King made more than £1m selling land for leg of HS2 that was scrapped

The Guardian
The Guardian
3M ago
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The Duchy of Lancaster earned over £1 million from land sales for the HS2 project, despite its claims of self-financing.
King made more than £1m selling land for leg of HS2 that was scrapped
A What happened
The Duchy of Lancaster, which provides private income to the monarchy, has made over £1 million from selling land for the HS2 project, which has since been canceled. Despite claiming to be self-financing, the duchy negotiated substantial payments for land sales related to infrastructure upgrades in Crewe. The duchy is exempt from most business taxes, allowing it to maximize profits from these transactions. The late Queen Elizabeth II oversaw a significant increase in profits during her reign, and King Charles III inherited the duchy without paying inheritance tax. The duchy has faced criticism for its dealings with taxpayer-funded organizations, prompting a review of its policies.
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Key insights

  • 1

    Duchy of Lancaster's Financial Practices: The duchy profits from land sales while claiming self-sufficiency.

  • 2

    HS2 Project Cancellation: The HS2 northern phase was scrapped due to rising costs.

  • 3

    Tax Exemptions for the Duchy: The duchy benefits from significant tax exemptions, impacting its financial transparency.

Takeaways

The Duchy of Lancaster's financial dealings raise important questions about accountability and transparency in royal finances.

Topics

World & Politics Elections Governance Corruption & Accountability