Listen: Prince Harry and Meghan's Shift Draws Attention to Royal Finances
"Royal Family is funded busy with the combination of public funds funds from taxpayers and private wealth that the family has accumulated over the last few centuries Essentially take the queen for example Apple. She has three sources of income. She has what's called a sovereign grant which is a sum of money paid but taxpayer to her every year to cover her royal duties. She has what's called the Duchy of Lancaster which is a huge tract of land was the monarch Kazaa owned since the Thirteenth Century which basically pays out? It's prophets prophets to the queen every year and. She has her private wealth. And we don't know how much that accounts full but that includes things such as Sandringham estate the the bow moral estate paintings another assets that we don't necessarily know about We don't necessarily know how much worth okay. So That's how the Royal Family Family itself is funded. How is Harry currently funded? So one of the the complicated things about the royal family is that effectively. It relies on a huge system of patronage patronage between the For instance Prince Charles effectively funds Prince Harry through his own estate called the Duchy of Cornwall which again has been been in the family since the fourteenth century and again as a large tract of land which pays out a profit every year which Charles than pockets and he then redistributes some of that it to his own children Harry and William last year got around five million pounds in payments from Prince Charles But Harry is also independently wealthy. The inherited money from his mother the late Princess Diana and also from his great grandmother the Queen Mother what would a as the tabloids call that makes it look like then financially for Prince Harry and Meghan Markle. Well that depends to a large extent Whether Harry is allowed to to monetize his sovereign connections and do things like get paid for speeches or endorse products. or he they've already Looked kind of trademarks and and products associated with them such as greeting cards and socks with the Brand Royal Sussex Whether they can monetize that but again. It's a big balancing act because if you're the monarchy you don't want to cheapen the brand having Sussex royal socks being peddled on street corners and don't want and you don't want your you're the younger monarchs the the ones we're not direct as the throne going off and associated themselves with people who have potentially of ill repute So that's the big balancing the we're GONNA see how and it's not just about how they earned income right there's tax implications and security implications as well if they decide to split their time between the the United Kingdom and Canada. Yes and I think security is a big issue because the British Tax Pat Karney. Foots the bill run into the hundreds of thousands of pounds every year to make sure that prince it's Harry and his wife Do get round the clock protection from police officers. Obviously if they didn't go to Canada it's unclear. Who's going to foot the bill? Is that going to be the Canadian tax expert. Who pays that? I think the Canadian Finance Minister yesterday was asked about this and seemed surprised that the idea that this would be the candidates problem And so I think these missile things have to be ironed out and the Queen Today said look. There's going to have to be a transition period while we work out to resolve this and frankly it's unclear the stage That will go. Why do you think this has caused so much interest not just in the United Kingdom but around the world? Well I see the two people involved in this Sir extremely famous. I mean Meghan Markle Harry go married in this big Gorgeous lavish wedding in two thousand eighteen and the whole well tuned into watch it and so and in a way people have been following that progress ever since and they were seen as quite an atypical. Couple this mixed race. US born filmstar marrying this the minds of the storied story family it. It seemed to sort of romance made in heaven. Now obviously you know the practicalities of that marriage and now being tested and people are intrigued is a great story. Korea is a great piece of gossip and something that in times of trouble when the world looks a little bit unsafe and"