How much does the British monarchy cost? Under King Charles III. significantly more than before under Queen Elizabeth II. The financial report of the royal family puts the increase in spending in the financial year 2022/23 at five percent.
The British royal family costs more money than in the previous year. That goes from the annual financial report of the royal family out. According to this, spending for the British royal family rose by five percent in the financial year 2022/23, the second year in a row.
During this period, 107.5 million pounds sterling (around 125 million euros) were spent on the monarchy, 5.1 million pounds sterling (5.9 million euros) more than in the previous year. According to experts, the reason is, among other things, the change of throne after the death of Queen Elizabeth II. The additional expenditure was financed by reserves.
The palace’s chief financial officer, Michael Stevens, as the so-called keeper of the privy purse, spoke of the increased costs as a “year of mourning, change and celebration such as our nation has not experienced in seven decades”.
Major refurbishment of Buckingham Palace
The Royal Advisors also explain the increased net spending, at least in part, by the changes after the death of Elizabeth II in September 2022 and the succession of her son Charles III to the throne. in May 2023. However, the exact cost of Elizabeth’s funeral and Charles’ coronation are not included in the financial report.
Other reasons for the increased spending include a ten-year program to upgrade the wiring, plumbing and heating system at Buckingham Palace, the British monarch’s official residence, the report said. In addition, property management and management costs increased.
Personnel costs also increased by £3.4 million to £27.1 million. The workers had received a wage increase of five to six percent. The royal family’s travel expenses, on the other hand, fell by £600,000 and expenditure on grounds maintenance was also reduced.
86 million pounds from the Treasury
Overall, the so-called “Sovereign Grant” – i.e. the annual payment that the royal family receives from the state budget – was 86.3 million British pounds (around 100 million euros) as in the previous year. Converted to all Britons, according to this calculation, the monarchy costs the country’s citizens around 1.40 euros per capita. The Royal Family has other income of its own, such as from the Duchies of Lancaster and Cornwall.
The royal household did not achieve the diversity target set in 2021 in 2022/23 either, the report goes on to say. The goal is for 10 percent of the royal family’s workforce to be from ethnic minorities. The value was 9.7 percent in 2023 and thus corresponded to the previous year’s value.
One of the savings measures should have had a noticeable impact on the workforce: according to the report, the heating in Buckingham Palace and other royal properties was turned down to 19 degrees Celsius in winter to reduce emissions and costs.