Prince William Directs Duchy of Cornwall to Divest 20% of Property for Housing and Nature
The Duchy of Cornwall, a substantial property empire spanning 128,000 acres across 19 counties, is set to divest 20% of its assets within the next decade. This strategic shift, initiated by Prince William, the current Prince of Wales, is projected to raise £500 million. The capital will be channelled into local communities, primarily funding affordable housing schemes and environmental projects.
Prince William stated that the Duchy aims to be more than a traditional landowner, prioritising initiatives that improve the lives of residents in its operational areas. This aligns with his broader project to tackle homelessness, Homewards, with the Duchy planning to provide an additional 12,000 homes by 2040, a third of which are intended to be affordable. Furthermore, £123 million is allocated for rural job creation and support for renewable energy, including solar power in the South West of England.
However, critics such as former Home Office minister Norman Baker view the Duchy as a 'royal fruit machine', suggesting that the emphasis on housing will not diminish its profitability. Baker contends that 'more houses, more tenants, more income' will ultimately benefit the Duchy's financial standing, which currently provides Prince William with a private annual income exceeding £20 million.
This reorientation comes amid sustained pressure for increased transparency in royal finances. Recent controversies, particularly surrounding Andrew Mountbatten-Windsor, have intensified calls for greater openness regarding royal property and incomes. The public funding for the Royal Household, the Sovereign Grant, is presently under review and is anticipated to be reduced next year from its current record high of nearly £138 million. While a one-off reduction is likely, the Treasury plans to maintain the 'golden ratchet' for subsequent years, ensuring funding can increase but not decrease, pending parliamentary approval. Commentators suggest this shift in the Duchy's strategy is partly a response to these criticisms and the wider demand for accountability.
