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The Duchy of Cornwall, which generates a private income exceeding £20 million annually for the Prince of Wales, has announced plans to divest 20% of its property holdings over the coming decade. This extensive property portfolio covers approximately 128,000 acres across 19 different counties and is traditionally passed to the heir to the throne. Recently, there has been increased emphasis on directing the duchy’s activities toward greater “social impact.”
Prince William addressed this shift in focus by stating, “We’re not the traditional landowner… we want to be more than that. There is so much good we can do. I’m trying to make sure I’m prioritising stuff that’s going to make people’s lives, living in those areas, better.” Under the duchy’s revised strategy, particular attention will be given to five key locations where it holds land: Bath, Cornwall, Dartmoor, the Isles of Scilly, and Kennington in south London. The duchy, historically rooted in medieval feudal land ownership, is now repositioning itself with an emphasis on social value including the provision of affordable housing and environmental stewardship.
Norman Baker, a former Home Office minister and known critic of royal finances, commented on the duchy’s financial position, characterizing it as a “royal fruit machine… he pulls the handle and gets a jackpot every time.” Baker also observed that increasing the number of houses would translate into “more tenants, more income,” suggesting that the duchy would not be financially disadvantaged by this shift toward housing development.
In terms of specific initiatives, the duchy plans to invest £161 million to enable the construction of an additional 12,000 homes by 2040, with approximately one-third of these designated as affordable housing. Beyond housing, £123 million is allocated for creating workplaces, supporting rural employment, and expanding renewable energy projects, notably installing more solar panels on rooftops in the southwest of England to generate enough electricity for 40,000 homes. Additionally, £20 million will be dedicated to environmental efforts aimed at reducing emissions and restoring peatlands and biodiversity across the estates.
Amid these changes, calls for increased transparency surrounding royal finances have intensified, particularly following the scandal associated with Andrew Mountbatten-Windsor. This has prompted demands for greater openness regarding royal income and property holdings. The Sovereign Grant, the public funding for the Royal Household, currently totals nearly £138 million per year—a record high largely due to building repairs at Buckingham Palace—but it is expected to be scaled back for the first time since its 2012 inception. While a reduction is anticipated next year, the Treasury has indicated it will continue to enforce the “golden ratchet” principle, which allows funding to increase but not decrease in subsequent years, pending approval by MPs in upcoming legislation.
Biographer Andrew Lownie, whose work “Entitled” exposed much of the Mountbatten-Windsor scandal, welcomed the duchy’s move toward transparency. He said, “I am delighted by this first step – no doubt occasioned by much recent criticism of royal privilege and transparency – and hope they will be more open in future about their finances and archives.” This stance reflects a broader push within the royal family to address public scrutiny by adopting more open financial practices
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