now been confirmed by Buckingham Palace.
The £100,000 per year has been paid to Prince Harry, by the Queen, from the Sovereign Grant.
This image of a news report (18th January 2020) uses the words “bombshell announcement“, but it was really expected, as it was something that Prince Harry had previously asked for.
Prince Harry had stated, in his original plans to leave the current Royal Family situation, that they wish to step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, which is something they look forward to.
13th January 2020 statement from Prince Harry:
The Duke and Duchess of Sussex have made the choice to step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, thereby making them members of the Royal Family with financial independence.
An example of the Sovereign Grant:
In 2018-19 the Crown Estate made £343.5 million profit.
- 15% will be given to the Monarchy, (in 2020-21), to cover their official costs for that year. This amount of £51.5 million would normally include the £100,000 for Prince Harry.
- 75% was retained by the UK Treasury. (£257.6 million)
- 10% was set aside to renovate Buckingham Palace. (£34.3 million)
What happens to Prince Harry’s share of the Sovereign Grant?
The Queen will retain that money to be allocated to other purposes.
What is the Crown Estate?
The Crown Estate, created in 1760, is a collection of lands and holdings in the territories of England, Wales and Northern Ireland within the United Kingdom belonging to the British monarch as a corporation sole, making it the “Sovereign’s public estate”, which is neither government property nor part of the monarch’s private estate.
The Crown Estate is owned by the Sovereign in right of the Crown.
The Sovereign is the Legal Owner but does not manage or control the asset.
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