July 24th 2024.
The Crown Estate has seen a significant increase in profits, reaching an impressive £1.1 billion. This means that the Sovereign Grant, which is funded by taxpayers and supports the official duties of the monarchy, will also see a jump of 53%. As a result, the King and the Royal Family are set to receive a £45 million pay rise.
To put this into perspective, the funds will rise from £86.3 million in 2024/2025 to £132 million in 2025/2026. According to officials, this additional funding will be used to support the final stages of Buckingham Palace's 10-year renovation project, which is estimated to cost a total of £369 million. This will ensure that the project stays on track and within budget.
The increase in funding will be reviewed in 2026/27 through legislation to ensure that the funding for the royal family remains at an appropriate level. A spokesperson from the Palace stated that this is necessary to support the monarchy in carrying out their duties effectively.
The annual accounts of Buckingham Palace were released on Wednesday, after being delayed for a month due to the General Election. These accounts cover the first full financial year of the King's reign, from April 1, 2023 to March 31, 2024. This period saw significant events, such as the coronation and festivities celebrating the King and Queen's crowning in May last year.
However, it was also a challenging time for the royal family, with the King and the Princess of Wales both receiving a double cancer diagnosis and needing to temporarily withdraw from public-facing duties to focus on their treatment and recovery. This inevitably impacted the number and nature of their engagements, but it is encouraging to see the King and the Princess back in action, with the King even participating in the Birthday Parade and the men's Wimbledon final.
The Sovereign Grant also revealed that the royal household will be receiving two new helicopters in 2024-25, replacing the existing ones that are 15 years old. These AgustaWestland AW139s are crucial in enabling the King and the royal family to carry out their duties, providing access to remote areas of the UK. They will be replacing the current Sikorsky helicopters.
In addition, the King's state Bentleys will be converted to run on bio-fuel within the next year, with plans to switch to an entirely electric fleet in the future. The Palace has also introduced solar panels at Windsor Castle for the first time.
Efforts are also being made to improve energy efficiency, such as repurposing the gas lanterns at Buckingham Palace with special electrical fittings while preserving their historic look. It is important to note that the Sovereign Grant is funded by taxpayers in exchange for the King surrendering revenue from the Crown Estate.
Graham Smith, who campaigns for an elected head of state, raised concerns about the cost of the monarchy, pointing out that the Irish president only costs around four million euros a year. This is significantly less compared to the estimated £345 million spent on the royal family, including the Sovereign Grant, profits from the two Duchies, security expenses, and costs covered by local councils.
Despite the challenges, the King and the Queen carried out a total of 464 and 201 official engagements respectively, with 103 of them being joint engagements. This is a testament to their dedication and commitment to their duties, even amid personal challenges.
Sir Michael Stevens, Keeper of the Privy Purse, highlighted the hard work and resilience of the royal household, which continued to operate smoothly despite the changing circumstances. The number of guests at official residences also increased by 10% to over 105,000, with more than 400 events taking place.
The King and Kate received around 27,000 messages from well-wishers and 31,000 congratulatory messages for the coronation, totaling to 138,000 items of correspondence for the year 2023-24. Official travel costs for the monarchy also saw a slight increase from £3.9 million to £4.2 million.
It is worth noting that the royal family made fewer foreign trips during this period, possibly due to the King and the Princess of Wales needing to stay closer to home for their health. Despite the challenges, the monarchy remains committed to fulfilling their duties and serving the people of the UK.
The Crown Estate has experienced a significant increase in profits, reaching a staggering £1.1 billion. As a result, the Sovereign Grant, which is funded by taxpayers and supports the official duties of the monarchy, will see a substantial jump of 53%. This means that the King and the Royal Family will receive a £45 million pay rise. These figures were announced in the annual accounts of Buckingham Palace, which were finally published after being delayed due to the General Election.
The funds from the Sovereign Grant will primarily be used to support the ongoing 10-year renovation of Buckingham Palace, which is expected to cost a total of £369 million. This will ensure that the project is completed on time and within budget. However, the increase in funding will be reviewed in 2026/27 to determine a more suitable level of support for the royal family.
The financial report covers the period from April 2023 to March 2024, which was a year filled with both joy and challenges for the royals. It marked the first full financial year of the King's reign and also included the celebrations for the coronation of the King and Queen in May. However, it was also a year of personal challenges for the family, with both the King and the Princess of Wales facing a double cancer diagnosis and temporarily withdrawing from public duties to focus on their treatment and recovery.
Despite these challenges, the King managed to carry out 464 official engagements, while the Queen completed 201, including 103 joint engagements. The report also revealed that the royal household received over 105,000 guests at official events, a 10% increase from the previous year. The King and Kate alone received over 27,000 messages from well-wishers and 31,000 congratulatory messages for the coronation, resulting in a total of 138,000 items of correspondence for the year.
In addition to the Sovereign Grant, the royal family also receives income from the Crown Estate, which includes properties and land owned by the monarchy. However, the King has surrendered this revenue to the government in exchange for the Sovereign Grant. This year, the royal family will also receive two new helicopters to replace the existing ones, which are 15 years old. These helicopters are crucial in enabling the King and the royal family to reach remote areas of the UK for their engagements.
The report also highlighted efforts towards sustainable practices within the royal household. This includes the conversion of the King's state Bentleys to run on bio-fuel and the introduction of solar panels at Windsor Castle. Even the gas lanterns at Buckingham Palace, which were turned off during the recent energy crisis, are being repurposed with more energy-efficient electrical fittings while preserving their historic appearance.
While the Sovereign Grant is the main source of funding for the royal family, it is only a small part of the estimated £345 million that the British people spend on the monarchy every year. This includes the profits from the Duchies, which are state assets, security costs, and expenses covered by local councils. Some critics argue that the cost of the monarchy is too high and that an elected head of state would be a more cost-effective option. However, supporters of the monarchy defend its value and importance in the country's history and culture.
The report concluded by recognizing the hard work and dedication of the royal household, even in the face of personal challenges and changing circumstances. It also mentioned the slight increase in official travel costs for the monarchy, which amounted to £4.2 million. Overall, the report provides an insight into the financial management and responsibilities of the royal family, as well as the support they receive from the government and the public.
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