King Charles III has implemented significant financial changes affecting his brother, Prince Andrew, Duke of York, by terminating the funding for his private security and discontinuing his annual allowance. This action establishes a clear separation in financial backing and a strategic repositioning of the royal institution.
Sources indicate that King Charles opted not to extend the contract for Prince Andrew's private security team, which was scheduled to conclude in autumn 2024. This decision follows Prince Andrew's removal from taxpayer-funded police protection in 2022, a consequence of his withdrawal from public duties amid controversies related to Jeffrey Epstein. Previously, the King had been privately funding Prince Andrew's security at the Royal Lodge in Windsor, an expense estimated at nearly $4 million annually.
Further financial measures were enacted in November 2024, when King Charles directed the Keeper of the Privy Purse to revoke Prince Andrew's £1 million personal annual allowance and to cease funding his personal security. These steps highlight the King's dedication to refining the monarchy's public image and dissociating it from past associations. The financial severance is viewed as a move to uphold the current operational standards and public perception of the royal family.
Prince Andrew's financial standing has been under scrutiny, with his investment firm, Urramoor Limited, recently seeking dissolution following a period of financial difficulty and a bailout from an undisclosed benefactor. This situation reflects the broader context of financial reassessments within the royal family, as King Charles manages the institution's resources and public standing. Historically, royal finances involve complex structures, with the Sovereign Grant providing public funding for official duties, while private wealth and assets, such as the Duchies of Lancaster and Cornwall, offer additional income streams for the monarch and the heir.
While members of the royal family are not legally mandated to pay taxes, there is a tradition of voluntary tax contributions on certain incomes. King Charles' decision to reduce financial support for Prince Andrew aligns with a broader strategy to streamline royal operations and maintain a distinct separation between working royals and those who have stepped back from public life. This adjustment in financial support represents a notable development in the ongoing evolution of the monarchy's structure and public engagement.