King Charles inspects the sovereign’s parade at Royal Military Academy Sandhurst in April 2023.Photo:Dan Kitwood/Getty Images
Dan Kitwood/Getty Images
King Charlesand the royal family are set to benefit from a surprise, significant increase in Crown Estate profits.
“This money will instead be used to fund vital public services, for the benefit of the nation,” the brief stated.
The increase will come from offshore wind developments over the next few years. According toThe Guardian, public funding for the monarchy will bump up 45% starting in 2025, from about £86 million ($110 million) to nearly £125 million ($160 million) starting in 2025.
Royals on the balcony of Buckingham Palace at Trooping the Colour in 2023.ADRIAN DENNIS/AFP
ADRIAN DENNIS/AFP
The Sovereign Grant is thetaxpayer-funded settlementgiven to the British royal family for official duties and is linked to the Crown Estate, calculated from profits made in the previous two years. Though the Sovereign Grant will stay the same next year and the royals will receive £86 million ($110,974,896) the sum jumps to £124.8 million ($160,483,440) in 2025 and to £124.8 million ($162,025,920) in 2026,The Guardiannoted.
A Buckingham Palace spokesperson noted toThe Guardianthat the increase was “temporary” for the financial years of 2025 to 2027 amid the ongoing renovation work on the Buckingham Palace,
The current Royal Trustees are Prime Minister Rishi Sunak, Chancellor Jeremy Hunt and Sir Michael Stevens, Keeper of the Privy Purse. The review considered the Royal Household’s current income and expenses, the level of the Sovereign Grant Reserve and the costs of major projects ahead, the brief said.
The royal family’s funding will never falter from previous years due to an unusual mechanism. Thanks to the “golden ratchet clause” in the Sovereign Grant Act of 2011, the royals will never receive less than the previous year.
King Charles during the recording of his first Christmas broadcast in 2022.Victoria Jones - Pool/Getty
King Charlesacknowledged the cost of living crisisin his first Christmas broadcast as sovereign in December and gave back to the public the following month. In January, the 74-year-old Kingredirected $1.2 billion in profitsfrom wind farms to the British government instead of the royal family.
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Last month, courtiers said that the King had todip into cash reservesduring an expensive royal year. In late June, the Royal Householdpublished its annual statement, covering the financial year from April 2022 to March 2023. The report showed that $136 million was spent, a 5% rise compared to the year before.
The Sovereign Grant covered $108.9 million, while the rest was pulled from reserve funds.
As explained in a statement on the royal family’s officialwebsite, “This year’s statement covers a period of significant transition for the Royal Household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the Accession of The King, the lead up to Their Majesties’ Coronation, and the coming together of staff from two Households.” Continued renovations on Buckingham Palace also added to the increased costs.
Queen Elizabeth’sPlatinum Jubilee celebrations— including the four days of festivities in June 2022 includingTrooping the Colour, thePlatinum Party at the Palace concertand thePlatinum Jubilee Pageant— marked her historic 70th year on the throne.
The palace spent about $883,000 on the related events, the Sovereign Grant report showed.
The most expensive event of the year was thefuneral of Queen Elizabethin September, costing the Sovereign Grant about $2 million.
source: people.com
