The Crown Estate lost half a billion pounds on its London property portfolio as the value of retail space crashed, The Telegraph reported. This implies that value of properties in London owned by King Charles' public estate fell by 6.5 per cent to £7.2 billion which implies a reduction of £500 million in the last year alone. The footfall remained below pre-pandemic levels, annual report released by the King’s estate showed as it was published alongside the Sovereign Grant report on royal finances and the Duchy of Cornwall’s report.
The King was impacted by the soaring inflation in the UK as official royal spending increased by 5 per cent during the last financial year reaching £107.5 million. The income of the estate decreased by 1 per cent to £9.8 million- half of pre-pandemic levels. However, the Sovereign Grant remains at £86.3 million.
Read more: When King Charles' aide grabbed journalist's microphone for asking this question
A palace spokesman said that cutbacks had been made “across the board”, as per the report.
But the overall value of The Crown Estate swelled to £15.8 billion as investments at sea and rural land increased. Net revenue profit was at record levels – £443 million – as a result of lease agreements.
Dan Labbad, chief executive of the Crown Estate, said “a further year of uncertainty and volatility” led to significant variations in the financial returns.
{{/usCountry}}Dan Labbad, chief executive of the Crown Estate, said “a further year of uncertainty and volatility” led to significant variations in the financial returns.
{{/usCountry}}The revenue was a result of “the groundbreaking work we have undertaken over the past two decades, working in partnership across many sectors, to create a world-leading offshore wind market”, he said, adding, “We are now focussed on how we continue to maintain the UK’s position as a global leader, including supporting other technologies, the supply chain, skills and jobs, all of which are vital to a net zero and energy secure future."