King Charles III should benefit this year from an increase in its envelope of around 45 million pounds sterling (or approximately 54 million euros), financed by British taxpayers. A decision which arouses heated controversy in a United Kingdom still reeling from the cost of living crisis caused by the pandemic. In the wake of the announcement, anti-monarchy pressure group Republic launched a new public campaign on funding the royals.
In an interview with the magazine Town & Country, Graham SmithRepublic’s chief executive, explained the logic behind the group’s next move: “This is public money, all this money is coming from the government, at a time when the government is not able to to properly finance schools, hospitals, the police… It’s scandalous. Not only should the amount allocated to them not increase, it should decrease. »
Last year, the British government announced that the amount of the Sovereign Grant, public funds intended to maintain the lifestyle of the monarchy of King Charles, would increase significantly in 2025, from 86.3 million to 132 million pounds sterling (approximately 104 million to 159 million euros). An increase due to the very good profits generated by the Crown Estate, a group of properties and investments traditionally belonging to the monarchy, which are returned to the government.
Buckingham’s work singled out
According to the BBC, the sum has skyrocketed due to the success of recent investments in wind energy. A palace spokesperson told the outlet that during the 2026-27 parliamentary session, the funding received by the monarchy will be reassessed to ensure a “more appropriate” amount, but for now the balance will go in the coffers of the royal house.
-When the Sovereign Grant report was published in July, the Palace said most of the money would be spent on ongoing renovations to Buckingham, the 18th century London residence.e century of the monarchy and its main functions. The renovation of the iconic building, which is expected to take ten years, began in 2017 and is expected to cost £369 million (around €445 million). Nearly eight years after the project began, work on the east wing of the palace has been completed and the majority of the palace, including the king’s offices, will be closed for the next two years to complete the work.
Although the schedule is still on schedule, the extensive renovation work has not necessarily gone as planned. Last year, a report from Britain’s National Audit Office suggested that 65% of the project’s budget had already been spent by March 2024, following the discovery of asbestos and greater structural damage than had been anticipated. Such discoveries, “highly probable”, had however been considered and everything was apparently “under control”. The report concluded that the royal family had “demonstrated good practice in a number of areas” and “managed the budget well”.
Originally published by Vanity Fair US
