The Billionaire King's Secrets: Unveiling the Royal Financial Enigma
In the midst of the Andrew Mountbatten-Windsor scandal, a timely documentary series, "What's the Monarchy For?", has sparked curiosity and controversy. With half of Britain questioning the monarchy's role, this three-part series, presented by the seasoned David Dimbleby, delves into the heart of royalty.
The Dimbleby dynasty, synonymous with the BBC's coverage of royal events, takes on a new challenge. But here's where it gets intriguing: the BBC, often seen as the royalty's ringmaster, attempts a different approach. Greg Dyke, a former director general, suggests reflecting public opinion, but with the monarchy's popularity at 50%, the series takes a lukewarm stance on its traditional attributes, especially regarding wealth.
However, the BBC's investigation into the royal family's finances faces an early hurdle. By separating power and money into different episodes, the series misses the mark on understanding royal power dynamics. The first episode revisits political moments, like Boris Johnson's proroguing of parliament, while Dimbleby questions the monarchy's constitutional power.
The real revelation comes in the episode about money. Dimbleby teams up with investigative journalist David Pegg to expose King Charles as Britain's richest monarch, a billionaire on the throne. The episode highlights the monarchy's tax advantages: no inheritance tax, voluntary income tax, and Duchies of Lancaster and Cornwall evading corporation and capital gains tax. These Duchies, massive wealth portfolios dating back to medieval times, generate annual profits of £20-25 million for the monarch and Prince of Wales, with diverse assets including land, estates, and even the Oval cricket ground.
A recent investigation by Channel 4 and The Times revealed that these Duchies charge commercial rates to public sector institutions like the NHS. The BBC series reminds us of the failed 2005 Parliamentary Committee attempt to address these financial anomalies. Dimbleby concludes that the royal family's wealth rivals that of plutocrats.
But the BBC holds back from delivering a decisive blow. Despite twinkly chats with political figures, the program fails to uncover why the monarchy has never been held financially accountable. It doesn't push David Cameron on why his administration increased royal secrecy or address the issue of royal wills, which remain private due to an act of parliament.
In short, we are more in the dark now than 15 years ago. Our democratic system, which prohibits royal-related FOI enquiries, cannot effectively scrutinize the Windsors' political access and influence. The documentary fails to make this connection, leaving out key details like the source of funds for Andrew's legal bills or the peppercorn rent for Prince Edward's residence.
The momentum for change lies with small organizations like Graham Smith's Republic pressure group and media outlets like Channel 4 and The Guardian, which ask the tough financial questions. Dimbleby gives the republican movement short shrift, portraying them as occasional flag-wavers. But it's these groups that are driving the conversation.
The series ends with an extract from Prince William's appearance on Apple TV+'s "The Reluctant Traveller." William's comment about change on his agenda leaves Dimbleby pondering. The program fails to push further, not even doorstepping the prince. It's a reminder that access to the royals is now softer, unlike 30 years ago when Dimbleby's brother tackled the then-Prince of Wales.
The series reflects our times. The Windsor household's privileged position relies on popular consent, but the monarchy is financially out of step with the nation. While older generations support the monarchy, younger generations are less inclined. The untaxed wealth has left the monarchy as one of the few financially stable institutions.
As Rutger Bregman, the Reith lecturer and historian, calls for a "moral revolution," the BBC's series on royalty reminds us that real change won't come from the establishment. It will come from tenacious young outsiders. For monarchists, the hope is that the revolution spares the crown, if not all its untaxed treasures.
"What's the Monarchy For?" - Catch it on BBC One and BBC iPlayer, Tuesdays at 9 PM.
