January 09, 2020
Big news everybody – the Duke and Duchess of Sussex have announced they are “stepping back” as “senior” members of the royal family and will work to become “financially independent”.
Are Harry And Meghan Actually Going To Be ‘Financially Independent’?
If your reaction to this development was along the lines of “wut?”, that is completely understandable.
The financial workings of Her Maj and Co are more than a little complex and their definition of “financially independent” is almost certainly a far cry from the general population’s.So here are a few questions you might have, answered:What are they actually doing?A basic, but cracking, question. According to Harry and Meghan’s announcement, they are:... step[ping] back as ‘senior’ members of the royal family and no longer receive funding through the Sovereign Grant, [to] become members of the royal family with financial independence...Yes, but what does that actually mean?Let’s start with a bit of background about how the royals are financed. Since 2012, the Sovereign Grant has been the source of money used to fund the Queen’s official duties as monarch, including any work by other members of the royal family that supports these duties.
This includes things like official receptions, investitures and garden parties as well as the cost of travel involved in royal visits. For 2019-20, the Sovereign Grant has been set at £82.4m.
In exchange for this support, the Queen surrenders the revenue generated by The Crown Estate – land and property across the UK – which for 2017-18 totalled £329.4mn. 
The issue of whether or not the monarchy represents taxpayer value for money is hotly contested. The total cost per person in the UK worked out as £1.24 each last year and this has been rising.This also has to be balanced against the tourism revenues they generate, which according to one estimate totalled a whopping £1.8bn in 2017.
Either way, the Sussexes will no longer receive money from the Sovereign Grant for their formal office expenses. Their new official website, sussexroyal.com, said the grant had accounted for 5% of their office costs.What about non-office costs?This isn’t that clear right now. The Sovereign Grant is also used to pay for Harry and Meghan’s official royal travel, and their website said they “proudly” carry out official overseas visits in support of the Queen, suggesting they will still continue to do so.Who pays for the rest of their costs?The Prince of Wales currently pays for the remaining cost of their public duties and some of their private costs from his Duchy of Cornwall income. It’s not known if they will renounce all of part of this.So they’re going to get actual jobs?It looks like it but they won’t be stacking shelves in a supermarket.
Jeff Jacobson, co-founder of the Talent Bureau speaking agency, told Bloomberg that Harry could command Barack Obama-level fees – more than $100,000 (£76,330) per appearance.
There has been no announcement about any other possible roles. Harry is a former soldier and Meghan is a former actress so perhaps there’s a modern reboot of Soldier Soldier in the works.
The pair are also about to launch their new SussexRoyal foundation but they will not benefit financially from this.Will they still live in Frogmore Cottage?They will continue to base themselves at Frogmore Cottage when in the UK, but it’s worth noting that “cottage” is a bit of an understatement.
Taxpayers paid £2.4m to renovate Harry and Meghan’s official residence, which the couple moved into just nine months ago. As this money has already been spent, it would arguably be a bit of a waste if they moved out, to be honest.Will they cost the UK taxpayer any more money after this?Almost certainly. Stepping down as a senior royal doesn’t mean disappearing into a life of anonymity and their highly recognisable faces will still need protecting.
Sussexroyal.com, referring to armed security by the Metropolitan Police mandated by the Home Office, said: “The Duke and Duchess of Sussex are classified as internationally protected people which mandates this level of security.”Related... What Will Prince Harry And Meghan Markle Do Now? Prince Harry And Meghan Markle Plan To 'Step Back' As Senior Royals
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Tara Reid's 'Sharknado' is only one of her many horror films | Page Six Celebrity News
October 29, 2020
NKvtCkUymqU
Kelly Osbourne flaunts 85-pound weight loss at her 36th birthday party | Page Six Celebrity News
October 29, 2020
d6mC9h9bQ4I
These celebrity kids' Halloween costumes are a real treat | Page Six Celebrity News
October 29, 2020
um1UZO4Wuq8
Scarlett Johansson & Colin Jost's Road to Marriage | E! News
October 29, 2020
G3hYV2dwR50
5 Scary Movies to Watch This Halloween on Peacock | E! News
October 29, 2020
na02t379L4s
Nick Jonas Explains the "Jonas Blessing" for Sports Stars | E! News
October 29, 2020
N89IbW4a0A0
YouTuber Forgives Arizona Racist for Calling Him the N-Word | TMZ
October 28, 2020
a2VE_P_pm28
Strong Wind Nearly Topples Semi-Truck in Wild Video | TMZ
October 28, 2020
brEF9G_nlsw
Chris Harrison Gave Dodgers Advance Screening of New 'Bachelorette' Debut | TMZ
October 28, 2020
L7nXHbwf5PU
Sia Talks Directing Her First Feature Film 'Music'
October 29, 2020
SIVppt0YPio
Jennifer Lopez & Elaine Goldsmith-Thomas Reflect on 'Maid in Manhattan,' 'Hustlers,' and More
October 29, 2020
X0egdNHC6V8
'Pen15' Creators Anna Konkle, Maya Erskine Discuss Season 2 with Chelsea Peretti
October 29, 2020
78cIeLq4bBU
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
28
Oct
ENGLAND: Championship
Rotherham - Sheffield Wednesday
28
Oct
ENGLAND: Championship
Bournemouth - Bristol City
28
Oct
ENGLAND: Championship
Preston NE - Millwall
28
Oct
ENGLAND: Championship
Derby County - Cardiff City
28
Oct
ENGLAND: Championship
Birmingham - Huddersfield
28
Oct
ENGLAND: Championship
Luton - Nottingham Forest
27
Oct
ENGLAND: Championship
Swansea City - Stoke City
27
Oct
ENGLAND: Championship
Wycombe Wanderers - Watford
27
Oct
ENGLAND: Championship
Middlesbrough - Coventry
27
Oct
ENGLAND: Championship
Blackburn - Reading
27
Oct
ENGLAND: Championship
Brentford - Norwich City
27
Oct
ENGLAND: Championship
Barnsley - QPR
26
Oct
ITALY: Serie A
AC Milan - Roma
26
Oct
ENGLAND: Premier League
Burnley - Tottenham Hotspur
26
Oct
ENGLAND: Premier League
Brighton - West Bromwich Albion
26
Oct
GERMANY: Bundesliga
Bayer Leverkusen - Augsburg
26
Oct
SPAIN: La Liga
Levante - Celta Vigo
25
Oct
ENGLAND: Premier League
Arsenal - Leicester City
25
Oct
ITALY: Serie A
Juventus - Verona
25
Oct
ITALY: Serie A
Benevento - Napoli
25
Oct
ENGLAND: Premier League
Southampton - Everton
25
Oct
SPAIN: La Liga
Real Sociedad - Huesca
25
Oct
GERMANY: Bundesliga
Wolfsburg - Arminia Bielefeld
25
Oct
GERMANY: Bundesliga
Werder Bremen - Hoffenheim
25
Oct
ENGLAND: Premier League
Wolves - Newcastle United
25
Oct
SPAIN: La Liga
Getafe - Granada CF
25
Oct
ITALY: Serie A
Fiorentina - Udinese
25
Oct
SPAIN: La Liga
Cadiz - Villarreal
25
Oct
ITALY: Serie A
Parma - Spezia
25
Oct
SPAIN: La Liga
Real Valladolid - Alaves
25
Oct
ITALY: Serie A
Cagliari - Crotone
24
Oct
ENGLAND: Premier League
Manchester United - Chelsea
24
Oct
SPAIN: La Liga
Barcelona - Real Madrid
24
Oct
GERMANY: Bundesliga
Borussia Dortmund - Schalke
24
Oct
GERMANY: Bundesliga
Bayern Munich - Eintracht Frankfurt
24
Oct
ENGLAND: Premier League
Liverpool - Sheffield United
24
Oct
SPAIN: La Liga
Atletico Madrid - Real Betis
24
Oct
ENGLAND: Premier League
West Ham United - Manchester City
24
Oct
ITALY: Serie A
Genoa - Inter Milan
24
Oct
ENGLAND: Championship
Norwich City - Wycombe Wanderers
24
Oct
ITALY: Serie A
Lazio - Bologna
24
Oct
SPAIN: La Liga
Sevilla - Eibar
24
Oct
SPAIN: La Liga
Osasuna - Athletic Bilbao
21
Oct
CHAMPIONS LEAGUE: Group stage, Group A
Bayern Munich - Atletico Madrid
21
Oct
CHAMPIONS LEAGUE: Group stage, Group B
Inter Milan - Borussia Monchengladbach
21
Oct
CHAMPIONS LEAGUE: Group stage, Group D
Ajax - Liverpool
20
Oct
CHAMPIONS LEAGUE: Group stage, Group H
PSG - Manchester United
20
Oct
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Ferencvaros
18
Oct
ITALY: Serie A
Roma - Benevento
18
Oct
ENGLAND: Premier League
Tottenham Hotspur - West Ham United
17
Oct
ENGLAND: Premier League
Newcastle United - Manchester United
17
Oct
SPAIN: La Liga
Getafe - Barcelona
17
Oct
ITALY: Serie A
Crotone - Juventus
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.