King Charles’s estate has announced it is transferring more than £100m, including funds collected from dead people under the archaic system of bona vacantia, into ethical investment funds after an investigation by the Guardian.
The surprise announcement comes amid growing pressure on the king over the Duchy of Lancaster’s use of funds collected from people who die in the north-west of England with no will or next of kin.
On Thursday, the Guardian revealed some of the funds were secretly being used to renovate properties that are owned by the king and rented out for profit by his estate. The duchy conceded that some bona vacantia revenues are financing the restoration of what it calls “public and historic properties”.
However the king’s estate has also been battling separate questions over its management of another portion of bona vacantia funds that are given to its charities.
This is the best summary I could come up with:
The surprise announcement comes amid growing pressure on the king over the Duchy of Lancaster’s use of funds collected from people who die in the north-west of England with no will or next of kin.
On Thursday, the Guardian revealed some of the funds were secretly being used to renovate properties that are owned by the king and rented out for profit by his estate.
Contacted by the Guardian this week, the Duchy of Lancaster initially declined to say whether its charities had invested in any oil or gas, tobacco, weapons or mining companies.
The Duchy of Lancaster’s announcement of a similar policy comes amid growing questions for the royal estate which has long claimed that bona vacantia proceeds go to charity after costs are deducted.
Cat Smith, MP for Lancaster and Fleetwood, said: “Like so many other local people I was surprised to learn the anomaly that means those dying without a will or heir in the county palatine see their assets passed to the king rather than the state.
It’s an unjust and archaic hangover from the medieval times and I’ll be seeking advice on how to bring my constituents’ rights out of the feudal era.”
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