Royal’s ‘ideas factory’ defends Queen
BRITAIN: Prince Andrew has defended his mother, the Queen, over investments made by her private estate in funds based in a tax haven.
A total of £5.7 million (NZ $11.2m) was invested by the Duchy of Lancaster in a fund in the Cayman Islands, according to the so-called Paradise Papers which were leaked from an international law firm.
The investment led to criticism, and Frank Field, chairman of the House of Commons work and pensions committee, accused the council of the Duchy of Lancaster of ‘‘political ineptness’’.
Prince Andrew, the Duke of York, defended the investment as he spoke about his plans to emulate Prince Albert as the ‘‘entrepreneur-in-residence’’ at Buckingham Palace. He is a former trade ambassador.
‘‘First of all, the money’s invested in a country in which she’s the head of state,’’ the duke said.
‘‘If any of the investments have benefit derived by the Queen, she pays tax on them. There’s nothing wrong with it.’’
He said he was not worried that his role would be curtailed by the desire of Prince Charles to reduce the size of the royal household when he became king. ‘‘The family flexes in size dependent on generational changes and shifts and ideas among the family,’’ he said.
About £10m from the duchy was invested in the Cayman Islands fund and a separate fund called Jubilee Absolute Return Fund, based in Bermuda and later Guernsey, according to papers from Appleby, the law firm.
The Queen voluntarily pays tax on any income she receives from the duchy and worldwide.
The duchy obeyed the law, was not involved in decisions made by funds and there is no suggestion that the Queen knew of specific investments.
Andrew, who was promoting his Pitch@Palace contest for young entrepreneurs, said he considered himself an ‘‘ideas factory’’.
He said that when he made a suggestion his aides would respond: ‘‘Oh, for goodness’ sake shut up, Sir! If you’ve had another idea, we’re going to have to do something else . . .’’
He also said he believed he had become caught up in controversies, including having links to an American sex offender and a member of Kazakhstan’s ruling family, because of his willingness to help out other people.
He is also said to have given Kevin Spacey, the actor about whom a number of unsavoury allegations have been made, a tour of the palace.
‘‘Sometimes you find that somebody’s done something after the event, or you find that perhaps that wasn’t quite as wise,’’ the prince said.
‘‘You don’t get it right all the time. You just have to get on with it. It doesn’t bother me, really. It’s just part of life’s rich tapestry.’’
The prince also said he had plans to improve the wi-fi signal at Buckingham Palace and St James’s Palace and had lifted a ban on the public use of mobile phones there. –