King Charles’ First Year On The Throne: Royally Expensive

The annual financial report of King Charles III’s household revealed on Thursday that the cost of Britain’s royal family to the UK taxpayer increased by 5% over the previous year.

Royal aides attribute the increase in spending to the change of rulers following Queen Elizabeth II’s death in September 2022 and the ascension of her son King Charles in May of this year.

The financial report does not cover the costs of Elizabeth’s funeral or Charles’ coronation.

A 10-year scheme of upgrades to electrical cabling, plumbing, and heating at Buckingham Palace, the monarch’s formal residence, is another major driver of spending.

The net expenditure amount for 2022-3 increased by £5.1 million ($6.4 million), or 5%, to £107.5 million.

The royal family’s Sovereign Grant received from the public purse remained steady at £86.3 million in 2022-3.

Travel spending fell by £600,000 to £3.9 million, but housekeeping and hospitality increased from £1.3 million to £2.4 million. The cost of property upkeep was reduced by £6.1 million to £57.8 million.

Staff costs increased by 3.4 million to 27.1 million, with a 5.6 percent salary increase.

The analysis also revealed that the royal household has failed to fulfill its 2021 diversity target of pulling 10% of its personnel from ethnic minorities, with the 2023 figure of 9.7 percent remaining unchanged from last year.

The Sovereign Grant covers the monarch’s formal tasks as well as the upkeep of royal palaces.

The United Kingdom is currently experiencing a cost-of-living problem, with inflation reaching 8.7 percent last month.

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