NEW DELHI: Financial Statements of King Charles IIIHousehold revealed a 5% increase in the British royal family’s costs for UK taxpayers in the past year.
The increased costs, which amounted to a whopping £107m last year, have prompted the King to order his staff in the palaces to reduce the temperature.
The increase in spending is attributed to the transition of power following the death of Queen Elizabeth II in September 2022 and the subsequent enthronement of her son Charles in May this year.
However, the report does not include expenses incurred for Elizabeth’s funeral and Charles’ coronation.
The main driver of the cost increase was a 10-year program to upgrade electrical cables, plumbing and heating systems at Buckingham Palace, the official residence of the monarch.
Net spending for 2022-3 increased by £5.1 million ($6.4 million).
The amount received from the public wallet through the Sovereign Grant was unchanged at £86.3 million during the same period.
While travel spending fell by £600,000, to £3.9m, housekeeping and hotel expenses rose from £1.3m to £2.4m. On the other hand, property maintenance costs fell by £6.1m to £57.8m.
Payroll costs experienced one of the biggest annual increases, rising £3.4m to £27.1m, with staff getting a pay rise of around 5 to 6 per cent.
The report also highlights the fact that royal households have fallen short of the diversity target set for 2021, as the share of the minority workforce remains at 9.7%, the same as the previous year.
Sovereign subsidies, including official duties of the monarch and maintenance of royal palaces, continue to play an important role in funding the royal family’s expenses.
Royal costs rise at a time when the UK is grappling with a cost-of-living crisis, with inflation peaking at 8.7% last month.
King Charles III emphasized sustainability and environmental responsibility, urging the royal family to adopt measures such as reducing heating and reducing energy consumption. The ongoing renovation of Buckingham Palace is aimed at making it a world leader in sustainable energy.
(With input from agencies)
The increased costs, which amounted to a whopping £107m last year, have prompted the King to order his staff in the palaces to reduce the temperature.
The increase in spending is attributed to the transition of power following the death of Queen Elizabeth II in September 2022 and the subsequent enthronement of her son Charles in May this year.
However, the report does not include expenses incurred for Elizabeth’s funeral and Charles’ coronation.
The main driver of the cost increase was a 10-year program to upgrade electrical cables, plumbing and heating systems at Buckingham Palace, the official residence of the monarch.
Net spending for 2022-3 increased by £5.1 million ($6.4 million).
The amount received from the public wallet through the Sovereign Grant was unchanged at £86.3 million during the same period.
While travel spending fell by £600,000, to £3.9m, housekeeping and hotel expenses rose from £1.3m to £2.4m. On the other hand, property maintenance costs fell by £6.1m to £57.8m.
Payroll costs experienced one of the biggest annual increases, rising £3.4m to £27.1m, with staff getting a pay rise of around 5 to 6 per cent.
The report also highlights the fact that royal households have fallen short of the diversity target set for 2021, as the share of the minority workforce remains at 9.7%, the same as the previous year.
Sovereign subsidies, including official duties of the monarch and maintenance of royal palaces, continue to play an important role in funding the royal family’s expenses.
Royal costs rise at a time when the UK is grappling with a cost-of-living crisis, with inflation peaking at 8.7% last month.
King Charles III emphasized sustainability and environmental responsibility, urging the royal family to adopt measures such as reducing heating and reducing energy consumption. The ongoing renovation of Buckingham Palace is aimed at making it a world leader in sustainable energy.
(With input from agencies)
