The Hindu : A princely income

Online edition of India's National Newspaper
Tuesday, Jul 01, 2003

Miscellaneous

Miscellaneous - Tidbits

A princely income

LONDON: Prince Charles' income from investments and property rose by 27 per cent last year to almost £10 million, according to official figures released on Monday. The Prince, unlike his mother Queen Elizabeth II, does not receive an official allowance from the taxpayer. Instead he receives an income from the Duchy of Cornwall, established in the 14th century to support the heir to the throne. Although the profits from the Duchy were intended to provide his personal income, the Prince last year spent 57 per cent of it, or £5.6 million, funding his official duties and charity activities. The figures are contained in a detailed breakdown of spending published by St. James's Palace in a move intended to increase transparency, which gives the cost of everything from utilities bills to office stationery. Prince Charles received £9.9 million from the Duchy in the last financial year compared with £7.8 million 12 months before. Part of the increase came from changes in accounting practices, but more than half of the rise was the result of financial decisions taken the previous year.

— AP

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