Prince Andrew could receive unexpected financial boost after losing titles
In a move that's dominated headlines, Andrew recently declared that he would give up his titles, including the Duke of York, but it's now been claimed that his ability to earn money abroad is "unlikely to be affected"
Prince Andrew's capacity to earn money abroad is "unlikely to be affected" due to his Royal lineage, it has been suggested. The Duke of York has again been in the spotlight since he announced on October 17 that he would relinquish his titles, including the Duke of York.
In the same week as the release of Virginia Giuffre's posthumous memoir, Andrew is under increasing scrutiny over his ties to the late convicted sex offender Jeffrey Epstein. Meanwhile, as Buckingham Palace faces what the BBC describes as "calls" to act against the disgraced royal, Andrew, who continues to "vigorously deny the accusations" against him, has opted to give back his titles and membership of the Order of the Garter.
However, questions linger about the long-term effects of such a decision; indeed, Ephraim Hardcastle of the Daily Mail has posited that the controversy is unlikely to impact Andrew's "earning capacity" overseas.
He penned: "Despite the headlines, his (King Charles') troublesome brother remains HRH, a prince, a duke, earl and baron, a Garter knight and a knight of the Royal Victorian Order.
"He has simply said he won't use any of the titles but he retains them all. In truth, his earning capacity overseas is unlikely to be affected. Exact titles don't matter - being the Queen's son and the King's brother are enough kudos."
In his statement, Andrew claimed that following a discussion with the King and his family, they had concluded that the "continued accusations" about him "distract from the work" of his brother, Charles, and the Royal Family.
He wrote: "I have decided, as I always have, to put my duty to my family and country first. I stand by my decision five years ago to stand back from public life.
"With His Majesty's agreement, we feel I must now go a step further. I will therefore no longer use my title or the honours which have been conferred upon me. As I have said previously, I vigorously deny the accusations against me."
Despite this, Andrew, who no longer uses the HRH title and isn't a working royal, will continue to be a prince. Meanwhile, his former wife, Sarah Ferguson, will be known by her name only, and not the Duchess of York.
His children, Eugenie and Beatrice, will both continue to hold the title of princess, and it's believed Andrew will still reside in the £30million Royal Lodge in Windsor Great Park.
In regards to his finances, Charles reportedly removed Andrew's financial support last year. As a working royal, it was thought that he received cash from the Sovereign Grant, but this ceased in 2019, reports Metro.
It's not clear if Andrew continued to receive cash from the private funds of Charles or his late mother, Queen Elizabeth II. Yet, the publication also indicates that he may have generated income via "various investments".
Metro referred to investments that include "commercial dealings" with both China and the Gulf states, as well as a Dutch start-up, although this has reportedly been suspended.