In short
Princess Eugenie’s third pregnancy announcement and what it signals about the monarchy’s stance toward her parents, Prince Andrew and Sarah Ferguson, after the Jeffrey Epstein scandal; the episode also covers claims about Harry and Meghan’s finances and a report on Prince William’s tax.
Guests
None. The host is Jack Royston (Newsweek’s Chief Royal Correspondent).
Guest backgrounds
Not applicable.
Key claims
- Buckingham Palace released Eugenie’s pregnancy news and said King Charles is “delighted,” suggesting Eugenie and Princess Beatrice remain “in the fold” after Epstein-related fallout.
- The host argues media hostility toward the York sisters intensified after the Epstein files, including claims they may have known Andrew’s timeline was false.
- The episode claims Dan Wakeford’s newsletter alleges Harry and Meghan are running out of money, with security costs driving expenses.
- A Sunday Times calculation is cited claiming William’s tax bill is about £5–7 million (or up to $10 million), with tax paid “voluntarily” via deductions.
Notable examples
- Epstein files: Eugenie and Beatrice allegedly flew to see Epstein in 2009; emails suggest Epstein sought access/favor.
- Andrew’s 2019 BBC Newsnight interview timeline is contrasted with later evidence.
- Dan Wakeford’s “5 sources” parallel earlier Us Weekly coverage.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOEugenie's Pregnancy Announcement
0:45 to 2:50
Discussion on the implications of Princess Eugenie's pregnancy announcement.
“Now, the other reason is because Buckingham Palace have actually conveyed in their statement, in their press release, what King Charles feels about this, saying that he's delighted with the news, which I'm sure he is.”
Andrew's Controversial Past
2:50 to 6:07
Exploration of Prince Andrew's past ties with Jeffrey Epstein and its impact on the York sisters.
“So it is significant to have a new iteration or expression of the palaces and the monarchies and the kings' support for these two princesses post the Epstein files.”
Palace Statements and Public Perception
6:07 to 9:40
Analysis of Buckingham Palace's statements regarding Eugenie and Andrew.
“August, age five, and Ernest, age two, are also very excited to have another sibling join the family, the statement says.”
The Media's Changing View on the York Sisters
9:40 to 14:00
Discussion on how media perceptions of Beatrice and Eugenie have evolved.
“overstated to the extent to which she's cut ties with them.”
Richard Eden's Insights on Princess Beatrice and Eugenie
14:00 to 23:34
Exploration of Richard Eden's argument regarding Princess Beatrice and Eugenie's knowledge of their father's actions.
“people, I think, in this re-evaluation of them is Richard Eden, who is the diary editor of the Daily Mail.”
Meghan and Harry's PR Challenges
23:36 to 28:00
Discussion on Meghan and Harry's response to negative media portrayals and their public relations strategies.
“And of course, like and subscribe on YouTube if you're watching there.”
Bullying Allegations and Dan Wakeford's Comments
28:00 to 28:49
Explore the implications of Dan Wakeford's statements regarding Meghan's alleged bullying.
“And actually, regular listeners to the show may remember that there was one particular line in that PR fight back that really jumped out as extraordinary to me.”
Meghan's Reputation and Allegations
28:50 to 29:40
Discuss the reputation risks Meghan faced amid allegations of bullying and their impact.
“that's another interesting thing, is this story.”
The Relationship with Meghan's Friends
29:41 to 31:37
Analyze the fallout between Meghan and her friends, and the media coverage surrounding it.
“She went to Dan and now he's painting a very different picture.”
Dan Wakeford's Financial Insights
31:38 to 34:15
Examine Dan Wakeford's revelations about Harry and Meghan's financial situation and its implications.
“but obviously pushed back on very hard by the Sussex camp.”
Show all 17 chapters
Cultural Heat and Celebrity Leverage
34:16 to 35:34
Gain insights into the precarious nature of celebrity leverage as explained by Dan Wakeford.
“And so it's not totally outside of where I kind of thought they were.”
Friendship and Reputation Challenges
35:35 to 36:59
Discuss the challenges Harry and Meghan face in maintaining friendships and their reputational impact.
“So he then talks about his two big cover stories that he did about Meghan and Harry, said they were fact-checked and so on.”
The Importance of Building Alliances
37:00 to 40:18
Explore the necessity for Harry and Meghan to cultivate and maintain friendships for their success.
“And there comes a point where you do just need friends.”
Prince William's Tax Obligations
40:31 to 42:00
Analyze the details surrounding Prince William's tax payments and financial transparency.
“And when I'm back, is it right that Prince William only pays tax voluntarily.”
Understanding Royal Taxation and the Duchies
42:00 to 45:00
Learn about the complexities of royal finances and taxation in the UK.
“So first, I suppose I need to give you a little bit of an understanding of what the duchy actually is.”
Critique of Royal Tax Exemptions
45:00 to 48:20
Explore the arguments regarding the transparency and fairness of royal tax exemptions.
“I had a chat with Graham Smith, who's the Chief Executive of the Republic, and he obviously is of the view that it needs to be more transparent.”
Future Vulnerabilities of the Monarchy
48:20 to 54:00
Discuss the potential repercussions of current royal financial practices on the monarchy's future.
“So it might be just kind of insulating him from liability, because when you're dealing with a budget that big, there's going to be all kinds of complications.”
Transcript
Automatic transcript. May contain errors.0:01Princess Eugenie's baby announcement delights King Charles Meghan and Harry are reportedly running out of money and Prince William's taxes are under the microscope. I'm Jack Royston, Newsweek's Chief Royal Correspondent, and this is Newsweek's Royal Report. Hello listeners and welcome to the show. Now Princess Eugenie is pregnant with her third child, which is obviously wonderful news for her, and ordinarily this would be a very straightforward and simple piece on the Royal Report, probably tacked on to the end of another kind of more meaty controversial subject but there is a particular reason why the announcement itself of princess eugenie's news is interesting in terms of the wider politics of the royal family and that is because first of all it was released by buckingham palace communications office and so that means it has been released by the monarchy about a woman who's not a working royal and whose father andrew mountbatten windsor has been stripped of his royal titles and kicked out of his Windsor mansion in disgrace because of his ties to Jeffrey Epstein.
1:05Now, the other reason is because Buckingham Palace have actually conveyed in their statement, in their press release, what King Charles feels about this, saying that he's delighted with the news, which I'm sure he is. And again, nothing particularly controversial about the fact of being delighted to hear you're going to have a new grandniece or nephew. But it is kind of an endorsement of both of the York girls, both the princesses, Beatrice and Eugenie, for the first time since the Epstein files. So a little bit of the recent timeline of this. Obviously, we've known for years and years and years and years that Andrew had been accused by Virginia Jeffery of sexually assaulting her in London, New York and the US Virgin Islands and that she'd sued, filed a civil case in New York which was settled in 2022.
1:54Andrew obviously denies it all. He paid an undisclosed sum while denying liability. But then in the autumn, in October, the Democrats on the House Oversight Committee in Congress in America started releasing all of these emails from the Epstein files. Andrew was then stripped of his royal titles by the king at the end of the month. and so there were some early attempts to signal that Beatrice and Eugenie were still in the fold like a new royal patronage being shared with Prince Edward and things like that so we kind of understood in that first instance that the palace weren't completely throwing Beatrice and Eugenie under the bus even as they've virtually or effectively excommunicated Andrew and Sarah Ferguson.
2:38Andrew is actually technically living on the king's estate in Sandringham, so maybe not fully excommunicado, but not far off. And then, very end of January, start of February, we got the actual release of the three million documents from the Epstein files that we've now had published, and they gave a much more detailed window into Andrew and Fergie's, both their relationships with Epstein, and also the ways in which Beatrice and Eugenie were dragged into that. So it is significant to have a new iteration or expression of the palaces and the monarchies and the kings' support for these two princesses post the Epstein files.
3:21Because actually, certain elements of the British media have been more hostile to the York girls in that time, including the Daily Mail. Rich Deed in the diary editor of the Daily Mail in particular has said he felt lied to by them. He sees them sometimes at events and so on and feels that they were not completely candid with him about how much they knew of the links to Epstein. And there are certainly things that Andrew said in his 2019 interview with BBC Newsnight and with Emily Maitlis that Beatrice and Eugenie must have known weren't true. specifically Andrew said that he effectively cut off contact with Epstein in 2006 after Epstein you know when Epstein was first being investigated on the basis of the first very first allegations fired his way and that he only saw Epstein in 2010 in order to formally break off the friendship on a kind of visit to New York now Beatrice and Eugenie were flown out to have lunch with Epstein in 2009 by Sarah Ferguson.
4:19And so therefore they must have known that that component part of Andrew's account was untrue, which obviously we now all know because we have the emails between Andrew and Epstein that continued all the way into 2011. But they knew it at a point when we didn't because they had personally sat in the room and had lunch with Epstein at a point when Andrew said he had effectively ended contact. And they didn't tell us and they didn't tell anyone really, including Richard Eden. So it is interesting you know I personally am still just about erring on the side of having sympathy for them because both their parents actually it's not just Andrew it's Fergie too must have been a complete nightmare to be brought up by and they've come out of what must have been actually a really traumatic childhood in some respects.
5:11Who knows whether they feel that way but i think that having parents as narcissistic as andrew and fergie must have an impact on the kids and they do seem to have come out kind of like relatively you know together and in control of themselves and they don't seem to have continued the terrible behavior of their parents they might have had a role in kind of not covering up but certainly not being fully candid about what their parents had done but that is also not quite the same as doing it yourself. And so if you look generation to generation, you know, Beatrice and Eugenie, it's much more stable and much less toxic and much less destructive than Andrew and Fergie.
5:50And so I kind of give them some credit for finding their own way to survive the narcissism of their parents. But let's talk a little bit about some of what has actually been said here and what it all means. So let's start with the actual palace announcements. So this statement came out Monday morning, UK time, and the Palace press release said Her Royal Highness Princess Eugenie and Mr Jack Brooksbank, that's her husband, are very pleased to announce that they are expecting their third child together due this summer. Now they have two kids already. August, age five, and Ernest, age two, are also very excited to have another sibling join the family, the statement says.
6:29His Majesty the King has been informed and is delighted with the news. So there you go, that's the line that kind of piqued my interest, really beyond obviously being happy for Eugenie that she's got a new child on the way. So I think, you know, the palace did speak on behalf of Andrew back in October. You know, they released a statement from him mid-October before he was stripped of his titles. Would they do that again now that he has been kind of, you know, forced out of his mansion and made no longer a prince and so on? I kind of think they might do under certain circumstances, but not in a kind of purely positive, happy, upbeat kind of a way.
7:05I don't think they're just going to be giving Andrew's personal news via the Buckingham Palace press office anymore. So this does signal that they're treating Eugenie and Beatrice differently to how they treat Andrew. And I find it very difficult to believe that they would speak for Fergie anymore. I just don't think that they see her. I mean, you know, Philip hated her enough when he was alive, which was before all of this came out. I don't think that there is really necessarily any way back for her. but also actually we haven't even had the baby yet so I'm probably jumping the gun a little bit here baby's due in summer within maybe like a year after the baby's born we might well expect a christening certainly the other kids were christened and so that creates an opportunity to see who gets invited and whether usually actually invites Andrew because there were stories at the tail end of last year saying that she actually was no longer on speaking terms with her father and that she was actually really quite angry with him.
8:07Then there were some kinds of off-the-record denials thrown into the British press and it's in a slightly ambiguous position right now but Beatrice had a christening for her daughter Athena in December and Andrew and Fergie did go to that and they managed to stay completely out of the line. I'm like they weren't photographed going in. We have an understanding that they were there but they were kind of smuggled in through a side door so they wouldn't be pictured. And I don't believe that the king went. In the past, you know, when there have been christenings in the family, there had also been speculation that Queen Elizabeth II would go.
8:42And no, I don't think there was actually ever any confirmation. I sense that I don't think she did, but there was this idea that as Supreme Governor of the Church of England, i.e. as the ceremonial head of the Church of England, she might have gone to the kind of church for the christening. but the christening of athena as recently as december was at saint james's palace it was at the chapel royal in saint james's palace so again you know will usually be allowed to use the chapel royal um if she wants to presumably if she does will the king attend he is now the ceremonial head of the church of england will he go i suspect he probably won't but that's the big one is will usually invite her father i mean if andrew isn't there or if fergie isn't there and that will give a really strong indication that usually actually, you know, has had to fundamentally reassess her relationship with her parents.
9:30And, you know, if she, that will be the, that will be the proof that she has cast them aside. On the other hand, maybe she hasn't, you know, there have been some denials from, you know, purporting to be from the York camp that, you know, maybe it's a bit overstated to the extent to which she's cut ties with them. So if Andrew does turn up, even if he's not photographed but if we get indication that again he's been smuggled in us by a side door we will know that actually usually is on some level at least still talking to her parents even if she's quite angry and upset with them which actually you know from my point of view i think she has every right to be um but let's talk a little bit about this whole question of what if anything um usually ought to have known or did know um and what's actually in the epstein files.
10:19So straight off the bat, for what it's worth, Princess Eugenie is not a working royal in the sense that she does not carry out royal engagements on behalf of the king. She does do some charity work. She has an anti-slavery charity, for example, and she works professionally in the private sector. But she's kind of closer to being a Prince Harry and a Meghan than she is to being a Prince William and a Kate. So she does her own stuff, but she doesn't represent the monarchy. Now, Andrew and Fergie had massive debts that Andrew was also trying to help Fergie to resolve. She owed huge amounts of money over town, up to a point in the 1990s she tried to get the Queen to help her out, and then the Queen got to the end at a point where she was through with that, gave an amount of money to Fergie and said, that's it, you're not getting any more.
11:03You are now effectively cut off. If you have further financial problems, you're on your own. I'm not going to help. And Fergie, being kind of addicted to going on these crazy spending sprees, obviously racked up huge amounts of debts and needed help. And so she wanted Epstein to kind of pay her debts and get her out of this financial pit. And 2009 came around. Epstein had already been convicted. In fact, he pleaded guilty to soliciting a minor for prostitution in 2008. He had done a portion of his sentence in prison and he was now under house arrest. and Fergie threw the girls out there, went with Beatrice and Eugenie to see Epstein in person and have lunch back in 2009 and Epstein was willing to actually pay for their flights and they didn't fly cheap.
11:45They presumably were not on economy because it cost$14 ,000 according to the Epstein files to fly them out there, which is obviously a gargantuan sum of money. And there are other emails in which it appears that Epstein was trying to get Fergie to make the princesses available to him to kind of curry favour. So one email from March of 2010 reads, Sarah, could you, oh, you know, obviously the guy can't write. He says, could you are one of your daughters, presumably means could you or one of your daughters show, then there's a name that's redacted, Buckingham. Thanks. Buckingham is actually a town, a fairly unassuming town to the northwest of London.
12:26He presumably means Buckingham Palace. But the guy cannot write emails. So there we go. But some of these efforts that Epstein was making to try and rope Eugenie and Beatrice into kind of doing his bidding and showing his friends around and all of this stuff seem to have been unsuccessful. They seem to have refused or said that they weren't in Britain at the time and couldn't do it. So they may have been pushing back themselves. They may well have realized that this was all a terrible idea and not wanted to be tainted by association with Epstein. we don't really there's not nothing in the files that quite shows exactly how they felt about it except for the fact that we know that some of these efforts that epstein was making were ultimately rebuffed and fergie would come back with kind of excuses like they're skiing they're not in the country they can't do it she wouldn't say she doesn't say at any point they fundamentally disagree with my friendship with you on a moral level and are refusing but you know there is some indication that at least on some occasions it didn't actually happen which you know i i'd take careful notes of that in terms of my evaluation of the extent to which the girls are morally tarnished or tainted here because if it is actually the case that these were excuses from and that behind the scenes beatrice and usually were saying hell no like why are you why are you asking me i don't have anything to do this horrible creep which is totally possible on the strength of the evidence we have, then obviously that would reflect better on them.
13:52But let's talk then a little bit about the changing attitude to the girls in the UK media. So one of the leading people, I think, in this re-evaluation of them is Richard Eden, who is the diary editor of the Daily Mail. And he wrote a particular piece in February that caught my eye and jumped at me at the time that he wrote it. And I think I actually did a previous episode in which I talked a little bit about this. And I said, for me personally, I still come down on the side of giving Beatrice usually a bit of the benefit of the doubt. Others may disagree, but let's talk about what Eden's case is, the argument that he puts forward.
14:27So this was headlined, How Princess Beatrice betrayed me. Richard Eden's met the princesses so many times. Now, for the first time, he tells his devastating conclusion and says, I feel so guilty. So he wrote, part of the reason I'd always been sympathetic to Princess Beatrice and Eugenie was that they seemed sensible and level-headed whenever I met them at London parties. It struck me as unfair for them to be tainted by the failings of their parents, the former Duke and Duchess of York. However, the more I read of the three million documents in the Jeffrey Epstein files, the more disturbed I am by how much they knew about the late sex offender and how little they did about it.
15:04After Prince Andrew's disastrous interview at Buckingham Palace with BBC Newsnight presenter Emily Maitlis in 2019, it was reported that Beatrice had advised her father to take part. Indeed, she was said to have attended a meeting at the palace with the BBC producers who persuaded Andrew to agree. So he then gives quite a detailed account of some of the other stuff being said and he rounds off the piece by saying, I fear they have betrayed my trust and betrayed the nation for allowing or even encouraging their father to lie to the nation, he continued. It is time for the sisters to speak out about what they know and order their father to start telling the truth to the police and to the authorities in the USA.
15:43So what is that a reference to? Well, let's talk a little bit about what Andrew said to Emily Maitlis back in 2019. And I think the most clear-cut bits of it is actually, so there's two dates that he gives for the timeline of how he ended his friendship with Epstein. So there is the hard cutoff, which he said he had no further contact after December 2010. We now know that's not true. but he also gives a soft cutoff date, which is 2006. Well, let me just read it and let me read what he actually said. So, well, I ceased contact with him after I was aware that he was under investigation and that was later in 2006 and I wasn't in touch with him again until 2010.
16:24So just, it was one of those things that somebody's going through that sort of thing. well, I'm terribly sorry, I can't be, see you. So basically he's just saying, you know, he partially, you know, he basically cut Epstein off in 2006, but then he went to visit him in 2010 to formally end the friendship. Well, obviously Fergie took Beatrice and Eugenie out to see Epstein in 2009. So Eugenie and Beatrice, both the princesses, will obviously have seen their father's interview on television and will have known that this wasn't true and didn't say anything to correct that record. So is it reasonable to expect that they should have done?
17:06Well, one argument for saying that they really should have done something here is the fact that Eugenie runs an anti-slavery charity. And this was a sex trafficking allegation that Andrew is trying to refute and rebut in this interview. So, yeah, I think they kind of should. The one thing that I would say in their defence is that, you know, I think when you have Andrew and Fergie as your parents, it's a matter of trying to find a way to survive the kind of constant egotism and narcissism of the people bringing you up. And so I do have a little bit of sympathy for them still on that basis. But then, you know, again, he then says he flew all the way to New York in December 2010 because he wanted to break up the friendship in person and that was the honourable thing to do.
17:50And he kind of suggests that his biggest crime was being too honourable by trying to go to New York to break it up in person. And that is just such obvious nonsense. We now know, A, that the relationship wasn't ended then and that contact between Andrew and Epstein continued after that point, continued into 2011, and that there were emails between them around the time that Virginia Jeffrey, who accused Andrew of sexually assaulting her, first went public in an interview with The Mail on Sunday, which was published in February 2011. And in the days afterwards, Andrew emailed Epstein to say, you know, oh, don't worry about me.
18:27I'm more worried about how this is affecting you. We'll just have to rise above it and we'll play some more soon. So, you know, they must have known more about that than we do. There's less in the Epstein files that definitively says that they knew that Andrew kept emailing Epstein after 2010. Maybe they would say they didn't know about those emails in 2011. Some people might believe them. Others may be more sceptical, but we don't definitively know either way. But the other question is, what really was the purpose of that trip to New York? Was it genuinely to break off the friendship? We now know that even as that visit was being planned and also in the aftermath, there were conversations about Epstein paying off Fergie's debts.
19:13and so that begs another question which is did the girls really not know did Beatrice and Eugenie really not know why it was that Fergie was chasing after Epstein and that what you know what was driving this friendship that there was a financial backdrop to this friendship and you know that was also the era in which Andrew has been accused of leaking confidential government documents to Epstein. And that allegation is what actually gave rise to him being investigated by Thames Valley police in Britain. So did the girls actually know? And in fact, will the princesses cooperate with that investigation?
19:50Do you know, would they give interviews to the police about what they knew about? That is the key element to that police investigation, which is for misconduct in a public office, not for sex trafficking or sexual assault. It's about misconduct in a public office. And will the princesses be willing to interview with the police and say what they knew specifically about the reason for the friendship, because they were there with Fergie. You know, they are material witnesses. They were there with Fergie during the 2009 lunch, after which a lot of these conversations about Epstein paying off Fergie's debts unfolded.
20:26So they really potentially, they know what Fergie said to Epstein during that lunch, which might well have been, you know, it could have been anything from my husband can get you confidential government trade documents if you pay off my debts, in which case, like, they are witness number one and witness number two in an eventual court case trying to prosecute Andrew. Or maybe they know that Fergie had a totally different motivation that we don't know about. But, like, if it was me, if I was investigating those cases, I would want to interview both of them. And we've had no real indication of whether they're going to give an interview or whether they consider themselves to have materially relevant information about their parents.
21:08Might seem like a high bar to expect somebody to testify against their own mum and dad. But, you know, we are dealing with incredibly serious issues here. We are dealing with, first of all, Epstein's crimes, sex trafficking, sexual abuse, incredibly serious. Virginia's allegations against Andrew, incredibly serious. But then also the allegations that relate to the leaking of government, confidential government documents. You know, if it happened, Andrew might deny it. He's entitled to a fair trial if he's ever charged. But that also speaks to aspects of Britain's national security, because as I've said previously on this podcast, Andrew was effectively a soft way in to kind of hacking into the British government for Epstein.
21:52and Epstein is, you know, many believe had ties to intelligence agencies and, you know, potentially Russian and Israeli and Russia, you know, Britain's virtually at war with Russia now. You know, we are effectively in the grips of a cold war with Russia. So the issues here, and, you know, I say all of this, you know, knowing full well stuff has to be proved and proved in court, but the issues that underpin these investigations on this case are extremely, extremely important. And while, you know, the part of me that wants to be really, really nice and live and let live and all the rest of it might, you know, want to want to just be nice to Beatrice and Eugenie.
22:30But there are massive high stakes issues in the background here that have to be addressed. And you can't just ignore it out of a desire to be nice to people, even when they have wonderful news to share, such as their pregnancy announcements. We still do have to remember that there are very serious issues at play here. So to round it off, Eugenie still considered in the fold by the palace at least enough that they can speak on her behalf and release to the public her pregnancy announcement. So what does that mean going forwards? Well, let's say Andrew gets charged and let's say it turns out that Beatrice and Eugenie have refused to give evidence to the police.
23:11That could leave the monarchy in a slightly sticky situation. And morally, as of this moment in time, I'm still inclined to give the princesses the benefit of the doubt. But obviously, at some point down the line, we may well need an answer on whether or not they did give an interview to the police about what took place during that lunch in 2009 with Jeffrey Epstein. And on that note, I'm going to take a quick break. But just a reminder to rate and review The Royal Report on Apple or Spotify or wherever you get your favourite shows. And of course, like and subscribe on YouTube if you're watching there.
23:44Now, when I'm back, Meghan and Harry are wildly unhappy, a source told a well-known former celebrity magazine editor.
23:57Hello, listeners, and welcome back to the show. Now, Prince Harry and Meghan's spokesperson has gone on the record to clap back at a celebrity newsletter that's been published containing a whole load of source quotes talking about their lives, their diminishing finances, and it paints a really bleak picture of their prospects in the years to come, basically. Now, why on earth, I hear you ask, would an official spokesperson for the Sussexes go on the record to deny the contents of a celebrity newsletter? And I think the simple reason for that comes from the person who wrote that newsletter. And Dan Wakeford would probably be quite annoyed about the fact that I just called him a kind of ally for the Sussexes.
24:41But in reality, I needed to say something to explain exactly who he is. So he was the editor of People magazine. He was the editor of Us Weekly. And during both editorships, he was behind big PR fight back stories from either the Sussex camp themselves, Meghan and Harry's actual aides, or, you know, Megan's friends in one case. And so therefore, we kind of know that he does have contacts in the Sussex camp, that he has people who he's spoken to before, and we know that he has that. And therefore, there is going to be some interest in what he says he has found out from his contacts. Now, it is, you know, there's been a significant amount of pushback from the Sussex camp.
25:29So I'm going to start by just reading what it is they've said about it. Of course, make your own minds up. So a spokesperson for the couple told me, the unnamed source is once again doing a lot of very heavy lifting in this report. If they had any faith or evidence to back up what they allege, I don't understand why they wouldn't just go on the record with such claims. Still, I suppose it makes writing a lot easier for Mr Wakeford when you don't have an editor standing over you, asking you to evidence it or stand it up. So in other words, basically saying, you know, don't trust Dan Wakeford because now that he's left these kind of big publications, where actually, to be fair, he was the editor looking over somebody else's shoulder, keeping an eye on their work.
26:10But needless to say, despite the fact that he's left these publications, the Sussex camp is saying, you know, he's now on his own and he's a one-man band. He's capable of potentially writing anything. Don't trust him. Don't believe it. Like I said, make your own minds up. But it's just, if there's two questions here. One is whether Dan Wakeford's accounts and what his sources are telling him is reliable and accurate and true. But then there's also the other aspects of it is just the fact that they've kind of lost Dan Wakeford. So Dan Wakeford would say, in fact, he does say in his newsletter that he was never a PR cheerleader for Harry and Meghan, that he was always an unbiased journalist who was just willing to do a story presenting the accounts given to him by the people he spoke to.
27:01And no doubt, you know, I can sympathise with that. It's important to let both sides of a story speak. But needless to say, his coverage in both those magazines of Meghan was very, very positive at a time when she was really looking for a PR boost, at a time when it was risky to do what she did. So let's talk firstly about Us Weekly. She'd just been pilloried in the Hollywood Reporter, Hollywood Bible trusted within the industry where she is trying to ply her trade right now. They did a whole load of interviews with ex-staff members who said she was a dictator in high heels and kind of stomped around telling everybody what to do, reduced grown men to tears and all of these kinds of things.
27:46And so Megan's team then went to Us Weekly and went to Dan and gave him a load of stuff about what an incredible boss Megan is and how fantastic she is and how supportive she is to the other people in the company and all of these kinds of things. And actually, regular listeners to the show may remember that there was one particular line in that PR fight back that really jumped out as extraordinary to me. And it wasn't actually in the magazine. it came from Dan Wakeford himself. And so this is what Dan Wakeford said about it. He said, we're here for a reason, says one of the current team members.
28:24If you come for our boss, we're coming for you. We're just trying to do good. And I thought at the time that was completely extraordinary because it just sounds so much like bullying, you know, to say, how dare you possibly speak out against our boss? Now you've done that. We're coming for you. It just seems so threatening. And if you, it's just the worst possible way to kind of counter of bullying allegations is with threatening comments, basically. So this, interestingly, that's another interesting thing, is this story. Dan Wakeford said at the time that this Us Weekly piece ran that they'd spoken to five staff on the record.
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28:59And his latest newsletter also mentions five sources. So that's quite an interesting parallel. Maybe they're totally different sources, I don't know. But he does say five. So that was one of them. That was at a time when the bullying allegations that had dogged Megan in Britain had spread to America for the first time. And we were getting this picture of America, of Megan having been a bullying boss to her US staff too. Obviously that was potentially hugely reputationally catastrophic for Megan because it seemed to back up the palace account that all the problems arose from the way that she was behaving and not from, you know, emotionally detached palace gray suits, basically.
29:40And this is where she went. She went to Dan and now he's painting a very different picture. The other instance was way back in 2019 before Meghan and Harry quit the palace. There'd been loads of hostile, really negative coverage of Meghan in the British press. And she had fallen out with her father over his decision to cooperate with the paparazzi in the run up to the royal wedding. And so this story appeared in people basically from five of Meghan's friends, in which they said, you know, all of the kind of terrible ways in which Meghan's described are all wrong. She's brilliant. And then one of her five friends mentioned, oh, and she wrote a letter to her father and it was an olive branch and she was trying to repair the relationship.
30:26And that wound up sparking a lawsuit between Meghan and the Mail on Sunday because Thomas Markle then went and gave this letter that Megan had in fact written to him to the mail on Sunday. They printed it saying, well, you know, if her friends are allowed to talk about it to People magazine, then we're allowed to print the contents of it because actually the account they gave was wrong. We're setting the record straight. And so this was an incredibly delicate thing that Megan's friends were doing. Actually, we have a sense of who a couple of them are, partly because one of Megan's own lawyers blurted out the name in court.
31:02We can't say who it was, but we do know. And yeah, I mean, you know, it's such a risk to go anonymously to a magazine editor and say, please, can you run our stories? And to then have that blow up into a lawsuit and to maintain the confidentiality around who those sources are in a context, even when some things are leaking out. It's bonkers, really, that they managed to keep a lid on who those people were. But obviously, Megan came out of that experience trusting Dan Wakeford enough to go back to him when she needed to counter the Hollywood Reporter. So he's a really interesting figure then to have come out and given this account, but obviously pushed back on very hard by the Sussex camp.
31:45So make your minds up about what you think. And certain aspects of it I have heard from my own sources. Well, let's get into what he said. That will make it easier to deal with. So I think the line that's caught a lot of attention in Britain is basically he suggests that the money is running out and maybe there's perhaps about five years worth of money left before their lifestyle will have to change. So he talks about the inheritance that Harry took to America from Princess Diana and says that that money is starting to dwindle. That could be true. It's not that far out of what we kind of had worked out ourselves, you know, kind of what we expected.
32:24that sky-high security costs are giving them massive annual expenditure, which is very hard to meet purely through the money that they're getting from Netflix. He says he repeats figures,$60 million is what we think they got. We actually had heard that already. That's not new. It's a lot of money still. I'm told basically that their actual financial position is an incredibly closely guarded secret, that it's known to only a handful of people. So what do you make of that? I mean, it could be, I suppose, inaccurate. People gossip, or maybe someone who knew gossiped, or maybe they gossiped to friends.
33:06So Dan Wakeford's, the People magazine story, it was not staff members, it was five friends. So he might still have contacts among her friends. Maybe she said more to other stars, other friends that she has than she is known within her actual team, her staff. Who knows? It's one of these things. You just have to decide whether or not you trust his account. But I do think that they might at some point need to wind down their security operation to save money. And if they don't have money actively coming in, which, you know, it's not impossible in the not-too-distant future that the amount coming in will slow, then yeah I mean they could be in a tricky situation because their annual expenditure is going to be very high.
33:55So Dan Wakeford also talks about their staff numbers dropping saying they're cutting back from 16 full-time employees to just five. Well those are specific numbers that I maybe wasn't aware of but they do have a small team and we did know also that their Archwell operation is shrinking. They are no longer running their own projects for Archwell. So some of the stuff in this report is building more detail on things that we kind of already knew the broad brushstrokes of. And so it's not totally outside of where I kind of thought they were. But I suppose some of the details, some of the quotes are what makes it interesting.
34:34And that's another thing that's kind of caught the attention of a few headline writers. So I'm going to read a little bit of what this newsletter actually says, because there's also some interesting general observations in it. So he writes, here's something Hollywood and streaming giants don't advertise. They don't invest in people. They rent cultural heat. A celebrity arrives at peak notoriety, a royal scandal, say, or a viral moment, and the corporations move in. Netflix writes a big check. Spotify follows. A book deal lands. From the outside, it looks like an empire being built. From the inside, the countdown clock has already started ticking.
35:10Harry and Meghan didn't stumble because they're uniquely naive or difficult. They stumbled because they believed the checks meant they had leverage when actually the checks were the leverage. The moment the cultural heat cooled, their leverage evaporated with it. I think that's genuinely interesting analysis. That's not obviously, you know, I don't think a product of sources. I think that's a product of Dan's observations over the course of his career. And I would tend to agree that there's some validity to that analysis. So he then talks about his two big cover stories that he did about Meghan and Harry, said they were fact-checked and so on.
35:44But then there's another quote, which I think has caught a lot of attention in Britain. And he attributes it to a source in their orbit. So that's interestingly vague. That could mean anything. That could be a friend. It could be an aide. It could be anyone. But this source has told him they are wildly unhappy. And Dan Wakeford said, this is not a story about villains. It's a story about two people who don't quite know who they are and what their purpose is and who are running out of time and money to figure it out. So he says it's actually slightly more complicated than a lot of the media narratives.
36:19So he says, you know, some people say they're broke and some people say they're thriving. He says it's somewhere in the middle. I think that basically this does only really partially advance what we already know. It's just the fascinating thing is the fact that Dan Wakeford has done it. So he's left us weekly. He's setting himself up for the new celebrity newsletter. no doubt to some extent he knows he's going to get some clicks if he has a massive exclusive on Harry and Meghan. He's not an idiot. He's been in the business for a very long time. He knows that they draw attention. But needless to say, Harry and Meghan are so bad at keeping their alliances happy and keeping their friendships happy, and they lose so many people along the way.
37:00And there comes a point where you do just need friends. And it's something that the monarchy seems so much better at which i think is institutional rather than a personality thing that you know charles has these people who have been showing up for for his charities and to help him and support his causes for decades i think you know lionel richie i was in new york and you know the king's trust gala was there and lionel richie turns up every year and he's been doing that for 40 years lionel richie has been charles maintains that alliance and that friendship and that support with, you know, Lionel Richie, obviously, massive, massive star.
37:35He's still very famous now, but he was a massive star back then when he first signed up for it. And to keep that support going for 40 years shows that Charles is able to maintain relationships and to maintain ties with people. And so many of Meghan and Harry's kind of bonds and partnerships prove to be fleeting. And it's part of what wears away at the reputations because people, You can have any kind of conversation about this person's accused them of that thing, that person's accused them of that thing, and people will just believe whatever they want. But what you kind of can't ignore or fight back against or argue away is the fact that Harry and Meghan had people who seemed to be really important in their lives at points, and those people are gone.
38:20Jessica Mulroney is an example of that. Jessica Mulroney was a really close friend of Meghan's. She went to the wedding. Jessica's daughters were, or Jessica's children, sorry, played a role in Meghan and Harry's wedding. And now where is she in Meghan's life? It's totally gone. So some of these things, there are people who have stayed without Abigail Spencer from Suits being one of them. And, you know, that's no doubt important and meaningful to Meghan. But they could really do with maintaining more of these friendships, building bridges, not burning bridges. we have this whole debate at the moment about whether Ted Sarandos from Netflix really does like Megan or whether he's become sick to the back teeth of her it may be quite some time before we get a proper answer to that we may find out at some point you know a more kind of meaningful a more meaningful answer that resolves that maybe from him he's obviously always maintained that they get on great but then there are sources from Netflix saying that they don't and these things come out in the wash in time, but they need to prove that they can build partnerships and not have those partnerships fall apart.
39:26And whether Megan is friends with Ted Sarandos or not, Netflix is no longer an equity partner in her business as ever. They've pulled out and there are signs of that relationship crumbling a little bit just as Spotify crumbled for them. They had that multi-year Spotify deal and then it was Spotify executive Bill Simmons called them grifters after it all fell apart. So, you know, it's a tough, it's a tough old world out there for Harry and Meghan at the moment. They can't catch a break, but they can try to work on the core things that, you know, are necessary to maintain a celebrity reputation, which is having friends, being like doing positive stuff.
40:06And I think they just have to focus on that and try to kind of build as many friendships and partnerships and alliances as possible and just get on with people and not be difficult about things. And then I think, you know, there is half a chance that stuff could start going better for them. I'm going to take one more quick break. But before I do, a reminder to follow me on X, formerly Twitter. I'm at Jack underscore Royston. You will find all my latest stories for Newsweek. And when I'm back, is it right that Prince William only pays tax voluntarily.
40:41Welcome back to the show. Now, Prince William, I'm sure, would rather have almost any conversation other than how much tax he pays because the royals do hate us all talking about their money. But there has been a report out in the Sunday Times, which is kind of calculating how much they think William owes or pays in tax. Now, they've put the number at round about$10 million or in pounds, like five to seven million pounds. So, 10 million would be the upper end of that. This is on income through the Duchy of Cornwall of£22.9 million, which is around$30 million. Now, these are the Times' own calculations, the Sunday Times' own calculations.
41:25They haven't been leaked to the newspaper by sources at the palace. And they've also not been pulled out of the kind of back pages of complicated finance documents. It's the Sunday Times sitting down and trying to just work it out and creating their own calculations and numbers. And what they've done is they've said, well, you know, the palace say that William pays a 45 % tax rate, but he's allowed to deduct expenses off. So how much might those expenses be? And they've tried to work it all out and come up with a number. So that 45%, you know, I spoke to the palace and they are still doubling down on that being correct.
42:05The Kensington Palace Post person told me the Prince of Wales pays the top rate of income and capital gains tax on all his personal income, including receipts from the duchy the times also printed this figure that williams tax bill puts him in the 0.002 percent of taxpayers in the uk as in the upper 0.002 percent who paid the most tax now i've had that figure confirmed to me as being accurate but it's all voluntary you know he doesn't have to pay this tax he pays the we're told he pays this tax because he kind of wants the whole thing to be fair. Charles was the same. So first, I suppose I need to give you a little bit of an understanding of what the duchy actually is.
42:49So royal financing is incredibly complicated and it is a little dry as a subject, but it is also really important democratically for Britain, because obviously, you know, how much the royals cost is a big part of the debate about whether we should have a monarchy at all. Now, obviously think whatever you want on that. If you're an ardent royalist and you love the royals and you think we should have them forever, that's totally fine with me. If you're a Republican and you want to abolish them, also totally fine with me. Hold your own opinions. Don't just listen to me. So there are three main sources of royal income.
43:23The first is called the Crown Estate. All the proceeds from the Crown Estate go to the Treasury, go to the government, and then a percentage of that is given back to the monarchy as their public funding. And that is sometimes referred to as the kind of taxpayers' money that the royals receive. You can have an argument about whether it counts as taxpayers' money or not. doesn't matter, it's public money, that's the key thing. Then they have the duchies, so that's the Duchy of Cornwall is there to fund the Prince of Wales, i.e. the next in line to the throne, and the Prince of Wales are children.
43:53And then you have the Duchy of Lancaster is there to fund the monarch themselves, their consorts, other royal family members. So your kind of, your Edwards and your Sophies get money from the Duchy of Lancaster rather than the Duchy of Cornwall, but William, Kate and the kids will be funded by the Duchy of Cornwall. So, the Duchy of Cornwall is worth about£1.1 billion. It's a big chunk of money, but it delivers about£23 million of profit, of surplus each year, which goes to William. He then deducts his expenses, what he considers to be his valid costs and expenses, and deducts bills off that, and then pays a 45 % rate of tax on the rest.
44:35And then the third source of funding is they do obviously have inheritance and private wealth and they will have money tied up in the stock market and equity and all of those kinds of things. And we know nothing about that. It's incredibly, you know, that's kept under lock and key. They don't tell us anything. But we do know a little bit about the funding that comes from the duchies. So this is all about the duchies. It's not about Williams. You know, the Sunday Times reporting is not really about Williams' private income from other areas. I had a chat with Graham Smith, who's the Chief Executive of the Republic, and he obviously is of the view that it needs to be more transparent.
45:07He says, why are we letting Prince William decide what to include in those deductibles? We should know, or the Treasury should have oversight of whether those are legitimate expenses or not. Which, you know, if you are a high-earning person, probably higher earning than me, I would have thought. But, you know, I've spoken to people who do earn a packet and try to pack as much as possible into their deductibles as they can to try and get their tax bill as low as possible and get quite upset when things get rejected and thrown back at them and say things like, you know, why am I not allowed to claim that?
45:40That's for work. That's a legitimate expense. I should be able to claim on it. And so I can well believe that it is possible that if this is left to being completely voluntary, that there might well be things in those deductibles that were an ordinary person to claim it, it would be thrown back by Treasury and they would be told, no, I'm sorry, but you can't put this through. That's not eligible. You're not allowed to claim tax relief on that amount of money. so i kind of i thought long and hard about this and the palace are very much of the view that william pays the tax he would pay if he was a private citizen it is the same as if you know he was any other person he doesn't deserve any criticism over this but i also kind of thought well if that really is true then why not just do away with the exemption and then just let it all go through the normal process like he was a private citizen you know if it's basically is that way anyway.
46:34Why not just scrap the whole thing? So in Britain, anyone earning over£125 ,000 a year pays a 45 % income tax rate. So that's where William would be. So based on those numbers, if the Sunday Times figures are accurate, they might not be. But if they are, then that would suggest William had£15.5 million in tax bill income and£7.4 million worth of expenses. a big chunk of that bill is likely to be staff. But, you know, his private office at Kensington Palace, I think it will be paid for by that money. But not transport, which I think comes from the Crown Estate money. It's so complicated and it's so dry and it's so hard to get people to care about it because most people just want the royals to be this kind of fluffy subject.
47:21That's really fun. You know, fair enough. I kind of prefer that too, but it is really important. So I do try and talk about it. So my view is, like, if it is just the same, then scrap it and scrap the exemption, pay it in the normal way, in a compulsory way. Otherwise, people who are inclined to be suspicious are always going to think that something's happening here, that, you know, there's some kind of ruse. And whether we found the, you know, the kind of the secret benefit to William or not, they'll assume that there's one there. And it could be something as simple there's liability. If paying tax is compulsory and you mess up something on your tax return, you're potentially liable to be prosecuted by HMRC, by His Majesty's Revenue and Customs.
48:07If that was to happen to William as an heir to the throne, His Majesty's Revenue and Customs, then that would obviously be completely humiliating for him, even if it wasn't a formal prosecution, but he was just told that he'd underpaid his tax and needed to pay more. So it might be just kind of insulating him from liability, because when you're dealing with a budget that big, there's going to be all kinds of complications. Or, yeah, I mean, you know, Graham Smith might be right. Maybe there are things that are in there that William wholeheartedly believes are completely valid and legitimate expenses that are not frivolous and not about luxury, but are genuine costs.
48:45But maybe HMRC would disagree. Maybe, you know, the tax man would disagree and would throw them back at him nonetheless. I think one example given to me was, you know, somebody who had, they had to watch certain things on Netflix, on Amazon Prime, on subscription services that they didn't need and didn't want and wouldn't otherwise have got, but they had to have for work. And the Treasury said no, you know, the tax man said no, you're not allowed to charge that as deductible. So that is a genuine possibility. But either way, my view on this is that right now the Royals are in a fairly good place, despite the total reputational carnage of Andrew Mountbatten-Windsor.
49:26They still need us to say fairly safe right now from being abolished. It's not going to happen anytime soon. But down the line in 10, 15, 20 years time, they could be in a totally different position. public opinion is likely to be more hostile towards them. And then they will have wanted to have already ironed out these weirdnesses. So this is a weird and difficult to defend situation to have somebody who's a member of the royal family and because of that privilege is not forced to pay tax in the normal way. Now, most people in a democracy would just put their hands up and say, that's not right.
50:03They should have to do what everybody else has to do. they shouldn't just be these special people where everything works differently. And if that's the case, if that's how people feel, then why not just get rid of a problem? Otherwise you're going to wake up one day, there's going to have been some massive scandal that nobody saw coming, and all of a sudden people are going to be going through everything. And there are all these little unexploded bombs and landmines strewn around the royal battlefield. One is the fact that they benefit from the wills of people who have died in certain areas with no, you know, if you die in certain areas of Britain with no will and there's, you know, or you have no next of kin for your estate to pass onto, then your money goes to the royals.
50:50It's bonkers. It's just a product of, you know, arcane laws that go back hundreds of years and have never been changed. So just change them. Just have a word with the Prime Minister and get these stupid things changed so that it's fair and normal and what the public expects things to be. Otherwise, what will happen is something very similar to what happened with Andrew back in the autumn. So with Andrew, the Epstein files were all coming out via the House Oversight Committee in America. and so journalists went and scrabbled around looking for sensational things to report on and stumbled on some information that we had known for decades which is that Andrew had a really sweet deal on his mansion Royal Lodge that he paid a peppercorn rent which means like effectively free.
51:40Peppercorn is like a kind of symbolic only rent. He paid a peppercorn rent to the Crown Estate on Royal Lodge and had basically been living there effectively rent-free for years and years and years. And they were really outraged about it, despite the fact that the material had been in the public domain for the best part of 20 years. They suddenly went back to it. Nobody knew it, even though it was out there. It was on the internet. I'd come across it numerous times. It was out there online and had been known about for years. But because nobody remembered it, They were effectively finding it out for the first time in the middle of a massive scandal.
52:17And that's what will happen with things like this tax exemption. People will effectively forget that it exists in 20, 10 years time, 20 years time. There'll be some other enormous scandal that hijacks the public debate, hijacks the media. It's what everybody's talking about. And then somebody will go back through the archives, stumble on this exemption and it will blow their lid off. basically and they'll start they'll come out feeling like they're breaking a new story can you believe that the royal family don't have to pay tax William only pays it voluntarily and nobody gets to know exactly what's in his deductibles and whether they're valid or not and it will cause a massive outrage at the worst possible time for the monarchy and this period of relative you know now that Andrew has hoped well hopefully for the monarchy has been dealt with we've still got the police investigations going on that will put pressure on the royal family but Needless to say, beyond Andrew, it is a fairly quiet time.
53:11And it is a moment when they could speak to the government, speak to the prime minister and just say, we want to change some of these systems. We don't want to get, inherit money from dead people who simply didn't have a will. We don't think it should go to the royals. We think it should go to charity or the government. You know, we don't want tax exemptions and tax breaks that we try not to, you know, that we try to pay the tax anyway. We don't want that system in place. We want it to be fair and we want the public to be able to see that it's fair. And if they can just go and remove some of these unexploded bombs from the battlefield, then inevitably, when a massive scandal hits them in however many years, could be five, could be 10, could be 20, whenever it hits, they won't be vulnerable to somebody coming along and rediscovering all of this stuff at the worst possible time for them.
54:02so that's my opinion on it just get rid of all of these things now in order to try to kind of make the monarchy bomb proof for the future and that's it for this episode of the royal report be sure to join me every show when i visit the latest royal headlines embark on some royal deep dives and riff on all things royal until next time i'm jack royston thank you for joining me and a curtsy to you all
54:27the royal report with jack royston is a member of the trust project
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Princess Eugenie's baby announcement delights King Charles, Meghan and Harry are reportedly running out of money, and Prince William's taxes are under the microscope.
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