What is the story about?
What's Happening?
King Charles's private estate, the Duchy of Lancaster, profited over £1 million from selling land for infrastructure projects related to the HS2 rail line, which has since been canceled. The land sales were part of preparations for a proposed hub station in Crewe, Cheshire. The Duchy, exempt from most business taxes, negotiated these sales between 2012 and 2017. The HS2 project was expected to significantly boost Crewe's economy and infrastructure, but the northern phase was scrapped in 2023 due to rising costs.
Why It's Important?
The revelation of the Duchy's profits from the HS2 project highlights issues of transparency and the financial benefits enjoyed by the monarchy's private estates. The cancellation of the HS2 northern phase has left local authorities like Cheshire East Council facing financial challenges, as they had invested in infrastructure improvements in anticipation of the project. This situation underscores the complexities and potential pitfalls of large-scale infrastructure projects and their impact on local economies.
Beyond the Headlines
The Duchy of Lancaster's tax exemptions and its ability to profit from public projects raise questions about the fairness and accountability of such arrangements. The situation also reflects broader concerns about the financial management and transparency of royal estates, especially when public funds and interests are involved. The ongoing scrutiny may lead to calls for reforms in how royal estates engage in commercial activities.
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