London
CNN
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The British royal family released its financial statements on Monday, revealing that the annual lump sum from the government remains at £86.3 million ($118.5 million).
This amount, known as Sovereign Grant, is paid to maintain the royal palace and official royal duties and is funded by British taxpayer money. In return, the monarch is handed over all benefits from the Crown Estate, including property in central London, Ascott Racecourse, and a vast range of seabeds around England, Wales and Northern Ireland, into an arrangement dating back to 1760.
Sovereignty grants act like a cost account for the monarch and his representatives, covering the costs of their public obligations, including travel, staff and maintenance of historic property. In particular, it excludes funds for security. This also costs a lot, given the numerous public engagements and events of the royal family.
The royal family members “have more than 1,900 public involvements in the UK and abroad, with over 93,000 guests taking part in the 828 events at the official royal palace,” the annual Sovereign Grant Report said.
Under the law, the £86.3 million ($118.5 million) total grant, which remains the same as the previous three fiscal years, consists of £51.8 million ($71.1 million), a core grant, and £34.5 million ($47.4 million) to fund the renovation of Buckingham Palace.
Buckingham Palace, a top tourist attraction in central London, is undergoing major modernization projects that see upgrades to electric cables, plumbing, elevators and accessible bathrooms.
The royal family will abolish the royal train “following a thorough review of its use and value,” according to the account’s report. The monarchy has used its own rail travel since 1842 when Queen Victoria first boarded a carriage specially built from Slough, England, to Paddington Station London.
The report also said the royal family will increase the use of sustainable aviation fuels (SAF) and continue to electrify its vehicle fleet.
Last year, the royal family announced that it aimed to transition to a “nearly fully electric” vehicle without providing a target date. British PA Media reported that the King’s two Bentleys will be changed to operate on biofuels.
The three main sources of income for the royal family are the Sobringland, the Principality of Lancaster, the Principality of Cornwall Estate, and its personal property and investments.
The level of British royal funding has long been driving criticism. One anti-month group is calling for the abolishment of sovereign grants and calls for British citizens to maintain all the interests of the Crown Estate.
“The grant system is crazy. Funds increase not because they require extra money, but because grants are linked to government benefits from the land managed by Crown Estate,” Group Republic activist Graham Smith said in a statement earlier this year. “The palace recycled excuses that required money to renovate Buckingham Palace, which was used 10 years ago to double the grant.”
“It’s time for £500 million to be put to good use and there was a proper accounting to reduce the costs of the monarchy and its costs to millions of pounds,” Smith added.
Secret Wallet Keeper James Chalmers said in a statement Monday when the report was released:
