The Duke of York retired from public life in 2019 after a humiliating interview on BBC Newsnight in which he discussed his relationship with sex criminal Jeffrey Epstein.
Andrew negotiated an out-of-court deal with his accuser Virginia Giuffre in a civil sex claim brought in the United States earlier this week.
It means he has avoided a potentially fiery trial, with a settlement of £12 million. Andrew has consistently disputed the claims levelled against him.
Andrew expressed contrition for his association with Epstein in a statement filed in court records, and committed to support victims of sex trafficking.
“Prince Andrew regrets his association with Epstein and commends Ms. Giuffre and other survivors for standing up for themselves and others,” it said.
“He commits to show his contrition for his involvement with Epstein by supporting the battle against the ills of sex trafficking and the victims of sex trafficking.”
In an interview with True Royalty TV’s The Royal Beat, Daily Mirror royal editor Russell Myers speculated that this could have been Andrew’s method of preparing for a return to public life.
He explained: “The language used in this [settlement] statement is that Prince Andrew will be helping sex trafficking victims. Is this him positioning himself to try and reinvent himself in the eyes of the public?
“Speaking to friends of his this week – they say he still feels he has a lot to offer public life again.
“I still believe that he is the only person on the planet that believes that [apart from] possibly Fergie and possibly the Queen.”
Despite this, Russell stated that it was “impossible” for him to have a public role in the future.
“He is only 61, but it is impossible to see how he might have any future,” he added.
“His daughter Princess Eugenie established and helped operate a charity for victims of human trafficking.”
“Maybe he sees that as an avenue, because possibly his family are the only ones who think they can help him at this stage.”
It comes as councillors in York are seeking to revoke Andrew’s honorary freedom of the city.
Lib Dem councillors have announced they will introduce a proposal to remove Prince Andrew’s Honorary Freedom of York, which he has held since 1987.
It was previously reported that Andrew is also facing renewed pressure to relinquish his Duke of York title.
Rachael Maskell, Labour MP for York Central, says Andrew must sever his ties to the city in light of the out-of-court settlement agreed with Virginia Giuffre.
“While it is a relief that Prince Andrew has finally acknowledged and expressed regret for his close association with convicted sex offender and sex trafficker Jeffrey Epstein, his long delay in doing so, as well as his initial response to the charges and Ms Giuffre, have been sources of deep hurt and embarrassment to many people across the city,” she said.
“Carrying a title does create an ambassadorial relationship with that place, and for somewhere with a global reputation, such as York, this is extremely important.
“It is to be welcomed that he has now pledged to support the fight against the evils of sex trafficking and its victims.
“To demonstrate his seriousness in this endeavour, and his respect for those affected by abuse and the people of our city, I would ask that his first act of contrition is to confirm his support for the withdrawal of his ducal title.”
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