UK MONARCHY’S TAXPAYER-FUNDED GRANT TO RISE BY £45 MILLION

Thu 26 September 2024:

The cost of the grant that funds the monarchy is due to increase by more than 53% in the next year to £132m – a rise of £45mln.

Official royal accounts released earlier this year revealed that huge profits of over £1bln from the crown estate mean the taxpayer-funded sovereign grant, which pays for the royal family’s official duties, will increase from £86.3mln in 2024-25 to £132mln in 2025-26, The Guardian reported.

Republic, an anti-monarchy organisation that campaigns for a British republic, has analysed the “true cost” of the royal family to the public and claimed that it now exceeds £500mln a year.

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Officials said the extra cash will be funnelled into the decade-long, £369mln update to Buckingham Palace.

Chief Executive of Republic Graham Smith said, “If [the chancellor] Rachel Reeves thinks tough decisions are needed in these difficult times, she needs to start with the royals.”

“We’re being told the budget will be painful. Well, if that’s true, the cuts must start at the top. How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?” Smith added.

Republic claims the largest portion of the money, £150mln, was spent on royal security and a further £96mln in “lost revenue”, the report claims, as royal residences “occupied by the royal family cannot be used to their full potential by the state”.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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