The Royal Family is a big part of the UK’s image. Indeed they are a big part of the country’s tourism and culture. However, not everyone in the country agrees that the monarchy should still be a thing.
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The main aspect that displeases people when it comes to the Royal Family is how much they cost the country. As usual, the Firm’s annual report has been published, which details how much money was spent by the Royal Family and what it went towards.
As expected, some are not pleased with the amount of money that was spent by the Royal Family, especially since they supposedly went above budget this year.
The Royal Family’s expenses
The Royal Family has released their annual report detailing the expenses for the previous year. A lot of things happened last year for the Firm. From Queen Elizabeth’s Platinum Jubilee celebration to her state funeral.
In total, the Royal Family spent £107.5m last year, as reported by Times & Star, which is £5.1m more than the year before (£102.4m). So what exactly has all this money gone towards?
To start, the royal staff needs to be paid and in total, £27.1m went toward staff, which is £3.4m more than the year before.
Surprisingly, only £700,000 was spent on Queen Elizabeth’s Platinum Jubilee while £1.6m was spent on her funeral.
Controversially, a lot of the money spent by the Royal Family goes towards their transport. Indeed, £1.02m was spent on helicopter journeys, as reported by The Independent and £3.9m was spent on official travel, which is £0.6m less than the year before.
Read more:King Charles' coronation is £50m more expensive than Queen Elizabeth's: Who is paying for it?
The Royal household’s accounts have been published, showing that they spent £107.5 million from 2022-2023.
— Sky News (@SkyNews) June 29, 2023
The Sovereign Grant Report has been published, bringing the Royal Family’s spending into the spotlight and under close scrutiny.
What did the report show?
📷: Reuters
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The Royal Family went over budget
According to Yahoo News, the Royal Family’s spending went up by 5% compared to the financial year 2021-2022. They reported that the Firm went over budget by a massive $27m (£21.26m).
The Royal Family received $109m (£85.82m) from the taxpayer-funded Sovereign Grant and then earned an extra $12m (£9.45m). To pay for the extra $27m the Firm used the Sovereign Grant Reserve.
Critics have called out the Royal Family’s report as they believe it doesn’t reflect the true cost of the monarchy. Indeed the report states that Queen Elizabeth’s funeral cost £1.6m but the country’s treasury department revealed that the funeral cost £160.63m.
Graham Smith, leader of the anti-monarchy group, Republic said:
The royals have long hidden their true cost, which we have worked out to be at least £345 million.
Adding:
Our figure of £345 million is far more accurate than the official report, when we factor in costs to local councils, local police forces, the revenue of the two Duchies and security
Sources used:
Times & Star: ‘How much does the Royal Family cost? Key figures revealed’
The Independent: ‘How much does the royal family cost? A breakdown of the key figures’
Yahoo News: ‘British royal family spent $27 million over budget in 2022-23; critics say it was far more’
