The cost of funding the monarchy is set to rise by over 53% in the next year, with the taxpayer-funded sovereign grant increasing to £132m. This increase of £45m is due to the huge profits of over £1bn from the crown estate. Campaign group Republic claims that the true cost of the royal family to the public now exceeds £500m a year.
The additional funds will be used for the £369m renovation of Buckingham Palace, with the largest portion of the money, £150m, allocated for royal security. Republic argues that this expenditure is wasteful, especially during tough economic times. Chief executive Graham Smith calls for cuts to start at the top, questioning the priority of spending half a billion pounds on the monarchy while discussing cuts to essential services such as the winter fuel allowance.
The official royal accounts also show a further £96m in “lost revenue”, as royal residences occupied by the royal family cannot be used by the state to their full potential. The campaign group highlights the need for transparency and accountability in the allocation of public funds and urges for a reevaluation of priorities in funding the monarchy.
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