A change of monarch, double-digit inflation and continued costs for the renovation of Buckingham Palace contributed to a 5% increase in the royal family’s public spending, according to a royal report released Thursday.
Net spending has increased by £107.5 million (US$135 million) over the past year, according to the palace’s annual sovereign subsidy report. It also said King Charles III was involved in a “coordinated effort” by royal officials to reduce winter heating at Buckingham Palace and other royal residences to reduce emissions and costs.
Officials said the temperature was set at 19 degrees Celsius (66 degrees Fahrenheit) and several degrees lower when the room was vacant.
The report also confirmed that Prince Harry and Meghan Markle have moved out of their former home, Frogmore Cottage, in Windsor, but officials declined to say who the next occupants will be.
The annual report said last year was a “significant transition” for the monarchy, with additional costs such as Queen Elizabeth II’s platinum jubilee last summer, her funeral in September and the accession of her successor Charles to the throne. .
Secret Purse manager Michael Stevens said this year “has been the most grief, change and celebration our country has experienced in 70 years.”
The Queen’s funeral and events around the ceremony cost £1.6 million (US$2 million), with another £700,000 spent on the Platinum Jubilee. Officials have not disclosed the cost of Prince Charles and Queen Camilla’s lavish coronation. This coronation took place in May and was not covered in the report, but this was how the royal finances looked like until the end of March.
Buckingham Palace, meanwhile, continues work on a decade-long refurbishment project to overhaul pipes and electrical installations, with work due to be completed in 2027.
Sovereign grants are public funds to support the monarch’s official duties and other expenses such as official travel, hundreds of missions, working royal personnel, and maintenance of occupied palaces.
The amount of the subsidy — £86.3m (US$109m) over the past year, unchanged from the previous year — is based on a share of profits from the Crown Estate, a vast collection of land and property across the UK. I’m here. , including some of London’s most expensive properties independently operated.
This amount corresponds to a cost of £1.29 per person in the country.
Separately released figures on Thursday showed Crown Estate, which posted a net profit of £443m (US$559m) last year on a huge licensing round for offshore wind farms, has given the UK Treasury a much larger sum this year. indicated to pay
Apart from royal grants, Charles and his son Prince William also earn personal income from royal estates. Statistics show that Prince William, who inherited the Duchy of Cornwall fortune, has received around £6 million from his sources this year.