You might have a lot of questions about the latest news from the palace or you might just be wondering what all the fuss is about. It seems that Meghan and Harry’s New Year’s Resolution was to back away from royal duties. Harry’s uncle Andrew has already been excused thanks to his relationship with a convicted paedophile and his embarrassingly bad way of explaining it during a BBC interview. Now Harry wants out too. Soon enough there won’t be any royals left to shake the hands of foreign dignitaries and give knighthoods out.
It seems that the couple are still okay with being members of the royal household. They don’t want to be senior members though. That’s not really up to them, is it? They’ve announced they will become “financially independent” and split their time between Canada and the UK. They choose Instagram rather than any official channels to make the announcement that, “After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution.” According to BBC’s royal correspondent, Jonny Dymond, no one at the palace was forewarned about this news, which has come to be known as “Megxit”. The queen’s response has been a guarded one. She’s used official spokespeople to tell the press that, “We understand their desire to take a different approach, but these are complicated issues that will take time to work through.”
In seeking to become “financially independent”, the couple will reject the Sovereign Grant. This funding mechanism pays out annually to cover expenses and to help maintain official residences and workspaces. The queen is granted a portion of these funds for official expenditure, which is outlined in the Annual Report of the Sovereign Grant on gov.uk. Within this structure, there’s money for current members of the royal family who support the role of the monarch. According to Harry and his wife’s website, the Sovereign Grant covers five percent of their cost. Harry’s dad covers the rest.
What does “financially independent” mean? That’s the term Harry and Meghan used on Instagram. It seems they are giving up the five percent his grandmother used to give him through the Sovereign Grant in exchange for a quiet life. Harry still expects his father to foot the bill for the majority of his expenses, even though the couple’s net worth is between £21 million and £40 million depending on which sources you believe. We know Harry inherited around £10 million from his mother. If you assume that was well invested and never touched because his grandmother and father cover his costs, he must have enough to look after his wife and kid without the need for his father’s support.
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