What Harry and Meghan’s “financial independence” really means

PanARMENIAN.Net - 2020 had barely started when the Duke and Duchess of Sussex—Prince Harry and Meghan Markle—announced that they have made the choice to step back as senior members of the Royal Family.

Harry and Meghan will no longer receive funding through the Sovereign Grant, thereby making them members of the Royal Family with financial independence.

But under the current structure and financing arrangements, they are prohibited from earning any income in any form.

In an extensive update published on their official website, the Sussexes explain what exactly the financial independence they are seeking means.

Since the establishment of their office, 95% of the funding received for their office expenditure is derived from income allocated by HRH The Prince of Wales, generated through the Duchy of Cornwall.

The remaining five percent of funding for the Office of The Duke and Duchess of Sussex, covering costs associated with employing members of their official office, is received through the Sovereign Grant.

By opting out of the Sovereign Grant, the Sussexes appear to be cutting off direct financial ties to Buckingham Palace. Still, they have other revenue streams, including money from Charles’s estate portfolio.

In the 2018-2019 fiscal report, Her Majesty The Queen surrendered approximately £329 million from the Crown Estate to the government. In exchange for this contribution, in return, the government granted the sovereign approximately £82 million to cover the costs for official expenditure. This constitutes the Sovereign Grant.

According to official data, the contribution from UK taxpayers towards the full overhead of the British Monarchy is equivalent to approximately £1 per head per year. The British Royal Family, meanehile, generates an estimated £1.8 billion a year in tourism revenues for The United Kingdom.