As King Charles III ascends to the throne, royal expenses increase

According to the annual financial report of King Charles III’s household released on Thursday, the cost of the British royal family to the UK tax payer increased by 5% over the previous year.

Royal aides attribute a portion of the increase in spending to the succession of King Charles in May of this year, after the death of Queen Elizabeth II in September 2022.

However, the expense of Charles’ coronation and Elizabeth’s burial are not accounted for in the financial report.

The 10-year initiative to update the plumbing, heating, and electrical wiring of Buckingham Palace, the monarch’s formal home, is another major generator of spending.

Net spending for 2022–2023 grew by £5.1 million ($6.4 million), or 5%, to £107.5 million.

The Sovereign Grant, which the royal family received from the public coffers in 2022–203, stayed at £86.3 million.

While spending on housekeeping and hospitality increased from £1.3 million to £2.4 million, travel expenses decreased by £600,000 to £3.9 million. To £57.8 million, property upkeep decreased by £6.1 million.

Staff received a five- to six-percent salary raise, causing staff expenses to increase by 3.4 million to 27.1 million.

The report also showed that the royal household had once again fallen short of its diversity goal of having 10% of its personnel come from racial or ethnic minorities, with the 2023 percentage of 9.7% remaining unchanged from the previous year.

The Sovereign Grant covers the cost of the monarch’s official tasks and royal palace maintenance.

The cost of living is presently out of control in the UK, with inflation reaching 8.7% last month.