The British Royal Household has released its financial statement, revealing that the annual lump sum from the government will remain at £86.3 million ($118.50 million). This government funding, known as the Sovereign Grant, is used to maintain the royal palaces and support the official duties of the royal family.
The grant is funded by British taxpayer money, and in return, the monarch hands over all profits from the Crown Estate, which includes vast properties in central London, the Ascot Racecourse, and the seabed around England, Wales, and Northern Ireland.
The Sovereign Grant functions like an expense account for the monarch and their representatives, covering costs such as travel, staff, and upkeep of historic properties. Notably, it excludes funding for security, which incurs a high cost due to the royals’ numerous public engagements and events.
According to the annual Sovereign Grant Report, royal family members undertook over 1,900 public engagements in the UK and overseas, while more than 93,000 guests attended 828 events at Official Royal Palaces.
The total grant of £86.3 million ($118.50 million) is comprised of a £51.8 million ($71.1 million) core grant and £34.5 million ($47.4 million) to fund the refurbishment of Buckingham Palace. The palace is undergoing a major modernization project, which includes upgrades to electric cabling, pipework, elevators, and accessible bathrooms. The royal family has also announced plans to decommission the royal train following a thorough review into its use and value for money.
The Royal Household has committed to increasing its use of sustainable aviation fuel (SAF) and continuing the electrification of its fleet of vehicles. Last year, the Royal Household announced its aim to transition to an “almost fully electric” fleet, although no target date was provided. The King’s two Bentleys are set to be modified to run on biofuel.
The level of funding for the British royal family has long fueled criticism, with one anti-monarchy group calling for the Sovereign Grant to be abolished and for the British public to keep all profits from the Crown Estate.
Graham Smith, a campaigner for the group Republic, said, “The grant system is mad. Funding goes up not because of any need for extra money, but because the grant is linked to government profits from land managed by the Crown Estate.” Smith added, “The palace has recycled the excuse of needing the money for refurbishment of Buckingham Palace, an excuse used to double the grant ten years ago”.
The Keeper of the Privy Purse, James Chalmers, said, “Soft power is hard to measure but its value is, I believe, now firmly understood at home and abroad, as the core themes of the new reign have come into even sharper focus, and the Royal Family have continued in their service to the nation, Realms and Commonwealth”.