Newspaper article The Evening Standard (London, England)

Charles, Heir on a Shoestring; Prince Halves Bill for State ... and Pays More Tax, Too

Newspaper article The Evening Standard (London, England)

Charles, Heir on a Shoestring; Prince Halves Bill for State ... and Pays More Tax, Too

Article excerpt

Byline: Sri Carmichael and Jonathan Prynn

PRINCE CHARLES has transformed himself into a "cut-price royal" in response to Britain's bleak economic outlook, his accounts revealed today.

The future King is leading by example, taking half as much money from the Government as he did last year, spending less and paying more tax.

A week after the Chancellor's austerity budget, the Prince's private secretary Sir Michael Peat said Charles was "absolutely" dedicated to economising.

The Prince received [pounds sterling]1.664 million from the taxpayer in the year to March 31 - down 45 per cent on the [pounds sterling]3.033 million he received last year. His spending on official duties fell by 14 per cent from [pounds sterling]12.5 million to [pounds sterling]10.7 million.

Sir Michael said the shrinking bill for royal parties and banquets was "mainly down to cost efficiencies".

He said: "We're absolutely always looking for economy and trying to do things more efficiently. We've had quite a good go at that area [official entertaining and receptions] in the past 12 months. We always keep an eye on the economic climate. We do live in the real world - for the most part, anyhow."

The Prince of Wales's estate, The Duchy of Cornwall, saw its profits rise by 4.3 per cent to [pounds sterling]17.2 million.

The report accompanying today's accounts said: "The financial results are considered to be satisfactory in what has been a difficult market. The capital account has also performed well in all property classes with, particularly, financial investments showing growth during the last 12 months."

Charles slashed by half the amount he spent on official entertaining and receptions - from [pounds sterling]527,000 to [pounds sterling]252,000. His travel and subsistence costs fell by nearly [pounds sterling]80,000 and the amount he spent on residences and offices not paid for by a ministerial grant dropped from [pounds sterling]703,000 to [pounds sterling]545,000. …

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