The Spectator’s Notes | 9 November 2017

Let us assume — which we shouldn’t — that it is automatically wrong for the Queen to benefit financially from funds invested offshore. Let us agree — though we shouldn’t — to declare ourselves shocked that the Duchy of Lancaster put money on her behalf into funds in Bermuda and the Cayman Islands, and later, Guernsey. Let us forget — though it is difficult — that she is the Queen of all those places, and therefore that it is almost as strange to complain about her money being in them as it would be to complain about it being invested in Britain. Let us accept — though no evidence has been produced — that tax-dodging is involved. Let us pretend — though it is a strain — to be appalled that the Queen has a stake worth £3,208 in a firm, BrightHouse, which has been criticised for overcharging customers. Having done all of the above, let us notice that these investments were initiated by the Duchy’s financial advisers in 2004 and 2005.